Swire Pacific
Properties
Swire Properties Limited and Hunan University have established the Intelligent Building Control Research Fund to promote building energy efficiency for sustainable development. Swire Properties will be underwriting a HK$3 million fund over the next three years to conduct research into evolving intelligent building control tools that optimise building energy efficiency and thermal comfort levels. Extensive testing will be conducted in Swire Properties' own buildings, and it is hoped the results will become a resource for the entire property industry.
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Swire Properties has signed an agreement with the Bank of China for a RMB2 billion five-year term loan facility to finance development and construction of TaiKoo Hui in Guangzhou. The 4.37 million square-foot development will consist of a prime shopping centre, two office towers, a cultural centre and a hotel, the Mandarin Oriental, and is due to begin phased opening from 2010. The transaction, which is guaranteed by Swire Properties, is the company's first bilateral deal of its size in Renminbi with a leading Mainland bank.
Aviation
Cathay Pacific Airways has announced a series of measures to address the drop in business resulting from the current economic downturn. The airline will reduce passenger capacity by 8% and overall cargo capacity by 11% from May. The capacity reductions are being introduced following a very thorough review of every route operated by Cathay Pacific. On the passenger side, there will be a reduction in flight frequencies or seat capacity to London, Paris, Frankfurt, Sydney, Singapore, Bangkok, Seoul, Taipei, Tokyo, Mumbai and Dubai. At the same time, additional flights will be mounted to Denpasar, Sapporo and Bahrain/Riyadh. Sister airline Dragonair will also see a 13% cut in capacity. Flight services to Bengaluru, Busan, Sanya and Shanghai will be reduced while services to Fukuoka, Dalian, Shenyang, Guilin and Xian will be suspended. Cathay Pacific's weekly freighter frequency will meanwhile fall to 84 flights - down from 124 a week during the 2008 peak. In terms of aircraft deployment, the airline is negotiating the sale of five aircraft and will park two more of its Boeing 747-400BCF freighters - taking the total to five - and wet-lease one BCF to subsidiary Air Hong Kong. Under a Special Leave Scheme, all of the 17,000 staff working for the airline have been asked to take unpaid leave of one to four weeks, depending on seniority, over a 12-month period from 1st May 2009 to 30th April 2010.
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Hong Kong Air Cargo Terminals Limited (Hactl) has been named "Best Air Cargo Terminal - Asia" at the 2009 Asian Freight & Supply Chain Awards (AFSCAs), held in April. Organised by Cargonews Asia, the AFSCAs are widely regarded as one of the most authoritative and prestigious awards for the freight industry in Asia.
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Cathay Pacific management trainee James Lee (25) was one of the winners of this year's Crystal Cabin Awards, awarded at the Aircraft Interiors Expo in Hamburg. James clinched the judges' commendation prize for his Paperclip Armrest Concept: a double-level armrest that allows two adjacent arms to occupy the same vertical space without clashing. James is a mechanical engineering and aeronautical engineering graduate.
Beverages
Swire Coca-Cola HK Limited (SCCHK) launched the Nestea Dahongpao Oolong Tea drink in April. Dahongpao Oolong tea, traditionally an imperial gift for the Chinese Emperor, is renowned for its golden colour and strong aroma, and regarded as especially suitable for consumption after a meal.
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