Cathay Pacific Airways

Cathay reduces shareholding in HAECO

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Cathay Pacific Airways has announced that it has agreed to sell 20,700,958 shares, representing 12.45 per cent of its shareholding in Hong Kong Aircraft Engineering Company (HAECO) at HK$91.83 (US$11.85) per share to parent Swire Pacific, a transaction valued at approximately HK$1,901 million. In accordance with stock exchange listing rules, the transaction is subject to the approval of Cathay Pacific’s independent shareholders. If approved, Cathay Pacific’s direct interest … [Read more...] about Cathay reduces shareholding in HAECO

Air China & Cathay Pacific Airways

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Air China has said it will increase its stake in Cathay Pacific Airways to nearly 30 per cent by buying shares from CITIC Pacific at HK$6.335 billion. The Beijingbased airline will buy 491.9 million shares of Cathay at HK$12.88 apiece from CITIC Pacific, according to a statement posted on the Hong Kong Stock Exchange. The deal will make Air China the Hong Kong carrier’s second largest shareholder after British conglomerate Swire Pacific. … [Read more...] about Air China & Cathay Pacific Airways

Air China & Cathay Pacific Airways

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Air China has said it will increase its stake in Cathay Pacific Airways to nearly 30 per cent by buying shares from CITIC Pacific at HK$6.335 billion. The Beijingbased airline will buy 491.9 million shares of Cathay at HK$12.88 apiece from CITIC Pacific, according to a statement posted on the Hong Kong Stock Exchange. The deal will make Air China the Hong Kong carrier’s second largest shareholder after British conglomerate Swire Pacific. … [Read more...] about Air China & Cathay Pacific Airways

June figures up for Cathay, but yields hurting

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Hong Kong-based Cathay Pacific Airways and its subsidiary Dragonair have reported moderating declines in cargo tonnage with the two carriers uplifting a total 123,860 tonnes of cargo and mail in June, down 10 per cent on June 2008. The airline's cargo spokesman said June cargo traffic was down year-on-year, though the monthly drop was the lowest so far this year. "There are signs that the airfreight market has bottomed out, though as yet we are not seeing any sustained upswing in demand. … [Read more...] about June figures up for Cathay, but yields hurting

Cathay Pacific Cargo meets challenges head-on

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Responding to the rapidly changing market situation, Cathay Pacific’s strategy took into account variables such as fuel prices, fleet deployment and fluctuations in world trade patterns, all of which had shown a marked change globally over the past 12 months. The carrier’s response included capacity cuts, special leave schemes for staff , adjustment of frequencies, focusing on new markets and also included delaying a planned cargo terminal to cut costsamid the global … [Read more...] about Cathay Pacific Cargo meets challenges head-on

Cathay loses US$980 million on hedging gamble

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Cathay Pacific Airways has joined many of its counterparts in reporting huge fuel-hedging losses, plunging the previously profitable Asian carrier into an expected record loss for last year, the South China Morning Post reported. The loss on Cathay's fuel-hedging contracts as of the end of last month amounted to around US$980.1 million, deepening from the $361.1 million loss estimated to have been incurred at the end of October, according to the third profit warning filed by the airline in … [Read more...] about Cathay loses US$980 million on hedging gamble