Cathay Pacific ends two-year loss with $299 million profit in 2018

Hong Kong flag carrier Cathay Pacific ended two successive annual losses as it embarks on a massive overhaul. (AFP)
Updated 13 March 2019
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Cathay Pacific ends two-year loss with $299 million profit in 2018

  • The recovery came in a year that saw it suffer an embarrassing data breach that dented its reputation and could prove costly

HONG KONG: Hong Kong flag carrier Cathay Pacific on Wednesday announced a net profit of HK$2.35 billion ($299 million) last year, ending two successive annual losses as it embarks on a massive overhaul.
The recovery, compared with a $160 million loss the year before, also came in a year that saw it suffer an embarrassing data breach that dented its reputation and could prove costly.


Turkey says trying to convince US to allow Iranian oil imports

Updated 26 April 2019
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Turkey says trying to convince US to allow Iranian oil imports

  • US demanded that Iranian oil buyers stop purchases by May 1 or face sanctions
  • The decision was more stringent than expected, and caught several key importers to plead with the US

ANKARA: Turkey is trying to convince the United States to allow refiner Tupras, its biggest oil importer, to continue buying crude oil from Iran free of sanctions, Foreign Ministry spokesman Hami Aksoy said on Friday.
Washington on Monday said it will not renew exemptions granted last year to buyers of Iranian oil, including Turkey, and it demanded that buyers stop purchases by May 1 or face sanctions.
The decision was more stringent than expected, and caught several key importers who have been pleading with Washington to continue buying Iranian oil sanctions-free.