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Charlotte So

Cosco Pacific said its net profit shot up 105 per cent to US$702.7 million last year and the company is considering making more port acquisitions abroad at a time when the mainland's container throughput growth is slowing.

Beijing-based Air China said net profit sank 32 per cent last year to 3.26 billion yuan (HK$4.07 billion) as revenue per passenger slid and air cargo operations bled from soft demand and overcapacity in the industry.

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Joseph Lau Luen-hung yesterday resigned from the post of chairman of Chinese Estates after being convicted in Macau last week of bribing officials and money laundering, passing on the baton to his son Lau Ming-wai.

Tycoon Li Ka-shing has sold the bulk of his stake in a port terminal, disposing of another asset in Hong Kong and raising fresh questions about his oft-repeated claim that he has confidence in the city and will not withdraw.

Hong Kong port operators urged the government to press harder on consolidating about 70 hectares of land next to its terminals to eliminate congestion and raise their capacity after a round of alliances in shipping lines will further stretch the limits of the already crowded port.