17 December 2008

Itââ¬â¢s scary out there, says Cathay

HONG KONG - Cathay Pacific CEO Tony Tyler has warned that projections for its airline business in coming months are "quite frankly, scary."

"The fact that there is so little visibility makes the situation even more unsettling," Tyler said in Cathay's monthly internal magazine.

Cathay Pacific, Hong Kong's largest carrier, has trimmed growth plans and grounded aircraft to combat declining air traffic demand.

The airline has offered staff unpaid leave to cut labour costs.

Flight crew have applied for more than 4,000 days off within two weeks of the plan being unveiled last month, according to the magazine.

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