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Indonesian disaster management official: The death toll from the earthquake has risen to 38.On August 15, Iranian Foreign Minister Araqchi stated in an interview with Iranian media that Iran has no intention of extending the ceasefire agreement with the United States and has not yet decided whether to restart negotiations with the US. He asserted that the US has violated the Iran-US memorandum of understanding, and that hostilities have resumed; therefore, there is no such thing as "extending the ceasefire agreement." Araqchi also said that Qatar and Pakistan, as mediators, are exchanging information and maintaining contact with Iran, but this does not mean that negotiations between Iran and the US are underway.August 15th - According to a market survey by investment bank Lazard, investors in the secondary market for private equity fund shares are changing how they evaluate potential software investment targets. While awaiting further clarity on the disruptive impact of AI on business models and valuations, they are often "shifting funds to other investment opportunities." The investment bank stated that the vast majority of respondents (91%) believe that the main moat for software companies to cope with the threat of AI and avoid their products becoming obsolete is "the proprietary data advantage and network effects that are difficult for AI to replicate." Lazard stated that as of June this year, only 4% of respondents indicated that their investment approach in the software industry had not changed.August 15th - According to Canadian sources on the 14th, with the deadline for the US to impose additional tariffs on Canada approaching, tariff negotiations between Canada and the US have reached a stalemate due to significant differences in core interests. It is understood that senior trade officials from both countries have held multiple rounds of intensive consultations in Washington in recent days, but their positions are far apart, and there are currently no signs of reaching an agreement. On July 20th, US President Trump signed several proclamations imposing a 50% tariff on hundreds of specific goods imported from Canada, including wine, hockey sticks, and cement, under Section 338 of the Smoot-Hawley Tariff Act. The new tariffs will take effect on August 19th, Eastern Time. In addition, tariffs imposed by the US on Canadian steel, aluminum, automobiles, and lumber since last year remain in effect.The Israeli military: On Saturday, the Israeli military struck Hezbollah infrastructure in southern Lebanon in response to actions against Israeli soldiers within the security zone.

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.