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Biggest Japan bank kicks off new era with $700 million Grab bet

first_imgTopics : He’s not even the boss yet, but Mitsubishi UFJ Financial Group Inc.’s Hironori Kamezawa is already making his mark on Japan’s biggest bank.As the leader of MUFG’s digital push, Kamezawa is spearheading the lender’s $700 million investment in Singapore tech giant Grab, people with knowledge of the matter said. The deal, which equates to about 5% of Grab’s current estimated $14 billion value, may help MUFG tap the ride-hailing startup’s millions of app users and deepen its presence in Southeast Asia.Read also: Gojek, Grab prices now included in inflation calculation as they ‘grow significantly’ The deal is set to be MUFG’s biggest investment in a tech startup. Through the alliance, it intends to market a range of financial services from insurance to loans to Grab’s users, said a person familiar with the deal who wasn’t authorized to discuss the matter publicly.Grab is trying to build a regional super-app that offers a range of services including finance, payments and rides. The startup doesn’t disclose its number of users, but says its app has been downloaded onto more than 166 million mobile devices in the region.Read also: Grab launches new airport e-taxi service at Soekarno-Hatta The digital hook-up would complement MUFG’s growing physical standing in Southeast Asia, through its units including Bangkok-based Bank of Ayudhya Pcl and the recently acquired PT Bank Danamon Indonesia.It could also give MUFG know-how in developing digital offerings at home, where the retail banking system remains heavily burdened by a reliance on cash and paperwork at branches. MUFG is even offering to pay customers to give up their passbooks and migrate to online platforms.“This is a noteworthy deal if true, since it could push forward MUFG’s offering of financial services on apps,” said Ken Takamiya, an analyst at Nomura Holdings Inc. in Tokyo. “The question is how fast they can start offering services and how the experience gained there will be utilized in the domestic business.” Kamezawa, 58, was named chief executive officer last month, and he will take the post in April to steer the bank through challenges ranging from negative interest rates to the need to modernize services. Analysts have expected MUFG to accelerate its financial-technology efforts under the new leader, who has already been helming projects including the development of the bank’s digital coin.“Kamezawa as new CEO would like to put his imprint on the strategic direction at an early stage,” said Michael Makdad, an analyst at Morningstar Inc. in Tokyo.The University of Tokyo mathematics graduate is a rare breed in an industry where most elites have either law or economics backgrounds. He has been digital transformation officer since 2017, overseeing efforts ranging from introducing more automation at branches to driving a blockchain payments initiative with U.S. firm Akamai Technologies Inc.Depending on the price paid for Grab, Kamezawa will need to justify the investment with synergies that boost MUFG’s Asian business, Makdad said.last_img read more

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DC schemes urged to consider currency hedging

first_img“In addition to that, in this era of political change we believe that currency markets will be increasingly [more] volatile over the next few years rather than less,” Sharples said.As a result, DC schemes should give currency hedging serious consideration and take action if necessary.In its paper, Aon Hewitt said it believed hedging foreign currency exposure back to sterling would generally dampen overall portfolio volatility over the medium term, though the risk reduction benefits may not be so significant for long-term investors.The consultancy recommended hedging the full currency risk for asset classes with relatively stable underlying values, such as overseas bonds or absolute return strategies. Investors should take a pragmatic approach with asset classes such as equity, hedging half of the currency risk. Among things that trustees needed to think about was whether to make a strategic decision for the long term or a tactical decision for the medium term, Aon said.“Clearly a tactical decision requires ongoing monitoring and periodic adjustment, which increases the required governance capacity, and may also increase tracking error which would require careful communication with members,” the firm said. “Following the recent depreciation of sterling, we believe the pound has fallen to a level sufficient for trustees to consider whether to introduce a strategic currency hedge, if not already in place,” it said.Aon Hewitt cautioned that trustees should consider their scheme’s specific circumstances and investment beliefs to make sure currency hedging cut their risk enough to justify the extra cost. UK defined contribution (DC) pension schemes should consider using currency hedging to protect members as they become more globally diverse, according to a new paper.Consultancy Aon Hewitt said in a paper on currency hedging and DC pension schemes that currency movements could have a significant impact on portfolio volatility and, at times, can dominate returns. Joanna Sharples, principal consultant at Aon Hewitt, said: “With DC schemes increasingly exploring investment options on a global basis and using overseas assets both to seek returns and to diversify, it is inevitable that there is the potential for members to be more exposed to exchange-rate fluctuations.”This meant schemes faced the dilemma of how to protect themselves against adverse currency movements.last_img read more

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Syracuse remains winless after 5-2 loss to Colgate

first_imgSyracuse goalkeeper Ady Cohen saved a quick shot, but then Colgate gathered the rebound and scored. That was the theme of the first period, as Syracuse fell behind, 3-0, en route to a sixth straight loss to start the season. A poor first period left Syracuse (0-6) chasing Colgate (3-2-1) in Hamilton, NY on Friday Night. The scoring started early with the Raiders taking the lead seven minutes into the first period. Then two goals in three minutes by Colgate, including one on a five-on-three power play, demoralized SU. With the win, the Raiders remained undefeated at home this season. After the first intermission, Syracuse came out of the break reenergized and reinvigorated. Perhaps it was something head coach Paul Flanagan said in the locker room. In the second period, SU outshot Colgate 11-0, but couldn’t score.Liz Auby, Colgate’s goalie, leads the nation with over 300 minutes played. She also added 31 saves tonight to her 101 saves on the year.On the other side, Flanagan chose to switch up his starting goalie once again as Ady Cohen got the start with Allison Small dealing with an injury. Cohen allowed five goals on 26 shots, which added to the ongoing battle for the starting spot. Flanagan has yet to decide on a starting netminder for SU this season.AdvertisementThis is placeholder text“I don’t think we have an established number one,” said Flanagan last week.The fire that the Orange had in the second period fizzled out in the third with the game effectively over. Two consolation goals from SU made the final score 5-2. However, this was yet another performance where the Orange looked bright in brief moments, but were outplayed for most of the game.Syracuse returns to Tennity Ice Pavilion tomorrow afternoon seeking its first win over Colgate in five years. Comments Published on October 18, 2019 at 8:59 pm Contact Gaurav: gshetty@syr.edu Facebook Twitter Google+last_img read more

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Richard Flint – Racing is a ‘critical friend’ of betting in tackling its regulatory predicaments

first_img StumbleUpon Share UK Racing pushes for drastic levy reforms as deep recession looms August 25, 2020 Spotlight ups matchday commentary reach and capacity for new EPL Season  August 21, 2020 Ending his 17-year tenure at Sky Betting & Gaming (Sky Bet), industry figurehead Richard Flint has called for betting and racing leaders to work in partnership, tackling an ‘existential threat’ facing all betting stakeholders.Speaking to the Racing Post, Richard Flint the former Executive Chairman of Sky Bet, warned UK racing leaders not to be complacent in believing that their sport is immune to betting’s current regulatory predicaments.In his warning, Flint acknowledges the growing profile of gambling industry sceptics, ‘that is way higher now’, stating that negative perspectives are becoming ‘influential among policymakers’.“That’s why I think it’s a dangerous moment for the betting industry and by extension for the racing industry because there are more politicians with a very negative view of the industry than there are with a positive view,” Flint said.With the UK government having enforced its FOBTs £2 wagering reduction last April, Flint warns that campaigners and politicians have turned their attention to scrutinising betting’s links with sports.A stricter regulatory agenda could lead to a blanket ban on betting-sports advertising and sponsorship damaging racing indefinitely.“If all advertising was banned that would take racing off the terrestrial TV, it would stop race sponsorships, it would do vast harm to racing’s finances,” Flint said.Describing racing as a ‘critical friend’ of the betting, Flint calls for sector leaders to take heed of warnings, and work together in partnership.Issuing a response, the British Horseracing Authority (BHA) acknowledged Flint’s concerns, reaffirming that it wouldcontinue to promote socially responsible betting as core mandate, as well as emphasising the importance of the sector to the sport to politicians. Related Articles Share Spotlight delivers Racing Post translated services for Pari-Engineering Russia August 26, 2020 Submitlast_img read more

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Jordan, Acquah named in 24-man squad to face Rwanda

first_imgCoach Avram Grant has named a 24-man squad for the upcoming 2017 African Cup of Nations qualifying match against Rwanda.The Black Stars will play a friendly against Congo in Brazzaville on September 1 before travelling to Kigali on three days later to take on the Amavubi of Rwanda in their second qualifying group stage match.Former U-20 stars Godfred Donsah and Ebenezer Assifuah have been handed call ups with Bournemouth based winger Christian Atsu recovering in time to make the squad for next month’s match.Andre Ayew who missed out of the first group match against Mauritius in Ghana due to injury has been named in the squad.Captain Asamoah Gyan will lead the squad for the tie.Below is Ghana’s full 24-man squad for the clash against Rwanda: Goalkeepers: Razak Braimah (Cordoba, Spain), Fatau Dauda (AshGold), Richard Ofori (Wa All Stars)Defenders: Harrison Afful (Columbus Crew, USA), John Boye (Sivasspor, Turkey), Jonathan Mensah (Evian, France), Jeffery Schlupp (Leicester City, England), Baba Rahman (Chelsea, Germany), Gyimah Edwin (Orlando Pirates, South Africa), Daniel Amartey, (FC Copenhagen, Denmark)Midfielders: Rabiu Mohammed (Krasnodar, Russia), Emmanuel Agyemang-Badu (Udinese, Italy), Afriyie Acquah (Torino, Italy), Solomon Asante (T.P. Mazembe, DR Congo), Christian Atsu (Bournemouth, England), Andre Ayew (Swansea City, UK) Mubarak Wakaso (Rubin Kazan, Russia), Bernard Mensah (Getafe, Spain), Godfred Donsah (Bologna, Italy)Strikers: Asamoah Gyan (SIPG Shanghai, China), Jordan Ayew (Aston Villa, England), Ebenezer Assifuah (Sion, Switzerland), David Accam (Chicago Fire, USA), Richmond Boakye Yiadom(Atalanta).– CLICK TO READ: Arhinful wants Acquah, Jordan dropped for ‘sex scandal’ claims–Follow Joy Sports on Twitter: @Joy997FM. Our hashtag is #JoySportslast_img read more

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Lakers lose to Hornets, 117-113, and possibly Larry Nance Jr. to injury

first_img“When you’re playing a playoff team, building up a lead in the first half doesn’t really mean much,” Walton said. “They’re not going to fold.”The Lakers did, though.They blamed their poor ball movement on the difference in their 3-point shooting in the first half (12-of-18) and second half (4-of-15). After praising Lakers forward Julius Randle for his career-high in blocks (five), Walton asked for more after he had only eight points on 4-of-12 shooting and three turnovers. Said Walton, “When he’s playing and using that speed of his and strength of his, that’s when he’s really tough to handle.”“I like it; he’s pushing me,” Randle said of Walton. “I’m just trying to work on it and keep getting better.”The problems hardly fall on Randle, though.Walton called Hornets guard Kemba Walker a “scoring machine,” and the Lakers never figured found Walker’s “off” switch as he posted 28 points on 11-of-26 shooting, nine rebounds and 10 assists. Batum (23 points,10 assists) and Marco Belinelli (11 of his 13 points in the fourth quarter) also seemed unstoppable. “We’re still far behind,” Lakers forward Luiol Deng said of the team’s defense. “Defensively, guys have to trust each other more.”The only positive news came when starting point guard D’Angelo Russell reported no pain in his previously sore left knee after posting 15 points on 6-of-13 shooting and five assists.Yet, the Lakers could have lost another key player in Nance. They also have lost a lot of games regardless of their strong or poor starts. CHARLOTTE, N.C. >> The Lakers threw plenty of first-half jabs that could have set up a knockout punch. Instead, the Lakers were on the ropes as they struggled to absorb a second-half flurry of counterpunches.The Lakers suffered a 117-113 loss to the Charlotte Hornets on Tuesday at Spectrum Arena despite leading by 19 points. To add injury to insult, Lakers forward Larry Nance Jr. also needed to be escorted off the court late in the third quarter, injuring his left knee.Though X-rays turned out negative, Nance hobbled on crutches in the locker room and will have an MRI in Miami on Wednesday.“That’s going to be a tough loss,” Walton said of Nance, who had 10 points on 4-of-5 shooting and four rebounds. “Larry gives us a lot of versatility. He’s probably our most intelligent player as far as reading defenses and being able to cover for people.” Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img The Lakers (11-20) offered little of that in what marked their 10th loss in the past 11 games.Lakers guard Nick Young missed a 19-foot jumper with the score tied 113-113 with 52 seconds left. Despite missing a 3-pointer on the next possession, Charlotte guard Kemba Walker retrieved his own rebound with 27.9 seconds left. Hornets guard Nicolas Batum then drove in for a bank shot to give the Hornets a 115-113 lead with 8.7 seconds left. Then,Young’s 3-point attempt from the top of the key fell short.“I felt confident and felt good,” said Young, whose 24 points on 9-of-18 shooting featured a 3-of-10 clip in the second half. “It just didn’t go down.”The Lakers seemingly could not miss as they posted in a season-high 73 points in the first half, a 14-point cushion and 21 assists. In what Walton called a “fantastic game,” Lakers guard Jordan Clarkson had 25 points on 9-of-13 shooting after spending recent late nights in the gym.Then the Hornets opened the third quarter scoring 10 of the first 14 points to trim the Lakers’ lead to 77-69. Walton called timeout with 9:48 trying to minimize the damage, but to no avail. The Hornets (16-13) outscored the Lakers, 35-23, in the third quarter.last_img read more

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Rockets coach Mike D’Antoni marvels at James Harden’s 61: ‘One of the best performances’

first_img NBA wrap: Thunder stay tied with surging Clippers after big win over Raptors The Rockets are third in the Western Conference at 46-27, with the Spurs occupying the eighth seed at 42-31.”We gave up a million points in the first quarter, and they had 19 free throws in the first half and none in the third quarter,” Spurs coach Gregg Popovich said. “You play with your heart and you play between the ears also.”We played smarter and we played harder in the second half, but you can’t do that against a good team like Houston or any team in the NBA. We played the last two quarters, and then at the end, James put on an MVP-type performance. So that’s that.” James Harden now sits in a Rockets’ category all by himself James Harden’s 61-point eruption Friday against the Spurs left Mike D’Antoni to marvel at what the Rockets coach dubbed “one of the best performances.”Harden rallied the Rockets from a six-point deficit with four minutes remaining, scoring 13 consecutive points – including three successive 3-pointers – to rescue a 111-105 win for Houston.center_img “I don’t know how you get any better,” D’Antoni said. “Whoever was in the gym tonight probably [saw] something they have never seen before.”There’s no way. That was one of the best performances – the magnitude of the game, we needed it – just everything. I don’t know how many points he got in the last four minutes, but we were down. The guy was playing.”Tying his career-high & @HoustonRockets franchise record 61 PTS… @JHarden13 joins Wilt Chamberlain, Kobe Bryant and Michael Jordan as the only four players in @NBAHistory to record multiple 60-point games in a single season. #SAPStatLineOfTheNight pic.twitter.com/22nAwIZXFV— NBA.com/Stats (@nbastats) March 23, 2019Giannis Antetokounmpo is seen as the favorite for this year’s MVP, but Harden’s teammate Chris Paul is in no doubt this performance solidified his status in the race for that honor.”I mean, what else have you got to do?” Paul said. “This was tough, this was crazy.”I keep thinking about a conversation I had with Paul Pierce after his last game when I was with the Clippers, and talking about having an opportunity to appreciate greatness. Sheesh, that’s tough. Not only that performance, but we won. We needed it.”Rockets guard Gerald Green was equally awestruck.”Some of the shots he hit today, it’s remarkable,” Green said. “I’ve seen a lot of basketball in my life, played against a lot of people, and his talent level is just something that I’ve just never seen before.”The only person that could probably guard him is the coaches and the referee. That’s it. There’s nobody that can stop him. He’s just one of those types of players that he’s able to get a shot off at any time.”He doesn’t have any weaknesses. The only person that can stop him is [D’Antoni] if he takes him out, and the referees if they foul him out. That’s it.” The reigning NBA MVP hit 27 points in the first quarter and went on to join Wilt Chamberlain, Kobe Bryant and Michael Jordan on the list of players to register multiple 60-point games in the same season.Harden, who also had 61 points against the Knicks in January, tied Jordan and Bryant for the most points in a two-game span over the past 50 seasons, his efforts on Friday taking him to 118 following the 57 he scored up against the Grizzlies two days earlier. Related Newslast_img read more

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Mallard’s Team of the Week — Nelson Neptunes Swim Team

first_imgMallard’s Source for sports is very impressed with the Neptunes overcoming adversity and wants to praise the swimmers with Team of the Week.For more information regarding the Neptunes program check out the club’s website. It doesn’t matter that the Nelson Neptunes Swim Team is minus a home.The show will go on for the Kootenay Summer Swim Association team the Neptunes open the training season May 1 swimming five times a week at the Castlegar Aquatic Centre.After May, the Neptunes move home base to the Salmo outdoor pool for June, July and August as well as hosting a meet in June in Salmo.last_img

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3 women among 31 arrested during Police raids

first_imgRanks of the Guyana Police Force have arrested another 31 persons, this time from the East Bank and West Bank of Demerara, as they continue efforts to restore law and order throughout the country.This recent ‘Operation Restore Order’ was executed on Sunday morning, during which the ranks conducted a number of cordon and search exercises in Divisions ‘A’ (EBD) and ‘D’ (WBD).The pre-dawn simultaneous operations — which involved more than 190 ranks, inclusive of senior officers — were carried out in the villages of Kaneville and Diamond on the East Bank, and Westminster and La Grange on the West Bank.Among the items recovered were: two flat screen televisions; a DVR; a TechnicalSome of the items which were found during the raidPro music box; a Motorola handset; 15 cellular phones; a Technical Pro 1200-watt amplifier; two video cameras; a Toshiba laptop; two car rear view mirrors; a vehicle headlight; a desktop computer; monitor; 1500 grams of cannabis; a tablet; a toy gun; two digital scales, and $207, 740 cash.Following the raids, a total of 31 persons, inclusive of three females, were arrested for various offences, ranging from possession of narcotics for the purpose of trafficking to robbery under arms to unlawful possession and to wounding.The Police have said there were no incidents during the exercise.Sunday’s raids followed a similar operation conducted on October 13, during which 38 persons, including one female, were arrested in Georgetown and on the East Coast of Demerara. Those raids were centred in the East La Penitence Station District, which includes Guyhoc Park and part of Sophia, Greater Georgetown; as well as in Beterverwagting (BV) and in Sophia, Greater Georgetown, on the East Coast.last_img read more

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First Nations, government and industry leaders gather for First Nations LNG Summit

first_imgFirst Nations leaders visited a natural gas excavation site, and government and industry staff went to the Charlie Lake Cave where there are paintings up to 11,000 years old.The First Nations LNG Summit is designed to give First Nations the information they need when it comes to making decisions surrounding LNG development.The summit continues tomorrow and Wednesday where delegates are going to be participating in workshop sessions, and keynote discussions.- Advertisement –last_img

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