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Cathay Pacific, the former doyenne of the air freight business, is re-considering its future as a cargo player. The European economic slump has seen its freight business fall from 28% of total revenues to 20%, while its joint venture with Air China is struggling. So should it assume things will improve and continue to invest in cargo – or should it believe the industry has undergone structural change and move away? “Really difficult choices” says CEO John Slosar.