Cathay CEO to become IATA Director General; Hainan to increase stakes in two companies
Cathay Pacific announced that CEO Tony Tyler will leave the airline on 31-Mar-2011 after Mr Tyler was selected to fill the post of IATA Director General and CEO following the retirement of Giovanni Bisignani. Mr Tyler will be succeeded by COO John Slosar. Cathay Pacific shares declined 0.4% on Friday.
Hainan Airlines to inject USD225m into Grand China Air and HNA Tourism Island
Hainan Airlines announced a CNY1.5 billion (USD225 million) cash capital increase in Hainan Island International Tourism Construction and Development Company and China Xinhua Airlines on 03-Dec-2010. Shares in the carrier declined 1.6% on Friday following a gain of 5.4% on Thursday,
China Airlines upgraded by Taiwan ratings
Taiwan Ratings Corp (TRC) recently raised its long-term corporate credit rating on Taiwan-based China Airlines Ltd to "twBBB+" from "twBBB", with the outlook rated stable. At the same time, the TRC affirmed the twA-3 short-term corporate credit rating.
The upgrade reflects TRC’s view that a recovering economy and growing direct flights between China and Taiwan will continue to support the carrier’s profitability and enable the company to further strengthen its leverage and cash flow protection measures, despite the risk of rising oil prices.
Kingfisher and Jet Airways rated ‘overweight’ by JP Morgan
Kingfisher Airlines was rated new “overweight” at JP Morgan. The brokerage has a share price target of INR83. Jet Airways was rated new “overweight” with a share price target of INR1090. Shares in Kingfisher gained 4.1% on Friday while Jet Airways gained 2.3%.
Asia Pacific selected airlines daily share price movements (% change): 03-Dec-2010