China basketball teams thrown out after match-fixing claims

SHANGHAI, China -- Two teams were disqualified from the ongoing Chinese Basketball Association season on Monday after suspicions of match-fixing, with Yao Ming bemoaning a "sorrowful weekend".

The Shanghai Sharks overtook the Jiangsu Dragons in the last two minutes of a CBA playoff game on Friday after the Dragons lost possession of the ball multiple times.

The Sharks -- where CBA president and NBA all-star Yao began his professional career -- won the game 108-104, advancing to the quarter-finals.

The match sparked fury among basketball fans on Chinese social media and allegations of match-fixing. The CBA said on Saturday that it would investigate the game.

The CBA did not use the phrase "match-fixing" on Monday and instead accused them of "passive playing" during two recent games involving the teams, state broadcaster CCTV reported.

In addition to being disqualified from this season, both teams had their budgets slashed by five million yuan ($730,000).

Their head coaches and general managers have been slapped with suspensions of three to five years, CCTV said.

"Both clubs have a long history... and both teams have produced milestone figures," Yao said in video footage published by the state-run China News Service.

"The more we talk about it, the more pain we feel," said the 42-year-old, who starred for the Houston Rockets in the NBA between 2002 and 2011.

Agence France-Presse

Australia's CommBank accepts record penalty in money-laundering case

SYDNEY - Commonwealth Bank of Australia (CBA) agreed to a record penalty of A$700 million ($529.3 million) to settle explosive money laundering charges brought by Australia's financial intelligence agency.

The fine is almost double the amount CBA had set aside to finalize the matter and represents a record penalty for money-laundering and terror finance breaches, the Australian government said on Monday.

Australia's biggest bank breached the relevant laws on 53,750 occasions, according to an agreed statement of facts tendered in court by both parties, where suspicious transactions were repeatedly not reported, and monitoring processes failed.

"The money laundered through the CBA accounts included the proceeds of drug and firearms importation and distribution syndicates – predominantly involving methamphetamine," the court document said.

"Criminal syndicates rely upon money laundering syndicates to import and distribute their drugs."

The proposed settlement will now be presented to Australia's Federal Court for approval, 10 months after the charges were laid.

CBA shares were up 2 percent in early morning trade, in a slightly positive market. Many of the breaches carried maximum penalties of up to A$21 million per contravention, which had left CBA susceptible to being hit by fines running into the billions of dollars.

"While not deliberate, we fully appreciate the seriousness of the mistakes we made," CBA Chief Executive Matt Comyn said in a statement.

"Our agreement today is a clear acknowledgement of our failures and is an important step towards moving the bank forward."

The breaches, many of which CBA blamed on a computer error, triggered a selldown in its share price and a board shake-up, with then-CEO Ian Narev announcing his retirement two weeks later amid a public outcry.

Australia's biggest bank is struggling to rebuild its reputation after a series of scandals revealed flaws in its leadership culture, exposing it to closer regulatory scrutiny, higher compliance costs and potential fines.

Its standing as one of Australia's most venerable companies has been tarnished further by malpractice revealed at an ongoing independent inquiry into the country's financial sector.

CBA had previously booked an A$375 million expense to pay civil penalties and legal fees related to charges in its half year accounts.

The bank said on Monday it would book a A$700 million provision in its fiscal 2018 results, to be released in August.

It has also been ordered to carry an additional $1 billion in reserve capital until it satisfies regulators that it has improved oversight to avoid similar breaches in future.

In a scathing report into how the lender allowed money laundering to flourish, the Australian Prudential Regulatory Authority (APRA) said the lender had a "widespread sense of complacency" and was reactive in dealing with risk.

The bank's "continued financial success dulled the senses of the institution" and exposed it to non-financial risks, said the report released in May.

source: news.abs-cbn.com

Kaepernick files grievance against NFL, citing collusion

Free-agent quarterback Colin Kaepernick filed a grievance against the NFL, accusing the 32 owners of collusion, his legal team announced on Sunday.

Kaepernick has remained unemployed through the first six weeks of the NFL season, even when injuries to other quarterbacks created job openings. He retained attorney Mark Geragos to represent him.


"We can confirm that this morning we filed a grievance under the CBA on behalf of Colin Kaepernick," Geragos said in a statement, in reference to the collective bargaining agreement. "This was done only after pursuing every possible avenue with all NFL teams and their executives.

"If the NFL (as well as all professional sports leagues) is to remain a meritocracy, then principled and peaceful political protests -- which the owners themselves made great theater imitating weeks ago -- should not be punished and athletes should not be denied employment based on partisan political provocation by the Executive Branch of our government. Such a precedent threatens all patriotic Americans and harkens back to our darkest days as a nation. Protecting all athletes from such collusive conduct is what compelled Mr. Kaepernick to file his grievance.

"Colin Kaepernick's goal has always been, and remains, to simply be treated fairly by the league he performed at the highest level for and to return to the football playing field."

The 29-year-old Kaepernick said his agent reached out to all 32 teams to make sure they were aware of his interest in playing this season. He opted out of his contract with the San Francisco 49ers in the offseason.

Kaepernick has been a controversial figure since he first sat and then knelt during the national anthem before games with the 49ers in the 2016 season. The move was the beginning of what turned into league-wide protests earlier this season after U.S. President Donald Trump made critical comments of players who don't stand for the national anthem.

Kaepernick and his legal team are claiming the owners violated terms of the collective bargaining agreement, specifically a clause that prohibits teams from acting together in regards to a player's employments status.

"No Club, its employees or agents shall enter into any agreement, express or implied, with the NFL or any other Club, its employees or agents to restrict or limit individual Club decision-making," the CBA states, adding that the clause applies to "whether to negotiate or not to negotiate with any player" and "whether to offer or not to offer a Player Contract to any player."

NFL commissioner Roger Goodell has stated on multiple occasions this season that Kaepernick is not being blackballed.

The Players Association said it will back Kaepernick in his fight against the NFL and is in the process of scheduling a conference call with his advisors for early this week.

"Our union has a duty to assist Mr. Kaepernick as we do all players and we will support him," the NFLPA said in a statement. "The NFLPA has been in regular contact with Mr. Kaepernick's representatives for the past year about his options and our union agreed to follow the direction of his advisors throughout that time."

Among the teams who lost a starting quarterback this season were the Miami Dolphins. In that instance, Miami lured Jay Cutler out of retirement to be its signal-caller, citing a relationship Dolphins head coach Adam Gase and Cutler developed when both were with the Chicago Bears.

The Baltimore Ravens considered Kaepernick when Joe Flacco sustained a training camp injury but ultimately passed on signing him.

The Tennessee Titans needed a quarterback earlier this month when Marcus Mariota was injured. They opted for journeyman Brandon Weeden.

The Green Bay Packers could be in the market this week after losing Aaron Rodgers to a broken collarbone on Sunday.

Kaepernick passed for 2,241 yards with 16 touchdowns and four interceptions while fumbling a career-worst seven times with the 49ers last season. He also ran for 468 yards and two touchdowns.

In six NFL seasons, Kaepernick has passed for 12,271 yards with 72 touchdowns and 30 interceptions, adding another 2,300 yards and 13 touchdowns on the ground.

Kaepernick, who guided the 49ers to the Super Bowl following the 2012 season, has indicated he would stand for the national anthem this season.

source: news.abs-cbn.com

Dollar resumes ascent, Asia keeps wary eye on yuan

SYDNEY - The US dollar held on to broad gains on Tuesday, resuming its ascent after last week's brief wobble as the prospect of rising US interest rates this year kept sentiment bullish on the long-run.

A holiday in Japan made for quiet early trade, leaving the dollar steady at 117.36 yen but well up on Friday's trough of 116.05.

Against a basket of currencies, the dollar was firm at 102.800 having climbed 0.6 percent overnight.

The euro was sulking at $1.0461 despite strong manufacturing data for the currency bloc, having surrendered all of Friday's brief spike to $1.0700.

A dearth of liquidity was largely behind the wild swings, though the market is now so long dollars that it is vulnerable to sudden corrections.

Data released on Friday showed speculators increasing their bets on the dollar in the week up to last Tuesday after cutting positions for the first time since October in the previous week.

The greenback had soared to 14-year highs in December on speculation the US Federal Reserve will hike rates as many as three times this year, and that President-elect Donald Trump will stoke growth and inflation with debt-funded tax cuts.

Treasury yields have jumped in anticipation while central banks in the euro zone and Japan are still working to keep their short-term yields deep in negative territory.

As a result, US two-year debt pays 200 basis points more than German debt and 138 basis points more than Japanese paper.

"Following a period of consolidation between now and late January, we believe the USD will put on another 10 percent of gains over the next eighteen months," said Richard Grace, chief currency strategist at CBA.

Grace argued Trump's proposed plans for a US company tax cut could be particularly bullish for the dollar since it would likely encourage a wave of repatriation by domestic firms and demand for US equities by foreign investors.

"We anticipate some twelve-to-eighteen months of USD strength, beginning when the Trump Administration gets its tax cuts through the Congress," he added, citing late March as likely timing for passage.

Dealers are also keeping a wary eye on the yuan as annual quotas covering how much foreign currency Chinese individuals can buy are reset this week.


China's foreign exchange regulator said on Saturday that the $50,000 annual individual quota will remain unchanged, but some banks have told customers that purchases of foreign currency for buying property, securities and life insurance were not allowed.

The new rules on overseas currency transfers are not capital controls, the official Xinhua news agency reported,

There has been talk investors could rush to sell the yuan fearing further depreciation in the currency, forcing the country's central bank to run down its reserves to head off a self-fulfilling spiral.

Some in the market have hedged that risk by shorting the Australian dollar, typically used as a liquid proxy for the yuan. The Aussie was stuck at $0.7179 on Tuesday, just above the recent seven-month trough of $0.7160.

source: news.abs-cbn.com