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On January 20th, it was reported that the United Nations Development Programme (UNDP) announced on January 19th that it will relocate nearly 400 positions from its New York headquarters to Europe. Approximately three-quarters of these positions will move to Bonn, Germany, while the remainder will relocate to Madrid, Spain. The UNDP stated that this adjustment is part of its institutional reforms aimed at adapting to the changing global financial and development environment, strengthening ties with host countries and partners, and enhancing its support for the worlds most vulnerable populations.On January 20th, British Foreign, Commonwealth and Development Secretary Yvette Cooper announced that the UK will double its troop presence in the Norwegian Arctic. Briefing the House of Commons on Greenland and broader Arctic security, Cooper stated that the UK will increase its Royal Marines in the region from 1,000 to 2,000 within three years. She also confirmed that the UK will participate in a series of exercises in the North Atlantic throughout 2026. "On Greenland, on tariffs, and on broader Arctic security, we are clear, principled, and unwavering in our commitment to protecting British interests," she concluded.Market news: The extremist group "Islamic State" claims responsibility for the attack on a Chinese restaurant in an Afghan hotel.On January 20th, Ukrainian President Volodymyr Zelenskyy stated on Monday that as the country prepares for a new wave of large-scale attacks from Russia, the Ukrainian Armed Forces are introducing a new dimension to their air defense system, forming small combat units to intercept drones in order to reform the existing air defense system. Earlier this month, a wave of attacks launched by Russia caused power and heat outages in thousands of apartment buildings, particularly in the capital Kyiv, and Ukraine is still dealing with the effects. Zelenskyy has repeatedly called for strengthened air defense capabilities, including increased assistance from Ukraines Western allies. In a video address that evening, Zelenskyy stated, "The Air Force will adopt new methods of air defense operations, involving mobile fire teams, drone interception, and other short-range air defense equipment." "The entire system will be revolutionized." Zelenskyy announced the appointment of Pavlo Yelizarov as the new Deputy Commander of the Air Force, responsible for overseeing and developing this innovation.Market news: Ukrainian President Zelenskyy announced the launch of a new air defense system.

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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