PHNOM PENH, Cambodia (AP) — A union leader freed from prison Monday after serving time for her part in a strike against Cambodia’s biggest casino has vowed to continue the labor action until justice is done.
Chhim Sithar was sentenced in May 2023 to two years' imprisonment for incitement to commit a felony, including time served before her conviction, in connection with the strike against the NagaWorld casino, the longest such labor action in the country's history.
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Chhim Sithar, right, a union leader being freed from prison after serving time for her part in a strike against the country’s biggest casino, speaks to her supporters at a club on the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024. (AP Photo/Heng Sinith)
Chhim Sithar, a union leader being freed from prison after serving time for her part in a strike against the country’s biggest casino, speaks to her supporters at a club on the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024. (AP Photo/Heng Sinith)
Chhim Sithar, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, gestures as she meets her supporters in a club at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the union leader was freed from prison on Monday after serving time for her part in a strike against the country's biggest casino. (AP Photo/Heng Sinith)
Chhim Sithar, second from right, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, sits near her mother, center, as she meets her staff members in her sister's home at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the prominent union leader freed from prison on Monday after serving time for her part in a strike against the country’s biggest casino. (AP Photo/Heng Sinith)
Chhim Sithar, second from right, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, meets with her mother, center, and her staff members in her sister's home at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the prominent union leader freed from prison on Monday after serving time for her part in a strike against the country’s biggest casino. (AP Photo/Heng Sinith)
Chhim Sithar, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, smiles as she meets her staff members in her sister's home at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the prominent union leader freed from prison on Monday after serving time for her part in a strike against the country’s biggest casino. (AP Photo/Heng Sinith)
She had been leading a strike of hundreds of workers that began in December 2021 to protest mass layoffs and alleged union-busting at the casino in the capital, Phnom Penh, and was arrested and charged after a January 2022 demonstration of dismissed employees who were demanding to be rehired.
NagaWorld in late 2021 had fired 373 employees during financial struggles related to the coronavirus pandemic.
Speaking to The Associated Press at her home shortly after her release, Chhim Sithar vowed to continue leading the strike.
"About our advocacy fighting for union rights at NagaWorld, we will continue holding strike action until we get a solution. That’s the position we have determined since the first strike,” Chhim Sithar said, sitting on the floor surrounded by relatives.
“Unfortunately, as of today, after nearly three years, our workers have still not gotten justice. Therefore, as long as there’s no justice, our struggle continues,” she said.
Speaking later at a news conference at a hall used for union meetings, the 36-year-old said her time in prison did not discourage her, despite overcrowding and limited access to food and basic needs.
“No one wants to be in prison and I can say that we were afraid,” she said. “But I want to make a comparison ... Which one is the scarier? For me, the scare of losing the rights to a union, the scare of losing the right to unionize, is more scary than putting me in jail.”
After Chhim Sithar’s arrest, some dismissed workers continued to hold regular protests, appealing for her release and to get their jobs back. However, the Ministry of Labor and Vocational Training announced in December 2022 that more than 200 others had accepted compensation under the labor law and dropped their demands.
“Despite relentless efforts by authorities to suppress the strike — including sexual harassment, physical assaults, and judicial harassment — the LRSU strike continues in Phnom Penh,” the Cambodian human rights organization LICADHO noted Monday.
NagaWorld is owned by a company controlled by the family of late Malaysian billionaire Chen Lip Keong. The company received its casino license in 1994 and the property is a huge integrated hotel-casino entertainment complex.
Chhim Sithar had a message for the international community, thanking unions and other supporters for their solidarity and urging them to continue to call attention to her union's cause at meetings of the U.N.'s International Labor Organization and other forums.
"We do not yet get justice, so please continue support and we hope that the government and the company will recognize the union rights and the worker rights at the workplace,” she said.
Previous labor union actions in Cambodia were usually at factories in outlying areas or in industrial estates in other provinces. The protest by the NagaWorld workers in the capital was unusually high-profile and drew police action that was sometimes violent.
Last year, the U.S. State Department named Chhim Sithar among 10 recipients of its annual Human Rights Defender Award. She was described by the then-U.S. Ambassador to Cambodia W. Patrick Murphy as “a courageous and tenacious labor union leader who peacefully advocates for the rights of Cambodian workers.”
Cambodia’s government has long been accused of using the judicial system to persecute critics and political opponents. Prime Minister Hun Manet succeeded his father last year after Hun Sen ruled for four decades, but there have been few signs of political liberalization.
Chhim Sithar, right, a union leader being freed from prison after serving time for her part in a strike against the country’s biggest casino, speaks to her supporters at a club on the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024. (AP Photo/Heng Sinith)
Chhim Sithar, a union leader being freed from prison after serving time for her part in a strike against the country’s biggest casino, speaks to her supporters at a club on the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024. (AP Photo/Heng Sinith)
Chhim Sithar, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, gestures as she meets her supporters in a club at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the union leader was freed from prison on Monday after serving time for her part in a strike against the country's biggest casino. (AP Photo/Heng Sinith)
Chhim Sithar, second from right, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, sits near her mother, center, as she meets her staff members in her sister's home at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the prominent union leader freed from prison on Monday after serving time for her part in a strike against the country’s biggest casino. (AP Photo/Heng Sinith)
Chhim Sithar, second from right, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, meets with her mother, center, and her staff members in her sister's home at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the prominent union leader freed from prison on Monday after serving time for her part in a strike against the country’s biggest casino. (AP Photo/Heng Sinith)
Chhim Sithar, president of the Labor Rights Supported Union of Khmer Employees of NagaWorld, smiles as she meets her staff members in her sister's home at the outskirts of Phnom Penh Cambodia, Monday, Sept. 16, 2024, after the prominent union leader freed from prison on Monday after serving time for her part in a strike against the country’s biggest casino. (AP Photo/Heng Sinith)
TOKYO (AP) — Hong Kong’s share benchmark has fallen more than 9% as traders dumped shares following recent sharp gains.
The Hang Seng index lost 9.4% to close at 20,926.79. Technology and China-related shares led the decline.
Hong Kong shares had logged strong gains over the past week while markets in mainland China were closed for a weeklong holiday. The advances were fueled by recent announcements of plans by Beijing for more support for the economy and for financial markets.
Shares initially soared in Shanghai on Tuesday but then gave up a chunk of those gains as details of economic stimulus plans from officials in Beijing fell short of what investors were hoping for. Shares elsewhere in Asia declined.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Shares soared Tuesday in Shanghai as Chinese markets reopened after a weeklong holiday but then gave up a chunk of their initial gains as the details of Beijing's plans to revive the world's second-largest economy appeared to fall flat.
The Shanghai Composite index was up 3.1% at 3,438.16, though in Shenzhen, Japan's smaller market, the main index gained 6.2%.
Hong Kong’s Hang Seng sank 7.6% to 21,336.70 as traders, apparently underwhelmed by the update from Beijing, sold to lock in profits from recent gains.
The Shanghai benchmark initially gained 10% but fell back as officials of China's main economic planning agency briefed reporters about a slew of policies announced earlier that were meant to address various problems such as a protracted slump in the property market.
“China’s markets rally has hit a wall, leaving investors deflated. The reopening surge from the week-long holiday barely had time to gather steam before fizzling out, and now the once-thrilled bulls are licking their wounds,” Stephen Innes of SPI Asset Management said in a commentary.
Elsewhere in Asia, markets were mostly lower.
Tokyo's Nikkei 225 index lost 1.3% to 38,842.75. as the dollar fell to 147.89 Japanese yen from 148.18 yen. A weaker yen tends to push share prices higher.
The Kospi in Seoul declined 0.4% to 2,599.96. Australia's S&P/ASX 200 dropped 0.4% to 8,176.90.
On Monday, U.S. stocks slid after Treasury yields hit their highest levels since the summer and oil prices continued to climb.
The S&P 500 dropped 1% to 5,695.94 and is still close to its all-time high set a week earlier. The Dow Jones Industrial Average fell 0.9% to 41,954.24, coming off its own record. The Nasdaq composite sank 1.2% to 17,923.90.
It’s a stall for U.S. stocks after they rallied to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation. A blowout report on U.S. jobs growth released Friday raised optimism about the economy and hopes that the Fed can pull off a perfect landing for it.
When Treasury bonds, which are seen as the safest possible investments, are paying more in interest, investors become less inclined to pay very high prices for stocks and other things that carry bigger risk of losing money.
It’s more difficult to look attractive to investors seeking income when a 10-year Treasury is paying a 4.02% yield, up from 3.97% late Friday and from 3.62% three weeks ago.
The yield on the two-year Treasury, which more closely tracks expectations for the Fed, jumped more on Monday. It rose to 3.99% from 3.92% late Friday.
Treasury yields may also be feeling upward push from the recent jump in oil prices. Crude prices have been spurting higher on worries that worsening tensions in the Middle East could ultimately lead to disruptions in the flow of oil.
Brent crude, the international standard, shed $1.23 to $79.70 per barrel. It had jumped 3.7% Monday. Benchmark U.S. crude, meanwhile, slipped $1.21 to $75.93. It also gained 3.7% on Monday.
Stocks that are seen as the most expensive can feel the most downward pressure from higher Treasury yields, and the spotlight has been on Big Tech stocks. They drove the majority of the S&P 500’s returns in recent years and soared to heights that critics called overdone.
Apple fell 2.3%, Amazon dropped 3% and Alphabet sank 2.4% to act as some of Monday's heaviest weights on the S&P 500.
An exception was Nvidia, which rose another 2.3%. It rode another upswell in excitement about artificial-intelligence technology after Super Micro Computer soared 15.8% after saying it recently shipped more than 100,000 graphics processing units with liquid cooling.
If Treasury yields keep rising, companies will likely need to deliver bigger profits to drive their stock prices much higher, and this week marks the start of the latest corporate earnings reporting season.
Analysts say earnings per share grew 4.2% during the summer for S&P 500 companies from a year earlier, led by technology and health care companies, according to FactSet. If those analysts are correct, it would be a fifth straight quarter of growth.
In other dealings early Tuesday, the euro rose to $1.0982 from $1.0977.
AP Business Writer Stan Choe in New York contributed.
FILE - The New York Stock Exchange is shown on Sept. 24, 2024., 2024, in New York. (AP Photo/Peter Morgan, File)
Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), center left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. (AP Photo/Ahn Young-joon)
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. (AP Photo/Ahn Young-joon)
A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. (AP Photo/Ahn Young-joon)