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Straits Times
a day ago
- Politics
- Straits Times
While You Were Sleeping: 5 stories you might have missed, July 21, 2025
Find out what's new on ST website and app. Japanese Prime Minister Shigeru Ishiba meeting the media following upper house elections, at the Liberal Democratic Party's headquarters in Tokyo on July 20. Japan PM's future in doubt after election debacle Japanese Prime Minister Shigeru Ishiba's future was unclear on July 21 after his coalition appeared to have disastrously lost its upper house majority in elections that saw strong gains by a right-wing populist party. The Liberal Democratic Party (LDP), which has governed almost continuously since 1955, and its partner Komeito had to win 50 seats in the July 20 vote but they secured only around 41, according to local media projections. Voters angry at inflation turned to other parties, notably the 'Japanese first' Sanseito, which made strong gains with its 'anti-globalist' drive reminiscent of US President Donald Trump's agenda. The debacle comes only months after Mr Ishiba's coalition also lost its majority in the lower house, suffering the LDP's worst result in 15 years. READ MORE HERE Indonesia ferry fire kills five as hundreds rescued PHOTO: FACEBOOK/ABDUL RAHMAN AGU An Indonesian ferry fire killed at least five people on July 20, the country's coast guard said, while more than 200 others were saved with many jumping overboard to flee the huge blaze. The KM Barcelona 5 ferry was engulfed in flames off the coast of Sulawesi island, Indonesia's Maritime Security Agency said, just weeks after at least 19 people were killed when a ferry sank off the popular resort island of Bali. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Both Bukit Panjang LRT disruptions in July linked to newly installed power system: SMRT Singapore 1 in 3 vapes here laced with etomidate; MOH working with MHA to list it as illegal drug: Ong Ye Kung Asia Johor Bahru collision claims lives of e-hailing driver and Singapore passenger Sport Arsenal arrive in Singapore for pre-season matches with AC Milan and Newcastle Business Crypto exchange Tokenize to shut down Singapore operations Singapore More initiatives and support for migrant community announced at Racial Harmony Day event Singapore ComfortDelGro to discipline driver who flung relative's wheelchair out of taxi 'Five people were reported dead, two of whom have yet to be identified. Meanwhile, 284 people have been evacuated safely,' the agency, also known as Bakamla, said in a statement. READ MORE HERE Pakistan arrests suspect in viral 'honour' shooting SCREENSHOT: X/@SHERRYREHMAN Pakistan on July 20 arrested a suspect after a video emerged on social media of a woman and a man being shot and killed for marrying against the wishes of their families, in a so-called honour killing, authorities said. The couple, who were not identified, were shot dead on the orders of a local tribal council in June in Pakistan's southwestern Balochistan province, according to provincial authorities, who investigated after the video went viral. One of the suspects has been arrested after the location and people in the video were identified, the provincial chief minister, Mr Sarfraz Bugti, said in a statement. READ MORE HERE London opera as performer unfurls Palestinian flag London's Royal Opera House on July 20 condemned as 'wholly inappropriate' the actions of a performer who held up a Palestinian flag onstage at the end of a performance. Video footage posted online shows a brief scuffle at the edge of the stage as a figure dressed in a shirt and tie unsuccessfully attempts to stop the performer. The incident in the British capital on July 19 during the curtain call came on the closing night of an 11-night run of Il Trovatore, a four-act opera by Giuseppe Verdi. READ MORE HERE Scheffler a class apart as he romps to first Open title PHOTO: AFP A relentless Scottie Scheffler sealed his first British Open triumph by four shots as he turned the final day of the tournament into a procession at Royal Portrush on July 20. The 29-year-old American world number one started out with a four-stroke lead and apart from one mid-round blip, never looked like relinquishing his iron-like grip as the chasing pack were left scrapping for minor places. Scheffler resembled a towering giant amongst men all week on the glorious Causeway Coast, rekindling memories of 15-times major winner Tiger Woods in his pomp, and he rubber-stamped his fourth major title with a clinical final-round 68.
Straits Times
a day ago
- Business
- Straits Times
Japan PM's future in doubt after election debacle
Find out what's new on ST website and app. Japanese Prime Minister Shigeru Ishiba meeting the media following upper house elections, at the Liberal Democratic Party's headquarters in Tokyo on July 20. TOKYO - Japanese Prime Minister Shigeru Ishiba's future was unclear on July 21 after his coalition appeared to have disastrously lost its upper house majority in elections that saw strong gains by a right-wing populist party. The Liberal Democratic Party (LDP), which has governed almost continuously since 1955, and its partner Komeito had to win 50 seats in the July 20 vote but they secured only around 41, according to local media projections. Voters angry at inflation turned to other parties, notably the 'Japanese first' Sanseito, which made strong gains with its 'anti-globalist' drive reminiscent of US President Donald Trump's agenda. The debacle comes only months after Mr Ishiba's coalition also lost its majority in the lower house, suffering the LDP's worst result in 15 years. Mr Ishiba, 68, a self-avowed policy 'geek' seen as a safe pair of hands when he won the LDP leadership in September – on his fifth attempt – was tight-lipped late on July 20 about his future. 'It's a difficult situation, and we have to take it very humbly and seriously,' Mr Ishiba told broadcaster NHK. Asked about his future, he said only that he 'cannot speak lightly of it'. 'We can't do anything until we see the final results, but we want to be very aware of our responsibility,' Mr Ishiba added. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Both Bukit Panjang LRT disruptions in July linked to newly installed power system: SMRT Singapore 1 in 3 vapes here laced with etomidate; MOH working with MHA to list it as illegal drug: Ong Ye Kung Asia Johor Bahru collision claims lives of e-hailing driver and Singapore passenger Sport Arsenal arrive in Singapore for pre-season matches with AC Milan and Newcastle Business Crypto exchange Tokenize to shut down Singapore operations Singapore More initiatives and support for migrant community announced at Racial Harmony Day event Singapore ComfortDelGro to discipline driver who flung relative's wheelchair out of taxi If he goes, it was unclear who might step up as the LDP's 11th premier since 2000 now that the government needs opposition support in both chambers. 'Ishiba may be replaced by someone else, but it's not clear who will be the successor,' Professor Hidehiro Yamamoto, a politics and sociology expert at the University of Tsukuba, told AFP. Rice price After years of stagnant or falling prices, consumers in the world's fourth-largest economy have been squeezed by inflation since Russia's 2022 invasion of Ukraine. In particular, the price of rice has doubled, squeezing many household budgets despite government handouts. Voter Hisayo Kojima – one of legions of older people in Japan's falling and ageing population – said outside a voting station on July 20 that her pension 'is being cut shorter and shorter'. 'We have paid a lot to support the pension system. This is the most pressing issue for me,' the 65-year-old told AFP in Tokyo. Not helping is lingering resentment about an LDP funding scandal, and US tariffs of 25 per cent due to bite from Aug 1 if there is no trade deal with the United States. Japanese imports are already subject to a 10 per cent tariff, while the auto industry, which accounts for 8 per cent of jobs, is reeling from a 25 per cent levy. Weak export data last week, which showed plummeting US-bound auto deliveries, stoked fears that Japan could tip into a technical recession. Despite Mr Ishiba securing an early meeting with Mr Trump in February, and sending his trade envoy to Washington seven times, there has been no accord. 'Japanese first' The last time the LDP and Komeito failed to win a majority in the upper house was in 2010, having already fallen below the threshold in 2007. That was followed by a rare change of government in 2009, when the now-defunct Democratic Party of Japan governed for a rocky three years. Today, the opposition is fragmented, and chances are slim that the parties can form an alternative government. Populist opposition party Sanseito wants 'stricter rules and limits' on immigration, opposes 'globalism' and 'radical' gender policies, and wants a rethink on decarbonisation and vaccines. Last week, it was forced to deny any links to Moscow – which has backed populist parties elsewhere – after a candidate was interviewed by Russian state media. 'They put into words what I had been thinking about but couldn't put into words for many years,' one voter told AFP at a Sanseito rally. AFP
Straits Times
a day ago
- Business
- Straits Times
Unlocking higher offers: How company funds can boost prices for delisting
SINGAPORE – Over the past few years, companies that wished to privatise and delist have adopted one of three possible routes: a voluntary delisting, a scheme of arrangement, or a voluntary offer coupled with compulsory acquisition. All three have their advantages and disadvantages, and the rules have been tweaked to try and preserve minority rights as far as possible. Yet in most cases, there is the problem of 'low-ball' offers that are typically pitched to buy out minority shareholders – at prices that are seen to be exploitative and unfair. It stands to reason that offerors, who are usually major shareholders, would table low prices, since as buyers, they would quite naturally want to pay as little as possible to achieve their goals. But what if the funds to take the company private come from the company itself and not the offeror? Would this make a difference? Selective capital reduction as delisting method Enter a fourth delisting route, known as a selective capital reduction (SCR), which has begun to make an appearance in the local market, and deserves scrutiny. It was employed by beauty products maker Best World, which delisted in 2024 via an SCR. An SCR in a delisting involves cancelling a portion of a company's share capital, specifically targeting shares held by minority shareholders, while the shares of the majority shareholders remain unaffected. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Both Bukit Panjang LRT disruptions in July linked to newly installed power system: SMRT Singapore 1 in 3 vapes here laced with etomidate; MOH working with MHA to list it as illegal drug: Ong Ye Kung Asia Johor Bahru collision claims lives of e-hailing driver and Singapore passenger Sport Arsenal arrive in Singapore for pre-season matches with AC Milan and Newcastle Business Crypto exchange Tokenize to shut down Singapore operations Singapore More initiatives and support for migrant community announced at Racial Harmony Day event Singapore ComfortDelGro to discipline driver who flung relative's wheelchair out of taxi This mechanism allows the company to return capital to minority shareholders in exchange for their cancelled shares, effectively facilitating a delisting and privatisation. Like in some of the other delisting routes, a special resolution, typically requiring a 75 per cent majority vote of eligible shareholders present and voting (excluding the bidder and their related parties), is needed to approve the SCR at an extraordinary general meeting. Court approval is required, and the offer price has to be fair and reasonable. Also, as in the case of the other delisting methods, an independent financial adviser (IFA) has to be appointed to deliver an opinion on fairness and reasonableness. Could using this method mean better offer prices? On paper at least, going the SCR route has one major advantage – the money to buy out minority shareholders comes from the company and not the major shareholder, which might then in theory lead to a better offer price. There is a second important feature though, which is that in an SCR delisting, the action would have been initiated by the company and not the major shareholder – at least in theory. What minority shareholders should consider Herein lies the key issue which minority shareholders have to consider when presented with a privatisation-cum-delisting via an SCR – did the company arrive at the decision to use its cash to buy out and cancel the shares of minority shareholders independently, and is the action of going private truly in the company's best interests? A related issue, of course, is whether paying off small shareholders is really the best use of the company's funds. In Best World's case, for example, the company used $375.37 million, or 62 per cent, of its cash of $608 million to buy out its minority shareholders – which is a significant amount of money, no matter which way you look at it. A question to ask would quite naturally be: What was the degree of involvement of the controlling and/or majority shareholder in arriving at the decision to delist via an SCR? Was there any undue influence placed on the board by the controlling shareholder? Equally important would be how the offer price was determined. It should be close to net asset value (NAV) in order to be fair, since all shareholders are supposed to be equal, and in a liquidation, are therefore entitled to receive their pro-rata share of a company's assets. Implications for independent financial advisers Since an IFA opinion on fairness and reasonableness is required, going the SCR path has implications for IFAs. For instance, if the price is way below NAV, then the IFA would have its work cut out for it to justify the valuation method that was used to derive the price. Furthermore, finding comparable companies as benchmarks might prove challenging, given that the majority of delistings here have proceeded under the other three routes outlined above. Last, but by no means least, IFAs should note that an SCR is subject to court approval, which means heightened scrutiny and therefore added pressure to provide truly independent advice. To summarise, SCRs could become more common in future, given that the funds to take the company private come from company coffers and not offerors. While this holds the possibility of better offer prices, shareholders should be aware of the issues, the most important being whether the decision to go private was truly arrived at independently, and whether it really is in the best interests of the company.
Straits Times
a day ago
- Business
- Straits Times
DBS hits record high above $47; CDL up after director Philip Yeo announces resignation
Find out what's new on ST website and app. More than 4.2 million DBS shares changed hands on July 18, the day the bank was named World's Best Bank by Euromoney for the third time since 2019. SINGAPORE – Shares of DBS Bank crested an all-time high of $47.05 on July 18 before ending the week slightly lower at $46.99. More than 4.2 million DBS shares changed hands that day, when Singapore's largest bank was named World's Best Bank by Euromoney for the third time since 2019. Just a day earlier, on July 17, RHB analysts in a research report reiterated their 'buy' call on DBS with a $47 target price. However, they also warned of increased share price volatility for DBS, citing the bank's large loan book and the elevated valuation of its shares compared with their book value. Another stalwart of the Straits Times Index, City Developments Limited (CDL), jumped 6.3 per cent on July 16, following news that long-serving director Philip Yeo would step down from the board. The veteran former civil servant's last day with CDL will be July 31. The move marks a turning point in the uneasy stalemate between chief executive Sherman Kwek and his father, Mr Kwek Leng Beng, with whom Mr Yeo had been aligned in a feud on board composition and corporate governance. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Both Bukit Panjang LRT disruptions in July linked to newly installed power system: SMRT Singapore 1 in 3 vapes here laced with etomidate; MOH working with MHA to list it as illegal drug: Ong Ye Kung Asia Johor Bahru collision claims lives of e-hailing driver and Singapore passenger Sport Arsenal arrive in Singapore for pre-season matches with AC Milan and Newcastle Business Crypto exchange Tokenize to shut down Singapore operations Singapore More initiatives and support for migrant community announced at Racial Harmony Day event Singapore ComfortDelGro to discipline driver who flung relative's wheelchair out of taxi Observers said the move could be a step towards unlocking greater shareholder value as the younger Mr Kwek will be able to chart the company's direction more assertively. CDL's shares closed on July 18 at $5.90, up 8.7 per cent through the week. Centurion reveals plans for new Reit Shares of Centurion Corp closed the week at $1.73, down more than 6.4 per cent from the all-time high of $1.85 on July 14. The accommodation provider last week moved ahead with plans to list a real estate investment trust (Reit) on the Singapore Exchange (SGX) mainboard. It announced on July 14 the name of the Reit – Centurion Accommodation Reit – and an initial portfolio of 14 properties that Centurion will divest from its books as the Reit sponsor. The portfolio will comprise five purpose-built worker accommodation assets in Singapore, eight purpose-built student accommodation assets in Britain and one in Australia. A new upmarket student accommodation property will be added to the Reit as its 15th asset once it is ready for occupation, bringing the total portfolio value to $2.1 billion. Centurion Accommodation Reit's listing is still pending approval by SGX and the Monetary Authority of Singapore. Phillip Securities Research's Chong Yik Ban told The Straits Times the Reit would need to offer a target yield of 7.3 per cent to 7.7 per cent to be attractive to prospective investors. This is because Singapore banks pay an average dividend yield of about 6.7 per cent, and investors would demand a higher yield for the additional risk they take to buy a newly listed Reit. Mr Chong noted that newly listed NTT DC Reit, which comprises data centre assets and is backed by Japanese telco giant NTT, has forecast an annualised yield of 7.5 per cent for the nine months from July 1, 2025, to March 31, 2026. This sets a benchmark for Centurion's new Reit, in which it will hold a 35 per cent to 40 per cent stake, to meet or exceed. Mr Chong said the new Reit is potentially capable of achieving similar yields. Based on projections, Centurion aims for the Reit to distribute 100 per cent of its annual distributable income from the listing date until 2027. Lim & Tan Securities' Chan En Jie told ST that investors will most likely look out for attractive returns and stable payouts from each Reit unit when evaluating their options in an environment where interest rates are falling. He noted that the growth in workers' dormitories reflects the robust construction demand expected in Singapore over the next few years. But Mr Chong warned that if tightened, student visa restrictions could hurt demand for student properties in the Reit. Aviation, offshore and marine counters rally Shares of Singapore Airlines gained 2.2 per cent over the week to close at a one-year high of $7.44. The carrier posted its June operating results earlier in the week, reporting a 4.5 per cent year-on-year increase in passenger traffic. The growth outpaced the expansion in passenger capacity, buoyed by the start of the summer travel season and Singapore's mid-year school holidays. Shares of in-flight caterer and ground-handling company Sats as well as SIA Engineering, which provides aircraft maintenance, repair and overhaul, also rose. Sats closed on July 18 at $3.27, up 4.8 per cent through the week, while SIA Engineering closed at $3.34, up 3.1 per cent over the same period. Offshore engineering giant Seatrium, meanwhile, surged 12.8 per cent, closing the week at $2.38. The company has started to deliver the first of six floating production storage and offloading vessels to Brazilian state-owned oil company Petrobras. Other offshore and marine stocks also saw strong gains. Vessel operator Marco Polo Marine surged more than 20 per cent to 5.5 cents a share for the week, its highest in more than five months, with over 160 million shares changing hands on July 18. Mermaid Maritime is also up, rising 9.6 per cent through the week to close at 13 cents. CH Offshore rose 20 per cent to 1.8 cents last week after completing its rights issue. In a July 18 report, Lim & Tan analysts noted that the vessel operator is 'extremely undervalued', making it an 'ideal privatisation candidate'. Other market movers NTT DC Reit ended its first week of trading on a weak note, as investors weighed its costly artificial intelligence ambitions against an uncertain outlook amid ongoing tariff concerns. While the Reit's public offer, the largest on the SGX in a decade, was 9.8 times oversubscribed, its units ended flat at US$1 (S$1.29) on their July 14 debut. They closed the week at 95 US cents, down by almost 6 per cent. In contrast, China Medical System surged 11.2 per cent to close at $2.28 on its July 15 debut, up from an initial offer price of $2.05 for the secondary listing of the Hong Kong-listed pharmaceutical firm. Home-grown fabricator BRC Asia announced after the market close on July 14 that it had secured $570 million worth of contracts for Changi Airport Terminal 5. Its shares surged to $3.71, climbing more than 11 per cent from the start of the week. Semiconductor firm Frencken also posted a strong performance, with its stock peaking at $1.49 during the week before settling at $1.45 on July 18, its highest since announcing plans in June for a larger facility in Kaki Bukit. Shares of PC Partner, seen as a proxy for US-listed Nvidia, rose 13.7 per cent through the week to close on July 18 at $1.33. PC Partner, which is also listed in Hong Kong, distributes electronics that use Nvidia graphics cards. Nvidia shares are trading at an all-time high above US$174 after the company said on July 16 it expects to resume sales of its less-advanced H20 artificial intelligence chips to China after a three-month pause. What to look out for this week Property revitalisation firm Lum Chang Creations is expected to start trading on July 21 on Catalist. A total of one million shares offered to the Singapore public at 25 cents each were 47.3 times oversubscribed. The company raised total gross proceeds of $12.25 million from the offering, resulting in a market capitalisation of $78.75 million. UOB Kay Hian has initiated coverage on the company with a buy call and a target price of 39 cents.
Straits Times
a day ago
- Politics
- Straits Times
Witness stand not arena for humiliation in sex offence cases, judge reminds lawyers
Justice Vincent Hoong said: 'There is no honour in extracting testimony through degradation, nor is there skill in exploiting the emotional vulnerability of a witness.' SINGAPORE – During the trial of a man accused of raping his mother, his lawyer suggested that the woman 'could have easily avoided' the assault if she had just crossed her legs and 'shut the gates'. In another case, a lawyer stared inappropriately at the breasts of a molestation victim and asked her to stand up in an attempt to show that there would be 'motive' to molest her if she was wearing a low-cut top. These examples were cited in a recent speech by High Court Judge Vincent Hoong as cross-examination questions that have no place in the Singapore courts. Justice Hoong, who is also presiding judge of the State Courts, said: 'We would do well to remember that the courtroom is not a battleground, and the witness stand is not an arena for humiliation. 'There is no honour in extracting testimony through degradation, nor is there skill in exploiting the emotional vulnerability of a witness.' He was speaking to members of the Singapore Academy of Law at a private event held at the State Courts on July 2. The keynote address has been published on the Singapore Courts website. Justice Hoong's speech on navigating the sensitivities of cross-examining complainants in sexual offence cases is the latest reminder from the judiciary to the legal fraternity to be aware of the impact that the trial process can have on victims. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Both Bukit Panjang LRT disruptions in July linked to newly installed power system: SMRT Singapore 1 in 3 vapes here laced with etomidate; MOH working with MHA to list it as illegal drug: Ong Ye Kung Asia Johor Bahru collision claims lives of e-hailing driver and Singapore passenger Sport Arsenal arrive in Singapore for pre-season matches with AC Milan and Newcastle Business Crypto exchange Tokenize to shut down Singapore operations Singapore More initiatives and support for migrant community announced at Racial Harmony Day event Singapore ComfortDelGro to discipline driver who flung relative's wheelchair out of taxi Most recently, in December 2024, Chief Justice Sundaresh Menon emphasised the need for judges to take a more active supervisory role in the management of such cases, including the giving of evidence by complainants. This was followed in January by the introduction of measures, such as the use of a checklist at the pretrial stage, to identify contentious issues so that the judge can shut out irrelevant lines of questioning during the trial . In his speech, Justice Hoong noted that judicial guidance in recent years has reinforced and clarified the legislative safeguards against improper questioning. When conducted within proper bounds, robust cross-examination is essential to ensure that the defence can put forward its case fully and fairly, he said. However, cross-examination can be traumatising if conducted without appropriate sensitivity. 'It is therefore incumbent upon us, as judges and counsel, to approach this process with care, precision and a heightened awareness of its potential impact,' he added. Justice Hoong said questions that reinforce outdated notions, such as the expectation that a victim would put up physical resistance or immediately report the crime, can cross the line into being gratuitously harmful, irrelevant or demeaning. 'It is the judge's task to discern and draw that distinction with care and vigilance,' he said. However, lawyers must also be mindful to ensure that their questions are appropriate and relevant. 'Cross-examination is not an opportunity for theatricality nor for an advocate to demonstrate a flair for antagonistic or aggressive, repetitive and oppressive questioning,' he said. He listed past cases where lawyers' questions impugned the complainant's morality, relied on harmful stereotypes and victim-shaming tactics, tried to link the complainant's attire to the accused's 'motive', or suggested that the assault could have been avoided if the complainant had not parted her legs. Justice Hoong added: 'It is entirely possible to challenge the reliability and credibility of a witness in a way which is measured, respectful and upholds the decorum of the court.' Lawyer Luo Ling Ling, who has defended clients accused of committing sexual offences, told The Straits Times: 'I fight all the way for my clients, but I'm also in favour of protecting sexual assault victims. Both objectives can be achieved if you consciously cross-examine the witnesses with respect and restraint.' Ms Luo, who is the managing director of her eponymous firm, said she learnt this 'the hard way' in a case where three girls had accused their stepfather of molesting them. The lawyer said she did not cross the line, but one of the victims broke down when questioned about the contradictions between her police statement and her court testimony. The victim was testifying via a camera, and those in the courtroom did not realise that she was crying until the counsellor who was with her informed the judge, Ms Luo recalled. '(In) hindsight, I would have still done the same cross-examination and asked those hard questions, but I would have used a gentle tone,' she mused.
