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Hong Kong protests take a toll as companies flag impact

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[HONG KONG] Cathay Pacific Airways Ltd and the owner of Hong Kong's luxury Peninsula hotel became the latest companies to highlight the impact of recent protests on their business, as an escalating cycle of violence clouds the outlook for the city. Read more at The Business Times.

Millions have taken to Hong Kong streets in anti-government protests that have intensified since mid-June, at times forcing banks, stores, shopping malls, restaurants and even government buildings to close as the demonstrations degenerated into violent clashes between police and activists.

Hong Kong's flagship airline, Cathay Pacific, said on Wednesday the protests reduced inbound passenger traffic in July and travellers were weighing on forward bookings, as it reported a swing to a half-year profit. "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," said Clement Kwok, CEO of the hotel group, in an earnings statement on Wednesday.

What started as an angry response to a now-suspended extradition bill, which would have allowed people to be sent to mainland China for trial, now includes demands for greater democracy and the resignation of Hong Kong leader Carrie Lam.

 

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