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PCC taps independent auditor for Grab compliance

The Philippine Competition Commission (PCC) has appointed Smith & Williamson to serve as the independent third party firm to track and audit for 12 months Grab Philippines’ compliance with the antitrust body’s commitment decision......»»

Category: financeSource: philstar philstarOct 12th, 2018

Man City faces repercussions for misleading UEFA on finances

By Rob Harris, Associated Press LONDON (AP) — European soccer's leadership has an initial conclusion on leaked Manchester City correspondence: The club has been misleading UEFA over its finances. With the power to ban clubs from the Champions League, the consequences from UEFA could be severe for the Premier League champions. UEFA discovered from reading internal emails from City, which were published by German media outlet Der Spiegel last month, the extent of schemes by the club to allegedly cover up the true source of income in a bid to comply with Financial Fair Play regulations, a person with direct knowledge of the situation told The Associated Press. The person spoke on condition of anonymity because they were not authorized to discuss the situation publicly while UEFA conducts a review of the City case. City has been transformed into an English soccer power in the decade since being bought by Sheikh Mansour bin Zayed Al Nahyan, a deputy prime minister of the United Arab Emirates and a member of Abu Dhabi's royal family, winning the Premier League three times since 2012. But unfettered spending on players has been restricted by European soccer's governing body — regardless of the owners' wealth. City has already been punished by UEFA for violating FFP, striking an agreement in 2014 that saw the team fined rather than banned from the Champions League for inflated sponsorship deals with companies linked to the club or its ownership. UEFA publicly said last month that evidence from "Football Leaks" could lead to past cases being re-opened. The person with knowledge of the situation said it was more feasible to use the leaks to re-assess the candor of club executives and as a basis to judge City's compliance with FFP in the current three-year assessment period. That covers 2015 when Der Spiegel said emails were being sent internally at City showing the manipulation of sponsorship revue from Etihad Airways, the state-owned airline from Abu Dhabi, which is the naming rights sponsor of City's stadium and training campus as well as appearing on jerseys. The sponsorship was said to generate 67.5 million pounds (about $85 million) annually for City. But City's holding company — the state-backed Abu Dhabi United Group — channeled 59.9 million pounds back to Etihad, according to Jorge Chumillas, the club's chief financial officer, in an internal email to club director Simon Pearce. City has not disputed the authenticity of any emails published by Der Spiegel over the last month. Given the fresh insight into City's financial dealings, UEFA President Aleksander Ceferin has said there was a "public interest" in the correspondence being leaked, while questioning how it was obtained. "We are assessing the situation. We have an independent body working on it," Ceferin said Monday. "Very soon you will have the answers on what will happen in this concrete case." FFP was the flagship policy of Michel Platini, Ceferin's predecessor as UEFA president, and introduced at the height of the global financial crisis in attempt to prevent clubs from becoming unsustainable. Since July 2011, UEFA has monitored the accounts of all clubs entering its two club competitions. The first period UEFA assessed clubs for compliance with FFP was 2011-13, when owners were allowed to cover losses up to 45 million euros. The leaks showed how City allegedly tried to artificially raise its revenue, in one case by 30 million euros, according to emails from 2013 reported by Der Spiegel. Abu Dhabi United Group was alleged to be sending cash to a shell vehicle which was created to supposedly buy the right to use players' images in marketing campaigns. There were further examples that Sheikh Mansour could have been the source of sponsorship revenue for Abu Dhabi state-owned companies like investment firm Aabar. Der Spiegel cited a 2010 email to Aabar from Pearce, the City director who also works for Abu Dhabi's Executive Affairs Authority. "As we discussed, the annual direct obligation for Aabar is GBP 3 million," Pearce wrote. "The remaining 12 million GBP requirement will come from alternative sources provided by His Highness." Seeing internal City correspondence has given UEFA a greater insight into the conduct of the club and its officials. A 2014 email from City lawyer Simon Cliff to a colleague showed the death of UEFA's lead FFP investigator being celebrated: "1 down, 6 to go." UEFA is examining whether to open disciplinary cases against individuals at City involved in attempts to provide a misrepresentation of club finances to the governing body's FFP accessors, another person with direct knowledge of the situation said. The person, who did not identify any individuals, spoke to the AP on condition of anonymity because they were not authorized to publicly discuss the City case. A challenge for UEFA is getting City to provide information from related companies in Abu Dhabi that the leaks show are central to compliance with FFP. City has repeatedly declined to respond to the specific allegations in the leaks, dismissing a month of negative headlines by saying: "The attempt to damage the club's reputation is organized and clear." But City has had no such qualms using its website to cast aspersions on the reputations of other clubs over their ability to comply with FFP. City has used the media watch section on its website to cite unsubstantiated news reports, including a claim in 2016 that "Inter Milan are looking to circumnavigate FFP" and speculation this year that if Paris Saint-Germain "are found to have broken FFP regulations they face being booted out of the Champions League." Those pages were deleted from its website after City was approached for comment by the AP......»»

Category: sportsSource:  abscbnRelated NewsDec 5th, 2018

Leaks reveal Man City deal to hide player costs from UEFA

By Graham Dunbar, Associated Press GENEVA (AP) — Manchester City created a shell company for a commercial deal to disguise tens of millions of dollars in income from UEFA investigators, according to club documents cited by a German magazine. Der Spiegel cites internal Man City correspondence to show the team's holding company, state-backed Abu Dhabi United Group, paid the shell firm to "buy" player image rights from the club. The magazine reported that Man City officials detailed a long-term search for "creative solutions" to hiding expenses and evading UEFA monitoring of spending on players. Man City risked Champions League expulsion in 2014 if a UEFA club finance panel had found it had severely breached "Financial Fair Play" rules, designed to curb overspending on player costs. Critics say FFP protects storied clubs from ambitious rivals with new and wealthy owners. Der Spiegel is leading the Europe-wide publication of the "Football Leaks" documents. In recent days, European media have detailed plans shaped by Real Madrid for a breakaway European Super League kicking off in 2021, and how FIFA President Gianni Infantino has intervened in its independent ethics committee's work. Der Spiegel also reported last Friday that Man City threatened to destroy UEFA with legal action before reaching a 2014 settlement to forfeit 20 million euros ($22.8 million) in prize money. Man City has not disputed the authenticity of the documents, and said an "attempt to damage the club's reputation is organized and clear." Asked about what was reported in Der Spiegel, Man City manager Pep Guardiola said Tuesday: "Of course I trust the club, what they have done. Of course we want to follow the rules. UEFA, FIFA and the Premier League, they do what they have to do. Believe me, I'm completely honest, I don't know what happened, I'm a manager, focused on the pitch, the locker room." "I'm part of the club, I support the club," added Guardiola, who was speaking at a news conference ahead of City's Champions League match against Shakhtar Donetsk on Wednesday. "We want to do what we have to do in terms of the rules." Since Man City was bought with Abu Dhabi sovereign wealth in 2008, a team long in the shadows of more glamorous Manchester United has overtaken its rival on the field. City achieved this spending more than 1 billion pounds ($1.3 billion) to win a first Premier League title in 2012. This rise coincided with UEFA creating rules — in consultation with the European Club Association — to limit spending within a club's ability to generate revenue. Der Spiegel cited Man City documents in which officials wrote: "Without significant additional revenues ... UEFA FFP compliance WILL NOT be achieved." City CEO Ferran Soriano complained in one memo that ECA members were pushing for the UEFA rules — which many thought could curb the rise of Man City and Qatari-owned Paris Saint-Germain. "We will need to fight this," Soriano wrote, according to the magazine, "and do it in a way that is not visible, or we will be pointed out as the global enemies of football." Man City apparently wanted to shift some costs away from the club and helped set up a shell company called Fordham Sports Management with two British investors. It was supposedly used as a vehicle to disguise payments to players for the right to use their image in marketing campaigns. Der Spiegel said this helped turn almost 30 million euros ($34 million) into revenue instead of a cost, for the purpose of UEFA's investigation of club accounts......»»

Category: sportsSource:  abscbnRelated NewsNov 7th, 2018

Firm tapped to monitor Grab compliance

The country's antitrust body appointed an international firm to track and audit Grab Philippines, a move which would see if Grab is indeed committing to its agreement with the government to pr.....»»

Category: newsSource:  philippinetimesRelated NewsOct 11th, 2018

PCC taps UK firm to keep track of Grab’s ‘voluntary commitments’

THE Philippine Competition Commission (PCC) tapped a United Kingdom-based audit firm to monitor Grab Philippines’ (MyTaxi.PH, Inc.) fulfillment of its voluntary commitments in relation to its acquisition of Uber Philippines in March. The post PCC taps UK firm to keep track of Grab’s ‘voluntary commitments’ appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsOct 10th, 2018

Zambo seeks probe on P1.2-B power system’s loss

ZAMBOANGA CITY: Mayor Ma. Isabelle Climaco-Zalazar sought an inquiry into the board of the Zamboanga City Electric Cooperative (Zamcelco) which allegedly incurred P1.2 billion current system’s loss. Zalazar qouted the cooperative’s independent auditor saying, “if the agency continues with its huge amount of system’s loss, the investment management contract (IMC) will not be fully realized… link: Zambo seeks probe on P1.2-B power system’s loss.....»»

Category: newsSource:  manilainformerRelated NewsOct 8th, 2018

Mark Cuban donates $10M after Mavericks workplace probe

NBA press release The NBA today issued the following statement about the report by independent investigators regarding workplace conditions at the Dallas Mavericks, following allegations made in a Feb. 20, 2018 Sports Illustrated article: Upon learning of the allegations, Dallas Mavericks owner Mark Cuban notified the NBA and an independent investigation was launched with oversight from the league office. Anne Milgram, former Attorney General of New Jersey, a Professor of Practice and Distinguished Scholar at New York University School of Law, and currently Special Counsel at Lowenstein Sandler LLP, and Evan Krutoy, who spent more than 20 years as a prosecutor in the Manhattan District Attorney’s office and currently heads Krutoy Law, P.C., led the seven-month investigation. The league’s oversight function was led by David Anders, a partner at Wachtell, Lipton, Rosen & Katz and a former Assistant U.S. Attorney for the Southern District of New York. The report was based on information gathered from 215 interviews with current and former Mavericks employees who worked for the team during the past two decades and from the evaluation of more than 1.6 million documents, including emails and other electronic documents. Following the launch of the independent investigation, the Mavericks, under Mr. Cuban’s direction, hired a new Chief Executive Officer, Cynthia Marshall, a former AT&T senior executive, who has since implemented a massive overhaul to improve the organization’s workplace culture. While the investigation was ongoing, Mr. Cuban and Ms. Marshall took a series of steps to enhance the team’s workplace policies and procedures. Under Ms. Marshall’s direction, the Mavericks have replaced or added several new leadership positions in the organization, including a new head of Human Resources, a Chief Ethics and Compliance Officer, a head of Diversity & Inclusion and a new General Counsel. The Mavericks also instituted mandatory “Respect in the Workplace” training for all employees and ownership; created a confidential hotline for employees to share concerns, issues or allegations of misconduct; and established employee resource teams and an external advisory council to ensure a more diverse and collaborative work environment. Ms. Milgram’s and Mr. Krutoy’s extensive investigation, with full cooperation from Mr. Cuban and the Mavericks organization, resulted in a detailed understanding of the scope and substance of the issues. Among the investigation’s key findings: - The investigation substantiated numerous instances of sexual harassment and other improper workplace conduct within the Mavericks organization over a period spanning more than twenty years. - Among other things, the investigation found:     - Improper workplace conduct toward fifteen female employees by the Mavericks’ former President and CEO Terdema Ussery, including inappropriate comments, touching, and forcible kissing;     - Improper workplace conduct by former Mavericks ticket sales employee Chris Hyde, including inappropriate comments to women of a sexual nature, the viewing and sharing of pornographic images and videos, unsolicited and unwanted sexual advances, and violent and threatening outbursts toward co-workers; and     - Two acts of domestic violence perpetrated by former Mavs.com reporter Earl Sneed, including one against a team employee. - The investigators concluded that Mavericks’ management was ineffective, including a lack of compliance and internal controls, and that these shortcomings permitted the growth of an environment in which acts of misconduct and the individuals who committed them could flourish.  In particular, the investigators found:         - The Mavericks executive leadership team failed to respond adequately and committed a significant error in judgment by retaining Mr. Sneed following his domestic violence incidents; and         - The Mavericks’ executive leadership team was responsible for allowing Mr. Hyde to remain employed with the organization despite his inappropriate and problematic behavior, and failed adequately to address his various acts of misconduct.         - The investigators found no evidence that Mr. Cuban was aware of Mr. Ussery’s misconduct.  None of the 215 witnesses who were interviewed stated that they informed Mr. Cuban of Mr. Ussery’s actions, the investigators found no documentary evidence of such a communication, and Mr. Cuban stated that he did not know about the conduct.   The investigation report also contains a series of recommendations for changes to the Mavericks’ organization, including:     - Increasing the number of women on staff, including in leadership positions;     - Enhancing formal reporting processes for victims of misconduct;     - Implementing regular anonymous employee surveys to evaluate workplace culture; and     - Expanding and improving the Mavericks’ Human Resources department and instituting clear protocols for investigating workplace misconduct. The report confirms that several of these steps have already been taken, including the hiring of Ms. Marshall and other new senior female leaders, and notes that “we heard from employees of a sea change in the professional environment at the Mavericks that began almost immediately following” the publication of the Sports Illustrated article. In recognition of the institutional and other failures set forth in the report, Mr. Cuban has agreed to contribute $10 million to organizations that are committed to supporting the leadership and development of women in the sports industry and combating domestic violence.  These organizations will be selected by an advisory council of leaders from the Mavericks, including Mr. Cuban and Ms. Marshall, and the NBA, including President of Social Responsibility & Player Programs Kathy Behrens, President of Team Marketing & Business Operations and Chief Innovation Officer Amy Brooks, and Chief Diversity & Inclusion Officer Oris Stuart. Additionally, the NBA is requiring the Mavericks to:         - Provide the league office with quarterly reports regarding the recommendations set forth in the report and their implementation;         - Immediately report to the league office any instances or allegations of significant misconduct by any employee;         - Continually enhance and update annual “Respect in the Workplace” training for all staff, including ownership; and         - Implement a program to train all staff, including ownership, on issues related to domestic violence, sexual assault, and sexual harassment. “The findings of the independent investigation are disturbing and heartbreaking and no employee in the NBA, or any workplace for that matter, should be subject to the type of working environment described in the report,” said NBA Commissioner Adam Silver. “We appreciate that Mark Cuban reacted swiftly, thoroughly and transparently to the allegations first set forth in Sports Illustrated – including the immediate hiring of Cynthia Marshall as CEO to effect change, but as Mark has acknowledged, he is ultimately responsible for the culture and conduct of his employees. While nothing will undo the harm caused by a select few former employees of the Mavericks, the workplace reforms and the $10 million that Mark has agreed to contribute are important steps toward rectifying this past behavior and shining a light on a pervasive societal failing -- the inability of too many organizations to provide a safe and welcoming workplace for women.” Following the allegations made in the Sports Illustrated article, the NBA conducted a thorough review of its existing policies and procedures related to respect in the workplace, and required all NBA teams to do the same. In addition, the league established a confidential leaguewide hotline for team and league employees to report workplace misconduct including, but not limited to, sexual harassment, discrimination and retaliation.  While many of the recommendations contained in the investigation report are already part of established practice at the league office, any that are not will shortly be adopted. The report of the independent investigation is available here......»»

Category: sportsSource:  abscbnRelated NewsSep 19th, 2018

Anti-trust body OKs Grab-Uber deal, with conditions

The Philippine Competition Commission has cleared Grab’s acquisition of Uber, although this is still subject to compliance with the conditions set for service quality and pricing standards......»»

Category: newsSource:  philstarRelated NewsAug 11th, 2018

Competition watchdog approves Grab-Uber deal

THE PHILIPPINE COMPETITION COMMISSION (PCC) has cleared Grab Philippines’ (MyTaxi.PH Inc.) acquisition of the local business of Uber and Uber Systems, Inc., but will monitor for a year the former’s compliance with quality and pricing standards it had committed to. The post Competition watchdog approves Grab-Uber deal appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsAug 10th, 2018

Palace taps team of experts to probe Dengvaxia controversy

Malacañang is forming a three-man team of foreign health experts to conduct independent scientific research on the impact of Dengvaxia immunization in the country......»»

Category: newsSource:  philstarRelated NewsMay 8th, 2018

Algorithm: The proof of compliance A win-win LTFRB/TNV zero sum game

My column on Grab – LTFRB/ TNV solicited quite a response for me to have reason to expound on it......»»

Category: newsSource:  philstarRelated NewsMay 7th, 2018

Uber, Grab file explanation for Uber app closure

THE Philippine Competition Commission (PCC) said it has received both Grab Holdings, Inc.’s and Uber Systems, Inc.’s explanations for allegedly breaching one of its interim measures, while the regulator awaits the companies’ compliance report today which will be taken into account when it makes a ruling. PCC Commissioner Johannes Benjamin R. Bernabe said both ride-hailing […] The post Uber, Grab file explanation for Uber app closure appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsApr 22nd, 2018

Uber Ride-Hailing App to Operate Until April 15

The app of ridesharing firm Uber will continue to be active until April 15 as Grab Philippines has agreed to subsidize its costs. Grab Philippines said it will comply with the order of the Philippine Competition Commission (PCC) to maintain the independent business operations of Uber and Grab for the duration of its motu propio […].....»»

Category: newsSource:  metrocebuRelated NewsApr 10th, 2018

PNP taps Grab drivers in war vs riding-in-tandem shooters

MANILA, Philippines (UPDATED) – Philippine National Police (PNP) chief Director General Ronald dela Rosa urged Grab drivers on Monday, March 19 to hop on to their war against riding-in-tandem shooters. The call was made during the oath taking ceremony of 500 Grab drivers as road safety ........»»

Category: newsSource:  rapplerRelated NewsMar 19th, 2018

Independent auditor wants China-made trains to undergo weighing test

MANILA, Philippines — The Department of Transportation on Tuesday announced that an independent auditor’s examination of 48 China-made commuter trains is “su.....»»

Category: financeSource:  philstarRelated NewsMar 14th, 2018

WATCH: New craft beer hotel in Scotland to feature beer taps in every room

Attention beer geeks: a craft beer hotel is set to open in Scotland next year, with features that will include beer taps in every room and an en-suite beer fridge built right into the shower wall. When independent craft brewery BrewDog opens the DogHouse hotel in Aberdeenshire, Scotland in early 2019, guests will never be far from a pint of suds, bathroom included. To be built on the site of its brewery's Aberdeen headquarters --- which is also expected to expand with the addition of a 300-hectoliter brewhouse, canning and packaging hall --- the hotel will feature 26 rooms, all of which will feature their own beer taps. Because true beer lovers are always thirsty --- the sho...Keep on reading: WATCH: New craft beer hotel in Scotland to feature beer taps in every room.....»»

Category: newsSource:  inquirerRelated NewsFeb 25th, 2018

DOH taps UP-PGH to review Dengvaxia-linked deaths

MANILA, Philippines — The University of the Philippines-Philippine General Hospital will conduct independent review on the probable cause of deaths allegedly.....»»

Category: newsSource:  philstarRelated NewsDec 21st, 2017

DTI taps consumer volunteers as monitors

SAN JOSE, Antique – The Department of Trade and Industry organized a group of consumers to act as volunteers in monitoring the compliance with Fair Trade Laws. Engr. Lynna Joy Cardinal, a senior trade and industry development specialist, said the group is comprised of 25 members from various sectors. The volunteers are from Advance Central […] The post DTI taps consumer volunteers as monitors appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsDec 20th, 2017

France to host 2023 Rugby World Cup, stunning South Africa

ROB HARRIS, AP Sports Writer LONDON (AP) — France will host the Rugby World Cup in 2023, a year before the Olympic Games in Paris, after surprisingly beating South Africa and Ireland in a vote on Wednesday. The World Rugby Council disregarded the recommendation of an evaluation report to hand the tenth edition of its showpiece tournament to South Africa. A secret vote by member nations instead saw France, which hosted the 2007 World Cup, beat South Africa 24-15 in a second round. "If you look there wasn't a great deal between France and South Africa in the evaluation report," World Rugby president Bill Beaumont said. "It was very close." It means France will host four prestigious sporting events within six years, with golf's Ryder Cup in Paris next year and soccer's Women's World Cup across France in 2019. The French sports ministry said the decision to award it the Rugby World Cup so close to the Olympics and Paralympics in Paris in 2024 "demonstrates the excellence of the French know-how in organizing major sporting events." The Rugby World Cup final is set to be played at the Stade de France in Saint-Denis, just outside Paris. Eight other cities that will host matches: Bordeaux, Lille, Lyon, Marseille, Nantes, Nice, Saint-Etienne and Toulouse. South Africa, which staged the Rugby World Cup in 1995, has now failed with four successive bids to land the tournament again. Fans gathered in the capital Pretoria expecting to celebrate victory in the vote. Instead, some of the crowd, dressed in the colors of the South African flag, was in tears as they watched the announcement from England. "Why has it gone against the recommendation when most of the unions said they would vote with the recommendation?" Joel Stransky, who kicked the dropped goal that won the 1995 final for South Africa against New Zealand, said on SuperSport television. "What is the point of having an independent auditor if you're not even going to take heed of their recommendation?" ___ AP Sports Writers Samuel Petrequin in Paris and Gerald Imray in Cape Town contributed to this report......»»

Category: sportsSource:  abscbnRelated NewsNov 15th, 2017

Economy: DENR says experts performed no scientific tests in mining audit

THE Department of Environment and Natural Resources (DENR) said experts connected with its mining audit performed compliance tasks only and will only undertake independent scientific tests in the validation of miners' environmental practices in a multi-agency review that starts this month......»»

Category: financeSource:  bworldonlineRelated NewsMar 5th, 2017

Christmas is coming! Manila Bulletin is inviting everyone to join this year’s …

Christmas is coming! 🎄 Manila Bulletin is inviting everyone to join this year’s Newspaper Christmas Tree Design Contest with the theme “Chrismasaya in the Philippines – Christmas is More Fun in the Philippines”. Grab a copy of the Manila Bulletin and check the full mechanics on how you can join. Source link: Christmas is coming! Manila Bulletin is inviting everyone to join this year’s ….....»»

Category: newsSource:  manilainformerRelated News14 hr. 35 min. ago