GPS News  
NUKEWARS
N. Korea calls South's leader 'psychopath' over missile row
by Staff Writers
Seoul (AFP) Aug 17, 2016


Cathay Pacific H1 profit drops amid China slowdown
Hong Kong (AFP) Aug 17, 2016 - Shares in Hong Kong flag carrier Cathay Pacific plunged Wednesday after the company reported its first-half profit dropped 82 percent from a year earlier due to a slowdown in China and intense competition from other airlines.

The company also warned it faced a "difficult environment" in the coming months as weaker demand and huge fuel hedging losses have hit its bottom line.

Net profit for the first six months of the year plummeted to HK$353 million ($45.52 million), Cathay said in a statement issued to the Hong Kong Stock Exchange, causing stocks to tumble 7.3 percent to HK$11.92 at Wednesday closing.

The figures compared to the HK$1.97 billion recorded in the same period last year and fell short of the HK$1.07 billion median estimate in a Bloomberg News survey of four analysts.

"The operating environment in the first half of 2016 was affected by economic fragility and intense competition," said the carrier's chairman John Slosar.

The company's statement added that a slowdown in the Chinese economy had led to restrictions on corporate travel.

"This adversely affected premium class demand, particularly on long-haul routes," it said.

Revenue for the period also fell 9.3 percent to HK$45.68 billion.

"It all boils down on the China economy. The pie is not getting bigger," said analyst Jackson Wong, associate director of Hong Kong-based Simsen Financial group.

He added that low-cost carriers and major airlines expanding into Asia were "eating up" Cathay's margins.

At the same time, the firm suffered huge hedging losses as the price of oil plunged.

Oil hedging is when an airline locks in fuel prices at a pre-determined level for a certain amount of time.

A slump in crude since mid-2014 should have provided a much-needed boost to their bottom line.

But Cathay's hedging losses widened to HK$4.49 billion from HK$3.74 billion year on year.

Fuel accounts for a huge chunk of most airlines' outlay costs.

"The results are disappointing mainly due to the (oil) hedging loss which increased by 20 percent as well as weak demand... It's a nagging pain," Wong added.

Cathay warned last month that a reduction in "load factor" -- a measure of how full its aircraft are -- was putting pressure on the business.

Passenger yield -- the amount of cash earned from carrying passengers each kilometre and a key measure of a carrier's profitability -- fell 10 percent to 54.3 Hong Kong cents in the first six months of the year.

Cargo revenue also decreased by 17.2 percent to HK$9.42 billion compared to the same period last year.

North Korea on Wednesday labelled South Korean President Park Geun-Hye a "psychopath" after she made a speech slamming Pyongyang's nuclear ambitions and defending the deployment of a US anti-missile system.

In her televised address on Monday, Park had stressed that deploying the Terminal High Altitude Area Defense (THAAD) system was an act of "self-defence" in response to the North's expanding nuclear weapons programme.

A spokesman for the North's Committee for the Peaceful Reunification of the Country said Park's argument was "preposterous" and unfounded.

"This is just a lame excuse and she should know that no one will be taken in by such sophism of a puppet that can do nothing without an approval of her US master," the spokesman said.

"This is no more than nonsense talked by a psychopath," he added in a statement carried by the North's official KCNA news agency.

North Korea has threatened to take "physical action" against the THAAD deployment, saying any South Korean ports and airfields hosting US military hardware would become a target.

Beijing is also opposed to the move, seeing it as a US bid to flex its military muscle in the region and undermine China's own missile capabilities.

US Army Chief of Staff, General Mark Milley, addressed those concerns during talks on Tuesday with his Chinese counterpart, General Li Zuocheng in Beijing.

THAAD is "not a threat in any way to China," Milley told Li according to a US Army statement.

Deploying the system "is a defensive measure to protect South Koreans and Americans from the North Korean ballistic missile threat," he added.

Milley was due to hold talks with top South Korean military officials in Seoul on Wednesday.

The THAAD issue has also been a target of domestic criticism, particularly from those living in the rural South Korean county of Seongju where the first battery will be installed.

Several hundred protestors turned out in Seongju for a visit Wednesday by Defence Minister Han Min-Koo, who sought to ease concerns that the system's powerful radar will pose health and environmental hazards and make the district a military target.

Han began by apologising for the lack of prior notice regarding the planned deployment but stressed that defending the South against North Korean aggression was the ultimate priority.

"Please understand (the government's) desperate resolve to protect people's lives," he said.

More than 900 Seongju residents had their heads shaved on Monday as a mark of protest, and many of those were among the demonstrators who greeted Han with anti-THAAD slogans and demands to scrap the deployment.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Learn about nuclear weapons doctrine and defense at SpaceWar.com
Learn about missile defense at SpaceWar.com
All about missiles at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
NUKEWARS
S. Korea's Park defends missile shield as residents shave heads
Seoul (AFP) Aug 15, 2016
South Korea's president Monday defended the proposed deployment of a US anti-missile system as an act of self-defence against North Korea, as hundreds of residents shaved their heads in protest at the plan. Tensions have been running high on the divided Korean peninsula since the North carried out its fourth nuclear test in January and followed up with a series of missile tests. South Ko ... read more


NUKEWARS
Sequencing of fungal disease genomes may help prevent banana arma

Adding milk, meat to diet dramatically improves nutrition for poor in Zambia

Pesticide-resistant whitefly could 'devastate' many US crops

'Neonic' insecticides bad news for bees: study

NUKEWARS
See-through circuitry

Prototype chip could help make quantum computing practical

USC quantum computing researchers reduce quantum information processing errors

Liquid light switch could enable more powerful electronics

NUKEWARS
B-52 successfully drops JASSM from internal bay for first time

Cathay Pacific H1 profit drops amid China slowdown

Sidewinder three for three in F-35 test firings

Boeing contracted for work on U.S. Navy F/A-18 E/F and EA-18G aircraft

NUKEWARS
Saab expands in Denmark

Obama admin unveils new truck fuel standards

New Zealand offers electric vehicle stimulus

US finds evidence of criminality in VW probe: report

NUKEWARS
Samsung buys US luxury home appliance maker Dacor

Taiwan's Hon Hai gets Chinese green light for Sharp deal

Montreal march kicks off World Social Forum

Down but not out: fears ease over China's weaker yuan

NUKEWARS
A plant present in Brazil is capable of colonizing deforested areas

Many more species at risk from Southeast Asia tree plantations, study finds

Drought conditions slow the growth of Douglas fir trees across the West

Early snowmelt reduces forests' atmospheric CO2 uptake

NUKEWARS
Map shows how Earth's vegetation has changed since 1980s

Iran, Roscosmos Discuss Price of Remote-Sensing Satellite Construction, Launch

Study Maps Hidden Water Pollution in U.S. Coastal Areas

Foraging strategies of smallest seals revealed in first ever satellite tracking study

NUKEWARS
Visible light superlens made from nanobeads

Smarter self-assembly opens new pathways for nanotechnology

New silicon structures could make better biointerfaces

Beating the heat a challenge at the nanoscale









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.