Greece to send reform list to creditors today, misses Monday’s deadline |
- Greece to send reform list to creditors today, misses Monday’s deadline
- Stability tools top trends for fitness in 2015
- Japan’s stocks slip as investors await Yellen testimony
- Europe’s elite football clubs see hike in shirt revenue
- Asia’s stocks slide while Aussie bonds gain ahead of Yellen testimony
- Singapore hikes petrol tax, gives one-off road tax rebate
| Greece to send reform list to creditors today, misses Monday’s deadline Posted: 23 Feb 2015 04:54 PM PST
Earlier in the day government spokesman Gabriel Sakellaridis had said the list, which covers measures such as tackling tax evasion, would go to the Eurogroup by the end of yesterday. However, the official later said: "The list of reforms will be sent to the finance ministers of the Eurogroup this morning, while a teleconference will take place in the afternoon." The official gave no reason for the delay, but said the Eurogroup had agreed to this. The government of Prime Minister Alexis Tsipras staged a climbdown in Brussels on Friday to win the four-month financial lifeline after its bailout expires on February 28. However, the deal depends on the Eurogroup approving the reforms that Athens intends to make. The list would include measures to tackle Greece's "humanitarian crisis", regulate tax arrears and bad loans, and end the foreclosure of primary homes, the official said. It will also include reforms to tackle tax evasion and corruption, fight fuel and tobacco smuggling, restructure the public sector and cut red tape. Tsipras had promised to scrap the bailout and the austerity policies which the European Union and IMF demanded in return for €240 billion (RM986 billion) in loans. ― Reuters  |
| Stability tools top trends for fitness in 2015 Posted: 23 Feb 2015 04:45 PM PST
Exercise balls, sandbags and load-shifting body bars are among the tools popping up in bodyweight training, the minimal-equipment exercise routine that the American College of Sports Medicine (ACSM) tagged as the top trend for 2015. "The idea of bringing the body into an environment that challenges stability and balance is on the up rise," said Michigan-based trainer Derek Mikulski. "Shifting resistance constantly challenges the body's centre of mass so the core has to work harder." The core refers to the muscles of the abdominals and back that support the spine and keep the body stable and balanced. Mikulski is the creator of a new balance device called ActivMotion Bar. It looks like a body bar but is hollow and filled with steel balls that shift back and forth when moved. It is designed so that gripping, steadying and moving the bars, which come in weights from four and one-half to 18 pounds, (two to eight kilograms), in basic moves from curls to lunges will boost calorie burn, core strength and balance. Several US fitness chains, including Life Time Fitness and Powerhouse Gym, have introduced the bar, which was rolled out earlier this year. Stabilizing tools, from exercise balls to Bosu balls, which look like half-balls, have been used in rehabilitation for decades, said Dr. Audrey Lynn Millar, a physical therapist with ACSM. But there haven't been many studies about their impact on the healthy, she said. "Yes, it is activating the core and improving stability and balance but there's limited evidence on whether it makes the healthy person stronger or faster," Millar said. But she added that ACSM recommends balance training at least twice a week. "Once people pass the 40s we start to see some minor balance issues, then more in 50s and 60s," she said. "It's not just an ageing thing, it's a lack of use thing. If we stop using those muscles our body loses that fine tuning." Shawn Perine, editor in chief of the magazine Muscle & Fitness, said bodyweight training can improve a person's physique. He said the ActivMotion Bar brings core muscles into play as you always try to balance. "There are many paths to fitness. Most important is to find one that fits your personality," he said. — Reuters |
| Japan’s stocks slip as investors await Yellen testimony Posted: 23 Feb 2015 04:44 PM PST
The Topix index lost 0.3 per cent to 1,499.03 as of 9.02am in Tokyo. The Nikkei 225 Stock Average slipped 0.1 per cent to 18,452.46, after closing yesterday at its highest level since April 2000. The yen traded at 118.88 per dollar after strengthening 0.2 per cent yesterday. "Most investors are waiting for statements from the US financial authorities and the submission of Greece's economic policies," Toshihiko Matsuno, chief strategist at SMBC Friend Securities Co in Tokyo said by phone from Tokyo. "I think the market will fluctuate. There's some technical overheating" in Japanese stocks. Investors will receive further clues on the Fed's assessment of the US economy and the timing of an interest-rate increase when Yellen gives two days of testimony to Congressional finance committees starting Tuesday. Futures on the Standard & Poor's 500 Index were little changed after the underlying gauge closed down less than 0.1 per cent near a record in New York yesterday. Investors are also watching the situation in Greece after a February 20 agreement with creditors. The head of the group of euro-region finance ministers expects Greece to deliver a package of economic measures that will satisfy creditors and avert another emergency round of negotiations. Draft agreement Under the draft agreement, the government had until midnight Greek time to complete a list of policies in return for continued funding. A draft list was sent to creditor institutions on Monday. A Greek government official said the policies will be provided to the euro-area group of finance ministers today before they discuss on a conference call whether the commitments go far enough. West Texas Intermediate crude dropped 2.7 per cent to below US$50 (RM181.3) a barrel after falling 4.6 per cent last week on speculation excess global supply will accumulate after US drillers idled fewer oil rigs and Libya restarted a pipeline. Rising supply is contributing to a global surplus that drove crude down by almost half in 2014. Government data released in Tokyo today showed a gauge of producer prices in the services index rose 3.4 per cent in January from a year earlier, slower than the 3.5 per cent pace in December. ― Bloomberg |
| Europe’s elite football clubs see hike in shirt revenue Posted: 23 Feb 2015 04:41 PM PST
After booming television rights, outfit sponsorship has become a valuable new source of income for top European clubs, some of whom now even put company names on their socks. The United Arab Emirates has become the main spender on getting their name on football shirts. The Repucom sports data firm said income from jersey sponsorship rose more than 20 per cent last year to €687 million (RM2.82 billion) for the leagues in England, Spain, Italy, Germany, France and the Netherlands. "With investment in 2014/15 growing 20 per cent over last season, the investment in shirt sponsorship has increased faster than at any time in the last 15 years," said Glenn Lovett, Repucom's head of global strategy. The 20 Premier League clubs saw shirt revenue increase 36 per cent to €213 million. Manchester United last year made a shirt deal with US car maker Chevrolet worth £47 million (RM64 million) a year, up £20 million on their previous deal. La Liga's income rose 30 per cent to €113 million, Barcelona's deal with Qatar Airways, reportedly worth about €40 million, being the most expensive. The Bundesliga earned €139 million, up nine per cent, while France's Ligue 1 got 13 per cent more, with €96 million and Italy's Serie A got 21 per cent more with €84 million. However, the Dutch first division saw its jersey sponsorship income fall by five per cent to €42 million, according to Repucom. The Netherlands has now been overtaken by Major League Soccer in the United States, which reaped approximately €45 million. With the Middle East now the main source of the new sponsorship revenue, about €120 million came from the United Arab Emirates alone. Emirates airline pays to put its name on the shirts of Real Madrid, Arsenal, AC Milan and Paris Saint Germain, accounting for much of that sum. Behind the UAE, German firms are the next biggest sponsors on €112 million and, increasingly, US companies on €82 million. Clubs are increasingly looking to spread advertising across outfits, though the Premier League and Bundesliga limit advertising space. In Europe's other top football leagues, however, there has been a significant increase in deals which include branding on socks, shorts and the back of shirts. A Repucom spokesman said the number of deals involving socks and other new areas had doubled over the past decade. Spanish champions Atletico Madrid last year became the first of 14 La Liga clubs to wear advertising on ties around their socks. Manchester United last year reportedly pressed for sponsor names on the back of shirts, but other Premier League clubs refused. — AFP |
| Asia’s stocks slide while Aussie bonds gain ahead of Yellen testimony Posted: 23 Feb 2015 04:39 PM PST
The MSCI Asia Pacific Index fell 0.2 per cent by 9.06am in Tokyo, while Australia's S&P/ASX 200 Index fell 0.3 per cent. Futures on the Standard & Poor's 500 Index were little changed after the US gauge finished less than 0.1 per cent from a record. Australia's 10-year bond yield fell five basis points, tracking a rally in US Treasuries. The euro was steady after slipping 0.4 per cent yesterday. West Texas Intermediate crude was at US$49.55 a barrel. Greece presented creditors with a list of policies to implement a February 20 deal for continued funding. An official said the list would be given to euro-area members for discussion today. Federal Reserve Chair Janet Yellen addresses Congress in two days of testimony starting today, with investors watching for clues on the timing of an interest-rate increase. "Fed Chair Yellen's Congressional testimony is likely to reveal little new information about monetary policy as the political theater focuses on political agendas," BNP Paribas analysts led by Paul Mortimer-Lee wrote in a note today. Regarding Greece's proposals "there is a marginal risk of some controversy over whether the list is ''sufficiently comprehensive to be a valid starting point'' ― as the eurogroup would have it ― for completing the current bailout." The euro was at US$1.1334 today, having weakened 6.3 per cent this year versus the dollar. Approval of the Greek plans would offer a four-month reprieve for the country. At the same time, Prime Minister Alexis Tsipras must try to avoid defections within his anti-austerity Syriza party after it won power on pledges to take back control of Greece's finances. Under review The measures are first subject to validation by the International Monetary Fund, the European Central Bank and the European Commission, the institutions that were known as the troika and from which Tsipras told voters Greece would break free. A draft was under discussion yesterday evening, an official from the institutions said. The person asked not to be named because the deliberations are private. Italian and Spanish securities surged yesterday, and Portuguese 10-year yields touched a record low, as the accord avoided a cash crunch that threatened to push Greece out of the currency bloc. The Stoxx Europe 600 Index advanced for a fifth day to extend the highest level since 2007. The U.K.'s FTSE 100 Index surpassed a record close in intraday trading before closing little changed as lower-than-projected profit at HSBC Holdings Plc pushed the stock lower. Greece's ASE Index slipped 4.5 per cent last week. The market was closed yesterday for a holiday. S&P 500 Six of the 10 main S&P 500 groups retreated yesterday, with phone shares losing 0.6 per cent to lead declines. US stocks posted their longest streak of weekly gains since the beginning of December as Greece reached a deal on February 20 to extend its bailout program and investors speculated the Fed will keep rates lower for longer even as the economy shows signs of picking up speed. Sales of previously owned US homes fell more than expected in January as a tight supply forced up prices, showing the residential real-estate market faces an uneven recovery. Purchases slowed 4.9 per cent to a 4.82 million annualised rate, the least since April, according to figures from the National Association of Realtors. West Texas Intermediate crude oil for April delivery settled at US$49.45 a barrel, having slipped 2.7 per cent yesterday. Brent was down 2.2 per cent at US$58.90 in London. Oil fell as fields in eastern Libya resumed pumping to Hariga port after a pipeline was repaired, according to state-run National Oil Corp. Oman, the biggest Middle Eastern oil producer that's not a member of OPEC, is boosting crude output to as much as possible with the global price rout over, said Salim Al Aufi, undersecretary of the oil and gas ministry. ― Bloomberg |
| Singapore hikes petrol tax, gives one-off road tax rebate Posted: 23 Feb 2015 04:32 PM PST
To encourage less car usage and reduce carbon emissions, duties for premium-grade petrol were raised, with immediate effect, by S$0.20 (53.4 sen) per litre to S$0.64 per litre, with a smaller hike of S$0.15 for intermediate-grade petrol, to S$0.56 per litre. This is the first revision to petrol duty since 2003 and, with falling oil prices, pump prices after the duty hikes will remain lower than the levels in the past two-and-a-half years, said Finance Minister Tharman Shanmugaratnam in his Budget speech yesterday, noting that the change will yield about S$177 million a year. The one-year road tax rebate is as follows: 20 per cent for cars, 60 per cent for motorcycles and 100 per cent for commercial vehicles using petrol. The rebate, which will cost the Government S$144 million, will offset about two-thirds of the impact of the petrol duty hike on car owners using intermediate-grade petrol, said Tharman. The Carbon Emissions-Based Vehicle Scheme, which offers rebates to those driving cars that are more fuel-efficient and emit less carbon, will also be extended for two years to June 30, 2017, said the minister, who added that refinements to the scheme would be announced during the Committee of Supply debate next month. The Early Turnover Scheme will also be enhanced from August this year, to encourage the replacement of older commercial vehicles with greener models, he added. — TODAY |
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