“We have taken every possible action to avoid job losses up to this point,” said Cathay Pacific Group CEO Augustus Tang in a statement. Even so, Tang said the company continues to burn as much as 2 billion Hong Kong dollars ($258 million) per month. […] Cathay Pacific stock jumped 4% Wednesday in Hong Kong after the news. […] Earlier this summer, the Hong Kong government agreed to lead a $5 billion bailout of the airline , taking a minority stake. Cathay said this week it expects to operate approximately 10% of pre-pandemic passenger flight capacity for the rest of 2020, and under 50% for 2021.
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