Business RoundUp May 19
- Source: The Global Times
- [00:11 May 20 2009]
- Comments
New airline to begin
The Civil Aviation Administration of China has approved the establishment of Tianjian Airlines and operations are expected to begin next month, Xinhua News Agency reported yesterday.
The report stated that Tianjian Airlines will be headquartered at the Tianjin Binhai International Airport. The new company is being funded by Hainan Airlines and its parent company Hainan Airlines Group as well as Tianjin Free Trade Zone. The airline has a registered capital of 1.3 billion yuan ($190.47 million).
According to plan, Tianjian Airlines will operate over 100 planes and 500 routes connecting 100 cities. The company aims to offer 200,000 flights annually with a yearly passenger capacity of 15 million.
HK authority change
The government of the Hong Kong Special Administrative Region announced yesterday that Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, will retire on October 1.
Financial Secretary John Tsang said that a successor is currently being selected and an announcement will be made after the final decision. He added that Yam's retirement would not affect Hong Kong's financial policies.
Yam has served as the Monetary Authority's chief executive for 16 years.