Muyuan Foods (HKG:2714; SHE:002714) granted Qin Yinglin the title honorary chairman, according to a Hong Kong filing on Tuesday.
Qin, the food company's founder, resigned as chairman and president after reaching the mandatory retirement age.
The company's Shenzhen shares dropped 3% at the close.
Semirara Mining and Power's (PSE:SCC) tax-exempt status on fuel imports has been upheld by the Supreme Court of the Philippines, according to a decision issued on Jan. 20 and released last week.Under the ruling, the government has been mandated to refund 27.3 million Philippine pesos collected as value-added tax to the company.The high court's Third Division upheld an earlier Court of Tax Appeals ruling in favor of the mining company after rejecting a petition filed by the Internal Revenue commissioner.The Local Government Code is limited to local government taxation and does not extend to national internal revenue taxes, Associate Justice Maria Filomena D. Singh wrote in the ruling.
South Korean stocks closed above the 8,800-point threshold for the first time on Tuesday, with gains in AI-driven technology shares, led by Samsung Electronics (KRX:005930), which added 3.3% at market close.The Korea Composite Stock Price Index or Kospi rose 13.11 points, or 0.2%, to end at 8,801.49. The Kosdaq decreased by 24 points, or 2.3%, to close at 1,026.03.In economic news, South Korea's corporate financing through debt and equity issuance rose by 13% to 22.616 trillion won from a month earlier, according to data released by the Financial Supervisory Service on Tuesday.Equity issues fell 6% from 440.2 billion won to 413.6 billion won, while debt issues grew 13.6% to 22.202 trillion won in April, from 19.543 trillion won in the previous month.In corporate news, Samsung Heavy Industries (KRX:010140) will build an offshore production facility for an undisclosed North American client, according to a Tuesday filing with the Korean Exchange.The contract is worth 4.33 trillion won, and the facility is expected to be completed by July 10, 2030.Shares of Samsung Heavy Industries rose nearly 1% at market close.
South Korean software company Inswave Systems (KOSDAQ:450520) secured a web terminal switching contract from LG CNS (KRX:064400), according to a Tuesday filing with the Korea Exchange.The contract, valued at 9.88 billion won, is valid till Dec. 31, 2027.Shares of LG CNS fell nearly 6% at market close.