CNA938 Rewind - Stock take today: S&P 500 and Nasdaq rises, oil suffers losses
CNA938 Rewind
On the daily markets analysis on Open For Business, Andrea Heng and Hairianto Diman speak with Chris Weston, Head Of Research at Pepperstone.
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CNA
3 hours ago
- CNA
Certis asks officers on medical leave to share location if they are not at home
SINGAPORE: Security firm Certis said on Saturday (Jun 28) that it does not terminate staff solely because they are not at home when on medical leave, after WhatsApp messages about changes to its medical leave policy were published online. The messages, first reported by Mothership on Friday, stated that a letter of warning would be issued to employees on medical leave if they are not at home without a valid reason. If they are not at home, they should share their live location or conduct a video call with their manager to "ensure their safety and well-being", one message read. Staff are also required to update their residential addresses, or they may receive a letter of warning as well. "Please be aware that any non-compliance identified may result in disciplinary action, which could include termination," read one of the messages. In another message, officers are encouraged to "share their pinned location" when they are not at their residence. In response to CNA's queries, Certis said: "Disciplinary action is only considered in clear and substantiated cases of abuse of medical leave, after a fair and thorough process. "We do not terminate employees solely because employees are not at home when on medical leave." When employees are on medical leave, managers may check in on them, particularly those on extended medical leave, said Certis, adding that this includes visiting the employee's home with "small care gestures". Certis said that while most of its employees use medical leave responsibly, it has safeguards in place to ensure this system is used "appropriately and fairly". "Certis holds our officers to high standards of professionalism and integrity," said the company.
CNA
5 hours ago
- CNA
Former head of China Eastern Airlines under graft investigation
BEIJING: The former head of China Eastern Airlines is under investigation for "serious violations of discipline and law" - a common euphemism for corruption - according to China's top anti-graft watchdog on Saturday (Jun 28). The Central Commission for Discipline Inspection and the National Supervisory Commission made the announcement in a statement, without giving further details. Liu Shaoyong headed China Eastern Airlines from 2009 until his resignation in 2022. He also previously held the position of party secretary at the airline. The Shanghai-based airline, primarily owned by the Chinese government through its parent company, is one of the three largest Chinese airlines. Liu was credited with turning the carrier around after it posted record losses before he was appointed. China Eastern Airlines under his leadership merged with Shanghai Airlines and joined the SkyTeam airline alliance, strengthening its position in domestic and international markets. Liu also led another one of China's major airlines, China Southern, before taking the reins of China Eastern. Chinese President Xi Jinping has waged an unrelenting crackdown on corruption since coming to power over a decade ago.
Business Times
7 hours ago
- Business Times
Hong Kong-listed China Medical System seeks secondary listing on SGX
[SINGAPORE] Hong Kong-listed China Medical System (CMS) is seeking a secondary listing on the mainboard of the Singapore Exchange (SGX) in July this year. CMS is a specialty pharma with a focus on sales and marketing in China, with capabilities across the full lifecycle of drug development, from identifying clinical needs to research and development (R&D) regulatory approval, and commercialisation. It has been listed on the Stock Exchange of Hong Kong since 2010. The pharmaceutical company expects the secondary listing will help it deepen its presence in South-east Asia and 'tap into a new and sophisticated investor base in Singapore'. CMS said it is looking to replicate its success in South-east Asia – building on the proven track record attained in China's pharmaceutical industry. 'This region, with a population of nearly 700 million, is experiencing surging pharmaceutical demand due to rapid economic growth, the rise of the middle class, ageing population, and the increasing burden of non-infectious diseases,' it said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Its financial performance in 2023 and 2024 were hit by China's volume-based procurement (VBP) policy – three of its products were included in the VBP list. This policy aims to lower the prices of drugs with generic competition, by guaranteeing certain procurement volumes from public hospitals at significantly reduced prices through a bidding process. But CMS had a top-line rebound in H2 2024, driven by progress in commercialising innovative drugs and the continued growth of non-VBP exclusive products. The company moved towards innovative drugs, given that they typically enjoy a pricing advantage due to their exclusiveness, novelty and quality, and are supported by favourable government policies. It expects growth momentum will accelerate on the back of the replenishment of its pipeline of innovative drugs to about 40 products as at Dec 31, 2024. It noted four key platforms to scale its pharmaceutical ecosystem across Asia-Pacific. CMS R&D is involved in drug discovery and development targeting global markets, while PharmaGend is a development and manufacturing platform for regional manufacturing and supply. It also has Rxilient Health, a Singapore-headquartered entity focused on registration and commercialisation in South-east Asia and a Singapore venture arm, which makes strategic investments to support regional pharma innovation. In a statement on Jun 24, CMS said the proposed listing will not involve issuance of new shares, and the shares will continue to be primarily listed and traded on the Hong Kong Stock Exchange thereafter. Singapore is its regional headquarters for its South-east Asia and Middle East business, the company said. The announcement follows the news of several new listings on SGX – software services provider Info-Tech Systems, a data centre real estate investment trust (Reit) by Japanese telco Nippon Telegraph and Telephone (NTT), and a spin-off of mainboard-listed construction company Lum Chang Holdings' interior fit-out business. Info-Tech Systems, whose shares are expected to begin trading on Jul 4, is the first SGX mainboard listing in two years. NTT DC Reit, which will have a portfolio of six of NTT's data centre assets, will likely be the largest Singapore Reit listing in a decade. Meanwhile, interior fit-out business Lum Chang Creations is looking to list on the Catalist board.
