Concern over jobs overblown

Employment creation and housing demand/construction activity are two pillars of any economy. Central bankers and policymakers all over the world rely on data on these activities heavily. Unfortunately in India, we do not have any high frequency and reliable data available on either. National Sample Survey Organisation conducted its last employment survey back in 2012. Since then we haven’t had anything comprehensive on employment creation in India. Economists, financial analysts and even policymakers in India, hence, have had to rely on some proxy data or anecdotal evidence to estimate the trends on employment creation. Due to demographics, India is witnessing nearly 10-11 million people entering workforce every year assuming the historical labour force participation rate (LFPR). Creating so many jobs is a challenge for any economy. The key question is how many jobs is the economy creating? Several commentators have raised concerns on job losses/insufficient job creation. These are clearly overdone in my view. The actual job creation in the economy is not as bad as it’s been made out to be.

We looked at company annual reports of listed companies and nearly all listed companies give number of employees as at the end of the financial year. This is the most authentic and high frequency (once every year) data that one can get. Our analysis of more than 900 listed companies with a total employee base of 5 million shows that jobs growth has been good at 3.7 per cent during FY17 and 4 per cent in FY16. This is actually in line with the jobs growth seen for these companies over the last 10 years. Thus, at least for this sample, the jobs creation has not slowed down over the last two years. Two questions arise. The first question is — is 3.7-4 per cent good enough? Second: How can we extrapolate this sample to the rest of the economy?

Let’s look at the first question. The answer is 3.5-4 per cent jobs growth is quite good. India’s total working class is about 470 million and nearly 220 million of these are engaged in agriculture. Agriculture is not creating jobs anymore; in fact, it’s shedding jobs. Thus, the incoming job seekers have to be absorbed by the nonagri working class of about 250 million. As explained above, about 10-11 million people are entering the job market in India every year. This is 44.4 per cent of the current non-agri base. In other words, a potential nonfarming jobs growth of 4-4.4 per cent will create full employment for all the young entering the working class — an ideal number. In that context, our sample of listed companies with a jobs growth of 3.7 per cent and 4 per cent is quite respectable.

Now let’s move to the second question. Can we extrapolate the conclusions from our 5 million sample to the total number of 250 million (hence our sample is 2 per cent of total) non-agri jobs in India? We need to keep the following three things in mind before jumping to conclusion. 1) In the company annual reports, the number of employees quoted is the employees on its payroll. The increasing trend in India, however, is to hire more people on contract. This trend may now rise even more as the goods and services tax (GST) allows easier input tax credits. In a nutshell, if on payrolls jobs growth is 3.74 per cent, the overall ecosystem growth is likely to be higher. 2) The revenue growth of these more than 900 companies is lower than gross domestic product (GDP) growth. Thus, the remaining 98 per cent of the economy has probably done better than this sample. Hence, the chances are that the employment creation in the rest of the economy should be as good if not better. 3) Our sample of 900 companies comprise nearly all the large listed companies including private banks, public sector banks, NBFCs, IT services companies, large manufacturing companies, telecom and media companies, and other outsourcing companies etc. These companies have access to the latest technology and have used it to automate and improve the employee efficiency. It would be fair to assume that most of the other small companies (i.e. outside our sample) would probably have much less resources to invest in technology to make people redundant.

Hence, our conclusion is that the employment situation in India is not that bad. Things could improve further if the housing construction market begins improving. An estimated 25 million workers are engaged in housing construction and this segment has not witnessed any growth over the past five years, as the housing market has been in a lull. As and when things begin to improve in the housing market and it should ideally, soon, given the best in two decade housing affordability for the mid-end and low-end segment, an estimated 1.5-2 million jobs per year can be created.

One of the biggest contributors to the jobs creation recently has been the growth of consumer credit industry. Lending to the non-salaried class has now been enabled largely by the combination of UIDAI and credit bureau and a development of credit culture even in smaller towns and villages. This type of lending is an extremely labour intensive work. We believe that this industry has just started growing and has decades of growth still left in it and should continue to drive employment creation directly and indirectly. Of course, we can’t afford to be complacent as digital disruption can always change the scenario here.

Let’s look at the employment issue from a different angle. Currently in India, about 22 million new cars and two wheelers are sold every year. About 40 per cent of these sales are replacement demand. After removing the replacement demand, about 13 million first time car/two wheeler buyers are entering the market. If employment creation is such a big issue, where are these 13 million people coming from?

‘India is now a football country’

Kolkata: Hours after Fifa president Gianni Infantino’s arrival in the city on Thursday, the game’s global governing body announced that India are now ready to host any big tournament.

As the under-17 World Cup enters its final phase, Fifa has set the ball rolling for India’s next target — hosting the under-20 World Cup.

Soon after landing here in the morning, Infantino had said that India “is now a football country.” A few hours later, Fifa head of tournaments Jaime Yarza went a step further.

“What India has now in terms of infrastructure and passion for the game, they have the ability to host any major tournament. They can do it for sure. India’s infrastructure is almost at senior World Cup level,” Yarza told a news conference.

Sitting beside him, All India Football Federation chief Praful Patel said that he would present the country’s case as future hosts of another tournament in front of the game’s powers-that-be.

Patel will attend the Fifa Council meeting, which will be held at a city hotel on Friday. “India has bid for the under-20 World Cup to be staged in 2019. I have been invited to Fifa Council meeting as (representative of) the host nation. I will use all the goodwill in my command to good use and present the case for future of Indian football,” Patel maintained. tended World Cup at the junior level.

“This tournament is going to be the most-watched tournament in under-17 and under-20 categories ever. We are proud of this,” Patel said.

China recorded a 1.2 million attendance at the junior-most World Cup (when it was an under-16 competition) in 1985. In under-20 World Cup, Colombia held the record at 1.3 million when they hosted it in 2011.

Yarza said India’s organisation has exceeded expectations. “All teams have given Fifa their feedback. Some of them are unhappy — not for losing but for leaving this beautiful country. India has become a footballing nation in every sense. This is the legacy of this tournament for the country,” he pointed out. support in this respect. It should be ready in two years’ time. To further boost our development activities, six AIFF academies will also come up spread across the country. Each academy will house 30-40 boys and girls so that we can continue to grow as a football nation, post under-17 World Cup,” Patel said.

Youth, concussions and the risk of MS

While most head-injury concerns focus on brain disease, a new study suggests the nervous system may be just as vulnerable

Here’s yet another reason to protect young athletes from head trauma: A large-scale study suggests that concussions in adolescents can increase the risk of later developing multiple sclerosis. The risk of multiple sclerosis, or MS, an autoimmune nervous-system disorder with an unknown cause, was especially high if there were more than one head injury.

The overall chances that a young athlete who has had one or more head injury will develop multiple sclerosis still remain low, the study’s authors point out. But the risk is significantly higher than if a young person never experiences a serious blow to the head.

The drumbeat of worrying news about concussions and their consequences has been rising in recent years, as most of us know, especially if we have children who play contact sports. Much of this concern has centred on possible links between repeated concussions and chronic traumatic encephalopathy, or CTE, a serious, degenerative brain disease that affects the ability to think.

But there have been hints that head trauma might also be linked to the development of other conditions, including multiple sclerosis. Past studies with animals have shown that trauma to the central nervous system, including the brain, may jump-start the kind of autoimmune reactions that underlie multiple sclerosis.

(In the disease, the body’s immune system begins to attack the fatty sheaths that enwrap and protect nerve fibres, leaving them vulnerable to damage and scarring.)

Some past epidemiological studies of people also have noted an increased incidence of MS in adults who experience head trauma. These studies typically were small-scale, though, and looked at the issue in adults.

But with more young people, including children, being found to have concussions, some experts have begun to wonder whether there might be links between an injury early in life and a later diagnosis of MS.

So, for the new study, which was published last month in Annals of Neurology, scientists at Orebro University and the Karolinska Institute in Sweden and other institutions decided to look at the medical histories of every person in Sweden who had been given a multiple sclerosis diagnosis since 1964, when the diagnosis began to be reported to a national medical database.

They found 7,292 men and women who had been given MS diagnoses through the end of 2012.

Then, to provide a contrasting cross-section of these patients’ peers, they matched each of those with MS with 10 other Swedes who shared their age, gender and county of residence, pulling this data from another database about every Swedish citizen.

In total, the scientists analyzed data involving more than 80,000 people.

Finally, the researchers looked into whether any of these people had visited a Swedish hospital for treatment of a concussion or broken bone when they were young. (The Swedes keep extensive health databases.)

The researchers included the information about broken bones because the symptoms of MS often begin to affect people years before a diagnosis and can include clumsiness and falls. If people had stumbled and incurred head injuries because they had early MS, then their disease might be contributing to their concussions and not the other way around, a statistical issue known as reverse causation.

In that case, however, people with MS should also have a high incidence of broken bones because of their falls. So the researchers looked at a range of bone injuries as a way to assess the likelihood that reverse causation might be responsible for their injuries.

They also homed in on concussions that occurred when the people in the study were young, dividing that time frame into concussions among children younger than 11 and adolescents between the ages of 11 and 20.

Then they analyzed the numbers. The results were concerning. Adolescents who had experienced one concussion were about 22 per cent more likely to later develop MS than those who had not had such head trauma. The risk rose by about 150 per cent if a young person had suffered multiple concussions.

Interestingly, concussions experienced during childhood did not contribute to a greater risk of MS later.

The findings suggest that “there could be a link” between head injury during adolescence and the development of MS as an adult, says Scott Montgomery, a professor of clinical epidemiology at Orebro University, who led the study.

Adolescent brains seem to be less physiologically resilient than those in younger children, he adds, making them potentially more vulnerable to long-term consequences from concussions than children.

The youngsters also might have experienced milder concussions, since they are smaller and would likely hit with less impact.

Still, the absolute incidence of MS among young people in the study who had had a concussion remained small, Montgomery says, and many of those who had been injured in adolescence never developed the disease. It is probable, he says, that other factors are involved, including an underlying genetic susceptibility to the condition that, in some young people, might be awakened by a blow to the head.

The study also was observational, meaning that it can link concussions in youth to a greater risk for MS, but not prove that one causes the other.

The findings remain important and cautionary, however.

“Physical activity and participation in sports should be encouraged in young people,” Montgomery said. “But we should try to minimize the risk of young people experiencing head injuries.”

And for those who might have had a concussion or three during youth, “talk with your doctor,” Montgomery says, “especially if you are experiencing any symptoms” of MS, such as double vision, dizziness or balance problems. These conditions do not necessarily indicate a developing problem, he says, but should be assessed.

Physical activity and participation in sports should be encouraged in young people. But we should try to minimize the risk of young people experiencing head injuries. Scott Montgomery Professor of clinical epidemiology at Orebro University

Big tech, not fintech, the top threat to incumbent banks: Report

TORONTO — Upstart financial technology companies may be nipping at the heels of the world’s big banks, but new research from global consultant McKinsey & Co. suggests established “platform” players such as Google and Amazon are emerging as the real threat to the incumbent financial firms’ healthy margins.

“Seventy-three percent of U.S. millennials say they would be more excited about a new offering in financial services from Google, Amazon, Paypal or Square than from their bank — and one in three believe they will not need a bank at all,” declares McKinsey’s latest annual global banking review, released Wednesday.

Asheet Mehta, co-leader of the global banking practice at McKinsey and one of the lead authors of the report, says the edge the platform companies have is that they are creating entire digital ecosystems with a range of “intuitive and pleasing ” goods and services that are available through a single access gateway.

“In quite a few markets, platform companies have already begun attacking banking revenues,” Mehta said. “And there is no reason to think this trend will not spread to other markets.”

Lest anyone think Canada is exempt, the McKinsey report quotes Dave McKay, the chief executive of the country’s largest bank, Royal Bank of Canada, acknowledging the situation facing the banks. McKay, who has long accepted the challenge from the platform players, says the banks’ best defense — at least in the short term — is the trust clients have in them to provide secure services and protect sensitive financial data.

“Trust and security are key assets,” the report quotes McKay as saying. “They buy us time.”

The CEO of Royal Bank has been warning of a “collision course” with the likes of Google Inc. and Cupertino, Calif.,-based Apple Inc. since early 2015, just months after assuming the top job. At a conference for investors in New York in March of that year, McKay said banks and large tech and e-commerce companies could work together to offer some financial services — like the Apple Pay mobile wallet — but he warned that such collaboration could result in new players getting in the middle of the important relationship between banks and their customers.

Fast-forward a little more than a year, and all of Canada’s major banks had begun offering ApplePay to their clients. Meanwhile, partnerships are being forged with smaller fintech firms as those relationships have become less adversarial.

“The greatest threat to banks from digital competitors no longer comes from fintechs, which have often struggled to scale and have entered into partnerships with banks,” says McKinsey’s Mehta.

McKay said that in 2015 RBC was looking for alternatives where the bank could remain at the top of the ecosystem, a strategy reinforced by this week’s McKinsey report.

The goal for banks around the world is to create their own basic “ecosystem” strategy, one that includes building partnerships and monetizing data.

First, the consultant says, the banks must be committed to providing fully digital products and services to retail clients, in addition to digitizing marketing strategies and data collection and analysis. Only then could they be in a position to compete with Amazon, Alibaba, and other platform giants that are “reshaping one industry after another, blurring sector boundaries as they seek to be all things to all people,” the report says.

“Banks that can go further and create their own platforms might capture a small share of some nonbanking markets,” says the report, which suggests that embracing a digital and data-driven future isn’t just the key to competing with the platform players. It could also be profitable.

“If most of the industry were to do this, and not compete too much of it away, we estimate that banks would add about $350 billion to their collective bottom line.”

Thor strikes with humour

The Thor featured in Ragnarok, the latest film in the Marvel Studios franchise, is unlike the Thors that came before him – this superhero is very, very funny.

Full of quips and with a silly grin plastered on his face, the new Thor is more like the brawny but idiotic receptionist Kevin in Ghostbusters (2016) than the brooding character audiences have come to know in the previous two films in the series, Thor (2011) and The Dark World (2013).

Chris Hemsworth, who was a hoot to watch as Kevin in Ghostbusters, was certainly eager to put the old version of the Asgardian thunder god behind him.

“I was sick of doing the same thing over and over again, and I talked about this with (director) Taika, who agreed,” he tells The Straits Times and other regional press at a recent interview in Sydney, referring to Thor: Ragnarok director Taika Waititi.

“This time, it’s about wanting to make Thor more relatable and more human. So any time we think we’re heading in the same direction as before, we just do the opposite.”

That meant plenty of improvisational comedy on set, particularly in his scenes opposite American actor Mark Ruffalo, who reprises the role of Bruce Banner/superhero Hulk.

Hemsworth gushes: “When Mark and I are together, it just feels like we’re an old married couple.

“Hulk can get sulky, so it was like getting to banter and talk with a bratty three-year-old kid whenever we did our scenes together. I just loved it.”

He had so much fun getting Thor to lighten up here that he also happily threw in a line that he borrowed from a child he met in real life – a boy named Darcy, whom he interacted with on the film set, thanks to non-profit organisation Make-A-Wish Foundation, which grants the wishes of children who are ill.

The line is featured in a scene where Thor learns that his opponent in a gladiatorial battle is none other than Hulk, whom he had not seen in years.

Excited, Thor says goofily: “We know each other – he’s a friend from work.”

In an Instagram post on his account @chrishemsworth, the actor credited it as “the best line in the movie”.

Although Hemsworth was given free rein to show off his comedic talents, it was originally Waititi’s idea to have a funny Thor.

The New Zealand film-maker is known for his humorous indie films such as vampire comedy What We Do In The Shadows (2014) and Hunt For The Wilderpeople (2016).

The 42-year-old film-maker says: “Chris and I are friends from before and I’ve always known him to be very funny. But I don’t think they exploited that enough in the other Avengers films. I felt like it was time that that needed to be showcased.”

Waititi himself voices the hilarious scene-stealing Korg, a rock beast with a dry sense of humour and an unmistakable Kiwi accent.

The character made such a huge impact in early test screenings that Marvel Studios president Kevin Feige announced earlier this week that Korg would likely appear in the Marvel Universe again in some form in the future.

Waititi deadpans: “Korg was meant to be a very small part before I took on the role, but once I put myself in the film, it just became bigger and bigger. I injected so much life into it.”

In fact, the film-maker was given so much autonomy making this US$180-million (S$245-million) movie – his first Hollywood blockbuster – it surprised him more than anybody else.

He says: “I used to make a lot of commercials, and, whenever I did those, I had 20 or 30 executives chatting over me as I worked.

“But this was different. Every time I thought we went too far, I turned around, expecting someone to tap me on the shoulder to tell me to stop. But there was no one standing behind me. Kevin Feige didn’t even come on set until the end of the shooting.

“I thought that they lost their mind when they picked me. It felt like I won a huge competition. And it was so great because I got to confront my fears every single day.

“Things had been getting too familiar for me; making Hunt was almost too easy, which made me worried. I needed a huge and different sort of challenge, and the scale of this one alone gave me that.”

He adds: “Plus, the catering on this set was better.”

Ruffalo, 49, also had some of the most fun he has had on a Marvel film, he says, because he and Hemsworth get along so well.

He says: “This entire Thor versus Hulk thing actually came out of a previous press j unket. We were paired together for interviews and we had so much fun that we were like, ‘Hey, let’s do a movie together, our own.’ And so when it was time to make a new Thor movie, Chris roped me in. I love that guy.”

Ruffalo does not play as nice when asked who would win should Thor and Hulk ever get into a real fight.

Without hesitation, he says: “Obviously Hulk would win. Come on. He would smash Thor so easily.”

His favourite part about playing the role is being considered cool in the eyes of young children everywhere.

“Kids recognise me now. I was at my daughter’s school the other day, and this kid was like, ‘You’re Hulk.’

“I said, ‘No, I’m not’, and he’s like, ‘Yes, you’re Hulk’. So I pretended to start transforming and he just screamed and ran away,” says Ruffalo, a father of three children aged 16, 12 and 10.

As much as he would like to play Hulk in a standalone movie eventually, it is not possible right now as Universal owns the movie rights for Hulk, not Disney’s Marvel.

He says: “I have so many ideas for where Hulk can go in the future, so Kevin Feige just said that we could put them into Thor 3 and Avengers 4 and so on.

“Maybe someone, some day, will edit all my parts from the different movies and piece them together – that’s when I’ll finally get my own Hulk movie.”

yipwy@sph.com.sg Thor: Ragnarok is showing in cinemas.

Wishing for more time Italy in

Italy, known for its glory and splendor, is on the bucket list of many people who want to wine, and dine and marvel at the beautiful architecture and old ruins that grace the country. This summer I took the opportunity to visit the country. Check out these recommended places.

MILAN

My first stop was Milan, the fashion hub of Italy, which was breezeless and humid in June. The heat was piercing to the skin, so an umbrella or a hat would be advisable to use. We took the hop on hop off bus and got off at Galleria Vittorio Emanuele, a famous mall selling all the latest Italian brands. This is a highlight in the city, as it has many fine dining restaurants complemented by a McDonald’s inside a side mall.

The Galleria is a main stopover because it also leads to Piazza Del Duomo, where rooftop restaurants have the best views of the area and the prices are much lower than the restaurants inside the mall. The Piazza is square in shape, and pharmacies, restaurants and souvenir stores can be found there.

Inside the Piazza is the breathtaking Milan Cathedral. The cathedral is 157 meters long and can accommodate 40,0000 people. Inside the church is many separate altars with beautifully crafted statues. One of the most famous ones is the copper statue of Madonnanina. Even the exterior of the cathedral has many statues on it depicting the lives of Saints, Mary and the history of

Milan.

Another famous thing to see in this city is the Last Supper painting of Leonardo da Vinci. Make sure you book your tickets before arriving in Milan as the place is always fully booked.

FLORENCE

Upon reaching the city, one can quickly discover how Florence differs from Milan. The city is calm, serene and enchanting and is bursting with art and Renaissance culture.

Two days is enough for a quick tour of the city, starting with the Palazzo degli Uffizi, a U-shaped gallery housing the best Renaissance collection. Then there is Florence’s own version of the Duomo, which is located in Piazza del Duomo and boasts a beautiful marble façade that is pink, white and green. The Museo di San Marco boasts beautiful paintings, so it is also worth a visit.

The cuisine offered by the city is a must-try, giving a different flavor to Italian cuisine. Many restaurants line the downtown area of the city and offer breathtaking views.

LEANING TOWER OF PISA

If you have already seen most of Florence and want to visit a place nearby, your best option would be the Leaning Tower of Pisa. Just an hour away by car from Florence, you can see one of the most famous places in the world. Don’t forget to put on sunblock and take along an umbrella if you are visiting during summer, as the area where the leaning tower is located is a massive open space.

What’s amazing is as you enter you will see that everything is sparkling white around the square enhanced by a green garden. I recommend traveling at summer as there are not many tourists during this season and it is thus easier to walk around the area and the queue to go up the tower is shorter. There also carriages available that tour around the area.

ROME

This city explodes with ruins in every nook and corner, which has all been kept the way they are. An Asian city with those kinds of ruins might be termed an underdeveloped place, but in Rome it is art of historical significance. Although at first sight the city seems overrated and overhyped, as days pass, one will comprehend the necessity of maintaining the ruins as they are.

There are many tourist spots in Rome, one of the most famous ones is the Colosseum. From afar it may seem like a half cracked façade, but upon entering it one can feel the historic action that took place centuries ago.

Another place to see is the smallest city in the world, the Vatican. Covering 100 acres, the city is not part of Italy but is independent. People who live here have different passports. A hired guide is advisable upon visiting this place to ensure an easier entrance to the city. Upon entering the city, you will be situated in St. Peter’s Square, which is surrounded by a colonnade.

Before entering the church, you will be shown paintings with explanations of their representations. Upon entering the first floor of St. Peter’s Basilica, the floor is lined with different creatively crafted white statues. There is only a one-track pathway inside the Basilica.

On the higher floors, one can enjoy the paintings of Michelangelo on the ceilings and walls all depicting a historical tale. At the end of the tour, the last stop is an altar, where everyone had to maintain a pin-drop silence. A moment of prayer is offered by everyone waiting at the altar.

The popular Trevi fountain should not be missed when visiting Rome. It is very crowded so be prepared to watch your belongings and squeeze your way for a photo.

LAKE COMO

Only three hours from Milan by car, Lake Como is a town surrounded by sparkling blue calm water. One can just sit on the edge of the water sipping a hot Italian cappuccino only to be mesmerized for hours by a lake encircled by everything.

There are many speedboats available that can take tourists around the lake. Many villas surround the lake, including Villa Balbianello, Villa Carlotta, Basila del San Fedele and Santuario della Madonna del Soccorso.

Each villa offers its own unique and spectacular view. Drop into one of the restaurants here to have fine Italian dishes and indulge in the beautiful interiors of the hotels at Lake Como.

THE MR BIG LEAGUE

TWO of Sydney’s biggest criminal kingpins have infiltrated the National Rugby League, supplying some of the code’s stars with prostitutes, cocaine and alcohol in exchange for inside information to bet on matches.

Officers from Strike Force Nuralda, set up to investigate alleged match fixing in several NRL matches in the 2015 and 2016 seasons, have handed down their findings.

Police said that while they found no evidence that the games were rigged, their inquiries uncovered a number of irregular bets made by individuals, including several players and former players.

NSW Police have refused to name any of the players or the alleged criminals but there are now two investigations into money laundering and drug supply by individuals uncovered in the course of the match-fixing allegations. Strike Force officers were told crime figures encouraged footballers to drink, gamble and take drugs with the aim of extracting inside information from them prior to matches.

TWO of Sydney’s biggest crime figures — known for drug trafficking and money laundering — have been linked to a number of first grade rugby league players following NSW Police’s probe into NRL match fixing allegations. The investigation also found crime figures supplied players with prostitutes and cocaine and encouraged them to gamble to get “inside” information for betting on NRL games, but failed to uncover any evidence of match fixing relating to three matches in 2015 and one in 2016. Police said while they found no evidence that the games were rigged, they did detect a number of irregular bets made by individuals. That included $100,000 placed by people acting for a major gambling identity. Others, including players and former players, were observed making much larger bets than their normal punts. Some regular $50 punters were recorded betting $10,000 and $15,000 at a time.

Strike Force Nuralda — which was set up after police were contacted by the NRL and betting agencies to look into the four matches, which included Manly’s games against South Sydney in June, 2015, and Parramatta in August, 2015 — identified 13 persons of interest.

“While investigators were provided information and noted suspicious betting behaviour, no one has been or will be prosecuted under Strike Force Nuralda,’’ police said.

Senior police this week warned the NRL while no one will be charged there are clubs and players they believe are vulnerable to exploitation by criminal influences. Two senior officers from the Organised Crime Squad will meet with every NRL club CEO in the coming months to discuss strategies clubs can deploy to decrease the risk to their players.

The Daily Telegraph revealed the Organised Crime Squad were looking into match fixing allegations in the NRL in June, 2016, prompting Manly to hire former NSW chief steward Ray Murrihy to conduct a sweeping analysis of their own integrity measures. The Sea Eagles have strenuously denied any wrongdoing.

During Strike Force Nuralda’s 24-month probe police interviewed more than 160 people, including current and past players, referees, club officials and professional punters. They also executed 59 search warrants gaining access to bank accounts, TAB accounts and phone data.

Police had more than 46,000 pages of financial statements and 1000 pages of phone data to analyse.

A number of players were also interrogated in secret hearings by the NSW Crime Commission where refusing to answer would result in jail.

Investigators were told some players on massive con-

tracts were now broke because of their gambling habits. They also heard crime figures would encourage players to drink, gamble and take drugs with the ultimate aim of getting inside information on players before games.

“While detectives have not preferred criminal charges relating to these issues, their investigation highlighted activities and practices that are deemed as highrisk for the NRL,” a police statement released today will say.

Police have refused to name any of the players or alleged criminals but there are now two investigations into money laundering and drug supply by individuals uncovered in the course of the match-fixing allegations.

Neither is directly linked to the NRL, but a number of players are known to associate with the pair. “During the course of the investigation, detectives uncovered potential criminal offences, including drug supply and money laundering, which do not relate to the NRL,’’ police said. “These matters have been referred to other investigators.’’

An independent referee was also employed to review the matches in question and also other games where there were indications of betting irregularities.

“The investigation also examined the practice of ‘point shaving’ — where strong teams, or significant players within teams, who are expected to win by big margins, pull back to only win by small margins,’’ police said. “Investigators did not uncover evidence of this practice under Strike Force Nuralda.”

NRL CEO Todd Greenberg said the review should give all fans confidence in the integrity of rugby league matches: “It is reassuring to know that, after the most exhaustive police investigation, there is no evidence of match fixing in the NRL.” He said the NRL would work with police on recommendations they have put forward to ensure organised crime does not infiltrate the NRL.