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Old March 9th, 2009, 06:00 PM   #1321
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I think CX apologized for the filming of the incident. But I agree, the woman was a total bitch for behaving this way. If she was in a US airport, for sure she would be detained as a terrorist, lol.
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Old March 10th, 2009, 09:48 AM   #1322
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Cathay can't skirt rules to sack staff, says judge
3 March 2009
South China Morning Post

A judge ruled yesterday that Cathay Pacific Airways should not bypass its disciplinary procedures before sacking staff for disciplinary reasons.

The ruling was given by Mr Justice Anselmo Reyes in the Court of First Instance in determining a primary issue in a suit launched against the company for damages arising from the allegedly unfair dismissals of nine of its pilots in 2001.

The ruling was made on the hypothetical assumption that the dismissals were the result of misconduct. The court was told by barrister Robin Mcleish, counsel for Cathay Pacific, that an investigation would then have to be done to find out the cause of the dismissals.

The company is accused of breaking contracts after it terminated the pilots' employment on July 9, 2001, by paying them three months' wages in lieu of notice without assigning a cause. The pilots argued that it happened because of their involvement in a trade union, which instigated industrial action in July 2001. They are seeking damages.

Adrian Huggins SC, also for the company, argued it was the employer's contractual right to choose whether to invoke disciplinary procedures even if it was assumed the reason was misconduct. The judge disagreed and said the procedural requirement was not a free-standing option for the employer to choose.

A hearing for the case was set down for October 5.
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Old March 11th, 2009, 01:45 PM   #1323
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Cathay Pacific Press Release:
Cathay Pacific Announces 2008 Annual Results

Cathay Pacific 2008 Annual Results

--Oh, Man!
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Old March 11th, 2009, 04:10 PM   #1324
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Quote:
Originally Posted by hkth View Post
If I read the results correctly, of the HK$8558m in losses:
HKD7970m is the paper loss from the fuel hedge
HKD468m is the fine for cargo fixing

Removing these 2 items, Cathay would have actually have shown an operating profit.
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Old March 12th, 2009, 02:53 PM   #1325
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Cathay Pacific reports $1.1-B net loss in 2008
Agence France-Presse | 03/11/2009 1:41 PM


HONG KONG- Airline Cathay Pacific on Wednesday reported a net loss of 8.6 billion Hong Kong dollars ($1.1 billion) for 2008, on the back of falling cargo demand and volatile fuel prices.

The Hong Kong carrier said in a statement to the city's stock exchange that high oil prices in the first half of the year had hit its bottom line.

It added that the tumbling oil price in the second half of 2008 had also led to heavy losses from hedging contracts taken out to protect it against the high cost of fuel.

"Having made a painful adjustment to high fuel prices, the aviation industry now has to adjust to a severe economic downturn," said chairman Christopher Pratt in the statement.

"Cathay Pacific expects an extremely challenging year in 2009."
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Old March 14th, 2009, 05:09 PM   #1326
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Old March 14th, 2009, 07:19 PM   #1327
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^^Nice livery!:cheers:

Cathay Pacific celebrates oneworld 10th anniversary with first aircraft in alliance livery

A striking new livery is going onto three Cathay Pacific aircraft to mark a significant milestone – the 10th anniversary of the one world alliance. To highlight their ongoing commitment to oneworld, the alliance’s 10 full member airlines will each put a standardised one world livery on a proportion of the aircraft in their fleet.

The first Cathay Pacific aircraft to carry the oneworld livery, an Airbus A340-300, arrived back in Hong Kong on 10 March after being painted at the Taikoo (Xiamen) Aircraft Engineering Company facility. The aircraft took its first commercial flight in the new livery to and from Cebu yesterday (11 March) and will be subsequently deployed on various long-haul routes. Cathay Pacific’s remaining two oneworld aircraft – an Airbus A330-300 and a Boeing 777-300ER – will fly in their new colours in the second half of the year.

According to Cathay Pacific, the new oneworld aircraft livery features the alliance’s name prominently on the front section of the fuselage, in letters almost two metres high, with the oneworld logo alongside. The whole fuselage is painted white. The Cathay Pacific name is placed in fixed position in the livery, below the oneworld name, while the tailfin remains in Cathay Pacific colours as for the rest of the fleet.

Commenting on the airline’s commitment to the oneworld alliance, Cathay Pacific Chief Executive Tony Tyler said: “Being a member of the alliance has helped Cathay Pacific extend our reach into new markets, offer an enhanced service to our frequent travellers and generate benefits from being in partnership with some of the world’s finest airlines. Looking ahead, our relationship with oneworld will continue to be an integral part of our strategy for future growth and development over the next 10 years and beyond.”

Cathay Pacific was one of the five original founder members of oneworld when the alliance came into being on 1 February 1999. oneworld now brings together some of the best and biggest names in the airline business with 10 full members and around 20 affiliates serving almost 700 airports in nearly 150 countries.

The alliance enables its members to offer their customers more services and benefits than any airline can provide on its own. These include a broader route network, opportunities to earn and redeem frequent flyer miles and points across the combined oneworld network and more airport lounges.
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Old March 16th, 2009, 03:40 PM   #1328
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Cathay to fly Delhi-Bangkok daily
7 March 2009
The Hindu

NEW DELHI: Cathay Pacific Airways on Friday announced launching of its daily non-stop flights from Delhi to Bangkok beginning March 30.

``We feel that the Delhi-Bangkok sector is underserved and holds great potential. We are keen to start flights by this month-end on this route,” Tom Wright, General Manager, India, told reporters here.

He said Bangkok was rising in popularity as a short getaway destination and there was an untapped potential on this route.

The daily flight will take off from Delhi at 3.30 hours and arrive at Bangkok at 8.55 hours local time. From Bangkok, the flight will leave at 17.25 hours and arrive the same day at 19.45 hours local time in Delhi.

The timings would give travellers the opportunity to spend an entire day at their holiday destination, Mr. Wright said.

The same aircraft will head to Hong Kong from Bangkok and travellers would have many convenient options to travel further on Cathay Pacific’s network destinations to Japan, Korea and China.

The Hong Kong-based carrier, operating in India for the past 55 years, will also realign its flights to and from Mumbai to Hong Kong upgrading its service to daily non-stop flights.
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Old March 17th, 2009, 05:05 PM   #1329
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Dragonair goodwill impairment stirs debate
13 March 2009
South China Morning Post

When times are bad, companies are obliged to make provisions for impairment losses against the goodwill of assets they bought in better days.

Analysts are now debating whether Cathay Pacific Airways should make such provisions for Hong Kong Dragon Airlines.

Dragonair's goodwill of HK$7.78 billion, the premium over book value that Cathay paid for it in 2006, accounts for 20 per cent of the airline's net assets, the company's report on Wednesday showed.

The question some are asking now is that when the entire aviation industry is facing turbulence, with Cathay reporting a record loss of HK$8.56 billion last year, is Dragonair still worth that premium?

Robert Bruce, a transport analyst at CLSA, raised the question at an analysts' meeting. Cathay management's reply, he recalled, was that since Dragonair was no longer a separate entity there was no need to make provisions for it.

Some analysts are satisfied with Cathay's position.

"We think Dragonair's synergies are fairly easy to justify, given the incremental revenue that should be achieved by integrating Cathay and Dragonair," Damien Horth, a transport analyst at UBS, said in a report yesterday.

A Morgan Stanley report said: "We think Cathay is unlikely to write down its asset value - Dragonair goodwill impairment, lower aircraft fleet value or investment in associates - unless there are huge operating losses."

Mr Bruce does not agree, saying: "Dragonair is so entwined with Cathay that the goodwill [of Dragonair] has passed on to the entire group. If the outlook of the entire industry deteriorates for a prolonged period, you would have an argument for [an impairment] provision."

Cathay said yesterday its passenger numbers dropped 7.4 per cent last month from February last year, while cargo volume continued to deteriorate, slumping by 16.7 per cent.

Brokerage houses have divergent views on Cathay's outlook. Citigroup predicts the airline will continue to post losses - HK$1.85 billion this year and HK$1.11 billion next year.

UBS predicts the airline will turn around this year with a profit of HK$3.2 billion.

HSBC estimates Cathay will make a HK$139 million profit this year, followed by HK$4.5 billion in 2010.

And Merrill Lynch forecasts a marginal profit of HK$67 million for Cathay this year, followed by a HK$1.2 billion profit next year.
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Old March 18th, 2009, 05:11 PM   #1330
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By dennis19972002 from HKADB :
Location: EGCC (Manchester Ringway International Airport)
Date: 15th March, 2009

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Old March 19th, 2009, 04:36 PM   #1331
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Cathay says no plans to tap equity market

HONG KONG, March 13 (Reuters) - Cathay Pacific Airways , which recently reported a record $1 billion second-half loss, sees no sign of recovery yet in the aviation sector battered by a global financial crisis and volatile fuel prices, and said it could sell some assets to raise cash.

"The problem with this crisis is that we're, at best, in a U-shaped recession...We don't know how long it's going to last and we don't know how deep it's going to get," Chief Executive Officer Tony Tyler told Reuters on Friday.

However Cathay, the dominant airline of Hong Kong and Asia's fifth-largest carrier by market value, has no current plans to raise capital through the equity market, he said.

"We do have some unencumbered assets and some unencumbered aircraft that we could raise debt against. There are other things in the balance sheet we could use to raise cash," Tyler said. "At this moment we don't have any plans to raise equity."

He said the airline could see a further deterioration in yields, or the money it makes on each seat it sells, amid a downturn that shows no signs of easing.

Airlines around the world have been battered severely by the global financial crisis and have unveiled a slew of cost-cutting measures to stay afloat.

Cathay, like many of its peers, said it could cut more capacity and has tried to soften the blow by asking its cabin crew to take unpaid leave, delaying a new cargo terminal in Hong Kong by two years and suspending capacity growth this year.

RECORD LOSSES

Cathay -- which had always been among the world's most profitable airlines and is controlled by Hong Kong conglomerate Swire Pacific -- saw its fortunes take a turn for the worse in 2008, as volatile oil prices and a gloomy economic climate weighed on earnings.

It reported on Wednesday a net loss of HK$7.9 billion ($1.02 billion) in the July-December period, largely in line with market expectations, versus a profit of HK$4.4 billion in the same period in 2007 on massive fuel hedging losses and weak demand.

For a story on Cathay's results, click on: [ID:nHKG191403].

Shares in Cathay rebounded after the results. They have risen 10 percent in three days to HK$7.69 on Friday, outperforming a 6.5 percent rise on the blue chip Hang Seng Index <.HSI>.

The stock has fallen about 12 percent so far this year compared with a 13 percent loss on the Hang Seng Index and a 10 percent fall in rival Singapore Airlines shares.

Tyler said passenger yields for Cathay -- which owns regional carrier Dragonair and has an 18 percent stake in Air China -- are down strongly so far this year.

Cathay's passenger yield rose 5.3 percent last year to 63.6 Hong Kong cents.

"Unless we see more demand, we're going to see a yield deterioration for the year," he said, but added that it was too early to give a more detailed forecast.

Tyler said there has been a "further deterioration" in yields from its first-class and business-class segments in the first quarter of this year.

"What we've also seen in recent weeks is a collapse in the economy class yields," he said, adding that this was mostly due to "very, very strong competition in what is a very soft market."

Cathay, which is expected to take delivery of 10 aircraft this year, is looking to see whether it can defer deliveries, Tyler said, adding that the airline needs to have further negotiations with Boeing .

Cathay has already announced plans to shed five airplanes from its fleet, park three freighters and return three leased planes when contracts expire this year.
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Old March 20th, 2009, 04:38 AM   #1332
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Wrong bet on fuel adds to challenges for Cathay Pacific
12 March 2009
Financial Times

Cathay Pacific yesterday reported its biggest annual loss in its 63-year history as the Hong Kong-based carrier felt the impact of a sharp fall in demand for air travel and wrong-way bets on fuel costs.

The airline said 2009 would remain "extremely challenging" as the financial crisis curbed passenger and cargo traffic.

It also warned that high hedging losses would continue to hurt its bottom line if fuel prices remain at their present level.

"The aviation industry is in crisis," said Christopher Pratt, Cathay's chairman. "We cannot say how and when things may get better. Our assumption at this stage is the demand and yield will continue to slide in the coming months."

To counter the recession, Cathay has already cut capacity, grounded flights, delayed the construction of a new cargo terminal and offered unpaid leave to staff.

The carrier said yesterday it would review all routes, look at every aspect of its operation and defer plane deliveries to further reduce costs.

"We must carefully and realistically review all the options open to us," said Mr Pratt.

Tony Tyler, Cathay's chief executive, said, "staff is a big component of our cost. We have already introduced a voluntary unpaid leave scheme. We may have to ask for more than this."

Cathay reported a net loss of HK$8.56bn (US$1.1bn) for the year to December 31 2008 - its first unprofitable year since 1998 during the Asian financial crisis - compared with a HK$7.02bn net profit in 2007.

Turnover rose 14.9 per cent to HK$86.6bn, mainly because of strong sales in the first half.

But the airline's business took a sharp turn in the second half as fewer people travelled and global exports slumped.

Although fuel is Cathay's largest single expense item and the high oil price in the first half affected its profitability, a steep fall in fuel costs since last summer also weighed heavily on the carrier.

Like many airlines, Cathay enters into contracts to hedge its future fuel requirements. But tumbling oil prices have caught many airlines out as fuel is now priced below the level it was set in most of those contracts.

After peaking at $146.5 per barrel in July, the oil price fell to about $45 yesterday.

Cathay said yesterday unrealised mark-to-market losses on fuel hedging contracts for 2099-2011 was HK$7.6bn last year.

It warned that it would have to pay $1.4bn to settle those contracts if Brent oil prices average $45 per barrel over the three year period.

It said that if oil prices rose to $75 a barrel, there would be no further net cash impact and losses recognised last year would be released.
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Old March 21st, 2009, 05:50 AM   #1333
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Old March 21st, 2009, 07:39 AM   #1334
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Cathay Pacific introduces Bangkok as new destination end-March
18 March 2009
The Economic Times

MUMBAI: At a time when domestic airlines like Jet, Kingfisher, SpiceJet and GoAir are making losses, Asia's third largest carrier Cathay Pacific has realigned its daily flight schedule between Mumbai and Hong Kong.

The Hong Kong-based company will make an announcement later Tuesday in Mumbai where Tom Wright, General Manager - India, Middle East, Africa & Pakistan, Cathay Pacific Airways would be present.

It was learnt from sources that Cathay Pacific will introduce Bangkok as a new destination from Delhi operating daily non-stop flights from March 30, 2009.

Even the departure timings from Mumbai and Delhi to Hong Kong flights have been realigned to offer more convenience for customers. At present, Cathay Pacific offers double daily services from Delhi to Hong Kong and ten flights a week from Mumbai to Hong Kong.

When contacted, Tom Wright told ET: "We are changing the timing of our flights and aim is to make the new schedule a preferred choice amongst travellers."

The airline is also introducing Bangkok-Delhi daily non-stop flights from month end. Several global airlines were pulling out of some domestic and international sectors, but Cathay has no such plans as of now, Wright added.

An industry analyst said for bigger airlines, the Indian market still offered a huge potential amid a global economic slowdown. He said even Cathay's earnings would be hit hard if the US and UK economies slip into recession. Although crude oil prices have fallen from their peak, the price Cathay is paying is still higher, he pointed out.

From Mumbai, Cathay Pacific also flies seven flights a week to Dubai. The aircraft deployed on the Delhi and Chennai routes is the Airbus A330-300 & on the Mumbai routes a mix of aircraft with the Boeing 747-400 and Airbus A330-300. On routes to Bengaluru, our sister airline Dragonair operates the Airbus A330-300 series aircraft.

Cathay has increased its staff strength in India to 220 from just 80 in February last year. With an increase to 35 flights per week from 12 flights, Cathay witnessed a 250% growth last year.

The Indian airline industry is expected to lose nearly Rs 8,000 crore in the year ending March 2009.
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Old March 22nd, 2009, 06:21 PM   #1335
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Old March 25th, 2009, 01:47 PM   #1336
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Cathay Pacific unveils Asia sale

Book by March 31, 2009: Cathay Pacific is offering travellers the opportunity to explore the Far East for just £455.

The flag carrier of Hong Kong has discounted economy class outbound flights to a number of China's cities from London Heathrow Airport.

Valid for travel between April 13 and November 30, 2009, the offer includes all taxes, fees and surcharges and can be changed without any prior notice from the airline.


Outbound date changes are not permitted, however, passengers can alter their return flights for a charge of £100.

Strictly subject to availability, flight restrictions may apply on bank holidays and during peak periods.

A selection of the routes included in this offer is listed below.

Fly from London Heathrow Airport to:

Beijing from £455

Changsha from £455

Chengdu from £455

Dalian from £455

Hangzhou from £455

Wuhan from £455

Xiamen from £455

Xian from £455
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Old March 26th, 2009, 06:46 PM   #1337
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Old March 27th, 2009, 06:35 PM   #1338
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HK Govt Approves 15% Cut In Cathay Pacific Fuel Surcharges
25 March 2009

HONG KONG (Dow Jones)--The Hong Kong government said late Wednesday it approved Cathay Pacific Airways Ltd.'s (0293.HK) application to cut passenger fuel surcharges by 15% for April and May, tracking a decline in international fuel prices.

The revised charges will allow Hong Kong's dominant carrier to continue collecting fuel surcharges from passengers until the end of May, the Civil Aviation Department said.

The CAD, which reviews fuel surcharge applications for airlines flying into Hong Kong every two months, said that apart from Cathay Pacific, it also approved requests to extend and lower charges from All Nippon Airways Co. (9202.TO), Singapore Airlines Ltd. (C6L.SG), and Nepal Airlines.

Cathay Pacific will reduce its surcharge for shorthaul flights within Asia to HK$52 per sector from HK$61. It will also cut surcharges for longhaul flights to HK$239 per sector from HK$280 previously.

Since the start of the year, Cathay Pacific's fuel surcharges have been reduced by 52%. Other airlines have also made similar reductions.

Cathay Pacific's new surcharges are also down sharply from the peak levels in August-September last year, when it collected HK$231 per sector for shorthaul flights and HK$924 per sector for longhaul trips.

Other airlines operating in Hong Kong will likely make similar applications before the end of March.
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Old March 28th, 2009, 06:59 PM   #1339
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Cathay Pacific launching Houston-Asia cargo service cargo
New competition for Continental
Deck goes here and herey here and herey here

21 March 2009
Houston Chronicle

Although air freight shipments are slowing around the globe amid the economic slump, a major Asian carrier has just kicked off a new all-cargo service from Houston's biggest airport. Cathay Pacific Airways launched service between Bush Intercontinental Airport and Hong Kong earlier this month. The airline, Hong Kong's largest, wants to snare a piece of the airport's growing cargo business to fit into its system.

"Our network flow is very important to us," said Scott Mowrer, a senior vice president of Cathay Pacific. "By adding Houston, it completes one more piece of the puzzle for us."

The Houston service is three times a week and the airline uses newly acquired Boeing 747-400 extended-range freighters.

Cathay Pacific is a prominent player in air cargo, which accounts for 30 percent of its revenue, Mowrer said. In and out of Houston, the carrier will move all different types of freight, but specifically it is looking to tap into oil and gas equipment and goods such as machinery and computers. It also specializes in carrying sensitive pharmaceutical products.

That will mean more competition for carriers like Continental Airlines, which specializes in carrying similar cargo in the bellies of its passenger aircraft. Houston-based Continental already has a steady cargo business connecting Asia, Houston and Latin America.

The expansion by Cathay Pacific comes despite what the International Air Transport Association has just called an "alarming collapse" in cargo markets across the globe. Cargo markets overall saw a 23.2 percent drop in demand in January, according to the most recent statistics. Cathay Pacific director of cargo Rupert Hogg acknow-ledged the difficult business environment.

"Our cargo business is currently facing a big challenge due to the worldwide economic downturn, making it all the more important to seek out new markets and find ways to develop our business over the long term," Hogg said in a prepared statement.

The Houston service is part of the airline's long-term strategy, Mowrer said. The airline already serves a host of cities in North America, including New York, Los Angeles, San Francisco, Chicago, Atlanta, Toronto and Vancouver. It also kicked off service in Miami this month.

Continental Airlines already carries cargo from Asia into Latin America, said Tony Randgaard, Continental's manager of cargo marketing.

"Even with the recession in cargo, we have got strong flights out of Beijing and Hong Kong that feed into Latin America," Randgaard said. Despite the slowdown, China and Latin America are still solid cargo markets, aviation consultant Mike Boyd said. But he said Cathay Pacific probably isn't relying just on that.

"I would suspect they have some business lined up or they wouldn't be doing this," Boyd said.

The Houston Airport System has been working to get Cathay Pacific for years. Airport officials began stepping up their marketing efforts about eight years ago when they committed to building modern cargo facilities at Intercontinental, said Rick Vacar, chief of the system.

"Of all projects taken on here in the last 10 years, probably building that new cargo area was riskiest," Vacar said. "But as it turned out, it was pretty obvious we could do some serious marketing."

The airport system put in a 600,000-square-foot cargo facility with space to handle 20 wide-body aircraft.

"Most of the Asia cargo was going to Dallas," Vacar said. "About 60 percent of Dallas' foreign cargo was being trucked out of Houston."

The cargo business at Intercontinental has grown about 14 percent in the past five years, according to the airport system. [email protected]
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Old March 29th, 2009, 07:40 AM   #1340
hkskyline
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