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On January 17, Pakistani Deputy Prime Minister and Foreign Minister Dar ibn Abdullah al-Sham al-Islam Gaddafi held a telephone conversation with Iranian Foreign Minister Araqchi. The two exchanged views on the current situation in Iran and the overall regional situation. During the call, the Pakistani Foreign Minister expressed his hope for peace and stability in the region and emphasized that all parties concerned should remain calm and exercise restraint to avoid further escalation of tensions. Both sides agreed to continue close communication on issues of common concern.SpaceX: A Falcon 9 rocket successfully launched NROL-105 into orbit from Launch Complex 4E in California, marking the 600th Falcon series launch.January 17th - At todays National Customs Work Conference, it was learned that during the 14th Five-Year Plan period, customs will supervise an average of 5.2 billion tons of import and export goods annually, with a value of 42.3 trillion yuan, the largest volume globally, and overall security will remain under control. Nineteen new comprehensive bonded zones will be established, and 41 new or expanded ports of entry will be added, accelerating the pace of opening up and cooperation. Cross-border trade operations will be fully processed online, significantly improving customs clearance facilitation.On January 17th, the Ministry of Industry and Information Technology (MIIT) revised and released the latest "Management Measures for the Tiered Cultivation of High-Quality SMEs," improving the recognition standards and management service mechanisms to better leverage the demonstrative and leading role of high-quality SMEs in strengthening the industrial chain. The "Measures" expand the cultivation base, for the first time including technology-based SMEs in the tiered cultivation scope. Future high-quality SMEs will include technology and innovation-oriented SMEs, specialized and innovative SMEs, and specialized and innovative "little giant" enterprises. Furthermore, the "Measures" make further requirements in dynamic management and cultivation services to ensure the quality of cultivated enterprises. At the same time, the recognition standards for specialized and innovative SMEs and specialized and innovative "little giant" enterprises have been improved.January 17th - Starting February 1st, the "quiet carriage" service will be expanded to "D" and "G" series distributed power EMU trains, excluding sleeper trains. At that time, the number of trains providing "quiet carriage" service nationwide will increase to over 8,000.

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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