OCBC CEO Helen Wong to retire; SGX sees biggest Reit IPO in a decade
The benchmark Straits Times Index hit a new all-time high at around 4,100 points on July 11.
SINGAPORE - Shares of OCBC Bank climbed 2.6 per cent over the week to close at $16.89 on July 11, just before the bank announced after market hours that its chief executive would be retiring.
Ms Helen Wong, 64,
will be retiring on Dec 31 , OCBC announced in a bourse filing. She will be succeeded by Mr Tan Teck Long, 55, who will assume the role on Jan 1, 2026.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
21 minutes ago
- Straits Times
Russia's Aeroflot suffers IT failure, hackers claim responsibility
Find out what's new on ST website and app. Aeroflot has drastically limited travel and routes but remains among the top 20 airlines worldwide by passenger numbers. MOSCOW - Russian airline Aeroflot cancelled dozens of flights on July 28 after what it called a failure in its information systems, and a shadowy hacking group claimed responsibility for what it said was a crippling cyber attack. The national carrier did not provide further details about the cause of the problem or how long it would take to resolve. A statement purporting to be from a hacking group called Silent Crow said it had carried out the operation together with a Belarusian group called Cyberpartisans BY, and linked it to the war in Ukraine. 'Glory to Ukraine! Long live Belarus!' said the statement, whose authenticity Reuters could not immediately verify. Silent Crow previously claimed responsibility for an attack on a Russian real estate database in January 2025. Aeroflot said it had cancelled more than 40 flights after reporting a failure in its information systems. Since Russia launched the war in Ukraine in February 2022, travellers in Russia have become accustomed to flight disruptions. Top stories Swipe. Select. Stay informed. Asia Thailand, Cambodia agree to 'immediate and unconditional ceasefire' to de-escalate border row Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore Ong Beng Seng set to plead guilty on Aug 4 in case linked to ex-transport minister Iswaran Asia Gunman kills 5 security guards near Bangkok's Chatuchak market before taking own life Singapore COE quota up 2.6% to 18,701 for August to October Business Resilient economy versus uncertain outlook splits views on Singapore's monetary policy Singapore HPB looking for vaping, smoking counselling services for up to 175 secondary school students Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose However, those delays have usually been caused by temporary airport closures after drone attacks. Aeroflot said that 'specialists are currently working to minimise the impact on the flight schedule and to restore normal service operations'. On Telegram, it listed more than 40 cancelled flights to destinations across Russia, as well as to the Belarusian capital Minsk and the Armenian capital Yerevan. Aeroflot urged passengers whose flights from Moscow's Sheremetyevo airport had been cancelled to retrieve their checked-in luggage and leave. News outlet Baza reported scenes of chaos at the airport, with logjams forming as passengers queued just to get out. The statement in the name of Silent Crow said the cyber attack was the fruit of a year-long operation which had deeply penetrated Aeroflot's network, destroyed 7,000 servers and gained control over the personal computers of employers including senior managers. It did not provide evidence of those claims. It threatened to shortly start releasing 'the personal data of all Russians who have ever flown Aeroflot'. Aeroflot, which despite sanctions imposed on Russia for its war in Ukraine that have drastically limited travel and routes, remains among the top 20 airlines worldwide by passenger numbers. In 2024, passenger traffic of the Aeroflot Group reached 55.3 million passengers, according to the airline's website. REUTERS
Straits Times
21 minutes ago
- Straits Times
China to offer childcare subsidies in bid to boost birth rate
Find out what's new on ST website and app. More than 20 provincial-level administrations in the country now offer childcare subsidies, according to official data. BEIJING - China's government will offer subsidies to parents to the tune of US$500 (S$642) per child under the age of three per year, Beijing's state media said on July 28, as the world's second most populous nation faces a looming demographic crisis. The country's population has declined for three consecutive years , with United Nations demography models predicting it could fall from 1.4 billion today to 800 million by 2100. The nationwide subsidies apply retroactively from January 1, Beijing's state broadcaster CCTV said, citing a decision by the ruling Communist Party and the State Council, China's Cabinet. 'This is a major nationwide policy aimed at improving public wellbeing,' CCTV said. 'It provides direct cash subsidies to families across the country, helping to reduce the burden of raising children,' it added. There were just 9.54 million births in China in 2024, half the number than in 2016, the year it ended its one-child policy, which was in place for more than three decades. The population declined by 1.39 million in 2024, and China lost its crown as the world's most populous country to India in 2023. Top stories Swipe. Select. Stay informed. Asia Thailand, Cambodia agree to 'immediate and unconditional ceasefire' to de-escalate border row Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore Ong Beng Seng set to plead guilty on Aug 4 in case linked to ex-transport minister Iswaran Asia Gunman kills 5 security guards near Bangkok's Chatuchak market before taking own life Singapore COE quota up 2.6% to 18,701 for August to October Business Resilient economy versus uncertain outlook splits views on Singapore's monetary policy Singapore HPB looking for vaping, smoking counselling services for up to 175 secondary school students Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose Marriage rates are also at record low levels, in a country where many young couples have been put off having children by high child-rearing costs and career concerns. Many local governments have already rolled out subsidies to encourage childbirth. In March, Hohhot, the capital of China's northern Inner Mongolia region, began offering residents up to 100,000 yuan (S$17,952.89) per newborn for couples with three or more children, while first and second children will be eligible for 10,000 and 50,000 yuan subsidies. In Shenyang, in north-eastern Liaoning province, local authorities give families who have a third child 500 yuan per month until the child turns three. Hangzhou, in eastern Zhejiang province, offers a one-time payment of 25,000 yuan to couples who have a third child. More than 20 provincial-level administrations in the country now offer childcare subsidies, according to official data. Premier Li Qiang vowed to provide childcare subsidies during the government's annual work report in March. The country's shrinking population is also ageing fast, which has sparked worries about the future of the country's pension system. There were nearly 310 million aged 60 and over in 2024. AFP
Straits Times
21 minutes ago
- Straits Times
‘Modest sum' of $4,500 confiscated from foreigner over undeclared cash brought into Singapore
Find out what's new on ST website and app. Under Singapore's anti-money laundering laws, travellers must declare if they are carrying more than $20,000 when entering or leaving the country. SINGAPORE – A 47-year-old foreigner who brought more than $49,000 into Singapore without declaring the cash has had $4,500 confiscated by the state, in addition to being fined $3,000 for the offence. The money in various currencies was found in the sling bag and luggage of Ding Rongwei, a St Kitts and Nevis national, in Changi Airport after he arrived in Singapore from Cambodia in July 2024. Under Singapore's anti-money laundering laws, travellers must declare if they are carrying more than $20,000 when entering or leaving the country. In the current case, while there was insufficient evidence to prove that the cash was illegally obtained, a district judge concluded that it was 'just and appropriate' to forfeit part of the seized money as an additional deterrent and punishment. In a written judgment published on July 26, District Judge Vince Gui said a 'modest sum' of $4,500 would be commensurate with the culpability and harm arising from this offence. The confiscated sum represented about 15 per cent of $29,486.29 – the amount exceeding $20,000 – that was liable to be confiscated. The judge said: 'The accused failed to satisfactorily disclose the source and intended purpose of the undeclared cash, thereby undermining the authorities' efforts to investigate their legitimacy. Top stories Swipe. Select. Stay informed. Asia Thailand, Cambodia agree to 'immediate and unconditional ceasefire' to de-escalate border row Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore Ong Beng Seng set to plead guilty on Aug 4 in case linked to ex-transport minister Iswaran Asia Gunman kills 5 security guards near Bangkok's Chatuchak market before taking own life Singapore COE quota up 2.6% to 18,701 for August to October Business Resilient economy versus uncertain outlook splits views on Singapore's monetary policy Singapore HPB looking for vaping, smoking counselling services for up to 175 secondary school students Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose 'The sums moved were not extraordinary but also not insignificant.' The remaining cash will be returned to Ding. He was stopped at Changi Airport on July 21, 2024, by an officer from the Immigration and Checkpoint Authority. After Ding said he had nothing to declare, the officer checked his bag and discovered an assortment of currencies. Ding initially denied that he was carrying more cash, but eventually admitted that there was money in his luggage. The money was in nine different currencies, including US dollars, Hong Kong dollars, Singapore dollars, Philippine pesos and Chinese yuan. During investigations, he claimed that he did not know he was required to report movement of sums above $20,000 into and out of Singapore. He admitted to moving money into and out of Singapore on two previous occasions. On June 3, 2024, he moved $32,360.35 into Singapore, and on July 4, 2024, he moved $49,645 out of Singapore. Ding pleaded guilty to a charge of failing to report the movement of cash. The maximum sentence is a fine of up to $50,000 and a jail term of up to three years. Two similar charges over each of the previous occasions were taken into consideration during sentencing. According to Ding, he travelled frequently as a car salesman with a Singapore company, helping high-net-worth Chinese nationals purchase vehicles from his company. He said the cash he was carrying came from his family-run provision shop business in the Philippines, supplemented with $15,000 he had borrowed from his employer for his travels. Deputy Public Prosecutor Louis Ngia sought a fine of $3,000, and also asked the court to confiscate a sum of $4,500. He argued that disclosure helps law enforcement agencies detect and combat money laundering, and it was therefore not only cases where there is 'actual money laundering' that are of concern. The prosecutor said it was unbelievable that Ding, a frequent traveller, did not know of the reporting requirement. He also pointed out Ding's shifting claims as to the source of the cash in US dollars and Hong Kong dollars. Ding first said these were profits from the previous year, but subsequently claimed that they were a loan to be deducted from the next year's profit. Ding's lawyer, Mr Ravindran Ramasamy, asked for a fine of $2,500. He objected to a confiscation order, arguing that the monies were not linked to criminal conduct. The lawyer said Ding did not have a credit card and habitually carried large amounts of cash. He warned against the risk of injustice in imposing confiscation orders not based on proven wrongdoing but on a perceived likelihood. In his judgment, Judge Gui said it was open to the court to make a confiscation order even when the prosecution had not proven that the cash is linked to criminal conduct. In the current case, he agreed that a fine was appropriate as the prosecution did not have sufficient evidence to prove that the undeclared cash was 'tainted' by illegality. But the judge also noted that the prosecution did not concede that the funds came from legitimate sources. He noted that the difficulty in establishing the legitimacy of the funds stemmed primarily from Ding's failure to provide credible explanations regarding the source and purpose of the undeclared cash. The judge said Ding failed to give further information about the supposed family business in the Philippines, and noted that the sum in Philippine pesos was just a fraction of the cash seized. Ding also did not give the name of the supposed employer who allegedly lent him $15,000. 'His explanations raised more questions than provided answers,' said the judge.
