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On March 14, finance ministers from Japan and South Korea met in Tokyo on Saturday and expressed shared concern over the rapid depreciation of their currencies. A joint statement adopted at the meeting expressed serious concern about the recent sharp depreciation of the Korean won and the Japanese yen. The statement also noted that Japan and South Korea reaffirmed their commitment to closely monitoring the foreign exchange market and continuing to take appropriate action against excessive and disorderly exchange rate fluctuations. Furthermore, it emphasized the importance of close cooperation between Japan and South Korea to ensure stable energy supplies against the backdrop of escalating tensions in the Middle East (such as Irans blockade of the Strait of Hormuz, a major oil shipping route).According to Irans Tasnim News Agency, the Iranian ambassador to India stated that Iran has allowed Indian ships to pass through the Strait of Hormuz.Tanker tracking website: Following yesterdays US airstrike on Kharg Island, all oil storage tanks appear to be intact. Today, two Iranian oil tankers have begun loading 2.7 million barrels of crude oil onto Kharg Island.The Israeli military stated that half of the missiles launched by Iran into Israel during this war would drop a large number of small explosive devices over their targets, thereby increasing the potential damage and casualties.On March 14, local time, the Indian Ministry of External Affairs announced that Iran had arranged a special plane to repatriate some Iranian citizens stranded in India from Cochin on the evening of March 13. This included some personnel from the Iranian warship "Ravan," which had been granted permission to dock at Cochin port. Additionally, some Iranian citizens visiting India as tourists and some Iranian diplomats stationed in India also returned on the same flight. With the approval of the Indian government, the Iranian warship "Ravan" arrived at Cochin port on March 4, and its 183 crew members were initially housed in local naval facilities.

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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