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Author and finance expert pens money relationship guide

Author and finance expert pens money relationship guide.....»»

Category: entertainmentSource: thestandard thestandardSep 12th, 2018

Tax haven secrets of ultra-rich exposed – BBC News

A huge new leak of financial documents has revealed how the powerful and ultra-wealthy, including the Queen’s private estate, secretly invest vast amounts of cash in offshore tax havens. Donald Trump’s commerce secretary is shown to have a stake in a firm dealing with Russians sanctioned by the US. The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from one leading firm in offshore finance. BBC Panorama is part of nearly 100 media groups investigating the papers. As with last year’s Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. The Guardian is also among the organisations investigating the documents. Sunday’s revelations form only a small part of a week of disclosures that will expose the tax and financial affairs of some of the hundreds of people and companies named in the data, some with strong UK connections. Many of the stories focus on how politicians, multinationals, celebrities and high-net-worth individuals use complex structures of trusts, foundations and shell companies to protect their cash from tax officials or hide their dealings behind a veil of secrecy. The Paradise Papers show that about £10m ($13m) of the Queen’s private money was invested offshore. It was put into funds in the Cayman Islands and Bermuda by the Duchy of Lancaster, which provides the Queen with an income and handles investments for her £500m private estate. There is nothing illegal in the investments and no suggestion that the Queen is avoiding tax, but questions may be asked about whether the monarch should be investing offshore. There were small investments in the rent-to-buy retailer BrightHouse, which has been accused of exploiting the poor, and the Threshers chain of off-licences, which later went bust owing £17.5m in tax and costing almost 6,000 people their jobs. The Duchy said it was not involved in decisions made by funds and there is no suggestion the Queen had any knowledge of the specific investments made on her behalf. The Duchy has in the past said it gives “ongoing consideration regarding any of its acts or omissions that could adversely impact the reputation” of the Queen, who it says takes “a keen interest” in the estate. Wilbur Ross helped stave off bankruptcy for Donald Trump in the 1990s and was later appointed commerce secretary in Mr Trump’s administration. The documents reveal Mr Ross has retained an interest in a shipping company which earns millions of dollars a year transporting oil and gas for a Russian energy firm whose shareholders include Vladimir Putin’s son-in-law and two men subject to US sanctions. It will again raise questions about the Russian connections of Donald Trump’s team. His presidency has been dogged by allegations that Russians colluded to try to influence the outcome of last year’s US election. He has called the allegations “fake news”. Democratic Senator Richard Blumenthal has called for an investigation, telling NBC News that Mr Ross had given Congress the impression he no longer held shares in the shipping company. “Our committee was misled, the American people were misled by the concealment of those companies.” Most of the data comes from a company called Appleby, a Bermuda-based legal services provider at the top end of the offshore industry, helping clients set up in overseas jurisdictions with low or zero tax rates. Its documents, and others mainly from corporate registries in Caribbean jurisdictions, were obtained by Süddeutsche Zeitung. It has not revealed the source. The media partners say the investigation is in the public interest because data leaks from the world of offshore have repeatedly exposed wrongdoing. In response to the leaks, Appleby said it was “satisfied that there is no evidence of any wrongdoing, either on the part of ourselves or our clients”, adding: “We do not tolerate illegal behaviour.” Essentially it’s about a place outside of your own nation’s regulations to which companies or individuals can reroute money, assets or profits to take advantage of lower taxes. These jurisdictions are known as tax havens to the layman, or the more stately offshore financial centres (OFCs) to the industry. They are generally stable, secretive and reliable, often small islands but not exclusively so, and can vary on how rigorously they carry out checks on wrongdoing. The UK is a big player here, not simply because so many of its overseas territories and Crown dependencies are OFCs, but many of the lawyers, accountants and bankers working in the offshore industry are in the City of London. It’s also about the mega-rich. Brooke Harrington, author of Capital Without Borders: Wealth Managers and the One Percent, says offshore finance is not for the 1% but the .001%. Assets of around $500,000 (£380,000) would just not meet the offshore fees the schemes would need, she says. Well, it is a lot of cash. The Boston Consulting Group says $10tn is held offshore. That’s about the equivalent of the gross domestic products of the UK, Japan and France – combined. It may also be a conservative estimate. Critics of offshore say it is mainly about secrecy – which opens the door to wrongdoing – and inequality. They also say the action of governments to curb it has often been slow and ineffective. Brooke Harrington says if the rich are avoiding tax, the poor pick up the bill: “There’s a minimal amount the governments need to function and they recoup what they lose from […].....»»

Category: newsSource:  mindanaoexaminerRelated NewsNov 6th, 2017

Bank that lent $300m to Trump linked to Russian money laundering scam – The Guardian

The German bank that loaned $300m (£260m) to Donald Trump played a prominent role in a money laundering scandal run by Russian criminals with ties to the Kremlin, the Guardian can reveal. Deutsche Bank is one of dozens of western financial institutions that processed at least $20bn – and possibly more – in money of “criminal origin” from Russia. The scheme, dubbed “the Global Laundromat”, ran from 2010 to 2014. Law enforcement agencies are investigating how a group of politically well-connected Russians were able to use UK-registered companies to launder billions of dollars in cash. The companies made fictitious loans to each other, underwritten by Russian businesses. The companies would default on these “debts”. Judges in Moldova then made court rulings enforcing judgments against the firms. This allowed Russian bank accounts to transfer huge sums to Moldova legally. From there, the money went to accounts in Latvia with Trasta Komercbanka. Deutsche, Germany’s biggest lender, acted as a “correspondent bank” for Trasta until 2015. This meant Deutsche provided dollar-denominated services to Trasta’s non-resident Russian clients. This service was used to move money from Latvia to banks across the world. During this period many Wall Street banks got out of Latvia, citing concerns that the small Baltic country had become a centre for international money laundering, especially from neighbouring Russia. In 2013, and under US regulatory pressure, JP Morgan Chase ceased providing dollar clearing services to the country. From 2014, only two western lenders were willing to accept international dollar transfers from Latvian banks. They were Deutsche and Germany’s Commerzbank. Deutsche eventually withdrew correspondent services to Trasta Bank in September 2015. Six months later, Latvian regulators shut down the bank. They cited repeated violations, and said the bank had failed to deal with its money laundering risk. Latvia’s deputy finance minister, Maija Treija, said the money sent via Trasta was “either stolen or with criminal origin”. The defunct bank was being used as vehicle to get money out of the ex-Soviet Union and “into the EU financial system”, she added. Deutsche said it had significantly strengthened its systems and controls. It said that by the end of this year it will have hired more than 1,000 new staff in its compliance and anti-financial crime unit since 2015. It added: “The bank has comprehensively reviewed its client onboarding and know-your-client processes and where necessary is exiting higher risk client relationships and markets.” Commerzbank said it could not comment on its relationships with other banks. It said it put a high value on compliance. It said that suspicious transactions picked up during routine monitoring were reported to the authorities. Deutche Bank ended its relationship with Trasta soon after Latvia’s regulator issued a warning, it is understood. In August 2015, the Financial and Capital Markets Commission stopped all transactions above €100,000. Deutsche severed its relationship with the other key Laundromat bank &'' Moldova’s Moldindconbank – in 2012. Ties with Russia are a matter of acute sensitivity for Deutsche. In February, it emerged that Deutsche had secretly reviewed multiple loans made to President Trump by its private wealth division to see if there was a connection to Russia. Trump owes Deutsche about $300m. Deutsche refused to comment on its internal review. Sources say the bank discovered no evidence of any Moscow link. That covers other members of the US president’s family who are also Deutsche clients. They include Trump’s daughter, Ivanka, her husband, Jared Kushner, and Kushner’s mother, Seryl Stadtmauer. In January, the UK and US imposed record $630m fines on Deutsche for its role in another money laundering scam run out of its Moscow office. The bank failed to prevent $10bn of Russian money being laundered in a complex “mirror trades” operation. The wealthy Russians that used the scheme have not been identified. Deutsche’s Private Bank – the division that lends to Trump – appears in the Global Laundromat scheme. Sources suggest that many of its clients are rich Russians, typically with personal assets of $50m-plus. According to Germany’s Süddeutsche Zeitung, Deutsche processed more than $24m of Laundromat cash in 209 transactions. Records obtained by the Organized Crime and Corruption Project (OCCRP) and Novaya Gazeta from anonymous sources show how the money was spent. Much of it vanished into opaque offshore companies. Some of it went on luxury items including diamonds, leather jackets, and home-cinema equipment. One of Deutsche’s high net worth customers blew €500,000 at Mahlberg, a German jewellery firm. The payment in January 2013 was made by Seabon Limited, a Laundromat company registered in Tooley Street, London. More than $9bn was funnelled via Seabon, records show. Almost €1m went to a Munich electronics firm, Rohde &'38; Schwarz, which produces surveillance technology for security services and police. Often, the explanation for high-volume payments was fake. The money spent on watches was marked down on the bank wire transfer as a payment for “computer equipment”. Another $500,000 payment was made to a London fur broker, Gideon Bartfeld. Bartfeld said the money had arrived from Deutsche Bank New York, before being sent on to the Bank of New York Mellon, which paid the invoice. Trasta – the bank that first sent the money to Deutsche – did not appear in any paperwork, he added. Bartfeld said the payment came via two “highly reputable and respected” global banks. He said: “Consequently, we received this payment in full confidence [as they] were satisfied that the payment met their [&'].....»»

Category: newsSource:  mindanaoexaminerRelated NewsMar 22nd, 2017

Arts & Leisure: Geneva art world pens anti-corruption guide amid scandals

GENEVA'S art world suffered another blow to its reputation in November when prosecutors seized pillaged Syrian antiquities from the city's free port, raising concerns about money laundering and terrorist financing. Now a group of art dealers, lawyers and consultants is fighting back......»»

Category: newsSource:  philstarRelated NewsJan 31st, 2017

DoF: Clark airport to be prioritized

The government will prioritize the development of the Clark International Airport and a planned “city of the future” amid San Miguel’s unsolicited P735-billion Bulacan airport project, a Cabinet official said. “It’s obvious. Our priority—and we have put money in it—is the Clark Airport and the New Clark City development,” Finance Secretary Carlos Dominguez 3rd told reporters [...] The post DoF: Clark airport to be prioritized appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsSep 11th, 2018

Business manager guilty of defrauding Ne-Yo, Brian McKnight

      COLUMBUS, Ohio --- A federal jury has convicted a business manager of defrauding R&B artists Ne-Yo and Brian McKnight in a sports beverage scheme.   The panel in Ohio found 42-year-old Kevin Foster of Montclair, New Jersey, guilty of wire fraud, money laundering, bankruptcy fraud, tax evasion and filing false tax returns last week.   Prosecutors said Foster induced Ne-Yo, whose real name is Shaffer Smith, to invest $2 million into OXYWater under false representations. They said Foster invested an additional $1.5 million of Smith's money without his consent and took out lines of credit by forging Smith's name.   Author...Keep on reading: Business manager guilty of defrauding Ne-Yo, Brian McKnight.....»»

Category: newsSource:  inquirerRelated NewsAug 30th, 2018

Duterte tells rebel returnees: Don’t join KMU

DAVAO CITY --- As his relationship with the left turned sour, President Rodrigo Duterte told rebel returnees not to join the Kilusang Mayo Uno (KMU), which he described as a group which only disrupts business operations with rallies and strikes. "Ayaw'g sulod sa KMU, samoksamok lang mo, yawa, mag strike, kinsa'y makakwarta? Di ang leader sa KMU sa membership fees (Do not join the KMU, you will just be disrupting things, the devil. You will go on strike and who will earn money but the KMU leaders themselves from the membership fees), " Duterte said, referring to the militant labor group that had actively organized unions and fought for workers' rights and collective bargaining agreemen...Keep on reading: Duterte tells rebel returnees: Don’t join KMU.....»»

Category: newsSource:  inquirerRelated NewsAug 23rd, 2018

Retailers, fast food see Train sales boost

Implementation of the Tax Reform for Acceleration and Inclusion (Train) law boosted consumer demand and sales by retail firms and fast food chains, a Finance official said on Wednesday. “The significant growth in sales reported by retail establishments and restaurants point to the fact that people now have more money to spend as a result [...] The post Retailers, fast food see Train sales boost appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsAug 22nd, 2018

Trump knocks Michael Cohen in a tweet

WASHINGTON ---President Donald Trump says he wouldn't recommend his former personal lawyer, Michael Cohen. Trump tweeted Wednesday: "If anyone is looking for a good lawyer, I would strongly suggest that you don't retain the services of Michael Cohen!" Cohen pleaded guilty Tuesday to campaign-finance violations and other charges and implicated the president in his wrongdoing. Cohen said Trump directed him to arrange the payment of hush money to porn star Stormy Daniels and a former Playboy model to fend off damage to his White House bid. Trump's former personal lawyer has information of interest to special counsel Robert Mueller handling the Russia probe. That's according to ...Keep on reading: Trump knocks Michael Cohen in a tweet.....»»

Category: newsSource:  inquirerRelated NewsAug 22nd, 2018

DA s 2018 NBA Offseason Rankings: The Top 10

By David Aldridge, TNT Analyst Wonder what the rental market is like in San Luis Obispo, Calif. San Luis Obispo is, give or take a few miles, one of the closest cities that is near the midway point between Los Angeles and San Francisco. Given the events of the NBA’s offseason, it’s not hare to imagine national reporters are going to be spending a lot of time in California next season, bouncing back and forth between the Bay and L.A. Catch LeBron James and the Lakers on Wednesday and then, Stephen Curry, Kevin Durant and the Warriors on Thursday. The Western Conference only got stronger and deeper with James leaving Cleveland for a second time, this time to go to the Lakers. Add four of the top five Draft picks -- including No. 1 overall selection Deandre Ayton (Phoenix Suns), No. 2 pick Marvin Bagley III (Sacramento Kings) and international phenom Luka Doncic (No. 3 pick, acquired by Dallas Mavericks) -- going to Western Conference teams, and the talent disparity between conferences only seems greater. But did Eastern Conference teams take advantage of Cleveland deflating to make their teams better? And how effective were West teams in making their teams better prepared to at least compete with the Warriors? That’s where this year’s Offseason Rankings come in -- big, bold, definitive. You love them, if the amount of hate tweets and e-mails I get after they’re published are any indication. Every year, we rank how all 30 teams have done since the end of their respective seasons. We look at everything -- how they drafted, what trades they made, what players they signed in free agency, and for how much -- or if they didn’t participate in free agency much at all. We look at if they’ve changed coaches, executives, owners, or if they’re moving into a new building that can generate big revenues. And you have to decide which ones you liked the most. Here's what these rankings ARE NOT: A predicted order of finish for next season. It's an opinion that seeks to answer a question: is the team better now than at the end of last season? The ranking reflects the belief on whether, and how much, that is so. (I liked certain guys who were in the Draft more than others, so if your team took them, I probably weighed it more positively. Doesn't mean I'm right.) I do not expect the Suns, for example, to have a better record than the Celtics, just because they had a better summer. It is not a ranking of the teams in order from 1 through 30 right now; I do not believe the Mavericks are now a better team than Rockets. This is just one person’s opinion about offseason moves -- offseason moves only. Is your team better now than it was before? - If your team is ranked in the top 10, it doesn't mean I love your team.       - If your team is ranked in the bottom 10, it doesn't mean I hate your team. It's an opinion that seeks to answer a question: is the team better now than at the end of last season? The ranking reflects the belief on whether, and how much, that is so. (I liked certain guys who were in the Draft more than others, so if your team took them, I probably weighed it more positively. Doesn't mean I'm right.) What plays into the rankings: - This isn’t science. It’s an educated guess, weighing the impact both of the Draft and free agency, but also assessing whether teams got value in their free-agent signings. Overpaying the right player is as much a sin as signing the wrong player. A good new coach can coax some more wins out of a roster. But if a team’s players don’t believe in the system their team uses, the best Xs and Os on earth don’t matter.       - Teams that are rebuilding obviously have different priorities than teams making a championship push. That's factored in. So Chicago, for example, gets credit for adding young, affordable players as it stockpiles its talent -- but that talent has to fit together, as Wendell Carter Jr. does with Lauri Markannen. And a team like the Warriors that shows it’s willing to go deep into the luxury tax -- which most teams try to avoid -- in order to keep winning has to be commended, and its rankings reflect that commendation.       - Continuity matters here as well. The most successful teams usually not only identify a core group of players, they keep them together for a while, finding that sweet spot: everyone doesn’t get a max contract, but most get paid well enough to keep the train moving down the tracks. That reflects both good roster construction and good financial management -- and, again, is rewarded. The explosion in the cap means everyone has to spend; keeping your powder dry for another day doesn’t have as much cache as it used to. But you still have to manage your money wisely. Salary numbers, with a couple of exceptions, come from Basketball Insiders, whose Eric Pincus does the best job of anyone in the game of keeping track of all the moving financial parts, quickly and accurately -- which is why we use him at NBA TV during the Draft and free agency to tell us what the hell this all means. The Top 10 * * * 1. OKLAHOMA CITY THUNDER 2017-18 RECORD: 48-34; lost in first round ADDED: G/F Timothé Luwawu-Cabarrot (acquired from Sixers); G Hamidou Diallo (No. 45 pick, 2018 Draft); G Devon Hall (No. 53 pick, 2018 Draft); F Kevin Hervey (No. 57 pick, 2018 Draft); F Abdel Nader (acquired from Celtics); C Nerlens Noel (two years, $3.7 million); G Dennis Schröder (acquired from Hawks) LOST: F Carmelo Anthony (traded to Hawks); F Nick Collison (retired); C Dakari Johnson (traded to Magic); G Rodney Purvis (traded to Celtics) RETAINED: G Raymond Felton (one year, $2.3 million); F Paul George (four years, $136.9 million); F Jerami Grant (three years, $27.3 million) THE KEY MAN: G Andre Roberson. This is real simple: with Roberson on the court last year, OKC’s opponent offensive rating was 99.2; when he was off, it was 110.7. The Thunder was a near-elite defensive unit when Roberson played and was awful when he didn’t. His Real Defensive Plus-Minus, per ESPN.com, was 4.34, second only to Utah’s Rudy Gobert (5.06). So when Roberson ruptured his patellar tendon in late January, the Thunder’s ability to use George as a weakside defender who could freelance and use his length to create deflections and turnovers (because Roberson had the strong side absolutely locked down) went away. Any chance the Thunder has next season to compete at the highest levels in the West will depend on the 26-year-old Roberson’s recovery and return to the lineup. THE SKINNY: None of us -- none -- thought George was going to stay in OKC. And we all thought Sam Presti and the Thunder were crazy for trading for him last year, because it was just going to be a one-year rental and he was going to be off to the Lakers in 12 months, and OKC would have nothing to show for its deal. But George’s presence helped convince Russell Westbrook -- also long rumored to eventually head back to Cali -- to sign a long-term deal with the Thunder. And OKC’s acquisition of Carmelo Anthony helped convince George that the Thunder was all in on competing. And even though OKC went out in the first round of the playoffs to Utah, its year-long courtship of George and his family paid off when PG-13 spurned L.A. once and for all to stay in the 405. Anthony ultimately wasn’t a good fit, but he brought back Schroder, who will give Billy Donovan a dynamic scorer off the bench that can give Westbrook a blow and keep OKC’s offense from immolating when Westbrook is on the bench, a common malady the last two years. The Thunder has been relevant in an incredibly small market now for almost a decade. With George and Westbrook and Steven Adams and, now, Schroder, all signed up through 2021, that remarkable run will continue for some time. 2. LOS ANGELES LAKERS 2017-18 RECORD: 35-47; missed playoffs ADDED: F Michael Beasley (one year, $3.5 million); F Joel Berry II; F Issac Bonga (No. 39 pick, 2018 Draft); G Jeffrey Carroll; F LeBron James (four years, $153 million); C JaVale McGee (one year, $1.4 million); G Sviatoslav Mykhailiuk (No. 47 pick, 2018 Draft); G Rajon Rondo (one year, $9 million); G Lance Stephenson; F Mo Wagner (No. 25 pick, 2018 Draft) LOST: C Thomas Bryant (waived); G Tyler Ennis (waived); F/C Channing Frye (signed with Cavs); C Brook Lopez (signed with Bucks); F Julius Randle (signed with Pelicans); G Isaiah Thomas (signed with Nuggets) RETAINED: G Kentavious Caldwell-Pope (one year, $12 million); G Travis Wear THE KEY MAN: F Brandon Ingram. The third-year man should be the major beneficiary of James’ presence going forward. Driving lanes previously clogged with defenders should now be runway clear. Opponents who previously could close out strong on Ingram will now have their attention elsewhere. Ingram need only look at James’ last stop: per NBA.com/Stats, among players leaguewide who appeared in at least 60 games last season, three Cavaliers -- Kyle Korver, J.R. Smith and Cedi Osman -- were among the top 20 in the league in lowest frequency of having their closest defenders within two feet of them, meaning James created many wide open looks for teammates all season. Ingram vastly improved his range last season over his rookie one, shooting 39 percent on 3-pointers. But he only attempted 1.8 threes per game last season. That number will surely skyrocket in 2018. Ingram must ready to take advantage. That will make him that much more deadly as a driver. THE SKINNY: Team president Magic Johnson was tasked with landing a whale in free agency, and he and GM Rob Pelinka bagged Moby Dick in James. Their subsequent free agent moves once Paul George opted to stay in Oklahoma City were all short-term plays with an eye toward the promising 2019 free agent class, which include the likes of All-Stars Klay Thompson, Kemba Walker and DeMarcus Cousins. But that doesn’t mean Lake Show ’18 isn’t going to be the rip-roaringest circus this side of your standard Ozzy Ozbourne tour. What’s the over-under on the first time Rondo cusses out coach Luke Walton, or when we hear of a “spirited practice” that is code for “Lance ‘bowed ‘Bron in the neck and Walton sent everyone home”? The Lakers could be in The Finals or out in the first round, but what they decidedly will not be is boring. 3. DENVER NUGGETS 2017-18 RECORD: 46-36; missed playoffs ADDED: F Michael Porter Jr. (No. 14 pick, 2018 Draft); G Isaiah Thomas (one year, $2 million); F Jarred Vanderbilt (No. 41 pick, 2018 Draft); C Thomas Welsh (No. 58 pick, 2018 Draft) LOST: F Darrell Arthur (traded to Nets); F Wilson Chandler (traded to 76ers); F Kenneth Faried (traded to Nets); G Isaiah Whitehead (waived) RETAINED: G Will Barton (four years, $53 million); G/F Torrey Craig (two years, $4 million); C Nikola Jokic (five-year, $147.7 million contract extension) THE KEY MAN: G Jamal Murray. Denver ended all pretense that the full-time point guard job wasn’t his last season and his second-year numbers were very encouraging. Among regularly playing (60+ games) floor generals, per NBA.com/Stats, Murray’s .577 True Shooting Percentage ranked only behind D.J. Augustin, Kyrie Irving, Darren Collison and Kyle Lowry. No one doubts the still-just-21-year-old Murray can fill it up, and that the Nuggets don’t need a classic ball distributor to light up the Pepsi Center scoreboard. But they do need to get more credible defensively. So does he. THE SKINNY: A great offseason for the Nuggets, who did what they said they would -- keep Jokic off the market next summer -- while clearing roster spots and minutes with two trades, and simultaneously reducing their luxury tax bill for 2019. (The Chandler trade to the Sixers also created an enormous $12.8 million trade exception for Denver through August of 2019.) Jokic should anchor one of the most athletic starting quintets in the game -- along with Jamal Murray, Gary Harris, the re-signed Barton (penciled in for now as the starting three) and Paul Millsap. the Nuggets didn’t add much at the defensive end, which was their Achilles’ heel the last couple of seasons and the main reason they didn’t make the playoffs in 2017-18. Denver opted to strengthen a strength by bringing in Thomas, who’ll be in prove-it mode next season on a short deal with a coach that he knows from their Sacramento days in Mike Malone. Look for Malone to unleash Thomas on second units throughout the West. Porter Jr. was worth a flier at 14; he was the consensus likely first pick in the Draft a year ago, before his back injury took him out of all but a couple of games in his one season at Missouri. Denver can give him the entire year to rehab from two surgeries, the latest last week, and reset his clock for 2019-20. 4. GOLDEN STATE WARRIORS 2017-18 RECORD: 58-24; won NBA Finals ADDED: C DeMarcus Cousins (one year, $5.3 million); F Jacob Evans (No. 28 pick, 2018 Draft); F Jonas Jerebko (one year, $2.1 million); G Damion Lee LOST: C JaVale McGee (signed with Lakers); C Zaza Pachulia (signed with Pistons); Head of Physical Performance and Sports Medicine Chelsea Lane (went to Hawks) RETAINED: F Kevin Durant (two years, $61.5 million); F Kevon Looney THE KEY MAN: Brett Yamaguchi, Director of Game Operations/Entertainment, Oracle Arena. One doesn’t envy Yamaguchi, whose tasks will be twofold next season: create lifetime memories for the loudest and most loyal fanbase in the league, as the Warriors play their final season at Oracle Arena (aka Roaracle) -- they’re moving into the Chase Center, their tony new digs across the Bay in downtown San Francisco, come 2019-20. And, provide atmosphere and sizzle that will help coach Steve Kerr keep his veteran core from being bored out of its collective mind during the regular season while it waits for the playoffs and a chance at a three-peat. THE SKINNY: So, sure, the best team in the league adds one of the top two or three big men in the game in Cousins. But that’s the ancillary benefit of having such a dominant organization; everyone wants to figure out a way to get to the Bay. Cousins took less money to do so; now he can take his time rehabbing his torn Achilles tendon. If that means he’s not all the way back until All-Star, who cares? The Warriors will roll Kevon Looney, Jordan Bell and Jonas Jerebko out at the five in non-Death lineups until Cousins is ready. Meanwhile, Kerr has to keep his vets, but especially Andre Iguodala and Shawn Livingston, off their feet as much as possible during the regular season so they’ll be good to go from April through June. Losing Iguodala for the bulk of the 2018 Western finals was almost the Warriors’ downfall. 5. MEMPHIS GRIZZLIES 2017-18 RECORD: 22-60; missed playoffs ADDED: F Kyle Anderson (four years, $37 million); G Jevon Carter (No. 32 pick, 2018 Draft); F Omri Casspi (one year, $2.3 million); F Jaren Jackson Jr. (No. 4 pick, 2018 Draft); C Dakari Johnson (acquired from Magic); G Garrett Temple (acquired from Kings) LOST: C/F Deyonta Davis (traded to Kings); G Tyreke Evans (signed with Pacers); F Jarell Martin (traded to Magic); G Ben McLemore (traded to Kings) RETAINED: Coach J.B. Bickerstaff THE KEY MAN: G Mike Conley. It’s no secret how vital Conley is to the franchise, so a return to form is vital for the veteran point, who’ll be 31 on opening night and who missed 70 games last season with a heel injury. Next season will be the third of Conley’s five-year, $150 million deal signed in 2016; remember when so many people thought the world would end when a small market like Memphis invested so much in him? Well, Conley has already dropped to fifth in the league in salary among point guards, behind Stephen Curry Curry, Chris Paul, Russell Westbrook and Kyle Lowry. He’ll fall even further down the list next season, when John Wall’s massive extension kicks in, and Kyrie Irving and Kemba Walker each get new contracts that could leap his. THE SKINNY: Memphis couldn’t have had a worse 2017-18 if it tried, and the Grizzlies compounded their on-court implosion by not trading Evans when everyone in the league -- seemingly, except for them -- knew he was going to walk in the summer if they didn’t. But, the Grizzlies’ front office recovered in a big way, selling the 18-year-old Jackson that he would fit right in despite not working out for the Grizz before the Draft, then doubling up on “Grit And Grind 2.0” by taking Carter, college basketball’s fiercest on-ball defender, in the second. Ownership was willing to let the front office use the full mid-level exception on Anderson, who isn’t the sexiest pickup to many fans but whose defensive numbers in San Antonio were outstanding. Temple is the ultimate good vet and locker room guy who will get a chance to play for Bickerstaff after the Kings opted to go with their young guys and he was likely out of the rotation. GM Chris Wallace was adamant that the Grizzlies could rebuild again around the aging Conley and Marc Gasol and that they wouldn’t trade Gasol after the latter’s difficult relationship with former coach David Fizdale. They did, and they didn’t. 6. PHOENIX SUNS 2017-18 RECORD: 21-61; missed playoffs ADDED: Coach Igor Kokoskov; F Trevor Ariza (one year, $15 million); F Darrell Arthur (acquired from Nets); C Deandre Ayton (No. 1 pick, 2018 Draft); F Mikal Bridges (No. 10 pick, 2018 Draft); F Richaun Holmes (acquired from 76ers); G George King (No. 59 pick, 2018 Draft); G Elie Okobo (No. 31 pick, 2018 Draft) LOST: Former interim coach Jay Triano; F Jared Dudley (traded to Nets); C Alex Len (signed with Hawks); G Elfrid Payton (signed with Pelicans); G Tyler Ulis (waived); F/C Alan Williams (waived) RETAINED: G Devin Booker (contract extension) THE KEY MAN: Ayton. Let’s not bury the lead here: he was the first pick overall for a reason, because he has franchise-turning capability. The Suns don’t need singles or the occasional double any more; they need someone to put them back on the map with big, sweaty, nasty four-baggers, night after night. (cc: mixed metaphor police.) It’s been a minute since Amar’e Stoudemire was at his destructive best, and the list of impactful bigs in franchise history is thin: Connie Hawkins, Alvan Adams, Tom Chambers, Charles Barkley, Stoudemire. Ayton has a chance to be as good as any of them, and better, and he’s a potential stash of Kryptonite down the pike to the Warriors dynasty. THE SKINNY: There’s the makings of a Jazz-like reimaging of the franchise in short order. Kokoskov not only comes from Utah’s staff, but has significant coaching chops outside of Salt Lake City. He’s been coaching since he was 24, and that was 22 years ago. He’s coached both around the world and around the NBA as an assistant and development maven, and he’ll be great at bolstering the confidence of the Suns’ young guys -- including Bridges, a mature and solid rook with collegiate titles from Villianova who’ll be able to grow quietly outside the huge media shadow cast on Ayton. Kokoskov will also make things a lot easier for Devin Booker offensively. But GM Ryan McDonough was also smart enough to surround the kids with some solid vets, starting with Ariza, who will help the Suns again become acquainted with a long-honored NBA concept called “defense.” 7. DALLAS MAVERICKS 2017-18 RECORD: 24-58; missed playoffs ADDED: F Kostas Antetokounmpo (No. 60 pick, 2018 Draft); G Jalen Brunson (No. 33 pick, 2018 Draft); G Luka Doncic (No. 3 pick, 2018 Draft); C DeAndre Jordan (one year, $22 million); C Chinanu Onuaku (acquired from Rockets); F Ray Spalding (No. 56 pick, 2018 Draft); F Ding Yanyuhang; LOST: G Kyle Collinsworth (waived); G Seth Curry (signed with Blazers); G Yogi Ferrell (signed with Kings); F Doug McDermott (signed with Pacers); F Jonathan Motley (traded to Clippers); C Nerlens Noel (signed with Thunder) RETAINED: G/F Wesley Matthews (picked up player option); F Dirk Nowitzki (one year, $5 million) THE KEY MAN: CEO Cynthia Marshall. The former AT&T executive was put in charge after Sports Illustrated’s explosive story last February detailing a toxic workplace for female employees on the team’s business side, with sexual harassment rampant and no relief forthcoming from the supervisors who should have provided it. Marshall has been fast at work changing the business side culture, as separate investigations of who was responsible for allowing the previous environment to fester wind down. After their results are made public, it will be Marshall who will have to both enact their recommendations and sell the public that owner Mark Cuban’s organization has been fumigated for good. THE SKINNY: Dallas is banking that the 19-year-old Doncic is not only the real deal, but that he can come out of the gate in the NBA after starring in Europe and immediately give the Mavs a boost. There’s a large body of work suggesting Doncic will do just that, and accelerate the Mavs’ rebuild. Second-year guard Dennis Smith Jr.’s improvements should also speed up, and Jordan’s presence should start to close the sieve that has plagued Dallas’s defense the last couple of years. Losing both Curry and Ferrell will hurt the Mavs’ guard depth, though, and Brunson won’t be able to work in slowly. 8. INDIANA PACERS 2017-18 RECORD: 48-34; lost in first round ADDED: G/F Tyreke Evans (one year, $12 million); G Aaron Holiday (No. 23 pick, 2018 Draft); F Alize Johnson (No. 50 pick, 2018 Draft); F Doug McDermott; C/F Kyle O'Quinn LOST: C Al Jefferson (waived); G/F Glenn Robinson III (signed with Pistons); G Lance Stephenson (signed with Lakers) RETAINED: G Cory Joseph (picked up player option); F Thaddeus Young (picked up player option) THE KEY MAN: Kevin Pritchard, president of basketball operations. He’s been instrumental in putting this team together -- first as Larry Bird’s assistant, but on his own the last year-plus since Bird left. Now Pritchard will have to deal with not just the expectations last season’s surprising turnaround season will create with fans, but with the incessant calls and texts one receives when one has a team in which six players among the team’s core are on one-year deals and free agents next summer. It is extremely difficult for a team so constituted to stay unified and keep pulling on the rope together. Human nature is human nature, and players (and their families, and their agents) need reassurances they’re part of the organization’s future, just like any drone from Sector 7G would. It’s hard to think about sacrificing minutes and shots when almost players are judged by are their numbers. Nate McMillan, meanwhile, is only concerned, as any coach is, with the game in front of him, tonight. Pritchard’s phone will rarely have an hour off next season. THE SKINNY: What does a team that surprised so many last season need? More depth, because there aren’t going to be a lot of nights off going forward. The Pacers filled in nicely with a bunch of under-the-radar players, getting Evans after a bounce-back season in Memphis and O’Quinn after good years in New York. McBuckets is running out of stops to show he can be a key contributor in the NBA, but everything is tailor made for him to succeed here: he’ll have all the space in the world playing alongside Victor Oladipo, Bogdanovic and/or Myles Turner, depending on the lineup. Holiday was very good value at 23 in the first round. And Oladipo is on his grind. The Pacers are as big a threat as anyone to Boston’s assumed ascension in the post-LeBron East. 9. NEW YORK KNICKS 2017-18 RECORD: 29-53; missed playoffs ADDED: Coach David Fizdale; G Mario Hezonja (one year, $6.5 million); G Kevin Knox (No. 9 pick, 2018 Draft); C Mitchell Robinson (No. 36 pick, 2018 Draft); F Noah Vonleh (one year) LOST: Former coach Jeff Hornacek; F Michael Beasley (signed with Lakers); C/F Kyle O'Quinn (signed with Pacers); F Troy Williams (waived) RETAINED: G Ron Baker (picked up player option); F/C Luke Kornet; C Enes Kanter (picked up player option); THE KEY MAN: F Kristaps Porzingis. It’s unlikely Porzingis will play much, if at all, next season, as he rehabs his torn ACL suffered in February. New York will be extremely cautious with a timeline, and in Porzingis’ absence, if more losing brings more figurative ping pong balls the Knicks’ way … well, they won’t complain about that, either. None if it matters if “The Unicorn” doesn’t regain his form, though. So much of the Knicks’ 2018-19 improvement, or regression, will take place off camera. THE SKINNY: Fizdale won’t have a mandate to try and win with a veteran team in his first season in New York, as was the case in his year-plus in Memphis. So he can implement his position-less/fitness regimen with the young Knicks without looking over his shoulder. New York’s planning for 2019, when it hopes to strike in a big way in free agency, but that doesn’t mean next season won’t be important. Knox will have a lot of light on him, especially after playing well during NBA Summer League, but the Knicks truly believe Robinson will make some contributions this season with his significant physical gifts. Both must continue changing the narrative in Gotham that the team’s new braintrust is rebuilding the brand the right way -- slowly, and correctly. Hezonja was a good low-cost flier for New York who’ll give Fizdale some small ball options. Hezonja came on strong the second half of last season for the Magic, who hadn’t picked up his third-year option and were hamstrung in what they could offer him as a result. 10. SAN ANTONIO SPURS 2017-18 RECORD: 47-35; lost in first round ADDED: G Marco Belinelli (two years, $12 million); F Dante Cunningham (one year, $2.5 million); G DeMar DeRozan (acquired from Raptors); C Jakob Poeltl (acquired from Raptors); G Lonnie Walker IV (No. 18 pick, 2018 Draft); F Chimezie Metu (No. 49 pick, 2018 Draft) LOST: F Kyle Anderson (signed with Grizzlies); G Danny Green (traded to Raptors); F Kawhi Leonard (traded to Raptors); F Joffrey Lauvergne (signed with Fenerbahce); G Tony Parker (signed with Hornets); G Brandon Paul (waived) RETAINED: C/F Davis Bertans (two years, $14.5 million); G Bryn Forbes (two years, $6 million); F Rudy Gay (one year, $10 million) THE KEY MAN: Coach Gregg Popovich. There is no way to tell, nor is it really anyone’s business, how Pop will cope with the loss of his wife Erin, who died in April during the Spurs’ first-round series with Golden State. But the NBA grind is an unforgiving one, and Popovich is adding Olympic team coach duties to an already taxing schedule. He knows best how he’s doing and you can only hope he listens to himself when or if he needs time away. THE SKINNY: Backed up against it with Leonard’s still-murky insistence for a divorce, the Spurs did as well as could be expected in getting a four-time All-Star who’ll play with a huge chip on his shoulder next season. DeRozan will certainly help San Antonio extinguish the offensive droughts that came when teams loaded up on LaMarcus Aldridge defensively. LA was sensational for long stretches last season, making second team All-NBA for the second time in his career. Belinelli, rookie Walker and Poeltl should lengthen San Antonio’s bench significantly and reduce the Spurs’ dependence on nightly brilliance from 40-year-old Manu Ginobili, if he comes back for a 17th season. Longtime NBA reporter, columnist and Naismith Memorial Basketball Hall of Famer David Aldridge is an analyst for TNT. You can e-mail him here, find his archive here and follow him on Twitter. The views on this page do not necessarily reflect the views of the NBA, its clubs or Turner Broadcasting......»»

Category: sportsSource:  abscbnRelated NewsAug 8th, 2018

QB Matt Ryan looks to regain his MVP form with Falcons

By Paul Newberry, Associated Press FLOWERY BRANCH, Ga. (AP) — Matt Ryan is eager to regain his MVP form with the Atlanta Falcons. It sure seems possible with Julio Jones in camp, first-round pick Calvin Ridley ready to make an impact and — perhaps most important — a full season in the books with offensive coordinator Steve Sarkisian. While Ryan put up his seventh straight year with more than 4,000 yards through the air, he didn't come close to matching the best season of his career under previous coordinator Kyle Shanahan. In 2017, Ryan's yardage dipped significantly (4,944 to 4,095). So did his TDs (38 to 20) and quarterback rating (117.1 to 91.4). His interceptions went up (7 to 12). Most tellingly, the Falcons went from leading the league in scoring (33.75 points per game) to a middle-of-the-pack 15th position (22.06). Coming off an MVP season, Ryan wasn't even in the conversation for the league's top player. The slide in production had some people wondering if head coach Dan Quinn would give Sarkisian another chance . But Quinn was mindful that Shanahan's first season in Atlanta also was a bit of a struggle. He found his groove in 2016, overseeing a dynamic offense that helped carry the Falcons all the way to the Super Bowl and earn Shanahan his first head coaching job with the San Francisco 49ers. "I've got a lot of confidence," Ryan said of Year 2 with Sarkisian. "Obviously, I think Sark is a lot more comfortable with the personnel, knowing what guys to use in certain situations. I think that just comes with experience. We all kind of have a feel for his flavor as well. I think he did a great job for us last year and will continue to do a great job this year." Quinn is certainly expecting a more comfortable relationship between Ryan and Sarkisian. For good measure, the Falcons also hired Greg Knapp, a former Atlanta offensive coordinator, to serve as quarterbacks coach. "Like most relationships, there's probably some situations that you need to go through together," Quinn said. "OK, how did that person respond? How did he get through it? Generally as it goes, the communication improves." For a while, it looked as though Ryan might have to make do without one of the league's top receivers . Unhappy with his contract, Jones skipped offseason workouts in Atlanta as well as a mandatory minicamp. But on the eve of training camp, he agreed to report after the Falcons figured out a way to give him a bit more money this season, along with a promise to negotiate a new deal in 2019. No one was more pleased than Ryan to have No. 11 on the receiving end of his throws. "He's the best teammate you could ask for," Ryan said. "He's just a great worker and such a good teacher for the young guys, too." Jones is already spreading his knowledge to Ridley , who is expected to take over the third receiver role filled so ably the past two years by Taylor Gabriel. Ryan is impressed by what he's seen so far from the rookie. "He's a talented player who can do a lot of different things," Ryan said. "Certainly through the offseason and through the first couple of days of camp, he showcased his talent level. I kind of see him having a really good year for us and really fitting in with the receiving corps that we have." Ryan certainly has no complaints about his contract. He expects to remain with the Falcons for the rest of his career after signing a new five-year, $150 million deal, the most lucrative in NFL history and the first with $100 million in guaranteed earnings. To justify all that money, Ryan is focused on being more efficient in the red zone. Far too many times last season, the Falcons settled for field goals instead of touchdowns after driving inside the 20-yard line. In the early days of training camp, the team already looks much crisper in those situations. "A point of emphasis for us is improving in the red area, so we can have more touchdowns than we did last year," Ryan said. "We've got a lot of work to do before the season, but it's a good start." With Jones, Ridley and Mohammad Sanu catching passes, an offensive line bolstered by the signing of free-agent guard Brandon Fusco, and a dynamic backfield duo of Devonta Freeman and Tevin Coleman, Ryan certainly has plenty of options at his disposal. Enough to play like an MVP. "We've got a really, really scary offense," Freeman said. Notes: The Falcons agreed to terms with OL Kendall Calhoun, LB Jonathan Celestin and WR Colby Pearson. All three players were undrafted out of college. To make room on the roster, team has waived S Jason Hall, DB Terrance Parks and FB Daniel Marx. ... Quinn split up his players Monday's practice, essentially creating two teams roughly the size of a regular-season roster, even putting offensive line coach Chris Morgan and defensive coach Jerome Henderson in charge of the squads. "We wanted to create some game-like, stressful situations to really evaluate the players in that environment," Quinn said......»»

Category: sportsSource:  abscbnRelated NewsJul 31st, 2018

Myrtle Sarrosa thanks kind Korean who returned lost money clip

Myrtle Sarrosa's South Korea trip may have ended on a bad note if not for an honest Korean who returned her lost money clip. The actress shared her experience through several Instagram Stories updates on Thursday, July 26. In one of the video clips, Sarrosa explained how she lost her money clip on July 25 while visiting the Gyeongbokgung Palace. Fortunately for her, a kindly Korean found the money clip and turned it over to lost and found. With the help of her tour guide Byunggyu Park, Sarrosa managed to pick up her money clip from an office at the Gyeongbokgung Palace. Park, who appeared to be rather familiar with the actress, considered Sarrosa as someone whom he "spec...Keep on reading: Myrtle Sarrosa thanks kind Korean who returned lost money clip.....»»

Category: newsSource:  inquirerRelated NewsJul 27th, 2018

U.S. calls on China, EU to make tariff concessions

BUENOS AIRES, Argentina – United States Treasury Secretary Steven Mnuchin said on Saturday, July 21 he will be pushing China and the EU to agree to a more "balanced" relationship on trade when he meets with finance ministers at the Group of 20 convention in Buenos Aires. Mnuchin arrived in the ........»»

Category: newsSource:  rapplerRelated NewsJul 22nd, 2018

Emerging market portfolio outflows pick up in June

LONDON — Outflows of foreign investor money from emerging economies accelerated in June as markets were buffeted by trade tensions, higher borrowing costs and other headwinds, according to data from Institute of International Finance (IIF)......»»

Category: newsSource:  bworldonlineRelated NewsJul 4th, 2018

Testosterone pushes men to luxury brands — study

PARIS, France -- A single dose of testosterone steers men towards luxury brands of cars, watches, pens, or clothes which, like stag anglers and peacock tails, signal "status" to the female gender, scientists said Tuesday. The sex hormone, it turns out, is a major influencer of male consumer behavior, according to a study published in the journal Nature Communications. "This is likely because testosterone plays a role in behaviors that relate to social rank (in animals), and owning status products is a strategy to signal one's rank within human social hierarchies," study co-author Gideon Nave of the University of Pennsylvania told AFP. Studies have already established that hu...Keep on reading: Testosterone pushes men to luxury brands — study.....»»

Category: newsSource:  inquirerRelated NewsJul 4th, 2018

LeBron James nearing deadline on contract option with Cavs

By Tom Withers, Associated Press CLEVELAND (AP) — LeBron James is approaching a deadline that may be little more than a starting line. Not just for him, but for free agency around the league. The NBA’s most impactful player has until 11:59 p.m. Friday (Saturday, PHL time) to decide what to do with a $35.6 million contract option for next season with the Cleveland Cavaliers. If he declines the option, which is what’s expected to happen, James will become an unrestricted free agent and another Summer of LeBron will heat up instantly with the Los Angeles Lakers becoming a possible destination. Cleveland, too, would still be in the mix as James could sign a short-term deal with the Cavs. He has done that each season since returning in 2014. If James exercises or picks up his option, the three-time champion would be under contract next season with the Cavs, but that would not preclude the Eastern Conference champions from trading him to acquire assets to build for the future. As of late Thursday afternoon (Friday, PHL time), James had not informed the Cavs of his plans while reports about his future filled Twitter timelines and talk radio programs. The real games haven’t begun. James, who has kept a low profile on social media for months, has been on vacation with his wife and three children, giving him a chance to recover from perhaps the most exhausting season of his career and plot the next chapter. The 33-year-old has long been linked to the Lakers, partly because he has two homes in the Los Angeles area along with a film production company. There’s also the fact that the Lakers have enough salary-cap space to sign James and another maximum-contract player like Kawhi Leonard or Paul George and form a “Super Team” capable of competing with the reigning champion Golden State Warriors. The first major free-agent domino fell Thursday (Thursday night, PHL time) as George decided not to exercise his $20.7 million option for next season with Oklahoma City, a person with knowledge of the situation told The Associated Press on condition of anonymity. ESPN first reported George’s decision. For now, George is set to hit the market when free agency officially begins at 12:01 a.m. Sunday, (Monday, PHL time) but he may not go anywhere. The Thunder can offer him more money and George could get a five-year, $176 million and stay in Oklahoma. It’s unclear what affect, if any, George’s decision has had on James and his plans. The two are good friends and there’s little doubt they would relish the opportunity to play together after competing against each other for years. As for Leonard, there’s little clarity on his troubled relationship with San Antonio. It remains unclear if the Spurs are willing to trade him and if they are willing to part ways with him, where he would land. For James, the dilemma is whether to leave his home again. Upon his return to Cleveland four years ago from Miami, James said it took time away to realize what he was missing. “My relationship with Northeast Ohio is bigger than basketball,” he said. “I didn’t realize that four years ago. I do now.” James also said he always felt like he would come back to Cleveland to finish his career where it began. But that was before the Akron native led the Cavs to four straight Finals and won Cleveland’s first professional sports title since 1964. If Decision 3.0 is to go, James feels content. “I came back because I felt like I had some unfinished business,” he said following Game 4 of the NBA Finals. “To be able to be a part of a championship team two years ago with the team that we had and in the fashion that we had is something I will always remember. ... It ended a drought for Cleveland of 50-plus years, so I think we’ll all remember that in sports history.” ___ AP Sports Writer Tim Reynolds in Miami contributed to this report......»»

Category: sportsSource:  abscbnRelated NewsJun 29th, 2018

Senator wants finance expert to head PhilHealth

Senator wants finance expert to head PhilHealth.....»»

Category: entertainmentSource:  pepRelated NewsJun 27th, 2018

PH replicating SKorea growth path – Dominguez

The Philippines’ “economic emergence” is being propelled in part by South Korea, a Cabinet official said, via funding support for key projects under the Duterte administration’s “Build Build Build” program. Speaking before South Korean business leaders, Finance Secretary Carlos Dominguez 3rd expressed confidence that bilateral ties would continue to grow, citing a longstanding relationship. South [...] The post PH replicating SKorea growth path – Dominguez appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJun 6th, 2018

High domestic demand pushes inflation up

Consumer prices have been rising at a faster pace because households have more money to spend, thanks mainly to the tax reform law, according to the Department of Finance. In a statement, Finance S.....»»

Category: newsSource:  philippinetimesRelated NewsMay 30th, 2018

Was author Philip Roth a misogynist? His death reopens debate

NEW YORK — The death of Philip Roth has reopened a decades-old debate about the extent to which the American literary master was a misogynist and whether his work should be re-examined in the #MeToo era. Roth’s characterization of women in his novels and at least one volatile relationship shot back to the spotlight on […] The post Was author Philip Roth a misogynist? His death reopens debate appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMay 24th, 2018

Brighter days seem to be in store for Knicks, new coach Fizdale

By David Aldridge, TNT Analyst There was only one job that made sense for David Fizdale. Despite all the openings for which he interviewed, his pedigree and background -- and, let’s be honest, ambition -- made one gig stand out above the others. And it’s the one he got, with the New York Knicks. New York agreed to a four-year deal with Fizdale last week, a correct pairing of young coach and franchise that is trying to build back up the right way, with an emphasis on defense and conditioning that is right up Fizdale’s alley. No matter the occasional oddity created by working for Jim Dolan, he is an owner who has been willing to spend money when asked, and his team is in the top media market on earth. When you win there, they have parades for you in the Canyon of Heroes, and you almost always wind up in your particular sport’s Hall of Fame. You can’t not take the shot. The Knicks believe they’re in a place where the things Fizdale did in Miami and what he took to Memphis -- his philosophy of culture-building, team-building, discipline and how he connects to players -- were a good fit for where they are as a franchise. Among the 11 candidates the Knicks interviewed for the job, several had more head coaching experience than Fizdale -- whose tenure in Memphis lasted exactly 101 regular season games and six playoff games. But Fizdale checked the most boxes, and at 43, the Knicks are betting he has a lot of growing and improving to do, just as the team does. The Knicks, of course, looked into just why the Grizzlies fired Fizdale so abruptly last season, after just 19 games. Team president Steve Mills and General Manager Scott Perry didn’t just get started in the league last week; they know a lot of people. The chatter around the league was that Memphis chose star center Marc Gasol over Fizdale after the two clashed during the coach’s season-plus there. As I wrote just after Fizdale was fired, the deterioration in their relationship reached the point of no return when Fizdale went after Gasol hard in a film session, basically dismissing the importance of Gasol’s accomplishments overseas, including as a member of the Spanish national team. That that rankled Gasol to no end should have been no surprise to anyone paying attention. The Spanish team’s international triumphs are a point of considerable and understandable pride for both Marc Gasol and his brother, Pau. They helped lead Spain to the greatest era of basketball accomplishment in that country’s history, including a 2006 gold medal at what was then called the FIBA World Championships. Fizdale tried to fix things with Gasol, even flying to Europe after the season to try and make it right. But Gasol was close with majority owner Robert Pera; Fizdale wasn’t. That closed off a potential area of outreach between the two. Gasol had no interest in rapprochement, a stance that Grizzlies players made clear to Fizdale throughout the season. (Caught most in the middle, per league sources, was Grizzlies veteran point guard Mike Conley, Jr., who did and does have strong relationships with both men.) But, importantly, in his discussions with the Knicks, Fizdale took responsibility for his failures with Gasol. He didn’t blame Gasol or anyone else. As one of his chief calling cards is connecting with players, and not finding common ground with Gasol was an L he has to take. “He knew where he messed up and what he’d try to let it never happen again,” said a source who’s spoken with Fizdale since his firing. But, equally importantly, just because Fizdale couldn’t make it work with Gasol doesn’t mean he’s doomed to a similar outcome with All-Star forward Kristaps Porzingis. The 22-year-old’s relationship with the Knicks has been scrutinized within an inch of its life the last couple of years. The toxicity level reached under former president Phil Jackson has abated some, but Porzingis and the team still have some navigation to do -- a trip that is blurred as Porzingis continues rehabbing and recovering from the torn ACL he suffered in February. (Porzingis’s brother, Janis, who serves as his agent, politely declined comment on the Fizdale hire via text Saturday, though the Knicks were in contact with Janis Porzingis during the coaching search.) Porzingis’s injury keeps the Knicks in flux, a position it seems they’ve been in most years since the Nixon administration. He is a potential superstar -- “potential” is used quite deliberately here, as “The Unicorn’s” stans on social media have made a very talented offensive player into something that he is not, at least not yet -- a transcendent player. But, assuming Porzingis ultimately makes a full and healthy return, New York has a terrific building block around which to build. And, they have a chance to really get in the game in the summer of 2019. First, they’ll have to resolve Joakim Noah’s status -- he has two years and roughly $38 million left on his current deal. It’s likely the Knicks will stretch him and the only question is whether that happens before or after next season. If it’s the former, the Knicks can spread the remainder of his salary across five seasons; if the latter, three seasons. Nothing is certain, but it would be surprising to see Noah still in New York by the start of camp. Why saddle a new coach with an old problem? That would leave the Knicks with more flexibility going into ’19, which is when Perry has said he’d like New York to be ready to pounce in free agency -- and when the likes of Kemba Walker, Klay Thompson, Kawhi Leonard (player option) and Jimmy Butler (player option) can be free agents. But until that bridge year, Fizdale will have to max out the existing roster. Charitably, there’s not a lot there at present that’s proven and has led to much winning anywhere. The Knicks will need to be lucky in next week’s Lottery -- preferably, getting a high enough pick to land one of the elite big men that should be among the top four or five picks in the Draft. If that doesn’t happen, the hope in New York is that until the roster improves, Fizdale can develop the talents of the Knicks’ trio of guards -- Frank Ntilikina, Emmanuel Mudiay and Tim Hardaway, Jr. -- in which New York has invested Draft and literal treasure the last couple of seasons. (It will help that Fizdale’s relationship with Hardaway, Jr., goes back to when the latter was a kid and his father, the master of the killer crossover, worked in the Heat organization after Tim Hardaway Sr.’s playing days ended.) The additional hope is that Fizdale will get Ntilikina in elite shape while honing his competitive edge, and that a full season under Fizdale will let the Knicks know once and for all if Mudiay can be a significant contributor. Fizdale will also have to adjust his nomenclature. Last week’s story in the New York Daily News correctly identified Fizdale’s consistent referencing “the Miami Way” as shorthand for how he wanted to do things in Memphis alienated Grizzlies people who were -- again, justifiably -- proud of the “Grit-n’Grind” era that produced seven straight playoff appearances before this season’s 22-60 crater. And, he’ll have to be prepared to be, perhaps, the biggest face of the franchise, in a city whose media is dogged and nonplussed and will often go off cockeyed in a crazy, incorrect direction. But its influence should never be underestimated. Fizdale is from Los Angeles, and he has a great way with most. And it didn’t hurt him to work some for ESPN while he was between jobs. But he’ll have to learn the media landscape in New York quickly -- who to befriend, who to be wary of, who he can trust and who he cannot. (Also: I’m sure the Knicks pointed out to him that while he had several causes which were near and dear to him in Memphis, from advocating the removal of Confederate statues in the city to lending his name to other civic causes, he needs to win games in Gotham first.) At base, the Knicks will want to see players throughout the roster held accountable, and charged to compete on a nightly basis. There was not enough of either last season under coach Jeff Hornacek -- who, in fairness, didn’t have all that much time to put his stamp on what was a poor roster. Fizdale will get more time. The Knicks’ roster will look a lot different in two years than it does now. Fizdale will have to be a lot different coach than he was in Memphis, as well. Longtime NBA reporter, columnist and Naismith Memorial Basketball Hall of Famer David Aldridge is an analyst for TNT. You can e-mail him here, find his archive here and follow him on Twitter. The views on this page do not necessarily reflect the views of the NBA, its clubs or Turner Broadcasting......»»

Category: sportsSource:  abscbnRelated NewsMay 8th, 2018