Latest news with #RobertKuok
South China Morning Post
20-07-2025
- Business
- South China Morning Post
New Shangri-La luxury brand lures rich Chinese tourists with unique cultural experiences
Shangri-La Group has launched its super-luxury hotel brand in mainland China, Shangri-La Signatures, featuring a convergence of cultural heritage and nature aimed at attracting wealthy tourists amid a rebound in demand for leisure experiences. Advertisement The company was spearheading a move among global hoteliers to focus on unique offerings, operational agility and the evolving preferences of Chinese travellers to stay abreast of the competition. 'Affluent Chinese travellers, particularly millennials and Gen Z in mainland China, are reshaping the meaning of luxury,' said Ulrich Joblonka, general manager of the Silk Lakehouse at the Shangri-La Hangzhou, in an interview. 'No longer defined solely by opulence, today's luxury is rooted in authenticity, emotional connection, cultural depth and personal well-being.' The Silk Lakehouse, located on the shores of Hangzhou's West Lake – a Unesco World Heritage site – is the first outlet to open under the new brand, inaugurated in May. Shangri-La, founded by Malaysian tycoon Robert Kuok Hock-nien in 1971, said each Shangri-La Signatures room would be a refined private residence, rooted in local heritage. The brand would also be expanded to other parts of Asia. Advertisement 'In cities like Hangzhou where prime sites near the West Lake are becoming increasingly scarce, a well-positioned luxury hotel can surely stand out,' said Zhou Tao, head of hotels and hospitality at JLL in China. 'High-net-worth travellers continue to place a premium on experiences that combine exceptional location with thoughtful design and cultural relevance and a product that delivers on these fronts is well placed to capture their attention.' According to the property services firm, revenue per available room on the mainland dropped 5 per cent from a year earlier during the first five months of 2025. But luxury and upscale hotels showed resilience and experienced strong demand, Zhou said.
Forbes
18-07-2025
- Business
- Forbes
Wilmar Buys Billionaire Gautam Adani's 20% Stake In Indian JV For $824 Million
Workers outside the AWL Agri Business (Previously Adani Wilmar) edible oil manufacturing unit in ... More Mundra, Gujarat, India, on Wednesday, Feb. 8, 2023. Photographer: Dhiraj Singh/Bloomberg Wilmar International—the Singapore-based palm oil giant cofounded by Malaysia's richest tycoon Robert Kuok and his nephew Kuok Khoon Hong—has agreed to buy billionaire Gautam Adani's 20% stake in their Indian joint venture company AWL Agri Business for 71.4 billion rupees ($824 million). The Adani Group has been divesting its shares in AWL. In December, Adani Enterprises announced that it intends to completely divest its stake in the company to focus on its core infrastructure businesses in renewable energy, transport, and logistics. The following month, Adani Commodities sold 13.5% of AWL to the public, raising public ownership in the company to 23%. With a market cap of $4 billion, AWL, which went public in India in 2022, is the largest consumer foods manufacturer in India, with interests in edible oils, oleochemicals as well as food staples such as rice, sugar and wheat. Upon completion of the transaction, which is pending regulatory approvals, Wilmar will own about 64% stake in AWL once the deal is completed. Adani Group plans to sell its remaining 10.4% stake in AWL to pre-identified investors, according to an announcement released on Thursday. AWL is one of over 10 joint ventures run by Wilmar, which counts Robert Kuok and his nephew Khoon Hong among its biggest shareholders. Robert, who has an estimated net worth of $12.5 billion, also has interests in Shangri-La hotels, data centers, real estate, shipping, and logistics. Khoon Hong, chairman of Wilmar, has a net worth of $3.4 billion, which also includes his stake in Perennial Holdings, which is building Singapore's tallest skyscraper in partnership with ecommerce giant Alibaba.
Straits Times
17-07-2025
- 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
17-07-2025
- Straits Times
$12.7 million Toto jackpot shared among 12 Group 2 winners after no one won top prize
Find out what's new on ST website and app. The prize had snowballed to $12.7 million after the past three draws saw no winners. SINGAPORE - Twelve lucky punters with winning Group 2 tickets will each get a share of about $1.2 million after there were no Group 1 winners in the $12.7 million Toto jackpot on July 17. The winning numbers were 7, 8, 17, 29, 32, 42. The additional number was 1. The prize had snowballed to $12.7 million after the past three draws saw no winners. The Group 1 prize amount will be rolled over only up to the fourth draw. Thereafter, the amount will be shared among the winners in Group 2. The 12 tickets were bought at locations such as a trading store in Tampines Street 21, a provision shop in Race Course Road and a Singapore Pools outlet in Toa Payoh Lorong 1. It is not known if each ticket belonged to an individual or was shared among several people. Meanwhile, 609 tickets won the Group 3 prize, which had a share amount of $1,658. Earlier, the Singapore Pools' website showed that the prize money for the Group 1 category had snowballed from almost $1.2 million on July 7 to about $2.9 million on July 10. 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 The last draw on July 14, which had a prize money of about $5.8 million, had again yielded no winner. The last Toto draw that had a prize sum of over $10 million was on June 19, when a single ticket won the $12.3 million Toto jackpot . The latest draw results are available on the Singapore Pools website.
Straits Times
17-07-2025
- Business
- Straits Times
Georgia stops sale of $3 million of uranium that could have been used in bomb
Find out what's new on ST website and app. TBILISI - Georgia has detained two people for handling and attempting to sell $3 million worth of uranium which could have been used to make a deadly bomb, the national security service said on Thursday. The prosecutor general said one Georgian and one Turkish national had been arrested and charged with the illegal purchase, possession and disposal of radioactive substances. The pair were arrested in the western city of Batumi on the Black Sea and could face up to 10 years in prison. "...the citizen of Georgia illegally purchased and stored the radioactive substance uranium...(and) tried to sell the mentioned nuclear material to the Turkish citizen for $3 million," the prosecutor's statement said, without naming them. The State Security Service said it had prevented a "transnational crime" over the uranium which could have been used to make a deadly bomb causing mass fatalities. Contacted by Reuters, the agency declined to give any further details on how enriched the uranium was. The U.N. nuclear watchdog, the International Atomic Energy Agency, did not immediately respond to a request for comment. Top stories Swipe. Select. Stay informed. Singapore Driverless bus in Sentosa gets green light to run without safety officer in first for S'pore Singapore Fatal abuse of Myanmar maid in Bishan: Traffic Police officer sentenced to 10 years' jail Singapore Man charged over manufacturing DIY Kpods at Yishun home; first such case in Singapore 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 Singapore Premium China carmaker Hongqi, known for Xi Jinping's limos, to launch in Singapore in 2026 Singapore Sex first, then you can sell my flat: Women property agents fend off indecent proposals and harassment Opinion Grab tried to disrupt taxis. It now wants to save them Georgia's State Security Service published video on Thursday showing law enforcement agents using a radiation scanner to inspect a passenger vehicle as well as two small vials, one of which appeared to contain a white, powdery substance. There was no word on the uranium's origin or potential destination. One isotope of uranium, uranium-235, is fissile, meaning it can sustain the nuclear chain reaction used in reactors and bombs. The two other isotopes, uranium-238 and uranium-234, are not fissile. The security of nuclear materials was one of the biggest concerns after the 1991 fall of the Soviet Union, of which Georgia was a member. There have been several serious incidents involving the illicit trade in nuclear materials in Georgia over recent decades. In 2019, Georgia said it had detained two people for handling and trying to sell $2.8 million worth of uranium-238. In 2016, authorities arrested twelve people, including Georgians and Armenians, in two separate sting operations within the same month and accused them of attempting to sell in total about $203 million worth of uranium-238 and uranium-235. In 2014, Georgia caught two Armenians trying to smuggle cesium-137, a radioactive isotope of the metal cesium, into the country. REUTERS
