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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Cathay Pacific to sell 5 planes By MIN LEE,Associated Press Writer AP - 1 hour 54 minutes ago HONG KONG - Cathay Pacific said it plans to sell five Boeing 777-200 aircraft over the next two years to raise cash amid the global economic crisis. The Hong Kong carrier's subsidiary airline Dragonair also will not renew leases on two Airbus A330-300 planes after their leases expire in June, chief executive Tony Tyler said in a message Friday to Cathay Pacific's staff. Cathay Pacific spokeswoman Carolyn Leung e-mailed a copy of the message to The Associated Press on Saturday. Tyler cited the economic downturn as the reason for the sale and urged staff members to cut down on unnecessary travel and entertainment. "The situation is currently extremely volatile, with banks not lending and people and companies not spending. There's no reason to panic, but equally we have to be realistic about the fact that things are not looking good," Tyler said. He said it was not clear if Cathay Pacific could find buyers for the planes in the current economic climate, but if they do, "the cash will come in very useful." Tyler said both Cathay Pacific and Dragonair hope not to cut their number of destinations, despite the recent drop in passenger numbers for both airlines. The number of passengers for Cathay Pacific and Dragonair combined dropped from 2.13 million passengers in August to 1.88 million passengers in September, down 0.7 percent from passenger numbers in September 2007, according to the company. "It's getting more difficult to push up revenue due to the softening passenger demand," Tyler said. Hong Kong's international airport also recorded a sharp drop of 4.7 percent in passenger volume in September compared to the same month in 2007, according to the Airport Authority. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Evidence of a recession piles higher with new dataAP - 58 minutes ago Column: Banks using government money for dealsAP - 1 hour 3 minutes ago China to be hit hard by global recession-Bank of China execReuters - 1 hour 3 minutes ago Boeing ordered to pay ICO $236 million in damagesAP - 1 hour 7 minutes ago Pakistan c.bank to buy T-bills in 2-day reverse-repoReuters - 1 hour 32 minutes ago Most Popular – Business Viewed Japan joins wave of rate cuts as recession fears grow Schwarzenegger mocks Obama as campaign home stretch heats up Australian F1 race posts record financial loss BBC chief quits, star presenter suspended over offensive prank When men see red, they see hot: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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