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Stocks

Shares slide as cost-cutting fails to impress

SINGAPORE -- Thai Airways International edged downward Thursday, with investors unimpressed by reported plans to sell off real estate holdings at home and abroad to improve its finances.

     The state-owned airline's Bangkok-listed shares shed 1.13% Thursday to close at 8.70 baht (24 cents).

     President Charamporn Jotikasthira said after a board meeting Wednesday that the airline expects to cut expenses by around 1 billion baht ($28 million) by selling staff residences in Singapore and elsewhere as well as domestic and international offices, local media reported.

     The airline also is negotiating with suppliers Boeing and Airbus to postpone the handover of new jets, Charamporn is reported saying.

     Thai Airways' earnings have been stagnant of late as competition with low-cost carriers has intensified and the specter of August's terror attacks on Bangkok continues to chill travel. The carrier booked losses for the July-September quarter. Shares tumbled 37% for 2015 as a whole, despite staff reductions and other efforts to cut costs.

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