Hong Kong’s airlines face job cuts and even bankruptcies

Hong Kong’s airlines face the prospect of further job cuts and even bankruptcies as anti-Beijing protests continue to deter tourists from the city, adding to the pressure on an industry already facing headwinds globally. Six months of anti-Beijing demonstrations have sent passenger traffic tumbling in Hong Kong, producing a cascade of profit warnings, flight cancellations and cost cuts at airlines. The fallout intensified this week as market leader Cathay Pacific Airways reported a fourth straight monthly drop in passenger traffic and Hong Kong’s Airport Authority said it seized 7 planes from Hong Kong Airlines. Things could get worse. Cathay may have to cut as many as 1,000 jobs as the violent unrest deters visitors from all the world, according to aviation consulting firm Endau Analytics. <br/>