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June 12th - To support the "Clean Up the Internet: Rectifying the Chaos in AI Applications" campaign, further regulate AI services and applications, promote the healthy and orderly development of the industry, and effectively protect citizens legitimate rights and interests, the Cyberspace Administration of Chinas Reporting Center will launch a "Special Reporting Zone for Chaos in AI Applications" starting in June 2026, specifically to accept public reports. The scope of accepted reports mainly includes 14 categories of issues, such as inadequate implementation of labeling for generated and synthesized content, and the creation and dissemination of false, inaccurate, violent, and vulgar information.June 12th - The 2026 USA FIFA World Cup officially kicked off on June 11th local time. During the opening ceremony, two adorably ugly Labubu dolls, one brown and one blue, appeared on stage. Their unique and cute appearance became a delightful surprise for the event. It is reported that the World Cup co-branded "Labubu" dolls, priced at 599 yuan, have already sold tens of thousands of units, quickly selling out after being available for purchase during the live stream.June 12 – The 12th China-Latin America and Caribbean Infrastructure Cooperation Forum, hosted by the Ministry of Commerce of China and organized by the China International Contractors Association and the Macao Investment Promotion Institute, was successfully held in Macao from June 10 to 12. Li Chenggang stated that, guided by the five major projects announced by President Xi Jinping at the opening ceremony of the Fourth Ministerial Meeting of the China-CELAC Forum, China is focusing on green and low-carbon transformation and digital technology innovation, continuously promoting the upgrading of China-Latin America trade and investment cooperation. China will deepen strategic alignment and people-to-people cooperation with Latin American countries, firmly uphold the multilateral trading system, create an inclusive and open development environment, promote the digitalization, greening, and intelligentization of infrastructure cooperation, continuously enhance the sustainability of China-Latin America infrastructure cooperation, and ensure that the fruits of cooperation better benefit the people of China and Latin America.June 12th - The UKs GDP fell 0.1% month-on-month in April, impacted by the economic downturn caused by the war with Iran. Data released by the Office for National Statistics on Friday was in line with economists expectations of a decline. The weak April performance was partly due to the fading of factors that drove exceptionally strong growth in March, when consumers stockpiled petrol and manufacturers moved up production in anticipation of higher energy prices from the Iran war. Looking at the less volatile three-month rolling data, the UK economy grew 0.7% in the three months to April compared to the previous three months, in line with analysts expectations. Since the outbreak of the Middle East conflict in late February, damage to energy infrastructure and the blockade of the Strait of Hormuz have driven oil prices sharply higher. The weak April performance is another blow to Prime Minister Starmer, who is facing a leadership challenge if Andy Burnham wins next weeks Mekfield by-election.June 12 - According to the latest statistics released by the General Administration of Customs, exports of artificial intelligence-related products, represented by industrial robots, have grown rapidly this year. In the first five months, my countrys total imports and exports of artificial intelligence-related products, such as electronic components, computer parts, and optical fibers and cables, reached 4.12 trillion yuan, a year-on-year increase of 52.4%.

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.