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July 3, this afternoon, at a plenary session, the South Korean National Assembly passed an amendment to the martial law law. The new bill stipulates that after the declaration of martial law, no one, including the military and police, will be allowed to hinder the entry and exit of members of parliament and parliamentary staff and the conduct of meetings. The new bill also restricts the entry of military and police personnel into the National Assembly, requiring that military and police personnel shall not enter the National Assembly at will unless requested or permitted by the National Assembly. Violators will be held criminally responsible or fined. In addition, the new bill also requires that the president should record the meeting when initiating martial law and convening a State Council meeting for deliberation, and submit relevant materials when notifying the National Assembly. South Korean public opinion analyzed that this move is aimed at avoiding the recurrence of the situation when the then-President Yoon Seok-yeol launched an emergency martial law at the end of last year, when the military and police broke into the National Assembly and obstructed the proceedings.Switzerlands CPI annual rate in June was 0.1%, in line with expectations of -0.1% and the previous value of -0.10%.Switzerlands CPI monthly rate in June was 0.2%, in line with expectations of 0% and the previous value of 0.10%.On July 3, rating agency Standard & Poors said that if NATOs core defense spending target of 3.5% is fully implemented without offsetting measures, the government debt of European member states may increase by $2 trillion by 2035. However, the spending growth is likely to be gradual. The speed of military spending increases will depend on each countrys security considerations, the size of the defense industry, fiscal issues, electoral support and industrial absorption capacity. Regarding European sovereign debt, the impact on the credit quality of these countries is expected to be limited in the short term, as the growth of defense spending is likely to be restrained and slow.Switzerlands June CPI monthly rate will be released in ten minutes.

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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