Chelsea given $46m fine for breach of financial rules
Chelsea risk being hit with a further €60 million fine (S$90 million) if they do not get their finances in order.
LONDON - Chelsea have been fined €31 million (S$46 million) by Uefa for breaches of its financial rules, while Aston Villa, Barcelona and Olympique Lyonnais were also levied with large fines, Uefa announced on July 4.
The punishments come with the potential for far harsher fines down the road, with Chelsea, who agreed to a four-year settlement with Uefa's Club Financial Control Body (CFCB), risking being hit with a further €60 million if they do not get their finances in order.
Barcelona must pay a €15 million fine, but could potentially face €60 million in total, with Uefa fining Lyon €12.5 million and Aston Villa €11 million.
Chelsea's fines were split into €20 million for not complying with the football earnings rule and €11 million for breaching the squad cost rule, while Aston Villa were fined €5 million and €6 million for their respective rule violations.
The clubs are also subject to a restriction on the registration of new players on their List A for Uefa club competitions such as the Champions League and Europa League.
The teams accepted settlement agreements which cover periods of two, three or four years, with the clubs' final targets to be fully compliant with the football earnings rule by the end of their specific settlement period.
Additionally, Lyon agreed on an exclusion from the 2025/26 Uefa club competitions should the French authority (DNCG) confirm the club's relegation to Ligue 2.
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Chelsea sold their women's team for €235 million to a parent company, Blueco, which helped to balance their spending and avoid huge losses, despite their lavish spending in the transfer market under owner Todd Boehly. Uefa, however, refused to count the sale of the team as an asset.
The club also sold two hotels to a sister company in a deal that appears to have helped the club to remain compliant with profitability and sustainability rules (PSR).
Premier League clubs are not permitted to have losses of more than £105 million (S$182 million) over a three-year period. REUTERS
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Straits Times
an hour ago
- Straits Times
Early start to heritage studies for Bukit Timah Turf City housing site is paying off
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE – A study published in 2021 found a swimming pool complex in the Old Police Academy at Mount Pleasant to be among the most significant in terms of heritage value, second to only a Senior Police Officers' Mess. The heritage study – meant to guide the development of the 33ha Mount Pleasant housing estate – said the complex was where trainees learnt swimming and life-saving skills, and police officers and their families spent their leisure time. Despite the findings, demolition work began on the complex within the past year, close to five decades after it was completed in 1976. Six buildings in Mount Pleasant have been conserved in all – four will be repurposed within the upcoming housing estate, while the other two, including the Senior Police Officers' Mess, are just outside of it. In contrast, 22 buildings are slated for conservation within an upcoming residential estate at the old 176ha Bukit Timah Turf City, including two grandstands that a separate heritage study identified as the site's most exceptional buildings. The differing outcomes for the two sites' most significant buildings can be explained largely by the timing of the two studies vis-a-vis planning and building works for the future estates. When the Old Police Academy study started in 2018, six buildings and ancillary structures had already been demolished after the Land Transport Authority began work on Mount Pleasant MRT station within the academy's compound in early 2015. Top stories Swipe. Select. Stay informed. Singapore Asean needs 'bolder reforms' to attract investments in more fragmented global economy: PM Wong Singapore CPF members can make housing, retirement and health insurance plans with new digital platform Singapore CPF's central philosophy of self-reliance remains as pertinent as ever: SM Lee Singapore Credit reports among personal data of 190,000 breached, put for sale on Dark Web; IT vendor fined Asia Dalai Lama hopes to live beyond 130 years, much longer than predicted Singapore Tan Cheng Bock, Hazel Poa step down from PSP leadership; party launches 'renewal plan' Sport Liverpool will move on after Jota's tragic death, but he will never be forgotten Singapore Rock climbing fan suddenly could not jump, get up from squats The underground station's location – just next to the swimming pool complex – had been fixed since 2014, under the Urban Redevelopment Authority's (URA) masterplan. In comparison, heritage studies on the area near the two grandstands in Turf City were completed before the Government announced in September 2022 that a future MRT station will be located near the two stands . Work on the station site began only after Turf City closed in late 2023 , and the station's location was reflected for the first time in URA's plans on June 25, when the agency unveiled the Draft Master Plan 2025. The Turf City study was the first implemented under the Government's Heritage Impact Assessment (HIA) framework, which was announced in 2022 and for which the Old Police Academy study served as a pilot . The conservation of 22 buildings in the upcoming Turf City estate shows that the Government's move to start heritage studies sufficiently early in the planning process – and make decisions based on their findings – is paying off. Based on initial plans, future visitors to the North Grandstand – set to be part of a mixed-used development, along with the South Grandstand – could dine at the spectators' area, which overlooks a field and park. The south stand was completed in 1933, and the north stand in 1981. A former housing area for racecourse workers called Fairways Quarters, and the Bukit Timah Saddle Club Clubhouse, could be put to community use. An illustration of how the former Bukit Timah Saddle Club Clubhouse can be repurposed to form a new amenity node for future residents. PHOTO: URBAN REDEVELOPMENT AUTHORITY Under the HIA framework, large-scale public redevelopment projects impacting clusters of buildings and structures with potential heritage value are subject to studies by external consultants, who generally assess the heritage significance of a site, identify impacts that a proposed development project would have on it, and recommend strategies to mitigate the impact. The Turf City study was conducted by the National University of Singapore's (NUS) Department of Architecture and heritage consultant Purcell. Subsequently, more granular studies on 27 buildings and structures were done , before the decision to conserve 22 – a figure that pleasantly surprised heritage observers. Retaining this many buildings allows future residents of the estate to appreciate its history, and step into various spaces that the racecourse's visitors, senior leaders and workers once used. Founding chair of non-profit heritage group Docomomo Singapore Ho Weng Hin said the phased studies – from a broader study to more site-specific ones – meant that plans could be refined and adjusted. For instance, NUS professor Ho Puay Peng, who was involved in the HIA for Turf City, said minor tweaks were made to the design of the upcoming MRT station there so that the North Grandstand's facade would not be blocked. An artist's impression of Bukit Timah Turf City's North Grandstand in the future housing estate. PHOTO: URBAN REDEVELOPMENT AUTHORITY Deciding to keep the buildings is also just the start of a long process of ensuring that future users can meaningfully enjoy them. Planners and architects now have the task of making that happen. How will the greenery and openness of Fairways Quarters be preserved, with new high-rise housing blocks expected in the estate? Mr Ho of Docomomo Singapore suggested putting in place a conservation management plan to guide future developments in the sprawling estate and ensure the former racecourse's significance is retained. Another question is what planners and developers will decide to house within the two grandstands, which will be part of a neighbourhood that is envisioned as the estate's 'civic heart', with sports, recreational, commercial and community amenities. Building an integrated facility like Our Tampines Hub from scratch is relatively simple, but inserting new and varied uses into the purpose-built grandstands necessitates creativity. An artist's impression of how the former Fairways Quarters could be integrated in community node. PHOTO: URBAN REDEVELOPMENT AUTHORITY Conservation buildings should ultimately benefit the public, and URA's early plans are promising, with most of the 22 in sites that are likely to be publicly accessible. The agency has also said that it will commemorate and mark the original extent of Turf City's racetracks – an idea put forth by heritage groups. Considering the HIA framework's success in guiding the redevelopment of Bukit Timah Turf City thus far, the authorities should apply it to other large sites set for a makeover, such as Sembawang Shipyard and Paya Lebar Air Base. On this front, the Draft Master Plan 2025 exhibition shows that URA's planners already have one eye on the future. There are plans to integrate Paya Lebar's old airport structures and a section of the runway into a new town there, while repurposing a dry dock in Sembawang for sports and recreation has been mooted as a possibility. If treated like Turf City, the development of these towns will demonstrate Singapore's ability to meet future growth needs, while remaining grounded in its heritage.
Straits Times
2 hours ago
- Straits Times
Graduates are not screwed if they study engineering: James Dyson in response to Economist article
Sign up now: Get ST's newsletters delivered to your inbox British inventor and billionaire entrepreneur James Dyson, 78, said design and science students will hold up well in the age of artificial intelligence. SINGAPORE - Today's graduates are not doomed if they study engineering, despite a poor job market. This belief has long been held by British inventor James Dyson, 78, who has been thinking of bringing to Singapore his company's degree apprenticeship programme in engineering, where undergraduates earn a salary and pay no fees. 'A country's wealth is established by engineers and scientists,' the British inventor and billionaire entrepreneur told The Straits Times in a rare one-on-one interview on June 30 at the former St James Power Station, now the global headquarters of Dyson , the consumer electronics company he founded. In response to a June 16 article in The Economist titled 'Why today's graduates are screwed' , he said: 'I don't think that applies to engineers and scientists.' Citing the US Bureau of Labour Statistics and employment data in the European Union and Britain, the article said that employers have trimmed jobs in graduate-friendly industries, and that graduates are losing their wage premiums. Mr Dyson is stubbornly optimistic that engineering, design and science students will hold up well, saying that artificial intelligence (AI) can never replace the human brain for creativity. 'AI can pretend to be creative by combining things, but I don't think it can ever truly be creative and do something different and unexpected,' he said. Top stories Swipe. Select. Stay informed. 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British inventor and billionaire entrepreneur James Dyson, 78, with the latest Dyson PencilVac vacuum cleaner's motor - its smallest and fastest with a diameter of just 28mm or the size of a 50 cent Singapore coin. ST PHOTO: GAVIN FOO During the hour-long interview, he also spoke passionately about original ideas, experimentation and creativity, as well as changes that need to be made to what and how students study. These concepts are key to survival in a world disrupted by AI, experts say. AI will undoubtedly do away with routine jobs as automation has with typists, said Mr Dyson, confronting the topic of layoffs, which have been seen in the past year at tech firms including Dyson, TikTok, Google, Microsoft, Intel, Amazon and Meta. And the bar continues to be raised, as knowledge workers, who were once thought to be safe, are also now at risk of being replaced. Those at risk include paralegals, tutors, writers, graphic designers, software coders and stock traders. Mr Dyson said matter-of-factly: 'Creativity will become harder because you have got to be better than a machine, better than AI, right?' Declining to go into the specifics of Dyson's surprise 2024 global job cuts , he said that organisations have to change with the times. 'The world is changing where things are made, how they are made, how you can move quickly and where the areas of expertise are. You can't go on with the old set-up. You have to adapt to the new set-up. And unfortunately, along the way, that creates different jobs, and some of the old jobs go,' he said. In late 2024, Dyson cut an undisclosed number of jobs in Singapore following a global restructuring move that involved about 1,000 job cuts in Britain. Staff here were reportedly shocked, given that the firm had announced it was stepping up investments in Singapore. Mr Dyson did not want to specify what roles were made redundant, but acknowledged that it is not always possible to reskill staff for new roles. In 2022, Dyson said it would invest $1.5 billion in its Singapore operations over the subsequent four years, and committed to hire more than 250 engineers and scientists across robotics and machine learning. The firm confirmed on June 30 that it is still committed to the plan. In 2023, it recorded a 9 per cent year-on-year increase in profit to £1.4 billion (S$2.4 billion), on a 9 per cent rise in global revenue of £7.1 billion. Despite global headwinds, it also increased its research and development expenses by more than 40 per cent in 2023, bringing total expenses to more than £2 billion since 2021, putting what it preaches into practice. Today, the company still hires some 2,000 employees in Singapore, half of whom are engineers key to the development of its latest PencilVac, which will go on sale here on July 14. The product's patented digital motors are made in Singapore, with one motor rolling off its Jurong manufacturing line every two seconds. These motors power its vacuum cleaners, air purifiers and hair dryers. Dyson had also said in 2023 that by the end of 2025, next-generation batteries would be produced in a new 247,000 sq ft plant located in Tuas . It had called the plant the most significant investment in advanced manufacturing in the company's history. The next-generation batteries would be smaller, lighter, more sustainable and more energy-dense than the ones available today, according to the company. Mr Dyson, who travels to Singapore almost every month from Gloucestershire in the UK, where he lives, did not want to confirm if the battery plant is on track to open. During one of his visits in February, he gave Deputy Prime Minister Gan Kim Yong a preview of the PencilVac's motor, the firm's smallest and fastest vacuum motor with a diameter of just 28mm, the size of a 50-cent Singapore coin. Singapore is where Dyson's patented digital motors are made, with one motor rolling off its Jurong manufacturing line every two seconds. ST PHOTO: GAVIN FOO 'He was very excited,' said Mr Dyson. 'I can't emphasise more that the ability to put the new, pioneering technology into production is a great skill for a country to have.' Speaking broadly on education, a topic he is highly critical about, he said that some reverse engineering might be necessary to inspire students to study engineering. 'The academic nature of university teaching may suit some people, but it doesn't suit everybody. And when you have gone through it, are you still able to be creative? And the dryness of academic work, where you are just learning a theory all day long for three years, or whatever it is, is that the best way to learn?' Drawing on his experience pioneering a degree apprenticeship programme in the UK, he said: 'Would it be better to do what we are doing with our own university, where people work for three days with the best scientists and engineers in the world, and then have two days of academic teaching where they are inspired to do the academic side of things because they realise they can then answer the questions on the practical side.' Founded in 2017, the Dyson Institute of Engineering and Technology in the UK runs a four-year engineering programme offering real-world working experience on the site of Dyson's design centre in Malmesbury, Wiltshire. The institute initially awarded degrees validated by the University of Warwick. But in 2021, it was given the authority to award its own degrees – a first in Britain, and also possibly in the world. Today, its 168 undergraduate engineers earn a salary and pay no tuition fees to create real products. Dyson has been actively engaging the Singapore authorities for a number of years to do more to inspire students here to be interested in science and engineering designs. It is mulling over several options to intensify these efforts, including bringing to Singapore its degree apprenticeship programme. 'We are looking at it,' he said, adding that 'the model for Singapore might be slightly different' because Dyson has existing internship programmes with local universities. Every year since 2019, up to 50 interns from the four local universities go through Dyson's doors doing stints between three and 12 months, providing a pipeline for its manpower needs. The proportion of people in Singapore taking engineering and science at university is also higher than in the UK, he noted. Born in Norfolk, Mr Dyson spent a year at the Byam Shaw School of Art before reading furniture and interior design at the Royal College of Art. There, he made the switch to industrial design. 'My chief engineer studied engineering and then studied design, and then came to me to practise as a designer engineer. We have quite a few of those. That is a very good combination, right?' he said. 'But we also feel that we can teach design by osmosis.'
Straits Times
2 hours ago
- Straits Times
Young & Savvy: Having a savings plan can help you cross life's milestones easier
Saving up for big expenses can be tiring, but it's also satisfying to see her efforts come to fruition, says the writer. SINGAPORE – Although we had budgeted about $60,000 for our home renovation, speaking to various contractors made my husband and I realise that our budget would quickly rise to $80,000. The factors that drove up our renovation costs include soundproofing the master bedroom, as my husband is sensitive to loud noises, and installing window grilles that are safe for cats that we plan to adopt. The biggest expenses for most people often occur shortly after they enter the workforce. This is especially so for young couples who are starting their lives together. In the Singapore context, we all know too well that when this major life milestone takes place, many young couples end up spending the bulk of their savings on their new homes, renovation costs and, yes, wedding expenses. As someone who has been in the workforce and earning a full-time salary for not more than five years, I was initially very worried about how I would afford all these things. Over the past year, my husband and I came up with a plan to work towards paying for these milestones. Firstly, we set aside a fixed amount of about $2,500 every month for upcoming expenses, and this sum goes into the joint bank account that we opened to save for big expenses. Some people might prefer saving what's left of their salary at the end of the month, but I've found that saving at the start of the month works better for me. Top stories Swipe. Select. Stay informed. Singapore Asean needs 'bolder reforms' to attract investments in more fragmented global economy: PM Wong Singapore CPF members can make housing, retirement and health insurance plans with new digital platform Singapore CPF's central philosophy of self-reliance remains as pertinent as ever: SM Lee Singapore Credit reports among personal data of 190,000 breached, put for sale on Dark Web; IT vendor fined Asia Dalai Lama hopes to live beyond 130 years, much longer than predicted Singapore Tan Cheng Bock, Hazel Poa step down from PSP leadership; party launches 'renewal plan' Sport Liverpool will move on after Jota's tragic death, but he will never be forgotten Singapore Rock climbing fan suddenly could not jump, get up from squats Each month, my husband and I also discuss our investments, CPF contributions and bank balances. These numbers are all laid out neatly in an Excel spreadsheet, thanks to my partner, who loves planning and organisation. The spreadsheet shows us how much we have as a couple. While such sessions do not have to be monthly, scheduling a 'finance date' now and then is a good way for couples to keep their savings and investments on track. It is prudent to look ahead because there is nothing worse than being hit with an unexpected increase in essential expenses that you have no money to pay for. A case in point is the possible 30 per cent jump in our home renovation costs. My first reaction to big upcoming expenses used to be: 'How can I possibly afford that?' By laying out my finances clearly – seeing all the numbers in black and white – I now have more confidence in planning so that I can meet my financial milestones. During our monthly session, we also talk about our upcoming milestones and decide the budget for each one. This allows us to start saving for each milestone early and even leave some room for us to revise the budget, such as by reducing non-essential spending if necessary. Understanding your priorities can also help you save some money – it's not financially possible to have the best of everything and it's about making the best use of what we have. So singling out what's most important to you can ensure that your hard-earned money is spent on things that matter to you. For example, we decided that being able to house our cats safely and having a quiet master bedroom to sleep in every night would be more important than having fancy tiling for our home. As we plan to live in our first home for many years, it makes more sense to ensure that we spend a bit more on quality fixtures that will last longer. I also set aside money for our emergency fund every month, which has about three to six months' worth of our average monthly expenses. This is in case of job losses or sudden spikes in medical expenses. Let me share a useful shopping tip which I have personally found to be very effective in not only helping me save more every month, but also makes it less painful to cut down on expenses. It starts with changing your mindset when it comes to spending on things that you probably like but are not crucial to your day-to-day use. So before I make the decision to buy, I tell myself that I will delay the purchase by one week and see if I still want the item then. Just by going through this mental exercise, I have successfully resisted many non-essential purchases. Indeed, I have found it more fulfilling that I have succeeded in saving more each month, simply by not giving in to impulse shopping. I've also dialled back on agreeing to too many overseas trips with friends, as even short weekend getaways can quickly add to expenses. While it's important to save up for life's big milestones, I've made it a point not to compromise on the enjoyment part of life. After all, what's life without bubble tea a couple of times a week and spending money on things that make me happy, like cute K-pop merchandise. Saving up for big expenses can be tiring, but it's also satisfying to see my efforts come to fruition – being able to afford what is truly important to me. I hope my future cats will enjoy their new home as much as we do.
