Qatar Airways Acquires 9.61 Pct Of Cathay Pacific

A Qatar Airways plane takes-off from the Hamad International Airport in Doha

Qatar Airways has just acquired 9.61 per cent of Hong Kong's flagship carrier, Cathay Pacific, making it the third-largest shareholder in the Asian airline behind Swire Pacific Limited and Air China Limited, which together hold 74.99 per cent of the company's shares.

Qatar Airways will purchase the stake for HK$5.16 billion (€570 million) from Kingboard Chemical Holdings and associates, according to a statement, becoming Cathay's third-largest investor after local conglomerate Swire Pacific, with a 45 per cent holding, and Air China Ltd. with nearly 30 per cent.

Cathay, which last year reported its first annual loss in almost a decade, is carrying out a three-year corporate overhaul that includes laying off hundreds of workers as it battles to keep up with intensifying competition from rival Asian carriers.

Qatar Airways has been trying to compensate for this lost traffic and revenue by increasingly looking at worldwide markets to expand its reach.

Qatar Airways already has a 20% investment in International Airlines Group (IAG) - the owner of Aer Lingus.

Qatar Airways Group Chief Executive, His Excellency Akar Al Baker said in a statement: "Qatar Airways is very pleased to complete its financial investment in Cathay Pacific". On Monday, Air China said that it looked at the purchase by Qatar Airways in Cathay as positive and it hoped shareholders would work to find synergies. It also removed its CX code from Qatar-operated flights beyond Doha.

Cathay posted a wider than expected loss of HK$2.05 billion in the first half because of fierce competition in the aviation industry.

Cathay, and others, have battled the rapid worldwide expansion of Chinese airlines and the ongoing rise of Middle East carriers offering long-haul to long-haul connections through their hubs, which have bitten into previously lucrative markets.

Further, the economic slowdown - both in China and elsewhere - had led to a significant reduction in premium corporate travel in business and first class, particularly on long-haul routes.

Related News:

  • Todd Gurley shares words of encouragement for Deshaun Watson

    Todd Gurley shares words of encouragement for Deshaun Watson

    I understand he has gone almost a full season without hiking a down and he may need just a little time to get up to speed. To the countless others who have reached out, I am humbled and can only say thank you from the depths of my heart.
    Browns lineman Thomas in for bumper pay rise

    Browns lineman Thomas in for bumper pay rise

    Prior to hitting the shelf, Thomas played 10,363 consecutive snaps to start his career. Thomas got a 1.5 million dollar raise this year and the same for next year.
    Gun Runner wins 2017 Breeders' Cup Classic

    Gun Runner wins 2017 Breeders' Cup Classic

    Now a seven-time graded-stakes victor , World Approval (5-2) took charge in the stretch and won the $2 million Mile on the turf . Arrogate, who won the Dubai World Cup and the initial Pegasus World Cup this season, struggled to end the year and his career.
  • 'The Crown' teases tension between Queen Elizabeth and Prince Philip

    'The Crown' teases tension between Queen Elizabeth and Prince Philip

    Meanwhile, Elizabeth has to deal with a world on the brink of revolution and the changing perception around the notion of royalty. We especially feel that way when you consider just how fundamentally different he is from Jess' great love Nick Miller (Jake M.
    No Questions About Guns, Politics, Las Vegas

    No Questions About Guns, Politics, Las Vegas

    Any member of the media to ignore those guidelines could have their credentials "potentially revoked via security escort". The sentiment was not to infringe and was created with the best intentions to honour and celebrate country music.

    Joshua: Unification fight with Wilder has to happen

    Promoter Eddie Hearn has hinted that fights with Tyson Fury, Deontay Wilder and Joseph Parker could all be on the cards. Asked whether Wilder was a fight he needed, the 2012 Olympic gold medallist replied: "Yeah, boxing needs it".
  • Target joins retailers in kicking off Black Friday deals early

    Target joins retailers in kicking off Black Friday deals early

    Walmart: The annual toy book is online now, but the company has not yet announced its hours or released its Black Friday ad . Target will close its stores for several hours after opening once again in the evening on Thanksgiving Day this year.
    Turnbull announces plan to have MPs declare citizenship status after election

    Turnbull announces plan to have MPs declare citizenship status after election

    The plan will need to be voted on in both the upper and lower houses in Australia's parliament, before coming into force. Over the last month , the Prime Minister of Australia had to deal with major disarray due to a High Court ruling.
    Police charge Miami fan with felony battery in altercation with officer

    Police charge Miami fan with felony battery in altercation with officer

    He hits her in the head with his right fist, causing her to crumble in the officers' arms as she is carried out of camera range. The 30-year-old nurse appears to attempt to slap one of the officers, misses, then lands a second slap.
  • Qualcomm poised for fight with Broadcom

    Qualcomm poised for fight with Broadcom

    According to sources Qualcomm is not aware of the details of Broadcom's bid and the company has yet to make any comment. CEO Hock Tan last week, saying the company is likely to relocate its headquarters from Singapore to the United States.
    Apple is working on a solution to its infuriating letter 'i' bug

    Apple is working on a solution to its infuriating letter 'i' bug

    To make the text replacement , open the Settings app, tap General , tap Keyboard and tap Text Replacement. If you've updated your iPhone or iPad to iOS 11 .1, you may well have encountered a odd autocorrect bug.
    Diddy Changed His Name on His 48th Birthday

    Diddy Changed His Name on His 48th Birthday

    I'm just not who I am before. "My new name is LOVE aka Brother Love .' He tagged his excited post: 'Takedat". Instead the rapper chose to mark his 48th birthday by changing his name.

Most liked

CVS Health Lurches Lower on Earnings Results
The pharmacy operator reported $1.50 earnings per share for the quarter, topping the Zacks' consensus estimate of $1.49 by $0.01. Finally, TheStreet lowered CVS Health Corporation from a b- rating to a c+ rating in a research note on Tuesday, October 31st.

Nokia 5 With 3GB RAM Launched In India; Price And Availability
This variant ( Nokia 5 3GB RAM) will also be exclusively available from Flipkart starting November 7 and selected retail outlets. HMD Global who now have the Nokia brand name to themselves have added an extra gigabyte of RAM to the Nokia 5 .

NWS finds 4 tornado touchdowns in IN from Sunday storms
Muncie Mayor Dennis Tyler says "thousands of gallons of water a minute" poured inside the landmark gymnasium. On Monday, the NWS was working to determine whether tornadoes touched down in IN and Ohio.

Netflix cuts ties with #KevinSpacey after sexual misconduct claims
Spacey was accused of sexually assaulting Rapp at his NY apartment 31 years ago, when the Star Trek: Discovery actor was just 14. The streaming provider also refused to release upcoming film " Gore " featuring the actor.

Man City extend Premier League lead, Chelsea beat United
Conte warned his other players that being dropped could happen to them to and no one is guaranteed a place in the starting 11 or squad.

9-year-old with cancer wants cards for his last Christmas
Neuroblastoma , the rare cancer that Jacob has, typically forms in nerve tissue such as in the neck, chest, abdomen or spine. "He's accomplished everything that he needed to do by 9 years old, and a lot of people don't accomplish that, ever".

Safety fears raised after Chinese tourists attacked with tear gas in Paris
But when they made it back to the vehicle park of the Kyriad Hotel they were jumped by the gang who sprayed tear gas at them. Last year, Chinese tourists spent $261 billion overseas, making them a huge market for hotel chains and travel agencies.

Trump says he'll meet Putin to talk North Korea
As soon as he set foot on the Yokota Air Base west of Tokyo, Japan, the president made his primary agenda behind his visit clear. The White House later described the notion that the US had declared war "absurd". "Then its regret is too late".

Patton Oswalt marries Meredith Salenger 4 months after engagement
According to E! News, "Guests at the intimate ceremony included actress Ever Carradine, Martha Plimpton and Questlove ". Since then, Oswalt and Salenger had been messaging each other back and forth every night.

Enbridge Energy Partners LP (NYSE:EEP) Q2 2017 Institutional Investor Sentiment Steady
It turned negative, as 80 investors sold COP shares while 511 reduced holdings. 20 funds opened positions while 49 raised stakes. The stock of Enbridge Energy Partners, L.P. (NYSE:EEP) has "Hold" rating given on Sunday, September 17 by RBC Capital Markets.

Uma Thurman Gives Powerful Response When Asked About Sexual Misconduct In Hollywood
She explained she has been "waiting to feel less angry" before making any remarks. The actress tweeted Saturday to Thurman: "May peace be with you and your soul".

Stents May Be Unnecessary For Certain Heart Patients, Study Says
Researchers said the results appear to contradict what patients experience after receiving a stent for angina. Stents and their implantation cost from $11,000 to $41,000 in American hospitals.

Kate Upton Marries Justin Verlander in Lavish Italian Wedding
She told Extra: "I'm really excited about the engagement and I'm really excited about getting married". Before the ceremony, each guest reportedly received a card with their names written in calligraphy.

Fans slam Larry David's SNL monologue
Larry David's opening monologue as host of " Saturday Night Live " included a cringe-worthy Holocaust joke. He eventually gets around to joking about picking up women in concentration camps.

Bucs' William Gholston stretchered off field with neck injury
Kamara made up for the misstep and then some right before halftime with a nifty 33-yard catch and run to put the Saints up 16-3. On the negative side, the Saints turned the ball over twice, once in each half, leading to both of the Tampa Bay scores.