China's sovereign fund eyes US investments

HONG KONG • China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said yesterday.

CIC will boost its investments in private equity and hedge funds as well as make more direct investments, Mr Ding Xuedong said.

Mr Ding, who also heads investment bank China International Capital Corporation (CICC), added that CIC may also look into investing in US infrastructure projects and the manufacturing industry, which are expected to benefit from President-elect Donald Trump's policies.

REUTERS

Cathay Pacific looks set to cut jobs, shift flights

SYDNEY/SHANGHAI • Cathay Pacific Airways is expected to announce job cuts and cost reductions, and to shift flights to its short-haul arm when it unveils the results of a key review this week, as it grapples with growing competition from Chinese carriers.

The 71-year-old Hong Kong airline is under pressure to combat aggressive state-supported mainland carriers, and to position itself against an "open skies" deal signed last month between China and Australia.

Cathay scrapped its second-half profit forecast in October and announced a review of its business. Cathay declined to comment on the details of its review.

REUTERS