Business Cathay Pacific Airways Ltd has put a freeze on new hiring, according to an internal memo seen by Reuters, as the airline battles a slump in demand from fliers avoiding Hong Kong amid massive anti-government protests in the city. 12 Sep 2019 10:40AM Bookmark HONG KONG: Cathay Pacific Airways Ltd has put a freeze on new hiring, according to an internal memo seen by Reuters, as the airline battles a slump in demand from fliers avoiding Hong Kong amid massive anti-government protests in the city.In a memo to staff on Wednesday evening, new Chief Executive Augustus Tang said he had asked executives to examine spending and focus on cutting costs. The airline will also not replace departing employees in non-flying positions unless approved by a spending control committee, he said.Cathay has said it will cut capacity for the upcoming winter season after reporting an 11.3per cent fall in passenger numbers for August. The airline does not expect September to be any less difficult, while analysts have projected it could swing to a loss in the second half.Cathay shares fell 2.4per cent early on Thursday, lagging the benchmark Hang Seng Index that was down 0.4per cent.The weak demand and cuts… Read full this story
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