Singapore Airlines to pay staff almost eight months' bonus
SINGAPORE Airlines Ltd. will reward employees with a profit-sharing bonus worth almost eight months after delivering full-year net income of S$2.78 billion (US$2.1 billion) that beat analyst estimates.
Employees will be paid about 7.45 months' bonus, lower than the 7.94 months received a year ago, Chief Executive Officer Goh Choon Phong said on Friday.
The smaller bonus payout comes as Singapore Air on Thursday warned that tariff and trade tensions on top of broader economic and geopolitical uncertainties could hurt demand for passenger and cargo flights.
The Singapore flag carrier's net income beat, with passenger yields declining slower than over the past three years, contrasting with its outlook.
However, the carrier posted muted results for its final quarter, a sign of uncertain times ahead. US President Donald Trump's trade policies have rattled markets and hurt consumer sentiment.
'The global airline industry faces a challenging operating environment,' the airline said in a statement. The growing challenges 'may impact consumer and business confidence,' it added. –BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
an hour ago
- Barnama
1st Meeting Of China-US Economic, Trade Consultation Mechanism Opens In London, Attracting Global Attention
WORLD U.S. Treasury Secretary Scott Bessent and Chinese vice premier He Lifeng pose for a photo with U.S. Trade Representative Jamieson Greer, U.S. Secretary of Commerce Howard Lutnick, Chinese Commerce Minister Wang Wentao, and China's International Trade Representative and Vice Minister of Commerce Li Chenggang, in London, Britain June 9, 2025. United States Treasury/Handout via REUTERS LONDON, June 10 (Bernama-Xinhua) -- The first meeting of the China-US economic and trade consultation mechanism opened here on Monday, attracting global attention. Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, attended the meeting with US representatives, Xinhua news agency reported. Business leaders welcomed the meeting, expecting win-win outcomes. "Only through mutual respect can we achieve win-win cooperation," said Yang Ming, CEO of Westwell Holdings (Hong Kong) Ltd, a Chinese artificial intelligence (AI) technology company. Attend the ongoing London Tech Week events, Yang said she wished to see normalised economic and trade relations restored between the two nations, calling on both governments to strengthen collaboration in AI and join forces to create new frontiers in global innovation. OBE Chief Executive Officer at London & Partners Laura Citron told Xinhua that stable trade relationships between the biggest economies in the world would always be a good thing for the global economy, adding that London as a city is a very outward-facing trading economy. "We're very keen to see strong and predictable trade relationships between the U.S. and China," she said. -- BERNAMA-XINHUA
New Straits Times
4 hours ago
- New Straits Times
Asean eyes stronger economic ties with Norway in green and digital sectors
JAKARTA: Asean is looking to deepen its partnership with Norway to advance green growth, digital innovation, and sustainable development across Southeast Asia, as the region navigates evolving climate challenges, economic transformation, and shifting global dynamics. Secretary-general Dr Kao Kim Hourn said Norway's expertise in renewable energy, maritime innovation, digital technology, and sustainable aquaculture makes it a natural partner in advancing the region's long-term goals. "Norway's global leadership in green solutions and the blue economy aligns closely with Asean's sustainability goals and development priorities," he said at a dinner reception with the Asean Committee and other stakeholders on Monday, according to a statement released by the Asean Secretariat on Tuesday. The event was hosted by the Ambassador of Indonesia to Norway, Teuku Faizasyah, at his official residence in Oslo. Also in attendance was the Ambassador of Norway to Asean, Kjell Tormod Pettersen. Kao also highlighted education, research, and innovation as vital areas to nurture the talent and technology that will shape the bloc's future. According to data from the secretariat, bilateral trade between Asean and Norway reached US$3.6 billion in 2024, while Norwegian foreign direct investment totalled US$22.5 million. While the numbers are encouraging, he emphasised that there is significant untapped potential and called for bold and practical steps to advance the partnership to the next level. "In today's global landscape marked by rising protectionism and mounting geopolitical uncertainties, collaborating with like-minded partners all over the world such as Norway becomes ever more critical to upholding open, inclusive, and rules-based economic cooperation," he added. Kao is on a working visit to Norway from June 9 to 12 with stops in Oslo and Bergen at the invitation of the Norwegian government, marking 10 years of the Asean-Norway Sectoral Dialogue Partnership. Norway, which is not a member of the European Union, was recognised as a Sectoral Dialogue Partner of Asean at the 48th Asean Foreign Ministers' Meeting on August 4, 2015 in Kuala Lumpur, Malaysia. – Bernama
The Sun
4 hours ago
- The Sun
EU proposes lowering Russia oil price cap in new sanctions
BRUSSELS: The European Union on Tuesday proposed slashing a price cap on Russia's global oil exports, as part of a new package of sanctions over the Ukraine war. The move comes ahead of a G7 summit in Canada next week where allies will push US President Donald Trump to be more aggressive in punishing the Kremlin. 'We are ramping up pressure on Russia, because strength is the only language that Russia will understand,' European Commission president Ursula von der Leyen said. 'Our message is very clear, this war must end. We need a real ceasefire, and Russia has to come to the negotiating table with a serious proposal.' The European Commission, the EU's executive, suggested cutting the current oil price cap from $60 to $45 as Moscow drags its feet on a ceasefire in Ukraine. The cap is a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the world. The oil price cap, set at $60 by the G7 in 2022, is designed to limit the price Moscow can sell oil around the world by banning shipping firms and insurance companies dealing with Russia to export above that amount. To have most impact the EU and other G7 partners need to get the United States to follow suit and agree to the cut in the level. But Trump so far has frustrated Western allies by refusing to impose sanctions on Russia despite President Vladimir Putin's failure to agree a Ukraine ceasefire. 'My assumption is that we do that together as G7,' von der Leyen said. 'We have started that as G7, it was successful as a measure from the G7, and I want to continue this measure as G7.' European leaders last month threatened Moscow with 'massive' sanctions if it did not agree a truce, but there has been no major progress in US-led peace efforts. 'Russia lies about its desire for peace. Putin is taking the world for a ride. Together with the United States, we can really force Putin to negotiate seriously,' EU foreign policy chief Kaja Kallas said. As part of its 18th round of sanctions since Russia's 2022 invasion, the EU also proposed measures to stop the defunct Nord Stream gas pipelines from being brought back online. Officials said they would also look to target some 70 more vessels in the 'shadow fleet' of ageing tankers used by Russia to circumvent oil export curbs. The EU in addition is looking to sever ties with a further 22 Russian banks and add more companies, including in China, to a blacklist of those helping Moscow's military. One EU diplomat described the latest proposals as 'one of the most substantive and significant packages we've discussed recently'. 'It will hurt Russia's ability to finance its war machine. Now let's see how the discussions evolve.' The sanctions will need to be agreed by all 27 EU countries, and could face opposition from Moscow-friendly countries Hungary and Slovakia.
