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July 6th - The US ISM Services PMI report showed that economic activity in the service sector continued to expand in June. The services PMI registered 54, marking the 24th consecutive month in expansion territory. Miller, chairman of the ISM Services Business Survey Committee, stated that the June services PMI was 54, down 0.5 from 54.5 in May. The business activity index remained in expansion territory, down 2.3 from 57.7 in May to 55.4. The price index fell to 67.7 in June, down 3.6 from 71.3 in May, marking the first time it has fallen below 70 since February. This index has been above 60 for 19 consecutive months, with a 12-month average of 68. Diesel, gasoline, petroleum, and related commodities were again mentioned as the commodities with the largest price increases in June, but other respondents reported price declines. This may be due to differences in contract terms between different companies for these commodities. Some respondents reported lower prices for gasoline and diesel, but this was not a widespread phenomenon. We expect this situation to continue for several months as rising oil prices are transmitted to the supply chain, but assuming continued progress in oil shipments through the Strait of Hormuz in the near term, it should ease in the fall.The U.S. ISM non-manufacturing supplier deliveries index for June was 54.4, compared to 55.2 in the previous month.The U.S. ISM non-manufacturing inventory index for June was 51.2, down from 62.5 in the previous month.The U.S. Conference Board Employment Trends Index for June was 106.69, compared to 107.01 in June.The U.S. ISM non-manufacturing new orders index was 55.1 in June, compared with 57.3 in the previous month.

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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