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Breakingviews - Cathay Pacific's recovery finds its wings
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Cathay Pacific is regaining its mojo. It expects in August to report a net profit for the first half of 2023, after three straight years of losses. It also announced plans to buy back preference shares worth HK$19.5 billion, about $2.5 billion at current exchange rates, issued to the Hong Kong government as part of the carrier's pandemic bailout in 2020. The double good news helps clear the runway for a smoother recovery.
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