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On April 6th, Sky Links Capital CEO Daniel Takieddine stated that golds upside potential may be limited as market expectations for a Federal Reserve rate cut weaken. Strong US labor market data supported US Treasury yields, putting pressure on gold. Continued diplomatic efforts supported market expectations of a potential resolution to the Middle East conflict, further increasing uncertainty surrounding the gold outlook. However, geopolitical risks outside the Middle East and continued gold purchases by central banks are still providing support for gold prices. He pointed out that golds short-term movement will depend on upcoming US economic data, Federal Reserve policy signals, and developments in the geopolitical situation.Goldman Sachs upgraded Netflix (NFLX.O) from Neutral to Buy, raising its price target from $100.00 to $120.00.On April 6th, a signing ceremony for the Hushi Electronics AI chip-supporting high-end printed circuit board (PCB) project was held in Kunshan. The project represents a total investment of 10.1 billion yuan and aims to establish a world-leading high-end PCB production base in Kunshan. Upon completion, the project is expected to generate approximately 15 billion yuan more in annual output value compared to 2025.On April 6, according to the Islamic Republic News Agency (IRNA), Iranian Foreign Ministry spokesman Esmail Bagheei stated that Tehran has finalized its demands in the context of recent proposals to end the war, but will only announce them at an appropriate time, emphasizing that Iran will not succumb to pressure. He stated, "A few days ago, they put forward some proposals through intermediaries, and this 15-point US plan was conveyed through Pakistan and some other friendly countries." He added, "Such proposals are extremely ambitious, unusual, and illogical." He stressed that Iran has its own framework. "Based on our own interests and our considerations, we have compiled and formulated a series of demands that we have put forward in the past and present." He also denied that contact with mediators meant weakness. "The fact that Iran has quickly and bravely expressed its position on a proposal should not be seen as a sign of surrendering to the enemy."A spokesperson for the Iranian Foreign Ministry said on the 6th that Iran is prepared to respond to the mediators and will provide timely updates if necessary.

After A Record Loss, Star Entertainment Raises $545 Million And Suspends Dividends

Skylar Williams

Feb 23, 2023 13:54

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Star Entertainment Group Ltd. announced that it would raise A$800 million ($545 million) to repay debt and suspend dividend payments, as it reported a record statutory loss for the first half of the year due to challenging business conditions in Sydney.


Star, Australia's second-largest casino operator, has seen its profits eroded by regulatory restrictions on its Sydney operations beginning in mid-September and intense competition from larger competitor Crown Resort, which began operations in Sydney in August.


The capital raising, which consists of a A$685 million 3-for-5 rights offer and a A$115 million institutional placement, will enable Star to repay debt and increase liquidity, the company announced Thursday. End of 2022, it had a net debt of A$1.11 billion.


Capital-raising shares are being sold at $1.20 each, which is 21% below Star's most recent closing price of $1.50.


Star stated that major shareholders Chow Tai Fook Enterprises and Far East Consortium have exercised their rights and committed $80 million to the capital raise.


Star reported a record statutory net loss after tax of A$1.26 billion for the six months ended December 31, compared to a loss of A$74,2 million a year earlier.


Star had previously warned of an impairment charge of up to A$1.6 billion in the first half as a result of a proposal by the New South Wales government to increase taxes on casino poker machine operators. Sydney is the state's capital.


Tax resolution with the New South Wales government remains the most important catalyst for investors, according to Jefferies analysts.


In the first half, the casino operator wrote down the goodwill of its Sydney casino from A$851 million to zero.


In an effort to reduce its debt, the company announced it would suspend dividend payments, and its casino licences were in full operation.


The company posted a normalised nett profit after taxes of $43,6 million, compared to A$73,7 million in losses in the prior year.


Thursday is a trading suspension for Star shares while the capital raise is in progress.