Football players cash in on global transfer market

Player wages have eaten up most of the money involved in international transfer deals during the past two years, according to Fifa TMS figures.

Its Transfer Matching System (TMS) estimates that since 2013 some 57% of funds have gone into stars' pockets.

Actual transfer fees have accounted for just 41% of the cash, and agent commissions the remaining 2%.

Football clubs in Europe account for four-fifths of the total money spent on wages in those global deals.

The new figures refer to international transfers from one country to another, and do not cover "domestic" transfers between two clubs in the same nation.

In cash terms it means that over the past two years, from international deals, $16.5bn (£10.8bn) has gone on player salaries, $12bn in transfer fees, and $700m to player agents.

"Most of the transfers discussed in the media involve large transfer fees, but in reality, only 13% of all worldwide transfers involve the payment of a fee," said Fifa TMS General Manager Mark Goddard.

"Salaries, though, are part of every single contract."

English spending doubled

Increasingly lucrative TV deals have given top-flight English clubs the financial muscle to bring in a plethora of global stars from overseas.

Big signings this summer have included Manchester City's purchase of Kevin De Bruyne from Wolfsburg for £52m and Nicolas Otamendi from Valencia for £32m, while rivals Manchester United bought Anthony Martial from Monaco for £36m and Memphis Depay from PSV for £25m.

And Fifa's analysis of the spending on international transfers during the recently ended summer transfer window shows that English clubs spent a total of $996m (£653m) - more than double any other country.

Meanwhile French clubs spent $270m - a 65% increase on summer 2014, but Spanish clubs, another traditional home for glamour players, particularly from South America, saw summer spending decrease by 23% on 2014, to $495m.

Those three nations, plus Germany and Italy, make up what are known as the "Big Five" European leagues.

Italian boost

These big five countries recorded a total of 1,340 incoming international transfers during this summer's transfer window, an increase of 4% when compared with the same period in 2014.

And the total international transfer spending across these nations reached $2,396m, an increase of 2% on last year's summer window, driven by increased spending in Italy as well as France.

Former Italian football club legend Gianluca Vialli, who starred for Sampdoria, Juventus, and Chelsea, said there were a number of reasons for the increased spending on transfers in Italy, a country where the football economy has been seen as stagnant compared with England or Germany.

"The Italian league has got better TV deals than it previously had, so there is more money available," Mr Vialli told the BBC website at the Soccerex football conference in Manchester.

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Eurozone growth revised upwards

Economic growth in the 19 countries that make up the eurozone has been revised upwards.

The second estimate of gross domestic product (GDP) for April to June put growth at 0.4%, up from the first estimate of 0.3%.

The European statistics agency Eurostat also revised growth in the first quarter, from 0.4% to 0.5%.

Also on Tuesday it was announced that German imports and exports had both reached record levels.

Boosted by the continuing weakness of the euro, exports rose 2.4% to €103.4bn ($115.5bn; £75.1bn) in July, the federal statistics office Destatisestimated, after adjusting for seasonal and calendar effects.

Imports also rose, but not by as much, meaning the trade surplus grew to a record €25.0bn.

The upward revision to GDP for the first quarter is a result of the inclusion of Ireland, which had not been counted in earlier estimates.

The Irish economy grew 1.4% in the first three months of 2015, compared with the previous quarter, making it the fastest-growing eurozone country.

With the Irish figures not yet included, the fastest-growing eurozone member in the second quarter was Latvia at 1.2%.

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Uber to move into 100 more Chinese cities

Controversial app-based taxi service Uber plans to expand into 100 Chinese cities over the next 12 months.

Uber chief executive Travis Kalanick announced the move at an event in Beijing held by one of Uber's Chinese investors, Baidu.

The service is already available in around 20 cities in the country.

The expansion puts it head-to-head with local rival Didi Kuadi which recently raised $3bn in funding.

China's internet-linked transport market is rapidly becoming the world's biggest and is proving lucrative for Uber.

Mr Kalanick said the firm had gone from a tiny 1% share of the lift-hailing market in China nine months ago to its current 30%-35% market share.

He did not specify what percentage of this was for private cars and what for taxis, where it faces tough competition from dominant player Didi Kuadi.

New regulations governing lift-hailing services in China are expected later this year.

Mr Kalanick said he welcomed the new rules but in other parts of the world, regulation is proving a thorn in its side.

Last week, a judge in California paved the way for Uber drivers to sue the company over their status. Some drivers claim they are employees rather than contractors and, as such, should be allowed to claim expenses and receive tips.

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Rolls-Royce sees sales hit by Chinese slowdown

Rolls-Royce has seen sales of its luxury cars hit by a fall in demand in China.

The chief executive Torsten Mueller-Oetvoes said the turnaround in the market had been unexpectedly fast.

"We have been surprised by the speed of development in the Chinese market in a completely different direction," he said.

Chinese buyers have been affected by the slump in the stock market, slower growth and a corruption clamp-down.

He was speaking on the day of the launch of the Dawn, Rolls-Royce's new £250,000, 155 mph convertible, which the company described as "the sexiest Rolls-Royce ever built".

Mr Mueller-Oetvoes, talking to the BBC World Service's World Business Report, said: "The whole anti-corruption campaign... is very much around investigating where your money is from, to whom you are related and so on and so forth.

"That of course scares people who are quite affluent, and no one wants to be visible currently in that kind of environment and people are shying away from... obvious luxury goods, and that is not only true of cars but for jewellery and for precious watches and so on," he added.

But he added: "I am not in any way scared about that. We may see a dent in our volume line due to China, but that is a partial dent. And in particular with the new car that we will launch next year, the Rolls Royce Dawn, I am very optimistic."

Professor David Bailey from Aston Business School in Birmingham said: "I do think that China is going to affect the premium end of the market. The stock market crash will have some effect.

"But then again the ultra-high end of the car market works in a way of its own, so who knows exactly how sales will be hit," he added.

Mr Mueller-Oetvoes played down fears that recent events in Chine would last long, forecasting that sales there would recover in the next two years.

"China has never been our number one market. Our number one market is the United States and due to the fact we are properly balanced we can cope with some of the downturn in China," he explained.

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Japan's shares surge more than 3% in early trade

Japan's Nikkei surged by more than 3% on opening on Wednesday after the index saw all the gains made this year wiped out on Tuesday.

The benchmark was up 4.56% at 18,221.28 points in mid morning trade after finishing the day down 2.43%.

Investor sentiment was up across Asia after markets in China and the US finished in positive territory.

Tuesday's weak economic data from China has also raised hopes of more stimulus for that economy and its markets.

On mainland China, the Shanghai Composite was up 0.56% at 3,190.35 points - after finishing the day up up 2.9% - while Hong Kong's Hang Seng benchmark was up 2.05% at 21,696.51.

In Australia, the S&P/ASX 200 was up 1.09% at 5,170.90 points, taking its lead from US markets.

Analysts said resource and commodity stocks would also likely continue to buoy the Australian index on Wednesday.

South Korea's Kospi benchmark index was also in positive territory in early trade, up 1.78% at 1,912.14 points. Official data released on Tuesday showed the country's latest unemployment figures for August sitting at their lowest since January this year.

'Sea of green'

Chris Weston from IG Markets said it would be a good news day for markets and that there was a "sea of green on screen in risk associated assets".

"This pick-up in sentiment once again started from a nice move higher in S&P futures during Asia, helped on by some really bullish flow in the Chinese markets," he said in a note.

"Specifically, the H-shares (Chinese dual-listed companies trading in Hong Kong) had its best day [on Tuesday] in months," he added.

"In the Chinese mainland, there has been some focus on headlines on a 50% reduction in personal income tax dividends for larger shareholders, with the idea being to move the market away from short-term and focus on the longer-term."

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United Airlines CEO Jeff Smisek quits amid corruption probe

The chief executive and chairman of the board of United Airlines, Jeff Smisek, has quit amid a corruption investigation.

Two other executives of the US's third largest airline also resigned.

According to US media reports, federal authorities are investigating whether Mr Smisek sanctioned a money-losing flight to benefit the head of the Port Authority of New York and New Jersey.

United said that it was cooperating with investigators.

At the time the route operated from Newark, New Jersey, to Columbia, South Carolina, United Airlines was lobbying for improvements at Newark Liberty International Airport, which the Port Authority owns.

Former Port Authority Chairman David Samson owned a vacation home in Columbia at the time.

United launched the twice weekly, direct flight route shortly after Mr Samson was appointed and cancelled it after Mr Samson left the Port Authority.

Oscar Munoz, the chief operating officer CSX Corp, was named Mr Smisek's replacement as CEO.

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