Published: Mon, August 12, 2019
Markets | By Otis Pena

Cathay Pacific shares tank as it caves into China demands

Cathay Pacific shares tank as it caves into China demands

The demonstration of specially equipped armoured cars came after another weekend of protests at Hong Kong's bustling worldwide airport and on the streets of one of the city's main shopping districts.

While Chief Secretary Carrie Lam has suspended the bill, protesters are demanding that the legislation be completely withdrawn and that Lam resigns.

Hong Kong police fired rounds of tear gas to disperse protesters before confrontations descended into a cat-and-mouse chase with demonstrators on August 10.

Police also denied the protesters a permit for a second rally in the city's working class Sham Shui Po neighbourhood.

Scores of protesters were arrested, sometimes after being beaten with batons and bloodied by police.

Such an intervention, were it to take place, would have nothing to do with defending democratic rights in Hong Kong, but would be aimed at prosecuting U.S. imperialist interests and undermining China.

Authorities have arrested over 600 people since the rallies began in June.

What began as opposition to a proposed bill to allow people to be extradited to mainland China to stand trial in Communist Party-controlled courts has evolved into calls for greater democracy in Hong Kong.

Shares in Hong Kong's flagship carrier Cathay Pacific plunged more than four percent on Monday, after Beijing banned airline staff supporting Hong Kong protesters from flights going through the mainland.

Tear gas was sacked at the blackshirted crowds in districts on Hong Kong island, Kowloon and the New Territories, with one young female medic hospitalised after being shot in the right eye, triggering a protest by medical workers who wore bloodied patches over their eyes.

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A massive traffic jam soon formed on the highway leading back to Hong Kong's city centre.

Thousands of pro-democracy protesters hit the streets of Hong Kong for a tenth weekend in-a-row Sunday, again defying police who fired volleys of tear gas at several locations.

Protests looked likely to continue well into the night with police stationed at a number of subway exits across the city in apparent preparation to tackle new flashmob protest tactics.

Businesses, both worldwide and local, in Hong Kong have also faced pressure and accusations of acting in concert or sympathizing with the protesters.

After years of growing Chinese intervention in the city, many protesters feel that this is their last chance to defend the city's autonomy.

However, China's Civil Aviation Authority issued a warning to Cathay Pacific about the involvement of its staff in "riots".

Raab's call drew the ire of the Chinese regime.

Protesters hold up placards that read "HK Police attempt to murder HK citizens" as they take part in a sit-in protest at the arrival hall.

"China solemnly demands that the British side immediately stop all actions that meddle in Hong Kong affairs and interfere in China's internal affairs", said a Chinese foreign ministry spokeswoman.

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