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SM comfortable with minority ownership in other companies

The SM Group, which has been acquiring a wide range of businesses through the years, is willing to take minority positions in companies and just allow partners to grow the business......»»

Category: financeSource: philstar philstarOct 12th, 2018

SBS invests in property holding firms

MANILA, Philippines – Chemical firm SBS Philippines Corp., is investing minority ownership stakes in affiliate investment holding companies for its real esta.....»»

Category: financeSource:  philstarRelated NewsNov 29th, 2016

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

The Coca-Cola Company: International Acquisitions

The Coca-Cola Company today announced that it has completed its acquisition of Chi Ltd. in Nigeria. Coca-Cola first announced a minority investment in Chi three years ago and, as planned, has now acquired full ownership of the company. Chi is recognized in West Africa as an innovative, fast-growing leader in expanding beverage categories, including juices, value-added dairy and iced tea. The company, founded in Lagos, Nigeria, in 1980, produces juice under the Chivita brand and value-added dairy under the Hollandia brand, among many other products. Coca-Cola acquired a 40 percent stake in Chi in 2016 from Tropical General Investments Group, the holding company for Chi Ltd. Juices and ...Keep on reading: The Coca-Cola Company: International Acquisitions.....»»

Category: newsSource:  inquirerRelated NewsFeb 1st, 2019

Sparks fly in telco franchise, ownership

Senate Minority Floor Leader Franklin Drilon yesterday insisted on questioning the franchise of Mindanao Islamic Telephone Company Inc. (Mislatel) and even the ownership of the private firm that was part of the consortium declared as qualified to be the country’s third major telecommunications player. Drilon insisted that the franchise of Mislatel, headed by its president […].....»»

Category: newsSource:  tribuneRelated NewsJan 30th, 2019

Asia Best’s minority bloc rejects tender offer of Tiger – manilastandard.net

Asia Best’s minority bloc rejects tender offer of Tiger  manilastandard.net Minority shareholders of Asia Best Group Inc. opted to remain shareholders of the company amid the ownership dispute within Tiger Resorts Asia Ltd., the new … Source link link: Asia Best’s minority bloc rejects tender offer of Tiger – manilastandard.net.....»»

Category: newsSource:  manilainformerRelated NewsJan 27th, 2019

1,200 companies to pullout if TRAIN 2 is passed, Drilon warns

Senate Minority Leader Franklin Drilon warned that Philippine direct investments and employment would be in jeopardy if the second package of the Tax Reform for Acceleration and Inclusion (TRAIN) law pushes through. 1,200 companies to pullout if TRAIN 2 is passed, Drilon warns Source link: 1,200 companies to pullout if TRAIN 2 is passed, Drilon warns.....»»

Category: newsSource:  manilainformerRelated NewsDec 5th, 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

2 bedroom Condominium For Sale in Pasig City for 3,500,000 – Web reference 113531176 – Property for sale Philippines : Property24

Experience Resort Living by DMCI Homes! “A SECURE AND EXCLUSIVE PLACE FOR A COMFORTABLE LIVING ENVIRONMENT”Mid Rise Condo – Ready For Occupancy *LEVINA PLACE* Located at Jenny’s Ave Rosario Pasig City Why Dmci Homes? *Resort-type Amenities *Affordable (Flexible Payment Terms) *Trusted Quality (DMCI Homes) *Lifetime Ownership *24/7 SECURITY Hurry!Inquire now! –o967-(-6452-(-357 )- Payment Term: 5%… link: 2 bedroom Condominium For Sale in Pasig City for 3,500,000 – Web reference 113531176 – Property for sale Philippines : Property24.....»»

Category: newsSource:  manilainformerRelated NewsNov 30th, 2018

Overhauling public ownership reports

Public investors should have asked a long time ago why, as stockholders of listed companies, they are not allowed to own voting preferred shares. Their ownership has been limited to...READ MORE The post Overhauling public ownership reports appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsOct 24th, 2018

AP interview: Rosberg expects F1 merger with electric series

By Rob Harris, Associated Press Highlighting fresh concerns about global warming, Nico Rosberg foresees an eventual merger between the fuel-guzzling Formula One championship and the more environmentally friendly, electric motorsport series. The German driver retired from F1 after winning his only title in 2016, and he has since invested in the four-year-old Formula E championship, which he said is now worth 750 million euros ($870 million). While F1 remains more attractive to sponsors and fans, the upstart series is showing increasing commercial appeal. Heineken, which already sponsors F1, was announced on Monday as the official beer and cider backer of the electric street racing championship under a five-year deal. That unified approach to marketing across both series points to a future where they join forces. "Maybe we will never even get to that point (where Formula E is bigger than F1) and we will just see a merger between Formula One and Formula E before that," Rosberg said in a telephone interview with The Associated Press on Monday. "When the moment comes that Formula One needs to go electric, which will happen, maybe you will just see a merger then." They already share ownership through American entertainment and broadcasting magnate John Malone's companies. Liberty Global was already the biggest shareholder in Formula E when Liberty Media bought F1 in 2017. "The step for Formula One to go electric will be a big and difficult one," Rosberg said. "If that ever happens." It might become inevitable, with a fast-warming planet to be protected, and sports conscious of its role. The Intergovernmental Panel on Climate Change issued a gloomy report last week which said the difference between life and death for multitudes of people around the world could be whether world leaders find a way to reduce future warming caused by humans by less than a single degree Fahrenheit. "It's a real problem out there in the world and we need to do what we can as fast as possible to help all together," Rosberg said. "If the whole world is selling and driving electric cars," he added, "it doesn't make sense for Formula One to be combustion engines, so that moment will come. The advantage is that Formula One and Formula E have the same owner." Although the cars are quieter compared to the ear-splitting, fuel-guzzling engines in F1, the new Gen 2 models which run faster and longer have been introduced. Nissan and BMW will be debuting on the grid when the fifth Formula E championship begins in Saudi Arabia in December. There has also been a high-profile signing for the series: Former F1 driver Felipe Massa racing for Venturi, the Monaco-based team co-owned by actor Leonardo Di Caprio. Stoffel Vandoorne announced on Monday he is also making the switch from F1, joining the Mercedes-linked HWA Racelab Formula E team after leaving McLaren at the end of this season. Rosberg is already looking forward to the following season when Mercedes-Benz and Porsche appear on the grid. "That will be a spectacle everyone will want to watch," Rosberg said. "They need to showcase their electric technology in Formula E. None of them can afford to lose.".....»»

Category: sportsSource:  abscbnRelated NewsOct 16th, 2018

Britain mulls making firms disclose ethnicity pay gap

LONDON --- The British government is considering making companies reveal the pay gap between white and non-white workers, in a bid to end disadvantages faced by employees from ethnic minorities. Prime Minister Theresa May says revealing the figures might "uncover some uncomfortable truths." She says "too often ethnic minority employees feel they're hitting a brick wall when it comes to career progression." Last year the government told companies with 250 or more employees to disclose the difference in median wages between men and women. The government said Thursday that businesses including accountants KPMG, advertising firm Saatchi & Saatchi and the civil service had si...Keep on reading: Britain mulls making firms disclose ethnicity pay gap.....»»

Category: newsSource:  inquirerRelated NewsOct 11th, 2018

Listed companies public only in name

As of July 13, 2018, Ayala Corp. (AC) had 621.817 million outstanding common shares. As the holder of 296.626 million AC common shares, or 47.703 percent, Mermac Inc. is supposed to be the majority stockholder. The public ownership report (POR) as of said cut-off date tells a different story. Public stockholders own 321.104 million AC [...] The post Listed companies public only in name appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsOct 2nd, 2018

30 Teams in 30 Days: After wholesale makeover, Hawks ready to rebuild

By Shaun Powell, NBA.com What offseason? That's a question many fans ask as the flurry of trades, free agent news and player movement seems to never stop during the summer. Since the Golden State Warriors claimed their third title in four years back on June 8 (June 9, PHL time), NBA teams have undergone a massive number of changes as they prepare for the season ahead. With the opening of training camps just around the corner, NBA.com's Shaun Powell will evaluate the state of each franchise as it sits today -- from the team with the worst regular-season record in 2017-18 to the team with the best regular-season record -- as we look at 30 teams in 30 days. * * * Today's team: Atlanta Hawks 2017-18 Record: (24-58, did not qualify for the playoffs) Who's new: Coach Lloyd Pierce, Trae Young (Draft), Kevin Huerter (Draft), Omari Spellman (Draft), Jeremy Lin (trade), Justin Anderson (trade), Alex Len (free agency), Vince Carter (free agency) Who's gone: Coach Mike Budenholzer, Dennis Schroder, Mike Muscala The lowdown: Three years after winning a conference-best 60 games, the Hawks crash-landed and clearly set their sights on the Draft lottery by the 2018 All-Star break. New GM Travis Schlenk dumped Marco Belinelli and Ersan Ilasova at the trade deadline and would’ve shipped off a few more players if he could. Basically, Schlenk attempted to scrub most of the work of Budenholzer, who ran the basketball operation previously. John Collins made the All-Rookie team and Taurean Prince finished strong. However, Kent Bazemore -- the club’s highest-paid player -- sputtered and never felt comfortable being a volume scorer (12.9 points per game). The Hawks couldn’t win or generate much interest in Atlanta, putting the framework for a fresh era in place well before 2017-18 ended. The Hawks held the No. 3 overall pick in the 2018 Draft. Deandre Ayton and Marvin Bagley III were off the board. What say you, Mr. Schlenk? He made a gutsy move, bypassing European sensation Luka Doncic in favor of Young and a 2019 protected first from the Mavericks. Schlenk admitted the Hawks’ war room was evenly split on Doncic and Young, but the ’19 first-rounder was the deal-maker. That’s not an overwhelming vote of confidence for Young, and you wonder if Hawks ownership nudged Schlenk into making the deal because of Young’s star potential. The organization dropped millions to give the newly-renamed State Farm Arena some bling over the last year and obviously crave a player with flair to move the needle in Atlanta. Young certainly brings a wow factor. He was the box office star at Oklahoma with his long-range shots and fancy passes. He also became the first collegiate player to lead the nation in scoring and assists in the same season. The Hawks say his ability to make teammates better is vastly unappreciated and will smooth his transition into the NBA. He also had a ragged second half of last season and became a social media punch line. His shot selection and accuracy raised red flags. In a sense, his final year at OU was a tale of two players: Tantalizing Trae and Tragic Trae. NBA scouts say Young's other drawbacks were his lack of size, athletic ability and defense. He was a polarizing Draft pick and the Hawks’ decision received mixed reviews at best among Hawks fans. That additional first-round pick Atlanta got from Dallas could prove beneficial for a rebuilding team that wants to collect as many assets as possible. The idea of Young becoming an Atlanta Basketball Jesus seems like a reach ... until you remember this franchise hasn’t had a ticket-selling sensation in its history. Even Pete Maravich and Dominique Wilkins weren’t basketball magnets in this college football-crazed town. With a new basketball regime in place, it was only a matter of time before Budenholzer, stripped of his basketball operations stripes, would bolt. Schlenk wanted his own people, which is standard operating procedure for a new GM. Once the season ended, Budenholzer began running off copies of his resume with the blessing of the Hawks. He landed in Milwaukee and Schlenk began searching for Budenholzer's successor. Eventually, Schlenk stayed in his comfort zone and hired Pierce. (Years ago, they both worked for the Golden State Warriors.) Pierce came with strong reviews for his work as an assistant coach, most recently with the Sixers. As a player, he rode shotgun in college at Santa Clara with Steve Nash and brings solid people skills to Atlanta. He is, however, a first-time coach and sometimes, it gets tricky when folks slide one seat over on the bench. It was no secret the Hawks wanted to jettison starting point guard and leading scorer Schroder this summer. He had legal issues and didn’t develop solid chemistry with his teammates. When the Thunder agreed to a proposal, the Hawks pounced, sending Schroder to OKC for Carmelo Anthony (who was subsequently bought out), Justin Anderson and a future first-rounder. Of course, this means the Hawks will either go with a rookie as their starting point guard or Lin (who’s should be healthy for training camp after he missed all but one game last season.) With their additional first-round pick this year, the Hawks took Huerter, a sharp-shooter from Maryland. Right now they’re getting nothing special offensively from the swing position and Huerter will get a long look as a rotational player. In order to help a young locker room adjust, the Hawks added 41-year-old Carter (who was a rookie when Young was born). Carter has become a lovable NBA senior citizen, which allows folks to overlook his declining skills. His veteran voice will help when the Hawks endure a losing streak. Still, the summer belonged to the deal the Hawks swung for Young. It’s one of those decisions that could make Schlenk look like a genius, especially if he scores big on the 2019 Dallas pick and Young pans out. The flip side? Doncic becomes the transcendent star in Dallas that the Hawks craved. The final verdict on this deal won’t be delivered for years. By then, will the Hawks be winners? Veteran NBA writer Shaun Powell has worked for newspapers and other publications for more than 25 years. You can e-mail him here or 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 NewsSep 5th, 2018

Are Filipinos still in control of MPIC board?

THE Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) may want to change the system of scrutinizing the ownership of listed companies. Instead of relying on the ownership of the number of common and voting preferred shares, they could, if they wanted to, scrutinize the composition of the boards for them to [...] The post Are Filipinos still in control of MPIC board? appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsJul 20th, 2018

The clash: World Cup, Wimbledon men s finals could overlap

By Howard Fendrich and Ronald Blum, Associated Press MOSCOW (AP) — Roger Federer almost sounded offended when asked whether he would be concerned about Centre Court spectators paying too much attention to the World Cup final during the Wimbledon men's singles final. "I'm more concerned the World Cup final will have issues because the Wimbledon final is going on," he quipped. "They'll hear every point, 'Wow, love-15, 15-30.' The players are going to look up in the crowd and not understand what's going on at Wimbledon." "That's how important Wimbledon is to me," the eight-time champion said, before he was eliminated in the quarterfinals this week, "and to us over here." What's a viewer to choose this Sunday? The Wimbledon final between the man who beat Federer, Kevin Anderson, and Rafael Nadal or Novak Djokovic could be only about halfway done in London when the World Cup final between France and Croatia kicks off in Moscow. This year's soccer final starts at 11 a.m. EDT, an unusual time: nine of the 10 World Cup finals from 1978 through 2014 started in the 2-3:30 p.m. EDT range. The exception was the 2002 finale in Japan, which began at 7 a.m. EDT. "I'm sure the change they made was to maximize their audience worldwide, considering the time in China, Japan, Russia, all the other major countries," said former CBS Sports President Neal Pilson, now an industry consultant. The soccer game begins at 6 p.m. local time at Luzhniki Stadium, which is 5 p.m. in Paris and Zagreb. The shift appears aimed at soccer's ever-increasing Asian audience, with the start time at 11 p.m. in Tokyo and midnight in Beijing. Four of FIFA's 11 top-level partners and sponsors are Chinese companies. "The kickoff times for the FIFA World Cup were set in cooperation with a range of stakeholders and taking into account a number of aspects such as the global broadcast market and feasibility for the fans — both in terms of attending the matches and reaching a wide TV audience," soccer's governing body said in an email to The Associated Press. In the U.S., the soccer is on Fox and the tennis on ESPN. In Britain, the soccer is on both BBC1 and ITV, and the tennis on BBC1. Tennis would switch to BBC2 if the finals overlap. "In due respect to the All England Club, the finals of Wimbledon is a blip on the radar when you're talking about the World Cup final," Pilson said. "It's unfortunate, and it does hurt in the United States, where tennis has a significant audience." Dates for the World Cup final have ranged from June 10 to July 30, and each has been on a Sunday except for the first tournament in Uruguay in 1930, played on a Wednesday, and the 1966 tournament in England, which finished on a Saturday at Wembley. The Wimbledon's men's singles final was scheduled for a Saturday through 1981. The World Cup final has twice been the same day as the men's singles final, on July 8, 1990, in Rome, and on July 9, 2006, in Berlin. Those soccer matches started at 8 p.m. local time (2 p.m. EDT), about two hours after the tennis ended: Stefan Edberg's 6-2, 6-2, 3-6, 3-6, 6-4 win over Boris Becker in 1990, and Federer's 6-0, 7-6 (5), 6-7 (2), 6-3 win over Nadal in 2006. The roots of this year's conflict go back six years. The All England Club announced in July 2012 that it would increase the time between the end of the French Open and the start of Wimbledon from two weeks to three starting in 2015, allowing players extra time to adjust to the switch from clay courts to grass. FIFA's executive council announced World Cup kickoff times in December 2015. Wimbledon never had any intent to alter the start time of its final, traditionally about 2:10 p.m. local (9:10 a.m. EDT). Its large-screen videoboard on Henman Hill will remain tuned to tennis. Pressure for a shift would have increased had England beaten Croatia and advanced to its first final since winning the World Cup in 1966. "We're very comfortable with the long-term view that we take," said Richard Lewis, chief executive of the All England Club. "We're not driven by short-term decisions, whether it be TV ratings or sponsorship. Wimbledon takes a long-term view. (The World Cup) is for this year. It's a one-year happening. And for the future, we'll still be at 2 o'clock on the Sunday. Nothing changes, from our point of view." ___ Fendrich reported from London......»»

Category: sportsSource:  abscbnRelated NewsJul 14th, 2018

Ownership caps intact in some sectors

THE proposed new constitution will keep restrictions on foreign ownership of companies, land and public utilities, but ease limits in media and advertising, according to a draft of the charter released on Monday......»»

Category: financeSource:  bworldonlineRelated NewsJul 9th, 2018

Public stockholders deserve board seats

WHY do the public ownership reports (POR) posted on the website of the Philippine Stock Exchange (PSE) sometimes show the public as significant stockholders? It’s even worse when they’re treated in PORs as principal stockholders when they are not. As Due Diligencer has long been advocating in this space, the public stockholders of listed companies should be [...] The post Public stockholders deserve board seats appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJul 5th, 2018

U.S. plans limits on Chinese investment in U.S. technology firms

 WASHINGTON – The U.S. Treasury Department is crafting rules that would block firms with at least 25 percent Chinese ownership from buying U.S. companies in “industrially significant” technologies, the Wall Street Journal reported on Sunday. Citing people familiar with the matter, the newspaper said the U.S. National Security Council and Commerce Department were also devising […].....»»

Category: newsSource:  interaksyonRelated NewsJun 25th, 2018

PBA: Alaska grabs share of top spot after fending off NLEX

  Alaska took shared ownership of the top seed after overcoming NLEX, 120-111, in the 2018 PBA Commissioner's Cup Friday at Mall of Asia Arena. The Aces bumped their winning streak to seven games and improved to a 7-1 record, tying Rain or Shine at the head of the standings while the Road Warriors dropped to 2-7. After a relatively comfortable first quarter where they led 28-14, the Aces got a dose of reality in the next two periods when the Road Warriors became the aggressor and ended the third trailing by just two, 88-86. NLEX then pushed further at the start of the fourth with a 7-0 run to take a 93-88 lead after Arnett Moultrie's jumper. Alaska countered with ...Keep on reading: PBA: Alaska grabs share of top spot after fending off NLEX.....»»

Category: newsSource:  inquirerRelated NewsJun 15th, 2018

What does Primex have in store for the public?

THE public stockholders of Primex Corp. may find it hard to find the company’s corporate stockholders because these are all attributed individually to the members of the Ang family. To solve the dilemma, Due Diligencer is adopting the format of the public ownership reports (POR) of other listed companies. In these filings, corporate stockholders are [...] The post What does Primex have in store for the public? appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJun 14th, 2018