The Hong Kong-based carrier’s subsidiary, Cathay Pacific Services, has signed an agreement with the Hong Kong Airport Authority to defer completion of its new cargo terminal at Chek Lap Kok Airport until mid-2013 at the latest, blaming the worldwide economic downturn for the decision. The cargo terminal had been due to open in the second half of 2011. A spokesman for the airline said the deferral would not exceed 24 months under this agreement. “This action is aimed at matching supply and demand in the airfreight business given the current market outlook,” he said. Cathay has agreed to compensate the authority for the delay, but has not disclosed the sum involved.