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☆ Planes Come Into Contact at Snowy Japan Airport
▼ + stars: | 2024-01-16 | by ( Miho Inada | Peter Landers | ) www.wsj.com time to read: 1 min

Planes belonging to Korean Air, left, and Cathay Pacific, right, after a collision at a Japanese airport. Photo: KYODO NEWS/ASSOCIATED PRESSTOKYO—A Korean Air jet that was moving away from the gate in heavy snow touched a Cathay Pacific plane at an airport in northern Japan on Tuesday, the airlines said. No one was hurt and there was no fire, officials said. Korean Air said the incident happened about 5:35 p.m. at New Chitose Airport near Sapporo on the northern island of Hokkaido. The Korean Air Airbus A330, scheduled to fly to Seoul with 276 passengers and 13 crew aboard, had just departed the gate and was in pushback, meaning it was getting into position to head to the runway with help from a ground handler vehicle.

Organizations: Korean Air, Cathay, KYODO, New, Korean Air Airbus Locations: Korean, Cathay Pacific, Japan, New Chitose, Sapporo, Hokkaido, Seoul, pushback

☆ 2 Planes Collide at Japan Airport, Weeks After Deadly Runway Blaze
▼ + stars: | 2024-01-16 | by ( Cassandra Vinograd | ) www.nytimes.com time to read: +1 min

Two planes collided at an airport on Japan’s snowy northern island of Hokkaido on Tuesday, according to the airlines involved, just weeks after a deadly runway blaze in Tokyo. Nobody was injured in the collision on Tuesday, which involved planes belonging to Korean Air and Cathay Pacific. It happened at around 5:30 p.m. local time at New Chitose Airport, according to NHK, Japan’s public broadcaster. Korean Air confirmed that its jet “came into contact” with the Cathay aircraft during pushback. “There were no injuries and the airline is cooperating with all relevant authorities,” Korean Air said in a statement.

Persons: Nobody Organizations: Korean Air, Cathay, NHK, Korean Locations: Hokkaido, Tokyo, New Chitose Airport, Cathay Pacific

☆ ESG should not be an excuse for businesses not to perform well, CIO says
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailESG should not be an excuse for businesses not to perform well, CIO saysSophia Cheng, CIO of Cathay Financial, says "no ESG, no business, no ESG, no money."

Persons: Sophia Cheng Organizations: Cathay Financial

SEATTLE (AP) — Alaska Airlines said Sunday it agreed to buy Hawaiian Airlines in a $1.9 billion deal, including debt, putting it on track for a potential clash with a Biden administration that has shown wariness about higher fares in the industry. The deal also includes $900 million in Hawaiian debt, which the airlines said brings the acquisition's total value to $1.9 billion. The combined airline would be based in Seattle, with Alaska Airlines CEO Ben Minicucci at its head. Both Hawaiian and Alaska are leading airlines flying between Hawaii and the U.S. mainland, which could raise concerns about lessened competition. The Alaska and Hawaii companies expect the deal to close in 12 to 18 months.

Persons: Ben Minicucci, they're “, Minicucci, Biden Organizations: SEATTLE, Alaska Airlines, Hawaiian Airlines, Biden, oneworld Alliance, American Airlines, British Airways, Cathay, Cathay Pacific ., Pacific, Inter, Island Airways, ”, Hawaiian Holdings, Sprit Airlines, Justice Department, JetBlue, U.S . Department of Transportation Locations: Alaska, Seattle, Cathay Pacific, Cathay Pacific . Alaska, United States, Americas, Asia, Australia, Honolulu, Hawaii, North America, Hawai'i, aloha, U.S

☆ Cathay favouring Airbus for widely watched freighter deal - sources
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Nov 27 (Reuters) - Cathay Pacific Airways Ltd (0293.HK) is leaning towards placing an order for around six Airbus (AIR.PA) A350 freighters as the Hong Kong carrier renews the oldest section of its fleet of dedicated 747 cargo jets, industry sources said. Airbus and Boeing had no immediate comment. Industry sources have said the competition pointed to an initial purchase of around half a dozen aircraft, worth some $2 billion at list prices before traditional airline discounts. Cathay Pacific told analysts in August it was looking at freighters and "continuing to study various opportunities". On Friday, it told analysts cargo demand had softened but was "still much higher than pre-pandemic times".

Persons: Tim Hepher, Valerie Insinna, Lincoln Organizations: Cathay Pacific Airways Ltd, Airbus, Hong Kong, Cathay, Boeing, Qatar Airways, Emirates, FedEx, UPS, International Air Transport Association . Industry, Cathay Pacific, Thomson Locations: HK, Hong, Cathay Pacific

☆ Meet the 'queen of caviar' who supplies Britain’s royal family with the world's most expensive food
▼ + stars: | 2023-10-26 | by ( Lucy Handley | ) www.cnbc.com time to read: +8 min

King's Fine FoodLaura King has run a caviar business for almost 20 years — even supplying Britain's royal family with the coveted foodstuff. Now, she's known as the "caviar queen," and her firm King's Fine Food imports hundreds of kilos of caviar into the U.K. every two to three weeks. Oscietra caviar is the most popular product sold by King's Fine Food. Laura King (left), founder of King's Fine Food, with her daughter Holly King, the company's sales director. "We're two women in business, probably the only two women in the caviar business almost in the world.

Persons: Laura King, King, John King, Holly —, —, Conran, Melba, Terence Conran, retails, …, You've, you'll, I've, King's, Holly King, Mason, Queen Elizabeth II, Holly, We've Organizations: King's, CNBC, Fine Food, Harrods, Cathay Pacific, Emirates . British Airways, Foods, John King Brain, Royal Locations: London, Dorchester, British, Iran, Russia, Belgium, China

☆ Which airlines have suspended Israel flights after Hamas attacks?
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +4 min

Here are airlines that have temporarily halted flights to and from Israel:AFRICARoyal Air Maroc cancelled flights to and from Tel Aviv on Saturday and Sunday. On Sunday, United Airlines (UAL.O) and American Airlines (AAL.O) suspended direct flights to Tel Aviv. EUROPEAll airlines owned by Germany's Lufthansa (LHAG.DE), including Austrian Airlines, Swiss International Airlines and Brussels Airlines, cancelled flights to and from Tel Aviv through Saturday. Norwegian Air (NAS.OL) cancelled flights from Copenhagen and Stockholm to Tel Aviv and return flights through Sunday. Portugal's TAP suspended flights to and from Tel Aviv without providing a time frame.

Persons: Amir Cohen, Britain's, Vueling, Alessandro Parodi, Joao Manuel Mauricio, Milla Nissi, Bernadette Baum 私 Organizations: Gaza, REUTERS, AFRICA Royal Air Maroc, Delta Air Lines, Sunday, United Airlines, American Airlines, Tel Aviv . United, Air Canada, ASIA Hainan Airlines, Cathay, HK, Korean, Germany's Lufthansa, Austrian Airlines, Swiss International Airlines, Brussels Airlines, Saturday, Ryanair, Air France KLM, Norwegian, TAP, Sunday . British Airways, IAG, Air Europa, Italy's ITA, Aegean Airlines, Bulgaria Air, Air Malta, Virgin Atlantic, EAST Etihad Airways, . Gulf Air Locations: Sderot, Israel, Tel Aviv, AFRICA, ASIA, China, Beijing, Shanghai, Shenzhen, Hong Kong, Incheon, EUROPE, Europe's, France, Copenhagen, Stockholm, Hungarian, Iberia, Spanish, London Heathrow, Abu Dhabi, Gdansk

☆ Travel advice for Israel following the deadly clashes: Everything you need to know
▼ + stars: | 2023-10-09 | by ( Lilit Marcus | ) edition.cnn.com time to read: +7 min

The situation remains fluid and all information is subject to sudden change, but here’s what travelers need to know following the attacks. Among the locations Hamas has claimed it is targeting is Ben Gurion International Airport, Israel’s international hub, located just outside Tel Aviv. As for Israeli airlines, El Al, the country’s flag carrier, issued a statement on October 8 saying it would continue to operate as usual. Meanwhile, Delta Air Lines has issued guidance for passengers with flights booked to or from Tel Aviv between October 7-14. “The situation in Israel continues to be unpredictable,” said the US Embassy in Israel in a statement, which advised American citizens in Israel to contact the embassy in Jerusalem or the consulate in Tel Aviv.

Persons: Benjamin Netanyahu, CNN’s Nic Robertson, Ben Gurion’s, Ilan, Asaf Ramon, El Al, Ben Gurion, Élisabeth Borne, ”, Bruno Mars, CNN’s Nicole Goodkind, Sophie Jeong Organizations: CNN, Israeli, Hamas, Ben Gurion International Airport, Asaf Ramon International Airport, El Al Airlines, El Al, El, Arkia Airlines, International, German, Lufthansa, Lufthansa Group Airlines, BFM, Air France, Hong Kong’s Cathay Pacific Airways, Korean Air, Korean, Delta Air Lines, American Airlines, United Airlines, United, Air, Hainan Airlines, Virgin Atlantic, Royal Air Marcoc, Federal Aviation Administration, FAA, Reuters, of European Football Associations, Estonia, “ UEFA, Embassy, Front Command Locations: Israel, Tel Aviv, Red Sea, Eilat, El, Rome, Milan, Athens, Hong, Incheon, Air Canada, Hainan, Switzerland, Germany, “, Tel Aviv’s, Gaza, Jerusalem, Lebanon

☆ Airlines suspend Israel flights amid Gaza war
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

Here are airlines that have temporarily halted flights to and from Israel:AMERICASOn Sunday, U.S. carriers United Airlines (UAL.O), Delta Air Lines (DAL.N) and American Airlines (AAL.O) suspended direct flights to Tel Aviv. ASIAHainan Airlines (600221.SS), the only Chinese airline to fly between China and Israel, cancelled flights between Tel Aviv and Shanghai on Monday. EUROPEAll airlines owned by Germany's Lufthansa (LHAG.DE) cancelled flights to and from Tel Aviv through Monday. Britain's easyjet (EZJ.L) halted flights with Tel Aviv on Sunday and Monday, and would adjust the timing of flights in the next few days. Portugal's TAP cancelled flights to and from Tel Aviv scheduled for Sunday and Monday.

Persons: Britain's, Finland's, Monday . Virgin Atlantic, Alessandro Parodi, Milla Nissi, Bernadette Baum Organizations: Israeli, El, Abu Dhabi International Airport, United, United Arab Emirates, Presidential Affairs, REUTERS, Sunday, United Airlines, Delta Air Lines, American Airlines, Tel Aviv . United, ASIA Hainan Airlines, . Cathay, HK, . Korean, Germany's Lufthansa, Air France KLM, Portugal's TAP, Iberia Express, Monday . Virgin, Etihad Airways, Thomson Locations: Abu Dhabi, United Arab, Handout, Tel Aviv, Israel, U.S, ASIA, China, Shanghai, Hong Kong, Incheon, EUROPE, Madrid, Gdansk

☆ Multiple airlines cancel flights across Israel after government declares war
▼ + stars: | 2023-10-09 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

CNN —Multiple airlines have canceled flights in and out of Tel Aviv, home to Israel’s largest international airport, after Israel formally declared war on Hamas. In a statement to CNN, American Airlines said it was suspending flights until Friday as it closely monitors the situation on the ground. US carriers have temporarily suspended flights to Israel,” according to the embassy. Hong Kong carrier Cathay Pacific canceled its Tuesday flight to and from Tel Aviv. Ireland’s Ryanair said Monday it was canceling flights in and out of Tel Aviv until October 11, citing operational restrictions.

Persons: Ed Sicher, Israel, Ben, Israel’s Ben, Yoav Gallant Organizations: CNN, American Airlines, Allied Pilots Association, Federal Aviation Administration, Ben Gurion, Cathay Pacific, Tel Aviv . Air Canada, Ryanair, Air India, Lufthansa, Norwegian Air, Korean Air, Israel’s Ben Gurion, Israel’s Locations: Tel Aviv, Israel, Hong Kong, Incheon, Gaza, Jerusalem

☆ Major airlines suspend flights to Tel Aviv after Hamas attack
▼ + stars: | 2023-10-09 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Major airlines have canceled flights to and from Tel Aviv. AdvertisementAdvertisementMajor airlines around the world have suspended flights to and from Tel Aviv after Palestinian militant group Hamas launched an unprecedented attack on Saturday and fired thousands of rockets into central and southern Israel, resulting in hundreds of casualties. American Airlines, United Airlines, Lufthansa, Virgin Atlantic, Wizz Air, EasyJet, Korean Air, and Cathay Pacific are among those who have canceled flights to Ben Gurion Airport in Tel Aviv – Israel's only international airport. Israeli Prime Minister Benjamin Netanyahu has since declared a state of war, and Israel has launched retaliatory attacks on Hamas. The following airlines have confirmed online or in statements to Insider that they have suspended flights to Tel Aviv:

Persons: Benjamin Netanyahu, —, Ben Gurion Organizations: Hamas, Saturday, Service, American Airlines, United Airlines, Lufthansa, Virgin Atlantic, Wizz, Korean Air, Cathay, Ben Gurion, Ben, FAA, British Airways, AL Airlines, Israel Defence Forces Locations: Tel Aviv, Palestinian, Israel, Korean, Cathay Pacific, Ben, San Francisco, Gaza, El Al

☆ Several airlines suspend Tel Aviv flights until safety conditions improve
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amir Cohen/File Photo Acquire Licensing RightsOct 9 (Reuters) - Several international air carriers have suspended flight services with Tel Aviv in light of the Hamas militant attack on Israel, saying they were waiting for safety conditions to improve before resuming. Britain's easyjet (EZJ.L) said it had halted flights with Tel Aviv on Sunday and Monday, and would adjust the timings of flights in the next few days. Hainan Airlines (600221.SS), the only Chinese airline to fly between China and Israel, cancelled flights between Tel Aviv and Shanghai on Monday, citing the security situation in Israel. It said it would continue flights linking Beijing and the southern tech hub of Shenzhen with Tel Aviv while waiving fees for cancellations before Oct. 20. Korean Air (003490.KS) said it cancelled its Monday flight between the port city of Incheon and Tel Aviv and expects future flights to be irregular.

Persons: Benjamin Netanyahu, Amir Cohen, Finland's, United, Britain's, Douglas Gillison, Sophie Yu, Farah Master, Joyce Lee, Brenda Goh, Anna Ringstrom, Stockholm Sarah Young, Andrea Ricci, Clarence Fernandez Organizations: Israeli, Ben Gurion International, REUTERS, Fighters, Sunday, United Airlines, Delta Air Lines, American Airlines, Air, Delta, Hainan Airlines, Cathay, HK, Korean, Thomson Locations: Lod, Israel, Tel Aviv, Gaza, U.S, New York, Chicago, Washington, DC, Miami, United States, China, Shanghai, Beijing, Shenzhen, Hong Kong, KS, Incheon, Stockholm, London

☆ Cathay Pacific buys 32 Airbus A321-200neo aircraft for $4.66 billion
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Sept 29 (Reuters) - Hong Kong's Cathay Pacific Airways (0293.HK) said on Friday it had purchased 32 Airbus A321-200neo aircraft from Airbus (AIR.PA) for a basic price of $4.66 billion. The deal follows an agreement between an Airbus unit and the aircraft acquisition facilitators of Hong Kong's flagship carrier in September 2017. Cathay expects the aircraft to be delivered by the end of 2029, and expand the fleet capacity of Hong Kong Express, one of its units. Hong Kong-based conglomerate Swire Pacific (0019.HK) and Air China (601111.SS), which together hold more than 50% of the voting rights in Cathay, have approved the deal, the airline said in a filing. "Swire Pacific and Air China do not have any interest in the transaction other than as shareholders," Cathay said.

Persons: Hong, Rishav Chatterjee, Devika Organizations: Cathay Pacific Airways, HK, Airbus, Hong Kong's, Cathay, Hong Kong Express, Swire Pacific, Air, Thomson Locations: Hong Kong, Air China, Cathay, Bengaluru

☆ Typhoon Saola makes landfall in Guangdong after slamming Hong Kong, Macau
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +3 min

A man looks at fallen trees following Super Typhoon Saola, in Hong Kong, China September 2, 2023. The Asian financial hub of Hong Kong and China's neighbouring populous province of Guangdong cancelled hundreds of flights on Friday and shut businesses, schools and financial markets as Saola had edged closer. Packing winds of more than 200 kph (125 mph) as a super typhoon, Saola was among the strongest to menace the southern province since 1949. Hong Kong imposed its highest hurricane storm signal 10 on Friday night, lowering it to 8 by Saturday morning. Reporting by Farah Master, Joyce Zhou and Tyrone Siu in Hong Kong; Additional reporting by Ben Blanchard in Taipei; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Saola, Tseung Kwan, Farah Master, Joyce Zhou, Ben Blanchard, William Mallard Organizations: REUTERS, Tyrone, city's, Authority, Flagship, Cathay, HK, TVB, Facebook, Sunday, Thomson Locations: Hong Kong, China, HONG KONG, Chinese, Guangdong, Shenzhen, Macau, Zhuhai, Hong Kong's, Taipei

☆ Hong Kong hunkers down as super typhoon Saola approaches
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] A girl reads a book at a bookstore, which windows are taped in anticipation of typhoon Saola in Hong Kong, China August 31, 2023. REUTERS/Tyrone Siu Acquire Licensing RightsHONG KONG, Sept 1 (Reuters) - Hong Kong braced for the arrival of super typhoon Saola on Friday as authorities raised the strong wind signal to No.8, bringing the city to an effective standstill with most businesses, schools and the stock exchange shut. Saola is expected to skirt within 100km (60 miles) of Hong Kong on Friday night and Saturday morning, causing weather conditions to deteriorate rapidly, the city's weather observatory said. Hong Kong has five rankings for typhoons, 1, 3, 8, 9 and 10, which is the strongest hurricane signal. All schools in Hong Kong will be closed on Friday, despite being the first day of term for many, the government said.

Persons: Tyrone Siu, Hong Kong, Farah Master, Ben Blanchard, Lincoln Organizations: REUTERS, Tyrone, Supermarkets, Kong's, Cathay Pacific, Weather Bureau, Thomson Locations: Hong Kong, China, HONG KONG, Guangdong, Hong, Wan Chai district, Taiwan, Fuzhou, Taipei

Windows are taped in anticipation of Typhoon Saola at a store in Hong Kong on August 31. In Shenzhen, a high-tech hub bordering Hong Kong, classes have been suspended at all nurseries, kindergartens, primary and secondary schools. Hong Kong residents stock up as Typhoon Saola approaches on August 31. A customer walks past nearly empty shelves at a supermarket as Typhoon Saola approaches Hong Kong on August 31. Hong Kong has canceled 366 flights while some 40 more have experienced a delay, said Yeung Tat-wing, general manager of operation at the Airport Authority Hong Kong.

Persons: Hong Kong, Saola, Tyrone Siu, HKO, Hong, Eric Chan, Mangkhut, “, Yeung, Typhoon Talim Organizations: CNN — Schools, Hong, Typhoon, Hong Kong Observatory, Xinhua, Kong’s, Cathay Pacific, Cathay, Airport Authority Locations: Philippines, Hong Kong, Guangdong Province, China, Guangdong, Shenzhen, Macau, New York, JFK, Cathay Pacific, Hong, Airport Authority Hong Kong . Hong Kong

REUTERS/John Sommers II/File Photo Acquire Licensing RightsAug 18 (Reuters) - Air cargo enjoyed record demand when COVID-19 closed borders and snarled supply chains. Now, it is reeling from overcapacity and tumbling freight rates as the freight boom makes a hard landing. Passenger jets grounded during the health crisis are flying again and bringing their lower-deck cargo space, which competes with dedicated air freighters, back into play. The Florida-based carrier cited "the unyielding and rapidly mounting macro-economic headwinds that plagued the entire air cargo transportation sector starting in late 2022". In June, air cargo experienced the slowest contraction since February 2022, the International Air Transport Association said.

Persons: John Sommers, Xeneta, they're, Peter Sand, we're, Sand, planemakers, Eddy Pieniazek, expective, Pieniazek, Robert, Tim Hepher, Lisa Bartlein, Allison Lampert, Valerie Insinna, Barbara Lewis Organizations: Parcel Service, UPS, REUTERS, Air, Reuters, Western Global Airlines, Japan Airlines, Xeneta, International Air Transport Association, Ishka, Cathay, HK, Boeing, Airbus, Aeronautical Engineers, Thomson Locations: Louisville , Kentucky, Delaware, Florida, China, Asia, United States, Miami

☆ Cathay announces plans to buy 32 new single-aisle Airbus aircraft
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

Aug 10 (Reuters) - Hong Kong's Cathay Pacific Airways (0293.HK) on Thursday said it intends to purchase up to 32 Airbus A321neo and A320neo aircraft to invest and upgrade its fleet, bringing the carrier's new aircraft deliveries to up to more than 70. "These aircraft feature the latest technological enhancements to provide a quieter, more comfortable, and more fuel-efficient journey for our customers," Cathay Group Chief Executive Officer Ronald Lam said. Cathay on Wednesday flagged that it would be taking delivery of 32 new single-aisle Airbus aircraft by 2029 without revealing whether the aircraft would be bought or leased. The new aircraft will join the fleets of Cathay Pacific by 2029 and is expected to cover destination routes in the Chinese Mainland and elsewhere in Asia, Cathay added. Cathay has already taken delivery of 13 of its initial order for 32 A321neos that it placed in 2017, with the new purchase adding up to another 32 single-aisle Airbus aircraft to the Group's fleet, it said.

Persons: Ronald Lam, Roushni Nair, Nivedita Organizations: Cathay Pacific Airways, HK, Airbus, Cathay Group, Cathay, Wednesday, Cathay Pacific, Thomson Locations: Asia, Bengaluru

☆ Cathay Pacific posts $550 mln first-half profit, to repay Hong Kong government
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Aug 9 (Reuters) - Hong Kong's Cathay Pacific Airways (0293.HK) reported on Wednesday a profit of HK$4.3 billion ($550.23 million) for the first half of 2023, its best interim results in more than a decade and a turnaround from losses in the last three years. The company also said it would buy back 50% of the HK$19.5 billion of preference shares held by the Hong Kong government by the end of 2023, and the remainder by the end of July 2024 subject to completion of a proposed capital reduction and business conditions at the time. Cathay issued the shares in 2020 as part of a HK$39 billion rescue package that shored up its finances after travel demand collapsed during the pandemic. ($1 = 7.8149 Hong Kong dollars)Reporting by Clare Jim and Donny Kwok; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Clare Jim, Donny Kwok, Jamie Freed Organizations: Cathay Pacific Airways, HK, Hong, Cathay, Thomson Locations: HONG KONG, Hong Kong

☆ Cathay Pacific posts best H1 profit since 2010, to repay govt aid package
▼ + stars: | 2023-08-09 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, Aug 9 (Reuters) - Cathay Pacific Airways (0293.HK) reported on Wednesday its best first-half profit in more than a decade and announced plans to order more planes and repay a Hong Kong government rescue package after a major turnaround in travel demand. Cathay has recovered capacity more slowly than its closest rival, Singapore Airlines, (SIAL.SI) because it faced tighter quarantine rules for longer, and needed to train more staff and bring back grounded planes. The Hong Kong carrier expects to reach 70% of its pre-pandemic capacity by the end of the year and 100% by the end of 2024. Cathay said it intended to exercise purchase rights to buy 32 Airbus (AIR.PA) A320neo family aircraft, looking to add to its fleet as demand rebounds. ($1 = 7.8151 Hong Kong dollars)Reporting by Clare Jim and Donny Kwok; Editing by Jamie Freed and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Hong, Patrick Healy, Clare Jim, Donny Kwok, Jamie Freed, Gerry Doyle Organizations: Cathay Pacific Airways, HK, Hong, Cathay, Singapore Airlines, Hong Kong, Airbus, Swire Pacific, Thomson Locations: HONG KONG, Hong Kong, Hong, Air China

☆ Singapore Airlines flags near-term competition in international travel
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Singapore Airlines (SIAL.SI) said on Thursday it expects competition to intensify in the coming months as carriers scramble to take advantage of strong overseas travel demand that helped the city-state's flagship airline to post a record first-quarter profit. "Macroeconomic and geopolitical uncertainties, as well as inflation, could pose challenges for the airline industry," the company said. Singapore Airlines said it will monitor these trends closely, and adjust its capacity and network accordingly. The airline reported a net profit of S$734 million ($554.84 million) for the three months ended June 30, compared with S$370 million a year earlier. Passenger load factor — a measure of how many seats are filled on planes — for Singapore Airlines was 88.9% in the quarter, compared with 79.0% a year ago.

Persons: Himanshi Akhand, Archishma Iyer, Shinjini Organizations: Singapore Airlines, Airlines, Cathay Pacific Airways, HK, Thomson Locations: Hong Kong, Singapore, Bengaluru

☆ Xavier Niel’s GAM raid looks less quixotic
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

NewGAMe, whose backers include telecoms mogul Xavier Niel and Swiss wealth manager Bruellan, launched a tender offer for just under 18% of GAM’s shares. Liontrust’s offer looked like the least bad option for GAM, which is losing money as its assets have more than halved since 2018 to 68 billion Swiss francs. And at least one other investor, with 6.5%, has said it won’t accept Liontrust’s offer. That means Liontrust will probably struggle to get to the two-thirds vote it would need to take over GAM. But GAM also has over 2 billion Swiss francs of tax losses to carry forward, lowering any future tax burden.

Persons: Xavier Niel, Bruellan, NewGAMe, Neil Unmack, Aimee Donnellan, Oliver Taslic Organizations: Reuters, GAM, Liontrust Asset Management, Twitter, Commonwealth Games, Cathay, Thomson Locations: Swiss

☆ Commonwealth Games hit a financial wall
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, July 18 (Reuters Breakingviews) - Anyone who signs up for a marathon soon hears about the metaphorical wall that exhausted runners often hit around three-quarters of the way through the race. Australia’s state of Victoria has just crashed into the financial equivalent, much earlier, in its preparations for hosting the 2026 Commonwealth Games. Rio de Janeiro lost $2 billion hosting the 2016 Olympic Games, for instance. Andrews’ government, though, also wanted the Games to be hosted in several different cities – and added more sports, per the Commonwealth Games organising body. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Daniel Andrews, Andrews, Antony Currie, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, Victoria, Games, Commonwealth Games, Twitter, Cathay, Thomson Locations: Australia’s, Victoria, Rio de Janeiro

☆ Luxury tests limits of its immunity to downturns
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters Breakingviews) - Compagnie Financiere Richemont (CFR.S) is testing the limits of luxury’s immunity to downturns. Shares of other big luxury players, including $236 billion Hermes International (HRMS.PA) and $502 billion LVMH (LVMH.PA), also fell 4.2% and 3.7% respectively. The top 5% of wealthiest shoppers who are probably less sensitive to inflation drove around 40% of global luxury sales last year, according to Boston Consulting Group. Shares in the European luxury sector are on average up 69% since the start of the pandemic in 2020. Meanwhile, revenue in Asia, which makes up 40% of Richemont's revenue, grew 40% year-on-year in the last quarter.

Persons: Cartier, U.S . downer, Karen Kwok, George Hay, Sharon Lam Organizations: Reuters, Financiere, Hermes, Boston Consulting, Citi, U.S ., Twitter, Cathay, Thomson Locations: Asia

☆ Argenx drug boost is mixed blessing for suitors
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters Breakingviews) - Argenx (ARGX.BR) has long been a presumed takeover target for drugmakers like Pfizer (PFE.N). Many of its remedies like Vyvgart, which delivered positive drug trial results on Monday, are likely to reach their peak just as the big drugmakers’ revenues come under patent pressure. Still, the more successful Argenx becomes the more expensive it will be for a potential bidder. Since then the company’s shares have nearly doubled, including a 26% bump on Monday thanks to the positive trial results. Argenx’s drug trial success may give bidders comfort they are not buying a dud, but that reassurance comes with a downside.

Persons: Argenx, Prometheus, Aimee Donnellan, George Hay, Pranav Kiran Organizations: Reuters, Pfizer, Big Pharma, Twitter, Cathay, Thomson Locations: Belgian

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