Showing posts with label Priscilla Wong. Show all posts
Showing posts with label Priscilla Wong. Show all posts

Monday, 2 June 2014

Qatar Should Lose The World Cup For 2022 & USA Should Be Awarded

As the World Cup looms larger, more and more pressure will be exerted to take away Qatar's seemingly successful bid for 2022. As FIFA was launching its own investigation into the bribery claims against Qatar, pressure was mounting to stage a redo of the bidding process and find a new host for the 2022 World Cup. It's a path that could lead to the United States playing host.


At least one official said he is on board with a re-vote if, as reported by the London Sunday Times, Qatar won the bid with the assistance of bribe money.
"I certainly as a member of the executive committee would have absolutely no problem whatsoever if the recommendation was for a re-vote," FIFA vice-president Jim Boyce said. 

If (FIFA chief investigator Michael Garcia) comes up with concrete evidence and concrete evidence is given to the executive committee and to FIFA, then it has to be looked at very seriously. The FIFA executive committee are 100 percent. He will be allowed to go and speak to anyone from around the world to complete his mission.

Nearly four years ago, the U.S. finished second to Qatar in the voting to host the 2022 World Cup, ahead of South Korea, Japan and Australia. The U.S. is also in the unique situation of being able to host the tournament on short notice with the necessary infrastructure already in place.

Greg Dyke, the chairman of Britain's soccer federation, described the evidence as "pretty damning. It clearly has to be investigated as a matter of urgency by FIFA," Dyke told a British TV station. "If it is shown that the process was corrupt, or corrupted, then I do think there will have to be a discussion about whether you take it away from Qatar. It was always seen as a strange decision to give the World Cup to a country where it is so hot in the summer you can't possibly play it. The advice from FIFA's own safety group was there are real safety problems, and yet that was ignored by the people who were voting."

The latest allegations outlined in The Sunday Times in London focus on disgraced former Asian Football Confederation president and one-time rival to Blatter, Mohamed bin Hammam. Bin Hammam helped Australia become a member of the AFC in 2005, making qualification to the World Cup easier. Before the 2022 bid vote, bin Hammam allegedly used his role in charge of FIFA's goal program to channel more than $800,000 to Ivory Coast, which had a delegate entitled to vote on the 2022 bid.

Michel Platini, one of the most powerful men in world football, was on Monday night under pressure to explain a secret meeting with the man at the centre of the Qatar World Cup scandal.

The Telegraph has unearthed evidence that Mr Platini, a former leading French international and the president of Uefa, European football’s governing body, had a private discussion with Mohamed Bin Hammam, the controversial Qatari who paid millions of pounds to football officials around the world.

The emergence of the meeting means that France has become the first European nation to be drawn into the World Cup bribery scandal, which has so far been limited to African and Caribbean countries.

It is understood that the meeting took place shortly before Fifa awarded the 2022 World Cup to Qatar, and that Mr Bin Hammam personally lobbied Mr Platini to support the Emirate’s bid.






Fifa executive committee members vote in secret, but Mr Platini has disclosed that he voted for Qatar in the ballot, which was held in 2010. He has also supported the proposal to move the tournament to the winter to avoid Qatar’s summer heat.

Crucially for Australia, he also allegedly paid more than $400,000 for legal and private detective fees for Reynald Temarii, who was the Oceania delegate until he was suspended for telling an undercover journalist he had been offered $14 million for his vote. Bin Hammam's alleged intervention helped Temarii appeal and keep his vote, thereby denying the replacement Oceania member a vote for Australia.

As it turned out, Australia was knocked out in the first round with just one vote out of 22. Japan and South Korea were knocked out until Qatar won 14 votes to eight for the US.

Bin Hammam is also alleged to have made more than $5.5 million in payments to African nations, which could influence the four African delegates who had a vote on the 2022 bid.

FIFA's rules ban bid committees, or any of their associates, from "providing ... any monetary gifts [or] any kind of personal advantage that could give even the impression of exerting influence, or conflict of interest, either directly or indirectly, in connection with the bidding process".

Nonetheless, the Qatari bid team denies bin Hammam was linked officially or unofficially to their efforts. Indeed, a benefactor acting on his own and promoting his nation may fall outside the weak FIFA rules. It will be hard to prove. 

What's more, many will say generosity is the currency of bidding for all nations.

The only positive from the latest allegations is that any re-vote would probably select the US as host and spare players the risks of extreme heat and migrant workers the dangers of joining the 1000-plus colleagues who have died on Qatari construction sites in the past two years.

Friday, 10 January 2014

Soros Shorting China?

Bloomberg:  George Soros probably shouldn't expect any warm invitations to Beijing - not with the much-reviled short seller warning of a giant Chinese crash.


The billionaire first shook a major government in September 1992, when he led an attack on the British pound. For his role in humiliating London and forcing John Major's government to exit the European exchange-rate mechanism - essentially the euro - Soros reportedly netted $US2 billion.



If Xi doesn't act now, Soros could make way more than $US2 billion when things go awry. Add a zero. ubprime debt crisis as well. Here in Asia, his legend has loomed large since 1997, when then-Malaysian Prime Minister Mahathir Mohamad accused him, bizarrely, of heading a Jewish conspiracy to spark an Asian crisis.
Now Soros has his eye on China. In a January 2 op-ed for Project Syndicate, Soros didn't say whether he's shorting China. But he did connect the dots in a way that can't make President Xi Jinping happy. To Soros, the main risk facing the world isn't the euro, the US Congress or a Japanese asset bubble, but a Chinese debt disaster that's unfolding in plain sight.

“There is an unresolved self-contradiction in China’s current policies: restarting the furnaces also reignites exponential debt growth, which cannot be sustained for much longer than a couple of years," Soros wrote.

Xi would be negligent to ignore Soros's warnings. He's hardly alone: Peking University professor Michael Pettis and Jim Chanos of Kynikos Associates have been beating this drum for years. Silvercrest Asset Management's Patrick Chovanec worries about a “shadow” Chinese balance sheet that would be keeping policy makers awake around the globe, if Beijing's obsessive opacity weren't concealing the problem.

China would never admit to basing policy on outsiders' warnings. Still, it's interesting to see the flurry of official Chinese moves this week aimed at reining in the shadow banking sector. On Monday, for example, China’s Cabinet imposed new controls on the multitrillion-dollar sector, targeted off-the-books loans, and promised to beef up enforcement of current rules.
I'm thinking we need to call this industry what it really is: China's answer to Enron. The Houston-based Enron's real business wasn’t energy and commodities, but book-cooking. The same holds true for China's shadow-banking entities. They are the fuel Beijing uses "to restart the furnaces," without attracting the notice of Moody's, Standard & Poor's or the US Treasury Department.

China's financial system is the ultimate black box. You don't have to be a genius to conclude that when JPMorgan Chase estimates shadow banking to be 69 percent of China’s 2012 gross domestic product, it's a wildly conservative guess. I wouldn't quite add a zero, but if China fudges trade and other run-of-the-mill data, you can imagine the lengths to which it goes to hide the magnitude of its credit bubble.

"There are some eerie resemblances with the financial conditions that prevailed in the US in the years preceding the crash of 2008," Soros wrote.  "But there is a significant difference. In the US, financial markets tend to dominate politics; in China, the state orols the state-owned enterprises." He added: "How and when this contradiction will be resolved will have profound consequences for China and the world."

The problem, as economist Stephen Roach sees it, is China's propensity for thinking that slogans are sufficient. Thewns the banks and the bulk of the economy, and the Communist Party contre is an inherent disconnect between lofty pledges of economic reform, sustainable growth and public accountability, and Xi's repeated assurances that China can grow north of 7 per cent a year.

China can either restructure its economy or grow rapidly - it can't do both. Bottom line, the higher China's growth rate, the less retooling that's going on and the more debt the nation is amassing behind the scenes.

The need to restructure applies to Beijing, too. The untold part of last year's Bo Xilai story was that he was merely the vanguard of ambitious local officials looking to build the next Shanghai. Bo's greater Chongqing area comes pretty close, boasting a population bigger than Shanghai's and a skyline that rivals New York's.

The way such regional leaders win Beijing's attention is rapid growth. That means all around China, far from Beijing's view, are dozens of nascent super cities all borrowing like mad to deliver big GDP numbers.

They're generated by massive projects to build highways, bridges, international airports, five-star hotels, universities, splashy art and sports centres, apartment villages, shopping arcades to welcome Gucci and Chanel and, of course, record-breaking skyscrapers.

People haven't make lots of money betting against China. But Soros is absolutely right that there's a worrisome disconnect between China's pledges to move away from excessive investment and overborrowing and toward a services-based economy without sacrificing rapid growth.

If Xi doesn't act now, Soros could make way more than $US2 billion when things go awry and savage the global economy. Add a zero.


Read more: http://www.smh.com.au/business/china/is-george-soros-betting-against-china-20140110-30l8c.html#ixzz2pxcPVx58