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The Shenzhen Stock Exchange announced an adjustment to the list of securities eligible for the Hong Kong Stock Connect program, adding OmniVision Technologies and GigaDevice Semiconductor, effective February 9.On February 9th, Zijin Mining (02899.HK) announced that its board of directors approved the "Companys Three-Year (2026-2028) Major Mineral Product Production Plan and 2035 Vision Outline" on February 8th. The company plans to further improve its ranking in comprehensive indicators such as resource reserves, major mineral product production, sales revenue, asset size, and profit by 2028, with its copper and gold mineral product production entering the top three globally.Zijin Mining (02899.HK) released its production targets for major mineral products in 2026 and 2028, with gold production expected to reach 105 tons in 2026.February 9th - A survey closely watched by the Bank of Englands Monetary Policy Committee shows that while employers continued to reduce hiring for long-term positions in January, the pace of reduction slowed to its lowest level in 18 months. The survey, conducted by the Recruiting and Employment Confederation (REC), also showed that businesses increased the number of temporary workers deployed for the first time since October last year. Neil Carberry, CEO of REC, said: "As we head into 2026, there are increasing signs that uncertainty about hiring plans is translating into action. This doesnt mean a full-blown hiring rebound, but the wait-and-see period seems to be coming to an end." This REC report further supports the view that the UK economy is poised for a turnaround in 2026. A recent S&P survey showed that business expansion in January hit a 17-month high; a report from the Institute of Directors also indicated that executives are more optimistic about the outlook for sales, hiring, and investment.On February 9, Minth Group announced on the Hong Kong Stock Exchange that it had reached a framework agreement with Green Harmonic on the main terms of a proposed joint venture to be established in the United States. The joint venture will focus on the design, manufacturing and commercialization of humanoid robot joint module assemblies in North America.

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.