Hit by extremely high fuel prices in the first half of 2008 and a steep drop in both passenger and cargo business in the second half of the year, Cathay Pacific Group posted a record loss for the year. The Hong Kong-based airline has announced a loss of $1.1 billion for 2008, compared with a profit of $906 million in the previous year.
In the company's latest annual report released March 11, 2009, Chairman Christopher Pratt said the aviation industry had made a "painful adjustment" to high fuel prices last year and now has to adjust to the poor state of the global economy.
Business was strong during the first six months of 2008, but fell off rapidly as a result of the worldwide recession and isn't expected to bounce back quickly.
"Cathay Pacific expects an extremely challenging year in 2009. Passenger and cargo demand are expected to remain weak and, if fuel prices remain at their present levels, further losses on fuel hedging contracts will be incurred," Mr. Pratt said.
Previously, the pair were joint exec creative directors of the same office, and led creative campaigns for advertisers such as Hong Kong Broadband, Sharp and the National Geographic Channel.
In their former role, they "recreated M&C Saatchi in Hong Kong, transforming our creative product, our professional performance and our corporate culture," said Chris Jaques, M&C Saatchi's Hong Kong-based CEO, Asia.
Glendinning is a WPP-owned consumer, shopper and customer management consultancy. The China business unit, which works with marketers such as Coca-Cola Co. and Unilever, is a joint venture with WPP-owned ad agency JWT.
Mr. Preller joined Glendinning in 2007, and has helped lead Glendinning's global Shopper and Go to Market practices, most recently as director of consulting based in Bangkok.
"Clients are not only looking for brand ideas that unify broadcast and digital communications, they are also looking for big end to end brand ideas that resonate with consumers, shoppers and customers and that can be executed flawlessly, and profitably, from above the line campaign right through to the retail outlet," said Tom Doctoroff, JWT's area director, North Asia in Shanghai.
Meyer joined Nielsen in 1992. Most recently, he was based in Chicago as senior VP of DigitalPlus in the U.S.
He led Nielsen's efforts to develop new client applications for digital set top box (STB) data by combining STB information with other data to define standards for digital commerce.
"Chinese consumers are increasingly taking up new media, and there is no doubt China's online audience, including those viewing video online, will continue to grow," said Mitch Barns, Nielsen's president, Greater China in Shanghai.
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