SYDNEY: Hong Kong’s Cathay Pacific Airways expects a first-half net loss of $1.3 billion, including impairment charges on 16 planes, the airline said on Friday, as the coronavirus pandemic crushed travel demand.
Earlier, the airline had flagged a “substantial” first-half loss and that it had burned through cash of $322 million to $386 million each month since February.
The first-half loss estimate compares to a profit of $173 billion profit in the first half of 2019, before widespread anti-government protests and the virus withered demand.
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Cathay Pacific flags first-half loss of $1.3 billion as travel demand battered
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Cathay Pacific flags first-half loss of $1.3 billion as travel demand battered
- Coronavirus pandemic has crushed travel demand
Egypt-born Dina Powell McCormick appointed Meta president and vice chairman
- The former Goldman Sachs partner and White House official previously served on Meta’s board of directors
- Powell McCormick, who was born in Cairo and moved to the US as a child, joins the management team and will help guide overall strategy and execution
LONDON: Meta has appointed Egypt-born Dina Powell McCormick as its new president and vice chairman.
The company said on Monday that the former Goldman Sachs partner and White House official, who previously served on Meta’s board of directors, is stepping up into a senior leadership role as the company accelerates its push into artificial intelligence and global infrastructure.
Powell McCormick, who was born in Cairo and moved to the US as a young girl, will join the management team and help guide its overall strategy and execution. She will work closely with Meta’s Compute and infrastructure teams, the company said, overseeing multi-billion-dollar investments in data centers, energy systems and global connectivity, while building new strategic capital partnerships.
“Dina’s experience at the highest levels of global finance, combined with her deep relationships around the world, makes her uniquely suited to help Meta manage this next phase of growth as the company’s president and vice chairman,” Meta founder and CEO Mark Zuckerberg said.
Powell McCormick has more than 25 years of experience in finance, national security and economic development. She spent 16 years as a partner at Goldman Sachs in senior leadership roles, and served two US presidents, including stints as deputy national security adviser to Donald Trump, and a senior State Department official under George W. Bush.
Most recently, she was vice chair and president of global client services at merchant bank BDT & MSD Partners.
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