Latest news with #KuokHuiKwong
India.com
a day ago
- Business
- India.com
Meet Kuok Hui Kwong, daughter of Malaysia's richest man, who leads Rs 180000000000 business of..., has graduated from...
Meet Kuok Hui Kwong, daughter of Malaysia's richest man, who leads Rs 180000000000 business of..., has graduated from... Shangri-La Asia has appointed Kuok Hui Kwong as its new CEO from August 1. According to SCMP, this appointment comes after Lim Beng Chee steps down from the post of CEO in December 2022. The leadership of the company will now be united under the leadership of Kuok Hui Kwong. According to the company, assigning Kuok the roles of both chairman and CEO will increase synergy in the strategy and functioning of the company. This will ensure a common vision at all levels. 47-year-old Kuok Hui Kwong has been an important figure on the board of Shangri-La Asia for many years. She joined as executive director in June 2016 and became chair in January 2017. The company says she has played a key role in setting strategic priorities and guiding long-term goals. She quietly took over the leadership of the group after her brother stepped down last year, SCMP reports. She had previously served as deputy chair for six months. Who is Kuok Hui Kwong? Kuok Hui Kwong holds a bachelor's degree in East Asian studies from Harvard University. She is the sixth of eight children of Robert Kuok Hock-nien, the founder of Shangri-La and Malaysia's richest man. According to Forbes, her net worth is $11.4 billion. Apart from hospitality, she has also held top editorial roles. She was also the CEO of the South China Morning Post from January to June 2012. Later in 2015, Alibaba acquired the newspaper and its parent SCMP Group. Earlier it was controlled by Kerry Holdings, the flagship company of the Kuok family. She has also previously served as a director of the Bangkok Post. What are Kuok's financial interests in Shangri-La? Despite her growing influence, Kuok avoids media interviews and keeps a low profile. According to a CNA report, Kuok's financial interests in Shangri-La are substantial. Her total direct and indirect stake in the company is 95.5 million shares. She also has more than 5 percent stake in Kerry Group, which is a major shareholder in Shangri-La Asia. Under her current contract, she is entitled to a monthly base salary of about $73,000, bonuses and pension. Shangri-La business empire is huge Shangri-La Asia is listed in both Hong Kong and Singapore. It operates more than 100 hotels worldwide under four brands such as Shangri-La, Kerry Hotels, Jane and Traders. The company started with one hotel in Singapore in 1971. Now it manages assets worth $13.2 billion. The Kuok family has stakes in 77 of these properties. The group also has related ventures in wine, golf courses and real estate. In 2024, Shangri-La Asia reported revenue of $2.19 billion (about Rs 18843 crore), up 2 per cent from the previous year. However, net profit fell 12.3 per cent to $161.4 million. The group had about 25,500 employees as of the end of 2023. This is a decline of 2.3 per cent from the previous year.
Focus Malaysia
2 days ago
- Business
- Focus Malaysia
Robert Kuok's daughter made Shangri-La CEO: Nepo baby or product of hardcore biz grooming?
SILVER Spoons or a position earned though merit from years of hard work and plenty of business acumen? Online comments were divided when reacting to news of that Kuok Hui Kwong, daughter of tycoon Robert Kuok, was appointed chief executive of Shangri-La Asia, beginning next month. As shared by BFMNews (@NewsBFM) on X, the 50-year-old will pocket RM312,000 salary along with other perks and benefits, while remining chairman of the hotel group. Robert Kuok's daughter Kuok Hui Kwong will become the chief executive of Shangri-La Asia on Aug 1, while continuing as chairman. According to the Straits Times, Hui Kwong, 47, will earn a monthly base salary of RM312,000, along with discretionary bonuses & pension benefits. 🧵1 — BFM News (@NewsBFM) July 16, 2025 However, any doubts about Hui Kwong's ability in the hospitality industry were quashed with the news report also highlighting she been with the company for nearly a decade as an executive director in June 2016 before becoming chairman in 2017. Basically, it is just business as usual with Shangri-La Asia justifying that 'combining the roles of chairman and chief executive under her leadership will improve strategic cohesion and execution across all levels'. With direct stakes in the company amounting to a 2.7% share of Shang-La Asia, there is added incentive. She takes over from former CEO Lim Beng Chee who retired three years ago but remains on the board as non-executive director. There were, of course, short-sighted comments about this is the result of being the scion of the Kuok dynasty. On the flip side, there were those who contended that she deserved it having served the company since 2016. It was also highlighted the company was not in the red and provided good services, thus further justifying Hui Kwong's stewardship of the brand. Another commenter highlighted that her RM312,000 salary was a drop in the ocean for a thriving family business. This was unlike 'the Sapura CEOs' who paid themselves close to RM1 mil per month, it was claimed. This is despite the oil & gas (O&G) outfit's haemorrhaging losses. Editor's note: Sapura Energy Bhd had made headlines for paying extremely high salaries to its top executives when the company was a loss-making entity. This commenter was quickly shut down for bringing race into the equation. But a few did agree that he was right in pointing out that other organisations that weren't doing so well were paying their top executives rather handsomely with government-linked companies (GLCs) singled out for special mention. Pos Malaysia Bhd posted losses of RM202.7 mil last year for the sixth consecutive time yet reportedly paid its CEO Charles Brewer triple of what Hui Kwong earns, claimed one commenter. Others just applauded Hui Kwong for being a strong female business role model. One commenter wondered why so many sour grape comments. It's after all family-owned business with legacy shares not public funds that some use and abuse. Of course, the salary may seem gargantuan to many people. But another commenter wondered aloud why is she even working at all given her family are super rich? She could very well be doing nothing, couldn't she? One commenter simply praised Hui Kwong for her hard work. Silver spoon or not, the hospitality field is a cut-throat industry and Hui Kwong has proved her mettle having steered the company for nearly a decade, most pertinently through the pandemic. One commenter simply congratulated her on the appointment. But the cheekiest comment perhaps summed up what the elderly tycoon may have thought of everyone else's opinions. – July 18, 2025
Straits Times
2 days ago
- Health
- Straits Times
Forum: Miscalculation to end distribution of test kits to detect cancer
I refer to the letter ' Forum: End of free test kit distribution can hurt fight against cancer ' (July 14). I think it is a miscalculated step by the Ministry of Health (MOH) to end community-level distribution of the faecal immunochemical test (FIT) kits by the Singapore Cancer Society (SCS). As a former staff member of SCS, I had first-hand experience witnessing the dedication and tireless efforts that went into promoting and distributing the FIT kits. My role involved recruiting and working alongside volunteers to support the outreach at community spaces such as community clubs, venues that seniors, the key target group, are already comfortable visiting. I still remember a heart-warming encounter with a senior during one of these outreach events. She told me that she had previously collected a FIT kit at a community event and, thanks to that early detection, her life was saved. That moment reaffirmed how critical and impactful such community-led efforts are. Beyond just distribution, these efforts also fostered a strong sense of community ownership and participation. Many volunteers shared how meaningful the experience was for them, knowing they were playing a part in promoting early cancer detection. Now that the FIT kits are only available through Healthier SG, where doctor consultations and screening fees may apply, access becomes more complicated. It's not always easy convincing elderly parents to sign up for Healthier SG or to schedule an appointment, compared with the convenience of picking up a kit at a community event. I say this with some shame, but even I have struggled to get my parents on board since the shift. While I acknowledge that the Government is doing its best to improve population health through the launch of Healthier SG, we must be careful not to lose the momentum built over the years by community-based initiatives. Daniel Yao Top stories Swipe. Select. Stay informed. Singapore Driverless bus in Sentosa gets green light to run without safety officer in first for S'pore World US strikes destroyed only one of three Iranian nuclear sites, says new report Business 5 things to know about Kuok Hui Kwong, tycoon Robert Kuok's daughter and Shangri-La Asia head honcho Asia Air India probe into Boeing 787 fuel control switches finds no issues Singapore Man charged over manufacturing DIY Kpods at Yishun home; first such case in Singapore Singapore Sex first, then you can sell my flat: Women property agents fend off indecent proposals and harassment Singapore Two women jailed for submitting fake university certificates to MOM for employment passes Singapore Fatal abuse of Myanmar maid in Bishan: Traffic Police officer sentenced to 10 years' jail
Straits Times
2 days ago
- Business
- Straits Times
US solar panel makers seek tariffs on imports from Indonesia, India, Laos
Find out what's new on ST website and app. A group of solar panel manufacturers in the US has accused companies in Indonesia, India, Laos of dumping cheap goods on the market to undercut new American factories. WASHINGTON - A group of US solar panel manufacturers asked the Commerce Department on July 17 to impose tariffs on imports from Indonesia, India and Laos, accusing companies there of dumping cheap goods in the market to undercut new American factories. The petition is the latest effort by the small US solar manufacturing industry to seek trade relief to protect billions of dollars of recent investment and compete with goods produced mainly by Chinese companies overseas. The Alliance for American Solar Manufacturing and Trade, which filed the petition, includes Tempe, Arizona-based First Solar, Qcells, the solar division of Korea's Hanwha, and private companies Talon PV and Mission Solar. The group has succeeded previously in winning tariffs on imports from countries in South-east Asia including Malaysia, Cambodia, Vietnam and Thailand. Those tariffs were finalised earlier this year. The petition accuses companies of receiving unfair government subsidies and of selling their products below the cost of production in the United States. It says Chinese-owned companies shifted production from nations that received US tariffs to Indonesia and Laos and also accuses Indian-headquartered manufacturers of dumping cheap goods in the US. Top stories Swipe. Select. Stay informed. Singapore Driverless bus in Sentosa gets green light to run without safety officer in first for S'pore World US strikes destroyed only one of three Iranian nuclear sites, says new report Business 5 things to know about Kuok Hui Kwong, tycoon Robert Kuok's daughter and Shangri-La Asia head honcho Asia Air India probe into Boeing 787 fuel control switches finds no issues Singapore Man charged over manufacturing DIY Kpods at Yishun home; first such case in Singapore Singapore Sex first, then you can sell my flat: Women property agents fend off indecent proposals and harassment Singapore Two women jailed for submitting fake university certificates to MOM for employment passes Singapore Fatal abuse of Myanmar maid in Bishan: Traffic Police officer sentenced to 10 years' jail Imports from the three nations combined were US$1.6 billion (S$2 billion) in 2024, up from US$289 million in 2022, according to the petitioners. 'We have always said, vigorous enforcement of our trade laws is critical to the success of this industry,' Mr Tim Brightbill, lead attorney for the petitioners, said in a statement. Most of the solar panels installed in the US are produced overseas. But US solar manufacturing capacity has grown meaningfully since the 2022 Inflation Reduction Act provided tax credits as an incentive to reduce reliance on Chinese-made goods. Panel capacity reached 50 gigawatts this year, up from 7GW in 2020, according to the Solar Energy Industries Association (SEIA). That is still not enough capacity to supply the US solar market, which is expected to install nearly 43GW of projects a year through 2030, according to SEIA. The Commerce Department has 20 days to decide whether to initiate an investigation into whether to impose tariffs. The agency was not immediately available for comment. Anti-dumping and countervailing trade cases typically take about a year to result in finalised tariffs. REUTERS
Straits Times
3 days ago
- Business
- Straits Times
Drones attack Iraqi Kurdistan oilfields for fourth day
Find out what's new on ST website and app. FILE PHOTO: Smoke rises after a drone attack targeted oil facilities in the Zakho area of Iraq's Kurdistan region, Iraq July 16, 2025. REUTERS/Khalid Al-Mousily/File Photo BAGHDAD - Drones struck oilfields in Iraqi Kurdistan on Thursday, with officials pointing to Iran-backed militias as the likely source of attacks this week that have slashed the region's oil output by more than half. These are the first such attacks on oilfields in the region and coincide with the first in seven months on shipping in the Red Sea by Iran-aligned Houthi militants in Yemen. Thursday's strike hit an oilfield operated by Norway's DNO in Tawke, in the Zakho area, the region's counter-terrorism service said. It was the week's second strike on a site operated by DNO, which operates the Tawke and Peshkabour oilfields in the Zakho area that borders Turkey. DNO did not immediately reply to a Reuters request for comment. No group has claimed responsibility for four consecutive days of attacks, but security officials told Reuters the drones came from areas controlled by Iran-backed militias. No casualties have been reported but oil output in the semi-autonomous Kurdistan region has been slashed by 140,000 to 150,000 barrels per day (bpd), two energy officials said. Top stories Swipe. Select. Stay informed. Singapore Driverless bus in Sentosa gets green light to run without safety officer in first for S'pore World US strikes destroyed only one of three Iranian nuclear sites, says new report Business 5 things to know about Kuok Hui Kwong, tycoon Robert Kuok's daughter and Shangri-La Asia head honcho Asia Air India probe of Boeing 787 fuel control switches finds no issues Singapore Man charged over manufacturing DIY Kpods at Yishun home; first such case in Singapore Singapore Sex first, then you can sell my flat: Women property agents fend off indecent proposals and harassment Singapore Two women jailed for submitting fake university certificates to MOM for employment passes Singapore Fatal abuse of Myanmar maid in Bishan: Traffic Police officer sentenced to 10 years' jail That is over half the region's normal output of about 280,000 bpd. Iran backs militant groups that are part of the Islamic Resistance in Iraq, a collection of about 10 hardline Shi'ite armed factions that command about 50,000 fighters and arsenals. They have claimed responsibility for dozens of missile and drone attacks on Israel and U.S. forces in Iraq and Syria since the Gaza war erupted in 2023. U.S.-based Hunt Oil operates the Ain Sifni oilfield in the Dohuk region, which was attacked on Wednesday. Hunt Oil said no workers were injured but that it had shut down its facilities to assess damage. REUTERS
