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January 11 - Recently, the Hainan Provincial Department of Natural Resources and Planning and the Hainan Provincial Forestry Bureau jointly issued the "Implementation Opinions (Trial, Revised) on Promoting the Joint Approval System for Land Use, Forestry Use and Sea Use in the Province". The reform will promote the joint approval system for land use, forestry use and sea use throughout the province, deepen the integration of the departments business, further improve the efficiency of land use, forestry use and sea use factor guarantee for major projects, and reduce the cost of doing business for enterprises.On January 11th, US President Trump claimed on the 9th that the US needs Greenland, and if a deal cannot be reached "easily" on Greenland, he will have to take "difficult measures." These remarks have sparked concern among some NATO member states and European countries. According to reports from British media outlets such as the Daily Telegraph, military leaders from several European countries are drafting a possible NATO mission plan to counter Trumps threats. However, the reports also mention that the EU is drafting sanctions against US companies in case Trump rejects NATO deployment proposals. Tech giants like Meta, Google, Microsoft, and X, as well as US banks and financial companies, could be restricted from operating in Europe. Furthermore, a more extreme option could be expelling US troops from their bases in Europe, depriving them of key transit points for operations in the Middle East and elsewhere.On January 11th, Zhao Wei, Chief Economist of Shenwan Hongyuan Securities, stated at the China Chief Economist Forum Annual Meeting that the RMB has entered an appreciation cycle by 2025. He boldly predicts that starting in 2026, the RMB may maintain an appreciation rate of at least two to three percentage points annually over the next few years, resulting in a total appreciation of over 30% within approximately ten years. The stock market will also benefit during this process.On January 11, the South Korean presidential office, Cheong Wa Dae, stated regarding North Koreas claim of a South Korean drone intrusion that the government will investigate the facts and promptly release the results. Cheong Wa Daes National Security Office emphasized that the South Korean government reiterates that it has "no intention of provoking or provokering North Korea" and will continue to take concrete measures to ease tensions and enhance mutual trust between the two Koreas.January 11 - According to multiple US media reports on the 10th, US Secretary of State Marco Rubio spoke with Israeli Prime Minister Benjamin Netanyahu that day. Several sources familiar with the matter told these media outlets that Rubio and Netanyahu discussed the situation in Iran, Syria, and the Gaza peace agreement during their call.

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.