Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. Cathay Pacific Airways Limited
  6. News
  7. Summary
    293   HK0293001514

CATHAY PACIFIC AIRWAYS LIMITED

(293)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Hong Kong suspends transit flights from most of the world due to COVID-19

01/14/2022 | 06:06am EST
Hong Kong International Airport following COVID-19 outbreak

HONG KONG (Reuters) - Hong Kong authorities said on Friday the city's airport will suspend for a month transit flights from around 150 countries and territories considered high risk because of the coronavirus, deepening the global financial hub's isolation.

Separately, the territory's leader Carrie Lam said restrictions on social life will be extended through the Lunar New Year holiday at the start of February, traditionally a time for shopping, feasting and family reunions.

"I know this will let a lot of people down," Lam told reporters. "Covid is not yet under control."

To help businesses survive the restrictions, Lam said the government would deliver economic relief measures worth HK$3.57 billion ($459 million), targetted at the establishments asked to close.

Fifteen types of venues, including bars and clubs, cinemas, gyms and beauty salons will remain closed for another two weeks after their current order to shutter expires next Thursday. Dining in restaurants will also remain banned after 6.00 pm.

Primary schools and kindergartens also remain shuttered.

Lam said if there were no further outbreaks, restrictions would be gradually lifted after the holidays.

The moves come as the city has seen dozens of cases of the fast-spreading Omicron variant since the end of last year.

Prior to the outbreak, which authorities said could be traced back to two aircrew of Cathay Pacific Airways, the city had had no local transmissions for over three months.

Hong Kong International Airport said in a statement on Friday that any persons who have stayed in places classified as high risk by health authorities in the 21 days before travelling cannot transit through the city from Jan. 16 until Feb. 15.

The measure was taken "in order to control the spread of the highly infectious Omicron variant," it said.

Hong Kong currently classifies more than 150 countries and territories as high risk.

Last week, it banned incoming flights from Australia, Canada, France, India, Pakistan, the Philippines, Britain and the United States, including interchanges. That ban remains in place, Lam said.

While its cases are very low by global standards, the Chinese-ruled city has followed mainland China's policy in adopting a zero-tolerance approach towards local COVID-19 infections even as much of the world shifts towards living with the coronavirus.

The policy has increasingly isolated the city, which is highly dependant on imports, tourism and business travel, and is frustrating residents https://www.reuters.com/world/asia-pacific/frustration-over-covid-19-restrictions-increasingly-isolated-hong-kong-2022-01-14 accustomed to organising their life to spend as much time as possible outside notoriously tiny flats.

Tighter aircrew quarantine restrictions have severely cut cargo flights and curtailed the city's position as one of the world's busiest passenger hubs. Hong Kong is soon expected to face a shortage of goods and higher prices, authorities said.

Hong Kong's Association of Freight Forwarding & Logistics Chairman Gary Lau said logistics costs would rise 40% in coming weeks, with premium food, fresh produce, pharmaceuticals and e-commerce goods the hardest hit.

Most of the COVID-19 cases in Hong Kong are imported and detected during regular testing in hotel quarantine. All 300-plus patients in the city's hospitals have mild or no symptoms, health officials said.

($1 = 7.7848 Hong Kong dollars)

(Reporting by Jessie Pang and Marius Zaharia; writing by Marius Zaharia and Farah Master; Editing by Christian Schmollinger and Kim Coghill)

By Jessie Pang and Marius Zaharia


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CATHAY PACIFIC AIRWAYS LIMITED -0.62% 6.42 End-of-day quote.0.47%
ON SEMICONDUCTOR CORPORATION -6.38% 59.01 Delayed Quote.-13.12%
All news about CATHAY PACIFIC AIRWAYS LIMITED
01/185G flight disruption eases as Emirates blasts U.S. rollout
RE
01/17Hong Kong police arrest two ex-flight attendants over COVID-19 rule breach
RE
01/14Hong Kong suspends transit flights from most of the world due to COVID-19
RE
01/12Hong Kong warns COVID-19 curbs on air cargo to hit goods supply
RE
01/12Hong Kong warns COVID-19 curbs on air cargo to hit goods supply
RE
01/11Cathay Pacific to comply with Hong Kong probes into COVID-19 outbreak
RE
01/06Cathay Pacific Further Slashes Cargo, Flight Capacity amid Hong Kong's Omicron Restrict..
MT
01/06Cathay Pacific to cut more flights due to pandemic restrictions
RE
01/06Cathay Pacific to cut more flights due to pandemic restrictions
RE
01/03Hong Kong Stocks Begin 2022 Lower; EV Makers Surge on Robust December Sales
MT
More news
Analyst Recommendations on CATHAY PACIFIC AIRWAYS LIMITED
More recommendations
Financials
Sales 2021 40 507 M 5 200 M 5 200 M
Net income 2021 -11 611 M -1 490 M -1 490 M
Net Debt 2021 69 238 M 8 888 M 8 888 M
P/E ratio 2021 -3,72x
Yield 2021 -
Capitalization 41 327 M 5 304 M 5 305 M
EV / Sales 2021 2,73x
EV / Sales 2022 1,64x
Nbr of Employees 23 100
Free-Float -
Chart CATHAY PACIFIC AIRWAYS LIMITED
Duration : Period :
Cathay Pacific Airways Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CATHAY PACIFIC AIRWAYS LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 6,42 HKD
Average target price 7,02 HKD
Spread / Average Target 9,29%
EPS Revisions
Managers and Directors
Kin Wing Tang Chief Executive Officer & Executive Director
Rebecca Sharpe Chief Financial Officer & Executive Director
Patrick Healy Chairman
Gregory Thomas Forrest Hughes COO, Director & Chief Service Delivery Officer
John Barrie Harrison Independent Non-Executive Director
Sector and Competitors