SYDNEY (Reuters) – Cathay Pacific Airways Ltd of Hong Kong <0293HK said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand, joining peers to cut costs as he was battling a drop in demand due to the coronavirus pandemic
The airline is also reportedly looking to change the terms of its contracts with cabin crew and pilots as part of a restructuring that would cost HK $ 2 billion (£ 219 million), he told the purse
Overall, it will cut 8,500 positions, or 24% of its regular workforce, but that includes 2,600 positions currently vacant due to cost-cutting initiatives, Cathay said.
« The global pandemic continues to have a devastating impact on aviation and the hard truth is that we need to fundamentally restructure the group to survive, » Cathay chief executive Augustus Tang said in a statement.
Cathay’s shares jumped nearly 7% in early trade, with broker Jefferies saying announcement removed key stock overhang
Singapore Airlines Ltd and Australian Qantas Airways Ltd have already announced similar payroll cuts as the International Air Transport Association predicts passenger traffic will not recover until 2024
Cathay, which has around 40% of its fleet stored outside Hong Kong, announced on Monday that it plans to operate less than 50% of its pre-pandemic capacity in 2021
After receiving a $ 5 billion bailout led by the Hong Kong government in June, he conducted a strategic review that analysts said would lead to significant job losses
The airline said it is bleeding HK $ 1 to HK $ 2 billion per month and the restructuring will curb outflows of HK $ 500 million per month in 2021, with executive pay cuts continuing throughout long next year
BOCOM International analyst Luya You said she expects more strategic information from the airline on its fleet plans and route network as part of the restructuring
« If they had revealed more about the fleet planning for 2021-2022, we would have a much better idea of their prospects, » she said
The decision to terminate the Cathay Dragon regional brand is part of Singapore Airlines’ pre-pandemic decision to make the Silkair regional brand its main brand
Cathay Dragon, formerly known as Dragonair, operated most of the group’s flights to and from mainland China and had been hit by weaker demand before the pandemic due to widespread anti-government protests in Hong Kong that deterred mainland travelers
Plans to end the mark earlier this year hit Chinese aviation regulator roadblocks over breaches during last year’s pro-democracy protests, two sources told Reuters in May
Cathay said the airline will cease operations immediately and seek regulatory approval to close the majority of routes from Cathay Dragon to Cathay Pacific and low-cost branch HK Express
« Now that Cathay has decided on the number of employees and the elimination of the Dragon brand, she knows the size of the airline and the structure to come and can complete her new fleet and network plan », said Brendan Sobie, independent aviation analyst
Like Singapore Airlines, Cathay does not have a domestic market to protect it from the drop in international travel due to border closures
In September, Cathay’s passenger numbers fell 981% from a year earlier, although freight transport fell by 366%
Cathay’s shares have fallen 43% since early January In July it reached a deal with Airbus SE to delay delivery of the A350 and A321neos and said it was in advanced talks with Boeing Co on the postponement of its 777-9 orders
The airline’s share register is dominated by Swire Pacific Ltd , Air China Ltd , Qatar Airways and the Hong Kong government, with only 12% free float
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Hong Kong’s Cathay Pacific Airways Ltd said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand, joining peers to cut costs as it battles a drop in demand due to the coronavirus pandemic « The global pandemic continues to have a devastating impact on aviation and the hard truth is that we have to fundamentally restructure the group to survive, » Cathay chief executive Augustus Tang said in a statement Singapore Airlines Ltd and Australian Qantas Airways Ltd have already announced similar payroll cuts as the International Air Transport Association predicts passenger traffic will not recover until 2024
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The advanced chronic kidney disease drugs market was valued at US $ 4,680 0 million in 2019 and is expected to reach US $ 11,096 9 million by 2027; it is expected to grow at a CAGR of 11 6% between 2020 and 2027 New York, October 20 February 2020 (GLOBE NEWSWIRE) – Reportlinkercom announces the publication of the report « Forecast of the late stage chronic kidney disease drugs market to 2027 – Impact of COVID-19 and global analysis by type of product; Indication; Distribution channel and geography ”- https: // wwwlien de rapportcom / p05978089 /? utm_source = GNW The growth of the advanced chronic kidney disease drugs market is mainly attributed to factors such as the high prevalence of diseases leading to chronic kidney disease and a favorable reimbursement policy for kidney disease drugs Advanced Chronic Kidney Disease However, the delay in diagnosing chronic renal failure is expected to hamper the market growth to some extent during the forecast periodAdvanced kidney disease, also called end-stage kidney disease, occurs when chronic kidney disease (gradual loss of kidney function) reaches an advanced state In end-stage kidney disease, the kidneys can no longer function as they should. meeting the body’s needs At this late stage, the kidney loses its ability to function effectively, and eventually dialysis or kidney transplantation is needed to save life At present, there is no cure for kidney disease chronic and treatment involves the management of the disease Hypertension medications, such as angiotensin receptor blockers or angiotensin converting enzyme inhibitors, are frequently prescribed to control hypertension and, in the meantime, to slow the progression of chronic kidney diseaseTherefore, market manufacturers are focusing on adopting strategies such as product launch and approval, R&D investments, government funding, and partnerships to develop new drugs and provide easy access to patients around the world. wholeSome of the manufacturers are mentioned below: • DiaMedica Drugs On February 14, 2019, DiaMedica Drugs Inc, a clinical-stage biotechnology company, announced that it has initiated dosing of patients with chronic kidney disease in a Phase Ib clinical study evaluating The DM199 course, conducted in the US, is an open-label, multi-center clinical trial to evaluate the tolerability, safety and pharmacokinetics of three doses of DM199 in 32 patients with moderate and severe CRF This study will help determine the dose levels needed to restore normal levels of KLK1 protein in patients with CRF and will provide additional information on the specific populations of patients with CRF that could benefit most from DM199 treatment and will guide future phase studies Design II• Cara Drugs, Inc Cara Drugs, Inc, a biopharmaceutical company focused on the development and commercialization of novel chemical entities designed to improve itching and pain by selectively targeting peripheral kappa opioid receptors, announced in July 2017 that it had dosed the first patient in its phase 1 pharmacokinetic and safety trial of Oral CR845 tablets in patients with stage III-V chronic renal failure (CRF) not on dialysis • Akebia DrugsAkebia Drugs, Inc, a committed biopharmaceutical company in the development of with the aim of improving the lives of those affected by kidney disease, announced in June 2020 the first regulatory approval of vadadustat, its oral inhibitor of hypoxia-inducible factor prolyl hydroxylase (HIF-PHI), for the treatment of anemia due to chronic kidney disease (CKD) In addition, Mitsubishi Tanabe Pharma Corporation, Ake Collaborative Partner bia in Japan for vadadustat, received approval for the manufacture and marketing of vadadustat as a treatment for anemia due to CRF in adult patients on dialysis and not on dialysis by the Ministry of Health, Labor and welfare in Japan Mitsubishi Tanabe Pharma Corporation will market Vadadustat in Japan under the trade name VAFSEO Based on product type, the market is segmented into calcimimetics, vitamin D, potassium binders, calcium phosphate binders and others Calcimimetics segment held the highest share of the advanced stage chronic kidney disease drugs market in 2019 and is expected to register the highest CAGR of 121% in the market during the forecast periodBased on the indications, the global anti-chronic kidney disease drugs market advanced stage chronic renal failure is segmented into hyperparathyroidism induced by advanced chronic renal failure, hyperphosphatemia induced by late chronic renal failure and hyperkalaemia induced by advanced chronic renal failure The segment of induced hyperparathyroidism with advanced stage chronic renal failure held the largest market share in 2019 and is expected to register the highest CAGR of 121% in the market during the forecast period World Health Organization (WHO), Food and Drug Administration (FDA), European Federation of Pharmaceutical industry associations, pharmaceutical research, the National Kidney Foundation and the Organization for Economic Co-operation and Development are some of the main primary and secondary sources referred to in preparing this reportRead the full report: https: // wwwlink to rapportcom / p05978089 /? utm_source = GNWAbout ReportlinkerReportLinker is an award-winning market research solution Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place__________________________CONTACT: Clare: clare @ reportlinkercom
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SPOILER ALERT: Don’t read if you haven’t yet watched the October 20 episode of “The Bachelorette” Clare Crawley knows what she wants, and she let it be known in Week 2 of « The Bachelorette » After the first eliminations, 23 men remained to fight for a love chance with the lead of Season 16 The […]
A curious bear surprised Sierra Madre woman Tiffany Dukes by banging on sliding doors at the back of her rental property on October 16Dukes filmed videos showing two bears roaming the yard « Can I help you? » The Dukes can be heard saying as she films the moment the bear stands on its hind legs to put its paws on the door to peek inside Dukes told Storyful she had locked it her sliding doors when she saw one of the bears in the backyard When she went to check that the doors were secure, one of the bears « jumped up and surprised her » Dukes told Storyful that she has frequently seen bears walking slowly near the house since the COVID-19 shutdown She told Storyful that she lives near Angeles National Forest, known for its activities with bears Dukes observed that the recent Bobcat fire forced an influx of wildlife into his town Credit: Tiffany Dukes via Storyful
Britain’s departure from the European single market will disrupt many long-standing economic relations and could further devastate one of the oldest – the work of the Belgian fishing fleet in British waters
Cathay Pacific, Cathay Dragon, Hong Kong
World News – UK – Cathay Pacific to Downsize and End Cathay Dragon Brand Due to Pandemic
SOURCE: https://www.w24news.com
