South East Asians proving high earners on the tables



South East Asia has produced more than its fair share of professionals in snooker, pool and billiards.

Snooker and billiards featured at the recent 2013 SEA Games, with Thailand topping the medals table, but it is in the professional sector that the real money lies.

Thailand’s most successful snooker player, James Wattana, can lay claim to career earnings that currently stand at US$2.7 million. The 43-year-old has suffered a recent slump in form but is still ranked number 65 in the world.

Wattana has made $29,099 so far in the 2013-2014 season but is unlikely to ever replicate his earnings of the early 1990s when he was ranked number 3 in the world and consistently earned $150,000 to $450,000 every season.

Two up and coming Thai prospects to look out for are Ratchayothin Yotharuck and Noppon Saengkham who will both be looking to follow in the footsteps of Wattana by becoming the next Thai players to break the milliondollar-mark in earnings.

Yotharuck, 18, has made $9,572 so far in his inaugural season on the tour while Saengkham, 21, boasts career earnings of $45,751.

The current snooker season has $13,126,202 in prize money on offer and other notable Thai snooker players involved include Dechawat Poomjaeng. He has earned $78,559 in his career to date but 2013 ended in ignominy for another Thai, the 101st-ranked Passakorn Suwannawat, who was placed under investigation due to irregular betting patterns during a match in Shanghai.

The Philippines can lay claim to the world’s top pair of pool players after Lee Van Corteza and Dennis Orcollo triumphed at the 2013 World Cup of Pool, the international annual single-elimination tournament for doubles teams in nine-ball competition, held in London.

The Filipino pair were awarded $30,000 each for that win which has contributed towards Corteza being the second highest earning pool player in 2013, according to AZBilliards.com. His income for the year was estimated at $111,525.

Orcollo was only marginally behind his doubles team partner after earning an estimated $106,770 in 2013 and the AZBilliards.com list of top performing pool players features a healthy contingent of Filipinos with notable names including Francisco Bustamante, who came in 8th with $66,442, and Carlo Biado, who was 12th with $49,350.

Leading the way for the region in the ladies game is Rubilen Amit. The 32-year-old became the first Filipina to become a world pool champion in 2009 and last year she won the Women’s World 10-Ball Championship for a second time, earning an estimated $27,300 in 2013.

With 15 Filipinos currently ranked in the top 100 for the men’s game by the World Pool-Billiard Association there is no question which country is the game’s regional powerhouse but there are representatives elsewhere who also deserve a mention.

Vietnam’s Anh Tuan Nguyen claimed a bronze medal in 10 ball pool singles at the recent SEA Games, with the Filipinos Dennis Orcollo and Carlo Biado coming first and second respectively, and he is currently ranked number 47 in the world and earned an estimated $3,570 last year.

Flying the flag for Singapore is 59th-ranked Lian Han Toh who earned an estimated $2,500 in 2013 a total that as bettered by his compatriot Aloysius Yapp who despite being ranked 40 places lower by the World Pool Billiards Association earned $3,570 last year, according to AZBilliards.com.

Indonesia, the world’s fourth most populous country, is represented at elite level pool by Irsal Nasution. His career highlight was a second-place finish at the 2010 Guinness World Series of Pool in Jakarta.

Major international pool and billiards events are not held in South East Asia as commonly as some regions but the 2013 Women’s World 10 Ball Championship was hosted at Resorts World Manila.

The event proved to be an emphatic success from a Filipino perspective as the local favourite Amit defeated America’s Jennifer Barretta in the final to win the tournament and the $21,000 prize money, helping to cement Manila’s status as a viable venue for world class pool.

The best pool players can earn hundreds of thousands of dollars but the prize money on offer pales in comparison to the sort of rewards available to elite snooker players. So while Filipino players like Amit, Van Corteza and Orcollo are undoubtedly at the pinnacle of the sport, they still can’t expect to earn as much as Wattana did during his heyday.

business@thenational.ae

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UAE currency: the story behind the money in your pockets
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The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

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The biog

Name: Abeer Al Bah

Born: 1972

Husband: Emirati lawyer Salem Bin Sahoo, since 1992

Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old

Education: BA in Elementary Education, worked for five years in a Dubai school

 

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

 

 

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

The%20Letter%20Writer
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Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

INFO
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BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

Turning%20waste%20into%20fuel
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The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace