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State-owned Qatar Airways has decided to sell its entire stake in Cathay Pacific Airways for about $897 million (HK$6.97 billion), marking its complete exit from Hong Kong’s flagship airline after eight years. Cathay said late on Wednesday that the Doha-based carrier had approached it about selling its entire 9.7 per cent stake, and it would repurchase the shareholding through a buyback at HK$10.8374 per share, roughly a 4pc discount to its last closing share price. The Gulf carrier had bought the stake in November 2017, making it the third-largest shareholder in Cathay after Swire Pacific and Air China. Cathay is paying roughly a 35pc premium over the price Qatar Airways originally paid for the stake to buy it back. The Hong Kong carrier said it would fund the deal through internal resources and existing credit lines. “I don’t think there’s anything special to read into it [buying back from Qatar]. I think it’s more likely about Qatar Airways having their own cash needs,” said Kenny Ng Lai-yin, securities st...
As the Fund for Responding to Loss and Damage (FRLD) opens for business at COP30 later this month with money grossly insufficient to address damage caused by climate change, Pakistan is expected to submit proposals to the tune of $10-20 million to the FRLD board despite reservations. Three years after its operationalisation at COP27 in Egypt, the fund has about $300 million in total and pledges of $700m by the Global North countries. Intended as a rapid response fund, the fund, with its interim secretariat based in the World Bank, has failed to disburse even a single penny to the affected countries, said civil society leaders spearheading the ‘Fill the Fund’ campaign. Climate minister Musadik Malik also confirmed that Pakistan did not receive a single dollar from the loss and damage fund despite the catastrophic losses it has faced due to global warming. Speaking to Dawn, Malik said the fund decided to operationalise $250m for its call for proposals at COP30 in Belem and 50 per cent of this amount was exclusi...
Sikh devotees on Wednesday gathered to celebrate the birth anniversary of Guru Nanak Dev, the founder of Sikhism, in Punjab’s Nankana Sahib. On Tuesday, Pakistan had welcomed dozens of pilgrims from India in the first major crossing since deadly clashes in May closed the Wagah-Attari border in Punjab between the nuclear-armed neighbours. More than 2,100 pilgrims were granted visas to attend a 10-day festival marking the 556th birth anniversary of Guru Nanak, Pakistan’s High Commission (embassy) in New Delhi said last week. Sikh devotees gather around a bus carrying the Guru Granth Sahib, the Sikh holy book, during a religious procession on the occasion of the birth anniversary of Guru Nanak Dev, the founder of Sikhism, in Nankana Sahib, in Punjab. — AFP Sikh devotees gather around a bus carrying the Guru Granth Sahib, the Sikh holy book, during a religious procession on the occasion of the birth anniversary of Guru Nanak Dev, the founder of Sikhism, in Nankana Sahib, in Punjab. — AFP Sikh pilgrims pay respect...8038 items