Imagine the following scenario: Borussia Dortmund win the Bundesliga and then a few months later are banished by the German Football League (DFL). Sounds unthinkable, right? Not so in China. There, Jiangsu Suning were still celebrating winning the championship in November when the eastern Chinese club had their license revoked. The Chinese Football Association was out to make an example of the club. As recently as 2014, the powers-that-be in Beijing issued an agenda aimed to make China a football superpower by 2050 — and wealthy investors quickly set out to invest in football both in China and abroad. "The problem is, it became clear to the Chinese government that there weren't going to be the financial returns, or the playing returns associated with making such an investment," British sports economist Simon Chadwick, who teaches at Emlyon Business School, told DW. Aging European and South American stars such as Marek Hamsík, Carlos Tevez and Hulk were attracted to the … [Read more...] about China’s Communist Party forcing investors to pull money out of European football
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The chief executive of THG, the online beauty retailer, is to hand a £100m stake in the company to a new charitable foundation - establishing him as one of Britain's biggest individual philanthropists. Sky News has learnt that Matthew Moulding will announce the pledge alongside THG's full-year results and first-quarter trading update on Thursday, according to insiders. The donation will come seven months after THG - parent company of The Hut Group and owner of some of Britain's biggest online beauty and healthcare brands - made its debut on the London Stock Exchange, turning dozens of its employees into paper millionaires. The THG chief's headline-grabbing commitment will see £100m given to the Moulding Foundation, which he established last year. Its recent registration with the Charities Commission means that little information is available yet about the intended recipients of the money, although Mr Moulding is said to want to see much of it used for projects in the … [Read more...] about Hut Group chief Moulding pledges £100m stake to charity
After almost two decades since the United States invaded Afghanistan and toppled the Taliban regime, Washington is set to exit the country. President Joe Biden has decided to withdraw all troops from Afghanistan by September 11 . The military withdrawal will not depend on the situation on the ground — despite fears that the Taliban could make major gains, many say. "The president has judged that a conditions-based approach, which has been the approach of the past two decades, is a recipe for staying in Afghanistan forever," an official told reporters on condition of anonymity on Tuesday. Germany will match US plans for the withdrawal of troops from Afghanistan, Defense Minister Annegret Kramp-Karrenbauer said in an interview on Wednesday . "We have always said we are going in together, and we are going out together," Kramp-Karrenbauer told German public broadcaster ARD. "I stand for an orderly withdrawal, and I expect us to decide this today (at NATO)." Former US … [Read more...] about Has the US just handed over Afghanistan to the Taliban?
Coinbase, the biggest US cryptocurrency exchange, is set to list on the Nasdaq on Wednesday, marking a milestone in the economic journey of virtual currencies. The listing is the biggest yet of a cryptocurrency company, with the San Francisco-based firm saying last month that private market transactions made the company valued at around $68 billion (€57 billion) this year, versus $5.8 billion in September. On Tuesday, the Nasdaq set a reference price for the company, which will be listed under the symbol COIN, at $250 a share. Taking into account shares in circulation, stock options and restricted shares, Coinbase's overall valuation will begin at $65.3 billion. Nearly 115 million Coinbase shares will be put on the market to start. Watch video 01:57 Share Young Cubans invest in cryptocurrencies Send Facebook Twitter reddit EMail Facebook Messenger Web Whatsapp Web Telegram linkedin Permalink … [Read more...] about Coinbase to be listed on Nasdaq in cryptocurrency milestone
It's one of the hottest IPOs of the year. Driven by the cryptocurrency bull market, Coinbase comes to Wall Street this week. It's the first cryptoexchange on the floor, and many industry hopes are pinned on the US's biggest digital currency trading platform. The 9-year-old platform is well-positioned to succeed as it gained more than 13 million new customers in the first quarter of 2021. It posted revenues of $1.8 billion (€1.5 billion) in that time, nine times more than the same period last year. It has been boosted by the ongoing Bitcoin boom, the price of which has doubled to around $60,000 since January. With a possible $100 billion valuation, Coinbase may end up being the most successful IPO of the year. It has more than 56 million users in more than 100 countries and after Binance and Huobi Global, two Chinese crypto exchanges, the marketplace is the third-largest in the world. Stepping stone towards acceptance The listing should be a milestone on the way to wider … [Read more...] about US cryptocurrency exchange Coinbase makes stock market debut