EUR/USD 1.13387
-0.369%
Gold 4059.01
-1.244%
Oil 71.844
-1.439%
USD/JPY 161.713
0.092%
GBP/USD 1.31555
-0.360%
GBP/JPY 212.745
-0.263%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
India has stated that significant progress has been made in recent trade negotiations with the United States.Diplomats said the talks between Iran, the Gulf Cooperation Council (GCC), and Iraq on the Strait of Hormuz were unrelated to the US-Iran peace negotiations and mine-clearing arrangements in the strait, but focused on the future operation of the Strait of Hormuz.According to documents filed by SK Hynix with the U.S. Securities and Exchange Commission, Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase will serve as underwriters for its IPO.On June 24, a spokesperson for the Ministry of Commerce answered reporters questions regarding further improving the handling of reports of illegal and irregular activities related to the export control of strategic dual-use minerals. The Ministry of Commerce stated that further improving the handling of reports on strategic dual-use minerals and enhancing enforcement capabilities are fundamental requirements for improving the export control system and are also normal measures to safeguard national security and interests. Furthermore, leveraging the supervisory role of reports against illegal and irregular export control activities is an internationally accepted practice, with many countries having relevant regulations. Learning from international experience to improve my countrys reporting system for the export control of strategic dual-use minerals can effectively prevent these items from being used for illegal purposes, better maintain world peace, and demonstrate Chinas responsibility as a major power.Two sources revealed that the Moscow oil refinery will be shut down for at least six months for repairs following recent damage caused by a Ukrainian drone attack.

Nasdaq-listed 26 Capital Will Seek A $2.5 Billion SPAC Transaction With A Casino in Manila

Haiden Holmes

Jun 16, 2022 10:50

4.png


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.


Suggestion