• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
February 21 (Xinhua) -- A forest fire broke out in Seosan City, South Chungcheong Province, South Korea, on February 21, according to a report from the South Chungcheong Provincial Fire Department. Firefighters and other departments immediately rushed to the scene to extinguish the blaze. Because the fire originated near the Daeju Resource Reserve Industrial Complex, South Koreas largest national oil reserve facility, strong winds posed a risk of the fire spreading to critical infrastructure, causing high alert among relevant departments. At approximately 4:10 PM local time, the Seosan Fire Station raised its response level to Level 2, mobilizing all available equipment from its jurisdiction and neighboring fire stations to focus on preventing the fire from spreading towards the industrial complex.February 21 – European Central Bank Governing Council member and Bank of Italy Governor Leon Panetta stated that the US economy has borne the brunt of President Trumps tariffs. Speaking in Venice on Saturday, he said, "Foreign exporters appear to have absorbed a portion of the losses, estimated at around 10%. Initially, this loss was absorbed by the profits of US companies, then partially passed on to consumers, who now bear about half of the losses. Overall, the tariffs are estimated to have contributed slightly more than 0.5 percentage points to US inflation."ECB Governing Council member Panetta: Inflation risks may exist in both directions.ECB Governing Council member Panetta: Italys economy grew by 0.7% in 2025.ECB Governing Council member Panetta: Monetary policy must remain flexible.

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

Skylar Williams

Feb 23, 2023 13:54

微信截图_20230223135919.png


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.