SIA, other aviation stocks take off; offers to delist firms from the SGX keep coming
Despite the strong performance, shares of SIA rose by just 2.4 per cent through the week, closing at $6.90 on May 16. ST PHOTO: BRIAN TEO
Market Insights SIA, other aviation stocks take off; offers to delist firms from the SGX keep coming
SINGAPORE – Aviation companies did well on the local stock exchange last week, with Singapore Airlines (SIA), SIA Engineering and Sats closing in positive territory on May 16.
SIA on May 15 announced a 2.8 per cent jump in group revenue to a record $19.5 billion for the 2025 financial year (FY) ended March 31 , thanks to better travel demand and despite rising competition in the industry .
Group net profit, which stood at $2.8 billion, was up 3.9 per cent from the year before, another record for the airline. This was boosted by a one-off, non-cash accounting gain of $1.1 billion, following the merger of its 49 per cent-owned Indian carrier Vistara with Air India in November.
Despite the strong performance, shares of SIA rose by just 2.4 per cent through the week, closing at $6.90 on May 16.
SIA had said that it will be rewarding its employees with a 7.45-month bonus, which is lower than the 7.94-month bonus it paid in FY2024, the highest in its history. The group had 27,821 employees in FY2025, which is up by 8.6 per cent from FY2024.
At 40 cents per share in total, SIA's FY2025 dividends will also be less than the 48 cents per share it paid in FY2024.
SIA Engineering did better on the exchange, with its shares rising more than 7 per cent through the week to close at $2.42.
The company reported its results for FY2025 after the market closed on May 9, revealing that its net profit was up 43.8 per cent year on year to $139.6 million. This was on the back of a 13.8 per cent jump in revenue to $1.2 billion over the same period.
SIA Engineering said the stronger performance was supported by growth in air travel, which drove demand for its aircraft maintenance, repair and overhaul services.
Total FY2025 dividends amounted to nine cents per share, up from eight c ents per share in FY2024.
Sats shares also rose last week, by 2.8 per cent, to close at $2.99 on May 16.
The catering and ground handling company on May 15 said it will invest over $250 million to upgrade its ground operations and cargo handling infrastructure at Changi Airport over the next seven years.
This is expected to help meet rising cargo demand at Changi Airport until Terminal 5 and the Changi East Industrial Zone open in the mid-2030s.
Construction of Changi Airport's fifth and largest terminal commenced on May 14. When complete, it is expected to boost the airport's total annual capacity to around 140 million passengers, up from 90 million now.
CEO of Genting Singapore to retire
Genting Singapore shares fell last week.
On May 14, its chief executive Tan Hee Teck announced a personal decision to retire from the company on May 31.
Mr Tan, 69, will also relinquish his position as CEO of Resorts World Sentosa (RWS) as well as his other board roles. He has served the company in various capacities for around 20 years.
Executive chairman Lim Kok Thay will assume the role of acting CEO, while RWS president Lee Shi Ruh will take over as CEO of the integrated resort. Both appointments will take effect on June 1.
Mr Lim had stepped down as CEO of Malaysia's family-run conglomerate Genting Berhad in March after two decades at its helm, relinquishing the role to chief operating officer Tan Kong Han. Genting Singapore is 52.5 per cent-owned by its Malaysia parent.
The announcements came after Genting Singapore released its results for the first quarter of 2025 on May 14.
The company said revenue declined 20 per cent year on year to $626.2 million, while net profit fell by 41 per cent to $145 million over the same period.
This was due to lower gaming revenues and the temporary closure of Hard Rock Hotel for renovation and rebranding works. There were also fewer visitors to RWS during the quarter.
Analysts reckon Genting Singapore will perform better in the second half of 2025, when renovations across RWS are complete and new attractions such as the Singapore Oceanarium open.
Shares of Genting Singapore were heavily traded last week. They fell by around 2 per cent through the week and closed on May 16 at 71.5 cents.
Three more delisting offers
Another three companies received privatisation offers last week.
Frasers Property on May 14 made a second attempt to privatise Frasers Hospitality Trust for 71 cents per stapled security. That is one cent higher than what it offered to pay for the trust in September 2022 , although that deal eventually fell through when shareholders voted down the move .
On May 15, the controlling shareholders of Ossia International – group executive chairman George Goh Ching Wah, CEO Goh Ching Huat and non-executive director Goh Ching Lai – offered to take the company private for 16 cents a share.
It is the second time the three, who are brothers, are attempting to delist the company after their first offer in June 2024, at 14.5 cents per share, was unsuccessful.
Mr George Goh had announced his intention to stand in Singapore's 2023 presidential election, but was later informed that he did not qualify.
A third company, Cosmosteel Holdings, on May 15 received an offer from a group of investors to take it private at 20 cents per share.
Twelve other companies have received privatisation offers in 2025 so far. They are SLB Development, PEC, Sin Heng Heavy Machinery, Paragon Reit, Japfa, Econ Healthcare, Murata Manufacturing, ICP, Amara Holdings, Procurri Corp, Ban Leong Technologies and Sinarmas Land.
The offers of Paragon Reit, Japfa and Amara Holdings have been declared unconditional, and they will be delisted from the SGX. Earlier in May, the controlling shareholders of Sinarmas Land also made a second higher offer to take the property developer private.
Efforts are being taken to raise the number of initial public offerings (IPOs) on the SGX and offset the tide of firms opting out of the local bourse.
The Monetary Authority of Singapore and SGX RegCo on May 15 unveiled proposals to ease the IPO process, including measures to enable better price discovery on the SGX , or how a fair stock price is determined through market supply and demand . These plans are currently under public consultation.
Other market movers
Shares of Hotel Properties Limited (HPL) closed 2.3 per cent higher at $4.42.
They had risen by as much as 9.3 per cent to $4.72 in morning trading on May 16, but pared gains after the jump in trading volumes prompted a query from SGX RegCo. About 545,000 shares had changed hands.
In response to the query, HPL said it was unaware of any previously undisclosed information or other explanations for the unusual trading activity, and confirmed compliance with SGX listing rules.
In its proposals for better price discovery on the stock exchange released on May 15, SGX RegCo said it is planning to avoid publicly querying firms, acting on market concerns that doing so without regard to materiality can unnecessarily alarm investors.
Parkson Retail Asia more than doubled through the week, closing on May 16 at 14 cents. The department store operator said it will be paying a special interim dividend of four cents per share for the year, after announcing a 21 per cent year-on-year jump in first-quarter earnings to $14.7 million. At those levels, the dividend is also 50 per cent of Parkson's group net asset value.
Cordlife jumped by almost 65 per cent to 26 cents last week, following an offer by Thailand-listed Medeze Group to acquire a 10 per cent stake at 25 cents per share.
SingPost closed 8 per cent down at 57 cents, despite proposing on May 15 a special dividend of nine cents per share after booking a net exceptional gain of $222.2 million from the recent divestment of its business in Australia.
SingPost reported a net profit of $245.1 million for the full year, up 212.9 per cent from the previous year. But excluding the net exceptional gain, underlying net profit fell 40.3 per cent to $24.8 million.
At its results briefing, group chief financial officer Isaac Mah ruled out the possibility of nationalisation, even as SingPost continues to collaborate with the Government to find a profitable and sustainable operating model for the business.
What to look out for this week
Singtel and Sats will announce full-year results for the period ended March 31 on May 22 and May 23, respectively.
Shares of Chinese electric vehicle battery maker Contemporary Amperex Technology will start trading in Hong Kong on May 20. With its shares priced at HK$263 each, the offering is expected to raise HK$35.66 billion (S$5.9 billion), making it the world's largest IPO in 2025.
Join ST's Telegram channel and get the latest breaking news delivered to you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
7 hours ago
- Straits Times
Why restaurants like Scarpetta do not take reservations
Mr Theeviyan Raja (left), a front-of-house staff member at Scarpetta, welcomes diners as the restaurant opens for dinner. By 6pm, around 80 customers had joined the queue. ST PHOTO: BRIAN TEO Why restaurants like Scarpetta do not take reservations SINGAPORE – Dining out is a fairly straightforward process in Singapore, swathed, for the most part, in the certainty of a guaranteed seat. You pick a place, punch in your details and rock up at the prearranged hour. Recognition glints in the host's eyes as your name surfaces in the system. The food arrives after a while. You pay, you leave. In some cases, a special reservation link is sent to your e-mail, and the cycle begins anew. But what happens when a restaurant eschews convention for the unpredictability of a walk-in system? Suddenly, it is anyone's game. The question becomes not just what to order, but also what time to show? How long to wait? When to throw in the towel and leave? Restaurants that do not take reservations argue that there is a method to the madness. At Scarpetta, a viral pasta bar in Amoy Street, queues start an hour before doors opens. Once, the line stretched 10 units down to the food centre at the mouth of the street. The situation is a lot neater now that the restaurant has introduced a new system. The first 28 guests are seated when doors open and everyone else is given a time to return, their names scribbled down on a tiny blackboard. 'It's much better than what we had before, with just a straight queue. Some people would wait 2½ hours in the hot and humid weather, so they would be really grumpy and hangry (hungry and angry) by the time they got in,' says owner Aaron Yeunh , 32. Service moves fas t. Ea ch seating lasts about an hou r, a nd Scarpetta can accommodate three or four rounds of guests every night. This, Mr Yeunh says, is the only way he can sell handmade pasta in the middle of town for $17 to $26. 'The only way to charge these prices is with high volume. And if I need volume, I can't take reservations because that would limit my dinner seatings to two a night.' Queues at Scarpetta tend to snake along Amoy Street, once even reaching Amoy Street Food Centre. ST PHOTO: BRIAN TEO For restaurants like Mensho Tokyo Singapore at Raffles City, doing away with bookings helps to democratise the dining experience. No number of bots or connections will make the line move any faster. 'This ensures that every guest has an equal opportunity to enjoy our ramen, creating a welcoming and fair experience for all,' says a spokesperson for the Japanese chain. Likewise, Mr Lim Kian Chun, 33, chief executive of Ebb & Flow Gro up, which runs popular Italian restaurant Casa Vostra at Raffles City, adds: 'Physical queues keep things simple and accessible to customers of all ages, especially our segment of older customers who are less familiar or comfortable with digital reservation systems.' Cancelling cancel culture It is a type of survival tactic too. With cancellations rising across the board – Mr Yeunh says that a 20 to 30 per cent cancellation rate, which some restaurants are experiencing, is enough to kill a business – it is sometimes easier not to section off seats in advance. Mr Lim says: 'Implementing reservations introduces the element of unpredictability with no-shows, late arrivals and variable dining durations, which can disrupt the dining experience for other s.' By eliminating the logistical scramble, staff can focus on the parts that count the most: food and service. And that extra bandwidth comes in especially handy when walk-in traffic continues unabated throughout the night. The first 28 guests are seated when doors open and everyone else is given a time to return, their names scribbled down on a tiny blackboard. ST PHOTO: BRIAN TEO Mr Yeunh recalls: 'We were really grateful that response was so overwhelming when w e opened in February, but part of the issue was that we were running out of food. So, people would wait two hours, only to find that we've sold out half the men u. I imagine that would be incredibly frustrating. ' The seven-person team, now fortified with two extra chefs, has since fine-tuned operations to guarantee that all guests who wait in line will be able to order whichever dishes they came to try. They try to estimate based on the capacity of the restaurant, but as a general rule, 'we make as much as we can'. Casa Vostra's team also had to adjust to the daunting task of keeping up with demand while maintaining a consistent quality of food and service. Over a year in, Mr Lim says they have got the hang of things. 'We've worked very hard to improve our daily operations and food and service standards, and hav e managed to reduce waiting times while continuing to serve the same volume of customers.' Great expectations The longer the queue, the higher the expectation. 'It best be worth the wait,' quips chef consultant Fiona Tang, 35, who eventually snagged a seat at Scarpetta 2½ hours after arriving. Her sentiment is echoed by fellow diner Kelly Pohan, a 17-year-old student who visited Scarpetta in May. 'The food does not just have to be good, but also good enough to justify wasting two hour s. ' However, she also relished the anticipation of waiting to try very in-demand restaurants, whi ch ' creates more excitement'. Service at Scarpetta moves fast, with most diners finishing their meal within an hour. ST PHOTO: BRIAN TEO For 20-year-old undergraduate Raen Tan, a snaking queue – like the one she joined outside Casa Vostra – is a worthwhile gamble. 'It suggests that the food is either good or new. As someone who's adventurous, I'd be willing to queue to try new things that are popular or raved about.' Besides, as Ms Joey Chua, 29, a liquefied natural gas market analyst, points out: 'I can do many other things, such as read, look through e-mails, reply texts or daydream while queueing. To me, it doesn't really count as a waste of time.' In Singapore, where queueing has all but been gazetted as a national pastime, hers is far from an atypical view. Dr Hannah H. Chang, associate professor of marketing at SMU, says it is an example of social proofing – a phenomenon in which people make decisions by following the actions of those around them – that has found special resonance here. 'Queue culture is sometimes discussed as a demonstration of kiasuism, that if you don't queue, you may miss out on a good deal, experience or produc t.' Mr Sai Ming Liew, a senior adviser at global research and innovation consultancy Behavioural Insights Team, adds that while the tipping point may come when customers feel that a queue is not moving fast enough, the sunk cost fallacy sometimes keeps them in place longer tha n intended. 'The longer people spend in a queue, the more they start to feel a sense of psychological ownership over the object or experience they're waiting for. Because people are naturally averse to losses, this can make them reluctant to walk away, even if it might no longer be worthwhile,' he notes. Though this fear of missing out has proved something of a boon to Scarpetta, Mr Yeunh laughs off accusations that he is creating a queue for the sake of it. 'I always tell the team that we have to deliver. Don't skimp on the hospitality. Don't skimp on the food. Be super focused. Take our food really, really seriously.' In the past, before the blackboard system freed customers from having t o sta nd in line outside the restaurant , staff would try to sweeten the wait by handing out free drinks. Refreshments are also distributed outside at restaurants such as Gyukatsu Kyoto Katsugyu at Raffles City. Nonetheless, some restaurants have caved and done away with their no-reservations policy. Spanish restaurant Esquina opened in 2012 and started accepting bookings in 2014, after it added a dining room on the second floor. Though walk-ins are more efficient for a busy restaurant like his, chef-owner Carlos Montobbio, 38, concedes that bookings made a big difference to the guest experience. 'We care a lot about service, and having people wait outside – especially if it's a business dinner, a date or regulars coming back – just didn't feel right. Letting people book a table gave them a much more comfortable and reliable experience,' he says. Others, like local cuisine chain Great Nanyang, which gets multiple queries a week about whether it takes reservations, have found a compromise of sorts. Since April, groups of at least 10 diners can secure their seats at any of its outlets in advance. 'As our customers have different dining time periods, it i s di fficult to get available empty tables side-by-side to combine for larger groups. To cater to groups of this size, we need to plan and set aside tables in advance,' says founder Keith Kang, 42. Though he is wary that the sight of empty tables may provoke some unhappiness among walk-in guests, no complaints have been made so far. Casa Vostra's Mr Lim is also grateful that most customers understand the reasons for the restaurant's policy, and vows to go the extra mile to maintain that trust. He says: 'Our team makes every effort to offer attentive service and maintain relationships with our regulars – from remembering their favourite dishes and preferences to connecting with them each time they dine.' Worth the wait? The next time you find yourself staring down the barrel of a weekend with no prearranged plans, try your luck at one of these no-reservations restaurants – the final bastions, some might say, of dinnertime democracy. Scarpetta Cacio e Pepe pasta with Crispy Guanciale from Scarpetta. ST PHOTO: BRIAN TEO Where: 47 Amoy Street Open: 11.30am to 2.30pm (Tuesdays to Saturdays), 6 to 10.30pm (Tuesdays and Wednesdays), 6 to 11pm ( Thursdays ), 6 to 11.30pm (Fridays and Saturdays) Info: @ on Instagram This chic 28-seater was modelled after the pasta bars of London – think Padella, the perennially popular Borough Market institution, and the like. So, it was that ethos of casual excellence that Mr Aaron Yeunh, who lived in the English capital for over a decade, sought to recreate here: great food at fair prices, without so much as a whiff of pretentiousness. Scarpetta's menu is lean and disciplined. It is split into four modest sections, with most prices hovering around the $10 to $20 range. The most expensive thing on sale is al granchio e limone ($26), a dish of taglioni with blue swimmer crab and confit garlic that would, in most other centrally located restaurants, have retailed for upwards of $30. There is undeniable finesse in the way pasta here is twirled – continuously and right before the eyes of hungry, restless diners too. The cacio e pepe ($20) is really a pasta alla gricia, with a black pepper-pecorino romano base and crispy guanciale topping. Whatever its name, it is a textural delight, perfect for anyone who prefers his or her pasta al dente and salted with pockets of fried fat. All'assassina from Scarpetta. ST PHOTO: BRIAN TEO The all'assassina ($18) with pomodoro tomatoes and chilli is more divisive, says Mr Yeunh. Diners might be forgiven for mistaking the messy nest of slightly burnt strands for a kitchen accident that snuck onto the table . But the char is intentional, and elevates the springy, spicy noodles in the same way wok hei breathes fragrance into a plate of bee hoon. Cut the heaviness with a radicchio salad dressed with a truffle vinaigrette and showered in parmigiano cheese ($14), before diving into the sweet embrace of dessert – milk gelato draped in extra virgin olive oil and flaky salt ($6). Tip: Visit during off-peak hours, such as 1.35pm on a weekday or after 8.45pm for dinner. Mensho Tokyo Mensho Tokyo Singapore is famous for its chicken soup ramen. ST PHOTO: CHERIE LOK Where: 03-43 Raffles City, 252 North Bridge Road Open: 11am to 9pm daily Info: @ on Instagram Mensho Tokyo, a Japanese ramen chain whose San Francisco outlet is currently listed in California's Michelin Guide, arrived in Singapore in July, trailed by hordes of curious diners eager for a sip of its umami-rich soup. Its signature toripaitan ($28++) la yers A5 wagyu chashu, smoked pork chasu, duck chasu, chicken chashu, king oyster mushroom strips and ajitama eggs on wavy wheat noodles. All this is steeped in a creamy chicken broth that does not immediately knock you out in the way that pork, with its stronge r fl avour, sometimes does. A dry alternative exists in the form of the A5 wagyu aburasoba ($41++), which blankets its chewy wheat noodles in two types of Miyazaki beef. A sauce made of barrel-aged shoyu adds savoury depth to this oily, indulgent bowl of noodles. Other more unconventional options include the duck matcha ($25++) and chilli crab ramen ($28++) – a Singapore-exclusive tribute to a local classic – which have yielded mixed reactions from diners. Th e restaurant also serves up a bevy of sides, like fried chicken ($12.80++) perfumed with Japanese black vinegar, crispy enoki chips ($8.80++) and torched corn with tare sauce ($8.80). Tip: Go on a Tuesday or Wednesday evening, when the restaurant tends to be quieter – you might even be able to enter without queueing. As wait times can reach up to 30 minutes on weekends, guests are encouraged to arrive early. Tonshou Hire katsu set from Tonshou. ST PHOTO: CHERIE LOK Where: 51 Tras Street Open: 11am to 9pm daily Info: @tonshou_sg on Instagram Tonshou is a Korean pork cutlet chain more than capable of going toe to toe with the top Japanese tonkatsu restaurants in Singapore. Its not-so-secret weapon? A charcoal-grilled pork cutlet that redefines what tonkatsu should look and taste like. Instead of rectangular blocks trimmed with fat – though it has those too – Tonshou's Instagram-famous hire katsu set ($28++) rolls in on blushing pork loin medallions. A meticulous four-stage cooking process packs the juices into the meat, ensuring the cutlet remains crispy yet succulent. The rosu katsu set ($28++), on the other hand, more closely resembles the version of this dish typically found at Japanese eateries, and offers much of the same textural duality, plus an added burst of fat. These breaded slabs of gold can also be stuffed between bread. A pork cutlet sandwich costs $21++, while a shrimp tempura sandwich goes for $24+ +. Because this is a Korean chain, all sets come with a small saucer of kimchi. The usual accoutrements follow too: miso soup, shredded cabbage and rice. Tip: The restaurant uses a QR-based remote queueing system, so join the waitlist before travelling to the restaurant to minimise waiting time. It is also in the process of setting up a reservation system. Casa Vostra Italian restaurant Casa Vostra has updated its menu with new dishes. PHOTO: CASA VOSTRA Where: 01-49/50/51 Raffles City, 252 North Bridge Road Open: 11.30am to 10pm daily Info: After a year at Raffles City, casual Italian joint Casa Vostra is still commanding formidable queues, even on weekday evenings. To keep up with the hype, the restaurant refreshed its menu in April, unveiling homely fare such as the aglio e olio ($15) inspired by the recipe of chef-owner Antonio Miscellaneo's moth er. It tosses in sun-dried tomatoes for some summery pizzazz. The beef cheek parpadelle ($25) is another new entrant worth waiting for. Silky pasta sheets act as the perfect vehicle to sop up a rich and meaty ragu stewed with tomatoes and smoked speck. A smattering of new sides have wound their way onto the menu too. For example, the baked scamorza ($6), a dangerously gooey puddle of melted cheese drizzled with honey. Last but not least, no trip to Casa Vostra is complete without a slice of its trademark Newpolitan pizza, dressed up this time with the sweet-savoury melange of Parma ham, fig puree, rocket, Parmigiano Reggiano, candied walnuts and Fior di latte mozzarella ($26). As always, the crust – whipped into shape by a long process of fermentation and baking – is perfectly airy and crisp. If its sweet undertones do not suit your palate, there is a steady selection of traditional flavours to pick from, all affordably priced and well under the $30 mark. Tip: Drop by from 2 to 5pm, the restaurant's off-peak hours. Check out ST's Food Guide for the latest foodie recommendations in Singapore.
Straits Times
12 hours ago
- Straits Times
India PM Modi opens strategic railway in contested ‘crown jewel' Kashmir
Prime Minister Narendra Modi on June 6 opened a strategic railway line to Kashmir he called 'the crown jewel of India'. PHOTO: EPA-EFE SRINAGAR - Prime Minister Narendra Modi made his first visit to Kashmir on June 6 since a conflict with arch-rival Pakistan, opening a strategic railway line to the contested region he called 'the crown jewel of India'. Mr Modi launched a string of projects worth billions of dollars for the divided Muslim-majority territory, the centre of bitter rivalry between India and Pakistan since their independence from British rule in 1947. Nuclear-armed India and Pakistan fought a four-day conflict in May, their worst standoff since 1999, before a ceasefire was agreed on May 10. 'Pakistan will never forget... its shameful loss,' the Hindu nationalist premier told crowds a month since India launched strikes on its neighbour after an attack on tourists in Kashmir. 'Friends, today's event is a grand festival of India's unity and firm resolve,' Mr Modi said after striding across the soaring bridge to formally launch it for rail traffic. 'This is a symbol and celebration of rising India,' he said of the Chenab Bridge which connects two mountains. New Delhi calls the Chenab span the 'world's highest railway arch bridge', sitting 359m above a river. While several road and pipeline bridges are higher, Guinness World Records confirmed that Chenab trumps the previous highest railway bridge, the Najiehe in China. 'Our troubles' Mr Modi said the railway was 'an extraordinary feat of architecture' that 'will improve connectivity' by providing the first rail link from the Indian plains up to mountainous Kashmir. With 36 tunnels and 943 bridges, the new railway runs for 272km and connects Udhampur, Srinagar and Baramulla. It is expected to halve the travel time between the town of Katra in the Hindu-majority Jammu region and Srinagar, the main city in Kashmir, to around three hours. The new route will facilitate the movement of people and goods, as well as troops, that was previously possible only via treacherous mountain roads and by air. Mr Modi's Hindu nationalist government revoked Kashmir's limited autonomy and took the state under direct rule in 2019. Pakistan's foreign ministry in a statement said India's 'claims of development... ring hollow against the backdrop of an unprecedented military presence, suppression of fundamental freedoms, arbitrary arrests, and a concerted effort to alter the region's demography'. Around 150 people protested against the project on the outskirts of Muzaffarabad, the capital of Pakistan-administered Kashmir. 'We want to tell India that building bridges and laying roads in the name of development will not make the people of Kashmir give up their demand for freedom,' said Mr Azir Ahmad Ghazali, who organised the rally attended by Kashmiris who fled unrest on the Indian side in the 1990s. 'In clear and unequivocal terms, we want to say to the Indian government that the people of Kashmir have never accepted India's forced rule.' More than 70 people were killed in missile, drone and artillery fire during last month's conflict. The fighting was triggered by an April 22 attack on civilians in Indian-administered Kashmir that New Delhi accused Pakistan of backing, a charge denied by Islamabad. Rebel groups in Indian-run Kashmir have waged an insurgency for 35 years demanding independence for the territory or its merger with Pakistan. Mr Modi also announced further government financial support for families whose relatives were killed, or whose homes were damaged, during the brief conflict –- mainly in shelling along the heavily militarised de facto border with Pakistan, known as the Line of Control. 'Their troubles are our troubles,' Mr Modi said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
a day ago
- Straits Times
India vows to keep up development in Kashmir after tourist attack
FILE PHOTO: Chairs and tables are scattered at the site of a suspected militant attack on tourists in Baisaran near Pahalgam in south Kashmir's Anantnag district, April 24, 2025. REUTERS/Adnan Abidi/File Photo India vows to keep up development in Kashmir after tourist attack NEW DELHI - India is committed to efforts to develop its restive territory of Jammu and Kashmir, Prime Minister Narendra Modi said on Friday, accusing neighbour Pakistan of seeking to destroy livelihoods there with April's deadly attack on tourists. He was speaking on his first visit to the Himalayan region since Islamist attackers targeted Hindu tourists in the popular Pahalgam area, killing 26 men, triggering hostilities between the nuclear-armed neighbours that ended in ceasefire last month. "The atmosphere of development that emerged in Jammu and Kashmir will not be hindered by the attack ... I will not let development stop here," Modi said in remarks after inaugurating infrastructure projects. Key among these was a $5-billion rail link between the Kashmir Valley and the rest of India, which has been more than 40 years in the making and features the world's highest railway arch bridge. Others include highways, city roads and a new medical college. India has accused Pakistan of backing the April attack, a claim denied by Islamabad, and they engaged in four days of fierce fighting last month before agreeing to a ceasefire. Pakistan aimed to disrupt the livelihoods of the poor in Kashmir, who rely heavily on tourism, Modi said, adding that he would face down any obstacle to regional development. Pakistan's foreign ministry did not immediately respond to a request for comment on Modi's remarks. Last month, Islamabad said a just and peaceful resolution of the Kashmir dispute was essential to ensure lasting peace in the region, known for its snow-topped mountains, scenic lakes, lush meadows, and tulip gardens. The region, which drew more than 3 million visitors last year, is at the heart of the hostility between the old foes, both of which claim it in full, but rule it in part and have fought two of their three wars over it. India also accuses Pakistan of supporting Islamist militants battling security forces in Jammu and Kashmir, but Islamabad denies the accusation. Trains run in the Kashmir Valley but the new link is its first to the wider Indian railway network. Apart from boosting the regional economy, it is expected to help revive tourism, which plummeted after the April attack. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
