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Zeekr Auto: In April, its Zeekr and Lynk & Co brands delivered a total of 41,316 vehicles, a month-on-month increase of 1.5%.Tesla (TSLA.O) rose sharply in the night session, having previously fallen by more than 4%.Futures May 1, Economies.com analysts latest view today: Spot gold prices fell sharply in the last trading of the day, and the intraday technical pressure increased, exhausting the bulls momentum and causing it to encounter more downward pressure. The decline was mainly due to its continued trading below EMA50, forming a significant selling pressure. Our expectations indicate that if the price closes below $3,300, there will be more downward fluctuations in the upcoming intraday trading, targeting the $3,200 support level. The expected trading range is between the $3,200 support level and the $3,300 resistance level.Futures May 1, Economies.com analysts latest view today: WTI crude oil futures continued to fall sharply in intraday trading, breaking through the support level of $58.80 and closing below this level, confirming the breakout signal, which indicates that the bearish wave is expected to continue. Our expectations indicate that prices will continue to fall in the upcoming intraday trading, especially if prices close below $58.80, targeting the key support level of $56.70. The expected trading range is between the support level of $56.70 and the resistance level of $58.80.Futures May 1, Economies.com analysts latest views today: Brent crude oil futures were mainly bearish in the days trading, affected by the continued negative pressure, mainly because its price continued to be below EMA50 and stabilized below $62.00, confirming the continuation of the downward trend. On the other hand, we noticed a positive signal of bullish divergence on the relative strength index (RSI), which had previously entered the oversold area, which helped the price temporarily stabilize in intraday trading, trying to alleviate some of the oversold conditions. Therefore, our expectations indicate that there will be more downward movement in the upcoming intraday trading, provided that it stabilizes above $62.00, with the target at the key support level of $60.00. The expected trading range is between the support level of $60.00 and the resistance level of $62.00.

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.

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