EUR/USD 1.16122
0.171%
Gold 4234.55
0.931%
Oil 58.301
-0.272%
USD/JPY 154.581
-0.147%
GBP/USD 1.31354
0.019%
GBP/JPY 203.059
-0.113%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
JD Logistics (02618.HK): Third-quarter revenue was RMB 55.08 billion; net profit was RMB 2.03 billion.The onshore yuan closed at 7.0959 against the US dollar at 16:30 on November 13, up 213 points from the previous trading day.November 13th - According to a recent report from ABN AMRO, coffee and cocoa prices are expected to fall next year, primarily due to a bumper harvest increasing global surpluses, despite the agricultural markets increasing vulnerability to geopolitical risks. The banks analysts wrote that earlier this year, coffee prices surged to a record high of over $4, driven by concerns about declining production in Brazil, the largest producer, and US tariffs suppressing shipments from the South American nation. The bank expects the coffee market to shift to a significant surplus in the 2026-2027 quarter, with a surplus of 7 to 10 million bags, supported by a recovery in Brazilian Arabica coffee production, while current supply is balanced. Regarding cocoa, analysts stated that prices will continue to decline next year due to persistently weak demand and pressure from increased global production.On November 13th, Deutsche Bank analyst Sanjay Raja pointed out that although the market had already anticipated a slowdown in the UK economy from its strong growth at the beginning of the year, the third-quarter data still showed a weaker-than-expected performance. He stated, "With inflation rising again and unemployment climbing, GDP growth slowed further." The UKs third-quarter economic growth was only 0.1%, placing it in the middle of the G7 and below market and Bank of England expectations. Raja believes that given the uncertainty caused by the government budget has already affected spending in October and November, with major investment and hiring decisions postponed to the new year, the UK economy is unlikely to show significant improvement before the end of this year.The Hang Seng Index closed up 150.3 points, or 0.56%, at 27,073.03 on Thursday, November 13; the Hang Seng Tech Index closed up 47.31 points, or 0.8%, at 5,981.3; the H-share Index closed up 60.07 points, or 0.63%, at 9,599.06; and the Red Chip Index closed up 8.59 points, or 0.2%, at 4,351.29.

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