The British government is planning to establish an independent football regulator to oversee the sport and encourage financial stability via a bill introduced in the Parliament. The regulator will be independent of government and football authorities with the power to fine clubs up to 10 percent of their turnover for noncompliance with financial regulations, the government said in a press release on Tuesday. The legislation will strengthen tests of the suitability of those running clubs and would also block “closed-shop competitions” such as the frequently proposed European Super League. Clubs will also be obliged to consult fans over matters such as strategic direction and anything that impacts their heritage. “For too long some clubs have been abused by unscrupulous owners who get away with financial mismanagement, which at worst can lead to complete collapse,” Prime Minister Rishi Sunak said.
“This bill is a historic moment for football fans – it will make sure their voices are front and centre, prevent a breakaway league, protect the financial sustainability of clubs, and protect the heritage of our clubs big and small.” “Football is nothing without its fans,” Culture Secretary Lucy Frazer said. “We are determined to put them back at the heart of the game, and ensure clubs as vital community assets continue to thrive. “The new independent regulator of football will set the game on a sustainable footing, strengthening clubs and the entire football pyramid for generations.” Facing a possible reduction of its powers, the Premier League – the most-watched and most lucrative domestic league in the world – said it would study the bill and work closely with the government, having previously voiced concerns about how a regulator could potentially damage the league’s ability to attract investment.
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Vladimir Putin has been re-elected as Russia’s president, according to the official results of the country’s presidential vote, published on Monday by its Central Election Commission (CEC).
Putin has claimed 87.28% of the vote, a record share of votes, winning his fifth term in office by a landslide. Putin’s candidacy was supported by over 75 million voters. Putin’s opponents in the 2024 race, Communist Party candidate Nikolay Kharitonov, Vladislav Davankov of the New People party, and Leonid Slutsky of the Liberal Democrats secured 4.31%, 3.85% and 3.20% respectively. Putin was first elected president in 2000 and served two consecutive four-year terms until 2008. He subsequently became prime minister under Dmitry Medvedev, who was Russia’s president from 2008–2012. During Medvedev’s time in office, he extended the presidential term to six years. Putin replaced Medvedev in office, becoming the head of state once again in 2012 and getting re-elected in 2018. As part of major constitutional reform in 2020, Russia amended its election regulations, “nullifying” Putin’s previous terms and enabling him to run for office again this year. In his address to voters ahead of the vote, Putin encouraged Russians to take part in the election, noting that “each vote is valuable and significant” and that the outcome of the election will “shape the country’s development for years to come.” He also acknowledged that Russia is going through a “difficult period,” facing problems “in almost all areas” due to Western sanctions imposed over the Ukraine conflict. He urged Russians to “continue to be united and self-confident” in order to overcome these challenges. This year’s election has been marked by a record-high voter turnout. According to CEC data, it topped 74%, exceeding the figure for the 2018 elections (67.47%). The highest turnout, of over 90%, was recorded in the Chechen Republic, the Kemerovo region, and in the Republic of Tyva. Presidential elections were also organized for the first time in Russia’s new regions – the Donetsk (DPR) and Lugansk (LPR) People’s Republics, as well as in Kherson and Zaporozhye Regions. Over a third of Dutch people with East Asia and Southeast Asia roots have experienced discrimination in the past few year. Among Chinese Dutch it's even 52 percent. The reports are based on a study by the University of Amsterdam and the Fontys Hogeschool Tilburg on behalf of the Ministry of Social Affairs.
It is the first extensive study into discrimination against Dutch people with East- and Southeast Asian roots. The researchers surveyed a representative sample of 2,505 Dutch people of East Asian and Southeast Asian descent and extensively interviewed 36 respondents. They found countless examples of people being verbally abused, disadvantaged, or excluded because of their appearance or surname. Some reported having racial slurs yelled at them on the street or in class. Others reported “jokes” about eating dogs. Many noticed they had less chance of finding a job or a home. The discrimination mainly occurred in public places, education, and at work. When it comes to slurs shouted on the streets, the perpetrators are usually men, and the victims are generally women. Respondents also often noted being called “Chinese” regardless of their actual origin. These types of experiences have significant consequences, the researchers found. All surveyed groups reported psychological complaints, reduced involvement in society, and damaged trust in the authorities. Perceived discrimination also seems to have increased in all groups since the start of the coronavirus crisis, the researchers said. But they added: “It is not clear whether this increase is the result of an increase in actual discrimination, increasing awareness of discrimination, or the rising willingness to name and report it.” In recent years, there have been many studies in the Netherlands into perceived discrimination from minority groups. These studies typically ignored people with roots in East Asia and Southeast Asia. “That may have to do with the fact that they are often seen as a ‘model minority’ who experience few problems and pose few problems,” the researchers note. That can also be considered discrimination. These population groups have experienced discrimination since Chinese sailors started working in the Dutch ports at the start of the last century, especially during the economic crisis in the 1930s, the researchers said. The report cites a quote from an official in 1929. “If people are allowed in, if they are allowed to stay here for decades, it will be very difficult to get rid of them, and a Dutch colony of illegitimate children with Gypsy, Oriental, and Chinese blood will be bred.” The researchers noted that this idea still lingers in Dutch society, pointing to a broadcast of Holland’s Got Talent in which jury member Gordon said to a candidate of Chinese origin: “Which number are you singing? Number 39 with rice?” Minister Karien van Gennip of Social Affairs called the study results “unfortunately, no surprise.” She said: “It is now visible to everyone on what scale this discrimination takes place. It provides recognition, but above all, it gives us a job to do as a society.
In 1982, Sykes joined Thin Lizzy as their lead guitarist, following the departure of legendary guitarist Gary Moore. His arrival injected new life into the band, revitalizing their sound and reigniting their creative spark. Sykes' contributions to Thin Lizzy's album "Thunder and Lightning" are nothing short of monumental, with his electrifying guitar work elevating tracks like "Cold Sweat" and "The Sun Goes Down" to iconic status. Despite his undeniable talent and success with Thin Lizzy, John Sykes' true legacy would be forged with the formation of the band Whitesnake. In 1984, he joined forces with rock icon David Coverdale to create what would become one of the most revered lineups in the history of the band. As the co-writer and lead guitarist on the multi-platinum album "Whitesnake," Sykes played an integral role in shaping the band's sound and delivering timeless hits such as "Still of the Night" and "Is This Love." However, it was his magnum opus, the eponymous 1987 album "Whitesnake," that would catapult Sykes to superstardom. Featuring his masterful guitar work and songwriting prowess, the album became a global sensation, selling over eight million copies in the United States alone and cementing Sykes' status as a guitar virtuoso of unparalleled talent.
Despite his monumental success with Whitesnake, Sykes' career would take an unexpected turn in the years that followed. His departure from the band in 1987 marked the beginning of a tumultuous period characterized by lineup changes, solo projects, and collaborations with various artists. While his subsequent endeavors may not have reached the same heights as his work with Whitesnake, Sykes continued to push the boundaries of his artistry, exploring new musical avenues and leaving an indelible mark on the rock landscape. Today, John Sykes' legacy looms large over the world of rock music, his influence reverberating through the work of countless artists and bands. His mastery of the guitar, coupled with his innate songwriting ability, remains unmatched, serving as a testament to the enduring power of rock 'n' roll. Whether shredding through blistering solos or crafting unforgettable melodies, Sykes' impact on the genre is nothing short of legendary, ensuring that his place in the pantheon of rock gods is secure for generations to come. Operators have reported connectivity disruption across Africa after multiple subsea cables had been reported to be damaged off the coast in West Africa.
Subsea cables carry the bulk of connectivity traffic with a small part carried by satellites. Reports of internet connectivity being disrupted came in yesterday (March 14). Internet security company Cloudflare reported Liberia saw disruptions lasting more than 12 hours, while in Gambia and Guinea outages only lasted 30 minutes. In a statement to Developing Telecoms, Orange said the ACE, MainOne Sat 3, and WACS cables had been damaged along the West Coast of Africa. “Major impacts on international connectivity (voice and data) have been observed in several countries, particularly for Orange subsidiaries in the Ivory Coast, Liberia, Burkina Mali and Guinea,” said an Orange spokesperson. The operator said the cause of the outages is unknown at this time, and it is looking to reroute traffic and connect isolated countries through alternative routes. “Several terrestrial links have already been reinforced to improve the situation,” said Orange. Vodacom posted on X (formerly Twitter) that there had been “undersea cable failures between South Africa and Europe” which had affected South African MNOs”. The operator implemented alternative solutions and “normal service has been restored to customers”. Angola Cables detailed in a statement there had indeed been “cable breaks” off the coast of West Africa, specifically in the Ivory Coast. Traffic has been redirected to the SACS cable which connects Angola directly to Brazil, the US and Europe. “Angola Cables has network backup and restoration solutions available through cables that have not been affected by the faults off the Ivory Coast,” the cable company said. Why China’s frustrated Youth are Ready to ‘let it rot’Early this month China’s president Xi Jinping encouraged the country’s youth to establish “great ideals” and incorporate their personal goals into the “bigger picture” of the Chinese nation and people. “‘China’s hope lies in youth,” he said in a major speech.
But on China’s internet, some young people say their “ideals” simply cannot be achieved and many of them have given up on trying. Frustrated by the mounting uncertainties and lack of economic opportunities, they are resorting to a new buzzword – bai lan (摆烂, or let it rot in English) – to capture their attitude towards life. The phrase, bai lan, which has its origin in NBA games, means a voluntary retreat from pursuing certain goals because one realises they are simply too difficult to achieve. In American basketball, it often refers to a team’s deliberate loss of a game in order to get a better draft pick. On Weibo, the bai lan-related topics have generated hundreds of millions of reads and discussions since March. Netizens also created different variations of the bai lan attitude. “Properties in Shanghai too expensive? Fine, I’ll just rent all my life, as I can’t afford it if I only earn a monthly salary anyway,” one grumbled. In recent days, this phrase – and more previously ‘tang ping’ (lying flat, 躺平), which means rejecting gruelling competition for a low desire life – gained popularity as severe competition and high social expectations prompted many young Chinese to give up on hard work. But bai lan has a more worrying layer in the way it is being used by young people in China: to actively embrace a deteriorating situation, rather than trying to turn it around. It is close to other Chinese phrases, for example ‘to smash a cracked pot’ (破罐破摔) and ‘dead pigs are not afraid of boiling water’ (死猪不怕开水烫). State media have taken note of this trend. “Why modern young Chinese like to ‘bai lan’?” one recent article in official media outlet asked. “In fact, this is as a result of negative auto suggestion, repeatedly telling oneself I cannot make it… And this kind of mentality often leads people to adopt the ‘bai lan’ attitude.” But the reality is not quite as state media suggested, says Sal Hang, a 29-year-old creative industry professional in Beijing. He says that for his generation of young Chinese, this attitude of letting things rot is likely to be caused by a lack of social mobility and increased uncertainty in today’s China. “Unlike my parents’ generation, young Chinese today have much bigger expectations, but there are many more uncertainties for us, too. For example, we cannot make any long-term plans for our lives any more, because we do not know what is going to happen to us even five years down the road.” After working as a flight engineer in south-western China, Hang moved to Beijing three years ago to work in music, his passion. But the workplace reality changed his initial ambition. “My boss often sets unrealistic targets for me. But however hard I try to meet his KPIs, I always fail. So in the end, I lose my motivation and just do my bare minimum.” Prof Mary Gallagher, director of the Centre for Chinese Studies at the University of Michigan, says ‘bai lan’ is not necessarily a sentiment unique to China. “It is a bit like the ‘slacker’ generation in America in the 1990s. And like ‘tang ping’ last year, it is also a rejection against the ultra-competitiveness of today’s Chinese society.” But in today’s China, the sense of hopelessness among the young is further exacerbated by shrinking economic opportunities, she says. In the past few months, while hundreds of millions of Chinese people were confined to their homes due to Covid lockdowns, the world’s second-largest economy also found itself struggling to boost growth. More than 18% of young Chinese people aged between 16 and 24 were jobless in April – the highest since the official record began. “Hard to find a job after graduation this year? Fine, I’ll just bai lan – stay at home and watch TV all day,” wrote one netizen who struggled to find work, despite China’s top leader urged young people to fight for the future. Kecheng Fang, a media professor at the Chinese University of Hong Kong, says young Chinese use ‘bai lan’ or ‘tang ping’ to show they are not cooperating with the official narrative. “All these popular phrases reflect a shared social emotion of the day. When people use them, they are not just expressing themselves, but looking for a connection with those who have the same feeling,” he says. “Despite the grand official narrative from the leaders, in real life, we are all in the same situation, after all.” The start of a New Year is a good time to scrutinize a portfolio and make some adjustments including adding undervalued stocks. Stocks that enjoyed big runs last year may cool off, requiring investors to search out securities they can buy low in hopes of eventually selling at a higher price. Fortunately, there are still a lot of undervalued stocks available despite the market rally that occurred in 2023. Stock market returns over the past year were uneven, with about 70% of the stocks in the S&P 500 lagging the index. Growth stocks outpaced value equities and most of the big gains were concentrated in mega-cap technology stocks. This presents investors with an opportunity to buy quality names on the cheap before they too move higher. Here are seven of the most undervalued stocks to buy for 2023.
The company’s shares are now trading at 26 times future earnings estimates, which is low by historic standards and presents a window of opportunity for investors to take a position while the price is favorable. In November, Starbucks reported better-than-expected third-quarter financial results, and subsequently announced details of a new strategic plan that will see the retail coffee chain open 17,000 new locations by 2030 even as it cuts $3 billion in costs. While ambitious, the growth strategy has done little to help lift SBUX stock. The share price is being weighed down by ongoing concerns about sales in China, where the economy is struggling, and unionization activity at home in the U.S.
The company also said that it will buy back $10 billion of its own stock over the next year and reinstated its 2023 earnings guidance. However, even with the latest move higher, GM stock still looks undervalued. The company’s shares are currently trading at just five times future earnings estimates, which is why its among the more attractive undervalued stocks. Also, the stock is up only 7% in the last 12 months and is currently trading at the same level it was at a decade ago. A note of caution that it will likely be awhile before GM recovers from last fall’s strike by the United Auto Workers union, a job action the company says cost it $800 million in lost vehicle production.
Long-term investors who are blessed with patience may want to do some bottom fishing after Nike’s latest financial results. In truth, Nike’s recent print was better-than-expected. It was the forward guidance that spooked investors. The company reported quarterly earnings per share of $1.03 versus 85 cents that had been expected among analysts. Q2 revenue was $13.39B, slightly below the forecasted $13.43B. Nike’s gross margins increased for the first time in 18 months, and inventories dropped 14% to $8 billion. Unfortunately, Nike said that it now expects full-year revenue to grow 1%, compared to a prior outlook of up mid-single digits. For the just completed fourth quarter of 2023, Nike expects revenue to be slightly negative. That news sunk NKE stock. But there is a buy-the-dip opportunity here.
However, the stock is only trading at 14 times future earnings estimates, which is low for a company of its size, and it offers a dividend payment that yields 2%. FedEx reported earnings per share of $3.99 compared to $4.18 that was expected. Despite the miss, the company’s earnings were up more than 25% from a year earlier due largely to cost-cutting initiatives. Revenue in the latest quarter declined 3% to $22.17 billion from a year earlier, also missing analysts’ estimates. Looking ahead, FedEx said that it expects a low-single-digit decline in revenue for the entire fiscal year, down from a previous forecast of flat sales. It was the second consecutive quarter that FedEx lowered its sales outlook, citing weakening demand. However, the company said that its operating income should improve in the months ahead due to its ongoing cost-cutting plan.
The world’s largest cocoa producers, Ivory Coast and Ghana, have halted or scaled down processing in major plants amid soaring bean costs, Reuters reported on Thursday, saying the situation has led to a global hike in chocolate prices.
The two West African nations produce nearly 60% of the world’s cocoa. However, both have been struggling with extreme weather changes and cocoa pod diseases for months, according to a report published on Tuesday by the African Export-Import Bank (Afreximbank). Cocoa supplies from the former French colony over the period of October 2023 to February 2024 were down by roughly 39% from the previous year, at 1.04 million metric tons, according to Afreximbank. Ghana’s exports dropped by about 35% to 341,000 metric tons between September 2023 and January 2024. Benchmark cocoa futures for March delivery on the Intercontinental Exchange (ICE) in New York rose above $6,000 per metric ton last Friday before easing to around $5,880 per ton, still exceeding the previous record high of $5,379 set in 1977. Bean prices are expected to rise further due to the threat to the global supply posed by the weather phenomenon El Nino, which caused droughts in West Africa in the third quarter of 2023 and is expected to last until April, industry analysts have warned. “We need massive demand destruction to catch up with the supply destruction,” Reuters quoted Steve Wateridge, director of Tropical Research Services, as saying. State-owned cocoa processor Transcao, which is one of Ivory Coast’s nine plants, said it is unable to purchase beans at current prices and is relying on existing stock. Global trader Cargill has also struggled to source beans for its major processing plant in Ivory Coast, shutting down operations for about a week last month, anonymous sources told Reuters. Ghana, the world’s second-largest cocoa grower, has seen the majority of its eight plants, including the state-owned Cocoa Processing Company (CPC), repeatedly suspend operations for weeks since last October, the news agency reported. CPC has said it is only operating at about 20% capacity due to the shortage. Last week, Michele Buck, CEO of American candy giant Hershey and one of the world’s largest chocolate manufacturers, predicted that “historic cocoa prices” will limit earnings growth in 2024, resulting in product price increases.
Last week, the US military news site Special Operations Forces Report (SOFREP) wrote that America’s “Green Berets” were planned to be deployed to Taiwan to act as permanent training observers and prepare the island’s special units. This represents a departure from past practice that saw frequent but non-permanent visits by US personnel to Taiwanese training facilities, the report said. The permanent US forces, according to the article, would be situated on the Kinmen Islands, just 10 kilometers from mainland China.
Beijing sees the self-governing isle as part of China’s sovereign territory, and has repeatedly warned it against formally declaring independence. Although Taiwan has governed itself since 1949, most of the international community, including the US, does not officially recognize it as a sovereign state. While the US does not officially support Taiwanese independence, it maintains security ties with the island. Under the ‘Taiwan Enhanced Resilience Act 2022,’ to “deter People’s Republic of China (PRC) aggression against Taiwan” the US is authorized to spend up to $2 billion a year in military grants to bolster the island’s security up until 2027. Mainland China has slammed the increased rotation of US military personnel to the island. The US always prioritizes its own interests, and Taiwan is merely a “pawn” it uses against mainland China, Beijing’s spokesman Chen Binhua stated on Wednesday. He claimed that by “closely aligning with the US to carry out so-called military training programs,” Taiwan’s political leadership is gradually “pushing the people of Taiwan into a crisis.” “Any attempt to seek ‘independence’ through military means or rely on external forces for ‘independence’ will only lead to danger and ultimately result in self-destruction for Taiwan,” he warned. |
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