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On December 31, the U.S. Treasury Department announced on December 30 that it had lifted sanctions against Alexandra Briko, former chief financial officer of Sberbank, Russias largest state-owned commercial bank. In February 2022, Russia announced special military action against Ukraine; in April of the same year, the United States announced sanctions against Sberbank and other entities and individuals.On December 31st, a research report from CITIC Securities stated that the digital yuan is upgrading from a "central bank liability" 1.0 model, replacing cash, to a "deposit-based money" 2.0 model, integrated into the commercial bank liability system. Its accounts can accrue interest and are subject to reserve requirements, effectively becoming general deposits. This institutional adjustment helps solidify the stability of bank liabilities and strengthens the transmission efficiency of monetary policy under the reserve and interest rate framework, while significantly enhancing the intrinsic incentive for commercial banks to promote the digital yuan. From an industry perspective, the digital yuan is expected to become an important tool for linking corporate and retail banking, and will provide some substitution for third-party platforms in the payment process. It is anticipated that the focus of banks digital yuan business development will shift from qualifications to capabilities, requiring banks to accelerate the transition from account operations to scenario-based and professional services, seizing the opportunity presented by the increasing penetration rate of the digital yuan.The National Bureau of Statistics reported that the new orders index for December was 47.3%, up 1.6 percentage points from the previous month, indicating a slight recovery in market demand in the non-manufacturing sector. By industry, the new orders index for the construction industry was 47.4%, up 1.3 percentage points from the previous month; the new orders index for the service industry was 47.3%, up 1.7 percentage points from the previous month.The National Bureau of Statistics reported that the production index for December was 51.7%, up 1.7 percentage points from the previous month, indicating that production activities in manufacturing enterprises accelerated.On December 31st, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.3350%, and the lowest was 0.9220%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.1670%, and the lowest was 1.0660%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.1920%, and the lowest was 1.0180%.

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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