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Singapore stocks rise on July 7; STI up 0.5%
Singapore stocks rise on July 7; STI up 0.5%

Straits Times

time07-07-2025

  • Business
  • Straits Times

Singapore stocks rise on July 7; STI up 0.5%

Sign up now: Get ST's newsletters delivered to your inbox The Straits Times Index was up 0.5 per cent or 18.24 points at 4,031.86 on July 7. SINGAPORE - The local bourse kicked off the week on a positive note even as markets monitored how the tariff tango was unfolding. The Straits Times Index (STI) was up 0.5 per cent or 18.24 points at 4,031.86 on July 7. Across the boarder market, gainers just about tied with losers 252 to 251, with1.2 billion securities worth $1.2 billion changing hands. As the 90-day tariff truce is nearly up, markets are closely watching how trade deals unfold. Maybank's global market foreign exchange research and strategy team observed in a report on July 7: 'Thailand offered greater markets access to US goods, India could strike a mini-deal and negotiate further within the next 48 hours, while South Korea has broached the idea of an extension.' Mr Scott Bessent, the US Secretary of the Treasury, was quoted as saying that several big pacts were close, and that some countries could have an option of a three-week extension. The Maybank team wrote: 'This would provide a de-facto extension to the July 9 deadline, and at the same time, perpetuate the uncertainty in markets.' Singapore faces the lowest tariff in the region – the baseline rate of 10 per cent. The Republic's Deputy Prime Minister Gan Kim Yong said on May 16 that the US has offered to discuss 'some form of concession for Singapore to have an official preferential tariff, even to the extent of zero tariff, for pharmaceutical exports to the US'. In exchange, Singapore may have to ensure 'a smoother flow of goods' and the 'security of supply chains'. On STI, DFI Retail Group topped the list, rising 3.1 per cent or US$0.09, to US$2.97 on July 7. Hongkong Land, on the other hand, was at the bottom, declining 2.1 per cent or US$0.13, to US$6.21.

Financial investigation ordered as remote Cape York businesses close
Financial investigation ordered as remote Cape York businesses close

ABC News

time04-05-2025

  • Business
  • ABC News

Financial investigation ordered as remote Cape York businesses close

Australia's northernmost mainland community has been without its only supermarket for almost two months. The service station at the Cape York town of Seisia is also closed and visitors cannot book into the campground. Many in the community of 260 are not sure why the services have closed. But workers say they have not been paid and it has triggered a corporate governance probe. Seisia is the closest community to the tip of Cape York, a popular bucket list destination for tourists. ( ABC News: Brendan Mounter ) The remote town's main service businesses are run by a community-owned organisation called Seisia Enterprises. It launched in 1996 as part of an effort to generate employment in the remote community near the tip of Cape York, 1,000km north of Cairns. "My vision was that if we can start businesses that made money for us, we can be here for a long time, instead of going back to government for money," said one of its founders, Joseph Elu. Mr Elu said he was worried about what the closures would mean for the community's future. " We worked very hard for Seisia to become a successful community and in the time of a bloody eye blink we lost it. " Cape York communities are remote, with roads between them largely unsealed. ( ABC News: Brendan Mounter ) Doors close to community In early March the doors suddenly closed on Seisia Enterprises's supermarket and service station. It is not clear when the shops will reopen and, in the meantime, residents are travelling 6km to the town of Bamaga to buy food and fuel. The northern peninsula area of Cape York is isolated and remote. ( ABC Far North: Carli Willis ) The closures occurred after five new directors joined the board of Seisia Enterprises. But in a statement they said the organisation "firmly refutes and denies any claims it is responsible for the closures". Among the new board members are chairman Jeffrey Aniba and Aaron Fa'aoso, a well-known actor who has appeared in ABC TV series such as The Straits and Black Comedy. The statement said the board was assessing the company's financial situation with a focus on revitalising Seisia. The board said it was assessing the financial status of the business and would not comment on operational aspects of the business until it had a "comprehensive picture" of its finances. In the meantime, Seisia resident Gregory Bond said he was still turning up to work unpaid in the hope of one day being paid what he was owed. He has worked for the company for 23 years and said the community was suffering. "People need fuel for their cars and boats to go out fishing and all that," he said. He said a freezer malfunction after the shop closed led to spoiled food. " There's a lot of bread we threw out and half a pallet of chicken with pies, pizzas and all the frozen stuff. " Police investigate allegation The board overhaul came after the resignation of former director Francis Elu. The circumstances that led to him stepping down are currently under police scrutiny. Francis Elu (centre) with James (left) and Aaron Fa'aoso holding a document Mr Elu alleges he was pressured to sign. ( Facebook: Cape Crusaders ) Francis Elu said Mr Fa'aoso and his brother James approached him late last year to discuss a proposal for new investment into Seisia Enterprises. Seisia's community-owned supermarket has been closed for several weeks. ( Supplied: Wojciech Kaminski ) During a second conversation with the brothers in December Mr Elu alleges he was "pressured" to resign as a director because of the business's financial position and allegations of corruption. "They told me that 'look, Seisia is in a mess and that people will probably get thrown in jail' and all this stuff," Francis Elu said. Four days later he made a formal complaint to Queensland Police which is now investigating the nature of that meeting. Actor Aaron Fa'aoso is a director of Seisia Enterprises and unsuccessfully sought preselection for Labor ahead of the 2024 Queensland election. ( Supplied ) Aaron Fa'aoso said he strongly rejected any allegation he had coerced Francis Elu to quit. James Fa'aoso, who is not on the Seisia Enterprises board, has been contacted for comment. No charges have been laid and the ABC is not suggesting any wrongdoing. 'Complex and sensitive' situation Seisia Enterprises is a subsidiary of the Seisia Community Torres Strait Islander Corporation, a not-for-profit with public reporting obligations. The parent corporation's most recent published financial report for the year ending June 30, 2023, showed it had $4.4 million in assets and $485,000 in cash. Residents of Seisia are having to travel to Bamaga (pictured) for food and fuel. ( ABC Far North: Brendan Mounter ) However, it is understood Seisia Enterprises had about $30,000 in its bank accounts when the new directors took over. Francis Elu said a plan had been in place to turn Seisia Enterprises's finances around and "everything was on track" prior to his resignation in December. Moses Tabuai says he quit when he was allegedly locked out of the business's accounts. ( Supplied ) Former finance director and acting chief executive Moses Tabuai said the organisation's financial position was "critical" at the time. But he said he believed in the recovery plan which aimed to sell assets and use grant funding to reopen a local meatworks and butcher shop to generate more income. Mr Tabuai said he paid staff wages until the new directors allegedly locked him out of the business bank accounts in March. Workers found rotting food which had to be thrown out after the shop closed its doors. ( Supplied: Wojciech Kaminski ) He said that prompted him to quit. In their statement, the board did not answer questions about unpaid workers and Mr Tabuai's inability to access the business bank accounts. The board statement, issued by Mr Aniba, said the situation was "complex and sensitive". "Our primary focus is on revitalising Seisia Enterprises to continue providing essential employment opportunities for our community, as we have successfully done for the past 20 years," the statement read. " We are assessing the financial status of the business to gain a clearer understanding of the situation. " 'Back to grandfather's days' Seisia Enterprises former grants officer Talei Elu, who was sacked by Mr Aniba earlier this year, said the business's financial position was partly down to some past poor management decisions. Ms Elu, the daughter of Joseph Elu, said the business's financial viability was also held back by a monthly fee it pays to the Northern Peninsula Area Regional Council, which still owns its shopfronts. Former Queensland Young Australian of the Year, Talei Elu, believes there's a need for more corporate governance programs in remote communities. ( Supplied: NADC/Salty Dingo ) Ms Elu said she was concerned the ongoing closure would damage Seisia Enterprises's long-term relationship with critical major suppliers. She said the situation highlighted a need for more corporate governance education to be rolled out in remote communities to reduce the risk of "intimidation, bullying and exploitation" of vulnerable community members. Australian Workers' Union acting Queensland secretary Mark Raguse said the organisation was working with people who said they had not been paid. Directors of Seisia Enterprises have not indicated when the shop will reopen. ( Supplied: Wojciech Kaminski ) The Office for the Registrar of Indigenous Corporations (ORIC) has ordered a full financial examination. An ORIC spokeswoman said the registrar would consider whether to appoint a special administrator to the Seisia Community Torres Strait Islander Corporation and its subsidiary, Seisia Enterprises. Cook state MP David Kempton said the situation was devastating for the community, with a lot of uncertainty. Seisia was founded in 1948 by Torres Strait Islanders who left Saibai because of tidal inundation. ( Supplied: Queensland Police Service ) He said the organisation was a cornerstone of the community and "now no-one really knows what's going on". In the meantime, Francis Elu said he had driven families in his own car to buy groceries and fuel in Bamaga. "It's like a flashback going back to my grandfather's days," Mr Elu said.

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