Cathay Pacific has asked its 27,000 employees to take unpaid leave over a significant drop in market demand due to the coronavirus outbreak.
In a video message sent to the staff, Chief Executive Augustus Tang appealed to his staff for "help" adding that the situation was as grave as the 2009 financial crisis.
"With such an uncertain outlook, preserving our cash is now the key to protecting our business," he is quoted as saying.
On Tuesday, Hong Kong's flagship carrier also announced plans to slash 90 per cent of flights to mainland China, apart from a 30 per cent capacity drop over the next two months.
Cathay Pacific is also seeking price reductions from suppliers, freezing hiring, and postponing major projects to tide through the crisis.
It comes after Hong Kong leader Carrie Lam announced any visitors from mainland China would need to undergo a compulsory quarantine for 14 days.
US automaker Tesla has warned that it and other major American exporters are exposed to retaliatory tariffs that could be leveled in response to President Donald Trump's aggressive use of tariffs.
The Abu Dhabi Fund for Development (ADFD) has announced the launch of the “Sofitel Legend Pyramids Giza” project, a luxury five-star hotel intended to be a landmark addition to the hospitality and tourism sector in Egypt.
The value of transactions conducted in the banking sector within the country through the UAE Funds Transfer System (UAEFTS) rose to AED 19.898 trillion during 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).
Dubai Electricity and Water Authority (DEWA) announced a contribution of AED 20 million to the Fathers' Endowment campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai.