(AP Photo/Tony Gutierrez, File)
(AP Photo/Tony Gutierrez, File)

NBA free agency round-up: Dirk Nowitzki stays in Dallas, Pau Gasol switches teams



German star forward Dirk Nowitzki has agreed to terms on a two-year deal to stay with the Dallas Mavericks, while Spanish star Pau Gasol will join the San Antonio Spurs in NBA free agency deals.

Nowitzki has a two-year deal worth $40 million, The Dallas Morning News and ESPN said about the plans unveiled Tuesday, while Gasol has made a verbal agreement worth $30 million over two years.

“After many days of a lot of thinking, I’ve decided to join the spurs! Looking forward to this new chapter with the best aspirations!” Gasol tweeted to confirm his deal.

Also Tuesday, San Antonio traded France’s Boris Diaw to Utah to clear up cap room to sign Gasol. The Jazz will send the rights to last year’s second-round pick Olivier Hanlan to the Spurs.

“Spurs’ fans, thanks for all your messages. Great years here and a ring! Leaving but San Antonio will always be a special place to me,” Diaw tweeted.

Nowitzki, 38, has spent his entire 18-year career with the Mavericks and ranks sixth on the NBA’s all-time scoring list with 29,491 career points.

• More: Durant's polarising move to Golden State | Podcast

Under NBA free agency rules, no contracts between teams and players can be signed until Thursday.

Players can however agree verbally to join clubs such as Kevin Durant deciding to leave Oklahoma City for Golden State but nothing is official until signing day.

That blockbuster move has helped Dallas stockpile talent because salary cap limits have forced the Warriors to unload contracts to come to terms with Durant, a four-time NBA scoring champion and former NBA Most Valuable Player.

In addition to Nowitzki, the Mavericks have a four-year deal worth $94 million with ex-Warrior Harrison Barnes and an agreement for Golden State to trade them Andrew Bogut, an Australian big man who suffered bone bruises in the NBA Finals.

“I’m excited to begin a new chapter in my NBA career in Dallas,” Barnes tweeted.

Bogut removed all references to the Warriors from his Twitter account, his photo on the account with him in an Australian national team jersey.

The Mavericks also made a two-year deal worth $6 million for Seth Curry, who averaged 6.8 points a game and shot 45.5 percent from 3-point range last season for Sacramento.

Dallas missed out on bids for Memphis guard Mike Conley and Miami centre Hassan Whiteside, who stayed with their current teams, but the new talent gives the Mavericks a chance to reach the second round of the playoffs for the first time since winning the 2011 NBA crown.

Gasol, who turns 36 on Wednesday, joins the Spurs after spending the past two seasons with the Chicago Bulls, averaging 16.5 points and 11.0 rebounds a game in the 2015-16 campaign and making the All-Star team both seasons.

But the Spaniard declined an offer to stay in Chicago and will make almost double what he would have in staying with the Bulls, who have also lost Derrick Rose and Joakim Noah to New York.

Gasol played in Memphis until a 2008 trade to the Los Angeles Lakers, with whom he won NBA crowns in 2009 and 2010. He has guided the Spanish squad to silver medals at the 2008 and 2012 Olympics and will play in next month’s Rio Games.

Spurs trade Diaw to Jazz

The San Antonio Spurs have traded Boris Diaw to the Utah Jazz for point guard Olivier Hanlan, a person with knowledge of the deal said Tuesday.

The person spoke to The Associated Press on condition of anonymity because league deals do not become official until Thursday. TheVertical.com first reported the trade.

Diaw tweeted, “Spurs’ fans, thanks for all your messages. Great years here and a ring! Leaving but San Antonio will always be a special place to me.”

He added in another tweet, “Hey @utahjazz and @rudygobert27 ! I’m looking forward seeing you!”

The 33-year-old Diaw, a key member of the Spurs’ 2014 championship team, averaged 6.4 points, 3.1 rebounds and 2.3 assists last season. He has two years remaining on his contract with 2017-18 being non-guaranteed, according to Spotrac.com.

Hanlan was a 2015 second-round pick by the Jazz. He played in Lithuania last season.

The Jazz have been active in the past few days. The team traded for point guard George Hill and signed free agent forward Joe Johnson to a two-year deal worth $22 million within the past week.

The Jazz went into the offseason looking to spend with a need for veteran depth, another point guard and additional shooting. They added Hill in a three-way trade with the Pacers and Hawks to give them a tested veteran.

Johnson gives the Jazz a proven scorer and veteran as they try to climb the standings with a promising young nucleus including Gordon Hayward, Rudy Gobert, Derrick Favors and Rodney Hood. Dante Exum, the 2014 No. 5 overall pick, is set to return from a torn ACL this season.

“That’s exciting for me,” Jazz second-year forward Trey Lyles said. “It’s a guy I can learn from who’s been through the league for a few years and he plays a similar spot as me. So I’ll be able to latch onto him and get some words of advice.”

The Jazz finished 40-42 last season and missed the playoffs.

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Sector: Entertainment 
 
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Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.

 

An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.

 

This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.

 
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5.           Miriam Schneider (GER) Fidelius G 47.74

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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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