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August 27th - According to sources, Kioxia is building a new manufacturing plant at its production base in Iwate Prefecture, northern Japan, to increase capacity and meet the growing demand for storage devices from the artificial intelligence sector. The project is expected to cost over 1 trillion yen (approximately US$6.27 billion). The new plant, the third in the complex, will produce the companys latest high-density 3D NAND flash memory chips, designed to help manage the massive workflows generated by AI services. Kioxia began shipping stacked NAND chips, the 10th generation BiCS flash memory, last month. With Japan continuing to provide financial support to companies like TSMC, Sony, and Micron Technology, reports suggest that Kioxia and SanDisk will apply for subsidies from the Japanese government. One source indicated that Kioxia plans to announce the expansion plan on Thursday evening.On August 27th, Business Insider reported that Nvidia (NVDA.O) is in talks to acquire Hugging Face, a leading AI platform focused on sharing and developing open-source models. This deal could be one of the chip giants largest to date. Sources revealed that the two companies have been in serious negotiations over the past few weeks regarding a deal valued at over $13 billion. No agreement has yet been reached, and negotiations could still fall apart. Sources also indicated that Microsoft (MSFT.O) had met with Hugging Face, but there has been no further contact. Previous reports indicated that late last year, Hugging Face rejected a $500 million investment offer from Nvidia, which would have valued the company at $7 billion. At the time, Hugging Face stated that it did not want a controlling investor who could dictate its decisions.Futures News, August 27th: Positive news for fuel oil lacked support, leading to a decline in refined product prices. Market participants confidence in future trading weakened, with downstream merchants purchasing only as needed and adopting a wait-and-see approach. Refineries slowed their sales pace. It is expected that fuel oil trading will remain relatively stable in some areas today, while others will experience slight declines.Trump said there was "no timetable" for when Iran would return to negotiations, and international crude oil prices rose slightly. A chart provides a quick overview of the pre-market crude oil prices converted between domestic and international markets.Spot gold and silver prices continued to fluctuate. Can spot gold hold above the $4,600 mark? A chart provides a quick overview of the pre-market prices of precious metals, converted between domestic and international markets.

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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