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The political demonstrations in Hong Kong have had an economic impact on the tourism and business sector in general. One company who may be feeling the impact more acutely than others is Cathay Pacific, whose Asian hub is located in Hong Kong.
Cathay Pacific is taking action in the face of the economic squeeze it finds itself. The airline advised investors that there has been “a significant softening in advance bookings.” They have cut flight capacity in the face of diminishing traffic by as much as six percent to international markets and over nine percent to China. In addition, a moratorium on the hire of non-flight crew has been initiated.
Cathay Pacific CEO resigns
The above follows the resignation of CEO, Rupert Hogg who was appeared to be shoved out the door when he pushed back on Beijing demanding the airline punish Cathay Pacific employees who are participating in the Hong Kong protests.
China’s aviation regulator ordered the airline to “bar employees who support or join demonstrations.” The airline caved and in fact did suspend, then fire, two employees for their participation in the Hong Kong protests.
UPDATE: 0930 hours 18 September 2019
Cathay Pacific has reportedly fired 200 employees for participating in Hong Kong protests.
Travelers to Hong Kong should factor in the continued protests and plan accordingly.
