Alibaba gets in the game with new sports company

Chinese online giant Alibaba on Wednesday set up a new company to focus on professional sports, it said in a statement, as it seeks new business areas beyond e-commerce. 

PHOTO: REUTERS

SEP 9, 201512:57 PM

[SHANGHAI] Chinese online giant Alibaba on Wednesday set up a new company to focus on professional sports, it said in a statement, as it seeks new business areas beyond e-commerce.

Alibaba Sports Group, majority owned by Alibaba Group, will use its parent's e-commerce ecosystem to participate in businesses such as sports media, events and ticketing, the statement said.

It aims to "transform the China sports industry" and "bring greater and better products and services to consumers, sports participants and sports fans alike," said Alibaba CEO Daniel Zhang, who will also be chairman of the new sports company.

Alibaba's partners in the venture include founder Jack Ma's Yunfeng Capital and Internet company Sina - operator of the popular Weibo, or microblog, platform as well as news and sports websites.

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In an earlier sports venture, Alibaba paid 1.2 billion yuan (S$266 million) for a stake in Chinese football club Guangzhou Evergrande last year.

Alibaba is not the only major Chinese company expanding into sports. Two weeks ago property and entertainment conglomerate Dalian Wanda Group announced it would buy the organiser of the Ironman extreme endurance contests for US$650 million.

Earlier this year Dalian spent more than a billion euros on Swiss sports marketing group Infront - which holds some broadcasting rights to the football World Cup - and took a 20 per cent stake in Spanish football club Atletico Madrid.

The Alibaba announcement came a day before it is scheduled to host an event with US collegiate sports league PAC-12.

The new company has tapped Zhang Dazhong, former vice president of state-owned Shanghai Media Group, as chief. Zhang is credited with playing a crucial role in the set-up of SMG's interactive television subsidiary BesTV.

New York-listed Alibaba's Taobao platform holds more than 90 per cent of the consumer-to-consumer market in China, while its Tmall platform is believed to command more than half the Chinese market for business-to-consumer transactions.

The company is also making in-roads into entertainment, investing in its first Hollywood film Mission: Impossible - Rogue Nation, according to a separate statement, which gave no value.

Alibaba Pictures Group is acting as promotional partner in China with Paramount Pictures for the film, which debuted in Chinese theatres on Tuesday, it said.

AFP

    
 

More than 20 terror plots foiled in New York: police chief

More than 20 terror plots have been foiled in New York since the September 11, 2001 terror attacks, according to the city's police chief, Bill Bratton, on Tuesday. 

PHOTO: AFP

SEP 9, 20158:06 AM

[WASHINGTON] More than 20 terror plots have been foiled in New York since the September 11, 2001 terror attacks, according to the city's police chief Tuesday, who said the risk of another devastating attack remains "greater than ever."

Speaking before a hearing of the House Committee on Homeland Security, New York City Police Chief Bill Bratton warned of "multiple hazards" on the terrorism front, from "lone wolf" attackers to radicalised supporters of the brand of Islam espoused by ISIS.

"Since September 11, 2001, there have been more than 20 terrorist plots against New York City," Mr Bratton said. "So far they have been thwarted."

He added, however, that "in many respects, we currently face a greater likelihood of attack than we have seen in years," Mr Bratton said.

On Friday, New York marks the 14th anniversary of the 9/11 attacks that leveled the Twin Towers of the World Trade Centre, claiming 2,753 lives, in addition to deadly attacks on the Pentagon and on a commercial airplane that crashed in rural Pennsylvania the same day.

AFP

      

Australia July unemployment rate unchanged after re-benchmarking

The Australian Bureau of Statistics (ABS) on Wednesday published revised employment figures using the latest population estimates. 

PHOTO: REUTERS

SEP 9, 20159:58 AM

[SYDNEY] The Australian Bureau of Statistics (ABS) on Wednesday published revised employment figures using the latest population estimates.

The ABS does this once a quarter to ensure the most up-to-date population numbers are used. Employment data up to and including July 2015 are affected as a result. August jobs figures will be released on Thursday.

The unemployment rate for July was unchanged at 6.3 per cent, but employment was revised to a rise of 37,900, versus 38,500 originally reported.

REUTERS

Oil prices mixed after Chinese trade data

Oil prices were mixed on Tuesday after Chinese trade data showed imports and exports shrank in August, adding to concerns about energy demand prospects in the Asian giant. 

PHOTO: REUTERS

SEP 9, 20157:23 AM

[NEW YORK] Oil prices were mixed on Tuesday after Chinese trade data showed imports and exports shrank in August, adding to concerns about energy demand prospects in the Asian giant.

US benchmark West Texas Intermediate for delivery in October closed at US$45.94 a barrel on the New York Mercantile Exchange, down 11 cents from Friday's settlement. The NYMEX was closed on Monday for the Labour Day holiday.

Brent North Sea crude for October jumped US$1.89 to US$49.52 a barrel in London.

Official Chinese data showed exports fell 5.5 per cent year-on-year while imports plunged 13.8 per cent, led by falling commodity prices.

"China imported considerably less crude oil in August. The 6.3 million barrels per day reported by the customs authorities correspond to a 13 per cent month-on-month decline," Commerzbank analysts said in a research note, while noting that the decline followed near-record crude oil imports in July.

"This data just reinforces the view we are still seeing weakness in the Chinese economy and this data point suggests we have not seen a bottom yet," Bernard Aw, market strategist at IG Markets, told AFP.

"China's economy remains a worry for the wider world economy and global asset markets," he added.

Commerzbank analysts also pointed to Saudi output plans as more downward pressure on prices.

"According to well-informed industry sources, Saudi Arabia plans to maintain its current production level of 10.2-10.3 million barrels per day until the end of the year.... Saudi Arabia cites strong global demand as its justification," Commerzbank said.

"In other words, it is continuing to pursue its strategy of defending market shares, and is thus preventing any reduction of the oversupply on the global oil market."

AFP

    
 

Oil markets rise as Asian stock markets catch a tailwind

Crude oil prices rose on Wednesday as Asian stock markets caught a tailwind from a strong performance in the United States and Europe, although fuel markets remained generally dogged by oversupply. 

PHOTO: REUTERS

SEP 9, 201511:45 AM

[SINGAPORE] Crude oil prices rose on Wednesday as Asian stock markets caught a tailwind from a strong performance in the United States and Europe, although fuel markets remained generally dogged by oversupply.

Asian shares gained after upbeat German economic data powered rising US and European markets, and traders said the more upbeat sentiment in Asia had flowed through to oil markets.

The Brent global crude benchmark was trading at US$49.75 per barrel at 0313 GMT, 23 cents up from its last settlement after jumping 4 per cent in the previous session. US West Texas Intermediate crude gained 19 cents to US$46.13 a barrel after falling in the previous session.

In Japan, weekly crude and refined products statistics showed stable utilization rates and stock levels.

Despite Wednesday's gains, concerns remained that high global production was being met with a growing slowdown in demand, especially in the United States where the end of the summer driving season means slowing consumption.

Oil prices have fallen almost 60 per cent since June 2014 on a global supply glut, with prices seesawing in recent weeks as concerns about a slowing Chinese economy caused turmoil in global stock markets, while production remained near record highs. "Commodity price volatility remains high with markets trying to establish a new base against the headwind of weaker seasonal demand," ANZ bank said.

On the supply side, recent speculation that some producers were willing to cooperate in cutting output in support of prices was dealt a blow this week by Russia and Mexico, who both said they would not cut.

The Organization of the Petroleum Exporting Countries (Opec) is producing close to record volumes to squeeze out competition, especially from US shale producers, which have so far weathered the price plunges to keep pumping oil.

In oil politics, Opec said that Indonesia was reactivating its membership of the oil exporter club despite being a net crude importer.

If completed, the move would add almost 3 per cent to Opec's oil output, which is already close to a record high.

Indonesia would be the fourth-smallest Opec producer ahead of Libya, Ecuador and Qatar, and bring the number of participants to 13 countries.

Indonesia was the only Asian Opec member for nearly 50 years before leaving the group at the start of 2009 as oil prices hit a record high, and rising domestic demand and falling production turned it into a net oil importer.

REUTERS

    
 

UK oil, gas output to rise for first time in 15 years

British oil and gas production is set to rise for the first time in 15 years this year as investment in more efficient technology pays off, the industry's association said on Wednesday. 

PHOTO: AFP

SEP 9, 20157:31 AM

[ABERDEEN] British oil and gas production is set to rise for the first time in 15 years this year as investment in more efficient technology pays off, the industry's association said on Wednesday.

Britain's oil and gas output has more than halved in the past 10 years due to easy-to-reach resources running low and a lack of investments in new areas.

This trend will likely reverse this year when production is expected to rise 3-4 per cent, the first increase since Britain's oil and gas output peaked in 2000, lobby group Oil & Gas UK said.

"Despite a very difficult business climate we are beginning to turn a corner," Mike Tholen, economics director for Oil & Gas UK, told Reuters at the launch of the association's yearly economic report.

"We are turning a corner in terms of the massive spend on North Sea fields pulling production up with it and on top of that we're now begininig to get to terms with the cost base to find ways to make businesses cope in a much weaker environment."

Preliminary government data showed oil and gas output over the first six months of this year rose 3 per cent compared with 2014.

The increase comes after years of investments in new technologies that have meant new fields are run more efficiently.

However, the recent slump in oil prices has tightened oil companies' purse strings and Oil & Gas UK expects capital expenditure to fall to 10-11 billion pounds (S$21.8 billion) this year, down from 14.7 billion pounds last year.

Low oil prices in combination with high operating costs in the North Sea have caused many operators to question the economic viability of continuing to run some of their oldest fields.

Maersk Oil said last month it would file for early decommissioning permission for its Janice field in the North Sea.

"Inevitably there will be some more fields decommissioned as a result of low prices," Mr Tholen said. "It's a significant concern but it's not the edge of the cliff."

Bringing down operating costs in the North Sea is a key priority for operators and the British government which hopes a rebound in production will also increase tax revenue.

Since the start of oil production in the 1970s, the industry has paid over 330 billion pounds in taxes to the British government.

Oil & Gas UK expects operating costs to fall by more than 2 billion pounds, or 22 per cent, by the end of 2016 as companies work more efficiently.

AFP

     

Microsoft buys cloud computing security startup

Microsoft said on Tuesday it bought an Israel-based cybersecurity startup specialising in defending programs and content in the cloud, as it expands offerings for the enterprise. 

PHOTO: REUTERS

SEP 9, 20157:21 AM

[SAN FRANCISCO] Microsoft said on Tuesday it bought an Israel-based cybersecurity startup specialising in defending programs and content in the cloud, as it expands offerings for the enterprise.

Microsoft did not disclose how much it paid for Adallom, but the website TechCrunch put the purchase price at US$250 million.

The acquisition comes as Microsoft responds to the trend toward cloud-based computing, in which data or software is accessed remotely over the Internet.

Microsoft built its revenue selling packaged programs such as its widely used Office software for business or home computers, but the tech giant is shifting to offering that software through cloud-based subscriptions.

Adallom helps customers "protect critical assets across cloud applications," Microsoft vice-president Takeshi Numoto said in a blog post announcing the acquisition.

"With more frequent and advanced cybersecurity attacks continuing to make headlines, customer concerns around security remain top of mind. These concerns pose real challenges for IT, who are charged with protecting company data in this rapidly evolving mobile-first, cloud-first world." Adallom works with cloud-based applications such as Salesforce, Dropbox and Microsoft's own Office 365. The three-year-old startup's technology will be used in other Microsoft offerings as well, such as its Enterprise Mobility Suite and Advanced Threat Analytics.

News of the acquisition came the same day Microsoft announced it is expanding its partnership with Dell to widen the array of Windows 10-powered devices and services for businesses.

A strong part of the push centered on Microsoft Surface Pro tablets and accessories, which Dell will start selling in Canada and the United States through an online shop at dell.com/work.

More markets will be added early next year, according to the companies.

"Our global enterprise customers have asked us to match the Surface Pro 3 and Windows 10 experience with enterprise-grade support and services - and our partnerships like this one with Dell will do just that," Microsoft chief Satya Nadella said in a release.

The Dell partnership kicked off a "Surface Enterprise Initiative," and Microsoft is out to build on the popularity of its business software to make Surface the preferred tablet for businesses.

The move comes a day ahead of a media event by Apple, widely expected to unveil a new tablet aimed at businesses which could cut into the market for Surface.

Microsoft said this month it will ramp up the business capabilities of its Windows 10 operating system, which was recently released as a free upgrade and powers some 75 million devices.

AFP