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BHP Billiton: The cost environment has "significantly changed" due to the conflict in the Middle East.BHP Billitons revenue for the fiscal year was US$58.76 billion, a 15% increase year-over-year. Capital and exploration expenditures for the fiscal year were US$10.26 billion, a 5% increase year-over-year.BHP Billitons net profit for the fiscal year was US$9.83 billion, up 9% year-on-year. BHP Billitons underlying profit for the fiscal year was US$13.2 billion, up 30% year-on-year, exceeding market expectations of US$12.66 billion.August 18th - A Reuters/Ipsos poll released on August 17th showed that US President Trumps approval rating has dropped to 33%, a new low during his second term. The poll indicated that 64% of Americans disapprove of Trumps performance in the White House, and approximately 80% expect the conflict between the US and Iran to "last a long time." The survey was conducted online nationwide, collecting feedback from 1,166 American adults.On August 18th, international oil prices rose by about 3% on Monday due to the bleak prospects for US-Iran peace talks. Trump stated that he had no intention of extending the expiring agreement with Iran. The US-Iran memorandum of understanding, signed in June, technically expired on Monday. The two sides still have disagreements on many issues, including the Strait of Hormuz. Other officials suggested that the US is not in a hurry to end the conflict, which has lasted for nearly six months. The US Energy Secretary stated that the US is engaged in a long-term game with the Islamic Republic of Iran; while Trumps senior advisor, Kushner, said that Trump would remain patient in reaching an agreement.

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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