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February 21st - According to data from online platforms, the total box office revenue (including pre-sales) for films released during the 2026 Spring Festival has exceeded 4 billion yuan. "Pegasus 3," "Silent Assassination," and "Boonie Bears: The Big Adventure" ranked in the top three.On February 21, South Korea stated that the US Supreme Courts rejection of President Trumps emergency powers to impose tariffs would not undermine the broader trade agreement reached with the United States. The South Korean Minister of Trade, Industry and Energy convened an emergency meeting on Saturday to assess the ruling. In a statement, the Ministry of Trade, Industry and Energy said the ruling invalidates the current 15% reciprocal tariffs applicable to South Korean goods. While the ruling increases uncertainty for exports to the US, the overall framework of export conditions guaranteed under the Korea-US tariff agreement will remain unchanged. The ministry pledged to take comprehensive measures to protect national interests and South Korean businesses. The ministry stated that industry-specific tariffs imposed on automobiles and steel under other laws remain in effect and are unaffected by the court ruling.On February 21, JPMorgan Chase filed a request with the court to move its lawsuit against President Trump over the closure of his accounts from Miami to a federal court in New York. The company stated in its filing that Trump and several of the companies involved in the lawsuit gave written consent at the time the accounts were opened that any disputes would be litigated in New York, where the bank is headquartered. JPMorgan Chase also stated that moving the case is in the public interest due to the overwhelming connection between the dispute and New York. According to the banks filing, the accounts in question were opened in New York, the bankers managing these accounts are based in New York, and the alleged activities that triggered Trumps lawsuit also took place in New York. Trump sued the bank and its CEO Jamie Dimon in January of this year, seeking at least $5 billion in damages, accusing the bank of "debanking" him and his companies after his supporters stormed the U.S. Capitol on January 6, 2021.February 21st - According to forecasts, the Qiongzhou Strait will see a peak in return travel from today until the seventh day of the Lunar New Year (February 20th-23rd). For water transport, maximum capacity will be utilized, with increased ship frequency and timely release of additional vehicle and passenger tickets in different time slots. Railway ferry tickets and tickets for off-peak periods are relatively plentiful. Civil aviation is also actively working to increase capacity to ensure smooth travel to and from the islands. Meanwhile, to minimize queues and waiting times, passengers are advised to adjust their travel plans accordingly and travel during off-peak hours.February 21st - According to the China State Railway Group, the national railway system is expected to transport 16.8 million passengers today (February 21st), with 2,052 additional passenger trains planned. Yesterday (February 20th), the national railway system transported 15.372 million passengers.

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.