SIA stock down 1.8%, snaps 12-day winning streak

Analysts have sounded a mixed outlook ahead for the airline.

While demand for air travel is set to remain strong – as seen from SIA’s latest monthly operating statistics which showed the national carrier and its budget counterpart Scoot serving 2.8 million passengers in May, up 65.8 per cent year on year – competition is rising as other airlines race to resume more flights.

“We note that the regional landscape is expected to become more competitive as regional airlines return more international capacity to the market,” said OCBC Investment Research analyst Ada Lim in a report dated Jun 14.

SIA’s cargo business, which is already seeing signs of a slowdown, will also see further impact amid macroeconomic headwinds and a recalibration of inventory levels to post-pandemic conditions.

More broadly, the airline industry is facing a host of global uncertainties, ranging from geopolitical tensions and inflationary pressures to a recessionary outlook that threatens to dampen discretionary travel expenditure.

That said, SIA is expected to still deliver strong results ahead, although the bar for market expectations has risen.

Said Mr Yeap: “Further increases in profitability for the company remain on the table, with pent-up travel momentum in place and some relief in cost pressures, but it will still have to deliver above investors’ expectations to drive the (its stock) higher.”

OCBC’s Ms Lim wrote that the airline’s share price “looks frothy” following the recent rally.

“We believe much of SIA’s recovery due to its first-mover advantage may have already been priced in given the recent rally in its share price, and remain cautious that SIA’s recovery momentum may begin to slow later this year,” she added.

That said, Ms Lim noted that the national carrier will continue to have a role in investors’ portfolios as a play on the recovery in the global hospitality and aviation industries.

“SIA’s commitment to service quality could differentiate it from competitors and allow it to defend its market share with greater success, translating to further, albeit limited upside,” she said.

Earlier in the day, SIA refuted a media report that said it may raise its stake in Air India to create a bigger full-service national carrier for India.

According to a Reuters report, the statement from the national carrier is in response to a report by Indian newspaper Mint, which said the carrier had expressed its desire to gradually raise its stake in the Indian airline to about 40 per cent.

“The Mint story dated Jun 16, 2023, is incorrect. There (is) no change in SIA’s position from the November 2022 announcement,” SIA said.

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Repeat offender admits driving drunk into man standing next to stalled car, killing him

SINGAPORE: A man who had been convicted of drink driving before did it again – but this time, he sped along a slip road and collided with a person who was standing beside their broken-down car.

Company director Ang Hiap Boon on Friday (Jun 16) pleaded guilty to his involvement in the fatal accident in what is the first case of its kind since traffic laws were enhanced in 2019.

The 51-year-old is considered a “serious repeat offender” under the enhanced laws. As this is believed to be the first time the court sentences a serious repeat offender in such a case, the judge asked for further submissions from both sides to guide the court and adjourned mitigation and sentencing to August.

Ang pleaded guilty to one count of drink driving as a repeat offender and one count of driving without due care and attention, causing death.

WHAT HAPPENED

The court heard that Ang was a vice president of operations at a company as well as a director of a consulting company. He was fined and banned from driving in March 2005 for drink driving.

After his driving ban was lifted, he retook his driving test and obtained a driving licence again in 2007.

On Oct 26, 2020, he drank about four 200ml glasses of red wine at a restaurant along Syed Alwi Road.

He drove his wife’s white BMW and headed home, travelling along Jalan Besar Road and making a left turn into Ophir Road where a slip road leads to the East Coast Parkway.

It was past midnight on Dec 27, 2020 when Ang exceeded the 50kmh speed limit of the slip road at various points, by going at speeds of up to 74kmh. 

Ahead of him, the 56-year-old victim had stopped his own white BMW on the left lane of the two-lane slip road, as it had broken down.

Ang drove quickly, hovering between the two lanes. There was a van blocking his way on the right lane, so Ang steered left towards the lane the victim was in.

According to video footage from Ang’s vehicle played in court, he did not appear to stop at all but careened into the victim and the victim’s car.

The footage was so graphic that the judge cautioned about its content and asked if anyone would like to step out of the court beforehand.

The victim’s BMW had its tail lights lit, but Ang did not notice it. The victim was clearly visible as he wore a light top against a dark road. He had his back to Ang when the collision occurred.

THE AFTERMATH

On impact, the victim was flung onto the other lane and Ang’s windscreen cracked.

Traffic police officers who were at a nearby roadblock and who had witnessed the collision went to the scene.

The victim was taken to hospital but died that same day of a head injury. He had gone into traumatic cardiac arrest.

Ang’s breath alcohol content was 76 microgrammes per 100ml of breath, above the prescribed limit of 35 microgrammes per 100ml of breath.

Ang had a long list of past traffic violations which Deputy Public Prosecutor Heershan Kaur read out, other than his 2005 drink driving conviction.

In 1999, he paid a composition or out-of-court fine of S$150 for failing to conform to a red light signal.

In 2000, he paid S$130 for crossing double white lines. In 2004, he paid S$130 for driving in a bus lane during prohibited hours.

In 2007, he paid S$70 for parking along unbroken double yellow lines. In 2010, he paid S$130 for speeding. He paid another S$170 for speeding in 2011.

In 2012, he paid S$30 for crossing double white lines. In 2013, he paid S$200 for failing to conform to a red light signal again. 

In 2014, he paid S$150 for speeding again.

The prosecutor asked for a disqualification from obtaining driving licences for 13 years.

Both sides did not go into submissions on the jail term to be imposed, as the judge had queries he wanted both sides to address, since this is the first fatal road traffic accident case under the “serious repeat offender” provision.

The case will be heard again in August.

The penalties for driving without due care and attention, causing death, are a jail term of up to three years, a fine of up to S$10,000, or both.

Where the person is a serious repeat offender, he can get an additional jail term of up to four years. He also faces a driving ban.

For repeat drink driving, Ang can be jailed for up to two years, fined between S$5,000 and S$20,000, and banned from driving for five years.

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Jackson Wang fans scammed, with B2.3m in damages

Fans of Jackson Wang tell reporters how they were swindled by a Facebook user, at the Central Investigation Bureau's complaint centre on Friday. (Photo supplied/Wassayos Ngamkham)
Fans of Jackson Wang tell reporters how they were swindled by a Facebook user, at the Central Investigation Bureau’s complaint centre on Friday. (Photo supplied/Wassayos Ngamkham)

A group of Jackson Wang’s fans accused a woman of allegedly tricking them into buying concert tickets and memorabilia of the popular Hong Kong singer and other South Korean performers through her Facebook page.

Despite the payments made, no tickets or products were delivered, resulting in over 2.3 million baht in damages for more than 80 victims.

Siraporn Chaonamai, 42, led a group of about 20 victims to file a complaint against the woman, identified only “Ploy”, with Crime Suppression Division (CSD) police at the Central Investigation Bureau’s campaign centre on Friday.

Ms Ploy had posted messages on her Facebook and Twitter accounts, offering concert tickets and memorabilia for sale, according to Ms Siriporn, who said the Facebook page appeared trustworthy as it had been active since last year. After transferring money to a bank account provided by Ms Ploy, the victims did not receive their purchased concert tickets or other items, she said.

This Facebook page had also offer to sell non-existent tickets for Volleyball Nations League (VNL) matches, and more than 80 people had fallen victim to this Facebook user, she said.

“We tried to ask for a refund but were unsuccessful,” said Ms Siraporn. “The woman (Ms Ploy) continually postponed and allegedly threatened that we would not receive our money back if we filed a police complaint. The victims, including myself, have decided to file a complaint to make sure that the police bring her to justice and prevent her from deceiving others in the future.”

CSD police interrogated the complainants and said that they would forward the case to their superiors for further action to be taken.

Last year Jackson Wang’s concert in Bangkok recorded the most expensive K-pop ticket in the nation’s history at 18,000 baht. The 29-year-old artist is a member of the South Korean boy band Got7 formed in January 2014.

Jackson Wang (Photo: Jirawat Srikong)

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Main culprit in wife-sharing rape cases wants to appeal, claims wife wants lighter sentence

On the second ground, Justice See said it was pertinent to note from case records that J was previously represented by two different sets of lawyers.

The first set had acted for him since 2020 and was discharged in May 2022, apparently because he disagreed with the lawyers’ advice.

The second set of lawyers was discharged in October 2022, when J was originally scheduled to plead guilty along with several co-conspirators.

J had apparently changed his mind, and counsel discharged themselves because of his inconsistent instructions.

“In short, the accused already had the benefit of legal advice for well over two years from two different counsel,” said Justice See.

“The fact that the accused was unrepresented when he pleaded guilty on May 4, 2023 is not relevant to whether his sentence was manifestly excessive. 

“He was afforded every opportunity to mitigate. He was given more than sufficient and ample time to prepare for his mitigation.

The record would also show that I had endeavoured to guide him as much as I could through the course of the proceedings. I do not think that he was prejudiced or impeded in any way on account of being unrepresented.”

The judgment on Friday revealed new information about J’s account that was previously unreported.

This includes the fact that J blamed “irresponsible and unethical people” for trying to “over-sensationalise (his) case as a pornographic story that stems from fantasy of threesome sex and wife sharing/swapping” and for painting a persona of him which was “totally not what (he was) in reality”.

He claimed that he was “never interested” in the wives of his co-accused but had only been acting to reciprocate their friendship and help.

J sought to distance himself from his co-conspirators, explaining that he did not want to be sentenced together with them.

He added he did not want to be “seen and stereotyped as one who thinks and behaves the same as them, and have the same agenda”.

J also claimed that his actions and state of mind were “triggered” because he was influenced by two of the co-accused – K and L.

The appeal will be heard at a later date.

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Myanmar drug smugglers caught, with 342,000 speed pills

Army rangers arrest two Myanmar men and seize more than 300,000 speed pills from them along the Thai-Myanmar border in Chiang Dao district, Chiang Mai province late on Thursday night. (Photo: Pha Muang task force)
Army rangers arrest two Myanmar men and seize more than 300,000 speed pills from them along the Thai-Myanmar border in Chiang Dao district, Chiang Mai province late on Thursday night. (Photo: Pha Muang task force)

CHIANG MAI: Two Myanmar drug smugglers were arrested and more than 300,000 speed pills were seized from them along the Thai-Myanmar border in Chiang Dao district of this northern border province on Thursday.

Rangers from the army’s Pha Muang task force spotted three suspected men with rucksacks walking along the border near Suan Lamyai border crossing in tambon Muang Na on Thursday night. The soldiers signalled them to stop for a search, but the men immediately fled. The officers pursued and subsequently captured two of them, both of whom were Myanmar nationals. 

Seized from them were two modified rucksacks containing 342,000 methamphetamine pills. The suspects were handed over to Na Wai police station in Chiang Dao for legal action, said the arresting team.

Security officers have been placed on full alert along border areas around the clock, following intelligence gathering that small groups of drug smugglers are trying to smuggle illicit drugs into Thailand via natural border crossings.

Packs of speed pills are seized from the two Myanmar drug smugglers, seated, along the border in Chiang Dao district of Chiang Mai province. (Photo: Pha Muang task force)

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Singapore's Jardine Cycle & Carriage in US$60 million deal with online car marketplace Carro

Singapore-based investment holding company Jardine Cycle & Carriage (JC&C) was partnering with online used car marketplace Carro in a deal worth over US$60 million, the companies said on Friday (Jun 16). Under the partnership, JC&C will take an interest in Singapore-based Carro, and Carro will, in turn, acquire an interestContinue Reading

CNA's video reporting of Hu Jintao's dramatic exit from China Congress wins SOPA award

In CNA’s video, chairman of China’s legislature Li Zhanshu was seen taking papers out of Mr Hu’s hand. Mr Hu was escorted out by an aide shortly after.

The unexpected development caught the world’s attention amid talk of a consolidation of power by President Xi.

It also provided a rare, candid glimpse into the inner workings of China’s Communist Party, where elite politics has become increasingly opaque. 

Mr Wan was among the first to run into the auditorium at the Great Hall of the People to film the events at the Congress. The media had been in a holding area, and he recalled jostling for prime position with scores of other crew. 

“As I was setting up the tripod and the camera, I saw something unusual, some movements on stage, so I quickly rolled my camera to record it … It didn’t occur to me that this would be exclusive news,” Mr Wan said.

“As a visual journalist, I often have a stronger sense of news because of my curiosity. I am very happy to receive this honour.”

The exclusive video chalked up more than a million views within 24 hours after it was published on CNA’s YouTube and Facebook platforms.

A story analysing the video by CNA China correspondent Olivia Siong was also top-read that week, with well over 320,000 page views.

“This is a story that more than six months on, remains significant, puzzling and intriguing. And one we will definitely remember for long time,” Ms Siong said after the awards, which were announced at a ceremony in Hong Kong.

“We are grateful to have a front-row seat to history and to tell various facets of China’s story as it gets increasing attention from the world,” she added.

“We don’t take this responsibility lightly and this story has reinforced how important it is to us to expect the unexpected. This recognition will definitely be a boost to us as we press on in our reporting on China.”

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