Latest news with #RashmiAich
Mint
30-06-2025
- Business
- Mint
Star Entertainments Queens Wharf stake exit deal collapses
(Adds shares in paragraph 4, background in paragraphs 5-8, additional details in paragraph 10) June 30 (Reuters) - Australia's Star Entertainment said it had received a notice from Hong Kong's Far East Consortium International and Chow Tai Fook Enterprises to terminate the deal to sell its 50% stake in its Queen's Wharf project in Brisbane. The termination is set to take effect five business days from June 30, unless withdrawn earlier. The March 7 agreement outlined the casino operator's planned exit from its equity interest in Destination Brisbane Consortium (DBC), but the parties had not resolved outstanding key commercial issues of the deal as of this morning, Star said in a statement on Monday. Shares of Star were, however, up 1.7% at A$0.147, as of 0104 GMT. The casino and hotel complex was developed for A$3.6 billion ($2.35 billion), Star's website says. For years, Star and Blackstone-owned larger rival Crown Resorts have faced multiple inquiries into anti-money laundering rule violations and subsequent legal actions. Had the deal gone through, Far East Consortium and Chow Tai Fook Enterprises were set to become the sole owner of the Brisbane venture, which has luxury hotels and restaurants and other amenities. Star was, in turn, set to take on the investors' 66.67% stake in a Gold Coast project in Queensland. In a separate statement, property developer Far East Consortium said that Star must repay A$10 million within 30 days of termination, failing which it must transfer its 33.3% stake in Tower 1 (Dorsett) to the Hong Kong parties. "Despite the receipt of this notice, The Star remains willing to continue negotiations with the Joint Venture Partners to give effect to the DBC transaction," Star added. Star Entertainment did not immediately respond to a Reuters email seeking confirmation of the repayment details. ($1 = 1.5314 Australian dollars) (Reporting by Shivangi Lahiri in Bengaluru; Editing by Rashmi Aich)
Yahoo
07-05-2025
- Business
- Yahoo
Indian rupee declines in NDF market following strikes against Pakistan
MUMBAI (Reuters) -The Indian rupee declined against the U.S. dollar in the non-deliverable forward (NDF) market on Wednesday, after Indian armed forces hit multiple sites in Pakistan and Pakistan-occupied Jammu and Kashmir. The 1-month NDF indicated that the rupee is likely to trade at 84.64-84.68 when onshore spot market opens, down from 84.4325 on Tuesday. India attacked Pakistan and Pakistani Kashmir on Wednesday with at least eight deaths reported, while Pakistan called the assault a "blatant act of war". ADVERTISEMENT Advertisement India said it struck nine Pakistani sites on Wednesday that were "terrorist infrastructure". The strikes by India came on the back of a deadly attack on its side of Kashmir last month. (Reporting by Nimesh Vora; Editing by Rashmi Aich)
The Star
25-04-2025
- Business
- The Star
Japan's Advantest expects 6% annual profit growth as AI boosts testing
(Corrects to show 228.2 billion yen was operating profit, not net profit, in paragraph 3) TOKYO (Reuters) - Japanese chip testing equipment maker Advantest forecast its operating profit to grow 6% next fiscal year on Friday, buoyed by demand for its testing tools for chips used in the artificial intelligence tasks. Advantest "does not recognise more than a minor direct impact" from tariffs but the business environment is increasingly uncertain, the company said in an earnings release. The company reported operating profit of 228.2 billion yen ($1.59 billion) for the year ended March 31, sharply higher from 81.6 billion yen in fiscal year 2024. Advantest expects an operating profit of 242 billion next fiscal year. It said it would buy back about 19 million shares for up to 70 billion yen. Its shares closed up 4.6% ahead of earnings on Friday and have fallen around 33% this year so far. ($1 = 143.2400 yen) (Reporting by Sam Nussey; Editing by Rashmi Aich)
Zawya
19-03-2025
- Business
- Zawya
European shares fall; US Fed rate verdict in focus
European shares slipped on Wednesday, a day after strong gains on Germany's approval for a massive spending surge, while focus shifted the U.S. Federal Reserve's interest rate decision. The pan-European STOXX 600 was down 0.3%, as of 0813 GMT, while Germany's blue-chip index fell 0.5%. German equities had jumped on Tuesday after the country's parliament approved plans for a massive spending surge to revive economic growth and scale up military spending. European aerospace and defence index, the beneficiary of higher defence spending prospects, jumped 0.7% to a record high. Long-term growth prospects from fiscal reforms also enabled Barclays to raise its year-end target for the STOXX 600 index. Meanwhile, the Fed is widely expected to keep rates on hold later in the day. A similar move is also expected from the Bank of England on Thursday. Basic resources led losses among sectors, falling 0.7%, followed by European banks, which lost 0.5% after closing at an all-time peak in the prior session. In other stocks, Traton dropped 6.3% after its parent Volkswagen said it had sold a 2.2% stake in the truckmaker for 360 million euros ($393 million). (Reporting by Nikhil Sharma; Editing by Rashmi Aich)
