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China’s number one doubles star Peng banned and fined for Wimbledon corruption attempt

LONDON — China’s former world number one doubles star Peng Shuai was banned for six months and fined $10,000 on Wednesday for attempting to force her doubles partner to withdraw from Wimbledon in 2017, the Tennis Integrity Unit announced.
“Peng Shuai was found to have used coercion and offered the possibility of financial reward in return for her main draw partner agreeing to withdraw from the ladies doubles event at Wimbledon 2017,” the TIU said in a statement.
“Although the offer was refused and Peng Shuai did not subsequently compete at The Championships, it constituted a breach of the Tennis Anti-Corruption Program (TACP).”
Peng’s attempt to change her doubles partner came after the sign-in deadline.
Peng, 32, was banned for six months, with three suspended, and fined $10,000, with $5,000 suspended, on condition that she commits no further breaches of the anti-corruption code.
She will be eligible to play again on Nov. 8 this year.
The Chinese star is currently ranked 20 in doubles and 80 in singles. However, she was the number one ranked doubles player in February 2014 and reached a career-best singles ranking of 14 in August 2011.
Peng has won two WTA singles titles in her career as well as two Grand Slam women’s doubles crowns at Wimbledon in 2013 and Roland Garros in 2014, both alongside Taiwan’s Hsieh Su-wei.
She hasn’t played since Wimbledon last month where she was knocked out in the first round of the singles before a second round exit in the doubles where she teamed up with Latisha Chan of Taiwan.
The TIU added that Peng’s former coach Bertrand Perret of France has also been banned for three months for his role in the same affair. — AFP

Pelicans ink Okafor

When Jahlil Okafor transferred to the Nets last December, not a few quarters believed he would soon be regaining the standing that had him making the All-Rookie First Team in 2016. After all, he still possessed the talent that catapulted Duke to the championship prior to his entry in the National Basketball Association as the third overall pick. And, no doubt, he would still have been a vital cog for the Sixers were All-Star Joel Embiid not playing the same position.
As things turned out, Okafor wasn’t a good fit. Even as the Nets wanted to make full use of his unique skill set, its propensity to push the ball up at every instance clashed with his plodding, close-to-the-basket predilections. And so he found himself testing free agency and looking for a third employer in nine months. At the same time, he understood the importance of increasing his range; with traditional centers becoming less and less relevant in the pace-and-space era, he knew he had to develop, at the very least, a reliable outside shot that would open driving lanes for him.
Yesterday, Okafor inked a two-year deal with the Pelicans, the type of low-risk signing the latter was looking for in moving past the failed DeMarcus Cousins experiment. With the first season only partially guaranteed and the second a team option, he must prove that he can find — and has — a place in a transition-heavy system. Offhand, it looks to be a Sisyphean endeavor; the blue and gold already have All-World Anthony Davis at the post and just acquired bundle-of-energy Julius Randle to shore up the frontline. Then again, perhaps the contrast he presents is precisely what head coach Alvin Gentry wants.
In any case, Okafor is clearly putting in the work. He’s motivated to prove that the 17 and seven he put up through his first year in the league were no fluke, and that his future holds similar numbers. Moving forward, he needs the opportunity to prove himself, and he’s slated to get it. The rest is up to him.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Global stocks mixed amid latest trade war volley

New York — Global stocks were mixed Wednesday (US time) following the latest volley of tariffs in the escalating trade war between the United States and China, while oil prices fell sharply.
China said it would impose 25% tariffs on a further $16 billion of US goods starting on August 23, making good on its promise to retaliate against new American levies announced late Tuesday on $16 billion in goods set to take effect the same day.
The tit-for-tat announcements marked continued acrimony between the two largest economies in the world. Investors have alternated between worries and indifference in recent weeks as the tensions have built.
“Markets had a muted reaction to China’s announcement that it plans to impose tariffs on $16 billion worth of US goods, starting on 23 August,” said market analyst David Madden at CMC Markets UK.
“The token retaliation from Beijing keeps the trade spat alive and it seems like China were doing it to send a message, rather than to inflict financial pain on the US,” he added.
Both Frankfurt and Paris stocks ended modestly lower, while London’s benchmark FTSE 100 index carved out a gain of 0.8% as the pound pulled back on continued uncertainty over Brexit.
US stocks finished little changed, with the Nasdaq eking out modest gains and the Dow and S&P 500 both falling slightly.
Asian equities stuttered, with Tokyo down 0.1 percent, Shanghai shedding 1.3 percent, but Hong Kong ending up 0.4% in value.
Oil prices, which had climbed this week on expectations that renewed US sanctions on Iran would reduce supplies to the market, fell sharply on data showing ample supplies in the United States.
“A weaker-than-expected fall in crude inventories has taken the wind out of oil’s sales,” said IG’s Chris Beauchamp.
“Signs of weaker demand in the US have trumped the bullish case for oil based on Iran tensions, which have stubbornly refused to pick up in recent days,” he added.
Some analysts also cited the flare up in US-China relations as a factor in the drop in oil prices. — AFP

DBM releases pension differential for AFP, PNP retirees

THE Department of Budget and Management (DBM) has released on Thursday, Aug. 9, the pension differential for retirees of the Armed Forces of the Philippines (AFP) and the Philippine National Police (PNP).
In a statement, the DBM said that it has released P532.54 million to cover the pension differential arrearages for 4,392 AFP retirees, which covers July 2008 to February 2013.
It also released P267.82 million for 13,157 PNP retirees covering the pension differential from July to December 2009.
The DBM said that the releases are chargeable against the pension and gratuity fund of the 2018 budget.
The government is currently seeking to reform the pension of military and uniformed personnel and make them contributory, as the pension payouts are starting to take a toll on the country’s fiscal position.
The government has to pay P33 billion to AFP and PNP retirees by 2019, and is expected to double in eight year’s time. This is because the retiree’s pension is indexed to any increases in the salaries of those in active service.
Budget Secretary Benjamin E. Diokno has said that the government is crafting the pension scheme, and will submit a proposal to Congress before September. — Elijah Joseph C. Tubayan

Researchers find flaw in WhatsApp

PARIS, FRANCE — Researchers at Israeli cybersecurity firm said Wednesday they had found a flaw in WhatsApp that could allow hackers to modify and send fake messages in the popular social messaging app.
CheckPoint said the vulnerability gives a hacker the possibility “to intercept and manipulate messages sent by those in a group or private conversation” as well as “create and spread misinformation”.
The report of the flaw comes as the Facebook-owned is coming under increasing scrutiny as a means of spreading misinformation due to its popularity and convenience for forwarding messages to groups.
Last month, the app announced limits of forwarding messages following threats by the Indian government to take action after more than 20 people were butchered by crazed mobs after being accused of child kidnapping and other crimes in viral messages circulated wildly on WhatsApp.
WhatsApp said in a statement: “We carefully reviewed this issue and it’s the equivalent of altering an email to make it look like something a person never wrote.”
However, WhatsApps said: “This claim has nothing to do with the security of end-to-end encryption, which ensures only the sender and recipient can read messages sent on WhatsApp.”
The app noted it recently placed a limit on forwarding content, added a label to forwarded messages, and made a series of changes to group chats in order to tackle the challenge of misinformation.
Founded in 2009 and purchased by Facebook in 2014, WhatsApp said that at the beginning of the year it had more than 1.5 billion users who exchanged 65 billion messages per day. — AFP

US Embassy conducts training for Cebu judges on handling financial crimes cases

The United States Embassy this week trained Cebu-based judges on handling cases of money laundering and financial crimes.
The US Embassy brought in Western District of North Carolina Chief US District Court Judge Frank Whitney to teach Filipino judges on the international best practices on handling complex financial crimes cases. US Embassy Resident Legal Advisor David Bragdon, for his part, discussed fraud schemes and asset management.
The conference was in partnership with the US Department of Justice Office of Overseas Prosecutorial Development, Assistance, and Training and the Philippine Judicial Academy (PhilJA).
“Increasing cross border financial crime awareness is critical because these cases are complex and must be handled efficiently and well when they arise,” said Commercial and Family Court Judge Rowena San Pedro, a speaker at the conference. — Camille A. Aguinaldo

Adidas gets World Cup boost despite Nike dominance on field

Adidas AG got a boost from the World Cup, selling record numbers of jerseys even though the national teams it sponsors lost out to countries supported by rival Nike Inc.
The German sportswear giant’s shares rose as much as 7.5% on Thursday after it posted second-quarter revenue and profit that beat analyst expectations, lifted by sales of soccer merchandise and growth in the U.S. and Asia.
Adidas World Cup shirt sales topped the 8 million sold in connection with the tournament in Brazil four years ago, Adidas Chief Executive Officer Kasper Rorsted said in an interview with CNBC. That’s despite the fact that the final at this year’s event, in Russia, was contested by two teams wearing Nike uniforms — winner France and runner-up Croatia.
The Herzogenaurach, Germany-based company withstood a shift in off-the-field fashion away from minimalist classic shoes like the Stan Smith sneaker and toward so-called “dad shoes” — chunkier versions of designs from the 1980s and 1990s. German competitor Puma SE last month said the change hurt its sales in the first half of the year.
Adidas said revenue adjusted for currency swings rose 10% to 5.26 billion euros ($6.1 billion) in the second quarter, driven by a 12% gain at its namesake shoe brand. Analysts on average predicted 5.17 billion euros in revenue.
The company saw double-digit growth in North America, Asia-Pacific, Latin America and Russia. It also reiterated a forecast for 10% currency-adjusted sales growth this year.
Adidas shares are down 1.5% in the past year, compared with gains of more than 15% for Puma and 34% for Nike Inc. — Bloomberg

Senate committee report on charter change out by October — Pangilinan

The Senate committee on constitutional amendments and revision of codes may release its report on charter change by October, the panel chair Senator Francis N. Pangilinan said on Thursday.
“We’re looking maybe October dahil (because) two weeks ago lang natin nakuha ‘yung (we received just two weeks ago the) ConCom (Consultative Committee) constitutional draft,” he said during the Kapihan sa Senado media forum, adding that the committee is still awaiting the ConCom’s answers to concerns raised in a previous hearing.
The Senate panel has been conducting public hearings since earlier this year to determine whether there was a need to amend the 1987 Constitution and to discuss the best mode of charter change. The ConCom has also submitted its draft federal Constitution to both Chambers of Congress early July.
Mr. Pangilinan said the committee will also consider the House Resolution recently filed by House Speaker Gloria M. Arroyo for a separate voting between two chambers of Congress once convened as a constituent assembly to propose amendments to the 1987 Constitution. — Camille A. Aguinaldo

CIC profit rises 14% in second quarter

Concepcion Industrial Corp. (CIC) posted a 14% growth in its attributable profit during the second quarter of 2018.
In a regulatory filing, the listed maker of air-conditioners and refrigerators reported a net income attributable to the parent of P402 million, versus the P352 million it booked in the same period a year ago. Net sales likewise jumped 14% to P4.62 billion for the quarter.
“We are pleased with the strong results coming out of the second quarter of 2018 as our team focused on delivering results based on cost reductions, precise strategic execution, and clear messaging across the organization in the midst of fluctuating exchange rates and high commodity prices,” CIC Chairman and Chief Executive Officer Raul Joseph A. Concepcion. — Arra B. Francia

Cebu Landmasters unveils P3.6-billion mixed-use project in Mandaue

Cebu Landmasters, Inc. (CLI) has unveiled a P3.6-billion mixed-use project in Cebu, set to house a mall, office spaces, residential units, and a hospitality component.
In a statement issued Thursday, the listed property developer said it will develop the two-tower Astra Centre on a 1.2-hectare lot on A.S. Fortuna Street in Mandaue City. The project seeks to cater to the need for more integrated developments in the area.
“Astra Centre’s strategic location combined with the synergies that will arise from the development’s components ensure a high-energy development,” CLI Chief Executive Officer Jose R. Soberano III said in a statement. — Arra B. Francia

SM Investments earnings up in H1

SM Investments Corp. (SM) reported a nine percent increase in earnings during the first six months of 2018, boosted by the double digit growth of its property and retail units amid flattish results from the banking business.
In a statement issued Thursday, the Sy-led conglomerate said net income climbed to P18.1 billion in the January to June period of this year, higher than the P16.6 billion it posted in the same period a year ago. This came on the back of a 12% uptick in revenues to P204.9 billion, against P183.2 billion in the first half of 2017.
“We are encouraged by the results of the first half, driven by the strong performance of retail and property, particularly the residential business. Our results show the strength of the economy and consumer sentiment but we remain vigilant about inflationary pressures. We are optimistic that consumption will remain resilient,” SM President Frederic DyBuncio said in a statement.– Arra B. Francia

D&L books higher recurring profit in second quarter

D&L Industries, Inc. (DNL) expanded its recurring income by 14% to P784 million in the three months ending June, driven by higher volumes for the high margin specialty product (HMSP) segment of its food business.
The listed manufacturer of customized food ingredients and specialty raw materials said in a statement on Thursday, Aug. 9, that this pushed recurring income 13% higher to P1.53 billion in the first half of 2018. Revenues meanwhile stood at P13.2 billion, four percent higher year-on-year.
The earnings for the first half translate to an earnings per share of 21 centavos.
DNL attributed the profit growth to the 14% increase in volumes from the food unit’s HMSPs, which accounted for 63% of total revenues. The company noted the segment’s growth for the period is twice its historical average increase of seven percent.
“The pick-up in HMSP is encouraging as it represents the side of the business that is recurring and sticky,” the company said. This allowed a two percent year-on-year increase for the food ingredients segment.
Shares in DNL rose 20 centavos or 1.89% to close at P10.76 each at the stock exchange on Thursday. — Arra B. Francia