AEC Feed

Hong Kong’s flagship airline Cathay Pacific said Monday it would cut 600 staff including a quarter of its management, as part of its biggest shakeup in two decades to repair its bottom line.
In March the company posted its first annual net loss in eight years, citing intense competition as lower cost airlines, particularly from mainland China, eat into its market share. It pledged at the time to slash costs by 30 percent after its $74 million net loss in 2016 reversed a $773 million profit in the previous year.
In a company statement Monday, the airline said it would shed 190 management roles as well as 400 non-managerial positions at its Hong Kong head office.
“We have had to make tough but necessary decisions for the future of our business and our customers,” said CEO Rupert Hogg. – Philippine Daily Inquirer

Genting risks RM 1bn write-off
Genting Malaysia Bhd (GenM) may have to write off an investment of US$274mil (RM1.18bil) should the US Department of Interior (DOI) effectively decide that construction of the First Light Resort & Casino (FLRC) in Massachusetts is not able to proceed.
A definite decision on this issue will be made by June 19, 2017. The construction of the FLRC has ceased for a year due to reservation land issues.
GenM’s venture in Massachusetts started in April 2016. GenM announced then that it would manage the FLRC, a native American-destination resort casino in Massachusetts to be built by the Mashpee Wampanoag tribe.
GenM’s appointment as manager was expected to be for seven years starting from the opening of the 900-room resort casino in Taunton, in the state of Massachusetts. The GenM group does not have any equity interest in the project, which is sovereign.
It has, however, invested US$274mil in interest bearing promissory notes issued by the Mashpee Wampanoag Tribal Gaming Authority for the initial development phase of the project.
GenM had said that the investment in notes allows the group to enhance the returns expected from its involvement in the project. – The Star 

300 investors join Russia trip
President Duterte during his official visit to Russia this week, courting the otherwise nontraditional ally in a bid to bring home economic gains, according to Trade and Industry Secretary Ramon Lopez.
On the part of the DTI, Lopez said that he was expected to bring home two memorandums of understanding – one on trade and investment promotion and another on industry cooperation.
“I heard it would be about 300 [investors]. We can discuss all aspects of relations [with Russia]. The main task really is for them to increase their awareness of the Philippines, the businesses here and the opportunities here,” he said.
The agreements would be done through government-to-government and private-to-private transactions.
Duterte is scheduled to make an official visit to Moscow and St Petersburg from May 23 to 26. – Philippine Daily Inquirer