Cathay plans job cuts in business revamp not seen in 20 years

Cathay Pacific Airways will cut jobs and conduct its biggest revamp in 2 decades as the airline attempts to reverse a slump in profit margins and share price under CE Ivan Chu. Changes at the airline "will start at the top" and the carrier will eliminate some positions as part of a review to reorganise the business, Cathay said Wednesday. The measures will take effect by mid-year, the airline said without elaborating. Cathay shares have slumped 30% since Chu took over in March 2014 as the airline reported its smallest half-year profit in more than 2 years. With its Hong Kong hub no longer as critical to transit Chinese passengers as it used to be a decade back, Cathay has a challenge at hand as Emirates and other Middle Eastern airlines expand more into Asia. <br/>