Finance
Hong Kong finance chief urges Cathay to raise service quality to boost status
“We hope Cathay Pacific Airways will continue to improve service quality and support and enhance Hong Kong’s status as an international aviation hub,” Chan wrote in his weekly blog.
“Looking forward, local airlines should actively expand their route networks in response to the needs of economic development, business connections and public travel and facilitate the country’s Air Silk Road strategy.”
The “Air Silk Road” is the aviation connectivity part of President Xi Jinping’s Belt and Road Initiative, a China-centred trade network covering more than 100 countries.
Chan said the aviation corridor would spur bilateral trade with these countries.
Xia urged the authority, which manages the international airport, to leverage its unique advantages under the “one country, two systems” governing principle and to continue contributing to national development.
The financial secretary said he also expected more business exchanges and closer ties between Hong Kong and the Middle East after Cathay relaunched a direct flight to the capital Riyadh in October.
The relaunch will come months after a connection between the kingdom and Shenzhen, which got its first non-stop flights to the city on June 3 via China Southern Airlines, while Guangzhou also has direct services to Kuwait and Riyadh.
“More convenient transport between the two places will definitely strengthen closer exchanges between the two markets, bring together more new funds and create more new opportunities for Hong Kong’s financial market,” he said.
Cathay announced on Friday that it would buy back the remaining half of preference shares issued to the government, worth around HK$9.75 billion, and pay remaining dividends amounting to HK$2.44 billion up to July 31.
The shares were part of a government-led bailout in 2020 with a HK$39 billion recapitalisation package for Cathay, as the airline financially struggled amid a collapse of the global travel market.
The first half was bought back in December last year.
Chan said in his blog Cathay’s ability to fully take back the shares “marked the steady return of Hong Kong’s aviation industry to full normality”.
The finance chief said that, in 2020, the government had taken into account the overall interests of Hong Kong society, especially the need to maintain the city’s status as an international aviation hub, before investing HK$27.3 billion, comprising HK$19.5 billion for preference shares and HK$7.8 billion in bridging loans, in Cathay.
“This special investment arrangement made under such an extraordinary period achieved win-win results,” he said.
“On the one hand, Cathay gained financial liquidity, was able to survive its difficulties, and restore capacity fairly quickly.
“At the same time, this investment brought a return of nearly HK$4 billion to our coffers.”
Cathay in March reported a net profit of HK$9.78 billion last year, its first since 2019, after a net loss of HK$6.62 billion in 2022.
The company earlier pushed back its original plan to return to 100 per cent passenger capacity from the end of 2024 to the first quarter of 2025.
The Post has contacted Cathay for comment.
Written by Jitendra Parashar at The Motley Fool Canada
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AGF Management stock continues to reward shareholders
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Finance
Martha Aguirre, former El Paso ISD interim superintendent, resigns as CFO as district finds ‘key financial challenges’
El Paso Independent School District Chief Financial Officer Martha Aguirre, who served as interim superintendent last year, resigned this week as the district said it had discovered “key financial challenges.”
The district issued a news release late Thursday afternoon that lacked details but indicated that a recent review had raised questions about the district’s fund balances, a key indicator of financial health.
“Through this process, key financial challenges were identified that must be addressed prior to closing out the 2025-26 school year including a current budget shortfall that is being actively addressed ahead of the district’s final financial presentation to the Board of Trustees in June,” the news release said.
A CFO is charged with developing a school district’s budget and overseeing its finance department. The EPISD Board of Trustees must adopt a budget for the 2026-27 school year by the end of the fiscal year June 30. The operating budget for the current school year is $547 million.
EPISD Deputy Superintendent David Bates will oversee the budget while the district searches for an interim and permanent CFO, district officials said in a statement.
EPISD Board President Leah Hanany said trustees were notified about Aguirre’s resignation this week. She said the district plans to give the public more information on the current year’s budget during a board meeting later this month.
“The board was also notified of a potential budget shortfall for the 2025 budget, but we don’t have final numbers yet. My understanding is that we are still primed to pass a balanced budget for fiscal year 2026-27 in June,” Hanany said in a statement.
Aguirre could not be reached for comment. EPISD’s CFO makes $148,200 to $209,900 a year, according to the district’s administrative pay plan.
She served as EPISD’s interim superintendent from June to December 2025 after the district’s former superintendent, Diana Sayavedra, resigned under pressure from the board. She returned to her position as CFO when Brian Lusk was hired as EPISD’s new permanent superintendent.
Aguirre’s resignation comes amid an uncertain budget season after a state funding calculation error tied to school property tax breaks caused EPISD to lose out on $17 million in projected revenue. In late April, EPISD officials estimated it would cause the district’s spending to exceed its revenue next year by $10 million.
The district is also considering calling for a bond election in November to upgrade its aging campuses as part of the larger 2024 Destination District Redesign initiative to close schools and improve the ones that remain open.
El Paso Teachers’ Association President Norma De La Rosa said Aguirre’s departure was unexpected.
“We’re right in the middle of the committee meetings for a possible bond and getting ready to get that budget to the June board meeting for next school year. So, to say that I’m highly surprised is an understatement,” De La Rosa told El Paso Matters.
Aguirre started working with the district in 1996 as a general clerk, according to a video published by the district.
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