Hong Kong's Cathay Pacific sees first loss in 8 years

Hong Kong's troubled flagship airline Cathay Pacific on Wednesday posted its first annual loss since the height of the financial crisis as it was hit by "intense competition" and a drop in demand from business travellers.Companies like China Eastern and China Southern Airlines are offering direct services to Europe and the United States from the mainland, while budget carriers like Spring Airlines offer regional routes, undermining Cathay's once critical Hong Kong hub.Analysts said other establi