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Cathay Pacific sacks 600 staff in major shakeup
Hong Kong's flagship airline Cathay Pacific said Monday it would cut 600 staff as part of a major overhaul to slash costs and repair its bottom line. The company posted its first annual net loss in eight years in March, citing intense competition as lower cost airlines, particularly from mainland China, eat into its market share. It pledged at the time to slash costs by 30 percent, saying that middle and senior management would be targeted without giving numbers.
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