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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

Jordan s weight reaches farther than court in NC

By Steve Aschburner, NBA.com CHARLOTTE -- Unlike Mark Cuban and James Dolan, the host of the 2019 NBA All-Star Game was voted in 14 times to participate and played in 13. Quite different from Micky Arison and Glen Taylor, the team owner whose arena and city will be the center of All-Star 2019 averaged 20.2 points in those 13 All-Star appearances, was named MVP three times and posted the first triple-double in the game’s history (1997). And not at all like Steve Ballmer and Joe Lacob, the guy most often credited with making Charlotte All-Star worthy this weekend ignited the annual Slam Dunk Contest with his takeoff from the foul line in 1988. He also regularly irritated former NBA commissioner David Stern into a series of fines for golfing when he should have been sitting through mandatory Friday media sessions. With a level of celebrity as arguably the game’s greatest player ever, morphed now into an off-radar role as owner of the Charlotte Hornets, Michael Jordan remains as famous, as popular and as successful as any or all the active All-Star participants who’ll cavort at the Spectrum Center in the city’s Uptown business district. Ain’t no other NBA owner who can say that. “You think about all these wealthy, successful owners in our league,” said Hornets president Fred Whitfield, “no one knew who any of them were, really, until they bought their team. Everybody in the world knew who Michael Jordan was before he bought his team.” Jordan’s place in the All-Star galaxy in the coming days is reflective of his unique position among those who oversee the NBA’s 29 other franchises. His impact on the team, on its fans, on their city and on the state in returning to his native North Carolina -- he grew up in coastal Wilmington before attending college in Chapel Hill -- to anchor and lend stability to the Hornets will be on full display, even if he’s hard to spot this weekend. It’s all a reminder, too, of the old movie line from a remarkably blessed character, wondering “What do you do when your real life exceeds your dreams?” Most don’t dare to imagine playing in an All-Star Game, never mind hosting one as the owner of the local team. “No,” Jordan told some Charlotte reporters Tuesday (Wednesday, PHL time), coming forward for one of his few appearances of the week. “As a kid growing up here in North Carolina, the first thing [was] playing basketball. And then things evolved from there -- from the University of North Carolina to Chicago. Obviously you know the history from that. “[The] opportunity to represent North Carolina in an All-Star Game from a different seat is truly amazing. It tells the path that I have taken. It gives me great pleasure to give that back to the community. It’s been a long-traveled road.” The celebration of the league’s brightest stars, and the ubiquitous banners and signage devoted to it will make it even harder than usual to visibly spot signs of Jordan’s ownership of the Hornets. For a typical regular season game, you might spy a flag emblazoned with his well-known “Jumpman” logo. Occasionally he’ll watch part of the game, rarely all, from seats at the end of his team’s bench, though he’s as likely to retreat to his suite atop the arena’s lower bowl. An in-game, timeout scoreboard video meant to stoke the crowd includes shots of GM Mitch Kupchak (“Architect of Champions”) and coach James Borrego (“Elite Pedigree”) but ends right about the time you expect some dramatic silhouette of His Airness to appear. It’s as if Jordan is as protective of his brand in running the Hornets as he is in maintaining its exclusivity in the marketplace. Doesn’t matter, though. His fingerprints are all over the franchise, as a basketball team, as a business enterprise and as a member of the community. On court, Jordan trusts his team Jordan’s greatest notoriety as an owner in a basketball setting may have come in December, when he was courtside for a tense game against Detroit. Guard Jeremy Lamb drained a 22-foot jumper with 0.3 seconds left, sending reserves Malik Monk and Bismack Biyombo onto the floor in celebration of what would be a 108-107 home victory. Trouble was, that sliver of time on the clock. Too many men. The Hornets were whistled for a one-shot technical foul and Jordan impulsively smacked Monk lightly, twice, on the back of the head. Any other owner does that, the player’s agent might file a grievance with the players union. Jordan does it and, thanks to his in-the-trenches, in-the-fraternity credibility, it comes across as a goof. “A tap of endearment,” Jordan called it later in a statement. “It was like a big brother and little brother tap. No negative intent. Only love!" Said Monk: “Big, big, big brother. But it was nothing. He was just playing.” The arc of Jordan’s career and his reputation as a stone-cold competitor make it OK if he wants to vent -- or swipe -- when things don’t go the Hornets’ way. Doesn’t matter that Jordan, who will turn 56 on All-Star Sunday, is old enough to be any of his players' dad. He still carries himself like an athlete, and their frame of reference remains, “That’s Mike.” “I’ve seen kids come up through camps,” said Buzz Peterson, Charlotte’s assistant general manager under Kupchak. “You could say Julius Erving, you could say Larry Johnson, Karl Malone, whatever, and the kids’ eyes are like, ‘Who?’ But you say Michael Jordan, they’re gonna know. That’s the separation there.” Peterson is among Jordan’s closest friends -- he beat him out as North Carolina’s prep player of the year in 1981, won an NCAA title with him as a Tar Heels teammate and is described by those who know both as someone who can disagree with the boss while staying comfortably in the inner circle. For Borrego, Charlotte’s first-year coach, interviewing to run Jordan’s team could have been intimidating. “We’re all human beings -- there’s a presence that comes with ‘Michael Jordan’ when he’s around,” Borrego told NBA.com in January. “But it’s healthy. He comes with a competitive spirit that you feel. “Michael was straight with me from Day 1. When I interviewed, he said, ‘I’m going to give you space to do your job. Whatever you need, you come to me. I’ll give you the resources you need.’ He has not tried to interfere one time. I feel his full support. … We’re starting to speak each other’s language, which is pretty healthy for us now.” Jordan keeps the coach apprised of his interactions with players, Borrego said. Other coaches should have such a resource at the ready. Hornets guard and 2019 All-Star starter Kemba Walker probably has benefited most from Jordan’s counsel. They text frequently, a pinch-me arrangement to this day for Walker. “I grew up wearing Jordans, grew up wanting to be like Jordan,” Walker said recently. “So for me to get this opportunity to be on his team means the world to me. He’s the one who believed in me -- I had no idea where I was going to go on draft night and he traded up for me. I’ve always heard the story, he was the one who actually drafted me. So it’s unbelievable. “He’s such a good dude. He understands what it is to be good. His delivery is always good. Only in a positive way, honestly.” Said rookie wing Miles Bridges: “You think there’ll be a lot of pressure having MJ as an owner. I’d seen how he got on his teammates when he played. So I was nervous, thinking if I had a bad game, he’d go at me like, ‘What’re you doing?’ But after meeting him and bonding with him, I feel like he’s the coolest owner out there. I don’t feel any pressure, I feel like he wants the best for us.” Big man Frank Kaminsky typically sits at the end of the bench, which puts him cheek to cheek with Jordan when he’s courtside. “He’s talking about what he’s seeing out on the court. Talking to the refs,” Kaminsky said. “Things other players don’t necessarily see. He still thinks the game. “You see things on the court that he sees. One game, the roll, pocket-pass, skip to the corner was open. He was saying that. We made an adjustment in a timeout, but he saw it a couple plays before that. At the end of that game, we had a big play that was a roll, pocket-pass, into the corner that put the game away. It worked the way he’d seen it.” The Hornets’ struggles during Jordan’s tenure as owner wouldn’t suggest it -- the last time this organization won a playoff series (2002), Jordan still was a player -- but there is a prestige to playing for his team. It’s not unlike being welcomed onto the list of elite athletes who endorse Jordan Brand. “I’m one of the lucky ones who’s in both,” Kaminsky said. “You’re talking about the most iconic player in sports history -- I might be biased because I grew up in Chicago -- but when you have his approval, it means a lot. You have it in the back of your mind that he wants you here.” Head smack or no head smack. Jordan grows as owner, businessman Basketball is a zero-sum game and the NBA is full of stars, even if none shines quite as brightly as Jordan. But business has room for negotiation and compromise, and deals get struck daily that leave both sides happy. There, Jordan has been beyond clutch. Funnel down everything he’s accomplished -- six NBA championships, the league’s highest career scoring average (30.1), five MVP awards, six Finals MVP, 10 scoring titles, nine All-Defensive team nods -- and it invariably ends with clammy hands. The “wow” factor is real and the Hornets are extremely careful about leveraging it. “It gives our organization a certain cachet,” said Whitfield, another longtime friend who goes back more than 35 years with Jordan. “For him to be majority owner, for him to do it in his home state as a local hometown hero, and to be able to come back and not just lead the team and the rebranding from the Bobcats to the Hornets, but his commitment to the community in giving back, it’s something that’s so special.” That’s a lot to unpack. When Jordan initially signed on with the Hornets, he did so as head of its basketball operations in 2006, purchasing a small minority stake in the team. The team was bad, the business was worse and trending down. “Back in ’08-09, the economy was in the tank and I was mandated to ‘displace’ 42 of our executives here on the business side,” Whitfield said. “When Michael bought the team, we were losing $30 million a year.’ Brought back into the league in 2004 two years after the original Hornets (1988-2002) were moved to New Orleans by reviled owner George Shinn, the Charlotte expansion team was owned -- and nicknamed -- by Bob Johnson, a co-founder of the BET television network. The Bobcats excelled only at losing and were 122 games under .500 in their first five seasons. The front office was understaffed, Spectrum Center (then known as Time Warner Cable Arena) needed renovations almost from its inception and there was a real sense that, if a buyer with deep pockets and a commitment to the area weren’t found, the franchise could be moved. In March 2010, Jordan ponied up the cash to become majority owner. But it says something that the deal stands as one of the few, if ever, instances of an NBA franchise being sold at a discount. Johnson paid $300 million for the team; Jordan purchased it for $275 million. Forbes.com recently had Charlotte worth $1.25 billion -- which ranks 28th. And Jordan reportedly has one of the biggest stakes of all NBA owners, with his share estimated at upwards of 90 percent, possibly as high as 98 percent. That’s a lot of success in nine years, despite the basketball team’s mostly middling performance. “With MJ being with the team, you got instant credibility in the marketplace,” said Pete Guelli, the chief operating officer who started on the job about 10 months before Jordan took ownership. “There had been a lot of uncertainty previously, but with his brand and his resources and his commitment, that just dissipated immediately. It was much, much easier to walk in the door and tell people about our vision for this franchise.” Rebranding the team as “Hornets” gave the franchise an existential boost -- it suddenly had a history again, complete with records, archives and true alumni. The arena got a makeover and, per Guelli, is credited for events there that generate an alleged $1 billion in revenues for local businesses. “Fortunately, we’ve been profitable pretty much since [Jordan took over],” Whitfield said. “That’s huge, especially since we haven’t gotten where we want to be on the basketball side.” Closing a new kind of game now It’s hard to overstate Jordan’s added value, not so much as some corporate or financial whiz but as a presence who brought instant motivation and energy to the staff. He imported executives with whom he had developed relationships at Nike or in other ventures and, after taking early criticism for an uncertain level of involvement, has been more diligent in recent years. “I love seeing him sitting at the end of the bench encouraging his players when he attends a game” said Charles F. Bowman, Bank of America’s market president for Charlotte and North Carolina. “And as a business person what impresses me is that he has empowered his management team to focus not only on the court but also on building bridges with the community. “He had a vision for where he was taking the team and a clear plan to get there. He has hired good people, gives them latitude to make decisions and he expects them to perform. Michael is unique -- the best player ever who is determined to keep getting better year over year as an owner.” The NBA has gotten a taste of Jordan’s growth and transition at some pivotal times. This is the legendary voice of the players who, during rancorous negotiations in the 1998 lockout, countered Washington owner Abe Pollin’s gripes about losing money by telling Pollin to sell his team. By the lockout of 2011, Jordan had moved to the other side of the table. But several members of the National Basketball Players Association’s executive committee saw him not as an opponent or turncoat but as a role model: someone who had transformed himself from employee to employer at the game’s highest level. “The players understood, he had been in their shoes,” Whitfield said. “He’s not forgetting what it meant to be a player. He was in the process of learning what it meant to be an owner.” When the current collective bargaining agreement was negotiated with commissioner Adam Silver and union director Michele Roberts leading the talks, Jordan was an active, powerful voice. He is an influential member of the NBA’s labor relations and competition committees. One Charlotte insider spoke to Jordan’s clout with his fellow owners in getting this weekend’s showcase -- jeopardized by a political squabble in 2017 -- back onto the league’s short list. “There’s no All-Star Game here in Charlotte if it’s not for MJ,” the person said. Last summer in Las Vegas, Silver lauded Jordan for his ability to straddle the basketball and business worlds. “He brings unique credibility to the table when we're having discussions [with the players],” he said, “and even just among the owners, he's able to represent a player point of view… Michael can say, 'Well, look, this is how I looked at it when I was a player, and these are the kind of issues we need to address if we're going to convince players that something is in everyone's interest.’ ” Jordan’s powers of persuasion apparently have been even more impressive in Charlotte and North Carolina. The executives are careful about relying on him too often -- Jordan’s most precious commodity, now that his net worth is estimated to be upwards of $1.7 billion -- is his time. But when they need Mariano Rivera to walk in from the bullpen, he is lights out. “We’ve had corporate sponsors at a golf outing, and he’s been there, maybe stayed at one hole to tell off with everybody,” Whitfield said. Or they’ll invite certain corporate sponsors to one of a few games each season in which “Club 23” is up and running at the Spectrum Center, a private club built for such purposes. They get a chance to visit, talk with and pick Jordan’s brain on the Hornets and much more. “We’ve closed all those deals,” Whitfield said. Then there was the time a local CEO wanted to finalize a sizeable sponsorship deal with the team, and had his No. 2 invite Jordan over to their headquarters for the meetings. Whitfield told the tale: “This guy says, 'You have to come to our office. Our CEO is the man in our business.' But we’re like, 'Nah, typically, CEOs come and meet in Michael’s office or in ‘Club 23’ over here.' He said no, that wasn’t going to work for them. “So Pete Guelli said, 'Let’s make a deal: We’ll take your CEO and drop him off in Beijing. And we’ll drop off Michael in Beijing. Then we’ll see who more people gravitate to. Whoever gets the least people, he has to come to the other guy’s office.'” Point made. Point taken. Said Whitfield: “The guy says, ‘You know what, I got it. We’ll be over 10 o’clock Friday morning.’” A community he calls home The Michael Jordan who once seemed determined to float above cultural and political frays as the most prudent way to serve commerce has not held back in recent years from making his presence felt. He has been more philanthropist than activist and, let’s face it, in times of the most dire need, cash beats talk every time. Charity and investing in the community can be good for business, sure. Making that a priority after Guelli’s arrival and Jordan’s purchase helped the Hornets build bridges with fans and merchants that Shinn and the original franchise’s departure had torched. More than that, though, giving back for Jordan and his team at this point in his life was the right thing to do. And do, and do, and do. The list of charitable and civic efforts Jordan and the Hornets have undertaken is long, with few outside the region or state aware of most of it. Among the highlights: - Donating $2 million to relief efforts in the wake of Hurricane Florence, particularly meaningful because of the damage it did in Jordan’s hometown of Wilmington. - Dedicated $7 million in partnership with Novant Health to fund two Michael Jordan Family Clinics, set to open in Charlotte in 2020. - Serving as Make-A-Wish’s Chief Wish Ambassador since 2008, while donating more than $5 million to the organization. His relationship with Make-A-Wish began more than 30 years ago. - Contributing $5 million as a founding donor of the Smithsonian’s National Museum of African American History and Culture in Washington, D.C. - Addressing the issue of police shootings and community policing in 2016 by donating $1 million each to the NAACP Legal Defense Fund and the International Association of Chiefs of Police. After the hurricane in September devastated so many homes and businesses in and near Jordan’s roots, he wanted to do more than to stroke a fat check. In a meeting covered by The Associated Press, he met with Stephanie Parker and her family, including four young children, after they lost their apartment in two feet of flooding. A call from the director of the Cape Fear chapter of the Red Cross brought them together. The meeting took place at a Lowe’s home improvement store. “I look around the corner, and it’s Michael Jordan. ‘Oh my God!’" Parker said. “I look at my kids, ‘It’s Michael Jordan!’ I’m not going to lie, some tears came in my eyes, because the first thing that went through my mind was when I was younger, his last game when he was on the Chicago Bulls team, and that flashback just came right in my mind.” Afterward, Jordan was coaxed by the Charlotte Observer to talk about why that disaster resonated so deeply for him. “You gotta take care of home,” he said. “Wilmington truly is my home. Kept thinking about all those places I grew up going to … You don’t want to see any of that anywhere, but when it’s home, that’s tough to swallow.” There’s basketball, there’s business and then there’s real life, which sometimes intrudes in the most desperate ways. “We didn’t know how many people in our community were hungry,” Whitfield said. “There are people in dire need, and it’s special to have that hometown hero have in his heart that ‘This is where I can help.’ “It gives not only him as a person but our organization a platform to really speak out. That commitment is what has made him a special owner, and why he’s even more beloved in our community.” Winning title No. 7 drives Jordan now To date, Jordan’s greatest achievements have come elsewhere, at least since his baseline shot as a freshman propelled North Carolina to the 1982 NCAA championship. Those Bulls championships, the “Dream Team” magnificence, his partnership with that sneaker company in Beaverton, Ore., his Naismith Memorial Basketball Hall of Fame induction, shooting “Space Jam,” all of it -- his legacy has been crafted with others, for others, mostly far from home. (For the record, Jordan, his wife Yvette and their two daughters own a mansion outside Charlotte and an estate in south Florida). “Look, this has always been home for him,” Whitfield said. “Even though he was drafted by Chicago, WGN became a very popular station. And he just continued to elevate, so people in this state were proud to say, even though he’s a Bull, we love him. When the Bulls would come here and play at the old Coliseum, these fans who were avid Hornets fans were all pulling for Michael Jordan. “He’d score, they’d cheer loudly. The Hornets would score, they’d cheer loudly. North Carolina always felt like he was their native son who went off and achieved greatness.” Coming back first to head the franchise’s basketball operations and then as owner, Jordan’s role -- in light of the modest results on the court -- has been custodial. Yes, the club’s improved financial stability is important. But for this driven winner and NBA owner unlike all others, custodial isn’t going to cut it for long. “He did an interview with Cigar Aficionado magazine a while back,” Peterson said, “and the question was asked, ‘What would you like to do?’ And he said, ‘Win a seventh championship. Win as an owner.’ So for me, every day, I’m thinking, here’s a close friend and you want to make your friends happy, right? So each day I think, do the best you can to reach this goal for him.” Said Hornets wing Nicolas Batum: “I understand. He wants to win. He wants to compete since he was born.” It hasn’t been for lack of trying, although Jordan has made sure to keep fiscal responsibility high on every agenda. The team’s payroll for 2018-19 is approximately $122.3 million, which ranks near the middle of the NBA pack. “That Michael Jordan is one cheap dude,” said an impassioned cab driver on a recent airport run. “He’s only going to spend so much and the players they get shows it.” The Hornets never have spent into the league’s luxury-tax, and if Walker is retained when he hits free agency this summer, he’ll likely become the first Charlotte player to sign a full maximum-salary contract (though the five-year, $120 million deal Batum landed in 2016 came awfully close). Injuries and dubious moves have taken a toll, a situation that Kupchak, Borrego and their staffs have been tasked with fixing. Jordan, by all accounts, is engaged yet patient, with a playoff berth and potentially a record above .500 within reach. “I’m sure he feels like,” Whitfield said, “if he were still 30 years old and could lace ‘em up and get out there, he’d help us get over the hump. I think he would cherish it as much or more than the first six. Because I think he realizes how hard it is to get it done. “But it doesn’t bother us if the fans see his frustration sitting next to our bench. It’s important to us that they see he’s not only invested, he’s vested in what our team is trying to do. They can relate to him because they’re feeling that same frustration.” Jordan is theirs again and that’s what matters. For basketball, for business, for community and in time, just maybe, in championship. Steve Aschburner has written about the NBA since 1980. 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 NewsFeb 16th, 2019

How can couples recover from cheating?

As hard as it is to accept, infidelity happens. Relationship counselor and psychologist Lissy Ann A. Puno, author of Affairs Don’t Just Happen, shares that a variety of reasons can be attributed to this act of betrayal, some of which are valid but hardly ever justifiable. (READ: ........»»

Category: newsSource:  rapplerRelated NewsFeb 15th, 2019

Milwaukee museum features thousands of bobbleheads

MILWAUKEE --- A new museum in Milwaukee may well hold the largest collection of bobbleheads anyone has ever seen, displaying more than 6,500 figures of athletes, mascots, celebrities, animals, cartoon characters, politicians and more. The National Bobblehead Hall of Fame and Museum recently opened and was the brainchild of friends Phil Sklar and Brad Novak, who started collecting the figures 16 years ago. "We've put everything into this," Sklar said. They decided on a museum and bobblehead-creating business about four years ago, after quitting their corporate finance (Sklar) and retail sales (Novak) jobs. Since then, they have been making bobbleheads to earn money, collectin...Keep on reading: Milwaukee museum features thousands of bobbleheads.....»»

Category: newsSource:  inquirerRelated NewsFeb 6th, 2019

What Is the Debt to Income Ratio Needed to Qualify for a FHA or Conventional Mortgage?

Your debt-to-income ratio is a very important figure to know, since it will determine whether you can qualify for loans or not. In fact, your debt to income ratio for FHA and Conventional to get an approval is key. It helps you to see where you stand with your finances. What is this magical number? What are the requirements for different loans? Here is your guide to the debt-to-income ratio. Debt-to-Income Ratio   The debt-to-income ratio is a figure that shows the relationship between your debts and your income, expressed as a percentage. It shows the percentage of your income that is taken up by debt payments. All debts are included in the ratio. Existing loans, credit...Keep on reading: What Is the Debt to Income Ratio Needed to Qualify for a FHA or Conventional Mortgage?.....»»

Category: newsSource:  inquirerRelated NewsFeb 4th, 2019

Lolit Solis denies Nicko Falcis’ claims that she’s in Kris Aquino’s payroll

Days after Lolit Solis learned she may be implicated in the Kris Aquino-Nicko Falcis issue, the talent manager and columnist refuted Falcis' claims that she, along with Darla Sauler and other "paid" journalists, were in Aquino's payroll. Nicko's brother, Atty. Jesus Falcis, recently told Solis that she should ask for an apology from Nicko for her smear campaign against him. He said Solis was the first to name Nicko during the early days of the issue with Aquino, and that she created an intrigue by making it look as if Nicko was tempted to steal money because he was in a relationship with Thai actor Peach Chirathivat. Meanwhile, Nicko warned Solis for her libelous statements and point...Keep on reading: Lolit Solis denies Nicko Falcis’ claims that she’s in Kris Aquino’s payroll.....»»

Category: newsSource:  inquirerRelated NewsJan 31st, 2019

Nantes fans chant non-stop in emotional tribute to Sala

By Jerome Pugmire, Associated Press Nantes fans showed their devotion to missing Argentine striker Emiliano Sala, chanting his name non-stop during an emotional home game against Saint-Etienne on Wednesday. In the first match for Nantes since Sala's disappearance on Jan. 21, the referee also halted play after nine minutes so the crowd could applaud him and chant his name over and over again. "It was a very special night, we played more for him than for us," Nantes defender Diego Carlos said after the 1-1 draw. "We gave everything for him." Fans broke out into long and sustained chants of "Emiliano Sala, Emiliano Sala, Emiliano, Emiliano, Emiliano Sala" around the stadium when the referee paused the match for more than one minute. The former Nantes striker, who wore the No. 9 shirt, has been missing since a plane transporting him to the Welsh city of Cardiff went off the radar. Sala had just been signed by Premier League club Cardiff for a club-record fee. The fans repeated his name, loud and unrelenting, after the break. This time it was a slower, more poignant refrain of "La-la-la-la-la-la-la-la, Em-il-ia-no Sa-la" as Nantes fans showed they will never forget him. Nor will the players. Moments after he equalized for Nantes in the 70th minute, Nantes striker Majeed Waris dropped to his knees in front of the home fans and raised his shirt over his head to show Sala's name on the t-shirt underneath. Remy Cabella put Saint-Etienne ahead in the 58th, but modestly celebrated his goal by raising his arm before lowering it quickly. "It would have been disrespectful to celebrate," Cabella said. "No one would have." Both sides had a player sent off at the end of the first half. Emotions ran high beforehand, with players warming up wearing t-shirts with "On T'aime Emi" (We Love You Emi) written on the back and the player's photo on the front. A giant picture of Sala was projected onto the center circle and a huge Argentine flag was unfurled in the crowd. The whole Nantes squad formed a circle moments before the match started as coach Vahid Halilhodzic spoke to the players. Nantes players wore Sala's name on the back of their shirts when the game kicked off at Stade de la Beaujoire. Saint-Etienne also paid their tributes. Sala's former Nantes teammate Yacine Bammou, who now plays for Caen and was close to Sala, was present in the stadium and television images showed him in tears before the game started. Earlier Wednesday, accident investigators said two seat cushions have been found which are likely to have come from the plane carrying him and the pilot. They are the first traces of the plane to be found since it disappeared over the English Channel. Sala and had gone back to France to say goodbye to his former Nantes teammates and then took a flight back in the evening. Sala had been in the best form of his career , netting 12 league goals in 19 games for Nantes this season. He had a strong working relationship with Halilhodzic, one of the best strikers in Nantes history. The search for Sala and the pilot was called off after a three-day air-and-sea operation near the Channel Islands failed to locate the aircraft, leading to criticism — including from Halilhodzic — and prompting Sala's family to raise money for a private search. Now, British authorities say French counterparts found parts of two seat cushions on a beach near Surtainville in northwest France and a vessel has been commissioned to conduct a search of the seabed starting this weekend. In Wednesday's other match, South Africa striker Lebo Mothiba scored twice as Strasbourg beat Bordeaux 3-2 at home to reach the League Cup final. Strasbourg will play Guingamp on March 30......»»

Category: sportsSource:  abscbnRelated NewsJan 31st, 2019

AEV to issue P30-B retail bonds

ABOITIZ Equity Ventures, Inc. (AEV) will be issuing up to P30 billion worth of retail bonds to raise money that would finance future acquisitions and investments......»»

Category: financeSource:  bworldonlineRelated NewsJan 30th, 2019

Money plan

It’s the time of the year when everybody starts making their new year’s resolution. Whether it’s related to relationship, health, career or even about just taking more risk. Whatever it…READ The post Money plan appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsJan 18th, 2019

Arsenal facing make-or-break 6 days

By Steve Douglas, Associated Press It's a six-day stretch that could make or break Arsenal's season and prompt renewed scrutiny into the machinations of a club that appears to have issues at every level. A home game against Chelsea in the Premier League on Saturday, soon followed by the visit of Manchester United in the FA Cup. Lose both matches and Arsenal's bid for domestic silverware will be over for another season. Finishing in the top four of the league, and thereby qualifying for the Champions League, would also be highly unrealistic. And it won't even be February. It wasn't so long ago that Unai Emery was making a mockery of any fears he would struggle to oversee a smooth transition from Arsene Wenger's 22-year reign. The team was on a 22-match unbeaten run in all competitions. Emery's high-energy pressing game was working and the goals were flowing, even if there were some slight concerns about the defense. Tottenham, Arsenal's big rival, was trounced 4-2 in the North London derby. "We've got out Arsenal back," chanted gleeful Arsenal fans. Then came the slide. The first worrying signs came in a 3-2 loss at lowly Southampton on Dec. 16 that ended Arsenal's four-month unbeaten run. Then there was the elimination at the hands of Tottenham in the English League Cup quarterfinals, before a 5-1 mauling by Liverpool in the league at Anfield on Dec. 29 which revived memories of the defensive horror shows from the darkest days in the final years of the Wenger era. More recently, there was the timid 1-0 loss at West Ham on Saturday when Arsenal had two shots on target. If Arsenal loses to Chelsea, it will drop nine points adrift of the top four and probably into sixth place — the position it finished in Wenger's last year. Arsenal will be left relying on winning a cup competition — the FA Cup or, perhaps more likely, the Europa League — to salvage anything from its season. The problems won't end there. Mesut Ozil is the club's marquee and highest-earning player — reportedly getting 350,000 pounds a week ($450,000) — yet is regularly left out by Emery, just as he was against West Ham on Saturday. Ozil, a mercurial player with a languid approach, doesn't fit Emery's preferred style and so is proving to be a very expensive commodity. Another midfielder, Aaron Ramsey, has also been in and out of the team this season and is reportedly close to signing for Juventus. "At certain times, you have to provoke friction with footballers," Emery said this week, perhaps with a nod to his relationship with Ozil. "From that friction, you can get something more out of them, something from inside." Without its two most creative attacking midfielders, and with Henrikh Mkhitaryan currently injured, Arsenal lacks any playmaking ability or balance behind the two strikers, Pierre-Emerick Aubameyang and Alexandre Lacazette. Meanwhile, Emery's team has kept only three clean sheets in 22 league games. "There are times," Emery said, "when defensively we have not been very solid but we have still won because offensively we have created a lot of chances. So, at the moment, I am still leaning toward making sure the team doesn't lose what it has." Emery doesn't have the option of buying his way out of trouble. He said last week that there is no money available for permanent signings, only loans, with Arsenal having spent 70 million pounds on four players in the offseason and a club-record 56 million pounds on Aubameyang last January. In an attempt to formalize a structure to the technical staff above the manager, Arsenal created the positions of head of football relations (Raul Sanllehi joined from Barcelona) and head of recruitment (Sven Mislintat joined from Borussia Dortmund) in 2017. No way was Emery going to have the same power as Wenger. Yet sections of the British media are reporting this week that Mislintat is on his way out as part of a power struggle in the wake of the departure of chief executive Ivan Gazidis, who left for AC Milan in October. So, potential upheaval behind the scenes. No money to spend. Apparent rifts with key players. And a defensively suspect team that has lost four of its last eight games. It's a huge week coming up for Arsenal and Emery, for whom the enormity of the task in replacing Wenger might finally be sinking in......»»

Category: sportsSource:  abscbnRelated NewsJan 17th, 2019

Bill Bryson following up ‘A Short History’ with exploration of human body

After taking on the universe in his 2010 book "A Short History of Nearly Everything", author Bill Bryson is planning a follow-up that promises to take on "the human body, how it functions and its remarkable ability to heal itself." Bryson, whose autobiographical story of hiking the Appalachian Trail, "A Walk in the Woods", was adapted into a movie starring Robert Redford, gained praise for making science accessible in his inquisitive book about scientific discoveries. According to United Kingdom publisher Penguin, his next science book, called "The Body: A Guide for Occupants", will inspire readers to marvel at what goes on in their "head, heart and beyond," while helping them ...Keep on reading: Bill Bryson following up ‘A Short History’ with exploration of human body.....»»

Category: newsSource:  inquirerRelated NewsJan 17th, 2019

How To Save Money: Guide For Daily To Long Term Saving Habits

Having money to pay bills is one thing, but we all want to be able to buy those cute shoes, go on vacation, or save for retirement. For those that are overwhelmed by the question how to save money, this is a practical guide for daily and long term saving habits. Since you likely have a checking account, one of the first ways to save money is to set up a savings account. Many banks allow you to open a savings account without having to maintain minimum balances. Many banks also have interest bearing savings accounts that let you earn on money that is sitting in the account. Who wouldn't want to earn a few more dollars without doing anything? There are also some banks that allow you to r...Keep on reading: How To Save Money: Guide For Daily To Long Term Saving Habits.....»»

Category: newsSource:  inquirerRelated NewsJan 13th, 2019

VAT-free starting 2019: Medicines for diabetes, high cholesterol, hypertension

MANILA, Philippines – Filipinos who suffer from diabetes, high cholesterol, and hypertension could buy more medicine or save money when a provision in the tax reform law takes effect in 2019. In a Facebook post on Thursday, December 27, the Department of Finance (DOF) reminded the public ........»»

Category: newsSource:  rapplerRelated NewsDec 27th, 2018

‘Aurora’

  (We are running this guide to help moviegoers plan their holiday cinema tour. The 44thMetro Manila Film Festival runs from Dec. 25 to Jan. 7, 2019.) Directed by Yam Laranas; stars Anne Curtis, Marco Gumabao, Phoebe Villamor A passenger ship named Aurora crashes into a rocky shore near a tiny island, leaving thousands of people dead. Some of the bodies surface and get retrieved, but many more remain missing, causing distress among the victims' families. Leana (Anne), who owns a ramshackle inn on the island, is asked to help in the search and retrieval operation in exchange of money---P50,000 per body. She's hesitant at first, but her sympathy for the grieving famili...Keep on reading: ‘Aurora’.....»»

Category: newsSource:  inquirerRelated NewsDec 20th, 2018

UN climate talks: ‘Rich countries playing cruel joke on developing nations’

      KATOWICE, POLAND--Loss and damage appear to remain a lost cause in the recent draft text released during the UN climate talks, gaining the ire of civil society groups who accused rich nations of trying to spin the rules in their favor. At 3 a.m. on Friday, the presidency of the 24th Conference of the Parties (COP24) to the UN Framework Convention on Climate Change came out with a draft decision that contained the rulebook for the Paris Agreement. These rules are expected to guide countries on the pledges they made on their climate ambitions and make clear how climate finance from developed countries would assist emerging nations. But financing loss...Keep on reading: UN climate talks: ‘Rich countries playing cruel joke on developing nations’.....»»

Category: newsSource:  inquirerRelated NewsDec 15th, 2018

Aetas take part in Allianz Conquer Challenger

Allianz is doing something that has never been done before. The global insurer is celebrating the strength of indigenous people, particularly the Aetas of Porac, Pampanga, by introducing them to the rising sport of obstacle course racing (OCR). Last December 9, Sunday, the third leg of the Allianz Conquer Challenge was held in Clark Global City in Pampanga, where 20 Aetas, between 16 to 21 years old, raced together with 20 Allianz employees in the pairs category.  The Aeta participants are students of Villa Maria Integrated School, an adopted public school of Allianz PNB Life, atop the mountains in Porac, Pampanga. “We recognize the strength of the Aetas. So, aside from educating them with the basics of personal finance through our financial literacy program, we would like to impart to them the value of committing to achieve goals that they have to set. We want to give them a fair chance of having employment opportunities in the future,” explained Gae Martinez, chief marketing officer, Allianz PNB Life. Sunday’s race was a 10km-race composed of 25 obstacles, which was the same trail tackled by professional racers who competed for a slot in the upcoming South East Asian (SEA) Games. Just last month, OCR was announced a new addition to the SEA Games to be held in Clark, Pampanga.  Some of the obstacles during the race were hurdles, taho carry, tirador, spider web, monkey bars, wall of tire, slip wall, commando climb, among others. Those who incurred penalties for not being able to perform an obstacle had to carry a 30-pound sand bag. “OCR is an up and coming sport. It is gaining popularity in the Philippines. Allianz as a company uses sports to connect with communities. The Aetas from Villa Maria is one of the communities that Allianz here in the Philippines has chosen to support.  This is, in line with our advocacy to promote social inclusion, one of the pillars of our company’s Corporate Citizenship Strategy,” Martinez further said. One of the Aeta participants, Reyna Baclay, was thankful to be given the opportunity and to discover the sport that she said is closely similar to the activities they do in everyday life. “They carry sand bags here. In the mountains, we carry 50 kilos of camote or ube that we bring to the lowlands. If we sell, our families will have money to spend. By joining the race, I can tell people, I have a dream, too. I want to work in IT (information technology). I hope I can continue after I graduate,” said Baclay, who at age 18 is still a grade nine student. Another Aeta youth, Miracle Lansang, 20, grade 12, is dreaming of someday working for the air force. “I want to work for the air force. But they say I will not qualify because of my height. I have not lost my hope that it can still come true,” he said. Renz dela Cruz, 21, was a graduate of the same school. However, he had to stop and work giving a ride on his motorcycle, because his parents cannot afford to send him to college. “I dream of becoming a civil engineer. My family needs me now. I have brothers and sisters, who are studying,” he said. With the project “Sanlahi” of Allianz in the Philippines, there is hope for these Aeta youth. “Allianz is here to provide the courage to move forward, the courage to overcome life’s obstacles, for them to have better life,” Martinez said, ”As our tag line goes - we dare you to, because we’re with you.”.....»»

Category: sportsSource:  abscbnRelated NewsDec 11th, 2018

Senate commits to find money to build health centers

THE Senate committee on finance on Monday committed to restore at least P16 billion worth of allocations to the budget of the Department of Health (DoH), especially to the agency’s Health Facilities Enhancement Program (HFEP), in the proposed 2019 national budget......»»

Category: newsSource:  bworldonlineRelated NewsDec 10th, 2018

Globe takes out $40-M loan to fund expansion

Industry giant Globe Telecom is raising additional money to fund its expansion and refinance existing obligations.   Globe, which is part of the Ayala Group, said in a stock exchange filing on Friday that it had signed a $40-million term loan facility with affiliate Bank of the Philippine Islands.   "The loan shall be used to partially finance the company's maturing obligations, capital expenditures and general corporate requirements," Globe said in its filing.   The company earlier allotted a capital spending budget of $950 million (P50 billion) for 2018.   This was earlier increased from an initial $850 million, as Globe decided to accelerate...Keep on reading: Globe takes out $40-M loan to fund expansion.....»»

Category: newsSource:  inquirerRelated NewsDec 7th, 2018