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Cross-border deals need broad skills in time of trade war and pandemic
For global commercial lawyers, advising on cross-border deals between local investors and foreign capital raisers is difficult at the best of times. But when the deal involves US and Chinese interests in the middle of a trade war, risk rises to a new level of complexity.
So, Ting Wang, of counsel at law firm Paul Hastings in Shanghai, had a challenge on his hands when his team tried to broker a strategic alliance between Chinese health group Fosun Pharma and Nasdaq-listed BioNTech to help develop and commercialise a Covid-19 vaccine.
Belle Corp’s first-quarter income from gaming revenue fell 3.1 percent year-on-year, to PHP431.1 million (US$9.0 million), the firm said in a Friday filing to the Philippine Stock Exchange.
Belle is entitled to a share in revenues or earnings from City of Dreams Manila’s gaming operations through an operating agreement between Belle’s 78.7-percent -owned subsidiary Premium Leisure Corp, and a unit of Melco Resorts and Entertainment Ltd.
The share in the gaming revenues at City of Dreams Manila declined “as gaming operations continued to be substantially limited during the first quarter of 2021,” stated the company.
Metro Manila casinos – including the City of Dreams Manila resort – had been permitted to operate at a maximum 30 percent of normal capacity since early June 2020, depending on the local situation regarding the pandemic. But these venues have been shut since late March, because of more stringent quarantine rules in the country.
Two publicly-listed food chains Jollibee Foods Corp. and Shakey s Pizza Asia Ventures still suffered lower sales in the first quarter as continued lockdowns dampened recovery.
Published May 12, 2021, 5:00 AM
Listed firm Phoenix Petroleum Philippines Inc. has declared cash dividend that will be paid to holders of its Series 4 (PNX4) preferred shares, according to the firm’s disclosure to the Philippine Stock Exchange.
The payout will be anchored on 7.5673-percent per annum interest rate; and will cover shareholders as of record date May 21, 2021 and to be settled on May 24 this year.
For the PNX3B series of the company’s preferred shares, it stated that go-signal on cash dividend declaration “has yet to be approved, including pertinent dates, which have yet to be set and determined.”
The Uy-led oil firm previously indicated that for it to shore up revenue stream, it will be re-calibrating business pivot to the high-margin retail segment of the downstream oil sector as well as on the liquefied petroleum gas (LPG) market.