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On August 24th, it was learned from the Cold Chain Professional Committee of the China Federation of Logistics and Purchasing that the total demand for food cold chain logistics in the first half of the year reached 200 million tons, a year-on-year increase of 4.7%, with the growth rate accelerating by 0.3 percentage points compared to the same period last year; the total revenue of food cold chain logistics service companies was 290.18 billion yuan, a year-on-year increase of 3.7%. The penetration of new energy refrigerated trucks accelerated, and the proportion of green transportation capacity reached a new high. It is estimated that refrigerated truck sales in the first half of the year reached 42,111 units, a year-on-year increase of 42.9%; among them, sales of new energy refrigerated trucks reached 20,285 units, a year-on-year increase of 92.3%, maintaining a high-speed growth trend. The penetration rate of new energy refrigerated trucks reached 48.2%, an increase of 12.4 percentage points compared to the same period last year. The penetration rate in the second quarter rose to 54.7%, showing an accelerating penetration trend. For the first time in a quarterly dimension, the penetration rate of new energy refrigerated trucks surpassed that of traditional fuel vehicles, indicating that the greening process of cold chain transportation has entered an accelerated development stage.August 24 - According to Iranian media reports, Iranian Oil Minister Mohsen Paknejhad announced on the 23rd that Iran has discovered a new gas field in the southern Fars province with natural gas reserves exceeding 7.5 trillion cubic feet (approximately 212.4 billion cubic meters), of which approximately 5.7 trillion cubic feet (approximately 161.4 billion cubic meters) are recoverable.August 24th - Bank of Japan (BOJ) officials will soon have multiple opportunities to confirm or dampen increasingly aggressive market bets on a September rate hike. Market pricing indicates an approximately 82% probability of a September rate hike. Since the July 2024 rate hike decision faced fierce criticism, the BOJ governor has emphasized strengthening communication with the market. The yen is another key factor prompting the BOJ to signal its policy intentions. Kento Minami, senior economist at Daiwa Securities, stated, "The BOJ is unlikely to explicitly state that the next rate hike will be in September. Instead, officials may hint at the need for an earlier rate hike by emphasizing upside risks to inflation. The market will interpret this as confirmation of a September rate hike." However, if the BOJ repeatedly emphasizes uncertainty, the need for further data observation, or the need to assess the impact of previous rate hikes, the market may interpret this as a signal to maintain interest rates unchanged in September.According to Greek media reports, Athens deployed an air defense system to Crete after Iran threatened US military bases in Europe.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.9 occurred near Changning County, Yibin City, Sichuan Province at 08:26 on August 24. The final result is subject to the official rapid report.

Nasdaq-listed 26 Capital Will Seek A $2.5 Billion SPAC Transaction With A Casino in Manila

Haiden Holmes

Jun 16, 2022 10:50

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Wednesday, the CEO of 26 Capital Acquisition Corp said that the company remained dedicated to its $2.5 billion acquisition of the Philippines' largest integrated casino-resort, despite a control dispute involving the present owners.


Okada Manila, a 44-hectare (108-acre) property owned by companies of Japan's Universal Entertainment Corp, decided in October to combine with 26 Capital and go public in the United States.


However, the transaction has been involved in a protracted battle between Universal and its former chairman and founder, Kazuo Okada.


This conflict took a dramatic turn on May 31, when Okada's Filipino partners, aided by private security guards and local police, gained physical possession of the $3.3 billion casino in the Philippine capital.


"I anticipate Universal will regain control of Okada Manila in the near future," Jason Ader, chairman and chief executive officer of Nasdaq-listed 26 Capital, told Reuters. Both sides want to finalize the deal.


After the Philippine Supreme Court declared in April that Okada should be reinstalled as chairman of the casino's owner and operator, the casino was seized.


Tiger Resorts, the domestic subsidiary of Universal, has challenged the verdict and what it called a "illegal and brutal" acquisition.


A U.S. listing would provide Okada Manila with access to a variety of finances, clients, and lenders, according to Ader, who added that investors believe the Philippines has the potential to become one of the world's top gaming markets.


In a statement, Vincent Lim, a spokesman for Okada Manila's current administration, denied any violent takeover and said that since Okada's return, hotel occupancy rates and casino gaming activity had increased. "His reappearance has restored and revitalized consumer and shareholder trust."


The Philippines' casino industry has begun to recover from the epidemic, with total gaming revenues increasing 14 percent to 113 billion pesos ($2.12 billion) in 2021, albeit still below the record-breaking 256 billion pesos in 2019.


In contrast, Macau, the largest gambling hotspot in the world, continues to suffer under Beijing's "zero-COVID" policy.


Okada was removed from the boards of Universal and its Philippine subsidiary in 2017 on suspicion of misappropriating corporate cash, which he denies.


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