Message From the CEO
Join Date: Apr 2016
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Freehills,
That would be a disaster for us if someone like that was hired. The sign or be fired letters would be in our mailboxes quicker than you can say "losing money on fuel hedging is actually a good thing"
That would be a disaster for us if someone like that was hired. The sign or be fired letters would be in our mailboxes quicker than you can say "losing money on fuel hedging is actually a good thing"
Join Date: Mar 2008
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It's always disappointing to see fear and weakness displayed publicly. The only freedom any of you will have is when you value your own self worth more than a paycheque. Especially a paycheque from a company that doesn't respect you or value you. You would be far better warning them what your actions will be if they steal the 13th month away from you and your families.
Join Date: Jul 2007
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And yet somehow in this dire world economy.......
http://mobile.nytimes.com/aponline/2....html?referer=
http://mobile.nytimes.com/aponline/2....html?referer=
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Wow, another year, another bunch of retards on PPrune worried that we won't get our 13th month. It's as if you actually believe the propaganda coming out from the 9th floor.
I guess you must also believe that it has nothing to do with management's huge fuel gambling fiasco. It *must* be a revenue problem. That revenue has nothing to do with the fact that our competition can offer cheaper tickets and grow faster because they are paying nearly 50% less for their largest expense than we are.
So we are left with either 1) senior management once again are trying to shield themselves anyway possible from their appalling fuel gambling screwup or 2) they are actually so naive and stupid that they may actually believe what they are saying.
Either way CX's fortunes won't turn around until they completely clean house, starting from the 9th floor and ending after the 3rd.
I guess you must also believe that it has nothing to do with management's huge fuel gambling fiasco. It *must* be a revenue problem. That revenue has nothing to do with the fact that our competition can offer cheaper tickets and grow faster because they are paying nearly 50% less for their largest expense than we are.
So we are left with either 1) senior management once again are trying to shield themselves anyway possible from their appalling fuel gambling screwup or 2) they are actually so naive and stupid that they may actually believe what they are saying.
Either way CX's fortunes won't turn around until they completely clean house, starting from the 9th floor and ending after the 3rd.
Join Date: Jan 2008
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Reward and responsibility are totally divorced from accountability in Swire - why?
My lord he doth protest too much that it is not fuel hedging that is the cause of his 'very difficult job'.
My lord he doth protest too much that it is not fuel hedging that is the cause of his 'very difficult job'.
Join Date: Jul 2007
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I think he actually said he has the toughest CEO job in Hong Kong......
http://m.scmp.com/news/hong-kong/eco...-best-yet-come
With AOD testing about to start, stay even further away from 9th floor than normal. The second hand smoke from whatever Ganga their chuffing up there will definitely put you over
http://m.scmp.com/news/hong-kong/eco...-best-yet-come
With AOD testing about to start, stay even further away from 9th floor than normal. The second hand smoke from whatever Ganga their chuffing up there will definitely put you over
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The three most addictive things in the world:
1. Alcohol
2. Tobacco
3. A Steady Paycheck
As much as I like flying CX and do it when works pays for it, it makes no sense for leisure travel unless it is the only option. The prices are not competitive. And if they are, you don't receive full miles benefits, so why bother? That part makes the others more competitive if you are not earning status anyways.
The pilots seem to do ok flying the plane, most have good humor from the front on the announcements (except for BW on a PER/SYD flight), and the FAs are good. But the seat quality in coach on regional is abysmal, and the inflight dining has degraded tremendously in my 10 years in HK next month.
Is RA doing anything at the moment he can't be pulled away from?
1. Alcohol
2. Tobacco
3. A Steady Paycheck
As much as I like flying CX and do it when works pays for it, it makes no sense for leisure travel unless it is the only option. The prices are not competitive. And if they are, you don't receive full miles benefits, so why bother? That part makes the others more competitive if you are not earning status anyways.
The pilots seem to do ok flying the plane, most have good humor from the front on the announcements (except for BW on a PER/SYD flight), and the FAs are good. But the seat quality in coach on regional is abysmal, and the inflight dining has degraded tremendously in my 10 years in HK next month.
Is RA doing anything at the moment he can't be pulled away from?
Join Date: Aug 2006
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RA?
Reg Ansett?
Would have to exhume him and prop him up in the corner of the board room.
Certainly sounds like a step in the right direction.
This fuel purcase fiasco (it wasn't a hedge when it's 60 perecent of total fuel purchased) will make aviation folklore. It's right up there with Delta Airlines buying an oil refinery.
But hey, why not? Win and "management" reward themselves with even greater bonuses. Lose and simply charge your customers and staff.
It's no wonder Ivan the invisible is reluctant to change policy. Why would he?
Reg Ansett?
Would have to exhume him and prop him up in the corner of the board room.
Certainly sounds like a step in the right direction.
This fuel purcase fiasco (it wasn't a hedge when it's 60 perecent of total fuel purchased) will make aviation folklore. It's right up there with Delta Airlines buying an oil refinery.
But hey, why not? Win and "management" reward themselves with even greater bonuses. Lose and simply charge your customers and staff.
It's no wonder Ivan the invisible is reluctant to change policy. Why would he?
Join Date: Apr 2002
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That would explain why CEO or CFO have not been fired, and why they are so keen to say that fuel hedging is not the problem
Join Date: Jul 2006
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Wow, another year, another bunch of retards on PPrune worried that we won't get our 13th month. It's as if you actually believe the propaganda coming out from the 9th floor.
I guess you must also believe that it has nothing to do with management's huge fuel gambling fiasco. It *must* be a revenue problem. That revenue has nothing to do with the fact that our competition can offer cheaper tickets and grow faster because they are paying nearly 50% less for their largest expense than we are.
So we are left with either 1) senior management once again are trying to shield themselves anyway possible from their appalling fuel gambling screwup or 2) they are actually so naive and stupid that they may actually believe what they are saying.
Either way CX's fortunes won't turn around until they completely clean house, starting from the 9th floor and ending after the 3rd.
I guess you must also believe that it has nothing to do with management's huge fuel gambling fiasco. It *must* be a revenue problem. That revenue has nothing to do with the fact that our competition can offer cheaper tickets and grow faster because they are paying nearly 50% less for their largest expense than we are.
So we are left with either 1) senior management once again are trying to shield themselves anyway possible from their appalling fuel gambling screwup or 2) they are actually so naive and stupid that they may actually believe what they are saying.
Either way CX's fortunes won't turn around until they completely clean house, starting from the 9th floor and ending after the 3rd.
Join Date: Mar 2008
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It is a sad indictment of the Swire culture that such an epic level of incompetence, that has put the company and it's employees at risk is not addressed in any fashion, other than a mealy-mouthed watered down 'explanation' that they don't 'speculate' on fuel hedging ! Once again, they are taking us all for fools. A properly run and accountable public company in any other part of the first world would have seen the CEO out on his ear (see Wells Fargo bank in the US this week). It doesn't matter if it isn't personally the CEO's fault, the accountability has to start at the top. In this sad excuse of an airline, it ONLY starts at the very bottom, and stays there. Without the hedge, there would have been at least half a BILLION more in profit. We all have worked hard and responsibly throughout the year. The cost of the hedge should be taken directly from the managers pockets. Not the employees who had NO input. I have rarely been as disgusted with the mismanagement of this airline as I am now. What on earth have we done to be saddled with the likes of JS, IC, AT and all the other miscreants that we are being abused by? 
The CEO and the CFO should be sacked for entering a multi year fuel hedge by taking a Naked Hedge position.
Criminal!!!
DEFINITION of 'Naked Position'
A securities position that is not hedged from market risk. Both the potential gain and the potential risk are greater when a position is naked instead of covered (a covered position is hedged from market risk).
BREAKING DOWN 'Naked Position'
If an investor simply holds 500 shares of Ford, he or she has a naked position in Ford. If the investor wanted to cover this position, he or she could buy put option contracts, which would help protect against downward movements in the price of Ford shares.
Whether to have a naked position is rarely a concern for most small investors, but it is a concern for large investment holders and institutions.
Read more: Naked Position Definition | Investopedia Naked Position Definition | Investopedia
Criminal!!!
DEFINITION of 'Naked Position'
A securities position that is not hedged from market risk. Both the potential gain and the potential risk are greater when a position is naked instead of covered (a covered position is hedged from market risk).
BREAKING DOWN 'Naked Position'
If an investor simply holds 500 shares of Ford, he or she has a naked position in Ford. If the investor wanted to cover this position, he or she could buy put option contracts, which would help protect against downward movements in the price of Ford shares.
Whether to have a naked position is rarely a concern for most small investors, but it is a concern for large investment holders and institutions.
Read more: Naked Position Definition | Investopedia Naked Position Definition | Investopedia
You are welcome to Alan Joyce and you can have the new uniform as well!!!!!!
Join Date: Apr 2002
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I am sure that a proper turnaround CEO wouldn't be comfortable for anyone in CX, crew included. But the issues are concentrated in Cathay City, not in the cockpits, and if the trade off is a solid airline that can compete with the best of them for the future, well, the crews have more interest in that than anyone else.
Join Date: Aug 2009
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They want to reduce costs yet pay a dividend to John Swire & Sons worth £57m in September.
Cathay clan fly high | Business | The Times & The Sunday Times
Cathay clan fly high | Business | The Times & The Sunday Times
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Ever wondered why Ivan the Invisible seems to grin for no apparent reason?
I guess you would grin like a winking chimp when your 2015 Cathay earnings go from $HK7.243 to HK$ 10,096,000 (up 34%) and then Swire Pacific chuck in another HK$1,345,000 as a “thank you” for managing their business so well.
Still, “Cocacola John” leads from the front with his 2015 Swire Pacific earnings creeping up a modest 84% from $15,181,000 to $27,929,000.
So “team”….
Best you pay those Fuel Surcharges on tickets when the price of oil is at historic lows…
Best you tighten your belts when our core operating profit has never been higher….
And if you are a shareholder (other than Swire and Air China) best you accept that your investment is valued at a 5 year low despite major Share Indices being at near record highs and Capital and Fuel is cheap and we have never had more aircraft or customers than the previous 18 months.
Just remember, it’s not management’s fault, it's the economy stoopid.
Same Team: same dream.
People: they make an airline.
Life well travelled (on a management bonus
)
Cnuts…..
I guess you would grin like a winking chimp when your 2015 Cathay earnings go from $HK7.243 to HK$ 10,096,000 (up 34%) and then Swire Pacific chuck in another HK$1,345,000 as a “thank you” for managing their business so well.
Still, “Cocacola John” leads from the front with his 2015 Swire Pacific earnings creeping up a modest 84% from $15,181,000 to $27,929,000.
So “team”….
Best you pay those Fuel Surcharges on tickets when the price of oil is at historic lows…
Best you tighten your belts when our core operating profit has never been higher….
And if you are a shareholder (other than Swire and Air China) best you accept that your investment is valued at a 5 year low despite major Share Indices being at near record highs and Capital and Fuel is cheap and we have never had more aircraft or customers than the previous 18 months.
Just remember, it’s not management’s fault, it's the economy stoopid.
Same Team: same dream.
People: they make an airline.
Life well travelled (on a management bonus
)Cnuts…..