Cathay Pacific to cut 8,500 jobs and ends Cathay Dragon国泰航空裁员数千人

Cathay Pacific to cut 8,500 jobs and ends Cathay Dragon

Cathay Pacific is to slash up to 5,900 jobs and shutter its Cathay Dragon subsidiary. Including a recruitment freeze and natural attrition, 8,500 positions will disappear in total. Joining a growing list of airlines making swingeing cuts as they reel from the coronavirus pandemic.

Across the globe, airlines have been hammered by the pandemic slashing international travel and they face a long, hard winter after a much-hoped-for rebound failed to materialize.

On Wednesday, Cathay Pacific published a corporate restructuring plan that will lead to thousands of job losses and one of its airlines to disappear completely.

Employees walk past signage for Cathay Pacific and Cathay Dragon near the city's flagship carrier check-in counters at Hong Kong International Airport

"The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the group to survive," CEO Augustus Tang said in a statement.

"We have to do this to protect as many jobs as possible and meet our responsibilities to the Hong Kong aviation hub and our customers."

Bosses said 5,300 redundancies would be made among the airline's Hong Kong-based employees with a further 600 losses overseas — the equivalent of 17 percent of its total workforce.

Cathay Dragon, a subsidiary that primarily flies shorter-haul flights within Asia, will cease operations.

The company is seeking regulatory approval to absorb Dragon's routes into Cathay Pacific and its budget airline HK Express.

国泰港龙航空停止运营,国泰航空宣布裁员8500人

香港老牌航空龙头国泰21日宣布重组计划，全球裁员多达8500人，其中香港有5300人，在香港社会引发震动。

Tianjin: no new case reported

There was no new case reported in Tianjin as of 21th of October.

So far, of all the 119 imported cases, 107 patients have been discharged upon recovery. 12 patients still hospitalized.

-No imported suspected cases are undergoing test.

-No new locally transmitted cases or suspected cases were reported.

-8 asymptomatic infection cases are undergoing medical observation right now

天津无新增

10月20日18时至21日18时，我市无新增报告境外输入新冠肺炎确诊病例。累计报告境外输入确诊病例119例（中国籍103例、美国籍3例、菲律宾籍7例、法国籍2例、乌兹别克斯坦籍1例、俄罗斯籍1例、乌克兰籍2例），治愈出院107例，在院12例（其中普通型9例，轻型3例）。

10月20日18时至21日18时，我市无新增报告本地新冠肺炎确诊病例。累计报告本地新冠肺炎确诊病例137例，其中男性74例，女性63例；治愈出院134例，死亡3例。

我市无新增无症状感染者,累计73例（境外输入72例），其中，解除医学观察58例、尚在医学观察8例、转为确诊病例7例。

截至目前，全市无现存疑似病例，累计排查密切接触者7541人，尚有710人正在接受医学观察。

Inexperienced Companies: Stay Out of Chipmaking

China will strengthen supervision of new entrants into its “chaotic” semiconductor industry following a number of high-profile collapses during Beijing’s push to reduce its reliance on imports by boosting investment in home-grown computer chip development and manufacturing.

Meng Wei, a spokeswoman with the National Development and Reform Commission (NDRC), said that some companies “with insufficient knowledge of integrated circuit development” have “blindly entered into projects”.

Some domestic players in China’s semiconductor industry have wasted resources as the central government has splashed out billions in the industry to create national champions

“The risks of low-level construction have appeared repeatedly, and there has even been stalled construction of individual projects and vacant factories, resulting in a waste of resources,” Meng said on Tuesday at a regular press briefing of the economic planning agency.

She added that the NDRC “also noticed that the enthusiasm for domestic investment in the integrated circuit industry is constantly rising”.

According to estimates from Shanghai-based private equity firm Winsoul Capital, investment in the Chinese semiconductor industry totalled 60 billion yuan (US$9 billion) in the first seven months of this year, more than double the investment amount in the same period last year.

However, while investment is rising in computer chip manufacturing, the industry has seen a number of failures, raising questions as to how much of the funding already granted is being wasted.

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