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Old October 6th, 2004, 08:01 PM   #141
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Copyright 2004 South China Morning Post Ltd.
October 6, 2004

Cathay warns of $ 1b extra costs The carrier is undecided about applying for an extension to the fuel surcharge
Russell Barling

Cathay Pacific Airways yesterday said its fuel costs were expected to rise HK$ 1 billion this year as surging oil prices continued to add to operating expenses.

Meanwhile, Hong Kong Dragon Airlines (Dragonair) said it would apply to the Civil Aviation Department (CAD) next month for an extension to its fuel surcharge, with no sign that jet fuel prices would recede in the short term.

"We may have to pay in excess of HK$ 1 billion more for fuel over the whole year," Cathay spokeswoman Carolyn Leung Yuet-fong said yesterday, adding that the company would have to renew efforts to keep other costs down and increase productivity to offset the impact that would have on earnings.

The airline remains undecided whether to seek an extension to its fuel surcharge.

Dragonair said fuel costs accounted for 20 per cent of its operating expenses in August, up from 8 per cent two years ago. However, 20 per cent of the rise was due to a comparative 28 per cent jump in the size of its passenger fleet.

"If fuel prices remain at current levels for the remainder of this year, it would result in additional costs for us of HK$ 400 million to $ 500 million," Dragonair spokeswoman Laura Crampton said. "We plan to apply for extension of the surcharge given that the cost of fuel remains at such a high level."

Crude oil for November delivery surged to a record US$ 50.70 a barrel in New York on Monday.

Dragonair was allowed by the CAD on September 1 to add HK$ 54 per flight to partially compensate for higher fuel costs, but that deal expires at the end of next month. Cathay was allowed to charge an extra US$ 7 for short-haul and $ 19 for long-haul flights.

Cathay chairman James Hughes-Hallett said in May that every one US cent rise in the price of a gallon of fuel added HK$ 60 million to the airline's operating costs.

At the time, jet fuel trading in Singapore was priced at US$ 48.60 a barrel. The commodity was trading at US$ 58.15 a barrel on Monday, a level which would increase Cathay's fuel-based operating costs by HK$ 1.36 billion if the higher level was maintained for the full year.

The airline's fuel bill was HK$ 3.43 billion in the first half, up 39 per cent year on year. Fuel has since risen to 25 per cent of operating costs for the carrier from 21.8 per cent in the first half.

Cathay is strongly hedged this year, pre-buying at lower rates 65 million to 70 million gallons of fuel per quarter, according to its annual report last year. That drops dramatically next year to less than 10 million gallons in the first two quarters.

"Our hedging positions are limited," Ms Leung said. "With fuel prices at record highs we will increase our cover cautiously, as the downside risk is at present greater than the upside protection."
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Old October 7th, 2004, 10:08 PM   #142
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Cathay speaks of hope in new 'Home' HK spot

By Christy Liu
8 October 2004
(c) 2004 Media & Marketing Limited. All Rights Reserved.

HONG KONG: Hong Kong's main carrier Cathay Pacific has launched a three-month long integrated campaign to reinforce the brand's affinity with local residents amid an upswing in travel demand.

'Home', a television-led campaign, with print, outdoor, and online support, was created by McCann Erickson, to reinforce Cathay's positioning as the home carrier in order to leverage the dividends the role offers. There is a clear attempt to rally the local market with positive images - the many faces of Hong Kong, both its people and its real estate, including a final shot of the new and towering IFC development.

Stephania Ling, senior business director for McCann Hong Kong, said that both the airline and Hong Kong people had endured many crises in recent years. "Cathay is making it its business to lift people's spirits," she said.

The creative is based on extensive research McCann conducted before creating the campaign. "We found out that 'hope' and 'determination' are the two key elements helping Hong Kong people to overcome difficulties. The point of the campaign is to remind people that they can do anything they want if they keep their hopes high."

The new ads, with their focus on people, follow Cathay's two-year-old 'Straight from the Heart' campaign.
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Old October 8th, 2004, 11:59 PM   #143
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Local media is reporting on October 8th that Cathay will change their uniforms. The new ones are illustrated on the left while the old style is on the right.

Source : Apple Daily

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Old October 12th, 2004, 03:15 PM   #144
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Tuesday October 12, 6:38 PM
Cathay Sept passenger traffic down 14 pct from Aug

HONG KONG, Oct 12 (Reuters) - Hong Kong's main carrier, Cathay Pacific Airways Ltd. , said on Tuesday it carried 1.09 million passengers in September, down about 14 percent from August, amid a seasonally slower period.

The airline said its passenger load factor in September dipped to 75.2 percent from 80.3 precent in the previous month.

Cathay Pacific carried 83,687 tonnes of cargo in September, up from 77,395 tonnes in August.

"Demand for exports from mainland China remains strong but there is a great deal more capacity coming into the market which will exert downward pressure on yields when demand softens," said Ron Mathison, director & general manager for cargo.

"Similarly, the escalating price of jet fuel remains a serious issue," he said.
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Old October 13th, 2004, 05:13 PM   #145
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Press Release 12 October 2004
Cathay Pacific releases September 2004 traffic figures

Cathay Pacific Airways today released traffic figures for September 2004, a seasonally slower period for passenger operations but the start of the year-end peak for cargo.

In September, the airline carried 1,094,497 passengers, down from 1,268,343 carried during August. September’s passenger load factor correspondingly dipped to 75.2 percent from 80.3 percent the month before.

The airline carried 83,687 tonnes of cargo in September, up from 77,395 tonnes in August, as the year-end peak for the freight business found its stride. The cargo load factor edged up to 69.6 percent from 64.7 percent a month ago.

Cumulatively, over the first three quarters of 2004, the number of passengers and cargo carried by the airline increased 15.0 percent and 10.6 percent respectively over the same period last year.

Cathay Pacific General Manager Revenue Management, Sales & Distribution Ian Shiu said: “September’s figures got a boost from the adjacent Mid-Autumn Festival and National Day holidays which lifted leisure travel out of Hong Kong. Front-end loads were also strong, as evidenced by an all-time record in terms of the number of passengers who used our First and Business Class lounges at Hong Kong International Airport. Still, we have deepening concerns about the rising price of fuel.”

Cathay Pacific Director & General Manager Cargo Ron Mathison said: “Demand for exports from Mainland China remains strong but there is a great deal more capacity coming into the market which will exert downward pressure on yields when demand softens. Similarly, the escalating price of jet fuel remains a serious issue.”

Detailed Statistical Data
http://www.cathaypacific.com/intl/ab...112259,00.html
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Old October 14th, 2004, 02:11 AM   #146
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13 October 2004 Corporate Press Release
Cathay Pacific won two TTG Travel Awards Best North Asian Airline and Best Airline Business Class

Cathay Pacific Airways has once again been recognised for its service excellence, being voted Best North Asian Airline and Best Airline Business Class by TTG Asia and TTG China readers in this year’s TTG Asia Travel Awards.

The TTG Asia Travel Awards have recognised the region’s travel trade leaders since 1989. “Winners have the honour of knowing they have the recognition and respect of their colleagues and members of the travel trade in the Asia-Pacific," says the magazine. They are awarded purely on the basis of votes cast by TTG Asia and TTG China magazine readers.

Cathay Pacific Director Sales and Marketing James Barrington said: “We are honored that industry partners in the region have acknowledged the quality of our product and service and our continued efforts to seek improvement. We will continue to work hard to deliver an excellent product and value to our customers.”

Cathay Pacific Airways offers scheduled passenger and cargo services to 90 destinations in 30 countries and territories around the world. The network extends from Southeast Asia to Europe, North America, Africa, the Middle East, New Zealand and Australia. With recent enhancements to Cathay Pacific’s in-flight service and entertainment system, StudioCX, the airline’s passengers can enjoy more than 350 hours of audio and video entertainment.
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Old October 14th, 2004, 03:22 AM   #147
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Quote:
Originally Posted by hkskyline
Local media is reporting on October 8th that Cathay will change their uniforms. The new ones are illustrated on the left while the old style is on the right.

Source : Apple Daily


Change again? I don't think so, the left drawing looks exactly like the current one and when their coat is taken off it looks just like the drawing on the right.
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Old October 14th, 2004, 01:14 PM   #148
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the main change is on the length of the skirts-- lengthened to the knee
the Cathay logo on the blouse will be in red and yellow only
and the uniform of the inflight service manger changed from an one-piece to the blue one in the drawing.
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Old October 15th, 2004, 06:11 AM   #149
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Cathay denies 747 in near miss with Lantau peak
Zach Coleman, Hong Kong Standard
October 15, 2004

Cathay Pacific Airways is investigating the landing of a flight from London that went off course in poor weather.

Cathay insisted in a statement Thursday that: "At no stage, was the safety of the aircraft or passengers in question,'' disputing an account in the Daily Telegraph newspaper in London that said the Boeing 747-400 had nearly stalled and narrowly avoided crashing into a Lantau mountain during the August 30 landing.

CX252, one of three daily flights from London, had about 300 passengers on board.

"Cathay Pacific strongly objects to the speculative and extremely sensational aspects of the story filed,'' the airline's statement said. "The aircraft was always comfortably above any speed, which could have led to a stall. The aircraft was never, at any stage, close to terrain or another aircraft. It did not fly over Lantau Island!''

The Civil Aviation Department is not conducting its own investigation, but is monitoring Cathay's probe. A separate statement issued by the department on Thursday said that initial reports showed there were no other planes in the air near the 747.

Four pilots were in the cockpit during the landing. By all accounts, as the plane approached Chek Lap Kok at about 8am, a cockpit sensor alerted the pilots of possible windshear.Following standard procedure, the pilots broke off the approach to circle around for another pass.

During this go-around, the plane went 25 degrees off course, first to the left, then to the right, according to the CAD's statement. Cathay confirmed the plane's departure from its assigned path Thursday, saying: "The aircraft did deviate momentarily from the approved flight path'' but denied the Telegraph's report that the plane was almost 180 degrees off course.

Both the CAD and Cathay statements said merely that "the autopilot was disengaged'' during the go-around. The newspaper story and postings on a pilots' web bulletin board, citing Cathay pilots, said the flight deck crew did not know for some time that the autopilot was off.

In response, Cathay said that "the captain and the first officer were closely monitoring the performance of the aircraft at all times with the captain making regular inputs to the flight controls as required''.

In the Telegraph's dramatic account, the aircraft climbed above 6,000 feet on its own. CAD, however, said that the plane's captain "continued to climb towards the initially assigned altitude of 4,500 feet, which was subsequently raised to 6,000 feet''.

Cathay denied that the pilots received urgent instructions from air traffic controllers (ATC) as portrayed by the Telegraph. "Communications between ATC and the aircraft, during the go-around procedure, were normal and professional,'' the airline said.

The captain reported the off-course turns to Cathay after landing and the airline then reported the incident to CAD. CAD, according to its own statement, then told the airline "to immediately remind all flight crew of the procedures to be followed during a go-around, and in particular, a windshear initiated go-around and the associated use of the autopilot''. Cathay then sent a notice to its crew.

John Findlay, general secretary of Cathay's pilot union, said he was not aware of the incident before Thursday.

Cathay spokeswoman Carolyn Leung said that the investigation would take at least two months. The airline said the investigation would determine what role pilot handling and bad weather played in the off-course turns.

Copyright 2004, The Standard, Sing Tao Newspaper Group and Global China Group. All rights reserved. No content may be redistributed or republished, either eletronically or in print, without express written consent of The Standard.
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Old October 15th, 2004, 11:02 PM   #150
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The Cathay autopilot story is making quite a splash in the Hong Kong media, featuring as the top story in one of the bestselling Chinese newspapers :



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Old October 16th, 2004, 01:59 AM   #151
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Cathay mulls legal action over story; But UK news reporter stands by 'seconds from disaster' claim
Simon Parry
16 October 2004
South China Morning Post

Cathay Pacific is considering taking legal action over a report in a UK newspaper which said one of the airline's jumbo jet's carrying 350 passengers was "seconds from disaster" as it came in to land at Chek Lap Kok.

The airline's management is said to be furious over what they believe was a "very irresponsible report" in the Daily Telegraph on Thursday over an incident on a flight from London on August 30.

However, the journalist who wrote the report, the Telegraph's transport correspondent Paul Marston, said from London yesterday he stood by his story and insisted Cathay had challenged only "less important details" of his article.

The airline has mounted an investigation into how the Boeing 747-400 strayed off course as it came in to land at Chek Lap Kok when the autopilot was disengaged, apparently without the pilots noticing.

The autopilot "tripped out" as the plane did a "go-around" after the flight crew received a wind-shear warning 1,035 metres above ground, and the plane flew for a period with the pilot and first officer wrongly believing the autopilot was still engaged.

During that period, the plane climbed steeply to 1,830 metres and went "25 degrees to the left and then some 25 degrees to the right of the runway heading [course]" before the pilots realised the autopilot was off and took control.

Marston, who broke the story, claimed in his report the plane had been "veering almost 180 degrees off course towards mountains" and "came within seconds of a catastrophic stall".

Cathay issued a statement strongly denying elements of his report and saying: "To suggest it was 'perilously close to a peak on the island of Lantau' is {hellip} not just incorrect but irresponsible."

A company source said the airline was considering legal action over the article.

But Marston said last night: "Naturally, we stand by our story. Cathay have sought to highlight what they say are inaccuracies in some of the less important details."

A senior Hong Kong-based pilot familiar with the incident said he believed the Telegraph report was "accurate on the whole, if a bit sensationalised".

"There was never any real danger of a crash," the pilot said. "There were three further safety nets that would have prevented it if the flight crew had continued in the mistaken belief that the autopilot was not engaged."
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Old October 18th, 2004, 09:23 PM   #152
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18 October 2004
Cathay Pacific offers Elemis travel kit in First Class

Cathay Pacific Airways today announced the offer of Elemis travel kits on its long-haul flights to and from Hong Kong. The kit, with two different packing, will be offered to the long-haul First Class passengers.

The two different kits have been developed with contents tailored to take care of the different needs of male and female passengers. All of the products have been specially selected to enhance passenger comfort by both relaxing them during the flight, and helping them revitalise afterwards.

Female kit includes Lip Rescue, Cooling Eye Gel and Instant Refreshing Gel, while male kit contains Lip Rescue, Skin Survival Cream and Moisture Mint Shaving Gel. Both kits also include a selection of convenience items such as dental set, mouthwash and earplug.

Created in 1990, the Elemis range of advanced skincare formulations and professional spa-therapies provide life-enhancing solutions for every man and woman. Addressing specific skin and body conditions, the unique and potent formulations dynamically treat the skin with powerful results, whilst re-awakening the senses. Elemis is seen as the most innovative leader in advanced scientific phyto-therapy and aroma therapeutic spa and skincare formulations.

All of the features in Cathay Pacific’s First Class have been selected to give passengers more choice, and a greater control of their travel experience. The luxurious cabin features an ultra-comfortable seat which can be converted into one of the widest sleeper seats in the sky. Passengers may choose from a wealth of StudioCX inflight entertainment which is currently being enhanced to include the latest AVOD technology – Audio and Video on Demand.

The First Class galley is equipped with rice cookers and toasters so First Class passengers can now enjoy a range of freshly cooked cuisine, including steamed rice, congee, eggs, and toast. The buffet table offers extra flexibility in meal presentation, and freshly brewed espresso and cappuccino are available on all flights.





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Old October 20th, 2004, 01:39 AM   #153
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19 October 2004
Cathay Pacific Granted Further Rights for Mainland Services

Cathay Pacific Airways was today informed by the HKSAR Government that it has been granted rights to operate additional passenger services to Beijing as well as new cargo services to Shanghai and passenger services to Xiamen.

The airline has been allocated rights to operate four additional weekly services to Beijing during the Winter 2004 season and a further seven weekly flights from Summer 2005.

The airline will also be allocated rights upon designation to operate three weekly passenger services to Xiamen and 12 weekly freighter services to Shanghai, both with effect from Winter 2004.

With these allocations Cathay Pacific intends to increase its three-times-weekly service to Beijing to a daily service from December 2004, operate a three-times-weekly passenger service to Xiamen and launch twelve weekly freighter services to Shanghai in 2005, subject to operational requirements.

Cathay Pacific Director and Chief Operating Officer Philip Chen said: “Cathay Pacific is committed and ready to serve key cities in the Mainland in order to strengthen Hong Kong’s position as a global aviation hub and the primary gateway to the Chinese Mainland.

“Being able to operate a daily service to Beijing is welcome, yet still a small entry into this market. There also remains a need to secure an early start of Cathay Pacific passenger services to Shanghai, currently the third-busiest passenger route out of Hong Kong after Taipei and Bangkok. This would be the most effective way to increase the volume of passenger traffic to and through Hong Kong.”

Cathay Pacific has been licensed to operate 21 weekly services to each of Beijing and Shanghai, and three weekly services to Xiamen.
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Old October 20th, 2004, 05:18 PM   #154
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Wednesday October 20, 8:59 PM
HK's Cathay to take 9.9 pct stake in Air China
By Tony Munroe

HONG KONG, Oct 20 (Reuters) - Hong Kong's Cathay Pacific Airways Ltd. will buy a 9.9 percent stake in Air China when China's flag carrier launches an initial public offering, the airlines said on Wednesday.

The deal, which took observers by surprise, gives a boost to Cathay's long-frustrated China ambitions and could make Air China's planned IPO more attractive, one analyst said.

Beijing-based Air China, which is the mainland's third-largest carrier, has applied to the Hong Kong stock exchange for its IPO, the companies said in a statement.

It hopes to list its shares by late this year or early 2005 in an offer that could raise more than US$500 million and may also include a secondary listing in London, a source familiar with the deal said earlier on Wednesday.

"In my view, it's going to be a hard sell in this market. But with Cathay as a strategic investor, it may help," said Michael Chan, aviation analyst at BOC International.

Hong Kong-based Cathay is the territory's dominant carrier, but its access to fast-growing mainland China has been limited to just three passenger flights a week to Beijing.

This week it said it won rights to add additional passenger services to Beijing, as well as new cargo services to Shanghai and passenger service to Xiamen.

The agreement between Cathay and state-owned Air China calls for further cooperation between the two, including potential alignment of their networks.

"Strategically, it is immensely important for (Cathay)," industry consultant David Dodwell said.

Industry watchers had long expected Cathay to broaden its cooperation with China Eastern Airlines , which is based in Shanghai, a market Cathay covets.

Air China is expected to sell 27 to 28 percent of its enlarged share capital at eight to 10 times its forecast 2004 net profit, sources have said previously. It earned 93 million yuan (US$11.2 million) in 2003.

Cathay Pacific, which is 46 percent owned by property-focused conglomerate Swire Pacific Ltd. , will take 9.9 percent of the expanded share capital of Air China.

"We believe that there are many areas of our operations where we can cooperate together and leverage our respective strengths," Kong Dong, vice chairman of Air China, said in the statement.

Air China's IPO is being underwritten by Merrill Lynch and China International Capital Corp.

"We look forward to becoming Air China's strategic partner and to a mutually beneficial relationship between our two companies," David Turnbull, Cathay's chief executive, said in the statement.

As of June 30, Air China operated a fleet of 136 aircraft serving 69 domestic and 34 international destinations.

The tie-up would further complicate the ownership structures of the respective carriers.

Under the structure of its IPO, Air China will hold 69 percent of Hong Kong-listed China National Aviation Co. Ltd. (CNAC), CNAC said earlier this month. CNAC owns 43 percent of number-two Hong Kong carrier Dragonair, while Cathay owns a 19 percent stake in Dragonair and Swire holds 7.7 percent.
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Old October 21st, 2004, 08:18 AM   #155
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Press Release - 20 October 2004
Possible strategic equity investment by Cathay Pacific in Air China



This press release is not an offer of securities for sale by Air China in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration, and any public offering of securities by Air China to be made in the United States will be made by means of a prospectus that may be obtained from Air China or the selling security holder that will contain detailed information about Air China and its management as well as its financial statements.

Summary

Air China Limited (“Air China”) and Cathay Pacific Airways Limited (“Cathay Pacific”) jointly announce that they have today entered into a memorandum of understanding (“MOU”) stating Cathay Pacific’s intention to acquire a 9.9% shareholding in Air China at the time of Air China’s IPO. The MOU also deals with future cooperation between the two companies. Both companies consider that the proposed strategic investment will serve as a platform from which to explore further opportunities for developing a closer partnership.

Strategic Equity Investment

Air China proposes to list its H shares on the Hong Kong Stock Exchange by way of a global equity offering. An application has been made to the Hong Kong Stock Exchange for the listing of, and permission to deal in, the H Shares of Air China.

On 20th October 2004, Cathay Pacific entered into a MOU with Air China stating Cathay Pacific’s intention to acquire a 9.9% shareholding in Air China at the time of its Initial Public Offering (“IPO”), subject to completion of a strategic placing agreement which would be entered into by both parties prior to the IPO. Upon entering into this strategic placing agreement, Cathay Pacific will make a further announcement.

Future Cooperation Between Air China and Cathay Pacific

The MOU also deals with future cooperation between Air China and Cathay Pacific.

Air China and Cathay Pacific consider that a healthy aviation industry, which includes the continued growth and prosperity of both companies, will be assisted by the proposed strategic investment. The potential alignment of the networks of Cathay Pacific and Air China should assist in further developing and maintaining both Hong Kong International Airport and Beijing Capital International Airport as gateways to, and hubs for, Mainland China.

The MOU sets out the framework for discussing, among other things, the objective of exploring the opportunities for developing a close partnership and co-operation between the aviation and related businesses of Cathay Pacific and Air China in Hong Kong and Mainland China, including:

- Joint marketing and sales activities to promote traffic between city pairs in their respective networks;
- Co-ordination of operating schedules to enable the maximum feeding of passengers and cargo between their airlines;
- Co-operation in the areas of engineering, ground handling, catering, cargo services, information technology, purchasing, safety and security;
- Exchange and secondment of staff between the airlines; and
- Product development support.

Commenting on the signing of the MOU:

Mr. Li Jiaxiang, Chairman of Air China, said “We welcome Cathay Pacific’s proposed equity investment and the clear confidence in Air China’s future that this investment represents.”

Mr. David Turnbull, Deputy Chairman and Chief Executive of Cathay Pacific said “We look forward to becoming Air China’s strategic partner and to a mutually beneficial relationship between our two companies.”

Mr. Kong Dong, Vice-Chairman of Air China said “We believe that there are many areas of our operations where we can cooperate together and leverage our respective strengths for the future prosperity of both companies.”
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Old October 21st, 2004, 11:23 PM   #156
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Cathay to cut fuel hedging
Danny Chung, Hong Kong Standard

Cathay Pacific Airways will reduce its fuel-hedging activity by more than half next year due to rising oil prices.

Director of corporate development Tony Tyler said next year's hedging would drop to "single figures" from 25 per cent for the second half of 2004.

"We did some hedging this year but prices were very high. We didn't take up as much as we used to," he said at an aviation forum at the Foreign Correspondent's Club on Thursday.

Most international airlines buy futures contracts for fuel to guard against sudden increases in the price of oil, which hit US$54 (HK$421.20) a barrel in recent days. Earnings may be hurt further by rising prices if fuel costs are not shielded by hedging.

Cathay said that oil prices would push its full-year fuel expenses beyond its initial HK$1 billion budget.

It also said fuel costs for the first half have already exceeded that of the previous year by HK$400 million.

Tyler expected prices to drop to US$35 to US$40 a barrel, which was "still going to be high", and that they were unlikely to drop to the previous long-term average of US$25 a barrel.

On Tuesday, Cathay announced plans to buy a 9.9 per cent stake in Air China, the mainland's third largest, when the carrier launches its initial public offering this year.

The news failed to boost Cathay's shares, which remained unchanged on Thursday. The stock price has fallen by almost 11 per cent this year on oil price concerns.

"We view the move as positive and enhancing Cathay Pacific's position in the China market," Kim Eng Securities said in a report.

However, Tyler denied the investment was linked to the issue of getting additional flights into the mainland.

The deal comes closely after Pacific was allowed to increase passenger and cargo flights in the mainland following a recent air-services deal signed between Hong Kong and Beijing.

The government granted rights to Cathay on Tuesday to operate four additional services a week to Beijing starting in the winter and a further seven weekly flights from next summer.

In addition, Cathay could begin three passenger services a week to Xiamen and 12 weekly cargo services to Shanghai.

The airline is also looking to operate passenger flights to Shanghai, the third busiest route out of Hong Kong after Taipei and Bangkok.

However, according to the air-services agreement, it would have to wait until October 2006 before flights to Shangahi can begin.

Rival Hong Kong Dragon Airlines, in which Cathay holds a 17.79 per cent stake, is the only carrier in Hong Kong that operates services to Shanghai.

According to the Civil Aviation Department, two million passengers travelled between Hong Kong and Shanghai in the year to the end of March.

Earlier this year, Airbus SAS, the world's largest commercial aircraft maker forecast passenger traffic to grow at 8.1 per cent a year until 2022.

22 October 2004 / 01:49 AM
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Old October 22nd, 2004, 09:46 PM   #157
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Cathay stake boosts Air China listing - Strategic investment pushes issue forecasts past US$800m

Stephen Seawright and staff reporters
22 October 2004
South China Morning Post

Cathay Pacific Airways' agreement to buy 9.9 per cent of Air China is expected to boost the size of the mainland flag carrier's pending share offering by at least 30 per cent.

Air China had planned to raise up to US$600 million, but the target is now likely to be at least $800 million, with one market source even predicting a target of $1.2 billion, although others said that would be difficult to achieve.

"Cathay's strategic investment will definitely help the offering," a source said. "This is a very simple and attractive story. China's domestic travel is surging. As a national carrier, Air China is in the best position to capture the growth.

"Teaming up with Cathay will make Air China a much stronger and bigger player that no other domestic rival can compete with."

Air China is planning to sell 30 per cent of its shares to the public through a Hong Kong-London dual listing, in which 9.9 per cent of the company would be taken up by Cathay. As a result, Merrill Lynch and China International Capital Corp, which are arranging the listing, would need to sell only 20.1 per cent of the carrier to the public.

Backing up Air China's optimism, Cathay chief executive David Turnbull said buying a stake in the national carrier was just a start to gain greater mainland access.

"Our aim clearly is to make it a much deeper and bigger relationship - this is just the start here," Mr Turnbull said. "We want to make it a very strong Cathay-Air China relationship. You don't just buy 10 per cent of a company and then sit there and that's it. You want to do more in terms of product and staff and management and route networks and code share."

He said Cathay's aim was to make Hong Kong the entry point to the mainland while Air China's aim was to make it the premier carrier in the mainland and also into and out of the country.

Cathay's director of corporate development Tony Tyler did not rule out the possibility of pursuing further traffic rights and working with other mainland airlines.

"This is an investment and getting additional traffic rights is a totally separate issue," he said at a lunch meeting yesterday.

"We will continue to work with all mainland carriers as we have been in the past {hellip} but clearly we are looking forward to developing our close relationship with Air China, otherwise we wouldn't have been going ahead with this particular investment."

Mr Tyler also said airline profits were slipping away as they were suffering from the soaring oil prices. "When the cost goes up, profit goes down," he said. "We just hope that the oil prices will alleviate some time very soon. But we have to wait and see what happens."

He added it was unlikely prices would ever return to US$25 a barrel, probably remaining at $35 to $40 if they did come down.
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Old October 27th, 2004, 06:09 PM   #158
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Wednesday October 27, 10:15 AM
HK PRESS: Cathay Seeks Extension Of Fuel Surcharge

HONG KONG (Dow Jones)--Hong Kong's de-facto flag carrier Cathay Pacific Airways Ltd. (0293.HK) plans to apply to the Civil Aviation Department to extend fuel surcharges on passengers beyond Nov. 30 because of higher oil prices, the Hong Kong Economic Journal reports.

The paper cites Chief Operating Officer Philip Chen as saying the surcharge would only cover a small part of the increase in fuel costs.

In Hong Kong, airlines follow a system approved by the Civil Aviation Department to add or reduce fuel surcharges on cargo, which only requires them to formally notify the department of any changes.

However, if any airline intends to implement fuel surcharges on passenger flights, they are required to individually secure the department's approval.
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Old October 30th, 2004, 07:45 AM   #159
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28 October 2004
Cathay Pacific transports Chinese tiger cubs to ‘rewilding’ camp

Cathay Pacific Airways today announced it is to transport a second pair of endangered Chinese Tigers from China to South Africa in support of the Save China’s Tigers conservation programme.

The cubs, seven-month-old Tiger Woods and six-month-old Madonna, were born in Shanghai Zoo. They were named in a competition judged by Save China’s Tigers patron Michelle Yeoh and other celebrities.

The tigers will be transported to South Africa on 29 October in order to be taught how to fend for themselves in the wild before being returned to their natural habitat in China.

Cathay Pacific transported the first pair of cubs, Cathay and Hope, to South Africa last year, and they are now making progress in Save China’s Tigers “rewilding” programme. In all, the airline hopes to transport 5 to 10 cubs.

Cathay Pacific Country Manager Southern Africa and Indian Ocean, Dominic Perret said: "As the namesake of Cathay, we are proud to continue our support for Save China's Tigers work to secure such a beautiful big cat's survival. We wish them the best of luck."

Cathay Pacific has a comprehensive environmental policy that integrates business decision-making processes with environmental considerations. As well as the Save China’s Tigers programme, the airline has for the past 10 years sponsored the annual Cathay Pacific International Wilderness Experience Programme in which young people from Asia to join a special ecological safari in South Africa.







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Old November 1st, 2004, 07:40 AM   #160
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01 November 2004
Cathay Pacific celebrates seniors’ day with 50 percent discount

Cathay Pacific today announced a special offer to make this year’s Senior Citizens' Day a day to remember.

Cathay Pacific is offering a 50 percent discount to people aged 65 or over on Economy Class fares to selected destinations. For seniors who wish to travel with an adult companion aged below 65, their companion will enjoy a 20 percent discount too. Senior Citizens' Day is on 21 November.

These special tickets must be booked from 1-10 November 2004 and travel must be completed between 1 November 2004 and 31 January 2005. The offer is valid for Cathay Pacific-operated flights originating from Hong Kong. Asia Miles accrual is subject to individual fare type eligibility.

Destinations included in the offer are: Bangkok, Singapore, Kuala Lumpur, Penang, Manila, Cebu, Jakarta, Denpasar, Surabaya, Colombo, Mumbai, Delhi, Karachi, Taipei and Sydney.

Cathay Pacific General Manager Sales Hong Kong and China Clement Lam said: ‘As Hong Kong’s airline, we encourage Hong Kong people to experience the world and share with their loved ones. Our parents took care of us when we were young. Now, with special Cathay Pacific tickets to mark Senior Citizens’ Day, there’s a chance for us to show our appreciation with a special family gift.”
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