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On April 30th, Yu Minhong stated that granting equity is a standard employee incentive method for listed companies, and he had initially explicitly refused it. Since the founding of Oriental Selection, he has never received a single penny of salary. However, the board of directors and shareholders believe that without equity incentives, it would be disproportionate to the efforts made for Oriental Selection. Yu Minhong also promised that after the equity is vested and taxes are paid, all cash proceeds will be used for three main purposes: first, to establish a chairmans reward fund to reward employees who have made outstanding contributions to Oriental Selection; second, to donate to the New Oriental Foundation, entirely to support rural primary and secondary school students; and third, to donate a portion to Peking University to help students from rural areas.Piper Jaffray raises its price target for Amazon (AMZN.O) from $260 to $315.On April 30th, Hang Seng Indexes Company Limited announced the launch of four new indices: the Hang Seng Biotech Index Short Position Index, the Hang Seng Biotech Index 2x Short Position Index, the Hang Seng Biotech Index 2x Leveraged Index, and the Hang Seng Biotech Index Dividend Cumulative 2x Leveraged Index. These new indices aim to reflect the performance of short-position or leveraged investment strategies in the Hang Seng Biotech Index, with each strategy investing daily according to a predetermined leverage ratio.Italys unemployment rate in March was 5.2%, below the expected 5.3% and the previous figure revised from 5.30% to 5.4%.April 30 (Interfax) – Russian Deputy Prime Minister Novak said on Thursday that the OPEC+ group of major oil-producing countries will assess various possibilities for supplying oil to the global market at its meeting on Sunday. Novak stated, "In the current situation, supplying oil and petroleum products to the market is crucial. Therefore, it may be necessary to examine existing potential opportunities." Three sources familiar with the discussions told Reuters that despite the US-Israel war in Iraq disrupting most OPEC+ exports and the withdrawal of key member UAE, the organization may still reach an agreement on a slight increase in oil production quotas at its Sunday meeting.

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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