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The Icelandic government summoned the U.S. ambassador to Iceland after Trump posted a map on social media that included Iceland within the U.S. territory.On September 8th, Futures News reported that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to maintaining market stability, deciding to keep their daily crude oil production quotas for October at the same level determined in September 2026. OPEC+ will continue to hold monthly meetings to monitor market dynamics, with the next meeting scheduled for October 4th, 2026. Previously, the production quotas of these seven OPEC+ countries had increased for six consecutive months, and member countries are still working to determine new production quotas. During these six months, the organization gradually lifted production cuts, and the market still has sufficient capacity to absorb the increased oil supply. However, despite the significant increase in production quotas, the Strait of Hormuz is blocked due to the war between the US and Iran, and Russian crude oil exports are also restricted due to Western sanctions. In other words, since these seven countries crude oil is mainly for export, the increased quotas are meaningless given the export restrictions.September 8th - According to Irans Fars News Agency, the Saudi Ministry of Energy stated that Houthi armed forces launched attacks on energy facilities in southern Saudi Arabia early Tuesday morning, causing fires and temporarily halting operations at some facilities. The attacks reportedly targeted the Saudi Aramco oil refinery in Abha. Simultaneously, reports indicated an attack on Abha airport, and explosions were heard in several areas of southern Saudi Arabia. This is the third attack on Saudi oil facilities in less than 48 hours.September 8th - German exports unexpectedly declined in July, ending a five-month streak of growth and dampening hopes for a rapid recovery in Europes largest economy. German exports fell 0.8% month-on-month in July, contrary to economists previous forecasts of renewed growth. The German Federal Statistical Office said on Tuesday that the decline stemmed from a drop in exports to EU countries. Exports were the main driver of Germanys stronger-than-expected economic performance in the first half of the year. This prompted economists to raise their growth forecasts, with Bundesbank President Nagel previously stating that output could grow by 1% this year, double the rate predicted three months ago. Destatis data showed that exports to the US rose by more than 19% in July, while imports from the US declined. Total German imports also fell, widening the trade surplus to €21.3 billion ($24.8 billion).The most active liquefied petroleum gas (LPG) contract rose 4.00% intraday, currently trading at 6812.00 yuan/ton.

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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