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29 August 2014 -Malaysia Airlines has announced massive job cuts, realignment of its route network and the installation of a new boss, as it attempts to recover from the double whammy blow of two major accidents in the space of a year and stiff competition from domestic carriers.
The announcement comes a day after the airline revealed dismal second quarter losses of Rm307m (£59m) – almost double that of the same period a year ago – and warned the situation would get worse.
The carrier’s majority investor Khazanah Nasional, the state investment fund which has taken over the struggling company, said the airline would be de-listed from the Kuala Lumpur stock exchange by the end of 2014 and that it is expected to return to profitability within three years.
The widely expected move will see 6,000 staff culled from a 20,000 strong global workforce and many of its less profitable long haul routes withdrawn as it restructures.
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