Cathay Pacific Airways

Sothebys (NYSE:BID) announced today that Linus Wing Lam Cheung has been unanimously elected to join the Company's Board of Directors. Mr. Cheung is the retired Chief Executive Officer of Hong Kong Telecom and a renowned collector of Chinese Art.

Dow Jones Industrial Average was marginally higher overnight, supported by financial stocks. But material stocks were under pressure as commodities prices declined. Asian markets Wednesday closed mixed. Singapore market finished 0.8 per cent higher to their a seven-week high after a report showed that Singapore's economy was expected to grow 6.5 per cent in 2010. Japan's Nikkei 225 and Hong Kong's Hang Seng Index finished flat after moving between gains and losses during the session. South Korea's Kospi ended 0.1% higher. But China's Shanghai Composite snapped a three-day rise and fell 0.7 per cent ahead of the inflation data.

Most Asian markets ended lower yesterday on fears of a possible downgrade of Greek debt. Japan's Nikkei lost 1.0 per cent while a rising yen weighed on exporters. Taiwan market fell 1.4 per cent and South Korean's Kospi declined 1.6 per cent. But China's Shanghai Composite rose 1.3 per cent, as investors were expecting an annual parliament session in March may reaffirm China's relatively loose monetary policy.

Air China may emerge as the only profitable airline among the three mega Chinese carriers in fiscal 2006 helped by the recent binding with Cathay Pacific, said Tai Fook Research.