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Football: Clubs forced to rethink recruitment strategy as coronavirus impacts transfer market

PARIS (AFP) – Around Europe, football is waking up from the coronavirus shutdown, but things are different for players and supporters, and it is changing behind the scenes too. While the German Bundesliga returns in stadiums devoid of fans, the sport is preparing for an economic crisis which will impact all levels of the game. That will be particularly visible in the transfer market, where it has become the norm to see leading clubs splash out €100 million (S$155.3 million) fees. Damien Comolli has observed events from afar, having left his role at Turkish club Fenerbahce in January. The former Liverpool and Tottenham Hotspur sporting director told AFP he foresees fees dropping by "between 30 and 50 per cent compared to the usual prices, and a reduction of 70-75 per cent in terms of activity". In particular, the loss to clubs from match-day revenue as a result of games being played behind closed doors will impact budgets. When it comes to signing players, those in charge of recrui..

Business

Forget the Australian Bullet Train Dream: Think Tank

A Melbourne-based think tank has been the latest organisation to contribute to Australias long-running high-speed rail debate, publishing a study saying that it would not be feasible. The Grattan Institute said that a high-speed rail would be too costly for Australias small population and would not benefit regional areas. While a bullet train may be a “captivating idea,” Australias small population relative to its vast landmass was a major issue, and countries with similar characteristics, such as the United States and Canada have shelved, or heavily amended the idea. High-speed rail refers to fast trains, also called bullet trains, that run entirely on new tracks that can facilitate speeds over 250 kilometres per hour, sometimes as high as 350 kilometres per hour. A well-known example of a bullet train is the Shinkansen in Japan. View of Mt. Fuji and Tokaido Shinkansen, Shizuoka, Japan. (*Shutterstock) The study found that countries with high population densities had teething iss..

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Australias Deakin University Could Fire Hundreds to Tackle COVID-19

About 300 jobs at Deakin University are at risk after it failed to reach agreement with the union on a COVID-19 recovery plan. Deakin Vice-Chancellor Professor Iain Martin told staff on May 25 the institution would not sign the National Tertiary Education Union proposal put forward to mitigate the economic impact of COVID-19. The union had called for temporary reductions in wages, salary increase deferrals and transfers to other duties, among other alternatives to protect jobs. These measures were part of the unions Jobs Protection Framework to offer a way out for universities severely hit by the impact of the virus. The university has instead put forward a new plan that includes a reduction of 300 positions. But the union has argued these job losses could be prevented if university workers could access the JobKeeper program. “Deakin is a major employer in regional Australia and the impact of this will be disproportionate for a place like Geelong,” NTEU National President Alison ..

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Victorian State Pumps $1.2 Billion Into Melbourne Projects

The push to crank up the Victorian economy will include shovel-ready projects worth more than $1.2 billion being fast-tracked over coming months. The Victorian government on May 25 announced it has brought forward building and construction projects, which will create thousands of jobs. The projects are pending planning approval, but its hoped works will start soon. Melbournes CBD will feature a 68-storey development worth $234 million and a $290 million 21-storey office building, among other projects, kickstarting their construction to help bring the city back to life after coronavirus. The governments criteria to fast-track certain building applications as part of its Building Victorias Recovery Taskforce focuses on proposals with adequate financing that are shovel- and market-ready. Some of the criteria are that they are of significant capital expenditure, plus they safeguard existing jobs and create new ones. “Victoria remains open for business and our dedicated taskforce is m..

Business

Yuan hovers at 7-1/2-month low on weak fixing, Sino-US tensions

SHANGHAI (REUTERS) – The yuan hovered at a more than 7-1/2-month low against the dollar on Monday (May 25), following the weakest midpoint fixing since the 2008 global financial crisis and heightened Sino-US tensions. Sentiment soured after Beijing proposed a new national security law for Hong Kong on Friday, and tensions intensified over the weekend as White House National Security Adviser Robert O'Brien said China's move could lead to United States sanctions and threaten the city's status as a financial hub. "The current turbulent situation between China and the United States is unlikely to change in the short term, so the yuan could face increasing downside pressure in the mid to long term," analysts at China Construction Bank (Asia) said in a note. They noted spot yuan was likely to trade narrowly for now as Beijing is holding its annual gathering of parliament. The onshore yuan opened at 7.1335 per US dollar and was changing hands at 7.1383 at midday, 73 pips we..

Business

Money Hacks Podcast: Passive vs active investing – debunking misconceptions

Money Hacks Ep 72: Passive vs active investing – debunking misconceptions 12:59 min Synopsis: In this fortnightly podcast series on Mondays, The Business Times breaks down actionable financial tips. In this episode, we talk about passive and active investing, ETFs and unit trusts. Why should the average investor care about the differences? Host Chris Lim speaks remotely with Gregory Van, chief executive and founding partner of Endowus, the only digital investment adviser that now has a CPF investment option, as he explains the following points: 1. Understand why you have a historically proven 17% chance of "beating the market" over a 15-year period even as a professional or "active" investor (2:30) 2. What is the difference between active and passive investing? (5:53) 3. Understand the differences between cash, high-quality government debt like Singapore Savings Bonds, corporate bonds and equities (6:21) 4. How digital investment advisers can help you with lower costs and pass..

Business

Apple to start reopening stores in Japan this week

LOS ANGELES (BLOOMBERG) – Apple will begin reopening its retail stores in Japan this week, one of its most important markets, after the stores had been shuttered for months due to Covid-19. Two locations – the stores in Fukuoka and Nagoya Sakae – will reopen on May 27, according to the company's retail website. Reopening dates for the country's eight other Apple stores have not yet been posted. In September, Apple opened its latest and largest outlet in Tokyo's Marunouchi business district, moments away from the historic Tokyo Station and the Imperial Palace. Tokyo remains under an official state of emergency, though Japan's Economy Minister Yasutoshi Nishimura said on Monday that the government's advisory panel had approved a plan to lift the measure later that day, a week ahead of schedule. Apple has already reopened stores in Australia, Germany, Austria, South Korea, Switzerland and some stores in Italy and the United States. In a statement confirming ..

Business

Dutch court rejects attempt to stop 5G rollout over health concerns

AMSTERDAM: A court in the Netherlands on Monday rejected a suit brought by a group seeking to halt the country's 5G telecommunications network rollout over possible health concerns. In a summary ruling, the Hague District Court said that the state did not have to ensure that "every risk" posed by 5G cell towers be prevented, but rather that the risks and benefits had to be assessed in a structured way. Advertisement Advertisement Members of the group Stop5GNL had argued that the auction next month of the frequencies cell providers intend to uRead More – Source [contf] [contfnew] channel news asia [contfnewc] [contfnewc]

Business

Nissan has not confirmed if plans to close Spanish plant: industry secretary

Business Nissan Motor has not confirmed whether it plans to close its plant in Barcelona, a senior Spanish industry ministry official said on Monday. FILE PHOTO: A Nissan logo is pictured at Brussels Motor Show, Belgium, January 9, 2020. REUTERS/Francois Lenoir/File Photo 25 May 2020 06:05PM Share this content Bookmark REUTERS: Nissan Motor has not confirmed whether it plans to close its plant in Barcelona, a senior Spanish industry ministry official said on Monday. "There is no official confirmation of closure from the company," Raul Blanco, the secretary for industry, told reporters on a coRead More – Source [contf] [contfnew] channel news asia [contfnewc] [contfnewc]

Business

Lufthansa, German government agree on rescue package: dpa

Business The German government and the management of flagship carrier Lufthansa , which has been hit hard by the coronavirus pandemic, have reached an agreement on state aid worth billions of euros, German news agency dpa reported on Monday. FILE PHOTO: Aircraft of the German carrier Lufthansa are parked on the tarmac, as the spread of the coronavirus disease (COVID-19) continues, at the airport in Frankfurt, Germany March 24, 2020. REUTERS/Ralph Orlowski/File Photo 25 May 2020 06:00PM Share this content Bookmark BERLIN: The German government and the management of flagship carrier Lufthansa , which has been hit hard by the coronavirus pandemic, have reached an agreement on state aid worth bilRead More – Source [contf] [contfnew] channel news asia [contfnewc] [contfnewc]

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