Hong Kong’s Kingboard Chemical Holdings Monday said it had agreed to sell its 9.6% stake in Cathay Pacific Airways to Qatar Airways for HK$5.16b (US$661m). Kingboard, an investment holding company, said it would recognise a gain of HK$800m on the sale which represented its entire stake in the airline. Cathay shares have risen by 29.4% since the start of January despite the airline in August posting its worst first-half loss in 20 years. This is not the first time Qatar Airways has taken a stake in another airline. The carrier owns 20% of IAG, as well as 10% of LATAM Airlines Group and 49% of Meridiana. Qatar Airways in August dropped plans to build a stake of up to 4.75% in American Airlines Group. <br/>
oneworld
British Airways is aiming to withdraw its last Boeing 747-400 in Feb 2024 under its latest strategic fleet plan. The airline remains the largest operator of passenger 747-400s with 36 in service. But it has been undertaking a replacement of the type with long-haul twinjets – Boeing 777s and 787s, plus Airbus A380s and A350s. CFO Steve Gunning said new-generation aircraft were 30% more efficient than the 747s. He says the airline is expecting a GBP150m (US$196m) annual fuel benefit over the next 5 years. Half the current 747 fleet will be withdrawn by 2021 and Gunning says the last 747-400 will exit the BA fleet in Feb 2024. Gunning's data indicates that BA expects to maintain a fleet of 63 777s over the period to 2022, while a gradually-expanding fleet of A380s, A350s and 787s will reach 71 aircraft in the same year. <br/>