Cathay Pacific has blamed increasing competition from direct flights to mainland China as a major factor in its first full-year net loss since 2008. The Hong Kong flag carrier reported a loss of HK575 million ($74 million) for 2016, a dramatic reversal from the HK$6 billion profit it earned in the previous year. Cathay has been warning of worsening financial health for several months, as it saw a steep drop in profitability in the first half of 2016 and predicted further deterioration for ...

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