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On January 8th, it was learned from industry sources that the Property Insurance Supervision Department of the State Financial Regulatory Commission issued a "Notice on Issuing the Regulations on the Management of Non-Motor Insurance" (Jin Cai Xian Si Han [2025] No. 639) on the last day of 2025, providing answers to various issues in the comprehensive management of non-motor insurance. The State Financial Regulatory Commission stated that non-motor insurance business is diverse and complex, and the comprehensive management of non-motor insurance should be carried out in an orderly manner according to the principles of "legal compliance, seeking truth from facts, establishing before dismantling, and steady progress," striving for practical results. Each financial regulatory bureau should continue to strengthen the comprehensive management of non-motor insurance in its local institutions, implementing it in a detailed and tailored manner while complying with unified regulatory policies. All property insurance companies and insurance intermediaries must fulfill their primary responsibilities.A Bank of England policymakers survey found that in the three months to December, businesses expected their product prices to rise by 3.6% over the next year, down 0.1 percentage points from the three months to November.A Bank of England policymakers survey showed that expectations for wage growth over the next year fell slightly by 0.1 percentage point to 3.7% in the three months to December.On January 8th, CGN Power announced that from January to December 2025, the total power generation of the nuclear power units operated and managed by the group will be approximately 247.013 billion kWh, an increase of 2.00% compared to the same period last year. The total on-grid power generation will be approximately 232.648 billion kWh, an increase of 2.36% compared to the same period last year.On January 8th, Jens Naervig Pedersen, an analyst at Danske Bank, pointed out in a report that the recent strength of the pound appears somewhat excessive, benefiting from improved risk sentiment and easing concerns about UK fiscal policy. He stated, "The UK economy remains fundamentally weak, which we believe could trigger further easing measures from the Bank of England." He added that domestic factors and the gap in growth prospects between the UK and the Eurozone are unfavorable for the pound, especially given the UKs tightening fiscal policy while the Eurozone is benefiting from increased fiscal stimulus. Therefore, he believes there is a high probability that the pound will begin to weaken against the euro from current levels.

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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