|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||5.14 - 5.38|
|52 Week Range||4.68 - 7.91|
|Beta (5Y Monthly)||1.08|
|PE Ratio (TTM)||63.29|
|Forward Dividend & Yield||0.23 (4.73%)|
|Ex-Dividend Date||Sep 03, 2019|
|1y Target Est||N/A|
Hong Kong-based genetics testing company Prenetics is in talks with government officials and airlines, including Cathay Pacific, to help make travel safer and rev up economic activity.The firm, which is testing English Premier League footballers for Covid-19, is turning to the airline industry to help figure out how to prevent second waves of infection stemming from imported cases of the novel coronavirus."Testing, testing, testing will be critical for travel to resume," Danny Yeung, 41, co-founder and chief executive of Prenetics, said during an interview from his corner office overlooking Hong Kong's Victoria Harbour. "It's scary, no one wants to fly," he said. The company is the largest private laboratory in Hong Kong, in terms of testing capacity, with a maximum of 5,580 tests on a daily basis. It has more than 150 employees.Only a handful of international routes are open globally, with passengers forced to spend weeks in quarantine at the end of most journeys. The collapse in air traffic has thrown the airline industry into crisis, pushing Virgin Australia into administration and triggering a US$13 billion emergency rights issue by Singapore Airlines.Danny Yeung, Prenetics' CEO at the start-up's Covid-19 testing laboratory. Photo: Alison Tudor-Ackroyd alt=Danny Yeung, Prenetics' CEO at the start-up's Covid-19 testing laboratory. Photo: Alison Tudor-AckroydWeaving together shared protocols could allow the free movement of people within "travel bubbles". Estonia, Latvia and Lithuania lifted travel restrictions between the Baltic states on May 15, while Australia and New Zealand are working towards cross-border flights. For Hong Kong, a travel bubble would do away with the 14-day quarantine on arrival in the city for travellers from within its limits.South Korea and China opened one such bubble on May 1 for business travellers between Korea and 10 Chinese regions on fast-track entry, provided they test negative for Covid-19 before departure and after arrival. Meanwhile, Macau and its neighbouring mainland Chinese city of Zhuhai have recognised each other's health code system for individuals crossing their border since May 10."Once the initial travel bubbles are no issue ... they may extend them," Yeung said.New Zealand Prime Minister Jacinda Ardern and Australian Prime Minister Scott Morrison have discussed allowing travel between the two countries. Photo: EPA-EFE alt=New Zealand Prime Minister Jacinda Ardern and Australian Prime Minister Scott Morrison have discussed allowing travel between the two countries. Photo: EPA-EFEDomestic travel is steadily rebounding, followed by short-haul international travel, and then long-haul flights, said analysts.Cathay Pacific and Singapore Airlines are particularly vulnerable to the slowdown, given their near-total reliance on international flights, said researchers at investment bank Goldman Sachs. In a report dated May 21, it forecast next year's traffic at 5 per cent below 2019's level for Cathay Pacific, and 2 per cent below 2019 for Singapore Airlines. "Cathay is in one of the most difﬁcult positions in our Asian airlines' coverage given the Covid-19 outbreak, due to its exposure to international trafﬁc, which we expect to recover more slowly than domestic, and where we see larger downside risks," the Goldman analysts said.A Cathay Pacific spokesperson did not immediately respond to a request for information about the airline's plans to roll-out testing for Covid-19 among crew and passengers. How Covid-19 testing is putting live sports back on track"Restoring air connectivity is vital to restarting the global economy and reconnecting people," Alexandre de Juniac, director general of industry body International Air Transport Association, said in a statement on May 20 calling on governments to collaborate on restarting the aviation industry.Tourism has long been a driver of Asian economies. In 2018, tourism receipts accounted for 5.5 per cent of Singapore's gross domestic product, 5.8 per cent of Malaysia's GDP, and more than 11 per cent of Vietnam's and Thailand's GDP."As countries globally look to restart their economy, travel will be of top priority," said John Riady, CEO of Lippo Karawaci and director of the Lippo Group, an investment company controlled by the Riady family."However, it must be safe to travel and I do believe Covid-19 testing will be the key component so that travellers and flight crews feel safe to do so. It's really amazing to see Prenetics playing such a major role on an international front to help to get lives back to normal," added Riady, one of Prenetics' earliest investors.The BMJ, a weekly peer-reviewed medical journal, said 78 per cent of Covid-19 patients might be asymptomatic, citing China's National Health Commission in an April 2 report, underscoring the importance of testing as governments lift lockdowns.Prenetics leapt to international attention on May 8, when it announced it had struck a deal with the Premier League to test players. As of Sunday, it had detected eight players and staff who were positive for Covid-19, all them asymptomatic and now in self isolation."As we begin to open up the economy and the borders, testing will become even more crucial," said Yeung, an erstwhile venture capitalist and former CEO of Groupon East Asia.Prenetics, backed by funds affiliated with China's Alibaba Group Holding, PingAn Insurance Group and Indonesia's Lippo Group, is working on the logistics of testing airport personnel, as well as providing test kits for passengers. "We've been discussing with a few major airlines and we're close to signing some major agreements ... to provide testing for their flight attendants, ground crew and pilots," he said.Alibaba owns the South China Morning Post.Hong Kong is studying using an electronic health certificate that could exempt residents from quarantine when they visit Macau and Guangdong, Professor Sophia Chan Siu-chee, the city's health minister, said on May 16.Sophia Chan Siu-chee, Hong Kong's health minister, says the city is studying using an electronic health certificate that could exempt residents from quarantine when they visit Macau and Guangdong. Photo: Winson Wong alt=Sophia Chan Siu-chee, Hong Kong's health minister, says the city is studying using an electronic health certificate that could exempt residents from quarantine when they visit Macau and Guangdong. Photo: Winson WongA negative Covid-19 test result would be an important component of this certificate. "If that does become a reality, then I think we will play a role to help individuals with an easy solution to get tested, so that you are able to provide a negative result that allows you to depart Hong Kong safely," Yeung said.Cathay scaled its operations back to a skeleton schedule of 3 per cent of services in early April, and then extended the arrangement until June 20. Its recently announced increases would take services up to 5 per cent.For its part, Prenetics will send deep throat saliva test kits to travellers' homes, pick up the tests and send the results via email the next business day. The test results will be valid for a specific period that still needs to be agreed upon by governments and airlines."The best thing is, of course, to do a test every day, but that's not practical," he said. "Once a week could be a good start." If the results expire while the traveller is still abroad, they will need to be retested before their return flight.Prenetics is in talks with senior government officials and airline industry executives to figure out the finer points of the logistics to make this happen. "It has to be a private-public collaboration," Yeung said. "No government, by itself, can solve such a massive problem."The Latvia-Lithuania border crossing seen from Skaistkalne, Latvia on May 14 ahead of the border reopening. Photo AFP alt=The Latvia-Lithuania border crossing seen from Skaistkalne, Latvia on May 14 ahead of the border reopening. Photo AFPThere are a handful of precedents for Prenetics to draw upon, as it collaborates with airlines and governments about the practicalities of mass testing. Truck drivers are already providing negative coronavirus test results from privately owned laboratories before crossing the border into Hong Kong from mainland China.Governments will, of course, bump up against constraints to testing people en masse, such as laboratory time and staff. Public hospitals, private hospitals and private laboratories will all need to be part of the solution."Travel is essential, and it will restart one bit at a time," Yeung said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.
China's aviation regulator may make it difficult for Hong Kong's Cathay Pacific Airways Ltd to merge regional arm Cathay Dragon into its main brand because of infractions during last year's pro-democracy protests, two sources said. The airline is looking to cut costs, streamline marketing and consolidate pilot contracts around Cathay Pacific and low-cost arm HK Express, the sources said on condition of anonymity. Rival Singapore Airlines Ltd is doing the same with regional arm SilkAir and budget arm Scoot.
China's aviation regulator may make it difficult for Hong Kong's Cathay Pacific Airways Ltd <0293.HK> to merge regional arm Cathay Dragon into its main brand because of infractions during last year's pro-democracy protests, two sources said. The airline is looking to cut costs, streamline marketing and consolidate pilot contracts around Cathay Pacific and low-cost arm HK Express, the sources said on condition of anonymity. Rival Singapore Airlines Ltd <SIAL.SI> is doing the same with regional arm SilkAir and budget arm Scoot.
Today is shaping up negative for Cathay Pacific Airways Limited (HKG:293) shareholders, with the analysts delivering a...
(Bloomberg) -- EasyJet Plc said email addresses and travel data of about 9 million customers were taken by hackers in one of the biggest data breaches to hit the airline industry.The intruders also accessed credit card details for 2,208 customers in the “highly sophisticated” attack, EasyJet said Tuesday in a statement. The airline said it’s closed off the unauthorized access, notified those whose credit-card information was exposed and will contact the rest of the customers over the next few days.Cyber-attacks against businesses and their employees have surged this year as hackers take advantage of the disruption caused by the coronavirus pandemic. While the EasyJet breach was discovered in late January, predating the disease’s flare-up across Europe, the company is alerting those whose exposure was limited to email and travel details to guard against a rising number of so-called phishing attempts, a person familiar with the situation said.Airlines have had several high-profile breaches in recent years. In 2018, Hong Kong’s Cathay Pacific Airways Ltd. disclosed that hackers accessed information on 9.4 million customers, making it the world’s biggest airline data breach at the time. That same year, hundreds of thousands of British Airways and Delta Air Lines Inc. customers had their information hacked.“The EasyJet breach comes at a time of unprecedented challenge for airline operators,” said James Castro-Edwards, a partner at law firm Wedlake Bell. The potential consequences of enforcement action and any ensuing group litigation could be “catastrophic,” he added.British Airways FineThe U.K. fined British Airways, a unit of IAG SA, 183.4 million pounds ($224 million) over the hacking incidents, marking the first major British application of far-reaching European Union rules requiring companies to tighten anti-hacking measures.Under the EU’s General Data Protection Regulation, companies can be penalized by as much as 4% of their global annual revenue, depending on the nature of the incident. For EasyJet, that would be as much as 255 million pounds ($312 million) if the “higher maximum” penalty were imposed by the U.K. Information Commissioner’s Office.The ICO would investigate and take “robust action where necessary,” the agency said in the statement.Attack TimelineThe Luton, England-based carrier reported the breach in January and has been working alongside the ICO and the U.K.’s National Cyber Security Centre, said the person, who asked not to be named discussing a confidential investigation. So far there is no indication that credit card information had been misused, the person said.Passengers whose credit card details were stolen were informed in April and offered 12 months of free credit monitoring, according to an email sent to customers and seen by Bloomberg.An influx of employees working from home has opened up new network vulnerabilities for many companies, and phishing emails purporting to be from trusted health agencies prey on employees looking for information.Read more:Cyber Risks Abound as Employees Shift From Offices to HomesHackers Posing as CDC, WHO Using Coronavirus in Phishing AttacksUnder GDPR, companies have an obligation to report personal data breaches to authorities within 72 hours where feasible. According to the regulation, companies must as soon as possible also alert individuals whose data has been compromised in cases where the breach poses a “high risk to rights and freedoms.”While the U.K. has left the EU, GDPR rules would likely still apply, given the transition period under way and the low-cost carrier’s sizable business with countries and customers that remain within the bloc.The NCSC confirmed it was working with EasyJet to investigate the hack. It recommended anyone with accounts that could have been compromised change passwords and “be especially vigilant against any unusual activity in their bank accounts or suspicious phone calls and emails asking them for further information.”Reuters reported earlier that the hackers were suspected to be Chinese and thought to be involved in similar attacks on other airline websites, citing people familiar with the investigation. EasyJet and the ICO declined to comment on the report.Shareholder ShowdownCovid-19 has already forced EasyJet to ground planes and created the opening for a revolt by its founder and biggest shareholder, Stelios Haji-Ioannou. The International Air Transport Association estimates European carriers face a revenue loss of $89 billion in 2020.EasyJet on May 22 will hold a shareholder meeting called by Haji-Ioannou, who wants to remove four directors including Chairman John Barton, Chief Executive Officer Johan Lundgren and Chief Financial Officer Andrew Findlay. He’s seeking to halt the carrier’s continued expansion plans.EasyJet shares reversed earlier gains after the hack was disclosed, closing 0.8% lower at 547.20 pence in London.(Updates with details on breach from third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Cathay Pacific Airways Limited (HKG:293), which is in the airlines business, and is based in Hong Kong, saw a decent...
Cathay Pacific Airways Ltd said on Friday it made an unaudited loss of HK$4.5 billion ($580.53 million) at its full-service airlines during January-April and flagged a "very bleak" outlook as the coronavirus crisis grounded planes globally. The Hong Kong-based airline said passenger numbers in April dropped by 99.6%, compared with last year as it flew a skeleton network due to a ban on transit traffic in the Asian financial hub and little outbound demand. The HK$4.5 billion loss at full-service carriers Cathay Pacific and Cathay Dragon in the four months ended April 30 compared with a previously announced unaudited loss of HK$2 billion for the month of February.
Qatar Airways, one of the Middle East's biggest airlines, is in talks with Airbus and Boeing to defer aircraft orders for several years, its chief executive was quoted as saying on Wednesday. “Well we are in negotiation with them, so I don’t want to talk about this, but yes it will be deferred for several years,” Akbar al-Baker told Hong Kong's South China Morning Post newspaper. Qatar Airways has over 200 Airbus and Boeing aircraft on order, it said.
Hong Kong's Cathay Pacific Airways Ltd will close its three cabin crew bases in the United States, the airline said on Friday, laying off 286 staff as the coronavirus pandemic has virtually halted global travel. The carrier has grounded most of its planes because of the fall in demand, flying only a skeleton network to major destinations such as Beijing, Los Angeles, Singapore, Sydney, Tokyo and Vancouver in April and May that represents just 3% of normal capacity. In a statement, Cathay said it was communicating with the affected crew in New York, San Francisco and Los Angeles as well as their union.
Hong Kong's Cathay Pacific Airways Ltd <0293.HK> will lay off 286 cabin crew based in the United States and furlough 201 pilots based in Australia and Britain, it said on Friday, as the coronavirus pandemic has virtually halted global travel. The carrier has grounded most of its planes because of falling demand, flying only a skeleton network in April and May to major destinations such as Beijing, Los Angeles, Singapore, Sydney, Tokyo and Vancouver that makes up 3% of normal capacity. In a statement, Cathay said it was communicating with the affected cabin crew based in New York, San Francisco and Los Angeles as well as their union.
Asia's stock markets retreated from their highest levels for a month and the dollar extended gains on Thursday as the damage the coronavirus has wrought on the world economy soured appetite for risk. Another sky high figure is expected when U.S. weekly jobless claims land later in the day. E-mini futures for the S&P 500 fell half a percent in Asia after a 2.2% drop on the index on Wednesday and European futures were marginally lower .
Hong Kong's Cathay Pacific Airways Ltd will make further cuts to passenger capacity due to extremely low demand for flights, leaving it with just two flights a week each to four destinations in April, according to an internal memo. The airline carried only 582 passengers one day this week with a load factor of 18.3%, which compares to 100,000 customers on a normal day, Cathay Chief Executive Augustus Tang said in a memo to staff seen by Reuters. The carrier will maintain a skeleton network with two weekly passenger flights from Hong Kong to each of London, Los Angeles, Vancouver and Sydney and will also try to capitalise on stronger cargo demand, he said.
Syndicated lending in Asia Pacific plunged to the slowest quarter in eight years as the coronavirus pandemic took its toll with several countries imposing lockdowns and grinding a range of business activities to a halt. Loan volumes in Asia Pacific (ex-Japan) dropped 39% to US$68.92bn in the first quarter from US$113.79bn a year ago, while dealflow shrunk to 221 from 377 loans completed in the same period, according to Refinitiv LPC data. The volumes for the first three months of 2020 represent the lowest quarterly tally since the first quarter of 2012 when lending in Asia Pacific slumped to US$62.21bn from 231 deals in the aftermath of the 2011 eurozone crisis.
Israel is offering its second-biggest airport as a place for foreign carriers to park planes grounded by the coronavirus outbreak, an Israeli official said on Monday. The Israel Airports Authority said it was in touch with several airlines about parking in Ramon Airport, in Israel's southern desert, which could accommodate about 100 planes. Israel opened Ramon last year to encourage tourism to the nearby Red Sea port of Eilat and serve as a wartime alternative to Tel Aviv's Ben Gurion Airport, the country's main gateway.
Lenders are reviewing their exposure to Asia's aviation sector amid an unprecedented freeze of global air travel aimed at curbing the spread of the coronavirus pandemic. Asia’s biggest airlines are drawing down on their credit lines and calling in government assistance to deal with the fallout. Singapore Airlines on Thursday became the latest to shore up its liquidity, courtesy of a S$15bn (US$10.5bn) equity raising underwritten by state investor Temasek Holdings and a S$4bn bridging loan from DBS Bank.
(Bloomberg Opinion) -- Much as Pan Am Corp. was an emblem of the first wave of global aviation, Emirates has dominated the world airline industry for a generation. Its announcement that almost all passenger flights will be suspended from Wednesday marks the death knell of that era.The Dubai-based carrier is the largest airline by international passenger traffic, with the capacity to move its customers 391 billion seat-kilometers last year. In terms of cross-border traffic, that’s twice the capacity of any U.S. airline and about a seventh more than the three European carriers that are its closest international competitors in terms of scale.The shutdown of that vast network is a hammer-blow not just for the industry but for people around the world. There’s a reason so many airlines are (like Emirates) state-owned, or have special rights and duties to their home countries written into their constitutions. They aren’t just a leisure service, they’re a piece of vital national and international infrastructure that can provide an airlift service in an emergency. Emirates’ initial announcement of a complete suspension of flights Sunday was subsequently updated to say that some destinations would remain open “having received requests from governments and customers to support the repatriation of travellers.”Businesses that thrive on bustling cross-border traffic are inevitably going to struggle in current conditions. Cathay Pacific Airways Ltd., another carrier that, like Emirates, has no domestic aviation market, last week announced it was cutting 96% of capacity in April and May, which is as close as you can get to shutting down. Qantas Airways Ltd. is also ending international flights and Emirates’ local rival Etihad Airways PJSC has made drastic cuts to its schedules.We’ve seen something like this before. Pan Am went bankrupt amid the collapse in air travel that accompanied the 1991 Gulf War; its competitor Trans World Airlines Inc. entered the first of many Chapter 11 processes around the same time. Another wave of bankruptcies and rescue takeovers followed after the Sept. 11 attacks, and again after the 2008 financial crisis. More than a decade on from that, we’re probably overdue for another shakeout.That certainly looks like what we’re going to get. “Most airlines in the world” will be bankrupt by the end of May at current rates of cash burn, according to consultants CAPA Centre for Aviation. The industry needs about $200 billion in bailout money if it’s to survive, according to the International Air Transport Association, the largest group representing airlines.Emirates has some serious weaknesses as it approaches this perfect storm. Dubai’s status as the preeminent hub in the global network of transfer passengers, and its fleet of capacious twin-aisle jets, are as much a product of the recent era of promiscuous globalization as Pan Am’s fleet of gas-guzzling early-model 747s were a product of the era before the 1973 oil crisis.On an immediate level, that means it lacks even the meager domestic aviation cashflows that rivals in the U.S., China and elsewhere can fall back on. In the longer term, there’s the risk that Covid-19 and the Trump-driven trade wars that preceded it raise drawbridges across the world, leaving behind a dark mentality of xenophobia as gates are closed to outsiders. In that grim future, Emirates’ Benetton catalog-tinged vision of a multicultural world shaking hands at Dubai airport looks as outdated as, well, shaking hands.Even if things return to a semblance of normalcy at some point, Emirates’ golden years are behind it – a fact that neatly coincides with the upcoming retirement of Tim Clark, who led the airline since its inception.Rivals with bigger domestic markets have already been looking to use longer-haul 787s and A350s to skip past hub airports like Dubai altogether. The A320neo and the 737 MAX, should it recover from its current woes, will also bite off pieces of medium-haul traffic with budget carrier-style prices, undermining key routes into Europe and South Asia.Emirates still has some advantages in facing the coming conflagration. Unlike Etihad and Qatar Airways, it has never reported a loss in financial reports dating back to 1989. That’s a fairly extraordinary result for an airline that’s been around for so long — although there’s still a week still to go on its current financial year.Most importantly, though, the only shareholders it answers to are Dubai’s ruling Al Maktoum family. For decades, they’ve regarded the carrier as a crucial element of their oil-poor emirate’s strategy for a long-term economic future. With crude prices currently south of $30 and Gulf monarchies edging alarmingly close to burning through their own petrocash piles, that bet looks as sound as it’s ever been.If aviation is about to be crippled by a virus-driven resurgence of nationalism, it’s the carriers most closely bound up with their governments that stand the best chance of survival.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Airlines cancelled more flights on Monday as Australia and New Zealand advised against non-essential domestic travel, the United Arab Emirates (UAE) halted flights for two weeks and Singapore and Taiwan banned foreign transit passengers. The UAE, home to major carriers Emirates and Etihad Airways, will suspend all inbound and outbound passenger flights and airport transit for two weeks to help curb the spread of the coronavirus, state news agency WAM reported.
SYDNEY/SINGAPORE, March 20 (Reuters) - The collapse in global passenger flights has left airlines with fresh challenges: how to manage overhedged jet fuel positions as oil prices crashed to just a third of some contracts agreed in anticipation of rising prices and solid air travel demand. With a sharp plunge in oil prices and the rapid spread of the flu-like virus globally raising uncertainty when and how strongly air travel demand will recover, airlines are now left counting the cost of their heavy fuel hedging. "Given the substantial reduction in our capacity, we do have an overhedged position and that will come at a cost... that we'll realize in the next couple of months," Australia's Qantas Airways Ltd Chief Financial Officer Vanessa Hudson told analysts this week.
SHANGHAI/SHENZHEN, China, March 20 (Reuters) - Expatriates living in China, who left in droves when the coronavirus outbreak hit in earnest in late January, face rising hurdles as they rush to return and avoid being stranded overseas. As countries around the globe go into lockdown even as local cases in China fall sharply, expats face flight cancellations, quarantine policies that differ by city and change by the day and lock-downs in their home countries. Ivana Hauserova, based in Shanghai, left in early February.
SYDNEY/WASHINGTON, March 20 (Reuters) - Shattered airlines were left counting the cost of government support as politicians in the United States and New Zealand set out conditions for bailouts needed to absorb the shock of coronavirus. Conditions include provisions that loans may convert to government equity stakes, with Air New Zealand Ltd's bailout also dependent on suspending its dividend and paying interest rates of 7% to 9%, while U.S. airlines cannot increase executive pay or providing "golden parachutes" for two years.
Global airlines are fast running out of cash after cutting capacity by 90% or even grounding entire fleets due to the broad travel restrictions to contain the spread of the coronavirus, calling into question the survival of several firms. The industry's main global body, the International Air Transport Association (IATA), estimates the sector needs up to $200 billion in government support to help airlines survive.
SYDNEY/PARIS (Reuters) - Boeing and other U.S. aviation companies are seeking billions of dollars in aid as they battle to survive a plunge in demand caused by the coronavirus pandemic, while Airbus is pausing production at two sites to bolster health and safety measures. The rapid spread of the virus across the world has battered airlines as governments have introduced travel restrictions and consumers have stopped making bookings, calling into question the survival of several companies. "It's now fair to call this the single biggest shock that global aviation has ever experienced," Qantas Airways Ltd CEO Alan Joyce said in a memo to the airline's 30,000 staff on Tuesday that was seen by Reuters.
Airlines and airport operators said they are taking steps such as suspending dividends, selling and leasing back airplanes and flying cargo on empty passenger jets as they grapple with a cash crunch and plunging demand caused by the coronavirus outbreak. New Zealand's Auckland International Airport Ltd said on Tuesday it would scrap its interim dividend on top of cost-cutting measures that include a hiring freeze and a halt to discretionary spending. In a blow to the airport operator, Air New Zealand Ltd said it would cut capacity to Australia by 80% from March 30 to June 30 after both countries said over the weekend that all travellers would need to self-isolate for 14 days after arrival.
Hong Kong's Cathay Pacific Airways Ltd on Monday said it would sell six Boeing 777-300ER aircraft and its associated equipment for $703.8 million to BOC Aviation Ltd. The sale will enable Cathay Pacific to realise cash which will be used towards its general working capital requirements, the company said in a statement. The carrier last week warned of a substantial loss in the first half of the year and flagged more cuts in flights due to the "unprecedented challenge" from the coronavirus outbreak that has forced it to ground more than half of its fleet.
The sale will enable Cathay Pacific to realize cash which will be used towards its general working capital requirements, the company said in a statement. The carrier last week warned of a substantial loss in the first half of the year and flagged more cuts in flights due to the "unprecedented challenge" from the coronavirus outbreak that has forced it to ground more than half of its fleet. Cathay said it would lease the aircrafts back from BOC Aviation.