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Futures News, June 3rd - Data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that for the week ending May 30th, Japans commercial crude oil inventories stood at 10.0167 million kiloliters, an increase of 537,049 kiloliters from the previous weeks 9.4797 million kiloliters. Refinery operational capacity (BPSD) utilization was 79.1%, compared to 82.1% the previous week. Refinery design capacity (BPCD) utilization was 63.1%, compared to 73.5% the previous week. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.June 3rd - According to the Financial Times, European Central Bank (ECB) Governing Council member Winsch stated that a peace agreement between the US and Iran reached before next weeks ECB meeting would not weaken the case for an interest rate hike. Winsch said, "If a peace agreement is indeed reached before the meeting, it will be part of the discussion. But we cannot know whether it will be lasting or credible." He hinted at support for a 25 basis point rate hike by the ECB. He believes that if the conflict remains unresolved, discussions among policymakers before setting interest rates on June 11th will be "quite easy." If a peace agreement is reached between the US and Iran, the discussions "may be slightly less easy. But the case for a rate hike may still exist, just not as strongly." He stated, "At some point, we cannot let the markets bear everything. We need to make a position clear."Japans Topix index broke through 4,000 points for the first time, rising more than 2% on the day.June 3rd - The Regional Comprehensive Economic Partnership (RCEP) will mark its third anniversary of full entry into force in June 2026. According to the Guangdong Sub-Administration of the General Administration of Customs, since June 2, 2023, Guangdong ports have imported a total of 53.8 billion yuan worth of goods enjoying preferential tariff treatment, resulting in tariff reductions of 1.4 billion yuan. Tax reductions have seen significant growth for three consecutive years, with year-on-year increases of 8.81%, 32.35%, and 32.12% respectively in 2023, 2024, and 2025. According to a relevant official from the Comprehensive Business Department of the Guangdong Sub-Administration of the General Administration of Customs, the customs has continuously optimized the level of RCEP customs clearance facilitation, helping enterprises to make good use of the RCEP rules of origin based on their own product and industry characteristics, guiding enterprises to scientifically choose the "optimal option" for preferential treatment, actively cultivating and recognizing "approved exporters," and realizing the superposition of policy dividends for customs advanced certified enterprises, thus continuously releasing the benefits of tariff reductions.Hong Kong-listed tech stocks continued to decline during the session, with Meituan (03690.HK) falling more than 6%, Kuaishou (01024.HK) and Bilibili (09626.HK) falling more than 5%, and Tencent Holdings (00700.HK) and JD.com (09618.HK) currently down more than 4%.

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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