Cathay Pacific's CE has some broken parts to fix
Ten months into the top job and Cathay Pacific CE Rupert Hogg’s to-do list hasn’t gotten any shorter. While its cargo business and passenger traffic, especially premium travellers, is recovering, inflated wage costs and ever-increasing competition from Chinese rivals are issues he has to contend with. Among these, fuel-hedging bets gone awry top the list: Losses from miscalculated oil-price bets are probably more than double the airline’s net loss for 2017. The airline is expected to report a full-year net loss of HK$2.7b (US$345m) for 2017, after a first-half deficit of HK$2.05b, according to the median estimate in a Bloomberg News survey of 5 analysts. The carrier has embarked on a 3-year plan announced in 2017 that includes 600 job cuts to reduce costs and help turn its fortunes around. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-03-06/oneworld/cathay-pacifics-ce-has-some-broken-parts-to-fix
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Cathay Pacific's CE has some broken parts to fix
Ten months into the top job and Cathay Pacific CE Rupert Hogg’s to-do list hasn’t gotten any shorter. While its cargo business and passenger traffic, especially premium travellers, is recovering, inflated wage costs and ever-increasing competition from Chinese rivals are issues he has to contend with. Among these, fuel-hedging bets gone awry top the list: Losses from miscalculated oil-price bets are probably more than double the airline’s net loss for 2017. The airline is expected to report a full-year net loss of HK$2.7b (US$345m) for 2017, after a first-half deficit of HK$2.05b, according to the median estimate in a Bloomberg News survey of 5 analysts. The carrier has embarked on a 3-year plan announced in 2017 that includes 600 job cuts to reduce costs and help turn its fortunes around. <br/>
