Alibaba Ventures into Sports With $192m Investment in China's Top Football Club

Alibaba Group is planning to float its shares in the US.Reuters

Chinese ecommerce giant Alibaba has purchased a 50% stake in China's Guangzhou Evergrande soccer team as the cash-rich company steadily expands into businesses unrelated to online retailing.

Alibaba paid 1.2bn yuan ($192m, £114.7m, €141m) for the stake.

Chairman Jack Ma announced the deal with executives of the football club at a news conference in the southern city of Guangzhou.

In 2013, Guangzhou Evergrande became the first Chinese team to win the Asian Champions League under former Italian national team coach Marcello Lippi. It is one of the most popular and successful teams in China at present.

Alibaba, which is looking to list its shares in the US, recently announced a number of acquisitions, focusing on sectors other than online retailing.

It earlier invested $249m in Singapore's national postal service provider SingPost, taking a 10.35% stake. The deal is expected to provide the company with access to SingPost's international logistics capabilities, including warehousing, last mile delivery, parcel collection and order fulfilment.

Alibaba has also targeted media and entertainment companies in a bid to attract users to its commercial sites. It has invested in companies engaged in video games, online videos and film production.

With its entertainment options, the company is looking to increase traffic to its mobile ecommerce platforms in line with the unprecedented growth of mobile internet in China. Alibaba has faced troubles in attracting users to mobile platforms as they are unwilling to leave PC-based websites.

In addition, the various investments are expected to increase its reputation as a global company ahead of its US IPO, which could value the company at more than $150bn.

Tiananmen Square 25th Anniversary: Huge Candlelight Vigil in Hong Kong, Nothing in Beijing

Large crowds gathered in Hong Kong's Victoria Park for a candlelight vigil to remember those killed in the crackdown by Chinese tanks and troops on protests at Tiananmen Square 25 years ago. Tens of thousands of people held candles aloft, turning the vast area into a sea of flickering light.

Tens of thousands of people participate in a candlelight vigil in Hong Kong's Victoria Park to mark the 25th anniversary of the military crackdown on the pro-democracy movement at Beijing's Tiananmen Square in 1989Reuters

Activists laid a wreath at a makeshift memorial as the names and biographical details of people believed to have been killed in the crackdown were read out. Organisers said more than 180,000 people took part, with many spilling into the streets around the park's main entrance.

This was the only acknowledgement of the event on Chinese soil.

Thousands of people thronged Victoria Park in Hong Kong to mark the 25th anniversary of the Tiananmen Square protestsGetty

A student wearing a T-shirt with the date of the massacre written on it prepares to sing to commemorate the anniversaryAFP

Hong Kong police officers discuss crowd control tactics as pro-democracy activists confront a pro-China groupAFP

A woman mourns those killed at Beijing's Tiananmen Square in 1989, during a candlelight vigil in Hong Kong's Victoria ParkReuters

Light rain falls on a member of the crowd during a candlelight vigil on the 25th anniversary of the Tiananmen Square protests in Hong KongGetty

People take part in a candlelight vigil in Hong Kong - the only commemoration of the event on Chinese soilGetty

Student protesters walk with a wreath to commemorate those who were killed during the military crackdownReuters

A miniature Goddess of Democracy candlestick is displayed during a vigil in Hong KongReuters

China allows no public discussion of the events of June 3-4, 1989, when soldiers backed by tanks and armoured personnel carriers fought their way into the heart of Beijing, killing hundreds, possibly thousands, of unarmed protesters and onlookers.

In Beijing, scores of police and paramilitary troops patrolled Tiananmen Square and surrounding streets, stopping vehicles and demanding identification from passers-by. Chinese censors filtered domestic blogs and social media websites of comments marking the crackdown.

Chinese Paramilitary police officers salute each other as they stand guard below a portrait of the late leader Mao Tse-tung on Tiananmen SquareGetty

Chinese Paramilitary police officers stand guard near Tiananmen Square, as the 25th anniversary of the crackdown goes unmarked in BeijingGetty

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China Rejects Philippines Court Case in South China Sea Dispute

A ship (top right) of Chinese Coast Guard is seen near a ship of Vietnam Marine Guard in the South China Sea, about 210 km (130 miles) off shore of Vietnam May 14(Reuters)

China has rejected the latest arbitration tribunal ruling over its South China Sea dispute with the Philippines, saying it will not take part in the case.

The tribunal in The Hague gave Beijing until December 15, 2013 to respond to the Philippines' case, allowing "each party a full opportunity to be heard and to present its case," the tribunal said in a statement.

China has maintained it has no intention of taking part in the arbitration process, favouring a bilateral approach.

"China's stance of not accepting and not participating in the relevant Philippines' arbitration case has not changed," Chinese Foreign Ministry spokesman Hong Lei told reporters.

China is engaged in a number of maritime disputes in the South China Sea, most of which it claims for itself. Vietnam, Taiwan, Malaysia, Brunei and the Philippines claim parts of the energy-rich waters, while China claims almost all of the sea for itself.

The Philippines wants to confirm its right to exploit the potentially energy-rich waters within a 200-nautical mile exclusive economic zone as allowed under the UN Convention on the Law of the Sea, according to Manila's lawyers.

"We continue to urge China to reconsider its decision not to participate in the arbitration proceedings," said Foreign Affairs spokesman Charles Jose.

"We also wish to reiterate that arbitration is a peaceful, open and friendly resolution mechanism that offers a durable solution to the disputes in the South China Sea," he added.

The move comes after China and Vietnam became embroiled in a territorial spat in another part of the South China Sea last month. Thousands of Vietnamese rampaged against what they thought were Chinese businesses in protest after China deployed a massive oil rig in disputed waters.

Pakistan: Doctors Re-attach Hand of Alleged Thief Mutilated by Police

Ghulam Mustafa (right), 38, and Liaquat Ali, 42, in hospital in Bahawalpur Follow us: @DailyMirror on Twitter | DailyMirror on FacebookReuters

Doctors in Pakistan have re-attached a man's hand after it was chopped off by police when they arrested him for allegedly stealing electrical cables, officials have said.

Ghulam Mustafa, 38, was accused of stealing cables together with another man, Liaquat Ali, 42, in the Vehari District of southern Punjab.

Police also chopped off also Ali's hand but doctors were unable to perform the same procedure.

"The doctors have re-joined the hand of one of the accused at the government-run Bahawalpur Victoria Hospital, as his skin was still intact and his hand was clinging to him though his wrist bone," Sadiq Ali Gujjar, a local police official said.

Mustafa told Reuters: "Four or five policemen held me down and cut my hand. I fainted from the pain.

"I and Liaquat were arrested eight days ago after local people falsely accused us of stealing and handed us over to the police who beat us and tortured us. Then on Friday, they did this."

The police said they were investigating two officials over the incident and had suspended five others including the station's chief.

However, regional police spokeswoman Nabeela Ghazanfar denied the police had chopped off the hands.

She said: "They were caught stealing and were thrashed by locals but finally rescued by police and admitted to hospital.

"Mustafa's wife and a couple of other females came to meet them at hospital and gave them food, clothes and shaving blades. They used the blades to cut their wrists."

Amputation of hands is the punishment for theft under sharia law in Pakistan. If the theft is aggravated by homicide, the culprits are sentenced to death.

Hina Jilani, a Supreme Court lawyer and rights activist, told AFP the incident was indicative of a growing trend of religiously motivated vigilantism.

"The incident shows that this society is drifting fast towards barbarism.

"When the state machinery is habitual of giving inhumane penalties and taking the law into its own hands, then the notion of rule of law exists no more," she added.

Google Chromecast Adds Support for ESPN, Google+ Photos and Crunchyroll

Google continues to add functionality to its Chromecast streaming dongle with ESPN, MLS, Crunchyroll and Google Photos the latest additions.Google

Google continues to add functionality to its Chromecast streaming dongle with ESPN, MLS, anime video app Crunchyroll and Google+ Photos the latest additions.

Google launched the Chromecast in the UK in March costing just £30 having initially launched it in the US last year. While the number of apps which supported the streaming service initially were limited, Google has continued to roll out updates for the device.

The most recent announcement is the addition of support for sports channels ESPN and the Major Soccer League app in the US, as well as the ability to turn your TV into a large photo frame with Google now adding Chromecast support to its Google+ Photos app.

World Cup

With the Brazil World Cup just over a week away, the support of the WatchESPN app will allow users to stream live coverage of the games to any TV which has a spare HDMI port to plug the Chromecast into.

The WatchESPN app requires users to have a subscription to the channel, either independently or as part of your pay-TV package.

Google has also announced that the MLS MatchDay app now also supports Chromecast for fans of football (or should that be soccer) in north America.

Photos and anime

For everyone else, Google has also announced the addition of Chromecast support for the Google+ Photos app allowing you to turn your TV into a photo album and share photos and videos stored on your Google account with family and friends.

Google last month expanded the reach of Chromecast by launching it in a number of new countries including South Korea and to add extra appeal in that market, the company has announced support in the Crunchyroll app.

"Whether you're a casual anime fan or the hardcore otaku, Crunchyroll is your one-stop-shop with over 25,000 videos and 12,000 hours of Anime, Korean Drama and Live-Action titles. Premium Subscribers can even catch episodes just one hour after Japanese TV broadcast," Google said.

'America is Trying to Assassinate Me' says Venezuela President Maduro

Venezuela's President Nicolas Maduro greets supporters as he arrives for a national assembly in Caracas to attend an Independence day ceremony.Reuters

Venezuelan President Nicolas Maduro has claimed that the US is involved in a plot to assassinate him and remove his government from power.

On his weekly radio show, Maduro said that there are hundreds of emails that implicate members of the US State Department in the conspiracy to kill him.

"We will ask the State Department for an explanation of the evidence that implicates high-level functionaries in a plan to assassinate the president of the Bolivarian Republic," said Maduro on his "En Contacto con Maduro" radio show.

Venezuela has proceeded to open an investigation into the plot to overthrow Maduro's government, according to state news outlet TeleSur.

The South American leader said that the investigation had brought new information on a possible coup to light, and said that the alleged plot had threatened the foundations of the Venezuelan constitution.

"The evidence shows they were trying to find a way to assassinate the head of state and other leaders of the Bolivarian Revolution," said Maduro.

Authorities are claiming that the plan was created by Venezuela's far right and was fully supported by the US State Department.

Venezuelan authorities gathered emails from political figures as part of their investigation, some of which Maduro says provide proof that there is indeed a conspiracy led by the far right and backed by the United States.

"All of the emails were gathered legally," said Maduro. He added that more evidence on the alleged coup would be revealed later this week.

"Anyone linked to this case or believed to have participated in the coup and assassination plot will be charged and put in jail or banned from leaving the country," said Venezuela's Attorney General Luisa Ortega.

Venezuela has been beset by unrest initiated by opposition leaders since February because of high inflation, food shortages and an increasing murder rate. Forty two people have died in the protests while 835 have been wounded.

India: Woman's Head Blown to Pieces in Front of Her Children after She Resists Rape Attempt

A file photo of a girl during an anti-rape protest in India.Reuters

A woman's head was blown to pieces, when she was shot by an assault rifle at point-blank range in front of her children, for resisting a rape attempt in the northeastern Indian state of Meghalaya.

Josbina Sangma was with her husband and children when four to five members of the militant outfit Garo National Liberation Army (GNLA), which fights for a separate region in Meghalaya, stormed into her house.

Locking up her husband and children, the insurgents went on to molest her but as soon as the 35-year-old tribal woman resisted, they pulled out a rifle and shot her in the head. The perpetrators fired about six rounds at the woman, said authorities.

"Josbina Sangma was shot dead by the (outlawed) Garo National Liberation Army (GNLA) rebels after she resisted their attempt to molest and rape her late Tuesday [3 June]," local police official Lakardor Syiem told news agency IANS.

The incident took place in the Raja Rongat village, which is located at the India-Bangladesh border.

The police official added: "It is one of the most gruesome and inhuman cold blooded murder... they used AK rifle and fired five to six shots at her head in front of the children while her husband was prevented from coming out of the house."

"One of the rebels who attempted to molest and rape her was identified as Tengton."

PA Sangma, the Member of Parliament from the Garo Hills region said: "I strongly condemn the incident and am worried over the Garo Hills situation which is worsening every passing day. This has never been the case in the past. The state government has failed in tackling the situation."

The event has occurred at a time when a spate of horrendous crimes against women is being reported in several parts of India in recent weeks.

Miss Tibet 2014: Lone Contestant Wins Crown

Miss Tibet 2014, Tenzin Yangzomtenyang8/Facebook

Tenzin Yangzom has been declared as the unopposed winner of Miss Tibet 2014 title. The 23-year-old Yangzom was the only contestant of the pageant.

She will be crowned Miss Tibet and awarded a gift cheque of Rs100000 (approximately £1,000) on 8 June at the Tibetan Institute of Performing Arts (TIPA) in Dharamsala in the northern Indian state of Himachal Pradesh, according to organisers.

Yangzom, a graduate from Bangalore, belongs to Sikkim's exile Tibetan community where the pageant is quite popular.

However, this is the fourth time that the beauty contest saw only one contender after 2003, 2005 and 2013.

"We received eight applications for this year's pageant. Five confirmed, but four withdrew at the last minute citing various personal problems" Lonbsang Wangyal, the event's organiser, said during a press meet.

Miss Tibet pageant was held for the first time in 2002 to empower Tibetan women.

"Since Miss Tibet pageant is aimed at empowering young Tibetan women, we consider it important to respect and appreciate the commitment and enthusiasm of the lone contestant," said Lobsang.

"We are ready to welcome more contestants and put on a full-fledged pageant, but how many would come is not in our hands. There should be individual as well as community initiative for a bigger number," he added.

"On our part, we have not given up, and will never give up, and hope that there will be more contestants in the next year's pageant," he said.

Tenzin Yangzom is a dual degree holder and sees her Miss Tibet title as a way to seek world's support in improving her country's human rights situation.

"Tibetans inside Tibet are undergoing innumerable sufferings. More than a hundred of them have been driven to self-immolation, which is unparalleled in Tibet's history. Miss Tibet can voice the worsening human rights situation in Tibet through a number of national and international forums and gain worldwide support," she said.

Japanese Insurer Dai-ichi Agrees to Acquire US-Based Protective Life For Record $5.7bn

Dai-ichi Life Insurance Company headquarters in TokyoReuters

Japan's Dai-ichi Life Insurance Co has agreed to buy its US peer Protective Life in a deal which would be the largest acquisition by a Japanese insurer.

Dai-ichi will pay $5.7bn (£3.4bn, €4.2bn) or $70 per share for Protective Life, representing a 35% premium to Protective Life's daily average share price for the one-month period until 2 June.

It would be the largest acquisition of a foreign firm by a Japanese insurer, surpassing the $4.7bn takeover of US-based Philadelphia Consolidated by Tokio Marine in 2008, according to AFP.

The company will issue up to $2.4bn in new shares to help finance the acquisition.

Protective Life would become a wholly-owned subsidiary of Dai-ichi group following the transaction.

The group "expects Protective Life to act as the Group's strategic growth platform in the North American region, achieving further growth and making enhanced contributions to Group profits," according to a statement.

Dai-ichi targets to complete the acquisition by January 2015. The deal is subject to approval from Protective Life's shareholders and regulatory authorities in Japan and the US. It has been approved unanimously by Protective Life's board of directors.

The Japanese company said the acquisition is in line with its strategy to become a "global insurance group representing Asia" through the acceleration of international business development.

"With the Acquisition, the Group will firmly establish itself in the U.S. insurance market adding to Japan and the Asia Pacific region," it said.

Birmingham, Alabama-based Protective Life, which primarily operates in the individual life and annuities business across the US, recorded premiums and policy fees of $2.98bn and net income of $393m in 2013. It is ranked 36th among US insurers in terms of premium income.

The combination is expected to enlarge Dai-ichi's international business contribution to 36% based on simple combination of the results for the latest fiscal year.

Japanese insurers have been suffering from negative business conditions in the domestic market, including an ageing population and frequent natural calamities. As a result, they have been looking to expand their business internationally.

In May, Japan's largest private-sector life insurer, Nippon Life Insurance Co, agreed to buy 20% of Indonesia's Sequis Life for about $413m.

Hot Shots Photos of the Day: D-Day Preparations, Floods, New York Piano

US World War II veteran Jack W Schlegel, 91, who served with the 508 PIR, 82nd Airborne, speaks to history enthusiasts in Sainte-Marie-du- Mont, France. Schlegel parachuted onto the Normandy coast in the early hours of June 6, 1944Reuters

An aerial view of the American cemetery in Colleville-sur-Mer, near Omaha beach ahead of D-Day commemoration events on June 6AFP

Vehicles come to a standstill at a flooded crossroad in Pingba, Guizhou province, ChinaReuters

An aerial view of a neighbourhood decorated for the 2014 World Cup in Manaus, BrazilReuters

Cardboard cut outs of Argentinian player Lionel Messi are seen at a rubbish recycling centre in Managua, NicaraguaReuters

A man walks between giant inflatable footballs marked with red crosses in front of the National Congress in Brasilia during a protest calling for the Brazilian government to spend as much on education, health and public services as on World Cup stadiumsReuters

Activists push a replica of a Chinese tank across a street in Hong Kong to commemorate the 1989 Tiananmen Square military crackdown in BeijingAFP

Performers take part in a protest action symbolising a forced and repressive election, organised by Syrian-born artist Rami Hassoun, in Lyon, FranceAFP

Egyptians celebrate in Cairo's Tahrir Square after ex-army chief Abdel Fattah al-Sisi won 96.9 percent of the vote in Egypt's presidential electionAFP

Spain's Crown Prince Felipe listens to his father King Juan Carlos as they attend a ceremony marking the bicentennial of the creation of the order of Saint Hermenegildo at the Monastery of San Lorenzo de El Escorial, outside MadridReuters

People gather in Sol Square in Madrid during the second day of protests calling for a referendum on whether Spain should return to a RepublicAFP

Bello Nock attempts to set a world record for the "longest continuous interview on a wire" three storeys above Broadway in Times Square, New York City. Nock intends to sit for eight hours on a high wire while taking live interview questions from around the worldGetty

A woman poses for a photo on a grand piano that has been left beside the East River, during a fashion shoot underneath the Brooklyn Bridge in New York. The piano has been there for about a week, puzzling locals as to how it got thereReuters

Two people walk on painted rocks, as a large storm looms over the skyline of New YorkReuters

Local residents wait on the roof of houses surrounded by flood water in Ust-Charish in Russia's Altai regionReuters

Deputy Prime Minster Nick Clegg pulls a pint with Business Secretary Vince Cable, at the Queens Head Pub in Soho, LondonGetty

Taliban Release Video of US Sgt Bowe Bergdah's Handover

Video footage shows the release of US sergeant Bowe Bergdah (R)al-Emara

The Taliban have released video footage showing the moment they handed over US sergeant Bowe Bergdah to American special forces in Afghanistan.

The video shows Bergdah sitting in a pickup truck parked on a hillside in eastern Afghanistan's Khost province, as a dozen Taliban fighters with machine guns stand around the vehicle, one holding a white flag.

Wearing a traditional Afghan white tunic, the hostage sergeant is seen blinking frequently as he watches and listens to his captors.

Surveillance aircrafts fly overhead. Then a Black Hawk helicopter lands metres from the hillside where Bergdah is now standing in front of the Toyota 4x4.

The 28-year-old is escorted half-way to the helicopter by his captors and is greeted by three Western-looking men in civilian clothing.

The three escort Bergdah to the aircraft where soldiers in army uniforms are waiting.

A caption on the video posted on Islamist websites read: "Don't come back to Afghanistan!"

The sergeant had gone missing in unknown circumstances in Afghanistan in June 2009.

The Taliban released him last week in exchange for five Guantanamo Bay detainees.

The prisoner swap has sparked controversy in the US, as Republicans warned it could put lives of Americans abroad at risk.

The US army are also said to be preparing a full high-level inquiry into the circumstances under which Bergdahl disappeared, after soldiers in his former squad claimed he deserted and six colleagues died in the subsequent search effort.

The chairman of the US Joint Chiefs of Staff, general Martin Dempsey, has said that the US army will not ignore any potential misconduct by Bergdahl.

Asia Equities Retreat from 7-Month High Ahead of ECB Meeting and US Data

Asia equities retreat from 7-month high ahead of ECB meeting and US jobs dataReuters

Asian equities fell on 4 June, with markets outside South Korea and Japan trading in red territory, as market participants exercised caution ahead of key events this week.

South Korea's Kospi led the pack with a 0.33% gain at the end of day's trade while Hong Kong's Hang Seng trailed, trading 0.67% lower.

Earlier in the day, the regional benchmark share average, the MSCI Asia Pacific Index, retreated from a seven-month high, losing 0.2% to 142.79 as of 14:28 hrs in Hong Kong.

Investors await the European Central Bank's (ECB) decision on fresh stimulus measures, including a likely interest-rate cut, on 5 June.

In addition, they will also be tracking 6 June's US labour market report -- the report on nonfarm payrolls for May will throw more light on the health of the US economy, the world's largest.

Analyst Take

Nordea Markets said in a note to clients: "Downside surprises in Euro-zone inflation continued in May, another reminder that the ECB cannot stay on the sidelines any longer without losing credibility. Core inflation fell back to the lowest on record, a further illustration of the subdued price pressures.

"The numbers only add pressure on the ECB to spice up its easing package further on [5 June]. The ECB counted on a rebound in inflation in April, which actually took place, though only in a mild form. However, now we are back at record lows, and it is becoming increasingly difficult for the central bank to dismiss the threat of deflation."

Barclays said in a note: "[6 June's] payrolls will provide an important test of whether the rise in US yields and the dollar can be sustained.

"Equities have been resilient in the face of higher core yields due in part to stronger manufacturing output."

A Reuters poll has forecast American job creation to hover at 218,000 for May, which will be below April's 288,000 nonfarm jobs.

Mixed Data

US manufacturing activity accelerated in May and construction spending rose for a third month in a row in April, hinting that the growth momentum in the US is gathering pace in the second quarter.

Elsewhere, eurozone inflation unexpectedly fell to 0.5% in May from 0.7% in April, data showed on 2 June. Economists polled by Reuters had expected inflation to hold steady.

Inflation in the eurozone is expected to stay "significantly" below the ECB's target for 2014 and 2015, ECB Governing Council member Ewald Nowotny said in May.

Earlier in May, ECB president Mario Draghi indicated that policy makers are ready to act in June should they see low eurozone inflation becoming ingrained.

Singapore Company Debt Soars to 'Danger Threshold'

A bumboat taxi passes under a bridge near the Esplanade concert hall along Marina Bay in Singapore(Reuters)

Singapore companies are now the third most indebted in Asia, behind China and India, as the overall economy slows, according to GMT Research Ltd.

The level of indebtedness has reached a "danger threshold," Gillem Tulloch told Bloomberg Businessweek.

Private company debt in the city-state reached six times the amount of operating cashflow in 2013 for non-financial domestic firms, up from 5.1 times in 2012, GMT Research said in its report.

"It's a bit surprising that Singaporean companies seem to have leveraged up significantly over the past few years," said Tulloch. "There's been a slight loss of discipline, or it could be that the growth has not come in as expected."

According to the Hong Kong-based research group, growth is likely to slow down in Singapore as it cannot be sustained without additional stimulus or irresponsible bank lending.

The leverage ratio in China soared to 7.5 times the amount of operating cashflow in 2013, up from 6.8 in 2012, while India's ratio hit 8.1 times last year, up from 7, according to the report.

The yawning gap between debt and cashflow ratio suggests that investment for business expansion could be in decline, the report said. Affected industries include the materials and energy sectors.

"There is a high potential for a growth scare there," Tulloch said. "Singaporean companies, from my experience, are quite well run. You would expect them to pare back capital expenditure in 2014 to restore their balance sheets."

Singapore's government said in May it expects "modest" expansion in 2014.

China's Burgundy Demand Leads Future Fine Wine Market Surge

Burgundy Wine Auction in Beaune November 18, 2012Reuters

China's penchant for expensive Burgundy has led to a major surge in fine wine prices and will continue to do so over the next couple of years.

According to a major fine wine merchant, Sebastian Woolf, investors should focus on snapping up bottles of Burgundy over the next year as the average price for the type of wine is set to jump by at least 6% by January 2015.

Furthermore, due to China's rampant demand and the lack of supply in the market, some vintages could rise even further as lesser-known Burgundy producers present low investment threshold and predicted to rise 10% year-on-year.

Burgundy's market share has climbed to 6.8% in 2013, from 1.2% in 2010.

However, Woolf Sung, founder and CEO at Sebastian Woolf, added that, elsewhere, investment in Italian wines should be approached with caution.

"Investors looking for value in the fine wine market should approach the current promotion of Italian wines with caution, we are concerned that this spike in interest is a fad and with unpredictable demand for the Super Tuscans on the secondary market, it is a high-risk investment. Instead, we are advising clients to look towards Burgundy; there is still value and quality to be found, if you know where to look," said Woolf.

"With cases of Domaine de la Romanée-Conti brands such as La Tache 2007 reaching £15,000 (€18,400, $25,000), from the £7,000 mark in 2009, investors should look towards the smaller, lesser- known Burgundy producers. As the popularity of these brands increases, with drinkers and investors alike, prices are steadily rising, providing the perfect entry point for any savvy investor."

Woolf said the group recommends investors to gain exposure to:

- Domaine du Comte Liger Belair Echezeaux 2007

- Domaine du Comte Liger Belair Vosne Romanee 2007

- Thibault Liger Belair Richebourg 2007

"We have already seen these wines appreciate between 80-250%, since 2009, and given the increasing rarity of the 2007 vintages I predict the prices to rise 10% year on year," said Woolf.

Former Employee Files Criminal Complaint Against Billionaire Kazuo Okada in Japan

Kazuo Okada, chairman of Universal Entertainment Corp, speaks during the ground-breaking ceremony of its casino-hotel projects in Manila.REUTERS

Japanese billionaire Kazuo Okada, who is facing investigations in the US and the Philippines over allegations that he ordered the payment of bribes to advance a still unfinished casino project in the Philippines, may also be probed in his home country.

Retuers reported that Takafumi Nakan, a former employee of Okada's Universal Entertainment, filed a criminal complaint against Okada at the Tokyo District Public Prosecutor's Office in late May.

The casino tycoon is also facing a civil defamation case, in which Nakano raised the same allegations.

The prosecutors' office declined to comment to Reuters, and it was not clear whether the office would investigate the allegations.

In the complaint, which was seen by Reuters, Nakano said Okada ordered to pay $30m (£18m, €22m) as bribes to Rodolfo Soriano, a consultant with close ties to Efraim Genuino, then head of the Philippine gaming regulator.

Okada was seeking to obtain tax and foreign ownership concessions for the $2bn casino Universal is building on Manila Bay, according to the complaint.

Okada has been in a legal battle with three of his former employees including Nakano over $40m (£24m) in payments made in 2010. Okada and Universal Entertainment accuse the employees of transmitting a portion of the money without proper authorization, while they claim that they were acting on Okada's orders.

The case has been separately investigated by the US Federal Bureau of Investigation, the Nevada gaming regulator and the Philippine government. If proved guilty, Okada and his companies could face prosecution for violation of anti-bribery laws in the US and the Philippines.

The complaint urges that Japanese prosecutors investigate and charge Okada under the country's law against bribing foreign officials. Japan has rarely enforced that law, which is similar to the Foreign Corrupt Practices Act in the US.

The Organisation for Economic Co-operation and Development (OECD) earlier criticised the world's third-largest economy for not doing enough to curb bribery by Japanese companies.