Friday, 20 January 2012 12:51
Posted by Shoaib-ur-Rehman Siddiqui
HONG KONG: Cathay Pacific said Friday it had agreed to buy six Airbus long-haul aircraft for less than $1.63 billion as part of its expansion plans.
The Hong Kong-based airline told the stock exchange it had purchased the A350-900 planes with "significant price concessions" from the manufacturer, for delivery between 2016 and 2017.
"It is normal business practice of the global airline industry to disclose the aircraft basic price, instead of the actual price, for aircraft acquisitions," it said, putting the basic price at US$1.63 billion.
The company will fund the transaction with commercial bank loans, other debt instruments and internal cash resources, it added.
"The Airbus aircraft will replenish and expand the fleet capacity of the company," it said.
"The company expects that the Airbus aircraft will deliver improved payload range capability at competitive operating costs whilst providing high standards of passenger comfort and safety."
Cathay shares were up 1.8 percent at HK$14.66 ...
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HONG KONG: Cathay Pacific said Friday it had agreed to buy six Airbus long-haul aircraft for less than $1.63 billion as part of its expansion plans.
The Hong Kong-based airline told the stock exchange it had purchased the A350-900 planes with "significant price concessions" from the manufacturer, for delivery between 2016 and 2017.
"It is normal business practice of the global airline industry to disclose the aircraft basic price, instead of the actual price, for aircraft acquisitions," it said, putting the basic price at US$1.63 billion.
The company will fund the transaction with commercial bank loans, other debt instruments and internal cash resources, it added.
"The Airbus aircraft will replenish and expand the fleet capacity of the company," it said.
"The company expects that the Airbus aircraft will deliver improved payload range capability at competitive operating costs whilst providing high standards of passenger comfort and safety."
Cathay shares were up 1.8 percent at HK$14.66 ...
SEATTLE: Microsoft Corp's fiscal second-quarter profit fell very slightly as lagging computer sales to cash-strapped consumers in the United States and Europe hurt its core Windows business.
Companies and emerging markets are still hungry for new PCs, according to the latest data, but customers in mature markets are ditching their Windows-powered netbooks in favor of Apple Inc's iPad, Amazon.com Inc's Kindle or postponing a PC purchase until the economy improves.
"There's really three things that impacted the ...
SAN FRANCISCO: Google Inc's quarterly results fell short of Wall Street's heightened expectations for the holiday season as declining search advertising rates contributed to a rare miss, triggering a 9 percent slide in its shares.
The No. 1 Internet search engine underperformed on both revenue and earnings in the fourth quarter, disappointing investors who had counted on record US online-commerce to prop up results.
Its shares dived to about $583 in after-hours trade, from the Nasdaq close ...
SAN FRANCISCO: Intel Corp sharply increased its capital expenditure budget for 2012 in a bid to catch up in tablets and smartphones and to extend its lead in corporate data centers.
The chipmaker's fourth-quarter earnings beat scaled-back expectations on Thursday as it faces a tough PC market hit by a weak economy and shortage of hard drives.
Rushing to speed up its development of competitive chips for smartphones and tablets, Intel said it is boosting capital spending ...
TOKYO: Japanese auto giant Toyota on Thursday played down its demotion from top spot in the world carmakers' league after US firm General Motors said it sold 9.03 million vehicles in 2011.
Toyota had been the world's biggest carmaker since 2008, the year GM almost collapsed and the global financial crisis forced it to turn to the US government for a bailout.
GM went on to file for bankruptcy in 2009 but has since recovered, returning to ...
NEW YORK: Information technology giant IBM said Thursday that its net income jumped seven percent in 2011, driven by surging business in dynamic emerging economies.
Net income for the year hit $15.9 billion on revenues of $106.9 billion, also up seven percent for the year.
Earnings per share rose 13 percent to $13.06, the ninth straight year EPS scored double-digit growth, said the company, which celebrated its 100th anniversary last year.
Fourth-quarter net earnings rose more slowly, up ...
NEW YORK: Google reported a fourth-quarter net profit of $2.71 billion on Thursday and said quarterly revenue blew past $10 billion for the first time.
"Google had a really strong quarter ending a great year," chief executive Larry Page said. "I am super excited about the growth of Android, Gmail, and Google+, which now has 90 million users globally -- well over double what I announced just three months ago."
Copyright AFP (Agence France-Presse), 2012 ...
