The Secondary Gas Trading Market aims to give gas buyers and sellers the opportunity to trade gas domestically on a short-term basis. It could also provide more flexibility for gas buyers to manage their portfolios, and to encourage better price discovery.
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First phase to set up Secondary Gas Trading Market completed: S Iswaran
Football: 'China's Real Madrid' set sights on global market
BEIJING – Six league titles in a row and two Asian trophies along the way could be just the start for China’s Guangzhou Evergrande, who have drawn comparisons with Real Madrid and Manchester United and are eyeing global recognition.
The team from the southern metropolis of Guangzhou have risen from obscurity and corruption to break new ground for Asian football, becoming China’s first AFC Champions League winners in 2013.
That victory earned the sobriquet “Asia’s first superclub” as Evergrande’s spending power and heavily South American squad, then marshalled by World Cup-winning coach Marcello Lippi, put rivals in the shade.
Another World Cup-winner, Brazil’s Luiz Felipe Scolari, joined in 2015 and duly helped them to their second Champions League trophy, plus a fifth straight league title last year before clinching the sixth on Sunday.
With the Chinese Super League firmly conquered – despite rising competition from other big-spending clubs – and their reputation well established in Asia, Evergrande can target loftier goals.
After Evergrande outlined plans to become one of the world’s top clubs, analysts say they may soon be touring Europe – turning the tables on the current situation, where European clubs visit Asia looking to extend their fanbase.
“At this rate it would not be inconceivable for Chinese clubs to be touring Europe in the next decade,” Jon Stainer, Nielsen Sport’s managing director for the United Kingdom and Ireland, told AFP.
Evergrande are a lesson in what can be achieved with money and determination as just three years before their first Asian title, they were demoted in disgrace from the Super League during a wide-ranging corruption crackdown.
The club was snapped up by Evergrande Real Estate Group, which had become a multi-billion dollar enterprise in China’s property boom, and immediately won promotion back to the Super League. They have been national champions every year since.
“Six in a row is special for any club,” Gary White, head coach of second-tier Shanghai Shenxin, told AFP.
“Guangzhou’s motto is ‘Be the Best Forever’ and they have the resources both financially and emotionally from their stakeholders to become a global brand.” In August, Forbes valued Guangzhou at $282 million, a figure comparable to many top clubs in Europe – some of which are now being snapped up by Chinese investors.
Shopping empire Suning, owner of Jiangsu, Guangzhou’s closest Super League challenger this year, paid around $310 million for a 70 percent stake in Inter Milan in June.
In March, China’s official Xinhua news agency even rated Evergrande as the world’s richest club, based on a transaction of the club’s shares which implied a market capitalisation of $3.35 billion, a shade higher than Real Madrid and Manchester United.
The ingredients are in place for further success on the pitch: Scolari extended his contract this week and the squad includes Colombian striker Jackson Martinez, Brazilian talents Paulinho and Ricardo Goulart and a number of Chinese internationals.
Evergrande, as well as their wealthy owners, also boast an average attendance of around 45,000 at their Tianhe stadium which is in the midst of the Pearl River Delta, the world’s largest and most populous urban area.
Guangzhou were the first of China’s big spenders, reportedly making Argentina’s Dario Conca one of the world’s best paid players when they signed him in 2011.
They have been followed by clubs like Jiangsu, Shanghai SIPG and Hebei China Fortune who, encouraged by President Xi Jinping’s drive to make Chinese football great, splashed out $400 million on players this year.
Now, with the Chinese Super League broadcast in more than 50 countries, including Britain, there is a growing awareness of Chinese teams in Europe and elsewhere.
This is especially true of Guangzhou with its stable of stars, titles and, according to Simon Chadwick, professor of sports business at Britain’s Salford University, “first-mover advantage”.
“Guangzhou are in some ways the Real Madrid of Chinese football,” said Chadwick. “High value, high profile player signings have become part of the club’s brand narrative.
“To engage with fans around the world, one element a football club brand must have is a record of sustained success. Guangzhou are now building this record and so have the potential to become, in branding terms, globally recognised.” One element, however, has been glaringly absent so far: world-class football.
While Evergrande are pre-eminent in China, their two visits to the Club World Cup both ended in fourth-place finishes, with 3-0 defeats to Bayern Munich and Barcelona along the way.
It doesn’t mean that better days aren’t ahead for Evergrande, and their brand, owing to the sheer weight of investment if nothing else.
“The level of investment combined with the desire from China to see themselves as a key player in world football is something the industry should certainly take note of and prepare for,” said Stainer.
“There is no doubt that the economy of the wider football industry is shifting.”
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Football: Five key moments for China's Evergrande
BEIJING – Key moments in the history of Guangzhou Evergrande, who won their sixth consecutive Chinese Super League title last week and are touted as Asia’s first superclub: .
If ever there was a cloud that had a silver lining. Guangzhou Pharmaceuticals sold the club in February 2010 when it had been relegated after being found guilty of match-fixing back in 2006. Evergrande Real Estate Group Evergrande took over and started signing Chinese international players as well as talented Brazilian star Muriqui. Guangzhou won promotion at a canter and the team has never looked back as the investment continued and the trophies started flowing.
Argentine playmaker Dario Conca was not, and is not, a household name in Europe but his arrival in the summer of 2011 showed the world that Evergrande and China had money to spend. Conca joined from Brazilian club Fluminense in July 2011 for a record Chinese transfer fee of US$10 million (S$13.89 million). But it was his wages that made headlines: his reported US$12.5 million a year made him the third-highest paid player in the world. It was the first sign that Chinese football really meant business.
Conca proved an astute signing as he helped Evergrande to their first Chinese Super League title in 2011. Then in May 2012, coach Lee Jang-Soo was fired with the team top of the table. The reason was Marcello Lippi. The club wanted a world-class and world-famous coach, and found it in the World Cup-winning Italian. It was felt Lippi could raise the club’s profile, attract better foreign players and win more titles. If Conca raised eyebrows, Lippi made the world sit up.
Even before Evergande won their first domestic title in 2011, they had their eyes on Asia. After winning again in 2012 and 2013, the continental crown became the priority. No Chinese team had ever won the AFC Champions League and Evergrande’s 2012 debut had ended at the quarter-final stage. But in 2013, the team went all the way under Lippi. The two-legged final ended 3-3 on aggregate with FC Seoul but Evergrande won on away goals and the city partied all night.
In 2010, real estate company Evergrande paid around US$18 million for the club. In June 2014, it sold a 50 percent stake to e-commerce giant Alibaba for US$192 million. It gave the team an even firmer financial footing and indicated that the signings and titles were going to continue – expectations that have since been realised.
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Singapore loses title as world’s easiest place to do business but stays top in Asia
SINGAPORE is no longer the world’s easiest place to do business, according to an annual World Bank study, but still remains the best among its Asian neighbours.
In the study dubbed “Doing Business 2017: Equal Opportunity for All” released Wednesday, the small-but-prosperous island nation known as the fourth-most competitive economy in the world, dropped one notch to second place, losing its decade-long position to New Zealand.
The study gave Singapore an overall score of 85.05 while New Zealand scored 87.01 points, owing to its move to ease tax payments by removing its cheque levy.
Despite losing pole position, however, Singapore still remains ahead of other world economies such as the U.K. and the U.S., which ranked 7th and 8th on the chart respectively. Its Southeast Asian neighbours Brunei and Indonesia meanwhile made marked improvements in the chart, making them among the world’s top ten “improvers”.
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The World Bank noted in a press release that a record 137 economies around the world adopted key reforms over the past year, making it easier to start and operate small and medium-sized businesses. It said the developing countries reviewed in the report carried out an impressive 75 percent of the 283 reforms from last year’s study.
“Simple rules that are easy to follow are a sign that a government treats its citizens with respect. They yield direct economic benefits – more entrepreneurship; more market opportunities for women; more adherence to the rule of law,” Paul Romer, World Bank Chief Economist and Senior Vice President, said in a statement.
“But we should also remember that being treated with respect is something that people value for its own sake and that a government that fails to treat its citizens this way will lose its ability to lead.”
SEE ALSO:World Bank says Asia aging faster than anywhere else
In removing obstacles to start up a business, the World Bank praised Singapore for enhancing its electronic one-stop shop to make the process of obtaining approvals from different authorities easier.
The report acknowledged Singapore as one of the first economies to introduce an electronic system for public administration. The city state made internal processes of its tax administration more efficient by freeing staff from unproductive bureaucratic tasks when the Inland Revenue Authority of Singapore developed an integrated and computerized system.
The World Bank said as a result, the time needed to issue tax assessments decreased from 12-18 months to 3-5 months between 1992 and 2000.
“Singapore continues to improve its tax compliance system even though it is among the best performers on the paying taxes indicators,” the report said, adding the online system underwent further upgrades in 2015, allowing for fewer delays in filing returns for corporate income tax and value added tax.
In the report, countries are ranked based on 11 indicators such as ease of starting a business, registering property, obtaining credit, dealing with construction permits, and getting electricity, among others.
The World Bank said Singapore is among two of the world’s top 10 ranked economies in East Asia and the Pacific, followed by Hong Kong SAR, China. The region, it noted, is also home to two of the top 10 improvers – Brunei and Indonesia – based on reforms undertaken.
“The pace of reforms picked up significantly in the past year, with the region’s economies implementing a total of 45 reforms to improve the ease of doing business.”
SEE ALSO: World Bank trims Asia growth outlook, urges reform
Malaysia slipped one notch to number 23 this year from last year’s 22nd place but remained the top performer in the ASEAN region, and is credited alongside Japan (ranked 98) as being the best performers on the “Reliability of Supply and Transparency of Tariffs Index” under the “Getting Electricity” indicator, national news agency Bernama reported.
In South Asia, the World Bank said five of the region’s eight economies implemented a total of 11 reforms in the past year, compared with nine the previous year.
“Pakistan, which was among the world’s top 10 improvers, implemented several reforms this past year, as did India and Sri Lanka. The bulk of the business reform activity in the region was aimed at facilitating cross-border trade. However, Afghanistan and Pakistan, stipulate additional hurdles for women entrepreneurs,” it said.
India, however, improved just by climbing one notch to 130 in the rankings, from 131 last year, although the government was expecting a 10-spot jump based on measures taken over the past two years. Local reports said this highlighted a gap between policy measures and implementation.
The post Singapore loses title as world’s easiest place to do business but stays top in Asia appeared first on Asian Correspondent.
Kovan double murders: Court of Appeal reserves judgement
SINGAPORE – The judges presiding over an appeal by cop-turned-murderer Iskandar Rahmat against his conviction against his conviction on Wednesday (Oct 26) dismissed his defence that he had inflicted fatal wounds on motorcar shop owner Tan Boon Sin in…
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Movie Revew: Heartfall Arises (PG13)
The only good thing about this pretentious mess of a thriller is Hong Kong actor Nicholas Tse. Seriously, how does the dude look so ageless and devilishly handsome?
In a bid to catch a serial killer nicknamed General, cop…
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Movie Date: American Pastoral (NC16)
STARRING: Ewan McGregor, Jennifer Connelly, Dakota Fanning, Peter Riegert, Valorie Curry, Uzo Aduba
DIRECTOR: Ewan McGregor
THE SKINNY: Based on Philip Roth’s novel of…
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Movie Review: Hell Or High Water (M18)
The bank may be getting robbed – but it’s not the victim here.
It’s not uncommon for a movie to set up criminals as its heroes, but there’s a special sort of ambiguity in Hell Or High Water.
Toby (Chris Pine) may be a…
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NTU scientists create robot that paints walls quicker, improves safety
SINGAPORE – A robot that paints industrial buildings faster, safer, and with less manpower: That’s what scientists from Nanyang Technological University (NTU)’s Robotic Research Centre have developed, the university said in a media release on Wednesday (Oct…
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Hong Kong murder accused Jutting 'deeply addicted to cocaine'
HONG KONG – British banker Rurik Jutting who is accused of murdering two Indonesian women in his upscale Hong Kong apartment was a cocaine addict who had developed drug-induced fantasies, a court heard Wednesday.
The 31-year-old Cambridge graduate and former securities trader for Bank of America-Merrill Lynch has pleaded “not guilty” to two murder charges, on the grounds of diminished responsibility.
He pleaded guilty to manslaughter, which was rejected by the prosecution.
Since the trial started Monday, jurors have viewed harrowing iPhone footage of Jutting torturing his first victim, Sumarti Ningsih, 23, for three days before he killed her by cutting her neck with a serrated knife at his apartment two years ago.
Days later, he killed Seneng Mujiasih, 26, cutting her throat.
Hong Kong police grill British trader over double murder
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Mujiasih’s body was found in a pool of blood in Jutting’s living room on November 1, 2014, while Ningsih’s decaying body was discovered stuffed into a suitcase on his balcony.
In court Wednesday, prosecutor John Reading said Jutting had become increasingly withdrawn and “deeply addicted to cocaine”.
Footage from police interviews showed Jutting saying he had started to take more cocaine at weekends for six weeks before the killings.
“I’ve had cocaine previously, but not in such a large amount,” he told police.
Read also: Hong Kong double murder: Graphic torture video to be shown to jury
“When I started taking it, it started bringing out long and extended fantasies,” he said.
Speaking calmly, he told police that he had killed the two women.
“These are the only two people who have been killed by me,” he told the two interviewing officers.
Jutting told police that he had met Ningsih on the website Craigslist under the “casual encounters” section, storing her name in his phone as “Indo”.
He also said that he had begun to spend time at a hotel near his apartment for three weeks before the killings, and had paid for sex workers to go to his room during those stays.
The jury was shown 20 photos recovered from Jutting’s phone, including pictures of Ningsih bound and gagged, and of her body in the shower.
Read also: UK banker on double murder charge grins leaving HK court
Forensic pathologist Poon Wai-ming told the court Ningsih had been found in a suitcase in the foetal position, her neck severed.
Ambulance officer To Shing-fai described Jutting as talking to himself and crying in the hallway outside his apartment on the night the bodies were discovered.
Jutting faces a life sentence if convicted of the murders.
The killings shone a spotlight on the seedy underbelly of the finance hub. Jutting’s flat lay streets away from one of the city’s red light districts.
Indonesian migrant organisations in Hong Kong have called for justice for the women, and compensation for their families.
Read also: British banker’s torture video stuns jury in Hong Kong murder trial
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