China Eastern Airlines executives slash pay by 30%

The executive payroll at China Eastern Airlines (NYSE: CEA, SHA: 600115, HKG: 0670) has promised a 30% cut from January, a senior manager at the nation's third largest carrier disclosed. General staff will not be affected. The airlines' energy consumption was reduced by 6.79% in 2008 after a string of austerity measures were imposed. Earlier reports stated the government would inject RMB7 billion, up from the original RMB3 billion, to compensate China Eastern Airlines' fuel hedging losses and to facilitate its merger with its local rival Shanghai Airlines (SHA: 600591).

$1 = RMB6.8