Hong Kong Stocks Rally As Hang Seng Hits Multi-Year High
The HSI advanced from around 24,280 on July 14 to close at 24,825.66 on July 18, marking a robust 2.2% weekly gain. The rally mirrored upbeat sentiment in regional markets, as the MSCI Asia-Pacific ex-Japan index also hit a multi-year high, buoyed by strong US economic data and positive corporate earnings.
All sectors contributed to the advance, with Chinese blue-chip stocks leading gains. Investors shrugged off lingering tariff concerns and focused on improving macro signals from the US and China.
The Hong Kong Exchanges and Clearing (HKEX) also announced major infrastructure updates, including a proposal to shorten the equities settlement cycle from T+2 to T+1, aiming for implementation by 2027. This move aligns with global financial hubs and aims to reduce systemic risks.
HKEX also launched a 30-year RMB interest rate swap under Northbound Swap Connect and introduced a new order routing service on its Integrated Fund Platform, reinforcing Hong Kong's position as a key cross-border financial centre.
Outlook: With momentum building and HIS at a multi-year high, investors are eyeing this week's US macroeconomic data and developments in China's property sector for further direction. Analysts remain cautiously optimistic but note that volatility could return on shifting global trade and interest rate dynamics. Related
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Malay Mail
7 minutes ago
- Malay Mail
Singapore's SMRT fined RM7.9m for six-day MRT disruption in 2024, down from initial RM9.9m
SINGAPORE, July 26 — Singapore public transport operator SMRT will pay a reduced fine of S$2.4 million (RM7.9 million) over a major six-day MRT disruption on the East-West Line in September 2024, following a review by the Land Transport Authority (LTA). The penalty is S$600,000 less than the initial amount announced in June. According to The Straits Times, the updated fine was revealed in an LTA statement yesterday. The regulator said it had considered SMRT's representations and the challenges the operator faced during the incident, including pandemic-related supply chain disruptions that delayed spare parts for train overhauls. The fine will go into the Public Transport Fund to help lower-income households with commuting costs, said LTA. SMRT has also been directed to invest at least S$600,000 within a year to strengthen its maintenance capabilities and submit documented proof of the improvements. 'In reaching this decision, LTA took into consideration the considerable challenges SMRT had faced in planning and executing their overhaul regime for the Kawasaki Heavy Industries (KHI) trains,' the authority said, citing the global delays triggered by Covid-19. The disruption stemmed from a faulty component on a first-generation KHI train that led to a partial derailment between Jurong East and Buona Vista stations on the morning of September 25, 2024. Services were affected until September 30, disrupting about one in six trips each day. Investigations found that SMRT had extended overhaul intervals without a detailed engineering or risk assessment. The root cause was traced to degraded grease, which led to the detachment of an axle box — a key component connecting the train's wheels — near Dover station. One of the train's bogies derailed as a result, damaging 2.55km of track and trackside infrastructure. SMRT Trains president Lam Sheau Kai responded in a Facebook post, saying the operator will 'strengthen its direct engagement with original equipment manufacturers of trains and systems' and invest in technical expertise through deeper collaboration. Lam added that SMRT has long prioritised workforce development and upskilling, and will continue supporting the secondment of LTA engineers — a practice ongoing since 2018. SMRT is also working with LTA and Alstom to progressively roll out the new R151 trains, with all 106 units expected on the North-South and East-West lines by 2026. As of June 29, 61 R151 trains were in operation. The ageing KHI fleet is set to be retired by September. The Straits Times reported that LTA had earlier described the original S$3 million fine as 'proportionate', but also took into account SMRT's financial outlay for emergency bus bridging and shuttle services during the disruption, as well as repair costs. SMRT had submitted its representations on June 6 after receiving LTA's notice of intention to penalise the operator on May 30. The transport regulator reviewed the submission before confirming the revised fine on July 25. SMRT has 14 days to appeal the penalty to Acting Transport Minister Jeffrey Siow. Asked by The Straits Times whether it would do so, Lam said only that SMRT had 'noted that LTA had considered its representations'. The S$2.4 million penalty is the second-highest imposed on a rail operator in Singapore's history. The record fine remains the S$5.4 million SMRT incurred following a 2015 disruption that shut down the entire North-South and East-West lines during evening rush hour.
Malay Mail
an hour ago
- Malay Mail
Singapore catering couple fined over RM235,000 each after failing to pay staff more than RM1.4m
SINGAPORE, July 26 — A married couple who ran several catering businesses, including Royal Cuisine Group and Tingkat Singapore, have each been fined S$72,000 (RM237,283) for failing to pay salaries to over 100 employees in Singapore, The Straits Times reported. Wu Wenchun, 37, and Sim Ling Zhen, 31, pleaded guilty to 12 charges under the Employment Act. Each faces 66 weeks' jail if the fines are not paid. An additional 13 charges, including failure to report their change of residence, were taken into consideration during sentencing. According to Singapore's Ministry of Manpower (MOM), the couple's companies — Royal Cuisine Group, Yanxi and Healthy Meals Catering — owed 103 employees a total of S$432,870.63 in unpaid salaries. Only S$73,420 has been recovered to date, The Straits Times said. Sim was listed as the director, while Wu was the general manager. They were actively involved in running various food service brands, including Angel Confinement Meals, Happy Mamapapa Catering, Vegetarian Buffet, and the now-defunct Yanxi restaurant in Chin Swee Road. Public complaints about the companies surfaced in 2022, when customers began reporting unfulfilled meal orders. MOM received its first formal complaint on July 20, 2022, from a Royal Cuisine employee about unpaid wages, The Straits Times reported. Investigations revealed that the businesses were initially supported by investor Low Ting Hui, who helped fund operations and payroll. However, Low withdrew financial support in October 2022 following disputes over the companies' direction and use of funds, said MOM senior prosecuting officer Justine Loh. 'Despite meeting cash-flow issues and knowing that there would be difficulty in paying salaries to the employees, Wu and Sim decided to continue operating the companies, continue the employment of the employees, and opening other new businesses,' said Loh in court, as quoted by The Straits Times. By December 2022, landlords had shut down the companies' premises due to unpaid rent. MOM said Wu and Sim failed to properly inform employees about the situation and left them without pay for up to three months. The couple were also uncooperative with authorities, skipping mediation sessions, missing appointments, and failing to provide updated residential addresses during investigations, The Straits Times reported. 'Despite being provided with ample time to make salary restitutions to the affected employees, Sim and Wu did not make appreciable efforts to do so,' MOM said. Most affected workers have since found new employment with assistance from the Tripartite Alliance for Dispute Management (TADM) and the NTUC Employment and Employability Institute, according to The Straits Times. Under Singapore's Employment Act, employers who fail to pay salaries may face up to six months in jail, a fine of between S$3,000 and S$15,000, or both. Repeat offenders face stiffer penalties.
Focus Malaysia
2 hours ago
- Focus Malaysia
Rafizi's damning warning, 'Datuk Seri' titleship invites Farhash's public scrutiny, may expedite MACC intervention
FIRST, it was former economy minister Datuk Seri Rafizi Ramli urging the Malaysian Anti-Corruption Commission (MACC) to open an investigation into Datuk Farhash Wafa Salvador Rizal Mubarak—the former political aide to Prime Minister Datuk Seri Anwar Ibrahim—over allegations linked to a mineral exploration license in Sabah. Then later yesterday (July 25), news broke out that the high-flying corporate figure would be conferred a 'Datuk Seri' title today (July 26) in conjunction with the 84th birthday of Penang Governor Tun Ramli Ngah Talib. For the record, Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz heads the list of 1,530 recipients of state awards, honours, and medals, which also include Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar, Penang Malay Association president Tan Sri Dr Yussoff Latiff, and national badminton legend Datuk Lee Chong Wei. Instead of being a recognition, the award spotlight on Farhash, the ex-PKR Perak chief, will likely fuel more public scrutiny, not to mention distrust of Anwar's much-shouted anti-corruption drive. Such is the message conveyed by Rafizi in a media statement, which called on Anwar to swiftly address the growing controversy surrounding Farhash, for failure to do so could undermine public trust in the government's reform agenda. 'The information revealed so far is sufficient for the MACC to open an investigation paper on Farhash, just as it has done for other figures accused of sudden wealth accumulation,' revealed the Pandan MP. Evidence of his meteoric rise: Farhash currently holds directorships in four other public-listed companies, namely MMAG Holdings Bhd, Apex Equity Holdings Bhd, Excel Force MSC Bhd, and Key Alliance Group Bhd. In April, Farhash became a substantial shareholder in Key Alliance with his purchase of 6.8 million shares in the open market. He owns a 5.546% interest now. On May 30, convenience store chain operator 7-Eleven Malaysia Holdings Bhd announced that Farhash, who was appointed chairman on Jan 3, 2023, has resigned from his post to pursue other business interests. Farhash previously served as Anwar's political secretary and was also the Perak PKR chief. Local media recently reported that Sabah Mineral Management Sdn Bhd, the state's mineral licensing agency, had awarded Bumi Suria — a company linked to Farhash — an exploration license for coal mining. According to the report, the company was granted exclusive rights to explore and search for minerals across 70,000 hectares in the Kalabakan and Gunung Rara forest reserves near the Kalimantan border. Farhash has denied the report and is demanding a public apology. This is not the first time he has been linked to controversial business dealings. In March last year, he emerged as a substantial shareholder in HeiTech Padu Bhd shortly before the company secured a RM190 million contract from the Road Transport Department. — July 26, 2025
