Mon, October 03, 2022

Cathay Pacific Leaks Hong Kong Protest Impacts

Stocks and interesting details

Cathay Pacific Airways Ltd and owner of Hong Kong’s luxury Peninsula highlighted the impact on their business of recent protests in Hong Kong. This is after the escalating cycle of violence exhausts the outlook for the city.

The anti-government protests deepened since mid-June. Millions of protestors have joined and occupied the streets of Hong Kong.

They were all forcing banks, stores, shopping malls, restaurants, and even china’s government buildings to close. The rallies worsened and led into violent clashes between police and activists.

On Wednesday, Hong Kong’s flagship airline, Cathay Pacific, said the protests decreased inbound passenger traffic in July.

The protest also weighs travelers on forwarding bookings, as it reported it fluctuated to a half-year profit.

In July, on the Chinese-ruled city’s airport, thousands of protesters descended. Some sung “free Hong Kong” and others passed out flyers revealing the city’s crisis to tourists.

Further Protests Planned on the Weekend

After the first strike on Monday, another rally will be conducted at the airport again this weekend.

The rally may cause further disruptions, including the cancellation of more than 200 flights previously.

Owner of the Hongkong and Shanghai Hotels Ltd in Tsim Sha Tsui indicated its worries regarding the effect of the protests on tourist arrivals as well as the broader economy.

On Wednesday, Clement Kwok, CEO of the hotel group said, “We are concerned about the effect this political uncertainty may have on our results, especially given the proportion of our income which is earned in Hong Kong.”

In June, Bonjour Holdings Ltd, chain operator of the Hong Kong-based cosmetic and healthcare products, expressed a warning on profit, which it partly blamed on the protests.

It has started to be an angry response and now suspended the extradition bill.

But now it includes demands for greater democracy and the resignation of Hong Kong leader Carrie Lam.

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