Cathay shares rally after Qatar Airways takes 9.6% stake

Kingboard Chemical Holdings said the Hong Kong-listed company and its subsidiaries entered an agreement on Sunday to sell their shares in Cathay Pacific Airways to Qatar Airways for HK$5.16 billion ($662 million) in cash.

The investment is the latest in a series of acquisitions, all aimed at supporting Qatar Airways investment strategy.

With the purchase complete, Qatar will become the third biggest shareholder of Asia's largest worldwide airline.

In an unrelated incident, a Qatar Airways Doha-Bali flight was reportedly diverted to Chennai following a jealousy-fuelled on-board disturbance.

Liberia Supreme Court suspends presidential run-off election
Boakai is accusing the president of interfering in the October election by holding private meetings with election magistrates. No new date has been set for the poll which was scheduled for 7 November.

The Doha carrier agreed to buy 9.61 percent of the total issued share capital $1.75 per share from Hong Kong industrial company Kingboard Chemical, according to a stock exchange filing.

The airline has been unable to fly to the previously lucrative markets of the United Arab Emirates and Saudi Arabia as part of an airspace rights dispute with neighbours, and has been looking to invest elsewhere to broaden its reach. At the same time the move reasserts the company's global ambitions 4 1/2 months after American Airlines rejected an investment bid. "Cathay Pacific is a fellow Oneworld member and is one of the strongest airlines in the world, respected throughout the industry with massive potential for the future".

Qatar Airways Group Chief Executive, His Excellency Mr Akbar Al Baker, said: "Qatar Airways is very pleased to complete its financial investment in Cathay Pacific".

Behind the Cathay Pacific stake is the battle for better access to China, which is expected to become the world's biggest aviation market within a decade.

Liverpool overpower lacklustre West Ham at the London Stadium
Javier Hernandez is a brilliant penalty box operator but didn't even get the chance to operate in the penalty box. Vicente Iborra opened the scoring with his first goal for Leicester before Xherdan Shaqiri levelled.

Complicating matters is the stake already held by Air China, long regarded by investors as a possible purchaser for the whole of Cathay.

Qatar Airways Cargo, the world's third largest global cargo carrier, serves more than 60 exclusive freighter destinations worldwide via its Doha hub and also delivers freight to more than 150 key business and leisure destinations globally.

Both airlines are members of the One World alliance.

Investment holding company Kingboard said it would recognise a gain of HK$800 million on the sale of its entire Cathay stake.

No. 18 Stanford at No. 25 Washington St-Preview Capsule
San Francisco, the major city closest to Stanford's campus in Palo Alto, recently went 35 years without snowfall . Backup Tyler Hilinski threw for more than 500 yards last weekend, but his four interceptions helped Arizona win.

At the same time, Cathay, while still Asia's biggest worldwide airline, has struggled to make the most of its Chinese status, finding itself squeezed by mainland carriers that boast a lower cost base and increasingly offer direct USA and European flights, cutting out the need for people to go via Hong Kong.

Related news:

Hot News

isis-killer-beheading-video-story-top Apple Pay Cash is available in iMessage to iOS 11.2 beta users
Nov 08, 2017 - 00:27
Apple iPhone users may have recently noticed their smartphone has a mind of its own - auto correcting the letter "I" while typing. Once the money arrives to the Apple Pay Cash card, it's immediately usable anywhere that accepts Apple Pay.

isis-killer-beheading-video-story-top Trump says he'll meet Putin to talk North Korea
Nov 07, 2017 - 00:34
Before Trump's presidency, many in South Korea and the United States regarded the deal as a key pillar of their alliance. The last time the two men met, at Trump's Mar-a-Lago resort in Florida, North Korea launched a missile over Japan.

Conte 'banished' David Luiz from Chelsea training prior to Manchester United clash
Nov 07, 2017 - 00:29
"At the end of the match I went to shake the hand [of] the referee and the linesman and then my players", he added. Victory means the Blues maintain the nine-point gap to Manchester City at the top of the Premier League table.

isis-killer-beheading-video-story-top Nadal pulls out of Paris Masters with right knee injury
Nov 07, 2017 - 00:29
I feel at home here so for me it'a very tough day. "For me it's not about London, it's about the longer term". As if that wasn't enough, he went on in ruthless fashion, winning a 16th grand slam with his U.S.

isis-killer-beheading-video-story-top Avs get haul for Duchene in blockbuster trade
Nov 07, 2017 - 00:26
The Avalanche received the biggest haul, getting back two players apiece from the Senators and Predators as well as three picks. The Avs traded Duchene in the middle of a game, which is something that hasn't happened in the league in about five years.

isis-killer-beheading-video-story-top OnePlus 5T release date REVEALED - New Android phone launching next week
Nov 07, 2017 - 00:25
Without details on the phone, many OP fans are fretting about whether they should be setting aside the cash to order the phone. There is still no clarity on when the OnePlus 5T will be launching - although we feel the launch is pretty much near.

isis-killer-beheading-video-story-top Fifty Shades Freed: Can the new trailer reclaim the record?
Nov 07, 2017 - 00:21
James has had titillating and unintentionally hilarious results in its film incarnation. That's nearly nothing compared to Ana's former boss and villain Jack Hyde's return...

isis-killer-beheading-video-story-top Syria: Truck bomb kills dozens fleeing fighting against IS
Nov 06, 2017 - 00:31
The campaign to retake the city began in September when Syrian forces managed to break the three-year siege. Deir ez-Zor is considered an important city in eastern Syria.

isis-killer-beheading-video-story-top Chiefs have prepared for Cowboys' scheme, not a particular running back
Nov 06, 2017 - 00:30
The NFL said about 100 players have been suspended for approximately 500 games over the past season and a half. Elliott's ex-girlfriend, Tiffany Thompson, said he physically abused her in Columbus, Ohio, last year.

isis-killer-beheading-video-story-top AJ Green Ejected For Fight
Nov 06, 2017 - 00:28
Bengals running back Joe Mixon rushed for 31 yards and a first-half touchdown on seven carries. Bortles completed 24 of 38 passes for 259 yards with a touchdown and no turnovers.

isis-killer-beheading-video-story-top United Nations warns of 'humanitarian emergency' on Australia detention island
Nov 06, 2017 - 00:27
The refugees have allegedly been brutally attacked by the Navy and robbed and stabbed by locals. A Manus Island refugee during the daily protest in the detention centre, 5-11-17.

isis-killer-beheading-video-story-top Battle for Azeroth picks up where Legion left off
Nov 05, 2017 - 01:52
A new system of Uncharted Islands will allow groups of three players to explore discrete areas with randomized content. The developer/publisher shared more details at BlizzCon about its next WoW expansion, Battle for Azeroth .

isis-killer-beheading-video-story-top What time, channel is Penn State vs. Michigan State?
Nov 05, 2017 - 01:39
Michigan State took its first lead of the game midway through the third quarter after driving 91 yards in 10 plays. The Spartans leading receiver, Felton Davis , had a huge day with 12 receptions, 181 yards and a touchdown.

isis-killer-beheading-video-story-top Twitter employee briefly shuts Trump account, putting controls in question
Nov 05, 2017 - 01:25
"My Twitter account was taken down for 11 minutes by a rogue employee", Trump tweeted. Trump did not react to the temporary account removal until almost 12 hours later.

isis-killer-beheading-video-story-top StarCraft II: Wings of Liberty going free-to-play; Details
Nov 05, 2017 - 01:25
The solo campaign for StarCraft II: Wings of Liberty will continue the epic saga where it left off in StarCraft: Brood War . Starting November 14th, anyone will be able to play the entire Star Craft II: Wings of Liberty campaign at no cost.