Hong Kong carrier Cathay Pacific said Wednesday it would cut the year-end bonus for its local staff to half a month`s pay or 8,000 Hong Kong dollars (1,026 US), whichever is higher.

Hong Kong carrier Cathay Pacific said Wednesday it would cut the year-end bonus for its local staff to half a month`s pay or 8,000 Hong Kong dollars (1,026 US), whichever is higher.

HONG KONG, Sept 25, 2007 (AFP) - Hong Kong's Cathay Pacific has said it has dropped plans to team up with Air China to acquire a stake in struggling China Eastern, a move that would have thwarted a rival bid by Singapore Airlines.

In a statement, Cathay said the proposed acquisition 'will not now proceed' without providing further explanation.

The carrier said it had asked the Hong Kong stock exchange to allow trading in its shares, halted on Friday amid speculation over a possible deal, to resume on Tuesday.

SHANGHAI, Sept 24, 2007 (AFP) - The looming battle for China Eastern airline is a sign of things to come as carriers fight tooth-and-nail for a piece of what has become one of the world's top aviation markets, analysts said Monday.

There are only a limited number of targets in China for acquisition-hungry foreign carriers, meaning the struggle for airlines and routes will be especially intense, they said.

HONG KONG, Sept 24, 2007 (AFP) - Trading in Air China shares was suspended Monday amid speculation it will team up with Hong Kong's Cathay Pacific to block Singapore's bid to gain a foothold in the Chinese aviation market.

Air China and Cathay Pacific are said to be trying to scupper a bid by Singapore Airlines to acquire a key stake in struggling China Eastern, China's third-largest carrier.

HONG KONG, Sept 22, 2007 (AFP) - Hong Kong carrier Cathay Pacific will launch a four-billion-dollar attempt to block Singapore Airlines' bid to gain a foothold in the booming Chinese aviation market, reports said Saturday.

Citing unnamed sources, Hong Kong's South China Morning Post said Cathay Pacific would seek to buy a significant stake in China Eastern Airlines. That stake would be worth four billion dollars, Britain's Daily Telegraph said.

HONG KONG, Sept 21, 2007 (AFP) - Shares in Hong Kong carrier Cathay Pacific Airways were suspended from trading Friday after a sharp rise on speculation of consolidation in the Chinese aviation industry, analysts said.

The airline's stock hit an all-time high of 23.05 Hong Kong dollars in the morning and ended up 2.2 dollars or 10.7 percent at 22.70 before the midday break.

In a statement to the stock exchange, it said trading had been suspended pending release of announcement about 'a proposed transaction which constitutes price sensitive information.'

HONG KONG, Sept 19, 2007 (AFP) - The chief executive of Hong Kong carrier Cathay Pacific said Wednesday the aviation industry had been unfairly demonised for its role in climate change, and that a more rational debate was required.

Tony Tyler said perspective needed was about the size of the airline industry's emission of greenhouse gases, which are blamed for global climate change.

HONG KONG, Aug 8, 2007 (AFP) - Cathay Pacific posted a strong first-half net profit of 2.58 billion Hong Kong dollars (330 million US) Wednesday, exceeding expectations, and said they were ideally placed to benefit from China's growth.

Cathay said the record interim result for the six months to June -- up 54.7 percent on the same period in 2006 -- came on the back of continued strong passenger demand and despite a weak cargo market.

HONG KONG, Aug 8, 2007 (AFP) - Hong Kong's Cathay Pacific Airways posted a strong first-half net profit of 2.58 billion Hong Kong dollars (330 million US) Wednesday, outperforming analysts expectations.

Cathay said the record interim result for the six months to June -- up 54.7 percent on the same period in 2006 -- was on the back of continued strong passenger demand, and despite the weak cargo market.

HONG KONG, Aug 7, 2007 (AFP) - Hong Kong's Cathay Pacific Airways is expected to report a solid first-half performance Wednesday, boosted by strong passenger demand and its stake in a Chinese airline, dealers said.

Analysts forecast first-half to June net profit will fall within a range of 2.05 billion to 2.36 billion Hong Kong dollars (260 to 301 million US), up 23 to 41 percent from 1.67 billion posted in the same period last year.

They said the major drivers were good passenger figures and the company's minority stake in Chinese flag carrier Air China.

HONG KONG, Aug 7, 2007 (AFP) - Hong Kong's flag carrier Cathay Pacific Airways said Tuesday it will buy five more Boeing 777-300 aircraft in a deal worth 1.4 billion dollars.

The company said in a statement it expects to take delivery of the five 'extended range' aircraft in 2011, and they will be mainly used for long-haul routes to Europe and North America.