| Singapore Airlines, Cathay Pacific Feeling Pinch |
Asia’s two leading airlines continue to watch their yields and market share erode as competition across numerous fronts, including China, Middle East carriers and budget airlines, applies pressure. Cargo has also suffered from overcapacity and mixed results.
Hong Kong’s Cathay Pacific has reported a $73.8 million loss for 2016 and announced it will lay off 600 staff from its headquarters, prompting it to pressure frontline service crew to “deliver greater efficiencies and productivity.” The retrenchment marks the biggest such exercise since 1998, following the Asian financial crisis. Read More
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