Cathay let-down

CATHAY PACIFIC, the Hong Kong based airline, yesterday warned investors that it faced another tough year in 1999 as it reported a first- half loss of HK$175m (pounds 14m), against HK$1.07bn profit for the same period last year. The carrier said it was being hit by problems plaguing air cargo operations at Hong Kong's Chek Lop Kok airport, which opened in July.

The chairman, Peter Sutch, also denied that there were any plans for Cathay to take a stake in British Airways, or for BA to take a stake in Cathay.