International News 02 January 2025
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Jeju Air shares plunge to record low after plane crash
Shares in Jeju Air, South Korea's low-cost carrier, hit a record low following the country's deadliest plane crash, which killed 179 people. Shares in Jeju Air fell 8.5% and as much as 15.7%, wiping out 95.7 billion won in market capitalisation. AK Holdings, Jeju Air's parent company, also saw its shares fall 12% to a 16-year low. The incident was Jeju Air's first fatal flight since its inception in 2005 and prompted South Korea's interim president to order an emergency safety inspection of the country's entire airline operating system. Other low-cost carriers had mixed results, with Air Busan's shares rising more than 15%, while Jin Air and T'way Air's shares fell. The crash is expected to affect consumer sentiment and the cause of the incident has yet to be determined.
Singapore oil tycoon OK Lim is officially bankrupt
Singaporean oil tycoon Lim Oon Kuin, also known as OK Lim, has filed for bankruptcy along with his company, Hin Leong Trading Pte, which he co-owns with his children, Lim Huey Ching and Lim Chee Meng.Hin Leong Trading, a major player in the oil industry, has been experiencing financial losses since 2020 due to the plummeting oil prices caused by the COVD-19 pandemic. OK Lim founded Hin Leong Trading in 1963 and built it into one of the largest independent oil companies in Singapore, specialising in trading various oil products and operating loading and unloading terminals and storage facilities. The company's bankruptcy is a significant setback for the oil tycoon and his family.
Prudential Indonesia records 18.4% profit growth until the third quarter of 2024
PT Prudential Life Assurance (Prudential Indonesia) has reported an 18.4% year-on-year growth in net profit to Rp 1.6 trillion in the third quarter of this year. This positive performance is in line with a 4.20% y/y increase in premium income, which reached Rp 15.45 trillion in the third quarter of this year. Prudential Indonesia's Chief Customer & Marketing Officer, Karin Zulkarnaen, attributes this success to the company's strategy of listening to customers and responding to their needs. To sustain this positive growth in the future, Prudential Indonesia plans to implement a customer segmentation strategy to better tailor products and services to customers' specific needs and profiles. These segments include young people starting their careers, financially established individuals, families and retirees, each with different financial considerations and preferences. By focusing on customer-centric approaches and understanding their different needs, Prudential Indonesia aims to continue its positive performance.