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Cathay Pacific is planning on cutting nearly 600 jobs at its Hong Kong offices as it undergoes the biggest restructure in 20 years.
Cathay Pacific said its Airbus fleet will resume operations by the weekend
The cuts include 190 management jobs and 400 non-management jobs having posted its first annual loss in eight years.
As a result the company has instigated a three-year plan to turn around its losses which included a plan to save 30% of its employee costs at its head office.
Increasing competition and a challenging business outlook are the reasons being cited for the company’s issues.
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