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The casino always wins – Moneyweb



Sun International is recovering, if all results for the six months until the end of June 2021, that’s it.

The hotel and gaming group was keen to include the results of the first six months of 2019 – before the Covid-19 pandemic and subsequent business closures – with the results of 2021 and 2020, to show shareholders that things are starting again on on the right track, but that it is still well below “normal”.

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The income statement shows that revenue increased 62% to just under R4 billion in the six months ending June 2021, up from R2.48 billion in 2020. Although there is had a noticeable recovery in activity as a whole, revenues are still significantly lower. than the 5.5 billion rand in the first half of 2019, when Sun International was already fighting.

Adjusted earnings before interest, depreciation and amortization (Ebitda) fell to Rand 739 million, compared to Rand 60 million in 2020 and Rand 1.5 billion in 2019.

Summary of interim results for the six months to June

(Rm) 2021 2020 % cash
Returned 3 995 2482 61%
Operating result 503 -1 612 131.2%
Earnings -59 -1,427 -96%
Overall earnings per share -3c -702c > 100%
DPS 0c 0c
Share price R18.25
12 months high R20.64
12 month low R10.26

Source: Sun International interim results, JSE market information

Read: Sun International suffered a total loss of R 1 billion + by pandemic (March 2021)

Interestingly, players were again trying their luck at slots and station tables, as well as smaller venues and online sports betting operations.

Sun International revealed that net gambling winnings increased to R3.2 billion in the six months under review, from R1.9 billion in the same six months of the previous year.

Unfortunately, the recovery in sales was not enough to bring Sun International back to profit.

The end result still showed a loss of Rand 59 million, although this was far less than the loss of Rand 1.4 billion in 2020.

Management said the results were credible during a difficult time, adding that they demonstrated the benefits of cost savings, efficiency and continued balance sheet deleveraging.

The numbers seem to differ. The income statement shows that costs have continued to increase over the past six months, ranging from personnel costs (R 875 million compared to R 759 million a year ago) to consumables and services (R 409 million. against 327 million rand).

Only the interest bill fell from 564 million rand to 270 million rand, as Sun International reduced its debts from 11.8 billion rand a year ago to 8.4 billion rand at the end of June 2021. .

Resilience

Management said that during the period under review it continued to focus on ensuring that the company remains in a strong negotiating position during periods of foreclosure and related restrictions on its operations.

“Our core casino business, which accounts for around 70% of profits, has proven to be resilient and we expect we will continue to see improved revenues and Adjusted EBITDA as restrictions are relaxed and eventually lifted.

“Management has done extensive work on its cost base and achieved substantial sustainable savings in the cost structure of the business going forward. The capital increase following the rights offer concluded in 2020, as well as the elimination of Sun Dreams last year, we improved our liquidity position and considerably strengthened the group’s balance sheet ”, according to the results announcement.

Management noted that the cost structure was being revised even before the Covid-19 pandemic, but the pandemic appeared to have concentrated the process even more. For example, other cost savings have been identified in outsourcing and service provider contracts, IT systems, marketing and other overheads. This reduced costs by an additional 309 million rand.

Listen: Anthony Leeming, CEO of Sun International, discusses Sun International’s results

Looking ahead, Sun International expects the Covid-19 pandemic, coupled with ongoing restrictions on business activities, to continue to have a significant impact on the South African economy. “It will take some time to recover and will impact our business results.

“However… the South African immunization program is now gaining much needed momentum and infection rates are hopefully declining over time, which bodes well for our business. We are optimistic that with the various cost reduction and efficiency initiatives implemented and the focus on improving the customer experience, the group will recover and resume delivering strong returns to shareholders ”, management said.

Read: Football bosses buy carousel casino license from Sun International

Shareholders seem rather cautious for now. The stock recovered from its very low levels between R8 and R9 a year ago until the current R18. It’s still a long way from where it was before Covid-19 when it sat comfortably over R62. Even then, investors were hoping for a recovery.



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New Apple Watch Series 7 renderings show us what to expect



Image credit – PhoneArena

We’ve seen renderings of the upcoming Apple Watch Series 7 in the past that show off the new design, but the folks at PhoneArena have since tinkered with a bunch of new renderings that describe them as you might expect to see them if they were on. Apple’s website, and we have to say these renderings give us a better idea of ​​what to expect.

We already know that the upcoming Series 7 will sport a whole new design. This design language will borrow from the iPad Pro and iPhone 12 which ditched curved edges in favor of something flatter and sharper, and these renderings show it. We were a little worried based on the previous renderings that it might look too square, but these renderings actually seem to make the watch “better”, even though they are a bit of the same thing.

Other than that, these renderings don’t really tell us what we don’t already know. The Series 7 will obviously come with various upgrades in terms of the processor, but it is also we say he’s bigger where it will have display options of 41mm and 45mm, up from 40mm and 44mm compared to previous models.

There had been initial reports of packing a glucometer, but later reports pretty much crushed it. We expect the Series 7 to be most likely announced at the iPhone event later in September, so check back in the coming weeks for more details.

Deposit Apple >Gadgets. Learn more about Apple watch, Smart watch and Handheld technology. Source: telephone arena



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Bitcoin Fails Again, Why BTC Remains In Threat Of A Bigger Decline



The price of Bitcoin did not break through the resistance of $ 49,000 against the US dollar. BTC is slipping and could even exceed the support area of ​​$ 46,500.

  • Bitcoin is slowly descending from the resistance zone of $ 49,000.
  • The price is now trading well below $ 48,000 and the 100 hour simple moving average.
  • There was a break below a key bearish channel with support near $ 47,500 on the hourly chart of the BTC / USD pair (Kraken data feed).
  • The pair could accelerate even lower if there is a break below the $ 46,500 support area.

Support for Bitcoin price breaks

The price of Bitcoin has struggled to erase the $ 49,000 resistance zone and began a new decline. BTC traded below the support levels of $ 48,500 and $ 48,000 to enter a near-term bearish zone.

There was also a break below a key bearish channel with support near $ 47,500 on the hourly chart for the BTC / USD pair. The pair is now trading well below $ 48,000 and the Simple moving average over 100 hours. He has tested the $ 46,700 area and is now consolidating his losses.

Immediate resistance is near the $ 47,150 level. It is near the 23.6% Fib retracement level of the recent decline, from a high of $ 48,736 to a low of $ 46,697. On the downside, the price finds bids near the $ 46,700 level.

Bitcoin price

Source: BTCUSD on TradingView.com

The next key support is near the $ 46,500 area. If there is a breakout down below the $ 46,500 support area, the price may continue to move lower. The next major support is near the $ 46,200 level, below which bears could even aim for a test of $ 45,000.

New increase in BTC?

If bitcoin stays above the $ 46,500 support zone, it could start a further rise. Immediate upside resistance is near the $ 47,150 level.

The first major resistance is near the $ 47,750 level. It is near the 50% Fib retracement level of the recent decline, going from the swing high of $ 48,736 to the low of $ 46,697. Major resistance is near the $ 48,250 level and the 100 hour simple moving average. A clear break above the $ 48,250 level could set the stage for further gains.

Technical indicators:

Hourly MACD – The MACD is accelerating in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well below the 50 level.

Major Support Levels – $ 46,500, followed by $ 45,000.

Major Resistance Levels – $ 47,750, $ 48,250 and $ 49,000.



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GOP Sen. Barrasso: US armed Taliban “now fighting steroids”


The withdrawal from Afghanistan executed by President Joe Biden has left a military arsenal in the hands of the Taliban, which ostensibly allows him to “fight now on steroids”, according to Senator John Barrasso, R-Wyo.



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Dollar higher, but near two-week lows as Fed cut uncertainty persists By Investing.com



© Reuters.

By Gina Lee

Investing.com – The dollar was higher Tuesday morning in Asia but remained close to its two-week low. Movements have been mostly light as August draws to a close, with the latest US jobs report, including numbers, due later in the week.

The price following the greenback against a basket of other currencies edged up 0.01% to 92.662 at 10:28 pm ET (2:28 GMT).

The pair edged down 0.05% to 109.87.

The pair edged down 0.01% to 0.7293, after peaking at $ 0.7317 last Friday. The pair was up 0.38% to 0.7025.

The pair advanced 0.04% to 6.4684. China released the earlier today, with the at 50.1 million and the at 47.5 million in August. The offshore Chinese yuan remained close to its three-week high of 6.4595 touched on Friday.

The pair rose 0.05% to 1.3765.

The greenback has recouped some of its losses after US Federal Reserve Chairman Jerome Powell failed to provide a specific timeline for the start of asset reduction beyond hinting it could begin by 2021.

“The jobs report, due on Friday, will be the next highlight given the focus on reducing Fed assets. A solid reading will bolster expectations that the Fed will give markets notice in September before a formal decision in November, ”said Daiwa Securities senior. strategist Yukio Ishizuki told Reuters.

However, lower than expected figures could delay notification to November, with the formal decision taken a month later.

In Europe, August is due later in the day. The euro was trading at $ 1.1799, near Monday’s three-week high of $ 1.1810, earlier in the Asian session.

Meanwhile, the Canadian dollar was at CAD 1.2610, after hitting a two-week high on Monday as high oil prices led to a larger-than-expected Canadian current account. Oil prices, in turn, hit three-week highs, with timelines for restarting platforms, refineries and pipelines on the U.S. Gulf Coast remaining uncertain following Hurricane Ida’s passage through the region. over the weekend.

Disclaimer: Fusion media would like to remind you that the data contained in this site is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by the exchanges but rather by market makers. Therefore, the prices may not be exact and differ from the actual market price, which means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media assumes no responsibility for any business losses that you may incur as a result of the use of such data.

Fusion media or anyone involved with Fusion Media will accept no responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.

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Report shows how much cheaper it costs to repair a Mac at independent repair shops



In July, President Joe Biden issued a decree for the right to repair. For those unfamiliar with it, this essentially means that the US government is basically supporting the right of consumers to choose where and how they want to repair their products, whether at official repair shops or independent repair shops.

Now, according to a new video and a report from the the Wall Street newspaper, Joanna Stern emphasizes the importance of right to repair legislation. In the video, he shows how much it costs to fix a MacBook Pro, where bringing it back to Apple would cost $ 999, which could already buy you a brand new MacBook Air, or at an independent repair shop where it costs $ 325. to repair a water damaged laptop.

The report also highlights how, despite the willingness of some independent stores to repair MacBook laptops, the lack of access to the parts or information needed to repair it made it impossible. This is one of the things the right to repair movement fought for, namely access to components, manuals, and information that would help users repair their gadgets from third-party sources.

An Apple spokesperson has since said the company still believes repairs should be done by a “qualified technician,” but at the same time, Apple has also opened up its repair program to more third-party vendors and provided them with more documentation and access to original components.

Deposit Apple >Computers. Learn more about Laptop, Legal, Macbook Air and Macbook Pro. Source: more



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Cuba to embrace crypto to deal with ongoing economic crisis: Bitcoin



A community dedicated to Bitcoin, the Internet currency. Bitcoin is a decentralized digital currency, distributed around the world. Bitcoins are issued and managed without any central authority: there is no government, company or bank in charge of Bitcoin. You might be interested in Bitcoin if you are into cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, although people of all political philosophies are welcome.



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Porsche will open its first factory outside Europe next year



Updates from Porsche AG

Germany’s Porsche will open its first factory outside of Europe next year, marking a break with the 90-year-old luxury brand’s practice of building its cars close to its historic home in Stuttgart.

A small assembly line in Malaysia will be set up to serve the growing number of Porsche enthusiasts in the Asian country, who are currently forced to pay almost double for imported sports vehicles, due to high tariffs and taxes.

VW-owned brand decision comes five years after the brand began production his Cayenne SUV in Slovakia, weakening its marketing slogan “Made in Germany”.

Since then, Porsche has continued to manufacture the vast majority of its cars in its home country and proudly boasts that its new electric Taycan, for example, is “designed and made in Germany”.

Earlier this year, chief executive Oliver Blume told the Financial Times that the brand wouldn’t build a factory in china, its largest and most profitable market.

“It is still a premium and quality argument to produce in Europe for China,” he said in February, adding that it was worth absorbing higher production costs to keep the Porsche stamp.

Albrecht Reimold, member of the Porsche board of directors in charge of production, said on Monday the company was “fortunate that, through careful planning, our existing factories were more than up to the task of meeting global demand. current and future for our cars “.

But he added that the new assembly site in Malaysia “responds to the specific needs of the market and, although it is a stand-alone project and of modest size and capacity, it signals our willingness to learn and to adapt to the specific conditions of the local market ”.

Several other automakers, including Germany’s Mercedes-Benz, have long operated factories in Malaysia, in an effort to enter a rapidly growing market.

The World Bank predicted that Malaysia is likely to become a high income economy between 2024 and 2028.

Porsche, which has sold cars in Malaysia through distributor Sime Darby Berhad for 10 years, delivered just over 400 vehicles to the country in 2020. This figure represents a 9% increase from 2019.

The company also announced Monday that it will build a research and development site in Shanghai, to understand and respond to “very specific” demands from Chinese customers.



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