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Cathay Pacific’s H1 losses narrow on higher cargo yield and cost-cutting

Hong Kong flag carrier Cathay Pacific Airways Ltd (00293) on Wednesday reported a net loss attributable to shareholders of HK$ 7.57 billion for the first half of 2021, down by nearly a quarter from a year ago due to reactivated cargo business and decreased costs amid the impact of COVID-19. Tightening travel restrictions and quarantine requirements in Hong Kong and other main markets caused great challenges to the company, Cathay’s Chairman Patrick Healy said. “COVID-19 will continue to have a severe impact on our business until borders are reopened and travel restrictions are lifted,” Mr. Healy told a news conference after the results were announced, adding that the sudden increase in coronavirus infections in mainland China recently made the situation more unpredictable than previously. Cathay said its first-half losses narrowed 23.3% from a loss of HK$ 9.87 billion the same period a year ago. However, its total revenue for the six-month period dropped about 43% to HK$ 15.9 billion under the COVID-19. Shares of Cathay rose 3.55% to close at HK$ 6.42 after the results, outperforming a 0.2% gain on the benchmark Hang Seng Index. Passenger service remained badly affected in the first half of the year as the revenue plunged 93.2% to HK$ 748 million. Revenue passengers carried dropped 96.4% to 157,000, and passenger capacity decreased 85% compared to the prior year. Basic loss per ordinary share shrunk 46.5% to 122.1 HK cents, compared to 228.1 HK cents in the previous year, the company said in a statement. However, Cathay said it saw a 24.4% surge in cargo yield and only a 0.6% decrease in the revenue of cargo business during the first six months of 2021, which helped mitigate the company’s losses. Its total operating expenses decreased 39.2% compared to 2020, with a 33.4% drop in staff expenses …

“Moat city”: Covid policy raises questions in Shijiazhuang

  • 2021-08-10

Since the beginning of this month, Covid precautionary measures in Shijiazhuang, the capital of Hebei province have forced the closure of cinemas, and cancellation of face-to-face classes in kindergartens and tutorial schools. Some events have been cancelled and department stores have stepped up their disinfection routines.   However, there has not been a single case of Covid in Shijiazhuang for more than five months.   A staff member of UME cinema answered the hotline and said that the policy was implemented with very short notice. They do not know whether they will be paid during the closure.   “We are still waiting for a further plan from our company,” she said.   Party officials explained that the city should act as a “moat” to protect Beijing from the pandemic. Geographically, Beijing is surrounded by Hebei province. For years, Shijiazhuang and Hebei province have seen themselves as the “capital political moat”, safeguarding the stability of Beijing.   On August 5, Wang Dongfeng, the secretary of Hebei provincial Party committee, said at a conference dealing with COVID-19 that Hebei would do a good job in pandemic prevention and control, and resolutely acted as the moat of the capital with practical results. The policy is leaving some cinema-goers baffled. According to an announcement posted by China Film Administration on August 4, cinemas in medium and high risk areas should be closed temporarily, but in low-risk areas attendance can be up to 75%.   Kang Hongming, a university student living in Shijiazhuang thought that it was not reasonable to close the cinemas. “Beijing has 23 confirmed cases now but the cinemas there are still open. Shijiazhuang has zero cases but all the cinemas are closed. It's weird,” he said. “ Sometimes the local government considered Beijing first instead of its own citizens,” he added. Wang …

Water World to open on Mid-Autumn Festival

  • 2021-08-09

Water World, Ocean Park’s new attraction, will open on September 21, the day of the Mid-Autumn Festival.   The initial signs are that people are looking forward to trying out the new water rides as "early bird discount" tickets for the first week were sold out in the first 17 minutes after sales opened online at 5 pm today (August 9).   Originally scheduled to open in 2017, Water Park is expected to boost the fortunes of Ocean Park, which has suffered financial losses in recent years because of falling numbers of local and overseas visitors due to the social unrest in 2019 and the COVID-19 pandemic since early 2020.    The amusement facility was saved from financial collapse by a $5.4 billion bailout by the government last year. A subsequent $6.4 billion rebirth plan was approved by the Legislative Council in March.   Built near the sea, Water World is the first facility of its kind in Asia that opens all year round. It has five theme zones and 27 indoor and outdoor attractions, including the city’s first-ever surf rider, nine dynamic water slides and several water play zones.   A visitor to the park, who would only be identified as Ms. Wong, said that she would definitely take her two children to Water World as they both like playing in the water very much.   “(However) I won't do it for the time being because I'm still worried about the spread of the (Covid-19) virus,” she said.    “We know that many people are looking forward to it and many people will go there, but epidemic prevention in the water is difficult to guarantee. You can't swim with a mask."    Ocean Park officials say tourists will be required to wear masks on leaving the pools and moving …

Society

Hong Kong Brands and Products Shopping Festival opens, Unexcited by govt’s consumption voucher

The 2021 Hong Kong Brands and Products Shopping Festival, which was traditionally held during winter, opened on Friday in hopes to tap the buying spree boosted by the government’s HK$5,000 consumption voucher scheme.   For its first time held in summer, the festival will last for three days from August 6 to 8 at the AsiaWorld-Expo in Chek Lap Kok on Lantau Island.    After the opening ceremony of the festival, Edward Yau Tang-wah, Secretary for Commerce and Economic Development of Hong Kong, said the electrical consumption voucher was intended to boost the economy.   “Despite securing the enterprise, employment can also be secured by only spending a dollar,” he said. “We hope this goal can be achieved in the short run.”   The festival, used to be held annually in December or January in Victoria Park in Causeway Bay, offers a variety of goods, as well as entertainment like shows, lucky draws and booth games for visitors.   The organiser, the Chinese Manufacturers' Association of Hong Kong, expected the festival would have an enthusiastic response as registered citizens started to receive a $2,000 electronic voucher from the beginning of August. The balance of the voucher will be paid later this year.   “Some customers bought boxes of products using the vouchers,” said Ms Lee, who refused to disclose her first name. She is in charge of HOME+, an online shop that offers frozen food, groceries, household appliances and beauty products.   “We expect a 10% to 20% increase in membership after the festival,” she said.   The owner of Tak Shing Sea Products Co., Ltd. Ms Woo, who withheld her first name, said   while half of the customers purchased with electronic vouchers, the sales were limited. “They spend no more than $2000,” she added.   “We didn’t fantasise about …

Hong Kong residents and university students arriving from mainland scramble to adapt to latest Return2HK scheme

  • 2021-08-05

After completing the mandatory coronavirus test, passengers on China Eastern flight MU507 from Shanghai, one of the few flights arriving today from mainland China, gradually exited the arrivals hall around 5:30 p.m., reluctantly ready to accept latest quarantine requirements of the Return2HK scheme. "The government did not give us time to respond,'' said Xindy, a passenger on the Shanghai flight who came to work in Hong Kong and will stay in a hotel for her quarantine. "People who do not have a place in Hong Kong have to book hotels to quarantine, but many hotels are fully booked and many don't provide the quarantine service. The time left for us was too short, and the government did not provide any help." The Hong Kong government announced yesterday that due to the sudden increase of coronavirus infections in mainland China, from midnight today (Aug. 5), Hong Kong residents returning from the mainland, except Guangdong Province, are subject to 14-day compulsory quarantine at home under the Return2HK scheme. They are also required to be tested five times for a coronavirus infection during and after the quarantine period. "The previous policy, even if it is urgent, is usually implemented from ‘next Monday.’ It's on short notice this time," said Xindy, who was unhappy with the sudden change and only provided her first name. The new quarantine policy also affects university students arriving from the mainland. Many students who returned to mainland China during summer holiday have to adjust their return plans. "I originally planned to return to Hong Kong after August 20, but now I may go to Shenzhen these days," said Charlotte Wang, an undergraduate film student at Hong Kong Baptist University (HKBU) who is now in Xi'an. "Since I have to either stay in Guangdong for at least 14 days or …

Society

Mass Covid testing in Macau after Delta variant found in one family

More than 600,000 people in Macau have three days to get a Covid test or they may lose access to public transport. There have been long lines outside 41 Covid testing centres since 9 a.m this morning. The move came after a family of four tested positive for the Delta variant. A girl in the family visited Xi’an recently on a school trip. She and two people who sat next to her on a flight to Zhuhai all tested positive. Failure of an online booking system caused further chaos. Some people who thought they had booked a test showed up only to find there was no record of their booking. Xiao Heiwu, a senior high student told The Young Reporter that the queue stretched outside Macao Federation of Trade Unions Workers Stadium where she was waiting for her test. “I booked the test online, but I still needed to wait for an hour,” she said “People had to wait in the rain,” she added. People wait for their Covid test in the rain outside Macao Federation of Trade Unions Workers Stadium. (Video provided by Xiao Heiwu)   Jenny, a student from the University of Macau who didn’t provide her full name, said in a phone interview that she stood in line for over three hours to get tested. “Such a large number of people (should be tested) in such a short period of time,” she said. “Queues are inevitable.”   Macau health authorities announced last night that the health code on everyone’s mobile phone would change to blue from 9 a.m. today, indicating they must get a test. The code was supposed to turn green once a person tests negative. But those who do not get a test within three days will get a yellow health code, which means they …

Society

Imported Delta strain spreads to 15 provinces and municipalities

The Delta variant of the COVID-19 virus has yesterday spread to 15 provinces and municipalities on the mainland since it was first detected on July 20 in Nanjing, capital of Jiangsu province in eastern China. As local authorities try to stem the outbreak, lockdowns and travel restrictions have been imposed in many parts of the country. In the latest development, Wuhan in Hubei province, the epicentre of the coronavirus outbreak that started in late 2019, will begin testing its 11 million people, after seven locally transmitted cases have been recorded.  In Zhangjiajie, the scenic city in Hunan province in central China known for its spectacular landscape, both local residents and tourists have been barred from leaving, after 13 confirmed infections were identified.   In Nanjing, the population has been put through three rounds of COVID-19 tests. Lukou district was designated a high-risk area and 31 nearby districts medium-risk, according to local media reports. So far, the city has recorded 220 confirmed cases of infection, of which six are classified as severe. Thousands of citizens who reside in medium and high-risk areas have been quarantined in hotels, while others were told to refrain from going out.  As shopping malls and supermarkets in some areas were forced to close, buses and trains have also changed their routes to avoid passing through high-risk areas.  Despite these preventive measures, the city is not under a full lockdown and most people still need to go to work.   Guo Guanchu, a student of Southeast University, said people in the city did not find the current wave of infection frightening.  “The impact of the pandemic on Nanjing is decreasing, but it is having a bigger impact on the whole country,” he said, referring to the rising number of infections across the country.  But travel restrictions imposed to …

Consumption Vouchers set off a spending spree

  • 2021-08-02

About 10 people lined up at a convenience store outside Tai Wai MTR station this morning, ready to claim their government consumption e-vouchers through their Octopus cards. Eligible people have been receiving the first batch of HK$2000 e-vouchers since yesterday. The second batch of $2000 will be issued in October followed by $1000 in December. Consumers must spend what they have received in order to get the next two rounds of handout. The e-vouchers can be paid through Alipay Hong Kong, Octopus, Tap & Go and WeChat Pay HK. The payments can be activated online or by tapping the Octopus card at a payment counter. Miss Wong was in the queue in Tai Wai this morning. She planned to use the vouchers to buy a television set. "I don’t mind waiting in line given the discount," she said, "and there are convenience stores everywhere in Hong Kong. So if you really don’t want to line up and wait, you can get the vouchers later." Thomas Tong was shopping for an air conditioner at Fortress in the Festival Walk mall. "I planned to buy an air conditioner, but the vouchers helped me make up my mind sooner," said Mr. Tong. A sales person at an electrical appliance shop told The Young Reporter that the consumption vouchers have really helped business.  Many customers have been visiting his store since the vouchers were issued yesterday and he has seen at least a 40% increase in sales. Some restaurants that accept e-vouchers display a poster outside to attract customers. Simon Wong, Chairman of Hong Kong Japanese Food and Cuisine Association told The Young Reporter that the e-vouchers have brought a10% increase in business since yesterday.  But the manager at Six Up Inn in Kowloon Tong has not seen a significant increase in clientele.  "More …

Society

HK Swimmer Haughey Breaks Asian Record, Wins Second Olympic Silver Medal

  Hong Kong people cheered and applauded on Friday as they witnessed local swimmer Siobhan Bernadette Haughey breaking the women’s 100m freestyle Asian record and winning her second silver medal at the Tokyo Olympics.   Collected her first silver medal in the women’s 200m freestyle two days ago, Ms Houghey finished the 100m freestyle at 52.27, only 0.31 seconds behind Australian athlete Emma McKeon, who made an Olympic record at 51.96.    Setting the new personal and Asian best, the second silver makes Ms Haughey the first Hong Kong swimmer to attain two medals in the Olympic Games.   Speaking at the press conference, Ms Houghey said 80% of the performance depended on her mentality. “I broke the personal best at the semi-final and achieved my goal. I just wanted to enjoy the 100m race,” said Ms Haughey.      Tokyo Olympic marks Hong Kong’s best performed Olympic Games so far, including two silvers achieved by Ms Haughey and a gold from Cheung Ka-long in the men’s individual foil fencing which is the city’s first medal in the game.    Approximately 500 audiences at APM, a shopping mall in Kwun Tong cheered for the 23-year-old while watching the live broadcast together.    Crowded on two floors, supporters brought along cheering tools like pom poms that made loud sounds by hitting and decibels reached the maximum as Haughey’s silver medal was secured. No one could help but cry out their excitement and appreciation.     Ten-year-old swimmer Yu, who withheld his first name, was inspired by the outstanding performance of Ms Haughey. “I will practice swimming more often, but winning an award in the Olympic Games is too difficult for me,” he said.   Audiences showed both the national flag and regional flag of Hong Kong after Ms Haughey won the …

Secrets of animated film production revealed in new Pixar exhibition

  • 2021-07-29

Barking out “A good soldier never leaves a man behind,” a life-sized model of Buzz Lightyear, one of Pixar’s most recognizable animated characters, flashes a broad smile and stands arms akimbo, ready to welcome visitors to a new museum exhibition that reveals through hands-on activities how to bring pixels to life. The Science Behind Pixar, a traveling interactive exhibit planned and produced by Boston’s Museum of Science and Pixar Animation Studios, opens to the public tomorrow through Dec. 1 at the Hong Kong Science Museum. Around 30 members of the news media and guests were allowed exclusive access to the exhibition a day before it officially opens. Pixar Animation Studios, owned by Disney, is known for its globally award-winning digitally animated short and feature films including Toy Story, Monsters, Inc., Up, Finding Nemo and more recently Luca. In the exhibition, visitors will learn how these films ingeniously merge science, technology, engineering, art and maths (STEAM) to create the lively characters and realistic scenes that have been projected on movie screens worldwide for the past 25 years. More than 50 interactive exhibits, physical models and videos will be on display across eight areas. In addition to the informative and enlightening videos, the exhibition also includes screen-based activities so visitors can experience different roles in movie-making production and understand each behind-the-scenes process. Visitors will also be allowed to pose and take pictures with the life-sized models of some classic Pixar film characters, such as Buzz Lightyear, Mr.Q and Sullivan. General admission price is HK$30 on most days and HK$5 for full-time students. If you are interested, remember to make an appointment on the website of the Hong Kong Science Museum. Reservation website: https://hkscm-pixar.com/zh/event/the-science-behind-pixar/1.