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On September 5th, NIO officially announced on its Weibo account that its battery swapping station at the Qimen Low-Carbon Science and Technology Park in Huangshan City went online, marking NIO Energys achievement of county-level battery swapping coverage in Anhui Province. This also signifies the full realization of county-level battery swapping coverage in the Yangtze River Delta region. NIO Energy has built a total of 216 battery swapping stations in Anhui, covering all 104 districts and counties in the province. In the Yangtze River Delta region, NIO Energy has built a total of 1,412 battery swapping stations, covering 303 districts and counties, establishing a high-speed battery swapping network across the Yangtze River Delta urban cluster. To date, NIO has built a total of 9,317 charging and battery swapping stations nationwide, including 4,067 battery swapping stations, 5,250 charging stations, and 30,272 charging piles, ranking first in the industry in terms of both battery swapping station and charging pile construction.According to Reuters, a convoy carrying U.S. Presidential Envoy Witkov, Trumps son-in-law Jared Kushner, and Dmitriev has left the airport for Moscow.September 5th - According to air traffic control information, the US plane carrying US Presidential Envoy Witkov and Trumps son-in-law Jared Kushner entered Russian airspace at noon local time on September 5th. A motorcade welcoming the US representatives had entered Moscows Vnukovo Airport. US President Trump confirmed on September 4th that his special envoys Witkov and Kushner would visit Russia and Ukraine, bringing a plan to "end the war." Answering reporters questions at the White House, Trump said the Ukraine crisis "must be resolved." He added that sending Witkov and Kushner to Moscow and Kyiv "to see if we can achieve anything," and "its very likely well reach an agreement."September 5th - Due to recent heavy rainfall, flooding has occurred in many areas of Jiangxi Province, including Nanchang and Jian. On September 5th, the National Disaster Prevention, Reduction and Relief Commission and the Ministry of Emergency Management activated a Level IV national emergency response. To implement the important instructions of General Secretary Xi Jinping on flood prevention and disaster relief, and based on the "National Natural Disaster Relief Emergency Plan" and the disaster losses in Jiangxi Province, the National Development and Reform Commission has urgently allocated 20 million yuan from the central budget to support Jiangxi Province in post-disaster emergency recovery efforts following the rainstorm and flood disaster. The funds will primarily be used for the emergency reconstruction of damaged roads, water conservancy infrastructure, and public service facilities such as schools and hospitals in the disaster area, promoting the rapid restoration of normal production and living order.September 5th - According to the latest data released by the Shenzhen Real Estate Intermediary Association, in August, Shenzhen saw 3,467 new homes sold, a 23.0% decrease month-on-month but a 4.8% increase year-on-year; 5,108 existing homes were sold, a 2.3% decrease month-on-month but a 7.6% increase year-on-year. From January to August this year, approximately 48,400 existing homes were sold in Shenzhen, a 4.7% increase year-on-year.

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.