Cathay Pacific announces cuts

Cathay Pacific Airways is preparing to make cuts of HK$4bn (US$510m) in savings over the next three years, reports the South China Morning Post. The airline has started a three-year restructuring exercise following the loss of HK$575mil last year. Cost cutting measures will include cuts in management jobs, a pay freeze for managers, all non-critical recruitment halted and a 30% cut in staff costs at its headquarters.