Cathay's woes continue....

[bluesideoops]

European Commission fines Cathay Pacific ?57 million for cargo surcharges | South China Morning Post (http://www.scmp.com/business/article/2080394/european-commission-fines-cathay-pacific-eu57-million-cargo-surcharges)

[Trafalgar]

...hmm....wonder if anyone has made the connection that nearly every costly debacle this company has suffered from has been caused by a Manager. No, didn't think so. :ugh: None of you are fit for purpose. Not one.

[bluesideoops]

Yes, doesn't seem to be much in the way of responsibility and accountability in Cx senior management, how IC still has a job after the fuel-hedging debacle is unbelievable - in any other Company of this size and shape anywhere else in the world, he'd be on his sword or his head would be bouncing down the stairs of the entrance to the boardroom

[Progress Wanchai]

Well that neatly doubles our loss.
Nice easy one for the bean counters. Red ink figure x 2.

That's the way we like it. After all, the primary reason we decided to buy fuel 4 years in advance was to make the counting of beans easier.

[Arfur Dent]

Must be quite a bit of sniggering going on as one of our lot walks into the HK Club bar. How the mighty have fallen.

[Liam Gallagher]

It seems that Lufthansa AG/Swiss were immune prosecution as they "snitched" on the others. They must have been worried when the Appeal reversed the original fines.

But the biggest grin must be on the face of Alan Joyce. QF didn't appeal and just paid the fine back in 2010. When the 2015 appeal was successful, QF must have had a Ho-Lee-Sh!T moment.

No doubt our lot will realize it's "Time to Win" and will spend millions on lawyers for yet another appeal. If you one of the 30% made redundant in the name of "Time to win", it will be some consolation knowing millions were wasted on this nonsense.

[Freehills]

Yes, doesn't seem to be much in the way of responsibility and accountability in Cx senior management, how IC still has a job after the fuel-hedging debacle is unbelievable - in any other Company of this size and shape anywhere else in the world, he'd be on his sword or his head would be bouncing down the stairs of the entrance to the boardroom

To be fair, I can't imagine he had much to do with the decision at the time!

[mr did]

COO from 2011 to 2014, CEO since 2014.

[Arfur Dent]

Just keep getting direct tracks, efficient levels, expeditious approaches and don't forget to taxi in with one engine shut down. Makes a big difference, guys……….

[Trafalgar]

We have officially reached the level of 'travesty'. The latest development with the cargo fine issue truly drives the final nail into the coffin of this managements credibility. Between the Paris base closure disgrace, the fuel hedging, the base tax issues, the constant missteps in product planning and the disrespectful treatment of their employees, it is time to hold a formal 'Loss of Confidence' vote against the management. They are completely without credibility, integrity or morality. Until they are swept aside, this company will continue to suffer and decay. Let's also note that this gross failure of financial probity will be a slap in the face to the employees soon to be laid off, and their families. How's your steak and lobster this evening JS, AT and IC...? I am sickened by all of them.:mad:

[Avinthenews]

Don't despair there's a new magazine coming out this Friday for all us happy little CX/KA folk, that'll fix everything out with the old in with the new. Hooray happy happy times!

[Basil]

It was a cartel so everyone was at it; not just CX.

[Arfur Dent]

Buy some shares as a group (crowd funding) and ask some questions at a Shareholders Meeting. Only way to stop this nonsense.

[goathead]

Traf is so sickened he's going to resign from training , so so sickened !

[Flex88]

I would love to know who made money on the other side of the CX Hedging Losses ??????
And, if I discovered that it was "Get Rich Gold Quickly Fuel Import Export Company International Ltd." who was the winner and it was owned by CX, AC, CNAC; I would not be evenly slightly surprised. (Time to Win - for who?)

:rolleyes:

[Boe787]

Flex88..................right on the money!!!

Cathay lost out, but who won from the deal?

[YeahNahYeah]

I would love to know who made money on the other side of the CX Hedging Losses ??????
And, if I discovered that it was "Get Rich Gold Quickly Fuel Import Export Company International Ltd." who was the winner and it was owned by CX, AC, CNAC; I would not be evenly slightly surprised. (Time to Win - for who?)

:rolleyes:

AFSC? and their core principles? Maybe an audit would be useful.

(I thought CNAC was now CNAH. and isn't sinopec also a SOE?)

[YeahNahYeah]

I would love to know who made money on the other side of the CX Hedging Losses ??????
And, if I discovered that it was "Get Rich Gold Quickly Fuel Import Export Company International Ltd." who was the winner and it was owned by CX, AC, CNAC; I would not be evenly slightly surprised. (Time to Win - for who?)

:rolleyes:

Tried to post earlier today, maybe I'm too new so I'll try again?

Its definitely a clever way to get HKD / USD.