China Southern to cut executives' pay
18 July 2008
China Southern Airlines said it will cut the pay of its executives by 10% to help offset rising fuel prices, Bloomberg reported. The Guangzhou-based airline, China's largest, said the move will help the airline in its plan to save US$191 million this year by cutting operating costs and infrastructure investments. China Southern said rising fuel prices would increase operating costs for the year by more than US$278 million. China's airlines have raised fuel surcharges to cope with rising costs of fuel and relatively poor passenger numbers.