Cathay Pacific cuts

Hong Kong: Cathay Pacific Airways is to cut 8500 jobs, or about 24% of its workforce, and shut a regional airline as it grapples with the plunge in air travel because of the coronavirus pandemic.

The company will also shut down Cathay Dragon, its regional airline unit. The restructuring is aimed at reducing Cathay Pacific’s cash burn to

$HK500 million ($NZ97.5 million) a month, from about $HK1.5 billion to $HK2 billion currently, Cathay Pacific chief executive Augustus Tang said. — AAP