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Hong Kong Airways faces extra uncertainty as chairman challenges his removing – NEWPAPER24

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Hong Kong Airways faces extra uncertainty as chairman challenges his removing

2019-04-17 14:20:38

HONG KONG: Hong Kong Airways, partially owned by China’s HNA Group, was thrown into deeper uncertainty on Wednesday (Apr 17) after Hou Wei disputed a call that eliminated him as chairman and mentioned he was nonetheless in command of the struggling provider.

Former Hong Kong Airways director Zhong Guosong introduced on Tuesday he had been appointed chairman after a shareholder assembly the place he and Chinese language personal fairness agency Frontier Funding Associate, who collectively management about 61 per cent of the shares, voted in extra board members, together with Zhong as chairman.

Hou Wei joined Hong Kong Airways in September final 12 months, having beforehand labored for models of HNA’s Hainan Airways, China’s fourth-largest provider.

Referring to himself as chairman of the airline, Hou on Wednesday challenged the choice to take away him. In an inside letter despatched to staff and proven to Newpaper24 by Hong Kong Airways, Hou mentioned the board adjustments had been a results of a shareholder dispute and wouldn’t have any influence on the corporate’s operations.

“I’ll proceed to work hand in hand with our management staff to take concrete actions to safe Hong Kong Airways’ future,” Hou mentioned.

Hong Kong Airways Session Service Co, which Zhong controls, and Frontier responded by saying that the Apr 16 assembly was carried out legitimately beneath correct procedures supported by a number of authorized opinions.

“These steps had been taken to safe the monetary way forward for Hong Kong Airways and cease additional associated celebration transactions and any embezzlement of firm belongings amid a interval of serious monetary stress and experiences of significant monetary misappropriation,” mentioned the 2.

HNA, which holds about 29 per cent of the provider, declined to remark.

The dispute follows one other shareholder assembly earlier this month the place Hong Kong Airways executives instructed traders the corporate wanted to lift at the least HK$2 billion (US$255.12 million) or threat shedding its working license.

The shareholders reacted angrily, Newpaper24 reported final week, and questioned Hong Kong Airways’ dealings with different HNA associates, demanding the corporate present full 2018 monetary figures earlier than they’d take into account offering contemporary capital.

Previously acquisitive HNA – a planes-to-banking Chinese language conglomerate – has been working to enhance its funds since China cracked down on aggressive debt-fuelled international dealmaking in mid-2017.

By that time, a US$50 billion spree had netted HNA belongings together with the only largest stake in Deutsche Financial institution. It has since been lowering its portfolio and final month bought low-cost provider Hong Kong Categorical Airways.

On Tuesday, HNA unit CWT Worldwide Ltd mentioned it had defaulted on a HK$1.four billion (US$179 million) mortgage and had lower than 24 hours to pay funds due or lose belongings pledged as collateral.

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Hong Kong’s Cheung Chau Bun Pageant qualifiers throw up a shock as five-time champion comes unstuck and fails to make it by to Might’s finals – NEWPAPER24

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Hong Kong’s Cheung Chau Bun Pageant qualifiers throw up a shock as five-time champion comes unstuck and fails to make it by to Might’s finals

2019-04-21 13:38:19




A scorching favorite for Hong Kong’s emblematic bun scrambling contest was despatched packing because the semi-finals on Sunday noticed one of many biggest upsets in recent times.Climber Angel Wong Ka-yan was ousted, failing in her bid to the finals subsequent month. Wong, a five-time champion, completed down close to the top of the sphere in 1 minute 13.75 seconds.Wong mentioned: “The protection rope acquired caught a few occasions once I descended. I used to be too nervous.”She was among the many 24 opponents out of an preliminary subject of 208 aiming…

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In start-up pushed Hong Kong there may be extra work than life for younger professionals, who appear completely happy to just accept imbalance as they chase their goals – NEWPAPER24

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In start-up pushed Hong Kong there may be extra work than life for younger professionals, who appear completely happy to just accept imbalance as they chase their goals

2019-04-21 11:13:16




When entrepreneur Keith Li King-wah confronted a life and demise scenario on the eve of flying to Frankfurt to talk at a enterprise convention and meet his potential investor in 2012, he selected to go forward with the journey.The 45-year-old boss of award-winning cellular software developer Innopage urgently wanted surgical procedure to take away his gallbladder, however he determined to separate the operation into three periods.So, he did the primary half earlier than flying out and the remainder after coming again 4 days later.“That was…

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Sri Lanka blasts: PM Lee condemns ‘heinous assaults’, MFA says no Singaporean casualties – NEWPAPER24

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Sri Lanka blasts: PM Lee condemns ‘heinous assaults’, MFA says no Singaporean casualties

2019-04-21 12:17:56

SINGAPORE: Prime Minister Lee Hsien Loong has supplied his “deepest condolences” to the victims and households of the lethal blasts in Sri Lanka that killed greater than 150 folks on Sunday (Apr 21).

Eight bomb assaults tore via numerous places in Sri Lanka, together with resorts and church buildings in and across the capital metropolis of Colombo. The assaults have been recognized as a “terrorist incident” by the Sri Lankan defence minister in a press convention on Sunday afternoon.

In a Fb put up, Mr Lee stated he was “horrified” by the assaults.

“Horrified by the heinous assaults on church buildings and resorts throughout Sri Lanka at this time on Easter Sunday,” he wrote.

“I supply our deepest condolences to the victims and their households. Singapore condemns such mindless acts of violence. 

“We stand firmly behind Sri Lanka in its efforts to protect the hard-wrought peace and stability. 

“Our ideas and prayers are with the folks of Sri Lanka. Could they discover energy and unity to beat this adversity collectively.”

Sri Lankan safety personnel maintain watch exterior the church premises following a blast on the St. Anthony’s Shrine in Kochchikade in Colombo on Apr 21, 2019. (Photograph: Newpaper24/Ishara S. Kodikara)

Sri Lankan State Minister for Defence Ruwan Wijewardene stated in a press convention that the Felony Investigations Division (CID), police and navy forces have been investigating the blasts.

“We imagine that every one the culprits who’ve been concerned on this unlucky terrorist incident might be taken into custody as quickly as potential,” he added.

President Halimah Yacob additionally took to Fb to supply her condolences.

“My deepest condolences to the households of the victims and people injured within the terrorist assaults on church buildings and resorts in Sri Lanka whereas individuals are observing Easter Sunday,” she wrote.

“An event of peace and worship with households and associates have been changed into a carnage. These vile acts of violence by extremists are completely stunning and are aimed toward creating conflicts and hatred among the many communities.”

She added that we should “proceed to remain vigilant and united towards such acts of terrorism”.

READ: A number of blasts hit Sri Lanka church buildings, resorts; at the least 150 lifeless, lots of injured

READ: Sri Lanka blasts: Police say eighth blast was suicide bomb, killed three

The Ministry of International Affairs (MFA) confirmed there are presently no stories of Singaporean casualties within the incidents.

“The Singapore Authorities strongly condemns the heinous acts of violence in Sri Lanka which led to important lack of civilian lives,” stated a spokesman. 

“We convey our condolences to the households who’ve misplaced their family members and our needs for fast restoration of these injured.”

The spokesman added that the ministry has reached out to Singaporeans e-registered in Colombo.

“The Singapore Honorary Consulate-Common in Colombo is in shut contact with the Sri Lankan authorities and is monitoring the scenario carefully.

“Singaporeans in Colombo ought to stay vigilant, observe the recommendation of the native authorities, keep in contact with their household and associates in order that they know you might be protected.”

Sri Lanka security personnel and police outside Zion Church
An ambulance is seen exterior the church premises with gathered folks and safety personnel following a blast on the St. Anthony’s Shrine in Kochchikade, Colombo on Apr 21, 2019. (Photograph: Newpaper24/Ishara S. Kodikara)

The Islamic Spiritual Council of Singapore (MUIS) additionally issued an announcement condemning the assault.

“We’re deeply saddened to see one other act of terror on locations of worship and on peaceable worshippers,” it stated.

“Such despicable acts of violence haven’t any place in society, and we stand in solidarity with the affected communities.”

MUIS of their assertion additionally stated that Islam “respects the sanctity of faith and human life and requires the safety of all worshippers and locations of worship”.

“Our ideas and prayers are with the folks of Sri Lanka in these tough and making an attempt occasions,”it added.

Singaporeans who require consular help can contact the Honorary Consulate-Common in Colombo at +94 77 00 44 868 or the 24-hour MFA Responsibility Workplace at +65 6379 8800/8855.

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