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Tweet Topic Started: Feb 27 2018, 05:24 PM (5 Views)
wuming Feb 27 2018, 05:24 PM Post #1
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World No.1 golfer Rory McIlroy was spared a protracted legal battle ahead of the US Masters in April after settling a case with his former management company on Wednesday in a deal understood to be worth in excess of $20 million.


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After proceedings opened at Dublin's High Court on Tuesday, there were three deferrals as lawyers for both sides held talks.


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McIlroy took action over 4.2 million pounds ($6.3 million) in fees to Horizon from his earnings on and off the course.


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Despite the looming court case, -McIlroy won last weekend's Dubai -Desert Classic and Nike Air Huarache Ultra Run , if he maintains his form, is set to continue to enjoy a hugely lucrative career on and off the course.


He just needs to win the Masters to become only the sixth golfer in history to win all of golf's four majors - British Open Nike Air Huarache Ultra , US Open, US Masters and US PGA. If McIlroy dons the Green Jacket at Augusta National he will join the American quartet of Gene Sarazen Nike Air Huarache , Ben Hogan, Jack Nicklaus and Tiger Woods Cheap Air Huarache , and South Africa's Gary Player as the only golfers to have completed a career Grand Slam.




By Matt Burgess


SYDNEY, Oct. 18 (Xinhua) -- Once the world's fastest growing economy on percentage terms just two years ago, Papua New Guinea (PNG) is now facing an election friendly budget despite needing significant measures to stimulate an economy reeling from the downturn in global economy.


The nation is in the depth of its second worse recession in history with growth being officially revised down to 2.2 percent in August from the 4.3 percent projected in the 2016 budget. Just two years ago, PNG was growing at 13.3 percent, the fastest in the world.


As such, the central government has undertaken an austerity program more aggressive than that of Greece, seeking to adjust government expenditure by 13.5 percent of GDP, including slashing key priorities of health and education by over 40 percent by 2017. Greece and PNG have similar nominal expenditure cuts, however, the Pacific nation's fiscal problems are not as severe.


Papua New Guinea's budget for fiscal 2017 is expected to be handed down in early November to give the ruling government ample time to smooth over further austerity measures before the national election in mid next year.


"It will be a tough budget," former senior PNG and Australian treasury official Paul Flanagan told Xinhua on Tuesday.


"If the government is going to maintain a reasonable track in keeping its fiscal policy in check and not having to go to markets in raising too much debt, it will mean focusing expenditure and probably even furthering expenditure cuts in top of what's been done in recent years."


PNG's ruling government has earmarked it will continue with its universal healthcare and education policies, flagging a reduction in non-core infrastructure and removing overcapacity in the public service sector so as to not "do what the previous governments have done and try to buy re-election".


"We will make sure that districts are properly funded through their (District Service Improvement Programs) and that core services will be delivered," PNG Prime Minister Peter O'Neill said in a statement.


"What we have done is increasing efficiencies in the public service, delaying spending on non-critical infrastructure, and putting a stop to excess such as unwarranted overseas travel by bureaucrats."


Any budget cuts will be politically difficult in an election year, thus it is expected the government will look to smooth out any austerity by targeting expenditure in key electorates and using off-budget funds to "oil the wheels of politics", Flanagan said.


"I think they'll certainly protect those MPs with the 10 million dollar district allowance that's seen as very vital for maintaining the government's hold on power," Flanagan said.


"I think they will try and make it up in ways that will (be) seen as populist policies... but as history indicates, even PNG's own history, they can actually hurt growth and discourage investment."


PNG needs significant structural reform to rebound from the depressed commodities market. However, current policies indicate growth will remain subdued in the two to four percent region until at least 2020, before staging a rebound to its 2014 growth rate.


Government officials failed to recognise the looming commodity downturn before placing in a number of policies that were seen as anti-growth, causing the non-resource part of the economy to contract by approximately 10 percent over the last two years, Flanagan said.


"(Growth) would improve faster if there were better economic policies being put in place," Flanagan said.

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