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Up to 5,900 jobs to go as Hong Kong carrier Cathay Dragon shuts down

Maya Taylor

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Up to 5,900 jobs to go as Hong Kong carrier Cathay Dragon shuts down | The Thaiger
PHOTO: Kwok Ho Eddie Wong / Flickr
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Hong Kong airline Cathay Pacific is set to close its subsidiary, Cathay Dragon, with the loss of up to 5,900 jobs. The carrier, that used to be called Dragon Air before being absorbed by Cathay, has become yet another casualty of the Covid-19 pandemic that has decimated the aviation business.

The Bangkok Post reports that 5,300 jobs are expected to go in the airline’s Hong Kong base, with a further 600 axed overseas, accounting for 17% of Cathay’s total workforce. Cathay Dragon primarily operated short-haul routes within Asia, including direct flights from Hong Kong to Bangkok and Phuket.

Cathay Pacific bosses have hammered out a HK$2.2 billion restructuring plan that involves thousands of job cuts, pilots and cabin crew having to sign cheaper contracts, and total closure of its subsidiary carrier. The South China Morning Post describes the plan as, “life or death”, reporting cuts to a total of 8,500 jobs across the group. The parent airline is understood to be applying for approval to absorb Cathay Dragon’s routes into the Cathay Pacific network, as well as that of its low-cost carrier, HK Express.

Cathay Pacific CEO, Augustus Tang, says the restructuring plan is essential to Cathay’s future survival as the effects of the Covid-19 pandemic show no sign of abating.

“The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the Group to survive. 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.”

SOURCE: Bangkok Post| South China Morning Post

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4 Comments

4 Comments

  1. Avatar

    42nd Battalion

    October 21, 2020 at 5:14 pm

    “The global pandemic continues to have a devastating effect”.

    Why do people frame it like this? The devasation results only from the g/ments response.

    Meanwhile, in Tanzania, the president of that country announced that he used covid tests that were sent to Tanzania. He got a positive test result from a goat and a papaya! This president is also a doctor of chemistry.

  2. Avatar

    Leo Z

    October 21, 2020 at 11:22 pm

    This is (was) an airline that made its living, primarily, by hauling mainland Chinese to/from Hong Kong. It was already in the red before COVID, from last year’s Hong Kong’s demonstrations. As Hong Kong loses its “luster”, expect Cathay Pacific AND Hong Kong Airlines to also be in big trouble.

  3. Avatar

    Issan John

    October 22, 2020 at 1:08 am

    Rather a twisted version of the actual events.

    The president’s point over the Covid tests wasn’t that “all” Covid tests were flawed, which seems to be your suggestion, but that the particular tests they’d bought were and that Tanzania had been ripped off.

    The supplier of the tests was never identified, nor was the type of test, but all involved in the purchase and testing were sacked.

    This was back in May.

    Why pretend something else happened, when this is well documented?

  4. Avatar

    Issan John

    October 22, 2020 at 1:15 am

    FWIW, this is the tip of the iceberg as far as hits to economies in parts of ASEAN goes, as garment factories in Cambodia and Vietnam are collapsing due to cancelled production.

    The effect goes way beyond just tourism and airlines.

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Pattaya

Pandemic has washed away Pattaya’s “soapy” massage parlours

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Pandemic has washed away Pattaya’s “soapy” massage parlours | The Thaiger

While the Covid pandemic has hit Thailand’s businesses hard, it has also washed away its not-so-legal soapy massage parlours after tourism has dried up its clientele. Such places, known as glorified brothels, have left many masseuses out of work as boards have barricaded the once booming establishments.

Soapy Massage (àap-òp-nûat, อาบอบนวด, literally bath, steam, massage)…
These are the bigger massage parlours where girls are presented in the fishbowl and you get the full program (including sex) for a fixed price, depending on the girl starting from 1,500 and up to 5,000 Baht.

Only a few of the soapy services have survived the pandemic in Pattaya, with Honey Massage Parlour being one of them, according to The Pattaya Mail. After adjusting to the new requirements for social distancing, the business has re-opened on November 19. However, its largest shop has closed, once known as Honey 1 on Soi Honey, or Soi 11, the windows are dark and barricaded. Honey Inn is also up for sale.

25 year old masseuse Maywadee, says she used to work in such parlours where she would get a cut of the 1,500 to 2,500 baht fee. She says she used to see up to 7 clients a day, but now that number has been cut in half as Chinese and Japanese tourists, who were her largest group of customers have dwindled. Now, she is thinking about heading back to her home city of Chiang Mai, to sell handicrafts, as her Pattaya income has dried up.

Such parlours feature masseuses that are usually not native to the area, as many come from lower socio-economic areas such as Thailands northeastern provinces, otherwise known as Isaan. Many make the trip to tourist-driven cities like Pattaya, Koh Samui, Bangkok and others, in an attempt to make a higher salary than they would if they were back in Isaan.

SOURCE: The Pattaya Mail

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Business

Bank of Thailand takes action to curb Thai baht’s strength

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Bank of Thailand takes action to curb Thai baht’s strength | The Thaiger

The Bank of Thailand has moved forward measures, originally meant to begin early 2021, but most of which will now take effect from end of this month. The end result is that the new rules will make it easier for Thais to shuffle money overseas and invest in foreign assets. It will also make is easier for Thai citizens to hold foreign currency in local banks. The new rules will also require the registration of local and overseas bond investors.

“Following the U.S. elections and positive news on Covid-19 vaccine development, investors have turned toward investing in emerging markets, including Thailand. The situation has resulted in strengthening the baht quickly and can impact economic recovery.”

“The registration of bond investors will allow close monitoring of investor’s behaviours and thereby enable the implementation of targeted measures in a timely manner.”

Last week the Bank of Thailand assessed that the Thai baht’s recent rapid gains could affect the country’s “fragile” economic recovery. The Thai government has called on the central bank to do its best to use what tools it has at its disposal to restrain the baht to protect exports.

Khoon Goh, head of Asia research at ANZ Banking Group, says that he central bank also will continue to resort to direct intervention in foreign-exchange markets.

“The issue here is that local investors have a very strong home bias. Making it easier to invest overseas may not actually encourage them to do so.”

The Thai baht has been the 2nd best performer in Asia this month after foreign investors turned net buyers of almost $2.4 billion of bonds and stocks as appetite returns for riskier emerging-market assets amid a weak dollar, according to Bloomberg.

The Thai baht had recently rallied 8.8% from this year’s low in April, hitting a 10 month high last week.

SOURCE: Bloomberg

This morning, Thai time…

Bank of Thailand takes action to curb Thai baht's strength | News by The Thaiger

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Technology

Hotel investment group launches world’s first “green” hotel fund

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Hotel investment group launches world’s first “green” hotel fund | The Thaiger

Destination Capital, a hotel investment group in Bangkok, has announced that it will launch the world’s first ever “green” hotel fund. The fund will acquire hotels and implement sustainability systems and procedures to promote long term environmental and financial sustainability in investments using the EDGE certification programme. EDGE, an online platform, is an innovation of the International Finance Corporation, which helps property developers to build and brand “green” establishments in a fast and affordable way. EDGE is used by more than 170 countries and reportedly has kept almost 230,000 tonnes of carbon dioxide annually from entering the atmosphere.

DC’s fund, titled Descap I, is part of its efforts to acquire freehold, 4 star hotels in prime destinations all over Thailand. James Kaplan, the CEO of DC, says he sees opportunities to renovate hotels to accommodate “green” technology and systems due to the current Covid pandemic that has ravaged the tourism sector in the kingdom.

“Destination Capital’s adoption of the EDGE certification program will provide the Descap I with the opportunity to gain a competitive advantage by differentiating our products and improving carbon emissions of the hotels.”

“If there is one thing we have learned during Covid-19 it is that the environment and nature recover quickly from poor resource management practices. Our participation in EDGE will serve to encourage the hospitality industry to adopt best practices with respect to better managing our scarce resources, raise broader consciousness about global warming and stem the tide of environmental degradation. We will implement operational elements to reduce water consumption, reduce waste emissions, reduce electricity use, and to the best of our ability eliminate plastic usage.”

Descap I, is a Thai Private Equity Trust. The company partners with Private Equity and Institutional Funds to source hotel acquisition opportunities and manage assets in the Asia Pacific region, turning its main focus to Thailand.

SOURCE: Pattaya Mail

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