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On August 29, during a visit to Kyrgyzstan on August 28 by a delegation of Chinese entrepreneurs organized by the China Council for the Promotion of International Trade (CCPIT), the China-Kyrgyzstan Business and Investment Forum was held in Bishkek, the capital of Kyrgyzstan. Ren Hongbin, Chairman of the CCPIT, stated that the CCPITs organization of this visit, involving over 100 entrepreneurs and the holding of the forum, aims to implement the important consensus reached by the two heads of state and promote more practical results in cooperation between Chinese and Kyrgyz enterprises. The CCPIT is willing to actively play its role as a bridge and link, organizing more targeted trade promotion activities to support enterprises from both sides in creating new growth points in service trade, digital trade, and cross-border e-commerce, and expanding new spaces for trade cooperation; to make good use of the China International Supply Chain Promotion Expo platform, inviting more Kyrgyz enterprises and institutions to participate, continuously strengthening precise matching of production and supply chains, and stimulating new momentum for supply chain cooperation; and to deepen cooperation with Kyrgyz counterparts within the framework of mechanisms such as the China-Central Asia Business Council, amplifying the functions of multilateral and bilateral business cooperation mechanisms, and contributing to the high-quality joint construction of the Belt and Road Initiative.August 29th - After a night of intense gun battles, Niamey, the capital of Niger, briefly returned to calm around 7:00 AM local time on August 29th. However, gunfire resumed after 9:00 AM, escalating the security situation in the capital and plunging local residents into panic. The armed standoff in Niamey continues, and the situation in the capital remains uncontrolled. Since the early hours of August 29th, continuous gunfire and explosions have been reported in multiple areas of Niamey.According to an AFP report citing a Nigerien security source, the Republican Guard clashed with rebels near the Palace of the Republic, and the conflict is ongoing.August 29th - According to the Tianjin Gas Storage Branch of Dagang Oilfield, as of now, the cumulative gas injection volume of the Dagang Oilfield gas storage group in this injection cycle has exceeded 2 billion cubic meters, completing 90% of the overall gas injection plan, an increase of 8% compared to the same period last year. The gas injection volume of this cycle has once again broken the historical record, providing sufficient "confidence" for the winter natural gas supply in the Beijing-Tianjin-Hebei region.On August 29th, the Nanjing Housing Provident Fund Management Center announced that, in order to better leverage the role of the housing provident fund system and further meet the cross-regional housing consumption needs of homebuyers, the scope of inter-city housing provident fund loans has been expanded to the entire country. Housing provident fund contributors nationwide can apply for housing provident fund loans from the Nanjing Housing Provident Fund Management Center when purchasing a home in Nanjing. This notice will take effect on September 1, 2026.

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.