Hong Kong - The head of Hong Kong's flagship airline Cathay Pacific Tuesday warned of the need for cost-cutting as the effects of high fuel prices and global recession take their toll on profits.
Tony Tyler, the airline's chief executive, indicated in a letter to staff that further cost-cutting measures may be necessary as the US and Britain may be "heading towards recession."
"These are extremely difficult times for the aviation industry and I'm sorry to say there doesn't appear to be any light at the end of the tunnel just yet.
