Hong Leong Asia unit China Yuchai International introduces share options to incentivise staff
Its aim is to create opportunities for directors and employees of CYI and its subsidiaries to participate in its equity. The equity types proposed by the plan include options, restricted stock and stock payments.
The group said that the maximum aggregate number of CYI shares which may be granted to any one person during any calendar year shall be 300,000.
An option holder will not have any rights as a shareholder, until shares of CYI have been issued to the holder. The period for an option shall be determined by the compensation committee, subject to a maximum of 10 years from the date such option is granted. Other limitations may also apply upon the termination of an option holder's employment or service.
The plan has a termination date of May 16, 2035, 10 years from when CYI's board adopted the plan – May 16, 2025.
Headquartered in Singapore, CYI is an investment holding company listed on the New York Stock Exchange. The principal operating subsidiary of CYI, Guangxi Yuchai Machinery Company, is based in Yulin, Guangxi Zhuang Autonomous Region in China. It is one of the largest powertrain solutions manufacturers in the country.
Hong Leong Asia has a 48.7 per cent stake in CYI.
The counter closed 1.2 per cent or S$0.02 higher at S$1.63 on Tuesday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Microsoft racks up over $600m in AI savings while slashing jobs, Bloomberg News reports
Sign up now: Get ST's newsletters delivered to your inbox AI generated 35 per cent of Microsoft's code for new products, accelerating launch times, said chief commercial officer Judson Althoff. NEW YORK - Microsoft saved more than US$500 million (S$640 million) in its call centres alone in 2024 by using artificial intelligence, Bloomberg News reported on July 9. The tech giant last week announced plans to lay off nearly 4 per cent of its workforce as it looks to rein in costs amid hefty investments in AI infrastructure. In May, the company had announced layoffs affecting around 6,000 workers. AI tools were helping improve productivity in segments from sales and customer service to software engineering and the company has begun using AI to handle interactions with smaller customers, Microsoft's chief commercial officer Judson Althoff said during a presentation this week, according to the Bloomberg News report. The nascent effort was already generating tens of millions of dollars, the report said, citing a person familiar with his comments. AI generated 35 per cent of the code for new products, accelerating launch times, Mr Althoff said, according to the report. Microsoft declined to comment when contacted by Reuters. Top stories Swipe. Select. Stay informed. World Trump's ambassador nominee to Singapore Anjani Sinha has a rough day at Senate hearing Singapore Singapore to hire more than 1,000 new educators annually in the next few years, up from 700 Singapore COE prices rise for all categories Singapore Govt watching job situation for fresh graduates closely, exploring further support: Gan Siow Huang Singapore Man who killed cats by throwing them off HDB blocks has jail term doubled to 27 months Singapore $43k fine for undischarged bankrupt doctor who failed to disclose assets worth over $4m Singapore Female primary school teacher charged over alleged sex acts with underage male student Singapore People working in air-conditioned spaces prefer 24 deg C and warmer: Survey The Windows maker has earmarked US$80 billion in capital spending this fiscal year, with most of it aimed at expanding data centres to ease capacity bottlenecks for artificial-intelligence services. Big tech companies have been spending heavily on AI as they view the new technology as a major growth engine, while slashing costs elsewhere to safeguard profits. REUTERS
Straits Times
2 hours ago
- Straits Times
OpenAI to release web browser in challenge to Google Chrome
Sign up now: Get ST's newsletters delivered to your inbox Alphabet's market-dominating Google Chrome is an important pillar of Alphabet's ad business, which makes up nearly three-quarters of its revenue. SAN FRANCISCO - OpenAI is close to releasing an AI-powered web browser that will challenge Alphabet's market-dominating Google Chrome, three people familiar with the matter told Reuters. The browser is slated to launch in the coming weeks, three of the people said, and aims to use artificial intelligence to fundamentally change how consumers browse the web. It will give OpenAI more direct access to a cornerstone of Google's success: user data. If adopted by the 400 million weekly active users of ChatGPT, OpenAI's browser could put pressure on a key component of rival Google's ad-money spigot. Chrome is an important pillar of Alphabet's ad business, which makes up nearly three-quarters of its revenue, as Chrome provides user information to help Alphabet target ads more effectively and profitably, and also gives Google a way to route search traffic to its own engine by default. OpenAI's browser is designed to keep some user interactions within a ChatGPT-like native chat interface instead of clicking through to websites, two of the sources said. The browser is part of a broader strategy by OpenAI to weave its services across the personal and work lives of consumers, one of the sources said. OpenAI declined to comment. The sources declined to be identified because they are not authorised to speak publicly on the matter. Led by entrepreneur Sam Altman, OpenAI upended the tech industry with the launch of its AI chatbot ChatGPT in late 2022. After its initial success, OpenAI has faced stiff competition from rivals including Google and startup Anthropic, and is looking for new areas of growth. In May, OpenAI said it would enter the hardware domain, paying US$6.5 billion (S$8.3 billion) to buy io, an AI devices startup from Apple's former design chief, Jony Ive. A web browser would allow OpenAI to directly integrate its AI agent products such as Operator into the browsing experience, enabling the browser to carry out tasks on behalf of the user, the people said. The browser's access to a user's web activity would make it the ideal platform for AI 'agents' that can take actions on their behalf, like booking reservations or filling out forms, directly within the websites they use. Tough competition OpenAI has its work cut out - Google Chrome, which is used by more than three billion people, currently holds more than two-thirds of the worldwide browser market, according to web analytics firm StatCounter. Apple's second-place Safari lags far behind with a 16 per cent share. In June, OpenAI said it had three million paying business users for ChatGPT. Other AI startups like The Browser Company and Brave have announced AI-powered browsers capable of performing actions on a user's behalf this year. Perplexity, a well-funded startup known for its search engine, also launched its AI browser, Comet, on July 9. Chrome's role in providing user information to help Alphabet target ads more effectively and profitably has proven so successful that the Department of Justice has demanded its divestiture after a US judge in 2024 ruled that the Google parent holds an unlawful monopoly in online search. OpenAI's browser is built atop Chromium, Google's own open-source browser code, two of the sources said. Chromium is the source code for Google Chrome, as well as many competing browsers including Microsoft's Edge and Opera. In 2024, OpenAI hired two longtime Google vice presidents who were part of the original team that developed Google Chrome. The Information was first to report their hires and that OpenAI previously considered building a browser. An OpenAI executive testified in April that the company would be interested in buying Chrome if antitrust enforcers succeeded in forcing the sale. Google has not offered Chrome for sale. The company has said it plans to appeal the ruling that it holds a monopoly. OpenAI decided to build its own browser, rather than simply a 'plug-in' on top of another company's browser, in order to have more control over the data it can collect, one source said. REUTERS
Straits Times
5 hours ago
- Straits Times
Former DOGE official rushed grant to Trump-backed Gaza aid group over staff objections
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: FILE PHOTO: Palestinians gather to collect what remains of relief supplies from the distribution center of the U.S.-backed Gaza Humanitarian Foundation, in Rafah, in the southern Gaza Strip, June 5, 2025. REUTERS/Stringer/File Photo/File Photo WASHINGTON - A top U.S. State Department official waived nine mandatory counterterrorism and anti-fraud safeguards to rush a $30 million award last month to a Gaza aid group backed by the Trump administration and Israel, according to an internal memorandum seen by Reuters. Jeremy Lewin, a former Department of Government Efficiency associate, signed off on the award despite an assessment in the memorandum that the Gaza Humanitarian Foundation's (GHF) funding plan failed to meet required "minimum technical or budgetary standards." The June 24 action memorandum to Lewin was sent by Kenneth Jackson, also a former DOGE operative who serves as an acting deputy U.S. Agency for International Development administrator. The pair has overseen the agency's dismantling and the merger of its functions into the State Department. Lewin also overrode 58 objections that USAID staff experts wanted GHF to resolve in its application before the funds were approved, according to two sources familiar with the matter. Lewin, who runs the State Department's foreign aid program, cleared the funds only five days after GHF filed its proposal on June 19, according to the June 24 "action memorandum" bearing his signature seen by Reuters. "Strong Admin support for this one," Lewin wrote to USAID leaders in a June 25 email - also seen by Reuters - that urged disbursement of the funds by the agency "ASAP." The action memorandum was first reported by CNN. Top stories Swipe. Select. Stay informed. World Tremendous opportunities for growth in US-Singapore ties, says Trump's ambassador nominee Sinha Singapore Singapore to hire more than 1,000 new educators annually in the next few years, up from 700 Singapore COE prices rise for all categories Singapore Govt watching job situation for fresh graduates closely, exploring further support: Gan Siow Huang Singapore Man who killed cats by throwing them off HDB blocks has jail term doubled to 27 months Singapore $43k fine for undischarged bankrupt doctor who failed to disclose assets worth over $4m Singapore Female primary school teacher charged over alleged sex acts with underage male student Singapore People working in air-conditioned spaces prefer 24 deg C and warmer: Survey Lewin and Jackson did not respond to requests for comment. The documents underline the priority the Trump administration has given GHF despite the group's lack of experience and the killing of hundreds of Palestinians near its Gaza aid distribution hubs. GHF, which closely coordinates with the Israeli military, has acknowledged reports of violence but says they occurred beyond its operations area. Lewin noted in the email that he had discussed the funds with aides to Steve Witkoff, President Donald Trump's negotiator on Gaza, and Secretary of State Marco Rubio's office. He acknowledged that authorizing the funds would be controversial, writing: "I'm taking the bullet on this one." The White House did not respond to requests for comment. Witkoff and Rubio did not reply to a question about whether they were aware of and supported the decision to waive the safeguards. The State Department said in a statement that the $30 million was approved under a legal provision allowing USAID to expedite awards in response to "emergency situations" to "meet humanitarian needs as expeditiously as possible." "The GHF award remains subject to rigorous oversight, including of GHF's operations and finances," the statement said. "As part of the award, GHF was subject to new control and reporting requirements." RAISING THE RISK In response to a request for comment, a GHF spokesperson said: "Our model is specifically designed to prevent waste, fraud, and abuse. Every dollar we receive is safeguarded to ensure all resources — which will eventually include American taxpayer funds — reach the people of Gaza." The spokesperson added that such requests for clarification from the U.S. government about fund applications were routine. Speaking about the nine conditions that were waived, the spokesperson said: "We are addressing each question as per regulations and normal procedure and will continue to do so as required." GHF says its operation is preventing Hamas from hijacking food aid and using it to control the enclave's population, charges denied by the Islamist militants who ran Gaza. In the June 24 action memorandum, Jackson wrote that GHF is 'uniquely positioned to operate in areas with restricted access,' and said it has delivered millions of meals and diluted Hamas' control over Gaza's 2.1 million Palestinians. He acknowledged that GHF 'is a new organization that has not met USAID's various formal criteria for eligibility' for the $30 million award. Jackson listed nine conditions that applicants normally must satisfy before receiving USAID funds, explicitly outlining the terms of each and the risks of waiving them. For instance, he noted a 'legal requirement' that aid organizations working in Gaza or the West Bank undergo vetting for ties to extremist organizations before they are awarded USAID funds, the document said. 'Waiving the requirement could increase the risk' that an aid group, its subcontractors or vendors 'could be found ineligible due to terrorism-related concerns,' said the document. Jackson also wrote that USAID was required to examine whether an organization has sufficient internal controls to manage awards. He warned that waiving the condition 'could raise the risk of misuse of taxpayer resources,' according to the document. GHF submitted a plan – required prior to approval of funds – that was incomplete on how it would deal with legal and operational risks of operating in Gaza, the document said. Waiving the need for a full plan 'could risk programmatic diversion, reputational harm, and potential violations of U.S. counterterrorism laws," it continued. Despite the risks, Jackson recommended waiving all nine requirements and allowing GHF to fulfill them later because of the "humanitarian and political urgency" of its operation, the memo said. Lewin checked a box labeled 'Approve' on each of the recommendations, it showed. In addition to waiving the nine requirements, two sources familiar with the matter said, Lewin overrode 58 objections from USAID staff reviewing GHF's application. Two former top USAID officials said they had never heard of a senior official like Lewin expediting an award over the objections of professional staff. "I oversaw something like 1,500 grants. I never saw it happen," said Sarah Charles, who led USAID's Bureau for Humanitarian Assistance from 2021-2024. "Very occasionally, we would do the vetting after an award in a sudden onset emergency - think earthquake - but that was at the recommendation of staff." In the review, the USAID experts questioned how GHF would ensure the safety of Palestinians collecting food packages at its sites; whether its staff had proper humanitarian training and its plans to distribute powdered infant formula in an enclave with scarce access to clean drinking water, the sources said. REUTERS
