Malaysia Airlines to Cut Staff, Routes
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Date: 8/29/2014 4:27:48 AM
Sender: VOA
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Managing Director of Khazanah Nasional, Berhad Azman Mokthar speaks during a press conference in Kuala Lumpur, Malaysia, Friday, Aug. 29, 2014.
Malaysia Airlines, the country＇s money-losing flag carrier, will cut thousands of jobs, trim routes and replace its CEO under plans to return the company to profitability within three years.
State investment fund Khazanah Nasional, which has taken control of the carrier, announced Friday it plans to pump $1.9 billion into the failing company and de-list it from the Kuala Lumpur stock exchange by the end of the year. Khazanah said it hopes to re-list Malaysia Airlines in three to five years.
In the meantime, the airline plans to cut 6,000 jobs, or 30 percent of its staff, to help lessen its monetary losses.
Malaysia Airlines has long been losing money, but the carrier has seen an increasingly steady decline in passenger bookings since two recent disasters. Flight MH370 mysteriously disappeared in the Indian Ocean on March 8 with 230 people on board, and 298 people were killed July 18 when Flight MH17 was shot down over eastern Ukraine. |
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