IN BRIEF (Page 13)

Cathay buys 49% stake

Cathay Pacific Airways Ltd, Hong Kong's largest carrier, has agreed to buy a 49 percent stake in Air China Ltd's cargo unit. Cathay will control 49 percent of Air China Cargo, including a stake to be held by an offshore trust, it said in a statement. The carrier will inject four Boeing Co 747-400 freighters in the unit, which already operates seven 747 cargo planes.

The deal may allow Cathay to benefit from rising Chinese freight traffic by giving it access to hubs in Shanghai and Beijing. The carrier may also help Air China compete with China Eastern Airlines Corp in Shanghai, the nation's financial hub.