SINGAPORE ¨C For more than half a century, Cathay Pacific Airways Ltd. has been Hong Kong¡¯s gateway to the world, its mix of British heritage and Asian high-altitude luxury bridging the city¡¯s colonial past with its Chinese location. But it¡¯s that unique cultural blend that has ensnared the carrier in an increasingly out-of-control political uprising sweeping through the streets.
After months of anti-Beijing demonstrations in the city, Cathay is emerging as the corporate fall guy as it struggles to navigate a path between the demands of the mainland and employees sympathetic to the uprising. Since last Friday, the carrier¡¯s been rebuked by China¡¯s regulator, boycotted by state-owned companies and excoriated by the nation¡¯s biggest bank. Its stock also hit a 10-year low.
Add the 272 scrubbed flights and 55,000 stranded passengers after protesters occupied Hong Kong¡¯s airport and this week has shaped into one of the worst in the carrier¡¯s history. But those service disruptions may be the least of Cathay¡¯s worries, with China¡¯s actions against the 72-year-old carrier a taste of the less autonomous future awaiting the airline ¡ª and other Hong Kong companies.
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