‘Wolf of Wall Street’ producer threatens to sue Sarawak Report |
- ‘Wolf of Wall Street’ producer threatens to sue Sarawak Report
- Global central banks splitting on stimulus in 2014 as Fed tapers
- Brazil prepared ‘too late’ for World Cup, blasts Blatter
- ‘Inside Llewyn Davis’ is US critics’ choice for best film
- No home comforts as United fans turn on Moyes
- Lottery companies cash in as China raises bet on punters
| ‘Wolf of Wall Street’ producer threatens to sue Sarawak Report Posted: 05 Jan 2014 05:19 PM PST
According to a report by entertainment website BuzzFeed, a letter of demand was issued to Clare Rewcastle-Brown, the operator of the Sarawak Report, that accused her of publishing "false, defamatory and malicious" statements regarding Red Granite Pictures, the production house at which Riza is chief executive. Among the allegations that the firm disputed were that the Red Granite Pictures was funded using "ill-gotten wealth" from Malaysia, that "The Wolf of Wall Street" was dropped by major studios but resurrected upon the firm's involvement, and the firm was a Malaysian concern. Red Granite's lawyers, Loeb & Loeb LLP based in Santa Monica, California are demanding for Rewcastle-Brown to remove the offending articles and publish an unconditional apology over the reports. She was also directed to ensure that all subsequent media reports that stemmed from her original also be removed, and will be liable for legal fees incurred Red Granite over the matter. The reports last month by Rewcastle-Brown, the sister-in-law of former British prime minister Gordon Brown, led to demands by opposition lawmakers for Riza to be investigated by the Malaysian Anti-Corruption Commission (MACC) over a reported purchase of a RM110 million apartment in New York. But the MACC said on December 30 that it was not empowered under the law to investigate such "mismatch" of income against "excessive" assets, but added it was hoping for an amendment to be tabled in Parliament next year that will allow it to do so. "Although the investigation of asset ownership that does not match the income is not MACC's complete function, the MACC welcomes if this clause is inserted into the list of amendments to the MACC Act 2009 that will be brought to Parliament next year," the MACC said. Riza is the stepson of Prime Minister Datuk Seri Najib Razak.  |
| Global central banks splitting on stimulus in 2014 as Fed tapers Posted: 05 Jan 2014 05:17 PM PST
The Federal Reserve — soon to be led by Janet Yellen, who is poised for confirmation by the Senate today — begins pulling back on its quantitative easing amid stronger US growth, and the Bank of England is trying to cool its housing market. The European Central Bank and Bank of Japan lean toward more monetary action to fight weak inflation. The ECB and BOE both hold policy meetings this week. The erosion of the mostly synchronised stimulus that supported the world economy for the past six years has investors anticipating a stronger US dollar and weaker Treasuries. That's not to say the era of easy money is over, as the need to guard against deflation — as well as the fear of unsettling markets or upending economic expansion — leaves the Fed and its counterparts pledging to keep interest rates at record lows. "The world's main central banks have very different things going on, which is an opportunity for investors," said Scott Thiel, London-based head of the global bond team at BlackRock Inc., the world's biggest money manager. "It's very important to look at the economies close to inflection points on monetary policy." Thiel predicted last month that investors will see the Fed's decision to taper its US$85 billion (RM280 billion) in monthly bond purchases as the beginning of the end of central-bank support and will push the US 10-year note toward 3.25 per cent by the end of this year from 3 per cent at 5pm in New York January 3, outpacing the projected rise in Germany's 10-year bund yield. Higher dollar Higher borrowing costs on US sovereign debt and the improving economy will help boost the dollar this year, said Stephen Jen, co-founder of London-based SLJ Macro Partners LLP. The Bloomberg Dollar Spot Index, which tracks the performance of the currency against a basket of 10 peers, rose about 3.5 per cent last year. "Policy paths will be dictated by diverging economic trajectories," said Jen, who describes himself as "generally bullish" on the dollar. "Partly because of the Fed having launched multiple rounds of QE, the dollar is now very cheap." Signs that the world's largest economy is strengthening may be enough to rally equities in the US and abroad, said Pierre LaPointe, head of global strategy and research at Pavilion Global Markets Ltd. in Montreal. His research shows that shifts in US equities explained about 40 per cent of the moves in German and UK stocks since 2000. Gravitational pull "As major central banks are set on diverging paths in terms of monetary policy, we find that the US economy will have the greatest gravitational pull in 2014," LaPointe said. The Fed is trimming its stimulus as Vice Chairman Yellen prepares to succeed Chairman Ben S. Bernanke when his second term ends January 31; the Senate is scheduled to vote today on her nomination. The central bank will pare its monthly bond purchases by US$10 billion to US$75 billion this month, "reflecting cumulative progress and an improved outlook for the job market," Bernanke told reporters after the December 18 announcement. The Federal Open Market Committee probably will continue tapering over its next seven meetings before ending the program in December, according to the median forecast of 41 economists in a Bloomberg survey last month. The Fed announced its intentions after the jobless rate fell to a five-year low in November and as economists including Martin Feldstein of Harvard University and former Treasury Secretary Lawrence Summers predict the economy will accelerate this year. JPMorgan Chase & Co. economists raised their estimate last week for growth to 2.8 per cent, higher than the 2.5 per cent they projected a month ago and the 1.9 per cent they calculate for 2013. Adding jobs Manufacturing grew in December at the second-fastest pace in more than two years, and a report scheduled for release this week will show employers added 195,000 jobs last month, according to a Bloomberg News survey of economists. The challenge for other central banks is that if long-term borrowing costs do rise in the US, this may pull up comparable rates elsewhere, threatening more-fragile expansions and forcing a response from policy makers, said Andrew Wilson, chief executive officer for Europe, the Middle East and Africa at Goldman Sachs Asset Management in London. "Historically, markets are highly correlated, so if we see US rates rising, it's going to be hard for European rates to stay where they are," Wilson told Bloomberg Television's "On the Move" with Francine Lacqua on December 17. "It's going to be interesting with central banks moving in different directions." Cutting rates The ECB is already on the offensive against weak price pressures, cutting its benchmark rate to 0.25 per cent in November to shore up inflation now less than half its target of just below 2 per cent. Gross domestic product in the euro region fell 0.4 per cent in the third quarter, and October unemployment was 12.1 per cent, down from a record 12.2 per cent. President Mario Draghi has refused to rule out further cuts and pledged rates will stay low for an "extended period." He has signalled the bank may be willing to charge financial institutions to hold their cash or offer new long-term loans. If deflationary risks mount significantly, Draghi will need to start buying assets just as the Fed is winding down, according to Ken Wattret, an economist at BNP Paribas SA in London. Policy makers are split on whether to buy government bonds, meaning they probably would start with private-sector securities, such as assets based on outstanding loans to small- and medium-sized enterprises, he said. Inflation target The Bank of Japan, which in April intensified asset purchases and introduced a new inflation target, also may pursue more stimulus as the government raises the sales tax to 8 per cent from 5 per cent this April to curb its debt. Bank officials see significant scope to boost Japanese government asset purchases if needed to achieve their 2 per cent inflation target, according to people familiar with the matter. The current pace, equivalent to 70 per cent of new government debt issued, isn't a limit for many officials, the people said last month. They asked not to be named as the talks are private. While the Bank of England indicates its benchmark rate will stay at 0.5 per cent this year, it is inching toward a stimulus exit, saying in November it would dilute a credit-boosting program as housing prices, sales and mortgage demand all accelerate. Prices rose in December and will extend gains this year, property researcher Hometrack Ltd. said on December 30. Housing boom Other developed-nation central banks may go even further in tightening. Economists in a Bloomberg News survey predict the Reserve Bank of New Zealand will be the first to raise its benchmark rate this year, from 2.5 per cent, as accelerating economic growth and a housing boom stoke price pressures. The risk of a premature withdrawal of support — as inflicted by the Bank of Japan in 2000 and the ECB in 2008 and 2011 — leaves central banks likely to use more so-called forward guidance in 2014. The theory goes that if they avoid mixed messages and signal how long they expect interest rates to stay low, investors will respond by restraining market borrowing costs, too, helping households and companies. Fed officials have honed their message as they try to underscore that tapering isn't the same as tightening monetary policy. The FOMC made a commitment last month to keep the benchmark federal funds rate near zero "well past the time" unemployment falls below 6.5 per cent, especially if projected inflation continues to run below their 2 per cent target. Push forward Such actions were "intended to keep the level of accommodation the same overall and to push the economy forward," Bernanke told reporters on December 18. US unemployment was 7 per cent in November, and the Fed's preferred measure of inflation was 0.9 per cent the same month. In Britain, with unemployment already at 7.4 per cent, the Bank of England may follow by saying it won't consider raising rates before joblessness reaches 6.5 per cent or even lower, according to Brian Hilliard, chief UK economist at Societe Generale SA in London. Its current threshold is 7 per cent, a level it now expects to be reached by the third quarter of 2015. Even if 2014 does mark the beginning of the end of widespread global stimulus, support will be drawn down slowly. Analysts at Credit Suisse Group AG predict the balance sheets of central banks will balloon by about another 19 per cent this year. Those at JPMorgan Chase estimate the average interest rate of advanced economies will be almost unchanged, at 0.33 per cent at the end of the year. Price-pressure weakness The reason to keep money cheap is that price pressures still are weak and hiring fragile in most of the industrial world, with JPMorgan Chase estimating global inflation was about 2.8 per cent last year, the second-lowest since World War II. Policy makers also will be wary of rocking markets as the Fed did last summer when it began signalling tapering was pending. "The risks are more skewed in the direction of getting the timing of monetary policy wrong," said Bill Street, head of investments for Europe, the Middle East and Africa at State Street Global Advisors in London. "There are plenty of tools to deal with inflation, but they are out of ammunition for deflation." — Bloomberg |
| Brazil prepared ‘too late’ for World Cup, blasts Blatter Posted: 05 Jan 2014 05:10 PM PST
"Brazil has come to realise that they started too late. They are the country who are the most delayed (in terms of World Cup organisation) since I have been at FIFA," Blatter told Swiss newspaper 24 Hours. "Yet they are the only country who have had such a long time — seven years — to prepare." The World Cup will be staged from June 12 to July 13, but the build-up has been plagued by construction delays, spiralling costs as well as civil discontent at the money being spent on the tournament as well as the 2016 Rio Olympics. Last year's Confederations Cup, a dress rehearsal for the World Cup, was plagued by angry demonstrations, but Blatter believes this year's showpiece should pass off relatively peacefully. "I am an optimist, not a pessimist. Football will be protected. I believe that Brazilians will not attack football directly. This is the sport's home, it's a religion," he said. "But we know there will be new demonstrations, protests. Last year, they were born of social networks. There was no goal, but at the World Cup they will be more directed, more structured." — AFP |
| ‘Inside Llewyn Davis’ is US critics’ choice for best film Posted: 05 Jan 2014 05:08 PM PST
The group, made up of 56 prominent movie critics from newspapers, magazines and other media outlets nationwide, chose Cate Blanchett as best actress for Woody Allen's "Blue Jasmine," in which she plays the troubled wife of a financial fraudster. Best supporting actress went to Jennifer Lawrence for the 1970s-set "American Hustle," and James Franco won best supporting actor for his portrayal of a gangster drug dealer in the comic drama "Spring Breakers." In choosing "Inside Llewyn Davis," the critics broke away from choices by other groups such as the National Board of Review and the New York Film Critics Circle, which respectively chose the quirky "Her" and "American Hustle" as best film. Earlier this week, the Producers Guild left the well-reviewed film off its list of nominees for the year's best film. In the film, which also won the critics' prize for best cinematography and also stars Carey Mulligan, Isaac plays the title character Llewyn Davis, a struggling folk musician on a weeklong odyssey set against a musical score of T-Bone Burnett. The film was chosen as the year's best by the Boston Society of Film Critics and is nominated for several Golden Globe awards, including best musical or comedy. The critics' awards are among the last in the run-up to the Oscar nominations, to be announced on Jan. 16 in Los Angeles. The Academy Awards ceremony is slated for March 2. Joel and Ethan Coen are a filmmaking team known for producing, writing and directing movies from their 1984 debut "Blood Simple," "Fargo" and "True Grit," to their Oscar winning best picture, "No Country for Old Men." In other awards, the critics chose the lesbian-theme drama "Blue Is the Warmest Colour" as best foreign-language film, and declared a tie in the nonfiction, or documentary category. "The Act of Killing," about septuagenarian Indonesian mass murderer Anwar Congo, in which Indonesian gangsters re-enact killings they participated in during the mid-1960s anti-Communist purge, shared the prize with "At Berkeley, " Frederick Wiseman's look at the northern California university. Richard Linklater, Julie Delpy and Ethan Hawke shared the best screenplay prize for "Before Midnight,"the third film in the romantic series starring Delpy and Hawke. "Leviathan" took the experimental film prize. Special film heritage honours went to the Museum of Modern Art, the British Film Institute, the DVD "American Treasures from the New Zealand Film Archive," and "Too Much Johnson," the surviving reels of Orson Welles' debut film which were discovered by Cinemazero (Pordenone) and Cineteca del Friuli, funded by the National Film Preservation Foundation and restored by the George Eastman House.― Reuters |
| No home comforts as United fans turn on Moyes Posted: 05 Jan 2014 05:00 PM PST
"I'd also like to remind you that when we had bad times here, the club stood by me, all my staff stood by me, the players stood by me," he said in May, urging them to get behind David Moyes, the man he had helped chose to succeed him. "Your job now is to stand by our new manager. That is important." It was a moment of gloomy prophesy to dampen the mood of yet another league title, but the boos that greeted the final whistle of United's 2-1 FA Cup defeat by Swansea yesterday suggest Ferguson's words have fallen on deaf ears. The patience of those who flock to Old Trafford and have witnessed unparalleled levels of success in recent years is being tested to the limits after the succession took another stuttered step backwards. Yesterday's reverse was United's fourth home defeat in their last six. Out of the FA Cup in the third round for only the second time in 29 seasons and languishing seventh in the Premier League, United fans are wading through largely unchartered territory. On a day for statistics, it was appropriately the first time Swansea had ever tasted victory at United's home ground. For all Ferguson's talk about a darker period at the start of his tenure, the gloom currently encircling Moyes is perhaps more pronounced. It took Ferguson 44 games to lose five at Old Trafford, and that was with a team who had not won the title since 1967. Moyes has reached that inglorious mark in just 16 matches and with a side who won the title in May by 11 points on the back of two decades of solid success. Lack of creativity The United manager put yesterday's defeat down to a lack of creativity. "I think we played quite well in the first half, we got near the edge of the box quite regularly, but we didn't quite make the opportunity to score more goals," he told BT Sport. "That was the disappointing thing as we'd come back from a goal behind and I thought for long periods we had control of the game, but we didn't get a goal or create enough chances from it." The United fans, however, are starting to question whether United's current lack of spark is down to Moyes himself. The message boards on the club's own website (www.manutd.com) were ringing with criticism for a man who did not win a trophy in his 11 years at Everton. "He is a good manager but not a WINNING manager," was the opinion of one contributor called Rylands. "The repercussions of finishing out of the top four are huge. The inevitable loss of revenue, the loss of our better players ... the inability to attract top players will contribute to a further decline. Eventually Moyes will be sacked. It is just a question of when." Foxbat added: "It is not the green and gold (protest movement) that needs to be cranked up but the Moyes departure before he completely destroys the whole club. If Bobby (Charlton) and Fergie (Ferguson) are opposing then they should also realise no one is bigger than the club." Moyes's habit of claiming United had played well in defeat is also starting to grate with fans unused to dealing with consecutive home upsets. There have, however, been a few glimmers of hope for Moyes, who has comfortably negotiated the Champions League group stages and steered United to the League Cup semi-finals. Tomorrow's first-leg clash with Sunderland provides him with an almost instant means of turning a few more fans back towards Ferguson's way of thinking. — Reuters |
| Lottery companies cash in as China raises bet on punters Posted: 05 Jan 2014 04:57 PM PST
"I haven't won yet. Hopefully one day. But for now, it doesn't matter because the money goes to charity," Shen said in the brightly lit store on a busy road in Shenzhen, a booming metropolis just north of Hong Kong. Half a world away in New York, investors in Chinese online lottery platform 500.com Ltd have found their own winning ticket: the stock has nearly tripled from its US$13 initial public offering price in the six weeks since its New York Stock Exchange debut. 500.com, the only Chinese lottery firm so far listed in the United States, is among a handful of listed companies that stand to benefit as China whittles down thousands of private lottery operators to a handful of licensed and regulated firms serving more than 400 million punters, say industry experts. "Over the next five years it is very clear that the Chinese market will continue to grow very quickly and the government regulatory regime will become more open and transparent," said Zhengming Pan, chief financial officer at 500.com. Spurred by rising disposable income, a strong appetite for gambling and more sophisticated games, China's lottery market has boomed with customers splurging some US$23 billion in 2012, compared to US$37 billion by punters in the world's biggest lottery market in the United States. With 20 per cent growth rates projected for the next three years, China is expected to overtake the United States and leap into the top spot by 2015. The US lottery market is expected to show single digit growth during the same period. Sales revenue generated by the lottery industry in the United States was US$71 billion in 2012 compared with US$43 billion in China, according to data from China's Ministry of Finance and the US-based North American Association of State and Provincial Lotteries. With just 7-8 per cent of Chinese adults buying lottery tickets compared to 70-80 per cent of adults in the wider Asia Pacific region, the government is keen to lure more punters with improved payouts, new products and wider distribution channels, industry executives say. "The Chinese government wants to consolidate the current lottery market, making it easier to control and regulate," said Hoffman Ma, deputy chairman of Success Universe Group Ltd, a leisure and gaming company authorised to provide sports lottery sales agency services in three provinces. "They are seeking operators with stable platforms and want to ensure that all bets that come through will pay tax." Unlike the United States and Europe, where prizes can climb into the hundreds of millions of dollars, China caps jackpots at 10 million yuan. Tickets sell for 2 yuan to 200 yuan, with proceeds supporting sports and welfare charities. New rules Lottery products are typically sold through authorised stations throughout the country in the form of physical tickets. These range from dedicated lottery stores to counters in supermarkets, post offices and gas stations. Beijing is expected to announce new rules in 2014 that will clarify and detail legislation in the fast growing industry. New licence approvals are likely to be issued within the next two years, say industry experts, but specifics remain unclear. Companies like Okooo.com, the web platform of lottery terminal provider REXlot Holdings Ltd, which have a solid reputation, technological capabilities and government background could win new licences, said research house Cinda International. Okooo.com processed lottery orders worth 6 billion yuan in 2012, and became the exclusive partner of state-backed media website People.cn Co. Ltd in August. Just a few years ago, China's lottery market consisted largely of traditional paper lotto tickets. Now, single match games, where players bet on the results of basketball or football, video lottery terminals and scratch games, are more common. Internet and telephone became legal lottery channels at the end of 2012, but online tickets still have to be backed by paper stubs until an actual online market is created. The Chinese government has so far contained casino gambling to Macau, in part because of social concerns. Officials consider the lottery system more sanitised, with fewer negative effects on local citizens, said Chen Haiping, a professor at Beijing Normal University's lottery research centre. "It is not realistic to completely ban all forms of gambling. If the government opens gambling, they face ethical issues but if they do not, neighbouring countries will continue to attract Chinese tourists to gamble and from the government's point of view that is a loss of state income," said Chen. Hong Kong-listed AGTech Holdings Ltd won government approval to launch its virtual sports games in some provinces and is expected to roll out games like the Grand Prix-based Lucky Racing Gaming and football game Electronic Ball Lottery nationally in 2014. These games are aimed at middle-to upper-income Chinese rather than lower income workers who account for the bulk of lottery purchasers. AG Tech's share price has surged some 205 per cent over the past year. John Sun, AGTech's chairman and chief executive, expects the industry to become more open in the next five years with new products and channels. He remains concerned, however, that the industry needs a strong gaming commission or regulator to set standards and monitor operators. "In the gaming industry, integrity is the most critical foundation," he said. "If you don't have good compliance or a good check and balance, the degree of credibility is a big issue." — Reuters |
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