Mon, January 30, 2023

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.

YOU MAY ALSO LIKE

Euro

The euro rose on Monday as hopes for an increase in eurozone

Rocket Lab’s Shares Falling, Unlike Their Rockets

Last week, Rocket Lab Inc. launched its first rocket from US territory,

Solana

What Impact Will The Helium Network Migration Have On The Solana Blockchain?

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of

BROKER NEWS

Broker News

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of its