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Sunday, May 31, 1998 Published at 09:26 GMT 10:26 UK
World: Asia-Pacific
Airline jettisons jobs
Cathay Pacific: profits down and jobs going
The Hong Kong-based airline Cathay Pacific is to cut 1,000 jobs over the next 12 months in a bid to reduce costs.
The airline hopes the move will save more than US$60m per year.
Airline officials say the cuts will be mostly in commercial departments.
Correspondents say Cathay Pacific has been hit by falling profits since the Hong Kong handover, and passenger numbers have declined.
The company, which has about 15,000 employees, has already laid off more than 750 people this year.
Tourism hit
Cathay Pacific is facing a tough year as the economic crisis in Asia is also hitting tourism.
The Hong Kong dollar is one of the region's few currencies not to have been devalued in the financial storm.
But that has left the currency strong against others in the region and made Hong Kong expensive for tourists from south east Asian countries.
As a result tourism to Hong Kong dropped 24.2% in the first four months of 1998 compared to the same period in 1997.
Cathay Pacific announced earlier this year a 55.5% fall in net profits and passengers numbers fell to a 10-year low.
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