BUSINESS | Page 1 SPORT | Page 1 QIA to invest $20bn in вЂ�Greater Asia’ Elshorbagy, Ashour set up world title clash INDEX QATAR 2, 3 ARAB WORLD INTERNATIONAL 4 5-16 ISLAM 17 COMMENT BUSINESS CLASSIFIED SPORT 18, 19 1-16 9 1-12 DOW JONES QE NYMEX 17,693.44 13,846.01 75.58 +7.71 +0.04% -55.07 -0.40% +1.00 +1.34% Latest Figures d he is A R 8 7 AT 19 Q since bl in Emir performs prayer for rain pu GULF TIMES FRIDAY Vol. XXXV No. 9548 November 21, 2014 Moharram 28, 1436 AH www. gulf-times.com 2 Riyals State seeks to expand technical ties with IAEA In brief ARAB WORLD | Media Pardon for Jazeera journalists mulled Egyptian President Abdel Fattah al-Sisi suggested yesterday he was considering pardoning journalists of the Al Jazeera television station jailed in his country for nearly a year. Human rights groups condemned the trial of the journalists as a sham. The three journalists were sentenced in June to between seven and 10 years in jail on charges including spreading lies to help a “terrorist organisation”, an allusion to the banned Muslim Brotherhood, in a ruling that sparked a global outcry. AMERICA | Weather Fresh snowstorms hit communities Fresh snowstorms struck the northeastern US yesterday, paralysing communities in a rare mid-autumn blizzard that killed eight people and dumped more than six feet of snow near Buffalo. The National Weather Service said an extra 2 to 3ft (60 to 90cm) of “lake effect snow,” created when frigid air moves over warm lake waters, could fall. It said visibility was near zero and that thunder and lightning were likely to accompany the heaviest snow as a state of emergency and travel bans remained in place in western New York state. The colossal snowfall has collapsed roofs, damaged homes and businesses, cancelled flights and stranded motorists for as many as two nights on the highway, including New York rock group Interpol. Page 6 BUSINESS | Electronics Firm toughens Gorilla Glass for smartphones US manufacturer Corning said yesterday it was introducing a new, tougher version of its Gorilla Glass used by major smartphone makers in a bid to maintain dominance in the sector. The new material, called Gorilla Glass 4, is “up to two times tougher than any competitive cover glass design now in the market,” and aims to prevent screen breakage from everyday drops, said the company, which specialises in glass, ceramics and related materials. “We’re always innovating to push the limits of what glass can do,” said James Steiner, Corning’s senior vice president. “With Gorilla Glass 4, we have focused on significantly improving protection against sharp contact damage, which is the primary reason that mobile devices break. ” QNA Vienna T HH the Emir Sheikh Tamim bin Hamad al-Thani joined worshippers in performing Istisqaa Prayer (prayer for rain) at Al Wajbah prayer ground yesterday morning. The rain prayer comes in pursuit of the Sunnah of Prophet Muhammad (peace be upon him), asking Allah the Almighty to send rain. Page 2 Qatar sets up new facility to monitor seismic activity By Ramesh Mathew Staff Reporter Q atar’s Meteorology Department has received a substantial boost with the formal dedication of its newly commissioned Seismic Information Network office at the Civil Aviation Authority’s premises in Abu Hamour, Doha, near the Medical Commission. Qatar Civil Aviation Authority chairman Abdul Azeez al-Nuaimi launched the new facility yesterday at a ceremony attended by senior officials of the country’s Armed Forces, Ministry of Interior (MoI) and other government departments. Speaking on the occasion, al-Nuaimi expressed the hope that the Seismic Information Network office would help the country’s meteorological activities in a considerable manner at a time when a several large-scale developments, in particular construction, are progressing all over Qatar. Meteorological expert and Seismic Network head Mohamed Jaber alMerri later told the media that the setting up of the new facility is the result of extensive studies carried out by the Meteorology Department on various Qatar Civil Aviation Authority chairman Abdul Azeez al-Nuaimi inaugurating the country’s new Seismic Information Network office in Abu Hamour yesterday. PICTURE: Jayan Orma seismic-related issues, especially after the massive earthquake that rocked Iran in April 2013. “It was a devastating earthquake measuring close to 7.3 magnitude on Richter Scale and caused considerable damage across Iran and its bordering areas in Pakistan,” he recalled while explaining the reasons for equipping the country’s Meteorology Department with the latest instruments available in the world. Considering that the aerial distance to Iran from Qatar is less than 1,000 miles, the official said Qatar is sparing no efforts to equip its Meteorology Department with the most advanced facilities to take care of its requirements on a war-footing without waiting for any eventualities to occur. The round-the-clock monitoring facilities, said al-Merri, would go a long way in safeguarding the interests of the region, including Qatar as any earthquake of even a magnitude of 5 on Richter scale could adversely affect the region. After the studies, the Meteorology Department set up a total of six sta- tions in Qatar, with both southern and northern regions accounting for three facilities each. In the northern region the stations are in Al Khor, Al Ghuwairiya and Al Shehamiya, while on the southern side the stations will be in Al Tarayna, Abu Samra and Al Karaniya. Of the six stations, three will be wholly dedicated to serve the requirements of the state and its Meteorology Department whereas the services of the other stations could be availed of by other sectors in future, explained the official. As part of the precautions being taken to ensure the country’s safety in the event of any earthquake or other unnatural seismic disorders, the Meteorology Department will set up 20 more stations in the next one year in the West Bay and surrounding areas in view of the presence of a large number of highrises there. At a time when a large number of construction activities are taking place in the country and more are expected in the next few years in preparation for the 2022 FIFA World Cup, the new development in the meteorology sector is considered a vital step, said alMerri. This is being done in line with the country’s growing requirements as enshrined in the Qatar National Vision 2030, he added. Page 2 he State of Qatar has conп¬Ѓrmed that it is looking to expand the technical co-operation with the International Atomic Energy Agency (IAEA), particularly as it has ambitious programmes in the peaceful uses of nuclear energy in the medical, environmental and economic п¬Ѓelds. Qatar also stressed that it attaches great importance to the technical cooperation programme implemented by the IAEA as a principal legal means to promote the peaceful uses of nuclear energy, noting that it had beneп¬Ѓted from the programme in developing its capabilities in the п¬Ѓeld of nuclear analysis and food laboratories. This came in Qatar’s statement yesterday at the Governors of the International Atomic Energy Agency board meeting on technical co-operation programme offered by the IAEA to the member states, delivered by Ali Khalfan al-Mansouri, Qatar’s Ambassador to Austria and its Permanent Representative to the international organisations in Vienna. Al-Mansouri said that “this programme plays an important role in making nuclear techniques available for activities in healthcare, agriculture and environmental protection areas, which contribute to the social and economic progress in developing countries.” He noted that Qatar continues to cooperate with the agency and the Department of Technical Co-operation, particularly in the implementation of projects presented by the State of Qatar during the previous years in п¬Ѓelds of nuclear analysis, medical treatment, the development of food laboratories, radiation doses laboratory as well as the development of the National Framework Programme for the organisation of radiation safety and increasing the capacity and preparedness to respond to emergencies. Iran still stalling as nuclear deadline looms: UN agency Tehran has yet to explain away allegations it conducted atomic bomb research, the head of the UN nuclear agency said yesterday, four days before a deadline for Iran and six world powers to reach a deal on the Iranian nuclear programme. As US Secretary of State John Kerry flies to Vienna for what are meant to be final talks to clinch a deal with Iran, International Atomic Energy Agency (IAEA) chief Yukiya Amano said he was still unable to provide “credible assurance” Iran had no undeclared nuclear material and activities. Page 4 вЂ�Al Mafras’ buoy restoration a beacon of dhow festival H eld for the п¬Ѓrst time this year, the restoration of a mid-sea archaeological site was one of the highlights of Katara’s fourth Traditional Dhow Festival yesterday. The restoration process of вЂ�Al Mafras’ buoy (known as Burj Al Mafras) located north of Raas Abu Aboud was carried out by a team of Qatari volunteers in the old-fashioned way, using gravel and a cohesive agent. The buoy was originally built around 1920 to prevent ships from hitting mid-sea sand. “Al Mafras buoy, built by founding father Shahin al-Asiri upon the British’s suggestions, is still regarded as Doha’s official entrance by sea. Sheikh Abdullah bin Jassim al-Thani then approved Asiri’s request to build the buoy,” the festival’s director Ahmed al-Hitmi said. “However, around 20 years ago the 4-m-high buoy was damaged, but fortunately we decided to follow father Majid bin Mohamed al-Kuwari’s suggestion to restore вЂ�Al Mafras’ and anyone passing by that area can now see it, the same way it was before,” Hitmi added, noting that the restoration process took around two weeks and was done in coordination with the Qatar Coast Guard and the Customs and Ports General Authority. According to the festival’s director, restoring вЂ�Al Mafras’ encouraged Katara to repeat the process with other buoys. “Next year, we plan to restore another buoy at вЂ�Halet Umm al Khayfan’, known as вЂ�Burj Al Asiri’. The buoy was also built by father Shahin Ahmed al-Asiri,” Hitmi announced yesterday, adding that the buoy’s inauguration will take place at the next edition of the Dhow Festival. Among the most notable guests of the festival yesterday was a delegation of 250 people from the International Forum of Sovereign Wealth Funds, who also toured the rest of the Cultural Village to learn about its landmarks. Katara’s Director-General Dr Khaled Ibrahim al-Sulaiti also received a member of the Omani Shura Council and took him on a tour of the festival. Yesterday, the Pearl Diving Competition kicked off with вЂ�Al Dashah’ Operetta; a traditional celebration held in the old days when sailors entered the sea, heading to the diving vessels before launching them into the pearl banks (Al Hayrat). Ten participating teams sailed off The restored вЂ�Al Mafras’ buoy located north of Raas Abu Aboud. Seen in the background is the Doha skyline. Katara’s beach including Qatar’s вЂ�Al Ghariyah’ and вЂ�Balhaneen’, alongside two teams from each of Kuwait, Oman, Bahrain and Saudi Arabia. The contest will last for three days, with the ten teams returning to Katara’s seashore tomorrow. Upon arrival, вЂ�Al Qafal’ heritage festival, which embodies the return of the divers to their homeland, will celebrate the return of the boats. The festival’s sailing competition concluded yesterday, with Raslan team winning п¬Ѓrst place. The second and third places were secured by Al Khor and Al Maha teams, respectively. The crowning ceremony for both, the sailing and the pearl-diving competitions will be held tomorrow, with the conclusion of the Traditional Dhow Festival. Nearly 30 artists from different countries participated in the Fine Arts Competition. The participants have been assigned to different locations at the festival site according to their preference and artistic vision. The competition is organised in association with the Qatar Fine Arts Society. The festival’s efforts to raise awareness of maritime heritage among schoolchildren continued, with hundreds of students visiting Katara’s beach to learn about the country’s ancient customs and traditions. Katara launched a booklet yesterday about Dhows in the Gulf region, in celebration of the festival. Al-Hitmi said that visitors should expect a number of surprise events and activities, starting today afternoon. 2 Gulf Times Friday, November 21, 2014 QATAR Deputy Emir joins Emir for rain prayers QNA Doha H H the Emir Sheikh Tamim bin Hamad alThani joined worshippers in performing Istisqaa Prayer (Prayer for rain) at AlWajba prayer ground yesterday morning. HH the Deputy Emir Sheikh Abdullah bin Hamad al-Thani, several sheikhs and ministers also took part in the prayer. In a sermon after the prayer, Dr Sheikh Thaqeel bin Sayer alShammari, judge at the Cassation Court, called on the worshippers to repent, return to God and make supplication to Almighty Allah for rain. Dr al-Shammari urged people to ask Allah for forgiveness and to pay zakat. The rain prayers are performed in pursuit of the Sunnah of Prophet Muhammad (PBUH) when there is a delay in the rainfall. HH the Deputy Emir Sheikh Abdullah bin Hamad al-Thani with other dignitaries performing the Istisqaa Prayer (Prayer for rain) at Al-Wajba prayer ground yesterday. Panel discusses ways to tackle cyber threats T he latest trends in cybersecurity were shared and how individuals and companies can equip themselves with the tools they need to stay safe online discussed at a Dean’s Panel hosted by Carnegie Mellon University in Qatar (CMUQ). The event was under the patronage of Staff Major General Saad bin Jassim al-Khulaiп¬Ѓ, Director General of Public Security at the Ministry of Interior. The panel was attended by Carnegie Mellon faculty, staff and students and the broader community. Moderated by Farnam Jahanian, vice-president of research at Carnegie Mellon, panellists included leaders in the п¬Ѓeld of cyber-security from Carnegie Mellon who have expertise in a variety of areas, such as how to best protect networking systems, the causes of cyber threats, software regulation and liability. Carnegie Mellon faculty are working on the development of tools that can be used to clean systems, and educating individual users so they are more intelligent online. The discussions highlighted the shortage of individuals in the п¬Ѓeld equipped with the technical skills to deal with the multifaceted challenges involved with securing software, which impact all sectors of the economy with ramiп¬Ѓcations for national and global security. Panellists focused on the opportunity for computer science students to make an impact by producing tools to enable users to better defend themselves online. “We rely on cyber systems for social interaction, п¬Ѓnancial transactions, emergency healthcare responses and transportation systems. It is the interdependency of these various challenges, and the increasing complexity of software we use, that leaves us vulnerable to cyber threats,” said Jahanian. “The challenge of cybersecurity is not just a computer science problem, it is not just a problem for one industry, government or nation, and we must work in collaboration to address these challenges” “The challenge of cybersecurity is not just a computer science problem, it is not just a problem for one industry, government or nation, and we must work in collaboration to address these challenges. Carnegie Mellon is committed to continue playing a part by developing secure, trustworthy, and sustainable computing and communications systems to address this global challenge,” Jahanian added. The panellists were: Virgil Gligor, a professor in the department of electrical and computer engineering at Carnegie Mellon and Co-director of the university’s CyLab which establishes public-private partnerships for the research and development of technologies for security, privacy, and resiliency of computing and communication systems; Paul Nielsen, director and CEO of the software engineering institute (SEI), a global leader in software engineering and cybersecurity; Richard Pethia, director of the CERT programme at Carnegie Mellon University’s SEI, which conducts research and development activities to produce technology and systems management practices to help organisations recognise, resist, and recover from attacks on networked systems. Computing innovations to protect Qatar’s cyber infrastructure was also a key focus of Qatar Foundation’s Annual Research Conference 2014, which concluded on Wednesday. “By bringing experts in the п¬Ѓeld of cyber-security together, Carnegie Mellon is proud to join other leading organisations across Qatar that are working to protect Qatar’s critical infrastructure. The discussions support the university’s commitment to develop technological and computing research solutions to protect Qatar against cyber vulnerabilities,” said Ilker Baybars, dean of CMUQ. In April this year, CMUQ also held an Executive Education course targeting local information technology professionals and web developers to better understand challenges in securing web applications within their organisations. The courses were led by Thierry Sans, assistant teaching professor of computer science. PM meets Croatian parliament speaker Assistant FM meets Croatian House speaker HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani holding talks with the Speaker of the Croatian Parliament Josip Leko in Doha yesterday. Talks dealt with bilateral relations and means of enhancing them, in addition to a number of issues of mutual interest. Qatar has history of mild quakes Q atar had a history of experiencing earthquakes of smaller magnitude, information released by the Meteorology Department at the commissioning of the country’s Seismic Information Network office at Abu Hamour yesterday revealed. According to the information released by the authorities, the epicentre of an earthquake experienced in the region in 1929 was somewhere in southern Qatar. The meteorological authorities of Oman who measured it, found the tremor had a magnitude of 4.7, it said. Similarly, the records available with the local meteorologi- cal office said there were many mild earthquakes of the magnitude of 3.7 or less between 1990 and 2004. There were several other reports of earthquakes or mild tremors too, the epicentres of which were far from Qatar, but within the same region where the country is located. HE the Assistant Foreign Minister for International Co-operation Affairs Sheikh Mohamed bin Abdulrahman bin Jassim alThani yesterday met Croatian Parliament Speaker Josip Leko, currently on a visit to Doha. During the meeting, they reviewed bilateral relations and means of enhancing and developing them, in addition to issues of mutual concern. Foreign Ministry officials attended the meeting. Cabinet holds field visits for trainees The Cabinet’s general secretariat has organised a two-day field visit for trainees of the Ministry of Justice’s Centre of Legal and Judicial Studies (CLJS). This is the centre’s 13th training course for new employees. Participants were briefed on the nature of work at the general secretariat, particularly in the legislative field. The visit also featured hands-on demonstration of the tasks and duties of the Cabinet’s departments concerned with legal work in order to provide trainees with knowledge and skills. Qatar’s envoy to Comoros presents credentials Some of the new seismic information equipment installed at the new office in Abu Hamour. PICTURE: Jayan Orma CID arrests seven sweika dealers T Staff Major General al-Khulaifi and CMUQ dean Baybars attending the event. Below: The panellists at the event. In brief he Criminal Investigation Department (CID) has arrested seven Asians involved in the production of sweika in the Umm Ghuwailina area. This is part of the ongoing campaign against sweika dealing and production. Sweika is an illegal product made of chewable tobacco. The CID had received information that some persons were engaged in the production and packing of sweika at a house in Umm Ghuwailina. The suspects were monitored to verify the information. Under the authorisation of the Public Prosecution, their house was raided and seven persons were arrested. A large amount of sweika was found with them. The suspects were referred to the Investigation Section at Capital Security for further legal procedures. The CID has urged citizens and residents to co-operate with security agencies of the Minis- President of Comoros Ikililou Dhoinine yesterday received the credentials of Mubarak bin Abdurrahman al-Nasr, ambassador of Qatar to Comoros. The ambassador conveyed the greetings of HH the Emir Sheikh Tamim bin Hamad al-Thani to President Ikililou Dhoinine. President Dhoinine reciprocated the Emir’s greetings and expressed his keenness to further expand bonds of Islamic brotherhood, and ties between Qatar and Comoros. Qatar opens embassy in Myanmar The embassy of the State of Qatar in Myanmar held a ceremony yesterday at Sedona Hotel in Yangon on the occasion of the opening of its premises. The ribbon cutting ceremony at the embassy premises was attended by Deputy Foreign Minister of Myanmar U Thant Kyaw along with Qatar’s nonresident ambassador to Myanmar Jabor bin Ali al-Dousari. The Deputy Foreign Minister of Myanmar said that his government will take steps to open an embassy in Doha. Gambian leader ends Doha visit The arrested men along with the seized materials. try of Interior by reporting any person suspected of producing and dealing in sweika by con- tacting the Operations Centre on 999 or the department on 2347444. President of Gambia Yahya Jammeh left Doha yesterday, ending an official visit to Qatar. The Gambian president was seen off at the HIA by HE the Transport Minister Jassim Seif Ahmed al-Sulaiti. Gulf Times Friday, November 21, 2014 3 QATAR Conference on academic advising draws wide international participation C lose to 200 academic advisers, academic and student affairs professionals and educators in Doha, the region and beyond attended the 2014 NACADA Middle East conference, the п¬Ѓrst ever conference on academic advising in the region. Co-hosted by Qatar University (QU) Centre for Academic Advising and Retention and the National Academic Advising Association (NACADA), the two-day forum - a п¬Ѓrst in the Middle East - drew presenters from more than 20 institutions across the region. They represented institutions such as QU, Zayed University, Abu Dhabi University, Weill Cornell Medical College in Qatar, Hamad Bin Khalifa University, American University of Sharjah, University of Leicester, Isik University and Mazandaran University of Medical Sciences. The opening ceremony was attended by officials from both parties, including QU president Prof Sheikha Abdulla alMisnad, NACADA executive director Dr Charlie Nutt (both keynote speakers), QU vicepresident for student affairs Dr Omar al-Ansari, deans, faculty and students. The ceremony also included presentation of the NACADA 2014 Outstanding Academic Advising Programme Certiп¬Ѓcate of Merit Award to Prof alMisnad by Dr Nutt. The award is in recognition of the centre’s distinctive academic advising programmes, making QU the only university in the Gulf and the Middle East to receive this prestigious honour. Plans are under way to sub- Prof al-Misnad addressing the conference. mit application for NACADA accreditation of the centre’s programmes. In her opening remarks, Prof al-Misnad observed that in recent years, student services, including academic advising, have seen tremendous growth and development at QU. “Their growth has been integral to the university’s strategic vision for providing highquality education that extends beyond academic achievement.” Prof al-Misnad stressed that QU’s commitment to giving students a comprehensive experience of academic development and personal growth begins with a deep and culturally-rooted understanding of what the transition to university life entails, and noted that the transition comes with a distinct set of challenges. “For many students, university is the start of a phase of expanded opportunities, making choices, taking decision more independently, prioritising tasks and learning to manage time,” she said, continuing, “we understand that these are crucial skills that when properly supported, set up students for success at university as well as beyond. This understanding is the basis for striving to make our student services effective, appropriate, responsive and supportive. “We deeply appreciate our partnership with NACADA and its excellent global outlook, which will help us work together and beneп¬Ѓt from experiences and best practices in academic advising, a truly crucial piece of the student success puzzle.” Dr Nutt detailed academic advisers’ role, which he said is to teach students what higher education is. “Academic advisers are not assistants, schedulers or registrars - we teach them the importance of the curriculum. We teach students the skills they require to succeed, how to be successful and how to move forward in life.” He went on to say, “College is not about acquiring a job. It is about becoming an educated citizen of a global community. What we want from this Middle East conference is to leave participants passionate – passionate about students, about education and about advising. We are advisers and we are proud of what we do”. The conference programme included workshops, discussion panels, poster sessions and paper presentations that address the most current trends in academic advising and practices towards students’ motivation, retention and success such as the First-Year Experience, student welfare, peer mentoring and career planning. Doha international flowers expo starts at MIA park By Joseph Varghese Staff Reporter T he inaugural edition of the Doha International Flowers and Garden Exhibition got under way at the Museum of Islamic Art (MIA) park yesterday. Held under the patronage of HE Sheikha Al Mayassa bint Hamad bin Khalifa al-Thani, chairperson of Qatar Museums, the exhibition will conclude tomorrow. HE the Minister of Environment Ahmad Amer Mohamed alHumaidi opened the three-day show by cutting a beautifully decorated ribbon and toured all the pavilions at the park. Around 50 exhibitors from Qatar and outside are taking part in the exhibition. Speaking to Gulf Times, HE al-Humaidi said the exhibition would send the right message to the people of the country about the types of trees and flowers that are suitable for Qatar. “We would also like to introduce to the public and local businessmen the types of trees and flowers that are in demand and suitable for the country,” he explained. The minister was of the view that the п¬Ѓrst edition of the exhibition would provide greater motivation for the organisers to come up with more ideas and involve greater participation next time. “This is a good show and we would like to make it bigger in the coming years. The whole world is becoming a small village and flowers and trees from all corners of the world are here to make it feel so.” He also said the Ministry of Environment and the Ministry of Municipality & Urban Planning are deeply involved in the project. “We try to introduce new types of techniques and trees to the public for greater awareness. HE al-Humaidi opening the exhibition. PICTURES: Thajudheen Different pavillions at the exhibition. We hope that the show will help Qatar become greener,” he added. Dr Saif al-Hajiri, chairman of the Friends of the Environment Centre (FEC) said the exhibition would help create greater awareness among the public about dif- ferent flowers in the country as well as from abroad. “FEC has already kick-started the 17th edition of the вЂ�A Flower Each Spring’ programme with a Qatari plant, under the name Thanoun (Cistanche phelypaea), which is a coastline flower. This exhibition is the beginning of organising all people involved in this п¬Ѓeld and hopefully it will be a larger international show from next year. We are part of the programme and plan to support the initiative.” Ten teams participate in pearl diving competition of Katara Traditional Dhow Festival The pearl diving competition of Katara’s Fourth Traditional Dhow Festival kicked off yesterday with the Al Dashah operetta, a traditional celebration held in the old days when sailors entered the sea, heading to the diving vessels before launching them into the pearl banks (Al Hayrat). Ten participating teams sailed off Katara’s beach, including Qatar’s Al Ghariyah and Balhaneen, alongside two teams each from Kuwait, Oman, Bahrain and Saudi Arabia. The contest will last for three days, with the teams returning to Katara’s seashore tomorrow. Upon arrival, the Al Qafal heritage festival, which embodies the return of divers to their homeland, will celebrate the return of the boats. PICTURES: Nasar T K 4 Gulf Times Friday, November 21, 2014 REGION/ARAB WORLD Iran nuclear talks stuck, deadline may be extended Reuters Vienna A Egypt’s Minister of Transport and Communications Hani Dahi (second left) checks a damaged train carriage after a bomb exploded at the Rameses railway station in downtown Cairo yesterday. 5 policemen injured in Cairo terror blast AFP Cairo A bomb wounded п¬Ѓve policemen near a Cairo university yesterday, and four people were hurt in a panicked crush after an explosion at a train station in the Egyptian capital, security officials said. Egypt has been hit by a wave of bombings and shootings since the military ousted Islamist president Mohamed Mursi in July 2013. The п¬Ѓve policemen, including two ofп¬Ѓcers, were hurt when a bomb exploded at a small post near Helwan University in southern Cairo, security officials said. But the interior ministry said assailants in a speeding car threw a bomb at the policemen near the university, wounding four officers and a conscript. Egypt is п¬Ѓghting an Islamist insurgency that has killed scores of policemen and soldiers, mostly in the Sinai Peninsula. But militant groups have also staged attacks in other parts of the country, including Cairo. They say they are acting in retaliation to a brutal government crackdown targeting Mursi’s supporters that has left at least 1,400 people dead since his ouster. A militant group called Ajnad Misr (Soldiers of Egypt) has claimed several attacks in Cairo that targeted security forces, including one near Cairo University last month that wounded nine people. Police have tightened security in and around universities across Egypt, where students supporting Mursi still stage regular protests. During the past academic year, at least 14 students were killed in clashes with security forces on university campuses the last bastions of pro-Mursi protesters. Separately yesterday, four people were injured in a stampede at the capital’s Ramses station after a blast inside a com- partment of a train that pulled in from the Nile Delta, security officials said, adding that the blast was caused by a “sound bomb.” Amid a growing number of attacks on public transport, 16 people were injured in panic sparked by an explosion at a Cairo metro train station on November 13. A week earlier, a bomb on a train north of the capital killed two policemen and two passengers. In other developments, in the delta province of Sharqiya, three empty state transport buses were set on п¬Ѓre in separate incidents by unknown people, the officials said. Groups вЂ�can’ appeal UAE terror listing Reuters Dubai G roups placed on a terrorism list by the United Arab Emirates can appeal against the designation if their “approach has changed”, a senior UAE official said yesterday, after several organisations criticised their inclusion. The Gulf Arab state last week designated the Muslim Brotherhood and its local affiliates, as well as Syria-based Nusra Front and the Islamic State, and Shia militant groups such as the Houthi movement in Yemen as terrorist organisations. The list includes the Council on American-Islamic Relations (CAIR), the Muslim American Society and the Cordoba Foundation, along with a number of other Islamic research, advocacy and social organisations based in Western countries. UAE Minister of State for Foreign Affairs Anwar Gargash said on his Twitter account the law included clauses giving “organisations the availability to appeal Israel to co-operate with UN Gaza war inquiry Reuters Jerusalem I srael said yesterday it would co-operate with a UN investigation into Israeli attacks on UN facilities during last summer’s Gaza war and the use of UN sites by Palestinian militants to store weapons. Last week, Israel announced it would not co-operate with a separate UN Human Rights Council investigation into alleged war crimes committed during the July-August conflict, saying its п¬Ѓndings were predetermined and accusing its chairman, Canadian academic William Schabas, of anti-Israeli bias. Foreign ministry spokesman Paul Hirschson said that unlike that probe, the inquiry established by UN Secretary-General Ban Ki-moon was “an authentic investigation with potential for us to improve our performance in the course of conflict and learn from our mistakes.” During the war at least six UN-run facilities were hit by Israeli п¬Ѓre, killing at least two dozen people. Ban, in a state- ment on July 23, condemned the discovery of rockets at a UN-administered school. Israel has cited militants’ use of UN facilities to store rockets as a reason for targeting them. It says that in some cases UN institutions were hit by mistake or by Hamas projectiles. Hamas spokesman Fawzi Barhoum said the group welcomed the dispatch of any UN committee to Gaza. But he did not say whether Hamas would co-operate with an investigation into the storage of weapons at UN sites. “No contact had been made with us regarding such a request. We will look into a request when it is made,” he said. More than 2,100 Palestinians, most of them civilians, were killed during the Gaza war. Sixty-seven Israeli soldiers and six civilians in Israel were killed by rockets and attacks by Hamas and other militant groups. Ban this month named Patrick Cammaert, a retired Dutch general and former force commander of the UN peacekeeping mission in eastern Democratic Republic of the Congo, to head the investigation. through evidence and via the courts to have their names eliminated from the list. “This is available to the organisations whose approach has changed,” he tweeted. “The noise (by) some Western organisations over the UAE’s terrorism list originates in groups that are linked to the Muslim Brotherhood and many of them work on incitement and creating an environment of extremism.” The US State Department said this week it did not consider either CAIR or the Muslim American Society as “terrorist organisations” and said it was seeking more information from the Emirati government on why it had designated them as such. CAIR said it was seeking clariп¬Ѓcation from the UAE government on what it termed a “shocking and bizarre report”. The Cordoba Foundation, which describes itself as an independent think tank, said it rejected the designation, calling it “an unprecedented and irresponsible move”. deadline for resolving a 12-year-old dispute over Iran’s nuclear programme may be extended from Monday until March, because of sharp disagreements between Tehran and Western powers, officials close to the talks said yesterday. US Secretary of State John Kerry is arriving in Vienna for what Washington and its allies had hoped would be the culmination of months of difficult diplomacy between Iran and the US, Britain, France, Germany, Russia and China. The aim is to remove sanctions on Tehran in exchange for curbs on its atomic programme, but the talks have long been deadlocked: the timing for lifting sanctions and future scope of Iran’s uranium enrichment are key stumbling blocks. The UN nuclear chief Yukiya Amano yesterday highlighted another hurdle: Iran has yet to explain suspected atomic bomb research to the UN nuclear agency, one of the conditions of the six powers for lifting sanctions. “Important points of difference remain,” French Foreign Minister Laurent Fabius told a joint news conference with Kerry, who met him in Paris on his way to Vienna. The latest round of talks between the six began on Tuesday and are likely to last right up to the self-imposed November 24 deadline for a п¬Ѓnal agreement. “Some kind of interim agreement at this point is likely, or perhaps at best a framework agreement by Monday that needs to be worked out in the coming weeks and months,” a Western diplomat said on condition of anonymity. US Deputy National Security Adviser Tony Blinken said this week a comprehensive deal would be difficult, but not impossible to achieve by Monday. British Foreign Secretary Philip Hammond said he was not optimistic but that there may be a way of extending the deadline. A senior Iranian official had similar expectations. “We need more time to resolve technical issues and don’t forget that the time frame for lifting sanctions is still a huge dispute,” the Iranian official said, adding that an extension until March was a possibility. Western officials also suggested March was an option, with a resumption of talks in January. The officials said, however, that Iran and the six were not actively discussing an extension yet and would push for a deal by the deadline, which has already been extended from July. Officials close to the negotiations, which began in February, say that Iran wants all key sanctions on oil exports and banking terminated almost immediately, not merely suspended as the US and European officials have said. Tehran rejects Western allegations it is amassing the capability to produce atomic weapons and has refused to halt its enrichment programme. It has been under international sanctions for eight years and the US, European Union and UN measures have crippled its economy by slashing its oil exports and causing inflation to soar and the value of its currency to plummet. Western powers say the sanctions can be suspended gradually and in line with moves by Iran to restrain its nuclear activities and terminated only after Tehran has demonstrated full compliance with the terms of any deal. There is also a dispute over the duration of any deal, with Western powers wanting Iranian restrictions to last for 20 years and Iranians pushing for either months or a small number of years, diplomats say. There is also a blame game developing about who is responsible for the deadlock in the nuclear talks. Western officials say Iran also refused to budge on enrichment, despite repeated offers of potential compromises by the six powers, including the US. Tehran is willing to consider keeping fewer enrichment centrifuges as long as they are advanced, to keep the volume unchanged, Western officials say, adding that this represents no compromise at all. Western officials say the West is willing to compromise but Iran is not largely because Supreme Leader Ayatollah Ali Khamenei has not given the negotiators the freedom to make real compromises in the talks. “The ball is in the Iranian camp and to be honest we have a feeling that we’re treading water at the moment,” a senior Western diplomat said. “The main obstacle is that the decisions have to be made by the Iranian leadership.” The Iranians, however, pin the blame on Western powers, which they accuse of expecting too much from Tehran. Iranian Foreign Minister Mohamed Javad Zarif said on Tuesday that Iran would resist Western pressure to make what it considered to be excessive concessions in the Vienna talks. Boycott mars Bahrain elections AFP Manama G ulf monarchy Bahrain holds elections tomorrow but with the opposition boycotting there seems little hope of an end to political deadlock in the key US ally. Bahrain remains divided nearly four years after security forces in the Sunniruled kingdom clamped down on protests led by majority Shias taking their cue from the Arab Spring uprisings. The opposition is demanding a “real” constitutional monarchy with an elected prime minister who is independent from the ruling royal family. But the Saudi-backed al-Khalifah dynasty has refused to yield. Bahrain is home to the US Fifth Fleet - in a crucial position off the coast of adversary Iran - and is one of several Arab states supporting US-led airstrikes against the Islamic State group in Iraq and Syria, making it a vital Western ally. Turnout tomorrow is likely to be low as the main opposition party has already called for a boycott. Campaigning has been subdued, even if the streets of the capital are festooned with election posters. A rally organised by Adel al-Dhawadi, a candidate for the Islamic Forum party, outside Manama on Wednesday attracted just a few dozen supporters. Bahrain Minister of State for Information Affairs and government spokesperson Samira bin Rajab and election executive committee director Abdulla bin Hassan al-Bouainain speak to reporters during the opening of the elections media centre in Manama yesterday. “Everyone is free to participate in elections or to boycott them. But it is better to participate and get involved in change,” said Salah Massameha, a retired academic who attended the gathering. Candidates from Sunni-led movements will compete with independent hopefuls after the Shia Al Wefaq Association and other opposition groups announced a boycott. In addition to the Islamic Forum, which is close to Egypt’s banned Muslim Brotherhood, the Salaп¬Ѓst Al-Asalah and the National Unity Assembly will п¬Ѓeld some of the 266 contenders for the 40-member parliament. The general election will be the п¬Ѓrst since the 2011 protests, which saw Al Wefaq withdraw its 18 lawmakers after a violent crackdown on demonstrators by security forces. They were later replaced in restricted polls in which the opposition refused to participate. Analyst Ali Fakhro said the opposition boycott meant Bahrain’s next parliament would not offer a fair reflection of public opinion. Candidates are mainly “businessmen and professionals who lack experience in politics” and will be unable to bridge social divides, he added. Not long after the crackdown, demonstrators returned to the streets of Shia villages in spite of violent clashes with security forces. Al Wefaq always distanced itself from the violence, marketing its struggle as essentially peaceful. Authorities ignored pleas by human rights groups last year to release political prisoners, instead increasing the punishment for violent crimes. Attacks that cause death or injuries can now be met with capital punishment or life imprisonment. Abdullah al-Hawihy, head of the central committee of the National Unity Assembly, a Sunni body created in the wake of demonstrations, said Bahrain’s protest movement showed the “Iranian agenda in the Arab region”. “Some want to push us towards a sectarian conflict,” he added. Hawihy also criticised the opposition election boycott. “Those who do not take part will lose,” he said. “It is under the dome of the parliament that we can discuss divisive issues.” Al Wefaq member Abdulmajeed alSaba accused authorities of trying to “terrorise people into voting.” A government official dismissed the claim. “The Bahraini people are more determined than ever to exercise their constitutional right to vote and reinforce the democratic experience despite certain calls for boycott,” he said. But few ordinary Bahrainis appear to share this enthusiasm. “The candidates seek prestige only,” said Haydar, a 32-year-old taxi driver who has no plan to vote. Gulf Times Friday, November 21, 2014 5 AFRICA Preacher ignores summons for building collapse inquest, again AFP Lagos L awyers for Nigerian preacher TB Joshua said yesterday that they had mounted a legal challenge against a coroner who has ordered him to testify about a fatal building collapse at his Lagos megachurch. Joshua has been summonsed twice to give evidence at an inquest examining the circumstances of the September 12 tragedy in which 116 people were killed, but failed to appear on both occasions. The latest no-show by the popular televangelist angered coroner Oyetade Komolafe, who said he would order his arrest. However, the pastor’s lawyer, Olalekan Ojo, told reporters after the hearing: “We have gone to the high court to challenge the jurisdiction of the coroner to issue a witness summons. “The coroner has unconsciously exceeded his jurisdiction in that he has started inquiring into matters that are not causative of deaths.” Komolafe was furious that Joshua, known to his followers as “The Prophet” or “The Man of God”, was not present for the start of proceedings yesterday after failing to appear on November 5. On that occasion, Ojo said Joshua had been “unavoidably absent” and failed to receive the summons. “We don’t want the impression to be created that The Prophet is avoiding the court,” he said. Yesterday, Komolafe said: “Any of the witnesses who is not in court today will be arrested. I think the court has been lenient enough.” Joshua, who counts presidents and powerful politicians from across Africa among his flock, has claimed the collapse was caused by a mysterious aircraft seen “hovering” over the building at the time. The self-styled miracle worker and seer has also suggested that it was a deliberate attack. However, expert witnesses have already ruled out the theory of aerial sabotage or an explosion. The hearing has been told instead that the stricken guesthouse did not have planning permission and that a number of other buildings at Joshua’s Synagogue Church of All Nations complex were structurally unsound. A total of 81 South Africans were among the dead. Seventy-four bodies were repatriated from Lagos last weekend. Ojo conп¬Ѓrmed that his client had received the latest summons and added that his appearance was conditional on the outcome of the high court challenge. “The Prophet has respect for the law of the land and will not do anything that will hurt the law,” he said. “If at the end of the day, it is appropriate for The Prophet to appear he will be in court. We do not intend to abuse the legal process. “Besides, The Prophet has a milk of human kindness. He is still grieving over the horrendous loss of lives. Coming to court is not proper. It is not a good way of showing respect for the dead.” There have been calls for Joshua to be prosecuted over the building collapse after the Lagos State authorities suggested it was caused by the illegal addition of extra floors. But Komolafe has said that the inquest was not a criminal court. “We are here to п¬Ѓnd facts, п¬Ѓnd out what has happened, why, where, when and how so as to prevent a recurrence,” he said on the opening day of the hearing on October 13. Police use teargas in Nigeria parliament Reuters/AFP Abuja N igerian police п¬Ѓred teargas in the lobby of parliament yesterday to stop the speaker of the lower house entering with a crowd of lawmakers and supporters, prompting the chairman to shut the national assembly. Parliament was convening for the п¬Ѓrst time since Aminu Tambuwal, whose post is the fourth most powerful in the country, switched sides before presidential elections in February to join the opposition to President Goodluck Jonathan. The confrontation started when Tambuwal appeared at the gates of parliament accompanied by a crowd including members of the opposition All Progressive Congress (APC) to preside over debate on a bill to extend a state of emergency in three states hit by insurgency. After an argument, police locked the gates and the crowd scaled the walls and gate to force their way in, witnesses said. Many fled after the police п¬Ѓred the tear gas. There were no arrests. Senate President David Mark shut down the assembly after the disruption. He described the chaos as “a very unfortunate incident”. “After due consultation with my colleagues in both chambers of the National Assembly on this ugly development we have therefore agreed that today’s session be suspended forthwith,” Mark said, adding that the assembly will reconvene on Tuesday. Nigeria’s police said in a state- ment it deployed security only after it received a tip that parliament was about to be invaded by “hoodlums and thugs”. “In the course of this lawful exercise, Aminu Tambuwal, arrived the venue with a motley crowd, who broke the cordon, assaulted the police and evaded due process,” it said, adding that police had a duty to restore order. Nigeria, Africa’s top oil producer, is battling a currency crisis exacerbated by falling global oil prices, as well as an Islamist insurgency in three northeastern states. House of Representatives spokesman Zakaria Mohammed said later that the chamber held a brief session before the parliament was ordered shut and decided to reject the state of emergency extension. “Emergency rule is over as far as we are concerned,” he told AFP. A vote was not taken and the decision came in a closed-door session. Mohammed explained that the president was still free to deploy troops “to trouble spots” in the country. Jonathan has said the extension is needed to sustain the military offensive against Boko Haram. But the main opposition APC has described the strategy as a complete failure, noting the huge Islamist gains since emergency rule was п¬Ѓrst imposed in May 2013. The president needs approval from both houses of parliament to secure an extension but losing the emergency powers have little practical impact on the п¬Ѓght against Boko Haram as their pur- All about perception Sata’s widow joins run to replace president Reuters Lusaka T A couple stand near Perceiving Freedom, a giant sculpture of a pair of sunglasses created by artist Michael Elion as part of World Design Capital 2014 to honour late South African president and anti-apartheid leader Nelson Mandela, in Cape Town. The sculpture, which is sponsored by Ray-Ban and has stirred controversy after the artist was accused of seeking to benefit from Mandela’s legacy, was defaced by vandals this week. Local activist group Tokolos is suspected of being behind the vandalism. Cuban doctor contracts Ebola in Sierra Leone AFP/Reuters Freetown A Cuban doctor infected with Ebola in Sierra Leone became the latest of nearly 600 health workers to have contracted the virus, amid fresh warnings that the п¬Ѓght against the disease is far from over. The deadliest outbreak of Ebola ever has now killed 5,420 people and infected 15,145, according to new World Health Organisation (WHO) п¬Ѓgures on Wednesday, with Sierra Leone seeing the steepest increase in new cases. Cuba has played a large role in intensifying global efforts to п¬Ѓght the outbreak in the three worst-hit countries of Liberia, Sierra Leone and Guinea, sending around 250 nurses and doctors to the region with another 450 to come. Felix Baez Sarria, one of about 165 Cuban medics in Sierra Leone, left the country on Thursday afternoon in an aircraft bound for Switzerland, a Reuters witness said. Baez, a father of two children, was due to arrive in Geneva for medical treatment later. It was not immediately clear how he came to catch the haemorrhagic fever which is spread via bodily fluids such as blood, sweat and vomit. In a message to his father, Sarria’s son Alejandro Baez said: “Be strong Dad, everything’s going to be п¬Ѓne. All Cuba’s pulling for you,” according to the progovernment news website Cubasi. In its latest update, the WHO said Ebola transmission “remains intense and widespread” in Sierra Leone, with 533 new conп¬Ѓrmed cases reported in the week to November 16. The outbreaks in Guinea and Liberia now appear driven by intense transmission only in sev- General view of the Geneva University Hospital in Geneva. Cuban doctor Felix Baez Sarriawas flown to Switzerland for treatment in a Geneva hospital, Swiss health authorities said on Wednesday. eral key districts and no longer nationwide, the body said. Medical professionals have been particularly affected by the worst Ebola outbreak on record. Out of the 584 healthcare workers known to have contracted the virus, 329 have died. U2 frontman Bono and Oscarwinning actors Ben Affleck, Matt Damon and Morgan Freeman led an appeal on Wednesday for the world to step up its п¬Ѓght against Ebola, releasing a video in deliberate silence to decry early inaction. The three countries at the epicentre of the outbreak are among the world’s poorest, with sketchy healthcare and infrastructure facilities that were ravaged by years of inter-linked civil conflicts. The lack of toilets in the region was highlighted by the United Nations as a possible cause of the spread of the highly contagious haemorrhagic disease. Half the population of Liberia, the country worst hit by the epidemic, have no access to toilets, while in Sierra Leone nearly one-third of people live without latrines, a new United Nations report said. Liberian President Ellen Johnson Sirleaf said the п¬Ѓght against Ebola was going well, citing a big drop in the number of new infections during a tour of an Ebola Treatment Unit or ETU. “I feel very good. The people are working well – doctors, nurses, and other healthcare workers – they are all very vigilant and very efficient; more importantly, most of the ETUs don’t have patients,” she added. Her office said the objective was to have “zero new cases by Christmas”. The World Bank meanwhile said nearly half the workforce in Liberia was no longer working since the onset of the epidemic, with the self-employed working in markets particularly badly hit. In Mali, which has recorded п¬Ѓve Ebola deaths, 413 people were being tracked for signs of the disease and only one – a doctor at a hospital where a Guinean imam had died of the disease – has tested positive, the government said. The п¬Ѓght against Ebola is far from being won despite the encouraging news from Liberia, world leaders have warned. “We are nowhere near out of the woods yet in West Africa,” US President Barack Obama said. вЂ�Horriп¬Ѓc’ record of 1,020 rhinoceros killed in South Africa AFP/DPA Johannesburg A record 1,020 rhinos have been poached in South Africa this year, the government said yesterday, scuppering multiple efforts by authorities to curb the slaughter of the endangered species. The vast Kruger National Park has been hit the hardest by poachers, with 672 killed inside the park, which is roughly the size of Wales. “To date, a total of 1,020 rhino have been killed for their horn since 1 January 2014,” the department of environmental affairs said in a statement. The poaching crisis has forced the authorities to move a number of rhinos to “safety zones”, some in neighbouring countries. Last year, 1,004 beasts were poached in parks across the country. Demand for rhinoceros horn – which is made of keratin, which is also found in hair and nails – has skyrocketed in recent years, largely driven by the market in Asia, where the powdered horn is valued for its supposed medicinal properties. Rhino horn can fetch nearly $100,000 per kilogramme in Asia. South Africa has launched a number of initiatives to п¬Ѓght the scourge, including the deploy- pose was never spelt out. The PDP, which has controlled the government since democracy was restored in 1999, has found itself in uncharted waters in recent months following a wave of lawmaker defections to the APC. While the PDP currently holds fragile majorities in both chambers, the situation has been in flux throughout the year. The defection of Tambuwal was seen as blow to Jonathan, who had previously relied on a compliant lower house. Human rights lawyer Jiti Ogunye said yesterday’s fracas recalled the years after Nigeria’s independence from Britain in 1960, when a divided civilian government was ultimately overthrown by the military. “We are in a state of anarchy,” he said. “This is how sad our democracy has turned.” ment of the army along the border with Mozambique, a poaching hotspot. Helicopters are also used to intercept poachers as well as armed ground patrols with sniffer dogs. “Unfortunately the threat of poaching has continued to escalate while various multifaceted interventions are being implemented by South Africa,” the Minister of Environmental Affairs Edna Molewa said. “We are concerned that poaching is part of a multi-billion dollar worldwide illicit wildlife trade. Addressing the scourge is not simple.” South African National Parks (SANParks), which manages the country’s parks, described the poaching statistics as “horriп¬Ѓc” but maintained that they were not “fighting a losing battle”. “The п¬Ѓgures are horriп¬Ѓc,” said SANParks spokesman Isaac Phaahla. “We believe that they could have been worse if it wasn’t for our current anti-poaching interventions.” Phaahla pointed at the 344 arrests of suspected poachers since the beginning of the year and occasional convictions as signs of “work in progress” in the п¬Ѓght against the scourge. However, a large number of heavily armed poachers still manage to sidestep rangers on a daily basis, shooting the animals with high-calibre hunting rifles, before hacking off the prized horn. Phaahla said the current relocation of rhinos was one of the key population management efforts in a п¬Ѓve-year plan by authorities to curb poaching. In July, a court sentenced a rhino poacher to a record 77 years in prison, and dozens of people are currently being tried for poaching. In September, police claimed to have arrested a suspected ringleader of a poaching gang believed to be behind at least 24 rhino killings between 2008 and 2012. The arrests were followed in November by a haul of 18 rhino horn seized at Johannesburg airport on a flight from Mozambique to Vietnam. South Africa is also looking into the thorny subject of legalising the trade in rhino, hoping it would help minimise the demand and save the species. In addition, the government wants to explore the possibility of combating poaching by reducing poverty and providing job training for potential poachers, Rose Masela from the Department of Environmental Affairs said. “Poachers are driven by greed or by poverty,” she said. But the issue has been met with mixed reaction from officials and conservationists. he widow of Zambia’s last president has joined nine other candidates seeking to replace him by running for the ruling Patriotic Front’s (PF) presidential ticket ahead of a January election. Christine Kaseba said she wanted to unite the party and build on the achievements of her late husband Michael Sata, by standing in what analysts have warned could be a divisive contest. “The grief I feel is nothing compared to the pain that would result from the destruction of his party and abandonment of his ideals,” Kaseba, a paediatrician, said in a story published in The Post newspaper yesterday. “I have come to the conclusion that part of the mourning of this great Zambian leader will be in completing the work he began,” she added. Sata, who was nicknamed “King Cobra” because of his sharp tongue, died in a London hospital from an undisclosed illness last month at the age of 77. He had been president of Zambia, Africa’s second-largest copper producer, since 2011. The PF is divided over the contest to replace him with supporters of front-runner Edgar Lungu saying that a 53-member central committee should pick the candidate for the presidential vote, scheduled for January 20. Other aspirants, and Zambia’s interim leader Guy Scott, want a vote by a general conference, made up of thousands of delegates. Scott has called for calm and says he plans to hold a meeting with the members of the central committee and all the presidential aspirants this week to agree on the selection process. Scott cannot stand himself as his parents were born outside Zambia, in Scotland. Questions about Zambia’s stability arose when Scott п¬Ѓred Lungu as PF secretary general on November 3, without explaining why. He reinstated him a day later after Lungu’s dismissal triggered street protests. Sata’s son Mulenga Sata, the mayor of Lusaka, has also applied to stand, along with former commerce deputy minister Miles Sampa, prominent businessman Geoffrey Mwamba and former diplomat Selemani Banda. Commerce minister Robert Sichinga, sports minister Chishimba Kabwili, former foreign affairs minister Given Lubinda and agriculture minister Wylbur Simuusa are also in the running. 6 Gulf Times Friday, November 21, 2014 AMERICAS Three wounded, one dead in US campus shooting AFP Miami A Josh Nieves, 20, a music student from Fort Myers and Tim Kehl, 19, a junior finance student from Tallahassee, kneel yesterday at the fountain in front of the library and pray at Florida State University, in Tallahassee. Three students were shot and wounded when a gunman opened fire inside the main Florida State University library early yesterday. Campus police shot the suspect dead, officials said. lone gunman opened п¬Ѓre at a major university in Florida early yesterday, wounding three students before he was shot and killed by police, officials said. The latest episode of America’s epidemic of gun violence happened just after midnight (0500 GMT) at Florida State University in the capital city Tallahassee. More than 300 students were in the university’s Strozier Library when several shots rang out. Officers responding to reports of gunп¬Ѓre confronted the gunman outside the library and shot him after he refused an order to put down his pistol, Tallahas- see city police spokesman David Northway said. Some witnesses said that the gunman was shot 30 to 40 times. Of the three students who were shot, two were in hospital, one in critical condition, healthcare ofп¬Ѓcials said. A third was treated at the scene. Northway said an investigation into the motive of the shooting was underway. The gunman’s identity was not immediately disclosed. The Tallahassee Democrat newspaper, which said scores of students gathered yesterday for an impromptu vigil in front of the library, reported that Florida Governor Rick Scott was expected to make a statement about the shooting later in the day. Florida State University presi- dent John Thrasher, in a statement, said that investigators assured him that the shooting was “an isolated incident”. “Security is not lacking on campus,” added Florida State University police chief David Perry. “This person for whatever reason produced a handgun and started shooting.” But it was the 23rd shooting at a US college this year in which at least one person was wounded or killed, according to a running tally by the Everytown for Gun Safety lobby. Classes were cancelled yesterday, but the university – with more than 40,000 students – remained otherwise open. With midterms scheduled before next Thursday’s Thanksgiving holiday, the Strozier Library was open round-the-clock to accommodate students trying to cram for the exams. Students told US media that as many as four shots had been п¬Ѓred within the library. One student, Blair Stokes, said she was on the п¬Ѓrst floor of the library when “this guy comes up and says someone has a gun”, she told CNN. Stokes said police quickly swarmed the building, as the university quickly put out an alert about a “dangerous situation” on campus. Another student, Sean Young, told local television channel WCTV that he was on the third floor when students started running frantically past him, and someone said a gunman was downstairs. With a fellow member of his fraternity, Young crammed as many people as possible into a study break room, hoping they would all be safe inside. “I just tried to remain calm, especially for those that were around me. I didn’t want to panic anybody else. For me personally, it’s still kind of registering,” he said. Second-year undergraduate John Ehab, also on the third floor, told WTXL television that students took cover in book aisles, fearing the gunman might come upstairs. “It was a consecutive bop, bop, bop, bop, bop,” freshman Nikolai Hernandez, who was in his dorm room across from the library, told WTXL. “It makes me deп¬Ѓnitely a little bit nervous. I was supposed to be in the library. I had a paper to do and I got a little bit lazy and decided not to do it.” Northeast US braces for more snow chaos AFP New York T he northeastern United States braced for another bout of potentially deadly weather yesterday after a rare, mid-autumn blizzard killed at least eight people. The pre-winter storm this week dumped more than six feet (1.8m) of snow in some areas, including the hard hit city of Buffalo in the western part of New York state. Forecasters have predicted that the wintry deluge could set a record for the heaviest snowfall ever in the US in a 24-hour time span. The National Weather Service (NWS) said in its latest bulletin that an extra two to three feet (60-90cm) of “lake effect snow”, created when frigid air moves over warm lake waters, could fall. New York Governor Andrew Cuomo, who travelled to Buffalo yesterday for a п¬Ѓrsthand look, said at a press conference that it may even be necessary to cancel an NFL football game on Sunday between the local Buffalo Bills and the New York Jets – sacrilege in a sport that many fans insist is most enjoyable when the weather is at its worst. “Everybody would love to see a Bills game go forward, but I think even more, everybody wants to make sure public safety comes п¬Ѓrst,” Cuomo said. “At this point in time, doing what we have to do with the driving ban and everything we just said – staying off the roads – would make a Bills game impractical.” The snow advisory will remain in effect through today, said the NWS, which warned of treacherous conditions, including nearzero visibility, and even the possibility of “thundersnow” – snow with thunder and lightning. The snowfall is equivalent to around a year’s supply of snow in just two days and could yet prompt a federal disaster declaration, local officials said. The colossal snowfall collapsed roofs, damaged homes and shuttered businesses. It also led to hundreds of delayed and canceled flights at Buffalo-Niagra International Airport. Meanwhile, motorists were left stranded on some highways, some immobilised for two full The Skyline of Buffalo, New York, is barely visible from a snow-covered and unploughed road with a stop sign, a day after a winter storm that dumped a reported 1.5m of lake-effect snow on the area. Forecasters are predicting more snow in the area which might bring the total snowfall to more than 1.83m. days while waiting for help to arrive and roads to be cleared. Many of those who died lost their lives while working clear away mounds of heavy snow from their cars and homes. A man in his 60s died of a heart attack while trying to operate his snow blower, bringing to eight the number of deaths blamed on the blizzard said deputy Erie County executive Ricard Tobe. “Very dangerous storm. One more day. Let’s get through this snow. People – continue to be smart. Stay at home. Observe the driving bans,” he told a news conference. Cuomo, meanwhile, called up the National Guard, mobilising some 1,200 troops and deploying hundreds of pieces of heavy equipment – including 463 plows to remove snow from around Lake Erie on the Canadian border. The rock band Interpol said that they were stranded more than 50 hours on their tour bus by the storm just outside Buffalo, forcing them to cancel two consecutive nights of concerts in Montreal and Toronto. “Finally just started making a move. 50+ hours later. Hoping for some luck today,” the band tweeted yesterday morning. “Settling in for another night. Haven’t moved all day. Hoping the expected storm tonight ain’t as bad as predicted,” they updated fans late on Wednesday in a series of upbeat posts and pictures. Dave Zaff, a meteorologist from the NWS, told AFP that some areas south of Buffalo city received at least 70-80 inches (1.8m to 2m) of snow since the storm began. “This is deп¬Ѓnitely historic,” he said. “This one will be etched in people’s memories.” The snow is expected to pummel hard-hit areas again late overnight before moving south, turning to rain tomorrow – which brings its own risks, Zaff said. “The main concern would be flooding,” he told AFP. “We have a number of creeks and small rivers that run through the area, those could be a good risk and other drainage issues.” Ebola becomes latest stock scam: SEC Obama set to unveil immigration plan AFP Washington U S President Barack Obama was due to unveil measures yesterday that are expected to shield millions of undocumented migrants from deportation, as he bypasses a Congress that has failed to pass broader immigration reform. The executive action could affect up to 5mn of the estimated 11mn people – most of them from Mexico and Central America – living and working illegally in the United States. Since 1986, when then Republican president Ronald Reagan granted a sweeping amnesty, all attempts at major reform of the country’s immigration system have failed. In the face of congressional stalemate, Obama – who made the issue one of his priorities upon taking office in 2009 – has decided now, with two years left in the White House, to take the matter into his own hands. The Democratic president will explain his proposals to the nation in a prime-time speech at 8pm (0100 GMT today). Today he will elaborate on the plan in a speech at a Las Vegas high school. “Everyone agrees that our immigration system is broken,” he said in a video message on Wednesday. “Unfortunately, Washington has allowed the problem to fester for too long.” Obama is expected to allow some migrants who have lived in the United States for more than п¬Ѓve years, with no prior run-ins with the law, to apply for a temporary work permit. The current programme allowing temporary residency cards to minors who arrive in the United States before the age of 16 could be expanded. All in all, the move would protect 3-5mn people from the threat of arrest and deportation by US federal authorities. It may not, however, provide a clear path to eventual citizenship or permanent residency for migrants, an idea that may have to wait for another president or another generation of lawmakers. The White House has long wanted to pass a broad immigration reform package that would offer a path to citizenship for young migrants that grew up in the United States. A new immigration law did pass the then-Democratically controlled Senate last year, but the Republican House of Representatives blocked it and failed to agree on its own alternative proposal. White House lawyers and many outside experts believe Obama has the constitutional authority to act. While other presidents have used executive powers to grant amnesty to undocumented migrants, none has ever taken such sweeping action. Republicans, who will control US regulators have suspended trading in four small over-thecounter stocks of companies that they said have been touting the development of products to prevent or treat the Ebola virus, and warned investors to beware of similar scams. The Securities and Exchange Commission (SEC) said that it had suspended trading in the shares of New York-based Bravo Enterprises Limited, California-based Immunotech Laboratories Incorporated, Canada-based Myriad Interactive Media Incorporated and Wholehealth Products Incorporated, which is also located in California. The SEC also issued a warning that “con artists” may be soliciting investors and claiming to be developing treatments or medicine to prevent the deadly virus. Company officials at Bravo Enterprises, Immunotech Laboratories and Myriad Interactive Media could not be immediately reached for comment. A woman who answered the phone at Wholehealth Products hung up after saying the company was private. Jim Webb announces presidential bid Obama chats during lunch with Standing Rock Sioux tribal youths at We The Pizza/Good Stuff Eatery following an Oval Office greeting, in Washington, DC yesterday. This visit was a follow up to a youth roundtable hosted by the president in June during a trip to the Standing Rock Sioux Reservation in Cannonball, North Dakota. During that discussion, the Obamas invited the youths to visit the White House. both the House of Representatives and the Senate in January after a huge win in this month’s midterm elections, says Obama is going way too far. “If he acts by executive diktat, President Obama will not be acting as a president – he will be acting as a monarch,” Republican Senator Ted Cruz, one of Obama’s harshest critics in Congress, wrote in an opinion piece. Some have questioned the constitutionality of his actions. Other say Congress just needs more time. “The action he’s proposed would ignore the law, would reject the voice of the voters and impose new unfairness on lawabiding immigrants, all without solving the problem,” incoming Republican Senate Majority Leader Mitch McConnell said yesterday. “It may serve him politically in the short-term, but he knows it will make an already broken system even more broken.” But Democrats counter that those same Republicans blocked other attempts at reform. According to an opinion poll conducted by NBC and the Wall Street Journal, 48% of Americans disapprove of Obama’s immigration plans, against 38% who back them. The political п¬Ѓrestorm unleashed by Obama does not bode well for relations between Congress and the White House in the coming months. Republicans cannot block a presidential decree, but they can make Obama’s last two years extremely difficult – by blocking his choices to п¬Ѓll ambassadorial and administration posts, as well as judgeships. However, with the 2016 presidential election on the horizon, the debate within the party on immigration will be lively, as Republicans can ill-afford to ignore Hispanic voters, 70% of whom voted for Obama in 2012. The dust has barely settled on mid-term elections, but former senator Jim Webb, 68, has become the first candidate in America’s upcoming presidential race – and an early potential challenger to fellow Democrat Hillary Clinton. “I have decided to launch an exploratory committee to examine whether I should run for president in 2016,” Webb said in a YouTube video posted late on Wednesday. Creating such a panel permits a person to start legally raising funds, and traditionally signals the first official step in a presidential campaign process. First to be jailed for election fraud A Conservative campaign worker has became the first person in Canada to be jailed for vote fraud, landing a blow to Prime Minister Stephen Harper and his ruling party ahead of elections next year. Michael Sona, 26, who was convicted in August, was sentenced on Wednesday to nine months in prison over a scheme that misdirected voters to fake polling stations during the last election. Harper is already reeling from last month’s conviction of his former parliamentary secretary for overspending in the 2011 election and falsifying records to try to cover it up. Prosecutors and the judge in the Sona case said they believed others were involved, but nobody else has been charged. Sona had claimed he was a scapegoat. Public Prosecution Service of Canada spokeswoman Ruth McGuirl said she hoped the sentence would “discourage” others from engaging in election fraud. Gulf Times Friday, November 21, 2014 7 ASEAN Price hike protest Great apes вЂ�threatened’ by palm oil AFP Kuala Lumpur T An Indonesian student stands near burning tires as he gives a speech during an anti-fuel price hike protest in Padang, West Sumatera, yesterday. Indonesia raised the price of subsidised fuel by up to 35 per cent on Tuesday. The increases are likely to drive up prices for basic commodities and the inflation rate. Thai п¬Ѓshermen cash in on human traffick The trafficking of illegals has become profitable enough to draw in fishermen Reuters Ranong, Thailand T he smuggling of Rohingya Muslims fleeing persecution in Myanmar is so lucrative that Thai п¬Ѓshermen are converting their boats to carry humans, police, locals and officials in southern Thailand said. In recent weeks, thousands of Rohingya, a mostly stateless people, have sailed across the Bay of Bengal to the west coast of Thailand, from where human-smugglers deliver them to neighbouring Malaysia, a Muslim-majority country where they can п¬Ѓnd jobs. Some boat operators in Ranong province, on the Thai-Myanmar border and with a thriving п¬Ѓshing industry, were adapting to proп¬Ѓt from the exodus, said Sanya Prakobphol, chief of police in Kapoe district. “The п¬Ѓshing business isn’t so good so the п¬Ѓshermen make their boats peoplecarrying boats,” Sanya told Reuters. “Some converted Ranong boats can carry up to 1,000 people.” Boat operators can earn between 5,000 and 10,000 baht ($150-300) per person by ferrying illegal migrants from Myanmar to Thailand, he added. The Royal Thai Navy told Reuters last month that most smuggling and trafficking ships plying the Bay of Bengal were from Thailand. The navy also said it had increased patrols. According to the Arakan Project, which plots migration across the Bay of Bengal, about 100,000 Rohingya have left Rakhine State since 2012. Violent clashes with ethnic Rakhine Buddhists that year killed hundreds and left 140,000 homeless, most of them Rohingya. Some Rohingya, as Reuters reported last year, are held for ransom by trafficking gangs at jungle camps in Thailand until relatives pay to secure their release. Ranong’s provincial capital, which goes by the same name, is a port city just 40 minutes by boat from Myanmar. Migrants have historically formed the backbone of its seafood industry. Hanif, who uses only one name, said he had helped a fellow Ranong fisherman strip the interior of a boat to hold people. “He is getting very rich,” said Hanif, as he sorted shimmering piles of ribbon п¬Ѓsh and mackerel. “He wanted to make as much room as possible to carry more in one trip.” Abdul Nazir, who earns about 6,000 baht a month repairing old п¬Ѓshing nets, added: “Fishermen around here are buying bigger boats. A few have been converted below deck to transport illegal migrants where п¬Ѓsh and ice would normally be stored.” Many locals saw nothing wrong with transporting boat people, according to Manit Pianthong, chief of Takua Pa district in neighbouring Phang Nga province. “Villagers and fisherman have been living with migrants coming in and out of Thailand for more than 30 years be- cause of our proximity to Myanmar,” he said. “They don’t see anything wrong at all with supplementing their income by transporting illegal migrants. That’s why we need to educate them slowly and show them that this is wrong and that some of those coming over now are trafficking victims.” He said he was waging an anti-trafficking campaign with roadside checkpoints and groups patrolling coastal areas. Some boats were heading all the way to Myanmar to pick passengers up for the crossing, said Surachet Abdullah, a Rohingya rights activist and member of the Muslims For Peace group, a Thai charity. “It’s a service that comes right to the door. It’s a really big business.” Thailand is the world’s third-largest exporter of seafood. It is also one of the worst centres for human-trafficking, according to the US State Department, which in June downgraded Thailand to its lowest ranking for “not making signiп¬Ѓcant efforts” to tackle the crime. he destruction of rainforests in Southeast Asia and increasingly in Africa to make way for palm oil cultivation is a “direct threat” to the survival of great apes such as the orangutan, environmentalists warned yesterday. They said tropical forests were tumbling at a rapid rate, with palm plantations a key driver, despite efforts by the industry’s Roundtable on Sustainable Palm Oil (RSPO) to encourage sustainable cultivation. The concerns were voiced at the sidelines of the annual RSPO meeting, held this year in Malaysia and which concluded yesterday. “Orangutan and ape habitats are being destroyed,” said Doug Cress, from the UN Environment Programme’s great ape protection campaign. “The destruction of rainforest in Southeast Asia and increasingly now in Africa is a direct threat to the great apes.” In Southeast Asia alone, up to 1mn hectares of forest—nearly the size of Jamaica—is lost annually to agricultural expansion like palm oil, said Adam Harrison, agriculture policy specialist with the WWF. “(Land clearing for plantations) has been high. Some of them are in high-quality forests which will have an impact on climate change,” he said. “The orangutans will become extinct within a few decades. In Borneo island we are already seeing that there are only a handful of rhinos left. It is not a viable population and it will go extinct,” Harrison added. Borneo is shared by Malaysia, Indonesia and Brunei. The problem is most acute in leading palm oil producers Malaysia and Indonesia, which account for 85 percent of world production, conference participants said. In Southeast Asia, palm oil is a versatile and cheaply farmed cash crop promoted to eradicate poverty. In return, the growers who live on allocated land become a strong vote bank for the ruling government. Derived from the fruit of the oil palm, its use has skyrocketed in recent years and it is now a key ingredient in a vast range of every-day products, from lipstick to instant noodles, shampoo and ice cream. The RSPO, bringing together stakeholders including producers, end-user manufacturers, and environmental groups, was formed in 2004 as concern over the ecological impact of mushrooming palm cultivation took off. It seeks to promote production that is environmentally sustainable and respects native land rights, but the organisation’s efficacy has increasingly been questioned as forest destruction has continued. Indonesian police defend virginity tests DPA Jakarta I ndonesian police have defended virginity tests conducted on female applicants after Human Rights Watch criticised the practice, reports said yesterday. “If there are good virgins, why don’t we choose good virgins?” Brigadier general Moechgiyarto, the head of the national police legal affairs division, was quoted as saying by the Tempo.co news website during a discussion on law enforcement in Jakarta on Wednesday. In a video of the discussion posted on YouTube, Moechgiyarto, who like many Indonesians goes by one name, said: “We don’t want to recruit people who don’t have good morals.” He said that a lack of virginity did not automatically disqualify an applicant. New York-based Human Rights Watch said in a report released Tuesday that virginity tests on female police applicants were still being applied widely despite a promise to end the practice. “The Indonesian National Police’s use of virginity tests is a discriminatory practice that harms and humiliates women,” said Nisha Varia, associate women’s rights director at Human Rights Watch. “Police authorities in Jakarta need to immediately and unequivocally abolish the test, and then make certain that all police recruiting stations nationwide stop administering it,” she said. Thais held for handing out tickets to Hunger Games Reuters Bangkok T hree Thai university students were taken into police custody yesterday for handing out free tickets to the latest п¬Ѓlm in the Hunger Games series, from which Thai protesters have borrowed a gesture of resistance to a totalitarian government. Prime minister Prayuth Chanocha led a military coup on May 22. The military has quashed any public demonstration of resistance to the coup and a ban on political gatherings remains in place. In the immediate aftermath of the coup, some protesters flashed a three-п¬Ѓngered salute inspired by the Hunger Games series. The salute has become emblematic with Thai prodemocracy protesters, and the Thai government has warned the public against using it. “The three-п¬Ѓnger sign is a sign to show that I am calling for my basic right to live my life,” Bangkok University student Natchacha Kongudom told reporters before being taken into custody after making the gesture outside a cinema. Police colonel Visoot Chatchaidet told reporters that the students had not been arrested. “We are just inviting them to talk,” he said. Natchacha is a supporter of the Thai Student Centre for Democracy (TSCD) which distributed over 100 tickets to watch the п¬Ѓlm at one Bangkok cinema. The cinema chain APEX that owns that venue cancelled the screening. APEX declined to comment on the reasons for the cancellation yesterday. TSCD organisers said they were not staging a demonstration. “There may be some hidden messages in the movie, but we are also a group that enjoys п¬Ѓlms,” TSCD organiser Ratthapol Supasopon told reporters before being taken into custody. The third detained student carried a copy of George Orwell’s novel 1984, which has also been deployed as a symbol of protest by those opposing Thailand’s military rule. The detentions in Bangkok came the day after п¬Ѓve members of a crowd were detained for making the salute and revealing an anti-coup slogan on their T-shirts as Prayuth began a speech in the northern city of Khon Khaen. The city is a stronghold for supporters of the government Prayuth ousted. Each of the п¬Ѓve had one word on their shirts to make the message: “We don’t support the coup”. “It is all right, they do not understand the truth,” Prayuth said on stage as he saw the demonstrators. Student Natchacha Kongudom flashes a three-finger salute inspired by the movie The Hunger Games in front of a billboard of the film outside the Siam Paragon cinema in Bangkok yesterday. 8 Gulf Times Friday, November 21, 2014 AUSTRALASIA/EAST ASIA Maori warriors perform the haka, part of a traditional Maori welcome, for China’s President Xi Jinping and his wife Peng Liyuan on Government House grounds in Wellington. BILATERAL TIES вЂ�BRUTAL’ MISCARRIAGE OF JUSTICE? REPLACEMENT Trade tops the agenda as Xi visits New Zealand вЂ�Inhumane’ murderer of exlover in Taiwan dock China court reopens case of executed teenager AC/DC to dump drummer under NZ murder cloud China and New Zealand agreed to expand their trade relationship during a state visit by President Xi Jinping yesterday, including a deal to allow television co-productions to be aired on Chinese media. “The New Zealand-China relationship shows that countries with different political systems, history and cultural traditions and can constructively co-operate together,” they said in a joint statement. Earlier, Xi received a traditional Maori welcome in Wellington. Xi’s wife Peng Liyaun celebrated her 52nd birthday by receiving an honorary doctorate from Wellington’s Massey University in acknowledgement of her career as a singer. “This is the best gift for me,” she said. A Taiwanese man faces the death penalty after he was indicted yesterday, accused of fatally stabbing his ex-girlfriend and sexually assaulting her corpse in a “brutal and inhumane” public attack. Chang Yen-wen, 29, who was charged with murder, is alleged to have knifed the woman at least 47 times in a frenzied attack in a street in Taipei on September 22 after she spurned his attempts to rekindle their romance. Chang was also indicted on the charge of “desecrating a corpse” after allegedly sexually assaulting the 22-year-old kindergarten teacher after she died on the scene. Horrified passers-by alerted the police to the attack. A court in north China yesterday opened a new trial for a teenager executed almost 20 years ago for rape and murder in a rare reexamination of a possible wrongful conviction. The 18-year-old, named Hugjiltu and also known as Qoysiletu, was found guilty and put to death in Inner Mongolia in 1996, but doubt was cast on the verdict when another man confessed to the crime in 2005. The Higher People’s Court in Hohhot officially began a retrial of the case yesterday. “Any errors in the previous ruling, should there have been any, must be addressed,” Xinhua reported the court’s president as saying earlier this month. Hard rockers AC/DC say that they’re ready to go on tour without drummer Phil Rudd, who faced accusations that he hired a hitman in New Zealand. Promoting their upcoming album in New York, singer Brian Johnson and guitarist Angus Young both hinted that the veteran Australian band was looking to replace Rudd ahead of a tour next year. “We’re talking about criminal courts here, and we’re talking about judges, we’re talking about juries,” Johnson told radio shock jock Howard Stern. “We’re talking about people saying you’re not getting your passport back here, all of this kind of stuff. And there’s nothing we can do about it.” North Korea once again threatens a nuclear test AFP Seoul N ew satellite imagery suggests North Korea may be п¬Ѓring up a facility for processing weapons-grade plutonium, as Pyongyang yesterday threatened a fresh nuclear test in response to UN condemnation of its rights record. The images show steam rising from a reprocessing plant at the North’s main Yongbyon nuclear complex - a sign consistent with maintenance and testing prior to commencing operations, the US-Korea Institute at Johns Hopkins University said on its closely followed 38 North website. The facility is used to reprocess spent fuel from the п¬Ѓve-megawatt reactor at Yongbyon that is North Korea’s main source of weapons grade plutonium. The latest satellite pictures indicate the reactor has been shut down for 10 weeks - longer than required for routine maintenance. While warning it was still early to reach a deп¬Ѓnitive conclusion, the institute said evidence suggested the shutdown may have allowed the removal of “a limited number” of fuel rods for possible re-processing. The images also showed truck activity near the vehicle door to the building that receives the spent fuel at the reprocessing complex, it said. The new analysis coincided with fresh threats from Pyongyang to carry out a new underground nuclear test following the UN adoption of a landmark resolution that condemns North Korean rights abuses. Passed by 111 votes to 19, with 55 abstentions, the resolution also asked the UN Security Council to refer the North Korean leadership to the International Criminal Court (ICC) for possible charges of crimes against humanity. In a statement yesterday on the North’s official KCNA news agency, a foreign ministry spokesman rejected the resolution as a “fraud” and accused the US of leading efforts to humiliate Pyongyang in front of the international community. “This aggression by the US is leaving us una- ble to further refrain from staging a new nuclear test,” the spokesman said. “Our military deterrence will be beefed up limitlessly to guard against US military intervention and attempts for armed invasion,” he added. South Korea said its military was on standby and a defence ministry spokesman warned that Seoul would “not tolerate any provocation” from the North. He added that South Korean and US agencies were both keeping a close watch on Pyongyang’s nuclear facilities. North Korea has conducted three nuclear tests, most recently in February 2013. Co-sponsored by more than 60 countries, the UN resolution drew heavily on the work of a UN inquiry which concluded in a 400-page report released in February that North Korea was committing human rights abuses “without parallel in the contemporary world.” Rights violations by North Korea have been known about for years, but the inquiry’s exhaustive report carried the UN stamp of authority and put Pyongyang under unprecedented pressure. It is especially sensitive to the prospect of leader Kim Jong-Un being personally indicted at the ICC, even if he would never willingly appear before the court. Referral to the ICC would likely be blocked at the UN Security Council by veto-wielding permanent members China and Russia - both of whom voted against the resolution on Tuesday. As far as the prospects of another nuclear test are concerned, North Korea has been known to “double-down” in response to UN pressure before. Its last test in 2013 was partly a response to a UN tightening of sanctions following a successful space rocket launch a few months before. Pyongyang had mothballed the п¬Ѓve-megawatt reactor at Yongbyon in 2007 under an aidfor-disarmament accord, but began renovating it in mid-2013. When operational, the reactor is capable of producing 6kg of plutonium a year - enough for one nuclear bomb, experts say. Rice war! South Korean protesters burn rice straw during a rally in Seoul yesterday against a Free Trade Agreement between South Korea and China affecting the local rice market. CEO jailed over Sewol tragedy AFP Seoul T he head of the company that operated South Korea’s ill-fated Sewol ferry was sentenced yesterday to 10 years in prison, after being convicted of manslaughter over the disaster that killed more than 300 people. A court in the southern city of Gwangju determined that Kim Han-Sik, CEO of Chonghaejin Marine Co, had allowed the ferry to be routinely overloaded and approved illegal renovations to increase its passenger capacity. The 6,825-tonne Sewol was carrying 476 people - most of them high school students on an organised trip - when the overloaded, ill-balanced ship com- manded by what the court termed as an “incompetent” crew capsized off the southern coast on April 16. Kim, 71, was also found guilty of allowing the ship’s cargo to be left unsecured in breach of safety standards. Ten other defendants, including six from Chonghaejin Marine, stood trial with Kim. One was acquitted and nine were given sentences ranging from suspended jail terms to six years in prison. Kim had repeatedly denied responsibility, insisting he was a salaried employee under the thumb of company owner Yoo Byung-Eun, whom he described as being deeply involved in the hands-on operations of the п¬Ѓrm. Kim was also convicted of diverting $2.6mn from Chonghae- Blueprint sees Atlantis spiral deep into ocean AFP Tokyo J This artist impression image released yesterday by Shimizu Corp of a modern-day Atlantis. the top and the bottom of the ocean for generating power. Shimizu says the Ocean Spiral would cost 3tn yen ($25bn), and all the technology could be in place by 2030. It is the third such project unveiled by the company after a floating metropolis and solar power ring around the moon. “The company in co-operation with many organisations has spent two years to design the project working with technologies we think will be plausible in the future,” said a Shimizu spokesman. In 2012, another Japanese construction п¬Ѓrm, Obayashi Corp, claimed it could execute an out-of- this-world plan to put tourists in space within 40 years by building an elevator that stretches a quarter of the way to the moon. Obayashi claimed it could use carbon nanotube technology, which is more than 20 times stronger than steel, to build a lift shaft 96,000km above the Earth. gued that Chonghaejin Marine bore the most responsibility, as it had ordered the illegal reп¬Ѓt and determined the amount of cargo the vessel carried. The verdict on the company officials came a day after the ofп¬Ѓcial launch of the new Ministry of Public Safety and Security, established in response to the Sewol tragedy. A major ministry with more than 10,000 staff, it will take over responsibilities previously shared by a number of state units - including the national coastguard, which was disbanded in the wake of the Sewol tragedy. The official response to the disaster was widely criticised for being slow, uncoordinated and unfocused, and prompted President Park GeunHye to vow a complete overhaul of national safety standards. Police п¬Ѓnd cyanide at home of Japanese вЂ�black widow’ AFP Tokyo F orget colonies in space, one Japanese construction company says in the future human beings could live in huge complexes that corkscrew deep into the ocean. Blue sky thinkers say around 5,000 people could live and work in a modern-day Atlantis, a sphere 500m in diameter that houses hotels, residential spaces and commercial complexes. The vast globe would float at the surface of the sea, but could be submerged in bad weather, down the centre of a gigantic spiral structure that plunges to depths of up to 4,000m. The spiral would form a 15km path to a building on the ocean floor, which could serve as a resource development factory that could collect rare metals and rare earths. Visionaries at Shimizu, a construction company, even think they could use micro-organisms called “methanogens” to convert carbon dioxide captured at the surface into methane. The sci-п¬Ѓ concept is the work of several organisations, including Tokyo University and the Japan Agency for Marine-Earth Science and Technology (JAMSTEC). It envisages using the wide difference in water temperatures between jin Marine over the past four years and funnelling it to Yoo, Yoo’s other companies and Yoo’s family members. Following the disaster, Yoo became the target of a massive manhunt. His badly decomposed body was found in a п¬Ѓeld in June but an autopsy failed to determine the cause of death. Yoo’s eldest son, Yoo Dae-Kyun, was jailed for three years earlier this month for embezzlement, while his widow is still awaiting sentencing on the same charge. The Sewol’s captain, Lee JunSeok, was jailed for 36 years last week, convicted of gross negligence and dereliction of duty, including abandoning his vessel while hundreds of passengers remained trapped on board. Lee’s defence lawyer had ar- apanese police yesterday raided the home of a 67-year-old multi-millionaire arrested on suspicion of poisoning her latest husband after six other partners also died, and reportedly recovered cyanide from her trash. Television footage showed about a dozen investigators, wearing masks and gloves, marching into the house of Chisako Kakehi in Kyoto a day after her arrest in Japan’s latest apparent “black widow” case. Kakehi has been the beneп¬Ѓciary of a combined 800mn yen ($6.8mn) over the last two decades, Jiji Press news agency said - insurance money and other assets she received after the deaths of her seven partners, including the latest husband. Kansai Television, quoting investigators, reported that police had found cyanide hidden inside a trash bag at her home. Husband number four Isao Kakehi fell sick suddenly at home and was conп¬Ѓrmed dead at a hospital in December last year, less than two months after the couple married. An autopsy found highly toxic cyanide compounds in his blood. She has denied any involvement in his death. Before her arrest, Kakehi told the Sankei newspaper: “I did not do it. Why would I do anything that would lead to my arrest over the death of my husband. I’m not that stupid.” The autopsy came after the September death of a 75-year-old boyfriend, who fell suddenly ill after the couple ate together at a restaurant. Kakehi’s dalliance with death began in 1994 when her п¬Ѓrst husband passed away at the age of 54. In 2006, her second husband, whom she had met through a dating agency, died of a stroke aged 69, while the third marriage ended in 2008 with the death of her 75-year-old partner, Jiji said. A boyfriend, believed to have been suffering from some form of cancer, died a year later, and in 2012 her then-п¬Ѓance met his fate after collapsing while riding a motorbike. If she is found to have been involved in the deaths of numerous partners, Kakehi will become the latest example in Japan of a “black widow”, named for the female spider that devours its mate after coupling. In 2012 Kanae Kijima was sentenced to hang for the murders of three men, aged 41, 53 and 80, whom she met through Internet dating sites. Another woman, former bar hostess Miyuki Ueta, is also waiting on the outcome of a supreme court appeal against a death sentence for the killing of two men. Gulf Times Friday, November 21, 2014 9 BRITAIN CONTROVERSY APPOINTMENT RULING HEALTHCARE TRAGEDY Call to question peer over cash-for-peerages claim Lawyer named to head child sex inquiry Six men barred from contact with girls Review to speed access to new drugs launched Horses killed in railway incident Police who have been looking into cash-forpeerages claims for nearly six months were yesterday urged to question a second Liberal Democrat peer. Scotland Yard started assessing allegations made by Lord Oakeshott in May after he resigned from the LibDems following a failed coup against Nick Clegg. He suggested all the main parties were involved in cash-for-peerages. Now former LibDem treasurer Lord Razzall has revealed wealthy supporters had offered his party donations of “a million pounds” for a seat in the Lords on several occasions — proposals he rejected. SNP MP Angus MacNeil is to write to the Met asking them to consider Lord Razzall’s comments. The government has appointed a senior lawyer to lead an inquiry into allegations of widespread child abuse on the South Atlantic island of St Helena, and claims it was covered up by the British territory’s government and UK officials. The inquiry was announced in July following allegations by former St Helena government employees that there was a conspiracy to suppress allegations of sex offences and police corruption on the island off the west coast of Africa, home to about 4,500 people. “We are bound to take such allegations extremely seriously,” Foreign Secretary Philip Hammond said. Lawyer Sasha Wass would head the independent inquiry which will examine the accusations, he said. Six men under investigation in Britain over alleged child sex exploitation has been ordered to stay away from girls, in what police hailed as a “groundbreaking” court ruling. London’s High Court issued an injunction banning the men from Birmingham from approaching “any female under 18” with whom they are not associated. The move was aimed at protecting a vulnerable 17-year-old girl in authority care who had been found by police in a hotel room and around cars with men, the court heard. A judge ruled that the men, who have not been convicted of any crime in relation to the teenager, could be named, despite objections from police concerned about their safety. The government has launched a review to speed the path to market for new drugs and medical devices in an attempt to improve patient care and make the country a more attractive place for investment in life sciences. British manufacturing relies heavily on the pharmaceuticals sector, including domestic giants GlaxoSmithKline and AstraZeneca, but companies complain that the National Health Service (NHS) is too slow to adopt new treatments. The review, announced at a meeting between industry leaders and ministers at Prime Minister David Cameron’s Downing Street office yesterday, aims to tackle the issue by studying innovative models for drug development. Seven horses have been killed after running loose on rail tracks. Two trains travelling in opposite directions were involved in the incident at the Fen Road level crossing in Milton, Cambridgeshire. It led to major travel disruption and a female passenger was taken to hospital with minor injuries. The 5.01pm Stansted to Birmingham service collided with the animals at about 5.15pm on Wednesday, British Transport Police said. Another train, travelling from Birmingham to Stansted, was also involved. Sergeant David Barker said: “We are very keen to find out who the horses belong to.” Charles will not be silenced when made king, say allies Guardian News and Media London P rince Charles is ready to reshape the monarch’s role when he becomes king and make “heartfelt interventions” in national life in contrast to the Queen’s taciturn discretion on public affairs, his allies have said. In signs of an emerging strategy that could risk carrying over the controversy about his alleged “meddling” in politics into his kingship, sources close to the heir say he is set to continue to “express concerns and ask questions” about issues that matter to him, such as the future of farming and the environment, partly because he believes he has a duty to relay public opinion to those in power. “He will be true to his beliefs and contributions,” said a wellplaced source who has known him for many years. “Rather than a complete reinvention to become a monarch in the mould of his mother, the strategy will be to try and continue with his heartfelt interventions, albeit checking each for tone and content to ensure it does not damage the monarchy. Speeches will have to pass the following test: would it seem odd because the Queen wouldn’t have said it or would it seem dangerous?” In the past Charles has stirred controversy by lobbying politicians over issues such as genetic modiп¬Ѓcation of crops, education and health. The government has already conceded that if the currently secret “black spider memos” he has written to ministers are ever made public, and readers concluded Prince Charles was disagreeing with government policy, that could “seriously damage” his future role as king. “The prince understands the need to be careful about how he expresses concerns or asks ques- tions, but I do think he will keep doing exactly that,” said Patrick Holden, an organic farmer, friend of the prince and adviser to him on sustainability. “He is part of an evolving monarchy that is changing all the time. He feels these issues are too serious to ignore.” The comments came as part of a wide-ranging Guardian investigation into the possible shape of a King Charles III monarchy. Next week the supreme court will consider whether 27 letters between Charles and government ministers should be published following a nine-year freedom of information battle between the Guardian and Whitehall. The government and the palace argue correspondence and meetings with ministers are a necessary part of his preparation for kingship and in 2012, the then attorney general Dominic Grieve said they had to be kept conп¬Ѓdential to protect Charles’s position of political neutrality. Constitutional experts have frequently praised the Queen for almost completely keeping out of public debates on political matters and Charles is said to understand that his ability to speak on matters which have a political element to them will be in a different category to the freedom he enjoys in his current role. Courtiers also argue that his 40 years as heir carrying out thousands of engagements across the country and abroad mean he is uniquely well-placed to relay public opinion. “Speculation about the Prince of Wales’s future role as king has been around for decades but it is not something we have commented on and nor will we do so now,” said a Clarence House spokeswoman. “The Prince of Wales cares deeply about this country and has devoted most of his working life to helping individuals and organisations to make a difference for the better - and not for his personal gain.” Ukip parliamentary candidate Mark Reckless and wife Catriona arrive at the polling station to vote in the by-election in Rochester, Kent, yesterday. Ukip set to win second seat in parliament AFP London B ritain’s anti-European Union UK Independence Party (Ukip) was yesterday set to claim its second seat in parliament a month after gaining its п¬Ѓrst foothold as voters went to the polls in the town of Rochester. The by-election in southeast England was called after MP Mark Reckless defected in September from Prime Minister David Cameron’s Conservative Party to Ukip, which wants strict quotas on immigration. The Conservatives have campaigned hard for the Ro- 15,429 arms вЂ�seized in courts’ in two years Guardian News and Media London A n astonishing arsenal of 15,429 knives, guns and other potential weapons has been seized by security staff in crown and magistrates courts in England and Wales in just over two years, the government has revealed. The total includes 41 п¬Ѓrearms or replicas and nearly 5,400 knives as well as items such as syringes, tools, umbrellas, aerosols and cans, a list officials say is not exhaustive. Conп¬Ѓscations in the year ending in March were more than twice as high than for the 14 months before. Magistrates said the п¬Ѓgures reinforced the need for solid security arrangements and would be taking up the issue with the government. Sadiq Khan, the shadow justice secretary , who obtained the п¬Ѓgures via a parliamentary question, said: “It is staggering that the number of offensive weapons in our courts has doubled in just one year. Under David Cameron our justice system is in crisis, and is increasingly violent and dangerous for staff and court users alike. Much more needs to be done to stop weapons being brought into our courts as well as protecting our hard working staff.” “Under Cameron our justice system is in crisis, and is increasingly violent and dangerous for staff and court users alike” The п¬Ѓgures were given in a written parliamentary answer which showed that 705 knives were seized at crown courts and a further 3,108 at magistrates’ courts in the п¬Ѓnancial year 2013-14. The comparable п¬Ѓgure for the previous 14 months were 322 and 1,252. When it came to п¬Ѓrearms or replicas, seven were seized at crown courts and 38 at magistrates’ courts in 2013-14, up from six and 14. When it came to “other weapons” , the more recent statistics showed 1,002 found at crown courts and 6,418 at mag- istrates’ courts, up from 246 and 6,418. Khan told the Guardian: “A clear message has not been sent that security within courts is taken extremely seriously. We need security and safety systems to protect all court users and the judiciary. We aren’t told how many successful prosecutions have been brought as a result of bringing weapons into court, which begs more questions.” Shailesh Vara, minister for the courts and legal aid at the ministry of justice, said his department took “the issue of security within courts extremely seriously and has a robust security and safety system to protect all court users and the judiciary.” The system included mandatory bag searches, metal detectors and surveillance cameras, as well as court security officers who had powers to protect all those in the court building, said Vara. “The powers of a court security officer includes the power to request the surrender of a prohibited item or, if the request is refused, to seize the item.” chester and Strood seat, leading experts to portray the election as a historic moment in British politics if polls indicating a Ukip win bear out. “Ukip was not supposed to win this by-election,” explained Matthew Goodwin, politics professor at Nottingham University. The party’s victory in Clacton on October 9 was more predictable as it was “perfect territory for Ukip”. “It is п¬Ѓlled with the types of voters who have fuelled Ukip’s rise since 2010 - older, white, working-class and struggling voters who have few qualiп¬Ѓcations. “But Rochester and Strood is a different matter - which is why the Tories were conп¬Ѓdent they would smash Ukip.” Cameron vowed to “throw everything” at the battle and defeat would deal a blow to his reputation, but that could turn into a full-blown crisis if the result triggers further defections. Reckless on Wednesday said that two more Tory MPs were thinking of jumping ship, increasing pressure on Cameron ahead of next year’s general election. The prime minister has already promised a referendum on EU membership if his party wins the general election and has taken a harder stance on Place2be awards immigration in an attempt to stem the flow. Eric Pickles, the Conservative communities secretary, dismissed Reckless’s claims. “I don’t think there will be any (defections),” he said during a campaign trip to Rochester. “We have brought the economy back from the brink. At times when we talk to our friends in Ukip it sounds as though the only thing they really like about our country is its past.” Polls opened at 0700GMT and closed at 2200GMT. Ukip leader Nigel Farage was in Rochester to back his candidate, who said campaigning had gone according to plan. “This is not a day for politi- Parents offer reward to п¬Ѓnd son’s killers London Evening Standard London T Catherine, Duchess of Cambridge, attends the Place2be Wellbeing in Schools Award at Kensington Palace, London. cians but for the people of Rochester and Strood,” said Reckless, shortly after casting his vote. “Elections are the purest aspect of our democracy and I always enjoy them. “The п¬Ѓrst week or two of the campaign were quite tough, then it has been going as hoped.” But his party was on Wednesday forced to clarify remarks made by Reckless over its immigration policy. The party insisted it was in favour of allowing all existing EU migrants to stay, despite Reckless appearing to suggest that they would only be allowed to remain in the UK for “a transitional period” if Britain left the bloc. he parents of a British hotelier murdered on the Caribbean island of St Lucia yesterday announced a reward for information about his killing. Multimillionaire Ollie Gobat, 38, is feared to have upset members of the island’s criminal underworld with one of his ventures, with friends saying he had been threatened by “investors” in property he was constructing. His parents Helen and Theo Gobat, from Esher, Surrey, said the reward was a “last throw of the dice” as scant police resources had meant an official investigation was floundering seven months after he was shot by contract killers. The family have spent ВЈ100,000 on the case, and business and tourism contacts have contributed to a reward fund of 250,000 Eastern Caribbean dollars — about ВЈ60,000. The British government refuses to send police to investigate as it is opposed to the country’s death penalty. In the face of intimida- tion and death threats, the family brought in an external forensic science team to recover evidence missed by police, and launched a private investigation headed by a former member of the UK’s Serious Organised Crime Agency. Speaking to reporters at the Cap Maison hotel which her son operated, Helen Gobat said: “Unless we can get an outside police force in, we face a big challenge. I’d like to see the evil people who brought this upon Ollie brought to justice, for our sake, for Ollie’s sake and for St Lucia’s sake.” Ollie Gobat was found in his burning Range Rover on the Cap Estate on April 25. He had been shot in the head. It is thought the killing could be linked to his legitimate business relating to a resort called The Landings. His parents say they and their other two sons are now potential targets and travel with protection. Theo Gobat, 75, said: “To think that I could go to the end of my days without knowing who killed Ollie and seeing them brought to justice … It’s ghastly.” St Lucia police were not available for comment. 10 Gulf Times Friday, November 21, 2014 EUROPE UN Green Climate Fund receives $9.3bn in pledges Reuters/AFP Berlin D onor nations pledged up to $9.3bn yesterday to a UN fund to help developing countries tackle climate change, but environmental campaigners said the funds fell short of what they want. The UN Green Climate Fund (GCF) is a major part of a plan agreed in 2009 whereby rich countries agreed to give $100bn a year from both public and private sources from 2020 to help developing nations reduce carbon emissions and adapt to a changing global climate. The United Nations has set an informal target of $10bn in initial contributions for the GCF this year, a goal that Germany – host of yesterday’s conference – said was now within sight. “I think everyone had hoped there would be more,” the World Bank president Jim Yong Kim said, noting however that he was “very encouraged” by the pledges. Greenpeace hailed the pledges as “a п¬Ѓrst and important step” but rapped Australia, Russia and others for making none. “While climate change is developing faster than expected, the п¬Ѓnancial support for those who are the most affected still evolves at a snail’s pace,” Greenpeace Germany’s political unit head, Stefan Krug, said. Marlene Moses of Nauru, chair of the Alliance of Small Island States at UN climate negotiations, called the pledges “still well short” of the target. Aid agency Oxfam called the total amount “a bare minimum” compared to the $10-15bn it and developing countries had called for. “Financial support from de- Cheikhrouhou: the conference has been fruitful. veloped countries should be a building block for a global climate agreement, not a stumbling block,” said the group’s Alison Woodhead. “Many developed countries have stepped up to give the Green Climate Fund a chance to get on its feet, but more is needed for it to succeed.” The pledges are seen as vital to pave the way for a UN climate deal meant to be agreed in late 2015 in Paris. That deal will aim to limit a rise in average global temperatures to 2 degrees Celsius (3.6В° Fahren- heit) above pre-industrial times. Temperatures have already risen by about 0.9В°C and are in part to blame for disasters such as heatwaves, mudslides and rising sea levels, scientists say. Yesterday’s pledges included money that had already been announced, such as up to $1.5bn from Japan and up to $3bn from the United States. New pledges included $1.1bn from Britain and $310mn from Italy. Officials said they expected Canada to join in by the end of the year and hoped Austria and Belgium would also contribute. “This is a very important historic day,” GCF’s executive director, Hela Cheikhrouhou, said, describing the conference as “very fruitful”. The head of the South Koreabased GCF said the money would be spent equally on climate change adaptation and reducing Nearly 1,000 slain during вЂ�ceaseп¬Ѓre’ AFP Kiev A A firefighter tackles a blaze after shelling destroyed several houses in the district of Kuibishevskiy near the airport in the flashpoint eastern Ukrainian city of Donetsk yesterday as artillery fire continues to rock the eastern Ukraine’s pro-Russian rebel bastion. Almost 1,000 people have been killed in Ukraine since a ceasefire came into effect in September, an average of 13 people a day, the United Nations said. Nato reports 400 intercepts of Russian aircraft Nato said yesterday there have been around 400 intercepts of Russian military flights near its member countries this year, amid heightened tension between Moscow and the West over the Ukraine crisis. “If you look at the number of intercepts around Nato, we can talk about 400 intercepts, 50% more than last year,” Nato Secretary General Jens Stoltenberg told reporters in western Estonia. “Most of these flights are taking place in an international airspace, but they are close to our airspace, and they are interfering with commercial flights. “It is a pattern that we haven’t seen for many years, back to the time of the Cold War.” He spoke from the Amari air base that hosts the Western defence alliance’s air policy mission over the Baltic states, following talks with Estonian Prime Minister Taavi Roivas. Newer Nato members such as Poland and the Baltic states once ruled from Moscow have been deeply concerned by Russia’s actions in Ukraine. The West believes Russia is pulling the strings in the deadly seven-month conflict between pro-Western government forces and pro-Russian separatists in Ukraine’s east – an accusation the Kremlin denies. Stoltenberg said Nato had seen “more than 100 intercepts, which is three times more than last year” around the Baltic region. Russia must prevent вЂ�colour revolution’ Reuters Moscow P resident Vladimir Putin said yesterday that Moscow must prevent a “colour revolution” in Russia and stop extremism, warning of the threat posed by illegal immigration and “radical” Internet sites that recruit youths. Putin’s comments at a meeting of his advisory Security Council on combating extremism, underlined his wariness about Russia being hit by a popular uprising like those in other former Soviet republics known as the colour revolutions. “In the modern world extremism is being used as a geopolitical instrument and for remaking spheres of influence. We see what tragic consequences the wave of so-called colour revolutions led to,” he said. “For us this is a lesson and a warning. We should do everything necessary so that nothing similar ever happens in Russia.” Putin’s comments also point to concern about outside interference. He said on Tuesday that the United States is trying to subjugate Russia, blames the West for the overthrow of a Moscowbacked president in Ukraine in February and accused Washington of stoking protests against Putin: We see what tragic consequences the wave of colour revolutions led to. him in the winter of 2011-12. The annexation of Crimea in March and a surge of patriotism in Russia over the crisis in Ukraine, fed by pliant media, has boosted Putin’s popularity at home and neutered the opposition. But he has been wary of political and social upheaval since the protests against him swept big cities such as Moscow and critics say he has stifled dissent and persecuted potential rivals to tighten his grip on power ever since. At the time of the protests, Moscow also signalled its concern about the possible spread of unrest from the so-called Arab Spring uprisings in the Middle East. Putin fears the unrest in Ukraine could encourage protests in Russia itself, especially as Western sanctions bite and an economic slowdown starts to hurt. Russia already faces a persistent Islamist insurgency in the North Caucasus. lmost 1,000 people have been killed in Ukraine since a ceaseп¬Ѓre came into effect in September, an average of 13 people a day, the United Nations said yesterday, as the conflict in the east drags on. As the report was published, international monitors from the Organisation for Security and Co-operation in Europe (OSCE) mission in the former Soviet state said one of their teams had been shot at by a man in uniform. While the OSCE described Wednesday’s incident as “isolated”, it highlights continuing high tensions in eastern Ukraine, where government forces and pro-Russian rebels are п¬Ѓghting a drawn-out battle for territory. The Kremlin denies Western and Ukrainian accusations that it is backing the separatist rebels with troops and military equipment but diplomatic relations have plunged to a low not seen since the Cold War over the seven-month conflict. US Vice-President Joe Biden was due in Kiev ahead of today’s anniversary of the start of the Maidan protests against the former pro-Kremlin regime which eventually led to the conflict in the east. The report from the UN Human Rights Monitoring Mission in Ukraine put the number of dead at 957 from September 5, when the ceaseп¬Ѓre was signed, to November 18. “The list of victims keeps growing. Civilians, including women, children, minorities and a range of vulnerable individuals and groups continue to suffer the consequences of the political stalemate in Ukraine,” UN High Commissioner for Human Rights Zeid Ra’ad al-Hussein said in a statement. Counting the 298 people who died in the downing of Malaysia Airlines flight MH17 over Ukraine in July, the overall toll since mid-April, when п¬Ѓghting started, stood at 4,317 deaths as of Tuesday. emissions, much of it for vulnerable small island nations and Africa’s poorest countries. She said raising the billions in pledges had created “renewed trust and enthusiasm” ahead of international talks in Peru next month, and in France a year later, on slashing worldwide carbon emissions. British economist and climate change expert Nicholas Stern welcomed the contributions and said “overseas aid for developing countries to make the transition to low-carbon economic development and growth helps to reduce poverty and to secure a cleaner and safer future for everyone”. The UN Intergovernmental Panel on Climate Change warned this month that time is running out to limit warming to 2В° Celsius (3.6В° Fahrenheit) by 2100 from pre-industrial levels. Instead, they said the Earth is on a trajectory to warm up by at least 4В° Celsius – a recipe for melting ice caps, extreme weather events, habitat and species loss and conflict for resources. After years that saw little progress in climate talks, the world’s two biggest economies and top polluters, China and the United States, this month agreed to new targets. At a Beijing meeting, President Barack Obama committed the United States to reducing its greenhouse gas emissions by 2628% by 2025 compared to two decades earlier. China, the world’s top polluter, agreed for the п¬Ѓrst time to slow emissions growth and ultimately reverse it after emissions peak “around 2030”. The 28-nation European Union, the third-largest greenhouse gas producer, has pledged to cut its emissions by at least 40% by 2030 from 1990 levels. A pro-Russian separatist is seen at a checkpoint near the village of Hrabove in Donetsk region, eastern Ukraine. The report also detailed grave human rights abuses on both sides. One Ukrainian soldier said his right arm, bearing a “Glory to Ukraine” tattoo, had been chopped off with an axe by rebels. A separatist detained by Ukrainian forces in Donetsk said he had been suffocated with a plastic bag and beaten. It also highlighted the huge volume of people registered as displaced within Ukraine by the conflict, with the number soaring from 275,489 in midSeptember to 466,829 as of Wednesday. Giving details of the shooting incident, the OSCE said a uniformed man on the back of a truck п¬Ѓred two shots towards their vehicles near the government-held town of Mariinka, west of the rebel stronghold of Donetsk, on Wednesday. “The bullets struck about two metres from the second OSCE vehicle,” the statement added. The OSCE said it was the п¬Ѓrst “direct” shot deliberately п¬Ѓred at observers during the mission. The incident followed another on Tuesday when a warning shot was п¬Ѓred towards an OSCE vehicle from a Ukrainian checkpoint near the frontline hotspot of Debaltseve. The OSCE has nearly 300 observers working in Ukraine to monitor the ceaseп¬Ѓre which has stopped п¬Ѓghting around much of the conflict zone but failed to halt bombardments at strategic flashpoints. Six Ukrainian soldiers were wounded in the past 24 hours, Ukrainian security spokesman Andriy Lysenko said. A 58-year-old female nurse was killed in shelling close to the rebel-stronghold of Luhansk, the region’s pro-Kiev governor said, while rebels said one of their п¬Ѓghters was killed in Donetsk in the past day. Biden, the latest high-proп¬Ѓle Western politician to visit Kiev in the hope of shoring up the ceaseп¬Ѓre, is due to meet President Petro Poroshenko and Prime Minister Arseniy Yatseniuk today. The US vice-president will discuss “Russia’s ongoing violations of the September 5 Minsk вЂ�US increasing non-lethal military aid to Ukraine’ The United States plans to increase non-lethal military assistance to Ukraine, including deliveries of the first Humvee vehicles, having decided for now not to provide weapons, US officials said. The increase in non-lethal aid to Ukraine, which is grappling with a Russian-backed separatist movement in its east, is expected to be announced during a visit to Kiev by Vice-President Joe Biden. The officials, who spoke to Reuters on condition of anonymity, described it as an expansion of US support for Ukraine’s armed forces, but one that was unlikely to significantly alter the conflict. The aid falls short of what Ukrainian President Petro Poroshenko requested during a visit to Washington in September when he appealed for lethal aid – a request echoed by some US lawmakers in response to what Nato allies say is Russia’s movement of tanks and troops into eastern Ukraine. Officials in the Obama administration had said Washington believed Ukraine had enough lethal aid and the types of weaponry requested for Ukraine would be of only marginal value. They had also emphasised the need for a diplomatic outcome. The United States and its European allies have imposed several rounds of economic sanctions on Russia for its seizure of Crimea and incursion into eastern Ukraine. The new non-lethal aid Biden will present in Kiev includes Humvees from excess supplies in the Pentagon’s inventory, as well as the delivery of previously promised radars that can detect the location of enemy mortars, officials said. They did not specify a dollar value for the assistance. Previous non-lethal aid to Ukraine includes $53mn announced in September for military equipment such as counter-mortar detection units, body armor, binoculars, small boats and other gear for Ukraine’s security forces and border guards in the east. President Barack Obama’s administration has long debated providing weapons to the Kiev government, but has so far concluded that it might only prompt Russia to escalate its aid to the separatist rebels. Lethal assistance “remains on the table. It’s something that we’re looking at”, Obama’s deputy national security adviser and nominee for deputy secretary of state, Tony Blinken, said at his Senate confirmation hearing on Wednesday. In response to Blinken’s comment, Russia warned the United States yesterday against supplying arms to Ukrainian forces. Hours before Biden was due to arrive in Kiev, Russian foreign ministry spokesman Alexander Lukashevich cautioned against “a major change in policy of the (US) administration in regard to the conflict” in Ukraine. US Senator John McCain, an Arizona Republican, said he had not been briefed on the new non-lethal aid but called it “a continuation of the ridiculous”. “They are fighting against people with lethal weapons. They need lethal weapons to fight back. It is disgraceful and shameful that we won’t give them lethal weapons,” McCain told Reuters. agreement”, a statement from his office said, referring to the truce deal. Ahead of the visit, German Chancellor Angela Merkel, whose country is leading efforts to mediate with Moscow, spoke during a trip to Poland of the need to work with Russia in the long-term. “Europe’s security can only be ensured, in the medium and long term, with Russia,” she said. Yatseniuk told journalists Swedish appeal court upholds Assange detention order A Swedish court has rejected an appeal by WikiLeaks founder Julian Assange to revoke a detention order issued over allegations of sexual assault, but called on prosecutors to make more effort to question him. Assange’s Swedish lawyer said the decision would be appealed to the Supreme Court. The 43-year-old Australian has been stuck inside Ecuador’s London embassy since June 2012 to avoid a British extradition to Sweden, which wants to question him on allegations of sexual assault and rape but have insisted he must come to Sweden first. Assange’s lawyers have argued that the arrest warrant should be repealed because it cannot be enforced while Assange is in the embassy, and Swedish prosecutors had not travelled to London to interrogate him. “There is no reason to set aside the detention solely because Julian Assange is in an embassy and the detention order cannot be enforced at present for that reason,” the Svea Court of Appeal said in a statement. The court also said Swedish prosecutors had not made enough effort to interrogate Assange outside Sweden and said the “failure of the prosecutors to examine alternative avenues is not in line with their obligation”. Per Samuelson, one of Assange’s lawyers, told Reuters that he read this to mean that the court believed the defence was right, but that it did not dare take the full consequences and lift the detention order. “If you don’t do it now, the arrest warrant will go next time, that is how it looks, like a warning,” he said of the court’s comments. Prosecutor Marianne Ny said in a statement: “Like the court of appeals says, there is every reason to continue considering how the case should be taken forward.” Assange denies the allegations and says he fears Sweden would extradite him to the United States. yesterday that he hoped for an announcement on US assistance to Ukraine during Biden’s visit. In September, the US announced a fresh $53mn aid package, including non-lethal military equipment, to Ukraine but Kiev wants Washington to go further and provide lethal assistance. “Blankets and night-vision goggles are important,” Poroshenko told the US Congress in September. “But one cannot win a war with blankets.” Duchess of Alba dies, aged 88 Duchess Cayetana Fitz-James Stewart, one of the most titled nobles in the world and richest women in Spain, died aged 88 in her home town of Seville, the city’s mayor announced yesterday. She was admitted to hospital on Sunday night with respiratory failure caused by a lung infection. As her condition worsened, she was transferred to her home and died surrounded by family members. “Lady Cayetana always had Seville in her heart and will remain forever in the heart of Seville. Rest in peace,” tweeted Mayor Juan Ignacio Zoido. Gulf Times Friday, November 21, 2014 11 INDIA Bukhari move to make son his deputy is illegal: govt IANS New Delhi T he central government and the Wakf Board yesterday told the Delhi High Court that the anointment of the son of Jama Masjid’s Shahi Imam as the Naib Imam (deputy imam) was “illegal” and has no legal sanctity. A division bench of Chief Justice G Rohini and Justice R S Endlaw was told by the Delhi Wakf Board that it has not given any legal sanctity to the anointment of the imam and will hold a meeting to discuss the issue. The anointment ceremony is to be held tomorrow. The court was hearing three public interest litigations (PILs) that said the Jama Masjid was a property of the Delhi Wakf Board and Shahi Imam Maulana Syed Ahmed Bukhari as its employee cannot appoint his son as Naib Imam. The court reserved the order on the PILs. During the hearing, counsel for the Archaeological Survey of India and the central government told the court that the Jama Masjid was a historical monument and it has to be decided how the rule of primogeniture will apply on the succession of the imam or chief cleric. The PILs said Bukhari’s decision to anoint his 19-year-old son Shaban Bukhari as the Naib Imam was wrong as there was no provision un- der the Wakf Act for hereditary appointment of the imam. “Despite knowing that the imam is an employee of the Wakf Board and it’s the board which has the right to appoint an imam, he has declared his 19-year-old son to be the Naib Imam and is holding a dastar bandi ceremony for the purpose, which is purely anti-Islamic,” the pleas said. Another petition challenging the ceremony was п¬Ѓled in the court by Prince Yakub Habeebuddin Tucy, who claims to be the seventh generation great grandson of Mughal Emperor Bahadur Shah Zafar. “The imam is not hereditary and it is nowhere written in any Islamic literature or the holy book Qur’an that Shahi Imam is a hereditary post and that only a son of imam can be the next imam. Imams of all mosques employed under the Delhi Wakf Board are appointed by it only and are paid salaries,” the petition said. The plea is likely to come up for hearing today. Jama Masjid is India’s largest mosque built during the Mughal era. The three PILs asked the court to declare invalid the appointment of Bukhari as the Shahi Imam of Jama Masjid. They also alleged that there was “complete anarchy and misuse of power” by the Shahi Imam. Bukhari recently sparked a controversy by announcing that he has invited Pakistan Prime Minister Nawaz Sharif for the ceremony of anointing his son as the deputy imam but did not feel the need to invite Indian Prime Minister Narendra Modi. Bharati calls meeting on Kerala dam issue IANS New Delhi W ater Resources Minister Uma Bharati has called a meeting of water resources ministers of Tamil Nadu and Kerala to discuss the issue of rising water level in the Mullaperiyar dam. “I have called for a meeting of both the states’ representatives on Saturday (in Delhi) and have also decided to include the Central Water Commission to discuss the rising water level in the Mullaperiyar dam,” she said in New Delhi. A top Kerala official said the Tamil Nadu government should have transferred the dam water to the Vaigai dam in the state to allay the fears of the people living in and around the Mullaperiyar dam. “We have found out that today the Vaigai dam is just 37% full and it would have been nice if Tamil Nadu drew the water from Mullaperiyar, which now has water measuring 141.8ft,” the ofп¬Ѓcial said. It was in May this year that the Supreme Court allowed the water level to be raised to 142ft from the earlier 136ft and also gave a clean chit to the safety of the dam. Actress to fund children’s surgeries A child offers a slice of cake to Bollywood actress Aishwarya Rai Bachchan as she poses with children and her father Krishnaraj Rai to celebrate his 76th birthday in Mumbai on Wednesday. The actress celebrated the day by pledging to fund the surgeries of 100 children born with cleft palates through The Aishwarya Rai Foundation. SC orders CBI chief to keep off 2G case Court hears a petition against Sinha over allegations he might have interfered in the investigation Agencies New Delhi T he Supreme Court yesterday ordered the head of the country’s federal policing agency to excuse himself from a corruption case following allegations of wrongdoing. Central Bureau of Investigation director Ranjit Sinha was ordered off a long-running probe into an alleged scam involving the sale of 2G telecom licences to businesses at throwaway prices. But Chief Justice H L Dattu declined to give detailed reasons for the order, saying doing so would tarnish the reputation of the CBI, which handles major criminal investigations. “Prima facie it appears that information given against Ran- Failure to end slavery is global sin: Satyarthi Reuters London N obel peace laureate Kailash Satyarthi has said the failure to end slavery was one of world’s biggest sins as he called for urgent action to tackle a rise in the numbers of slaves globally to an all-time high. Satyarthi, who was the surprise co-recipient of this year’s Nobel Peace Prize for his work п¬Ѓghting child slavery in India, said it was unacceptable that almost 36mn people including about 5.5mn children are living in slavery today. He called for collective action by governments, businesses and campaigners and a strengthening of laws to crackdown on human trafficking and free the world of slavery. “We have ... to build a civil rights movement against slavery,” Satyarthi told the Trust Women conference in London organised by the Thomson Reuters Foundation where he launched an End Child Slavery Week campaign on Wednesday. “Denial of childhood and denial of freedom are the biggest sins which humankind has been committing and perpetuating for ages.” “We have ... to build a civil rights movement against slavery” The second annual global slavery index by the Walk Free Foundation, an Australia-based human rights group, released this week, estimated 35.8mn people are living in slavery with India home to the highest number, with 14.3mn slaves. Some of these people are born into servitude, some trafficked for sex work, while others are trapped in debt bondage or exploited in forced labour. Satyarthi, 60, whose non-government organisation Bachpan Bachao Andolan (BBA) has been credited with freeing over 80,000 child labourers in India over 30 years, said it was unbelievable that slavery was still so prevalent. He said slavery was continuing despite enormous advancements in terms of technology, economics, business, governance, politics and religious and culture developments. Satyarthi called on the global community to build a sense of urgency to tackle the slavery business which is estimated to be worth $150bn a year. “In this stage of history we have the largest number of slaves in the world ... we have the biggest amount of illicit earnings from human trade,” he said. “It is unacceptable ... Why don’t we act now? .. If (your) own child is missing, for a day, trafficked, you would be restless and do everything possible.” jit Sinha is credible and acceptable,” said Dattu, who headed a three-judge bench. “We are not giving elaborate reasons for this order because the CBI as an agency has a reputation, and if we give elaborate orders, it will tarnish their image,” he said. “We direct Ranjit Sinha not to interfere with the 2G case and recuse himself.” The court was hearing a petition against Sinha over allegations he might have interfered in the investigation by privately meeting several people accused in the scam. Sinha has long denied any wrongdoing. “We suspect your actions. The suspicion is substantiated by Special Public Prosecutor Anand Grover, who is our representative, who has gone through the records. He has given synopsis of the п¬Ѓle noting. Prima facie it appears that things are not well. It inspires no conп¬Ѓdence and would amount to derailing the trial. You can’t brush aside their statements as false and malicious,” the court said. Sinha: setback The court told Sinha’s lawyer Vikas Singh: “When it appears to us that things are not well, somebody may take over and proceed. We don’t want to pass an order casting aspersions on the investigations.” Grover said Sinha had interfered in the 2G case which is completely inconsistent with the agency’s stand. “Our case in 2G could have been demolished, if Sinha’s stand was accepted,” Grover told the highest court. Former telecoms minister A Students, police clash Raja and a slew of corporate and government officials have been charged over the 2G scam, one of a string of corruption cases that rocked the previous Congress-led United Progressive Alliance government. The scam centred on the 2007-2008 sale of 2G mobile phone licences at cut-rate prices to favour some п¬Ѓrms that the national Comptroller and Auditor General said cost the treasury billions of dollars in lost revenues. The CBI took up the investigation again in 2013 after tapped phone calls came to light between a former corporate lobbyist, business executives and government bureaucrats over the sale. The petition involving Sinha has heard that a whistleblower unearthed documents and a visitor’s diary of Sinha’s residence that allegedly showed the names of those who had visited him. Earlier in the day, the court took exception to the CBI’s submission that senior counsel K K Venugopal will no longer repre- US court denies Ranbaxy request Reuters New York A Students clash with police during a protest at Banaras Hindu University (BHU) campus in Varanasi yesterday. sent the agency in the 2G spectrum case. The court did not take kindly to the probe agency’s joint director Ashok Tiwari telling counsel Gopal Shankar Narayan that Venugopal would not appear for the CBI in the ongoing case on allegations that Sinha was interfering in the probe. The court also did not take well to the presence of a large number of CBI officers in the courtroom. When senior counsel Vikas Singh, representing Sinha, sought to justify this, saying they were assisting the court in giving clariп¬Ѓcations on п¬Ѓles, if any, Chief Justice Dattu said: “We have not called them. If we need any clariп¬Ѓcation, we will call them.” The chief justice then asked all the officers to vacate the courtroom and attend to their work. Sinha meanwhile said he was not embarrassed by the court order. “There is no embarrassment. I will abide by the SC order on recusing myself,” Sinha said. US court has denied a request by Indian drugmaker Ranbaxy Laboratories Ltd to stop competitors from launching copies of AstraZeneca Plc’s heartburn pill Nexium and Roche’s antiviral, a court п¬Ѓling showed. Ranbaxy had п¬Ѓled a lawsuit against the US Food and Drug Administration last week for revoking tentative approvals it gave the company to make generics of Valcyte and Nexium. Ranbaxy had also sought to prevent Endo International Plc and Dr Reddy’s Laboratories from making the generics after the FDA gave the two companies approvals to launch their own copies. Endo said yesterday it launched its generic version of Valcyte, prescribed to treat a type of viral infection in Aids patients. A spokeswoman for Dr Reddy’s said the company would launch its own generic version of Valcyte “shortly”, but declined from being more specific. US District Judge Beryl Howell in Minneapolis denied Ranbaxy’s request, the court п¬Ѓling showed. The company, which is being acquired by larger local rival Sun Pharmaceutical Industries Ltd for $3.2bn, declined to comment on the case. Valcyte had total US sales of about $440mn in the 12 months ending September 30, Endo said, citing IMS Health data. A generic version of Valcyte could add between $35mn and $40mn to Endo’s annual revenue, Guggenheim Securities said in a note earlier this month. Analysts had expected generic Nexium to add about $150mn to Ranbaxy’s overall sales in the п¬Ѓrst six months after its launch, while generic Valcyte was seen adding about $50mn. Earlier this month, the FDA told Ranbaxy it had made an error in granting the company tentative approval to launch the drugs, citing manufacturing quality lapses at Ranbaxy’s India plants. 12 Gulf Times Friday, November 21, 2014 INDIA PEOPLE CRIME TRADITION INVESTIGATION ADOPTION Kim Kardashian’s India trip called off Woman thrown off train in Madhya Pradesh 271 animals seized ahead of Nepal ritual sacrifice CBI conducts raids on Saradha offices Cow and calf new residents of Raj Bhavan The India trip of American reality TV star Kim Kardashian has reportedly been cancelled over visa issues. “Kim will not be able to enter the country due to some visa issue,” said a source. “The reason is not clear but all we know is that there was some visa issue which she could not fulfil and the trip has been cancelled.” The 34-yearold star, who shot to fame with TV series Keeping Up with the Kardashians, was supposed to come to the country to promote her new fragrance Fleur Fatale. The reality TV star is on a world tour for its promotional activities. A young woman was seriously injured after being thrown off a moving train in Madhya Pradesh when she resisted an attempt to snatch her purse, officials said yesterday. The incident took place when Ritu Tripathi, who works at a coaching institute in Delhi, was travelling to Ujjain on board Malwa Express. Two men tried to sit on her berth when the train was between Lalitpur-Beena station. When Tripathi protested, the men left but soon returned to snatch her purse. As Tripathi caught one of them, the other pushed her off the train. She fell near the track and lay comatose until she was spotted and taken to a hospital in Sagar on Wednesday morning. Authorities in Bihar have arrested 47 people and confiscated 271 animals along the IndiaNepal border ahead of animal sacrifice in Nepal’s Gadhimai festival, an animal protection group said yesterday. Humane Society International (HSI) said it was hopeful the number of animals killed this year will be much less. “HSI recently undertook a special mission to Nepal where it met the president and the prime minister of Nepal, as well as temple officials to call for a suspension of the sacrifice of half a million buffalo, goats and hens,” HSI said. The largest ritual slaughter in the world takes place in the Gadhimai festival. The Central Bureau of Investigation yesterday raided three offices of the Saradha group as part of its probe into the multi-crore rupee chit fund scam in Kolkata. Since morning, CBI officials conducted searches at Saradha offices in different locations such as Salt Lake, Behala and Bishnupur and seized documents. The search operations come a day ahead of expected questioning by the CBI of West Bengal Transport Minister Madan Mitra and Trinamool Congress Rajya Sabha member Srinjoy Bose. Former Trinamool MP Somen Mitra who joined the Congress too has been summoned by the CBI. Mitra has denied getting any call from the CBI . After building a cow shed in Raj Bhavan complex, Goa Governor Mridula Sinha is all set to welcome the first cow and calf to the plush grounds of the estate located on the outskirts of Panaji. On Wednesday, Sinha visited a cow shelter run by the Jai Sriram Gosanvardhan Kendra in remote Nanus village, around 50km north of Panaji. She also performed cow worship at the shelter and expressed a wish to adopt a cow and relocate it to Raj Bhavan, Laxman Joshi, a spokesman for the shelter, said. “We have identified an eight-year-old cow and her calf. They will be delivered at Raj Bhavan today,” Joshi said. India, Israel forge deeper business ties under Modi Reuters Tel Aviv A t the UN General Assembly in New York last September, Israeli Prime Minister Benjamin Netanyahu set aside time for a critical meeting. But it wasn’t US President Barack Obama he was keen to see. It was Indian Prime Minister Narendra Modi. Since Modi came to power in May, ties between Israel and India have been in overdrive, with the two signing a series of defence and technology deals that have underscored their burgeoning commercial and political relationship. The same month as the UN meeting, Modi’s cabinet cleared a long-delayed purchase of Israeli missiles for its navy. In October, India closed a $520mn deal to buy Israeli anti-tank missiles. And last week, a jointly developed aerial defence system passed a major trial, which India called a “milestone.” “There is great momentum in co-operation, on both the defence and economic sides,” Naftali Bennett, Israel’s economy minister and a member of Netanyahu’s inner cabinet, said. India is now the largest buyer of Israeli military equipment, while Israel is India’s largest customer after Russia. In the п¬Ѓrst nine months of 2014, bilateral trade reached $3.4bn, on target for a record this year. While that may not be vast in global terms, it has helped push Asia to the brink of overtaking the US as Israel’s largest export market after the European Union. India is steadily catching up with China as it buys more Israeli defence and cyber-security technology, an area where China is limited since the US frowns on Israel dealing too freely with Beijing in defence matters. The roots of the Israel rela- tionship go back to 2006, when Modi was chief minister of Gujarat and visited the region to explore new ideas in irrigation, an area of Israeli expertise. As a result, India started buying drip-feed technology, said Amnon Ofer, a friend of Modi’s and chairman of NaanDanJain Irrigation, formed after India’s Jain Irrigation acquired a п¬Ѓrm created by two Israeli collective farms. Under Modi’s predecessor, Manmohan Singh, India kept its relationship with Israel under wraps, in part so as not to upset its Muslim minority, said C Raja Mohan, head of strategic studies at the Observer Research Foundation in New Delhi. “Cynics in Israel would point out that Delhi was treating Tel Aviv like a mistress - engage in private but refuse to be seen with in public,” said Mohan. “The Modi government is having none of that.” The question is where the relationship goes from here. Strategically, Israel is glad to have a rising Asian power as an ally. But for both the focus is really on business. Israel Ports Company is partnering India’s Cargo Motors to build a deepwater port in Gujarat, and Israel’s TowerJazz is teaming up with India’s Jaiprakash Associates and IBM with plans to build a $5.6bn chip plant near Delhi. At a security conference in Tel Aviv last week, executives from top Indian п¬Ѓrms were shopping for systems to secure their pipelines, reп¬Ѓneries and other infrastructure. All the activity has lead to expectations that Israel and India will п¬Ѓnalise a free trade agreement in the next year. “That means trade will double or triple,” said Anat BernsteinReich, who chairs the IsraelIndia Chamber of Commerce, an office hoping and preparing for a boom. Manipuri student murdered in Delhi A Manipuri doing his PhD was found dead, lying in a pool of blood with his throat slit at his residence in New Delhi, police said yesterday. Zingran Kengoo, 33, a PhD scholar from Mumbai’s Tata Institute of Social Sciences (TISS), was found murdered on Wednesday night at his Kotla residence in south Delhi. According to the police, Kengoo’s body was found lying in a pool of blood with his throat slit, by his house owner’s brother around 9.30pm on Wednesday. He alerted the police. Officials said a knife was recovered from the victim’s room, while his belongings were left untouched. Rampal is seen inside a police lock-up after his arrest, at Panchkula in Haryana yesterday. Police search Rampal’s ashram for explosives Court remands controversial cult leader in custody until November 28 AFP Chandigarh P olice were yesterday scouring the ashram of a controversial guru for explosives after his arrest ended a bloody stand-off with thousands of followers and a long siege during which six people died. Officers п¬Ѓnally gained access to the main building in the vast complex where self-styled “godman” Rampal Maharaj had been holed up for over a week, guarded by devotees armed with stones, petrol bombs and other weapons, until his arrest on Wednesday night on murder charges. Thousands of followers have poured out of the heavily guarded ashram since police forced their way in on Tuesday using water cannon, tear gas and batons. But around 3,000 more, in- cluding young children, remained inside the 12 acre compound in Haryana because they were afraid to leave. Families were separated by a large concrete barrier, with men on one side of a vast hall where followers slept on mattresses on the floor, and women and children on the other. CCTV cameras had been set up around the building to monitor their movements. “They said that those who left earlier were beaten by police and arrested... We decided not to leave after that,” said Ajay Kumar Mandal, who had been at the ashram with his wife and children since November 4. “I’ll leave now. As for the conditions, they were very good,” he said. Around 100 devotees were injured in clashes with police, who found the bodies of four women and a child inside, although it remains unclear how they died. A sixth follower died after being taken to hospital apparently suffering from a heart condition. Jawan Singh said he had gone into the ashram in the hope that Rampal could cure his chronic back pain, but instead found himself at the centre of a running battle with police. “I came here hoping that I’ll get healed. Instead it was a war-like situation here,” the 34-year-old said from the window of a bus taking people away from the compound. “The guards manning the complex gate didn’t allow us to come out. They told the people to go back in.” Rampal told reporters after his arrest that he regretted the deaths, but denied police allegations he used his followers as human shields. Police say they have arrested more than 500 devotees, including 250 members of a “private army” dedicated to his protection. “It was a tough operation, we had to deal with hostile supporters,” police inspector Anil Kumar said. “At the moment we are trying to clear the ashram, the clearing NIA gets custody of Myanmar militant IANS Kolkata A Kolkata court yesterday sent Myanmar national Khalid Mohamed and two Jamaat-ul-Mujahideen Bangladesh (JMB) militants to eight days in the custody of the the National Investigation Agency in connection with the October 2 Burdwan blast. Khalid Mohamed alias Kaleed, belonging to the Rohingiya Solidarity Organisation and having links with Bangladesh-based terrorist groups, was arrested on Monday from Hyderabad by the NIA and brought to Kolkata earlier yesterday. According to the NIA, Khalid is an expert in explosives and underwent training conducted by Tehreek-e-Azadi-Arakan with trainers from Tehreek-eTaliban Pakistan. Eight accused, including Khalid, JMB commander and blast mastermind Sajid and JMB militant Amjad Sheikh, were presented before the court of Chief Judicial Magistrate Mohamed Mumtaz Khan. “Khalid along with blast mastermind Sajid alias Sheikh Rahamatullah and Amjad Sheikh have been sent to NIA custody for eight days,” said NIA lawyer Shyamal Ghosh. The other п¬Ѓve accused - Razia Bibi, Alima Bibi, Abdul Hakim, Zia-ul-Haque and Hashem Mollah - were sent to judicial custody until December 5. Two suspected JMB members died in the accidental blast that occurred in a house in Burdwan district’s Khagragarh area. operations are on, our personnel are inside the ashram. They are trying to п¬Ѓnd if any explosives have been hidden there.” Devotees came from across India and Nepal to see Rampal, a former engineer who considers himself an incarnation of the 15th-century mystic poet Kabir. He claims to have cured chronic illnesses and says “ruined families have again become prosperous” by devoting themselves to his teachings. Followers quoted in media have said they were given Prasad - or holy food offerings -made from milk Rampal had bathed in, and told this was the key to his “miracles.” Disciples must give up alcohol, smoking, meat, eggs, adultery and gambling, while singing and dancing is banned along with worship of “any other god or goddess.” Haryana Chief Minister M L Khattar said no one had died as a result of the police operation, although 100 were being treated for injuries. “Our plan was to achieve this (arrest) without a single person having to lose his life. We have been completely successful in this,” he said on the NDTV network. Police sought Rampal’s arrest after he repeatedly refused court orders to appear to answer charges including conspiracy to murder, contempt of court and inciting mobs. He is accused of ordering his disciples to п¬Ѓre on villagers during 2006 clashes in which one person was killed. Rampal appeared briefly in court yesterday and was remanded in custody until November 28. India has been rocked by several scandals involving immensely popular “godmen”, mostly Hindu ascetics who claim to possess mystical powers. Last year one was charged with sexually assaulting a schoolgirl. For many Indians, gurus play an integral role in daily life and are seen as offering a pathway to enlightenment in return for spiritual devotion. Parrikar goofs up on Rajini’s name IANS Panaji N NIA officials and police escort Myanmar national Khalid Mohamed from a police van to the Bankshall court in Kolkata yesterday. ewly-installed Defence Minister and former Goa chief minister Manohar Parrikar yesterday almost incurred the wrath of southern cinema czar Rajinikanth when he missed out on mentioning the legendary actor’s name while formally acknowledging the presence of dignitaries present at the 45th International Film Festival of India’s inauguration ceremony here. After reading out the names of Information and Broadcasting Minister Arun Jaitley, Minis- ter of State Rajyavardhan Singh Rathore, Goa Chief Minister Laxmikant Parsekar and state Governor Mridula Sinha, Parrikar appeared to have missed out on Rajinikanth’s name. But the former Goa chief minister, known for his ready wit, immediately made up for the lapse with a smile. Addressing Rajnikanth with a sheepish smile, Parrikar said: “Sorry for that goof. I had written (the names down). Forgot the paper down there.” Rajinikanth, known for his п¬Ѓery persona onscreen but gentle otherwise, smiled back with equal warmth. Gulf Times Friday, November 21, 2014 13 LATIN AMERICA LAW AND ORDER CRIME DECISION RECOMMENDATION PEOPLE Reward in hunt for father of 11-year-old drug mule Colombia arrests 11 in Asia drug smuggling ring Policemen win right to sport moustaches Obama administration for sanctions against Venezuela Pele son returns to jail after losing appeal Colombia has offered $10,000 for the capture of the father of an 11-year-old girl in intensive care following emergency surgery to remove 104 cocaine-filled capsules from her stomach. The unnamed girl, reportedly Colombia’s youngest drug mule, is in hospital under police protection following the surgery in Cali, in western Colombia. “The police have offered a reward of $10,000 for the capture of the father,” Carlos Molina, a Cali police spokesman said. The girl was supposed to have flown to Europe after spending the weekend with her father, who is separated from the girl’s mother. But the child was rushed to hospital before she could take the trip. Colombian police arrested 11 gang members suspected of using human mules to smuggle narcotics to Asia, charging four of them with murder after a courier died of a cocaine overdose, officials said. Authorities said capsules of narcotics were ingested or strapped to the bodies of the mules who were sent to Hong Kong, China, Singapore and Thailand. One of the smugglers died in the southern city of Leticia, but the circumstances of the death were not clear. “Four of the suspects were charged with murder following the death of a human courier in Leticia who died due to acute cocaine intoxication,” prosecutors said in a statement. For 17 years it was a privilege reserved only for high-ranking Colombian police officers. But the State Council, the highest administrative court in Colombia, has now thrown out a controversial rule that forbade rank-and-file policemen from growing moustaches. “We felt that the rule really undermined personal expression and equality,” Maria Claudia Rojas Lasso, president of the council, told reporters. “People are equal before the law and should receive the same treatment from the authorities.” The decision was adopted on Sunday following a petition filed by a police officer. The Colombian National Police currently has approximately 180,000 personnel. The Obama administration would like to work with the US Congress to impose sanctions on Venezuela in response to a crackdown on anti-government protests, President Barack Obama’s deputy national security adviser told lawmakers. Tony Blinken, who is Obama’s choice to be deputy secretary of state, said Washington had refrained from pushing for sanctions in the past few months to allow diplomatic efforts by some Latin American countries to secure the release of opposition leaders from jail and nudge Caracas toward electoral reform. But those efforts have failed, Blinken told the Senate Foreign Relations Committee at his nomination hearing. A son of Brazilian soccer legend Pele was arrested near Sao Paulo after losing an appeal against money laundering accusations. Former goalkeeper Edson “Edinho” Cholbi do Nascimento, 43, who briefly played for his father’s former club Santos, was handed a 33-year jail term in May for laundering money raised from drug trafficking but appealed and given temporary release prior to his re-arrest. Police said Edinho was transferred to a police station at Santos, a coastal town in Sao Paulo state, ahead of a transfer to a local penitentiary. Following his first appeal he was arrested at his home at Praia Grande, a small town outside Santos, only to be released a week later. Honduras buries slain Miss World contestant, sister Farc agrees to free general, opening door to restart talks AFP Tegucigalpa A shaken Honduras held a funeral for its Miss World contestant and her sister yesterday after the sister’s boyfriend shot them in a jealous rage, according to police and media reports. Under a white tent set up in the street in front of the family’s house in the northwestern town of Santa Barbara, mourners held a dawn vigil for Miss Honduras, 19-year-old Maria Jose Alvarado, and her sister Soп¬Ѓa Trinidad Alvarado, 23. After forensic analysts in Tegucigalpa examined the sisters’ bodies overnight, authorities returned them for a morning funeral service in Santa Barbara, some 200kms from the capital. The violence-plagued Central American nation has been in shock since police found the sisters’ bodies buried along the banks of the Aguagual River on Wednesday and accused Soп¬Ѓa’s boyfriend Plutarco Ruiz of killing them on the night they went missing a week ago. Maria Jose, who won the Miss Honduras crown in April, had been due to fly to London on Wednesday to compete in the Miss World pageant. According to Honduran media reports, police believe Ruiz, who was holding a birthday party last Thursday night at a resort outside Santa Barbara, flew into a п¬Ѓt of rage when he saw Soп¬Ѓa dancing with another man, shooting her in the head and then her beauty queen sister twice in the back. Police arrested Ruiz and an alleged accomplice, Aris Maldonado, on Tuesday. They said they had seized a Colt-45 pistol and two vehicles, including a white pick-up truck allegedly used to transport the sisters’ bodies some 20kms from the resort to the spot where they were buried. On Wednesday, police also arrested the owner of the resort, Ventura Diaz; his wife, Elizabeth Alvarado; and their daughter Irma Nicolle. Reuters Havana/Bogota C Teresa Munoz looks at a picture of her daughter, Miss Honduras World Maria Jose Alvarado, 19, over her coffin in Santa Barbara yesterday. olombian Marxist rebels agreed to release an army general captured by their comrades over the weekend, a move that may lead to a resumption of peace talks and defuse a crisis that threatened to extend п¬Ѓve decades of war. The Revolutionary Armed Forces of Colombia (Farc) promised to free General Ruben Dario Alzate and four others captured in the past two weeks “as soon as possible” after reaching agreement on liberation terms with the government and guarantor nations Cuba and Norway. President Juan Manuel Santos’s office responded immediately to the announcement, pledging to resume talks as soon as the hostages are free. Alzate and two others were seized on Sunday by a Farc patrol as they left a boat in the poor and crime-ridden coastal region of Choco, prompting Santos to halt talks and throwing into doubt the two-year peace process under way in Cuba. Just days earlier, the rebels had kidnapped two soldiers in eastern Arauca department. “The government will give its total collaboration to guarantee the safe return of these people to their homes, which we hope will be in the shortest time possible,” Santos’s office said in a brief statement. “Once they are all free, the government’s del- Venezuela leader wraps up вЂ�superpowers’ with 28 laws AFP Caracas V enezuelan President Nicolas Maduro wrapped up a year of congressionally granted “superpowers” by decreeing 28 new laws that analysts said would do little to salvage the troubled economy. A year ago, the Venezuelan National Assembly, which is controlled by Maduro’s United Socialist Party, granted the president the power to govern economic policy by decree for 12 months, ostensibly to п¬Ѓght corruption and the country’s sharp economic downturn. Maduro closed out the year by signing a tax increase on luxury goods, alcohol and tobacco, eliminating inflation adjustments on corporate taxes, and tightening controls to prevent businesses from making proп¬Ѓts of more than 30%. Other measures aim to п¬Ѓght monopolies, expand the state’s role in the gold-mining industry and increase foreign investment. Maduro, the political heir to late socialist п¬Ѓrebrand Hugo Chavez, announced the new laws in a TV broadcast of several hours. Maduro tightened controls to prevent businesses from making profits of more than 30% But economic analysts said the measures would do little to reverse annual inflation of 63.4%, end the shortages of basic goods that have fuelled unrest in the country, or help the ailing oil giant shore up its dwindling foreign reserves. Venezuela holds the world’s largest proven oil reserves, but is struggling to maintain an economic model in which it exports crude to allies at cut-rate prices, sells gasoline cheaper than bottled water on the domestic market, and props up the value of the bolivar with rigid exchange rate controls. Maduro’s new measures are “unfocused,” said economist Luis Vicente Leon, director of consultancy Datanalisis. “You can’t use deп¬Ѓcit compensation mechanisms that go against the heart of the problem, which is production and investment,” he said. “Raising taxes on what’s left of the productive economy, controls and threats won’t resolve the deп¬Ѓcit or solve the supply problem.” Maxim Ross of the University of Monte Avila’s economics department said the measures “may have a short-term impact” but would not address the key issue of the exchange rate. “You can take whatever economic measures you like in Venezuela, but if you don’t touch the issue of the exchange rate, the blackmarket dollar, devaluation, you’re not doing anything. You’ll always have inflation that eats up any subsidy, any salary increase the next day,” he said. egation will return to Havana.” The Farc’s decision to release the captives may counter critics of the peace process who say the rebels are not serious about ending Latin America’s longest-running war, which has killed more than 200,000 people since it began in 1964. The suspension of talks is the most serious setback to peace efforts after months of complicated discussions resulted in partial accords on three out of п¬Ѓve agenda items. The most recent peace process with the Farc collapsed in 2002 after the group used the breathing room of a demilitarized zone to build its п¬Ѓghting force, intensify its cocaine trafп¬Ѓcking, and take hostages. The п¬Ѓnal straw came when the Farc boarded a commercial plane and seized a senator, who was held captive for six years. Santos has staked his presidency on bringing peace to Colombia, winning re-election this year against a right-wing opponent who threatened to ditch the talks and п¬Ѓnish the Farc on the battleп¬Ѓeld. Even while security has improved massively over the last decade or so, peace talks have been taking place amid continued conflict. The rebels have renewed their call for a bilateral ceaseп¬Ѓre that they say would improve the climate for negotiations. Alzate is the highest-ranking military hostage ever taken by the Farc. A soldier and a civilian lawyer were captured along with him. The Farc says it has stopped kidnapping for ransom but maintains military personnel are fair targets in the absence of a ceaseп¬Ѓre. Alzate was considered a prisoner of war. Certain undisclosed conditions must be met before the Farc will free the hostages, representatives from Cuba and Norway said in Havana. Santos, after harshly condemning the Farc’s move in the last few days, set a more conciliatory tone during a speech in central Tolima on Wednesday, expressing hope that negotiations would resume. “We need to abandon our weapons, the violence and end this armed conflict,” Santos said in the town of Ataco. “That is why I hope this impasse that has appeared in the Havana negotiations will be resolved soon.” A massive rescue operation in Choco’s dense jungle terrain had been under way since Sunday, though there were fears a military effort to release Alzate could endanger the hostages. It is unclear whether orders still stand for Farc п¬Ѓghters to kill captives if a rescue is attempted. The army offered a 100mn peso ($46,000) reward for information leading to the hostages’ rescue, military sources conп¬Ѓrmed. The deal was announced in Havana by representatives of the Cuban and Norwegian governments, the guarantors of the peace talks: Rodolfo Benitez of host nation Cuba, and Rita Sandberg of Norway, which is acting as a facilitator. Brazil carbon emissions rise Reuters Sao Paulo B People stand in line to buy food outside a state-run supermarket in Caracas yesterday. razil’s annual greenhouse gas emissions increased last year for the п¬Ѓrst time since 2004 after years of reductions as deforestation and the use of thermal power plants rose, a new study found. Latin America’s largest economy generated 1.56bn tonnes of carbon dioxide equivalent (CO2e) in 2013, a 7.8% jump over the previous year, according to a report released by the Climate Observatory, a network of civil society organisations. Emissions from deforestation rose 16% over the previous year while those from the energy sector climbed 7.3%. The numbers can be expected to fuel criticism from environmental groups over the government’s Amazon protection policies and its increasing use of fossil-fuelled power plants. The report also suggests that Brazil could fail to meet its goal of reducing emissions by 39% by 2020. “We see the tendency for emissions to rise again in 2014 even considering a stagnant economy, so if Brazil manages to resume economic growth in the future it will be hard to meet the target,” said Tasso Azevedo, the study’s co-ordinator. The government, however, does not see a new trend for emissions. “You have to consider longer periods of time to conclude that a new trend is in place,” said Adriano Santiago, the government’s climate change director. “Several sectors are indeed increasing emissions, but inside an expected range that will still allow us to meet our commitments.” Brazil found success combating deforestation in the last decade, cutting carbon emissions in the process. Compared to a peak of 2.86bn tonnes of CO2e emitted in 2004, the 2013 number is still 45% lower. But deforestation rose again last year by 16%, as current policies failed to deter forest destruction caused mainly by illegal logging and cattle ranching expansion. 14 Gulf Times Friday, November 21, 2014 PAKISTAN/AFGHANISTAN Pakistan will talk with Kashmiri leaders: PM Anti-terror offensive to continue Pakistan’s Prime Minister Nawaz Sharif says Islamabad will have consultations with Kashmiri leaders before holding talks with India IANS Islamabad Agencies Islamabad P rime Minister Nawaz Sharif yesterday said Pakistan will talk with Kashmiri leaders before initiating any dialogue with India, media reported. “Pakistan will speak with Kashmiri leaders before it enters into dialogue with India,” Sharif said while attending a session of the Kashmir Council in Muzaffarabad, Dawn online reported. “Pakistan itself is the biggest victim of terrorism so blaming its agencies for being involved in extremism is an utter lie,” the prime minister said. He expressed satisfaction with the international community’s acknowledgment of India’s “biased attitude” towards its neighbour. “It is our fundamental belief that the Kashmir issue should be resolved through dialogue. My government initiated dialogue with India but it cancelled the scheduled foreign secretary talks,” he said. Nawaz also said that the international community must play its role in bringing India to the dialogue table over the Kashmir issue. He said Pakistan wishes to resolve the Kashmir issue through dialogue, adding that India could be brought to the table for talks with the help of international institutions. “Before the dialogue with India, I have decided to engage with Kashmiri leaders,” he added. Meanwhile, the military said that a Pakistani soldier was killed yesterday in п¬Ѓring by Indi- Nawaz Sharif an troops in the disputed Kashmir region. Recent exchanges of п¬Ѓre across the de facto border between India and Pakistan in Kashmir have killed at least 20 civilians and forced thousands to flee their homes. A military statement said “Indian troops resorted to un- provoked п¬Ѓring” at the Line of Control in the Pandu sector near Muzaffarabad yesterday evening. “A Pakistan Army solder embraced shahadat (martyrdom). Pakistani troops beп¬Ѓttingly responded to Indian п¬Ѓring,” it added. The neighbours have traded blame for the upsurge in п¬Ѓring and shelling which started on October 6. India called off peace talks in August after Pakistan п¬Ѓrst consulted Kashmiri separatists, a move some saw as a sign of a tougher stance by Prime Minister Narendra Modi’s new rightwing government. In a related development, on Wednesday, former Pakistani foreign minister Khurshid Mahmud Kasuri said India and Pakistan were very near to a framework agreement on the Kashmir issue through back-channel talks during the Congress-led regime, and suggested that Prime Minister Narendra Modi should appoint a conп¬Ѓdant for such talks. Interacting with a select group of media persons in New Delhi about his forthcoming book titled Neither hawk, nor dove, Kasuri said the new governments in India and Pakistan can take forward the framework by giving it a new name-tag. “Try hard as they may, they can’t change it. Both states know each other’s bottomline,” he said. Kasuri said the book has a chapter on the four-point Kashmir framework. “We were very near (to agreement).” Kasuri, who was Pakistan’s foreign minister 2002-07 said he had seen the negotiations on the framework from close quarters and witnessed the exchange of drafts.“It went on for three years,” he said. P akistan Army chief General Raheel Sharif, who is currently visiting the US, has told top American military and political leaders that his country’s security forces will continue their offensive against militant groups in the tribal regions. General Sharif held meetings with members of the Senate Foreign Relations Committee, Senate Armed Services Committee and the Select Committee on Intelligence yesterday, Xinhua reported citing a statement issued by the Inter-Services Public Relations. The general expressed Pakistan’s resolve to continue the military operation till the last terrorist is eliminated, said the statement. “The Pakistan military is conп¬Ѓdent to hold their gains in FATA (Federally Administered Tribal Areas) to ensure that terrorists would not be able to return or establish their operational basis on the Pakistani soil,” he said. Overall security situation in the region and matters relating to Afghanistan were also discussed in the meetings. The US Senators expressed their desire to forge a strong and lasting partnership between the US and Pakistan, the statement added. General Raheel Sharif also briefed the Senators about Pakistan’s plans to rehabilitate the dislocated people from Waziristan at the earliest possible Regulators transfer management of two Pakistani modaraba funds Reuters Islamabad P akistan’s Supreme Court has upheld a decision by the capital market regulator to transfer the management of two Islamic investment funds to Karachi-based KASB Modaraba, accelerating efforts to strengthen п¬Ѓnancing by investment partnerships. On Friday, KASB Modaraba said it had taken management control of First Pak Modaraba and First Prudential Modaraba, a decision п¬Ѓrst taken in 2010 but challenged in the courts. Modarabas are a form of Is- lamic investment partnership where assets are managed on behalf of clients, with income and expenses shared under a pre-agreed ratio. The sector remains a tiny part of the country’s Islamic п¬Ѓnance industry, with several п¬Ѓrms lacking scale to compete. Last week, First Habib Bank Modaraba, a unit of Pakistan’s largest lender HBL Bank, liquidated its business. As of March, the three modarabas held a combined Rs1.9bn worth of assets, dwarfed by larger peers such as Standard Chartered Modaraba with Rs5.3bn in assets. The Securities and Exchange Commission of Pakistan Taliban militants target compound in Kabul IANS Islamabad T aliban militants launched a car bomb and suicide attack late Wednesday on a compound in Kabul that houses many international contractors, but only the attackers died in the assault, Afghan officials said. One insurgent was killed as he detonated a car packed with explosives at the gate of the “Green Village” compound, while three other attackers were shot dead as they tried to get inside, said deputy interior minister Ayub Salangi. “There are no casualties to our foreign friends or to Afghans, they are all п¬Ѓne,” Salangi said on Twitter. The attack on the Green Village—a large fortiп¬Ѓed complex where many foreign employees live and work—was the latest in a series of suicide blasts in Kabul as US-led Nato troops end their 13-year war against the Taliban. All Nato combat operations will п¬Ѓnish at the end of this year, though 12,500 troops will remain into 2015 to support the Afghan army and police who are now responsible for security nationwide. An AFP photographer said gunп¬Ѓre erupted shortly after the blast on Wednesday evening as security forces rushed to the scene in the east of the city. The attack was claimed by the Taliban via a recognised Twitter account that said: “A car bomb targeted Green Village, on(e) of the most secure areas of foreigners.” On Tuesday, a Taliban suicide truck bomb struck at the entrance of a foreign security compound in Kabul, killing two Afghan guards. And on Sunday, Afghan lawmaker Shukria Barakzai escaped a suicide blast in the city as she drove in a convoy near parliament. Three civilians died in that attack. Kabul has been hit by regular attacks in recent years, often against US-led military forces, foreign workers or government officials. (SECP) has also developed risk management guidelines for modarabas, last year introducing Shariah compliance and Shariah audit mechanisms to strengthen the sector. The equity-like nature of modarabas has left them vulnerable to market price swings, so the SECP issued rules in 2012 to allow smoothing of proп¬Ѓts using a proп¬Ѓt-equalisation reserve. Pakistan’s modaraba concept dates back to the 1980s as the п¬Ѓrst Islamic business model set up with a statutory framework and dedicated regulations, regarded as one of the purest forms of Islamic п¬Ѓnance. вЂ�India did not offer car’ to Nawaz Sharif IANS Islamabad I ndia has not offered any bulletproof car to Pakistan Prime Minister Nawaz Sharif for the upcoming South Asian Association for Regional Co-operation (Saarc) summit, to be held in Nepal Nov 26-27, according to a Pakistani official. According to a media report Nov 17, a Nepalese ofп¬Ѓcial had said that Sharif rejected the use of a bulletproof car provided by India for the Saarc summit in Kathmandu. “No car was offered by India to Prime Minister Nawaz Sharif so there was no question of turning down the offer,” Dawn online reported citing foreign office spokeswoman Tasneem Aslam yesterday. “Prime Minister Sharif will attend the summit,” Aslam told reporters. The Saarc summit will take place in Kathmandu Nov 26-27. Prime Minister Nawaz Sharif talks with Russian Defence Minister General Sergey Kuzhugetovich Shoy during a meeting at the Prime Minister House in Islamabad yesterday. Pakistan, Russia sign key military co-operation pact AFP Kabul P akistan and Russia signed a “milestone” military co-operation pact yesterday aimed at bringing peace and stability in the region, Islamabad’s defence ministry said. The agreement was signed during a visit by Russian Defence Minister General Sergei Shoigu with Pakistani defence minister Khawaja Asif. “The signing of the military co-operation agreement between the two signiп¬Ѓcant countries of the region is a milestone,” Asif said after the signing ceremony in a minis- try statement. “Both sides will translate this relationship in tangible terms and further strengthen military to military relations,” Asif added. The pair expressed hope that the agreement will pave the way for exchange of views and information, as well as issues related to strengthening of mutual trust and international security, counter-terrorist and arms control activities. “The п¬Ѓrst ever visit of the defence minister from Russian Federation has come at a very critical juncture when US led Nato forces are drawing down from Afghanistan by the end of 2014,” the statement said. Husband of death row inmate begs for pardon AFP Islamabad T he husband of a Pakistani Christian woman sentenced to death for blasphemy four years ago has written to the president to ask for her to be pardoned and allowed to move to France. Asia Bibi has been on death row since November 2010 after she was found guilty of making derogatory remarks about the Prophet Muhammad during an argument with a Muslim woman. A high court in the eastern city of Lahore conп¬Ѓrmed the death sentence last month, dashing hopes it might be commuted to a jail term. “We are convinced that Asia will only be saved from being hanged if the venerable President (Mamnoon) Hussain grants her a pardon. No one should be killed for drinking a glass of water,” husband Ashiq Masih wrote in an open letter dated November 17 and published by the New York Times. Paris mayor Anne Hidalgo has said the couple are welcomed in the city, and Masih quoted his wife as saying she sent her “deepest thanks to you Madame Mayor, and to all the kind people of Paris and across the world”. Masih added his wife was not guilty of blasphemy. The plea for being allowed to move to Paris comes days after the mayor of the city Anne Hidalgo requested President Hussain to grant her a pardon. Senior opposition leader Bruno Retailleau on Wednesday asked French President Fran- cois Hollande to intervene in the case. Masih, 50, lives in hiding with two of his п¬Ѓve children and has to keep his identity secret as he scrapes together a living as a daily labourer. He visits his wife once a month, making a п¬Ѓve and a half hour journey to her jail in Multan in southern Punjab. The allegations against Bibi date back to June 2009, when she was labouring in a п¬Ѓeld and a row broke out with some Muslim women she was working with. She was asked to fetch water, but the Muslim women objected, saying that as a non-Muslim she was unп¬Ѓt to touch the water bowl. A few days later the women went to a local cleric and put forward the blasphemy allegations. Amnesty International has raised “serious concerns” about the fairness of her trial and has called for her release. Pakistan has never executed anyone for blasphemy and has had a de-facto moratorium on civilian executions since 2008. “Apart from promoting bilateral defence relations, the visit will enable both countries to join hands in bringing peace and stability in the region,” it added. “Apart from promoting bilateral defence relations, the visit will enable both countries to join hands in bringing peace and stability in the region” Russia has long been the largest supplier of arms to India, the nuclear-armed arch rival of Pakistan, which is the world’s top arms buyer. The country’s ITAR-TASS news agency reported in June that Russia had lifted its embargo on arms supplies to Pakistan and was holding talks on supplying Islamabad with combat helicopters. Shoigu, who is accompanied by a 41-member high level delegation, commended the skill and expertise of Pakistani armed forces in п¬Ѓghting the war against terrorism, the Pakistani defence ministry said. “The world community not only praises but wants to do business with Pakistan now,” it quoted Shoigu as saying. During his stay, the Russian defence minister would also held in-depth delegation level talks with Pakistani authorities besides meeting Prime Minister Nawaz Sharif. Tahir ul-Qadri returns to Pakistan IANS Islamabad P akistan Awami Tehreek (PAT) chief Tahir ulQadri returned to the country yesterday. He arrived at the Allama Iqbal International Airport in Lahore where a large number of PAT workers and his followers gathered to welcome the п¬Ѓrebrand cler- ic, Geo TV reported. On Aug 14, Qadri had led a long march from Lahore to Islamabad and camped in the heart of Islamabad for over two months, demanding the resignation of Prime Minister Nawaz Sharif. Later he embarked on a foreign trip which stirred up a debate about underhand deals which the cleric categorically rejected, the report said. Gulf Times Friday, November 21, 2014 15 PHILIPPINES Threat to pontiff is real: PNP official Intelligence officials are warning against complaceny over possible threats Manila Times Makati I ntelligence reports about a possible attack on Pope Francis should not be taken lightly and authorities should not be complacent because if something happened, the Philippines could be the world’s “center of attraction” in January, according to a top Philippine National Police (PNP) official. Speaking on condition that he should not be named for lack of authority to speak on the matter, the police official, who was instrumental in the identiп¬Ѓcation and eventual capture of Al Qaeda terrorist Ramzi Yousef in the 1990s, said his long experience as a police investigator handling such sensitive cases requires him to “respect” intelligence reports about a possible plot to harm the pope by those who have pledged allegiance to the Islamic State in Iraq and Syria (ISIS). The pontiff will be in the Philippines from January 15 to 19 next year. “My gut feel, and I have always trusted my instincts in matters such as this, is that they [terrorists] might try it again. Therefore, nobody should take this [threat] lightly and be complacent. We don’t want to be blamed if anything wrong happens,” said the source, who traced Yousef’s footsteps from the Josefa Apartments that was gutted by п¬Ѓre in Manila to the Philippine Airlines flight to Japan that was rocked by an explosion, around the time of Pope John Paul II’s visit in 1995. “They tried it before. They might give it another shot,” he added. The source said he was among those who had warned US authorities about a supposed plot by terrorists to blow up a A picture of Pope Francis inside a cathedral where he is scheduled to celebrate a mass in Manila. passenger aircraft but was ignored. “So there was the September 11 [2001] attacks on the World Trade Center,” he noted. The source was also privy to the report on Oplan Bojinka, a large-scale, threephase Islamist attack by Yousef and Khalid Sheikh Mohamed involving a plot to assassinate Pope John Paul II, an air bombing of 11 airliners flying from Asia to the United States with 4,000 passengers and a proposal to crash a plane into the headquarters of the CIA in Fairfax county, Virginia. The Bojinka plot was disrupted after a chemical п¬Ѓre drew the PNP’s attention on January 6 to 7, 1995 at the Josefa Apartments along the pope’s parade route. Before the plot was disrupted, Yousef had detonated test bombs in a mall and theater, injuring scores of people, as well as on Philippine Airlines Flight 434, killing one person and nearly causing enough damage to result in destruction of the aircraft. When asked why intelligence sources have been leaking information about the ISIS’ movements when the PNP and the Armed Forces of the Philippines (AFP) have denied the existence of such plot, the source, who holds one of the most sensitive positions in the PNP at present, explained this is necessary “to keep everyone on their toes without causing undue panic”. “The matter should be taken seriously. The threat is real,” he said. The official’s statements came amid reports on involvement of at least one Filipino jihadist in the beheading of several Syrian soldiers by ISIS militants recently. Yesterday in Malacanang, Presidential Communications Secretary Herminio Coloma Jr said there was no conп¬Ѓrmation from the AFP about the supposed ISIS recruitment in the Philippines. “According to the Armed Forces of the Philippines, there is no conп¬Ѓrmed report of ISIS recruitment here in the Philippines. The AFP said it is coordinating with local leaders to prevent ISIS recruitment efforts and enjoined their support to our counter-radicalization campaign in the communities,” Coloma told reporters. “The AFP and other law enforcement authorities are still ascertaining the authenticity of the video,” he said. Coloma maintained that law enforcement agencies continue to be vigilant against threats posed by ISIS. President Benigno Aquino 3rd recently belied reports that ISIS had recruited Filipino п¬Ѓghters into its ranks although he admitted that the country is vulnerable to “lone wolf” attacks. Earlier, a source of The Manila Times from the PNP intelligence service claimed that a team of jihadists led by Jemaah Islamiyah-trained Abdul Basit Usman and the Al Hansar Khilafa group, which had sworn allegiance to ISIS, was sent to Luzon to plan attacks. The source, who is familiar with movements of local militants, said the deployment of the team may have something to do with the papal visit. But according to Malacanang, the claims still have to be veriп¬Ѓed but the AFP and the PNP are ready “at all times” to ensure the security of anyone, especially Pope Francis, “in terms of surveillance, monitoring and exchange of intelligence information with their foreign counterparts.” Nine people convicted over Ozone disco п¬Ѓre that claimed 162 lives Manila Times Quezon City T he Sandiganbayan yesterday convicted seven former Quezon City officials and two private individuals in connection with the Ozone Dance Club п¬Ѓre 18 years ago that killed 162 people, mostly teenagers. Former city engineers Alfredo Macapugay and Donato Rivera Jr, Engr. Petronilo de Llamas, п¬Ѓeld inspector Edgardo Reyes, building inspector Rolando Mamaid, enforcement and inspection division chief Francisco Itliong and processing division chief Feliciano Sagana, as well as Hermilio Ocampo and Ramon Ng, stockholders and directors of Westwood Entertainment Co that ran the discotheque, were each meted six years to 10 years’ imprisonment. They were found guilty beyond reasonable doubt for violating the Anti-Graft Law for causing undue injury to the pub- lic and giving unwarranted advantage to Westwood. “The death of 162 persons and the serious burns caused to 93 others is proof that undue injury as caused to these private persons. This is enough proof to constitute the third element of the offense charged,” the anti-graft court’s Fifth Division said. The former public officials were also perpetually disqualiп¬Ѓed from holding public office. “Dubbed as the worst п¬Ѓre in Philippine history, which claimed many young lives and several others, the ash and soot of what remained of the structure once known as the Ozone Dance Club led to questions and subsequent investigations of its structural integrity and п¬Ѓre safety measures,” associate justice Ma Theresa Dolores Gomez-Estoesta said. The 76-page decision was concurred in by division chairperson Roland Jurado and associate justice Alexander Gesmundo. The court said the former city officials gave Westwood building permits without conducting an inspection, which led to their failure to detect Ozone’s structural deп¬Ѓciencies. “The slapdash approval of the building permits and certiп¬Ѓcate of occupancy… marked by a lackadaisical screening of the paper requirements . . . marks the building officials’ evident bad faith and manifest partiality to favor applicant, regardless of consequences,” it added. The court noted that the sorry state of the victims whose bodies piled up at the entrance/exit door proved that building requirements and standards were not followed. It said the swing-in entrance door also served as exit and the supposed alternative exits that were obstructed by a sofa and an LPG tank only led to a п¬Ѓrewall. “The trapped patrons could not open the door on the verge of panic and rampage,” the ruling read, citing a report by prosecution witness Senior Fire Officer Revilla defence hit by bumbling вЂ�expert’ Manila Times Makati D etained senator Ramon Bong Revilla Jr paid P200,000 as professional fee to a handwriting expert—a defence witness—who used photocopied documents in examining supposed Revilla signatures on pork barrel disbursements to bogus non-government organisations (NGOs). The expert’s surprising turn tore Revilla’s defence apart, undersecretary Jose Justiniano of the Department of Justice said yesterday of his cross-examination of Disiderio Pagui, a retired chief document examiner of the National Bureau of Investigation (NBI). “P200,000,” Pagui responded when Justiniano asked him how much he was paid by Revilla’s camp for his professional fee as a handwriting expert. Justiniano, who has been deployed to assist government prosecutors, then clariп¬Ѓed that regardless of the professional fee, it was Pagui’s admission that he used photocopied documents in examining the authenticity of Revilla’s signatures that doomed the defence. “He [Pagui] has been with the NBI from 1960 to the 1980s and he has used original copies in examining signature. Suddenly, he deviated and used photocopied documents this time. He said he failed to get the original copies because [they are] with the adverse party. But these are public documents. He could have easily got copies from the NGOs, as well as [from] the government agencies Nabcor, NLDC and TRC who would have the original copies,” he pointed out. “He can’t even identify the writing instrument used in the signatures. If you used a fountain pen, it could smudge the signature. A handwriting expert should know what kind of pen is used in a signature,” Justiniano said. His cross-examination also revealed that Pagui once signed a report during his NBI tenure even if he did not agree with contents of pertinent documents just to please his superiors. “This [revelation] is bothersome because this shows that he can easily succumb to pressure,” Justiniano said. But for Revilla, Pagui’s testimony that the senator’s signatures were forged would boost his case for innocence. “I did not do anything wrong. It is as good as paying the professional fee of a lawyer that you hired. You pay for the expertise, not to make him lie,” Revilla told reporters. Prosecutor Emerita Francia argued that the handwriting expert’s testimony is doubtful at best. “His п¬Ѓndings are totally unreliable since what he used were mere photocopies bearing the [supposed Revilla] signature. Under the law, the court is not bound by the opinion of a handwriting expert, and the original document should be the basis for п¬Ѓnding forgery. Thus, this cannot be considered,” Francia said. 3 Dante Navea. “[C]ustomers . . . started to rush out for safety but because the door leading to the dance floor was installed to open or swing inside, the victims were trapped right at the door due to the inability of the door to open in the direction of travel,” it said. The court also noted that there were irregularities in the application process, compromising the discotheque’s safety features. “The audacity if Westwood Entertainment CoInc in the construction of Ozone Dance Club by evading compliance with the National Building Code to suit its own business purpose is simply overwhelming,” it said. Meanwhile, the court acquitted the other respondents—Raquel Ocampo, Rosita Ku, Sunny Ku and Alfredo Chua—“for lack of proof beyond reasonable doubt”. Renato Diaz’s case was archived pending his arrest as he remains at large. Comelec: Critics are sowing confusion before polls Manila Times Makati T he Commission on Elections (Comelec) yesterday took a swipe at its critics, accusing them of sowing confusion ahead of the 2016 presidential elections. On Wednesday, a former Comelec official, Melchor Magdamo, claimed that the results of the 2013 mid-term elections were electronically doctored to favour administration candidates. Comelec chairperson Sixto Brillantes Jr dismissed Magdamo as a “minor” Comelec lawyer who left the poll body just before the 2010 elections. “He [Magdamo] was already out of the Comelec by April 2010 and did not have any role in the 2013 [polls]. Yet he was making claims of knowing several things,” Brillantes said at a news conference. He accused the Automated Election System (AES) Watch as being behind the poll fraud claims of Magdamo. “This is all just part of an orchestrated move by the same group, our regular detractors, which is the AES Watch, to discredit and create confusion before the 2016 elections,” Brillantes said. The same group also made a lot of noise during 2010 and 2013 elections “but they are never here with us and are not aware of anything happening inside the commission”, he added. Brillantes identiп¬Ѓed former Comelec commissioner AugustoLagman, a leaders of AES Watch, as masterminding the campaign to discredit the poll agency. He said Lagman had opposed the Precinct Count Optical Scan (PCOS) system when he was a poll commissioner and even after his appointment was not renewed by president Benigno Aquino 3rd. “I’m retiring in February. I hope he does, too, and shift his focus to cars,” the Comelec chairman added. Lagman is president of the Automobile Association of the Philippines. AES Watch spokesperson Nelson Celis quickly denied claims of Brillantes that the group was out to sabotage Comelec preparations for the 2016 elections. According to Celis, AES Watch merely wants to “put everything in the right perspective”. “Neither Comelec nor any vendor won’t hear from us if the rules are being followed,” he said in a text message yesterday. Celis added that his group is more than willing to help the Comelec “for the country’s sake”. Magdamo claimed that the Comelec was trying to cover up widespread manipulation of results in the 2013 elections. He said the poll body never revealed a report of the department of science and technology (DOST) that digital lines had compromised counting of the votes. “This is all just part of an orchestrated move by the same group, our regular detractors, which is the AES Watch, to discredit and create confusion before the 2016 elections” Brillantes said Magdamo was misinformed and that it was actually the poll body that asked the DOST to make an assessment on the nature of the digital lines. “There was no attempt to cover up. We discovered the problem and reported it to the DOST. How can they say we’re trying to sweep the issue under the rug?” Brillantes said. He said the Comelec has already made an initial assessment of the digital lines to the elections through the poll protests pending before the commission. He said the evaluation showed that the problems in the digital lines had little effect to the vote counting. “It would not have any effect in the results of the elections,” Brillantes said. He said the Comelec will double check the PCOS machines that will be used in 2016. “We will look at these digital lines because we will try to solve them for the 2016 elections and make sure it will not take place again,” he said. The 80,000 PCOS machines will be randomly tested to determine what caused the digital lines to appear. Railway revamp A Filipino passenger boards a train at a station in Taguig city, south of Manila, Philippines, yesterday. State-owned train system Philippine National Railway (PNR) will upgrade its railways and locomotives through partnership with American based companies Miescorrail, Desco, and General Electric (GE), according to United States embassy trade commissioner Jim McCarthy. The rehabilitation of PNR is the first major upgrade since its acquisition and signified the renewal of business ties between the Philippines and the US, McCarthy added. 16 Gulf Times Friday, November 21, 2014 SRI LANKA/BANGLADESH/NEPAL Dhaka set to focus on connectivity at Saarc By Mizan Rahman Dhaka B Sri Lankan motorists drive past multiple posters of President Mahinda Rajapakse in Colombo. Sri Lanka president seeks re-election The president’s reluctance to relenquish power is eroding his political base AFP Colombo S ri Lanka’s President Mahinda Rajapakse declared yesterday he would seek an unprecedented third term at elections which will be held against a backdrop of growing international pressure over his government’s rights record. The 69-year-old, South Asia’s longest serving leader, announced he would seek a fresh mandate two years before the expiry of his current six-year term by contesting a snap poll expected only days before the pope visits the island in mid-January. Despite recent electoral setbacks for his left-wing nationalist party, Rajapakse remains generally popular with majority Sinhalese voters after overseeing the end of a 37-year war against Tamil separatists in 2009. But he is struggling to avoid international censure over allegations his troops killed 40,000 Tamil civilians in the bloody п¬Ѓnale of the п¬Ѓghting and accusations that his administration has silenced dissenting voices, including the media and judiciary. A lawyer by profession, Rajapakse has rewritten the consti- Sri Lankan President Mahinda Rajapakse signs a proclamation seeking a fresh mandate for a third term, in Colombo. tution to allow him to stand for election again. Were he to win, he could stay in power until 2021. Conп¬Ѓrmation that Rajapakse would stand for re-election came in a brief statement from his office that said he had signed a “proclamation declaring his intention to hold a presidential election seeking another term”. The proclamation has been sent to the chief elections commissioner, who will set the exact date. However ministers have already indicated the election would be in January. An official in the president’s office, who spoke on condition of anonymity, told AFP yesterday that the deadline for nominations was likely to be December 8 and the vote was expected on either January 7 or 8. Pro-government astrologers have previously said the п¬Ѓrst week of January represents the most auspicious window of opportunity, and Rajapakse’s office released photos of him checking his watch Thursday to determine the best time to sign the proclamation. The government is keen to hold the ballot before a scheduled visit by Pope Francis from January 13 to 15, with the Church warning that parties should not use the 24 feared dead as bus falls in river AFP Kathmandu A bus plunged into a deep, fast-flowing river in western Nepal yesterday, with at least 24 passengers feared dead, officials said. Divers were desperately searching for passengers of the bus which was carrying at least 45 people when it veered off a narrow road in Jajarkot region, police officer Sher Bahadur Chaudhary said. “At least two dozen passengers are feared dead,” Chaudhary told AFP from Jajarkot. Search and rescue efforts were being hampered by the Bheri river’s strong current, while the bus itself was completely under water. Army officers and police were also involved in the search that included scouring the river banks. Scores of weeping relatives gathered at the river anxious for news of their loved ones. Jajarkot police chief Dinesh Raj Mainali said rescue workers had found three bodies, including those of two children, correcting his earlier remarks that п¬Ѓve victims had been discovered. “We had earlier on-theground reports saying that п¬Ѓve were found, but I have only been able to conп¬Ѓrm news about three bodies,” Mainali told AFP from the scene. Police have taken ten injured passengers to a nearby hospital for treatment, he said. District official Shivraj Sedhain said search operations, which were ending as darkness fell over the region, would resume at п¬Ѓrst light today. “It’s getting dark and the water current is too fast, pre- venting our divers from making progress at the moment,” Sedhain told AFP. “We will request more help from Kathmandu and restart our search tomorrow,” he said. Police official Chaudhary said he feared the number of people on board may have been higher than the official passenger list since drivers often pick up extra travellers along the route without registering them. Accidents are common on Nepal’s highways because of poor roads, badly maintained vehicles and reckless driving. At least ten people, including a Russian woman, died this month when two buses collided along a national highway in central Nepal. Last month a crowded bus plunged down a hill in a town outside Kathmandu, killing at least 14 people, including two Israelis. trip for political advantage. Rajapakse came to power after narrowly winning the 2005 election, and increased his majority in 2010 after government troops routed the Tamil Tigers. However the spectacular military success also sparked war crimes allegations, and Rajapakse’s administration is facing an international probe ordered by the UN Human Rights Council in line with a US-led resolution in March. His ongoing two-year chairmanship of the Commonwealth has also been overshadowed by the allegations. Rajapakse has consistently refused to co-operate with international investigations, a stance that has strengthened his nationalistic credentials at home. However, there are signs of growing disquiet over his failure to deliver on a promise to return the country to a Westminsterstyle parliamentary democracy by abolishing the all-powerful executive presidency. His sacking of the chief justice in 2013 sparked protests at home and abroad, fuelling accusations of authoritarianism. The election is being held two years ahead of schedule. Under the constitution, the incumbent is allowed to call fresh polls after completing four of his six years in office. It is the п¬Ѓrst time that a president has sought a third term since the former British colony, which lies at the foot of India, adopted a presidential system in 1978. Rajapakse’s United People’s Freedom Alliance vote share plummeted by over 20 percentage points at local elections in September as it suffered its worst performance since he came to power nine years ago. However, a fractured opposition has failed to agree on a common candidate who could mount a serious challenge to Rajapakse. The main opposition United National Party (UNP) vowed unity to challenge Rajapakse and welcomed the early elections. “The opposition will unite behind one candidate whose name shall be revealed in due course,” said Karu Jayasuriya, the chairman of the policy-making leadership council of the UNP. “We look forward to this battle against a corrupt, nepotistic and power hungry incumbent,” Jayasuriya told AFP. On his 69th birthday Tuesday, Rajapakse suffered a minor political setback when a key ally, Sri Lanka’s main party of Buddhist monks announced it was quitting the government in protest at his failure to loosen his grip on power before a re-election bid. The JHU, or National Heritage Party, as well as some of Rajapakse’s stalwarts have criticised his move to call snap elections without delivering on previous pledges. angladesh will give importance to a number of issues, including connectivity, poverty alleviation, youth and the п¬Ѓght against terrorism, in the 18th Saarc Summit which will see the signing of three agreements among Saarc member-states. Three agreements — Saarc Motor Vehicles Agreement for the Regulation of Passenger and Cargo Vehicular Traffic among Saarc memberstates, Saarc Regional Railways Agreement and Saarc Framework Agreement for Energy Co-operation (Electricity) — are likely to be signed in the summit which will be held on November 26-27 in Kathmandu, Nepal. Foreign Minister AH Mahmood Ali said this at a press conference at the foreign ministry in Dhaka yesterday afternoon. State minister for foreign affairs M Shahriar Alam, foreign secretary M Shahidul Haque, secretary (bilateral) Mustafa Kamal and director generals (DGs) of the foreign ministry were present. Prime Minister Sheikh Hasina will lead a 37-member Bangladesh delegation in the summit. Over 90 journalists from Bangladesh representing various media outlets will be there to cover the event. The foreign minister said Bangladesh will focus on 10 core issues — youth development, poverty alleviation, improvement of connectivity, climate change, science and technology, education, women empowerment, food security and combating terrorism — for strengthening co-operation. “We’ll also put emphasis on timely and proper implementation of the decisions within the Saarc,” Mahmood Ali said. He said Bangladesh wants to see Saarc as a more vibrant platform so that it can play an effective role in people’s prosperity. The foreign minister said Bangladesh would give importance to youth development and quality education for them because the future of South Asia depends on the huge young population in the Saarc countries. “These young people would have to be prepared for future leadership.” On signing of three deals, he said the co-operation among the Saarc countries in terms of goods transportation, people- to-people contact, energy cooperation and trade relations would be strengthened once the deals are signed. “I think, Bangladesh’s bilateral and multilateral relations with the Saarc countries will be strengthened further once the deals are signed,” Mahmood Ali said. He said prime minister Sheikh Hasina’s active participation in the Saarc Summit will help strengthen cooperation among the member states in the areas of connectivity, trade, energy and security. Responding to a question, the foreign minister said the Saarc has come a long way in bringing people closer to each other. “Progress is there. But there could be more progress. The success what has been achieved can’t be undermined.” Mahmood Ali said it will be a big breakthrough if the Motor Vehicles Agreement is signed. Bangladesh wants to see Saarc as a more vibrant platform so that it can play an effective role in people’s prosperity Responding to a question on talks on the sidelines with the leaders of Saarc countries, including those of India and Pakistan, the foreign minister said nothing is п¬Ѓnalised yet. “We’ll let you know if we can hold meetings and if there is any progress or outcome.” Asked whether there will be a meeting with Pakistan prime minister Nawaz Sharif, the foreign minister said, “I don’t know. We haven’t said anything (about the meeting).” The four-stage 18th Saarc (South Asian Association for Regional Cooperation) Summit begins on November 22 and concludes on November 27. The summit will be preceded by the thirty-sixth session of the Saarc Council of Ministers on November 25, the forty-п¬Ѓrst session of the Standing Committee on November 23-24, and the forty-sixth session of the Programming Committee on November 22. The Saarc Summit, led by the heads of state and government of the member states, will be held at Rastriya Sabha Griha (The City Hall), Pradarshani Marg, Kathmandu on November 26-27, according to Nepal’s foreign ministry. The theme of the summit is вЂ�Deeper Integration for Peace and Prosperity’. Nepal festival Devotees holding oil lamps walk around Pashupatinath Temple during the Bala Chaturdashi festival in Kathmandu yesterday. The festival is celebrated by the worshippers by lighting oil lamps and scattering seven types of grains along a route at the temple. Gulf Times Friday, November 21, 2014 17 THE SPIRIT OF TRUTH Knowledge is the foundation of true fear F ear is the sensation that results from the anticipation of an expected harm; it is also felt when a person loses, or expects to lose something he cherishes. It is the exact opposite of security and can be applied to worldly matters as well as those of the Hereafter. Fear is a state of disturbance of the heart from an evil or harm that may befall a person, or, it can be the sensation it feels when missing out on something that is beloved to it. Imam Ibn Qudamah, may Allah have mercy upon him, said: “Fear is no more than the pain and burning that one п¬Ѓnds in his heart due to an expected harm; it is like the example of one who committed a crime and was subsequently caught; such a person will fear being sentenced to death, and the pain which his heart will suffer is dependent on how certain he is that he will (or will not) be sentenced, depending on the severity of his crime … sometimes one fears the ruler due to the power of the latter. Thus, when one realises the power of Allah and knows that if Allah wished to destroy all His creation it would not affect Him, nor could anyone stop Him from doing so, and therefore, one would fear Allah to the extent of the sins that he has committed. This is the fear of warning.” There is a certain type of fear that is experienced only by the knowledgeable, and it is called Khashyah in Arabic, as Allah The Almighty Says (which means): “…Only those among His servants fear Allah who have knowledge…” (Qur’an, 35:28) This is fear that is based on knowledge. Ordinary believers experience a general fear of Allah The Almighty whilst Khashyah is only experienced by the devout believers and the scholars from among them; the more knowledge one has regarding Allah The Almighty, the more he will fear Him. When one fears a person who may or may not apprehend him then this is an ordinary fear, whereas if he is absolutely sure that this person can seize him and inflict harm upon him, then it is Khashyah. Fear, with its various different meanings, is mentioned in many places in the Qur’an, and its causes are varied: Fear of being killed or defeated; Allah The Almighty Says (what means): “And when there comes to them something [i.e., information] about [public] security or fear…” (Qur’an, 4:83) Fear during war and hostility; Allah The Almighty Says (what means): “… And when fear comes, you see them looking at you, their eyes revolving like one being overcome by death. But when fear departs, they lash you with sharp tongues…” (Qur’an, 33: 19) вЂ�Fear’ in this verse refers to war. Fear resulting from knowledge, as Allah The Almighty Says (which means): {“But if one fears from the bequeather [some] error…”} (Qur’an, 2 :182) Allah The Almighty also Says (what means): “…Unless both fear that they will not be able to keep [within] the limits of Allah…” (Qur’an, 2: 229) вЂ�Fear’ in this verse is due to one’s knowledge. Fear due to decrease in numbers, as Allah The Almighty Says (what means): “Or that He would not seize them gradually [in a state of dread].” (Qur’an, 16: 47) This is the fear that people feel regarding a decrease in their numbers, which would be the result of them being killed, or facing death in any other way. Fear of punishment, as Allah The Almighty Says (what means): “…They [i.e., the believers] supplicate their Lord in fear…” (Qur’an, 32:16) Imam Ibn Qudamah, may Allah have mercy upon him, said: “Know that fear is the whip by which Allah controls His slaves so that they may continue exerting effort in order to come close to their Lord; fear is the light which illuminates the heart and enables it to distinguish good from evil.” When a person fears another, he will attempt to flee from him, and this is the case for everyone except Allah; one escapes from Him by fleeing to Him. Fear does not depart from one’s heart except that it causes its ruin, because when fear is present in one’s heart, it burns all desires and expels the pleasures of this life from it. Fear causes a person to wake up from his heedlessness and puts him back on the right path after he has diverted from it. Being fearful is not an objective in itself, meaning, we do not feel fear due to any contentment that comes with being afraid, but rather, it should be a means to rectify our condition. Article source: http://www.islamweb.net/emainpage/ Renewing faith through fear and hope T Living in harmony with our surroundings I could understand “do not drink the water.” Or even “no swimming - polluted water.” But “do not touch the water”!? Something about that sign, and the reality it pointed to seemed deeply, irrevocably wrong. The fact that it was the nearest campground to Disneyland somehow made the whole situation even creepier. The memory of that toxic waste dump campground remained with me for years. I gradually realised that the place was not just the perfect anti-campground, but also an image of anti-paradise: a place where the flowing water is too п¬Ѓlthy to be used to purify ourselves before prayer, and where the natural plants and creatures are poisoned and dying. The Qur’an tells us that the Paradise promised to believers is a garden with rivers flowing beneath. It is п¬Ѓlled with fruits and flowers and growing things, offering nectar better than the п¬Ѓnest earthly wine, and beauties and pleasures beyond earthly imagination. While we can never create such a perfect paradise on earth, Muslim architects, land-use planners and artists have sometimes used this image as a model for their efforts to preserve and celebrate the natural beauty of creation. Why not? The Qur’an tells us that all of nature is a sign of Allah, reflecting some of His mercy and magniп¬Ѓcence. Indeed, all of nature, in the Islamic view, is in a state of continuous worship. Trees and grasses, п¬Ѓsh and animals, are all bending in a sweet, invisible breeze that wafts their worship back toward their Creator. Human beings can learn from this process and seek harmony with it by joining creation in worship of the Lord of all worlds and creation. Or else, they can obstinately rebel, imagining themselves cut off and self-sufficient, and persist in transgressing the bounds that Allah has set for them until the inevitable payment comes due. In contrast to the prevailing view of nature in the West as a savage, fallen chaos that must be tamed by conquest, Islam insists that nature is respected and invites humans to learn from it and join it in harmonious coexistence. The polluted-campground experience awakened me to the fact that something is very wrong with the way of life that produced such a place, and that Islam holds the keys to understanding the root causes and solutions of our current environmental dilemma. It convinced me that we Muslims should be putting Islamic environmental activism at the very top of our social and personal agenda. Our planet is in a state of environmental crisis, and as Muslims we are the custodians of Allah’s last revelation, a revelation that gives humanity the knowledge and inspiration it needs to live in peace and harmony - in this life and the next. The Qur’anic solution to the problem of environment is, in a word, holistic and comprehensive. Living a truly Islamic life requires avoiding the evils of extravagance and the insanity of materialism, and that we attain harmony with our surroundings and have compassion for other creatures. It all begins, however, with the right orientation towards life: complete submission to Allah, The One Creator of all, and that this submission should be marked by pious awe, loving gratitude, inner peace, the struggle to do good, and the constant awareness that Allah is greater than any aspect of His creation. The Qur’anic orientation provides the key to restoring the lost balance between humans, nature, and The One who created both (i.e .Allah) Materialists and atheists say that nothing is sacred, which implies that there are no limits to what humans can do to gratify their material desires. Materialist culture, as my wise humanities professor once said, has two distinguishing characteristics: A tremendous drive to achieve more and more control over the natural world, and an equally energetic drive to re-make and perfect human society. Humans as trustees and keepers of the Earth Islam teaches that we are the successors and trustees of Allah on this beautiful earth, not prisoners in a flawed world that needs to be radically re-made. As successors, our task is to preserve and appreciate the beauty and goodness we п¬Ѓnd, in grateful submission to its Creator. All of our planet’s scientists are needed for a more obvious and simple task: Taking care of the planet Allah has given us, and taking care of our fellow human beings. This means п¬Ѓnding ways to live, and live well, while expending far less physical energy, and making far less obtrusive changes to our physical environment, than is customary today. It means п¬Ѓnding ways to redistribute the planet’s wealth more equitably, in the environment of zero economic growth or even negative growth that will surely be upon us in just a few short years, when oil production peaks and starts to decline. “Allah loves not the wasters” So, too, is the Islamic injunction: “Waste not!” Both the Qur’an and Sunnah make it absolutely clear that avoiding waste and prodigality is a matter of the highest importance. For example, Allah says (what means) : “Do not be extravagant, for Allah does not love the wasteful” [Qur’an, 96:141]. And He Says (what means): “But waste not by excess, for Allah loves not the wasters” [Qur’an, 7:31]. And (what means): “Squander not in the manner of a spendthrift. For wasters are the brothers of the Satan, and the Satan is to his Lord ungrateful” [Qur’an, 17:26-27]. Here we see that the root of wasting is ingratitude: those who respond to the marvelous beauty and bounty of Allah with gratitude and amazement are happy with a little, while the ungrateful one is never satisп¬Ѓed no matter how much he has, so he abandons himself to an ever-increasing cycle of consumption and waste. If humanity is to survive, it will have to move from the spiritual state of ingratitude to gratitude and give up its wasteful ways, as the Qur’an urges. Conserving food and water Along with this Qur’anic teaching, the Sunnah (prophetic tradition) provides us with the best example of living in a state of gratitude and avoiding waste. The Prophet Muhammad (sallallaahu вЂ�alaihi wa sallam) was famous for his attention to conserving and avoiding waste. He was careful not to waste a crumb of food, licking the last morsel from the utensils so that nothing would go to waste. He urged believers to avoid using more water than necessary when performing an act of worship like ablution. If we must be careful not to waste a drop of water in our ablutions, how much more necessary must it be to avoid waste in lessimportant activities. Unfortunately the dominant way of life among well-off people everywhere, especially in the West, is marked by unbelievable waste and extravagance. We eat more than what is good for us, buy things we do not really need, throw away things that either still work or could be repaired, buy oversized large vehicles and drive short distances instead of walking or bicycling, build larger houses than we need and heat and cool them far beyond minimal comfort standards, waste huge amounts of water maintaining herbicide-sprinkled lawns and golf courses, and so on. In perhaps the single most absurd display of extravagance in all history, we are, in the US, currently burning up fossil fuels at a rate that will ensure that our economy, our environment, or both will completely collapse in the near future. This lunatic way of life, whose seductive pleasures and comforts disguise its utter madness, its complete lack of sustainability, was not developed by Muslims. To be true to our religion, we must change our ways, and make an effort to conserve, educate, and build alternative institutions to mitigate and help cope with the coming economic and environmental meltdown, preserve and strengthen of our Islamic communities and institutions, and think about how they can be of service in the struggle to help humanity exercise responsible stewardship over our corner of creation. (This article was written by an American Muslim) Article source: htp://www.islamweb.net/ emainpage/ exts from the Qur’an: The hope of the believers which is accompanied with good deeds; Allah The Almighty Says (what means): “Indeed, those who have believed and those who have emigrated and fought in the cause of Allah those hope (i.e., expect) the mercy of Allah.” (Qur’an, 2: 218) They believed, gave up their homes, migrated to strange countries, fought for the sake of Allah The Almighty, sacriп¬Ѓced, suffered the perils of war, and put up with the hunger, thirst and exhaustion that accompany Jihaad (struggle). Such people can rightly hope for the mercy of Allah The Almighty and for His Paradise. Hope for the forgiveness of sins; Allah The Almighty Says (what means): “Say, вЂ�O My servants who have transgressed against themselves [i.e., by sinning] do not despair of the mercy of Allah. Indeed, Allah forgives all sins [i.e., for those who repent and correct themselves].” (Qur’an, 39: 53) Regardless of how many sins one has committed, minor or major, one should never despair of the forgiveness of Allah The Almighty. Allah The Almighty Says (what means): “Say, вЂ�To whom belongs whatever is in the heavens and earth?’ Say, вЂ�To Allah.’ He has decreed upon Himself mercy. He will surely assemble you for the Day of Resurrection, about which there is no doubt. Those who will lose themselves [that Day] do not believe.” [Qur’an, 6: 12] Imaam ibn Jareer At-Tabari, may Allah have mercy upon him, commented on this verse saying, “Allah has decreed that He will be merciful with His slaves, but how was His mercy expressed? He did not punish them although they deserved it (due to their sins); rather He delayed and accepted their repentance, which made them have hope.” Hope even applies to worldly matters, like hoping for wealth, children, a wife, a job, п¬Ѓnding what is lost, and so on. Prophet Ya’qoob, may Allah exalt his mention, taught his children to have hope in п¬Ѓnding their lost brother Yusuf, may Allah exalt his mention: “O my sons, go and п¬Ѓnd out about Yusuf and his brother and do not despair [i.e., lose hope] of relief from Allah. Indeed, no one despairs of relief from Allah except the disbelieving people.” (Qur’an, 12: 87) Texts from the Sunnah (Prophetic tradition): Anas bin Maalik, may Allah be pleased with him, reported that the Messenger of Allah, sallallaahu вЂ�alaihi wa sallam, said: “Allah the Exalted has said: `O son of Aadam! I forgive you as long as you pray to Me and hope for My forgiveness, regardless of the sins you have committed. O son of Aadam! I do not care if your sins reach the height of the heaven; if you then ask for my forgiveness, I would forgive you. O son of Aadam! if you come to Me with an earth load of sins, but meet Me associating nothing with Me, I would match it with an earth load of forgiveness.’” [At-Tirmithi] On the deathbed, people have two different sensations, fear or hope. One must always train himself to have good expectations of his Lord, because Allah The Almighty will treat a person according to his expectations. The Prophet, sallallaahu вЂ�alaihi wa sallam, advised three days before his death: “Let none of you die unless he has good expectations of Allah.” [Muslim] Thus, we are encouraged have hope at the time of our deaths. This is why some of our Salaf (righteous predecessors), may Allah have mercy upon them, would command their children to recite the verses from the Qur’an that mention the mercy of Allah The Almighty whilst they were on their deathbed, in order to have good expectations of their Lord before dying. The Prophet, sallallaahu вЂ�alaihi wa sallam, said: “A believer will be brought close to his Lord on the Day of Resurrection and (He will) envelop him in His Mercy, He will make him confess to his sins saying: `Do you remember (doing) this sin and that sin?’ He will reply, вЂ�My Lord, I remember.’ Then He will say: вЂ�I covered it up for you in the worldly life, and I forgive you for it today.’ Then the record of his good deeds will be handed to him.” [Al-Bukhari and Muslim] The Messenger of Allah, sallallaahu вЂ�alaihi wa sallam, said: “He who loves to meet Allah, Allah loves to meet him; and he who dislikes to meet Allah, Allah abhors to meet him.” [Muslim] Thus, one should combine fear of and hope in Allah The Almighty. Article source: http://www.islamweb.net/emainpage/ 18 Gulf Times Friday, November 21, 2014 COMMENT Chairman: Abdullah bin Khalifa al-Attiyah Editor-in-Chief : Darwish S Ahmed Production Editor: Amjad Khan P.O.Box 2888 Doha, Qatar [email protected] Telephone 44350478 (news), 44466404 (sport), 44466636 (home delivery) Fax 44350474 GULF TIMES American politics: post-midterms, back to gridlock In the two weeks since President Barack Obama and top Republican congressional leaders vowed to seek common ground following GOP election victories, that goal has remained elusive. On issue after issue, the two sides are taking positions and threatening п¬Ѓghts that renew the battles that have marked much of the Obama presidency. A big reason is that, behind their promises of co-operation is a basic disagreement about the election’s meaning: Republicans interpreted it as a repudiation of Obama and everything he stands for, while Democrats saw it as a vote against bipartisan gridlock and a plea to get something done. As a result, legislative confrontations loom in at least four major cases where GOP lawmakers remain determined to keep blocking Obama’s priorities: immigration, climate change, a nuclear agreement with Iran and the Affordable Care Act. And in a п¬Ѓfth area - the Keystone pipeline - it’s the Republicans who want action and the president who is resisting. The conservative-dominated House GOP last week passed legislation to build the controversial Keystone pipeline project the Obama White House has stalled for several years, pending a State Department study of environmental concerns. Politics is behind the flurry of action: House Republicans scheduled last week’s vote to boost GOP Rep. Bill Cassidy in his Dec 6 Louisiana Senate runoff against Democratic Sen. Mary Landrieu. Tuesday’s Senate vote was scheduled so Landrieu could show her clout, but the measure missed the required 60 votes by one. Nearly 17 months after a bipartisan Senate majority passed a compromise immigration bill, the White House has gotten tired of waiting for Speaker John Boehner to fulп¬Ѓl repeated promises of House action. Now, Obama plans to use his executive authority to put portions into effect, allowing up to 5mn illegal entrants to remain legally in the US. He is proceeding despite increasingly fervent GOP warnings against unilateral action. Incoming Senate Majority Leader Mitch McConnell likens it to “waving a red flag in front of a bull,” while Boehner vows that, if Obama acts, House Republicans will п¬Ѓght him “tooth and nail,” something they’ve already been doing. This issue is especially important to Democrats. Obama damaged himself with Hispanic leaders by delaying action last summer in a futile effort to save several embattled Democratic senators, Now, he needs to fulп¬Ѓl his promise to act and probably won’t mind if Republicans once more oppose a top Hispanic priority. Last week, Obama reached a ground-breaking agreement with China on climate control, the п¬Ѓrst time the Chinese have been willing to curb greenhouse gas emissions. Even before the US concludes talks with Iran on a potentially ground-breaking agreement curbing its nuclear programme, Republicans and pro-Israel Democrats are warning they might oppose it. Though McConnell has backed off his campaign pledge “to pull it out root and branch,” other Republicans still want to stop funding the Affordable Care Act, possibly by amending the year-end funding bill or a subsequent measure; that too could bring a presidential veto shutting down the government. Given all this, it’s hard to see where compromises can be reached, short of one side or the other abandoning its position. Breakout: On issue after issue, the two sides are taking positions and threatening fights To Advertise [email protected] Display Telephone 44466621 Fax 44418811 Classified Telephone 44466609 Fax 44418811 Subscription [email protected] 2014 Gulf Times. All rights reserved вЂ�Hard diplomacy’ despite China showing softer side Flurry of deals and handshakes as Beijing opens up; “softer” diplomacy yet to be truly tested By Ben Blanchard/Reuters Beijing F rom a military rules-of-theroad agreement with Washington to $20bn in loans for Southeast Asia, Beijing has set aside the tensions of recent years to present a softer side to the world in the last week. But proof of whether President Xi Jinping is serious about narrowing differences that have marked his п¬Ѓrst two years in office will depend on how China’s festering disputes are managed in the months ahead. The possibilities for disagreement are many, from cyberspying to land reclamation in the disputed South China Sea and the deeply emotional issue for China of how Japan deals with next year’s 70th anniversary of the end of World War Two. China set nerves on edge with its air defence zone over the East China Sea, by sending an oil rig deep into waters disputed with Vietnam and by unveiling advanced new weapons, including a prototype stealth п¬Ѓghter. But in recent days, China has gone out of its way to set minds at ease as Xi hosted the Asia Paciп¬Ѓc Economic Co-operation (Apec) summit. China made conciliatory gestures to Vietnam, the Philippines and Japan, and, with US President Barack Obama, agreed to a climate deal and to lower the risk of misunderstandings during military encounters. “We still have to observe what happens in the next six to 12 months or even longer. But I think that now we stand at the beginning of a substantive change in Chinese foreign policy,” said Shi Yinhong, head of the Centre for American Studies at Beijing’s Renmin University who has also advised the government on diplomatic issues. Reliance on the military has been replaced by money to guide China’s diplomacy, Shi added, pointing to the $40bn New Silk Road fund and $50bn China-backed Asian Infrastructure Investment Bank Chinese President Xi Jinping speaks during a news conference with US President Barack Obama (not pictured) in the Great Hall of the People in Beijing, in this November 12 file picture. From a military rules-of-the-road agreement with Washington to $20bn in loans for Southeast Asia, Beijing has set aside the tensions of recent years to present a softer side to the world in the last week. announced before Apec. More than $120bn has been promised since May to Africa, Southeast Asia and Central Asia. “The message is that China sincerely hopes that it can play its role as a responsible power,” the official China Daily newspaper wrote in an editorial on Monday. The root causes of past disagreements have, for now, been set aside. State-run Xinhua news agency sought to temper expectations following Xi’s meeting with Obama last week, saying that, despite the “amicable tone”, “still much has to be done to translate promises into reality”. As if to remind the US of China’s growing military power, the day before Xi and Obama’s summit, the Chinese military unveiled a sophisticated new stealth п¬Ѓghter jet at an air show in the south of the country. “A lot of problems exist and there will be a lot of uncertainty in the days to come,” said Jia Qingguo, dean of the School of International Studies at Peking University who has also advised the government on diplomacy. China has long sought to address fears in the region, and globally, that economic growth will inevitably bring a more muscular diplomatic and military approach. During a summit of Southeast Asia leaders in Myanmar last week, Chinese Premier Li Keqiang proposed a friendship treaty, yet held to the line that Beijing will only settle South China Sea disputes directly with other claimants. Philippine President Benigno Aquino said he and Xi had a good meeting in Beijing, but the Philippine military says there has been no sign of China reducing its presence in parts of the South China Sea that Manila also claims. Then there is Japan. China and Japan, the world’s second- and third-largest economies, have argued bitterly for two years over disputed islands, regional influence and the legacy of Japan’s wartime occupation of China. While Xi and Japanese Prime Minister Shinzo Abe held breakthrough talks just before Apec, in recognition of the economic damage inflicted by their row, suspicion runs deep. “Whether or not incidents or disturbances can be prevented from happening again between the two countries depends on Japan’s attitude and actions,” Han Zhiqiang, acting Chinese ambassador to Japan, was quoted saying in state media last week. China has already promised highproп¬Ѓle events to mark next year’s World War Two anniversary, offering another opportunity to accuse Japan of not properly atoning for its past. “Japan is particularly worried about how the anniversary will be handled in China,” said one Beijing-based Western envoy. India presents another problem, with no sign of lasting resolution to a festering border dispute. In recognition of the world’s concerns, Xi, speaking to Australia’s parliament on Monday, channelled an ancient expression to assuage worries: “A war-mongering state will eventually die no matter how big it is”. He did not п¬Ѓnish the saying, whose last line reads: “Though the world is peaceful, you will be in danger if you forget about preparing for war”. Post-Soviet conп¬Ѓdence games By Stefan Wolff London I t is starting to look like a pattern. After painstaking talks, the parties in the Ukraine conflict come to an agreement – only to have it fall apart or fail to be fully implemented. At least three separate deals to resolve the crisis have been struck, and each has quickly unravelled. Even a unanimous vote in the United Nations Security Council condemning the downing of Malaysia Airlines Flight 17 and demanding access to the crash site has failed to produce the desired results. Over three months later, Dutch investigators have still not been able to conduct all necessary visits. The usual diagnosis for the repeated failure to forge a lasting agreement is a lack of trust on both sides of the conflict, for which the usual prescription is to introduce a series of conп¬Ѓdence-building measures. If only the Ukrainian national government in Kiev, its Western allies, Russia, and the Ukrainian separatists could learn to trust each other, the thinking goes, perhaps a settlement could be reached. But conп¬Ѓdence-building measures are not the panacea that they are so often portrayed to be. To be sure, there are cases where the absence of trust-building efforts could partly explain why a conflict drags on. The 25-year tug-of-war between Armenia and Azerbaijan over the region of Nagorno-Karabakh is a prime example. But there are also conflicts in which years of conп¬Ѓdencebuilding measures have not only failed to produce a solution but have also prevented one from taking shape. The parties tussling over Georgia’s breakaway regions of South Ossetia and Abkhazia spent some 15 years taking part in conп¬Ѓdence-building measures, before Russia upended the status quo in 2008 by recognising both regions’ independence. Since then, conп¬Ѓdence-building has continued in the form of regular talks in Geneva, but nearly 30 rounds of meetings over the past six years have yet to yield tangible progress. Of all of the so-called “frozen conflicts” in the former Soviet Union, the dispute over Transnistria, the strip of land between the Dniester River and Moldova’s border with Ukraine, was once considered the most amenable to resolution. And yet, even there, two decades of conп¬Ѓdence-building measures have been unsuccessful. Yes, such measures have helped to maintain open lines of communication, preventing small disputes from escalating into violent conflict. But, despite the best efforts of the OSCE, the European Union, the United States, Ukraine, and even Russia, the conflict is no closer to a settlement than it was when the process began. There are three major reasons why real progress has failed to materialise in Transnistria. For starters, the conп¬Ѓdence-building measures put in place lack local support. Neither the elite nor the public, on either side of the conflict, see a realistic chance for rapprochement in the near future. Second, conп¬Ѓdence-building, to some extent, has worked against an ultimate settlement of the conflict. Since the 1990s, the two sides have struck some 170 agreements. But, by making the status quo more comfortable and reducing the need for game-changing moves, these have been steps away from, not toward, a solution. Finally, conп¬Ѓdence-building does not happen in a vacuum, but within a speciп¬Ѓc regional and global geopolitical context. More often than not, the conflicting agendas of the great powers have stood in the way of a п¬Ѓnal settlement. The lesson for Ukraine is that while building conп¬Ѓdence may be necessary, it is not sufficient to resolve the crisis. If it is to help move the parties toward a п¬Ѓnal agreement, certain conditions must be met. Technical expertise is needed to design and implement measures that are part of a strategic vision to end the conflict. But such measures will be effective only if the regional and global geopolitical environment supports the search for a resolution. Most important, local leaders must be genuinely committed to the process, rather than seeking to curry favour with donors. The lack of technical expertise is not a major problem in eastern Ukraine. But, as in all of the post-Soviet conflicts, the search for a solution is not taking place in a favourable geopolitical climate. Nor are local leaders committed to building trust and conп¬Ѓdence; indeed, separatists are engaged to just the opposite. Conп¬Ѓdence-building measures can help to stabilise a conflict, but the stability they generate is often fragile and temporary. In an environment like that in Ukraine, there is a risk that such measures will sustain, not end, the conflict. - Project Syndicate O Stefan Wolff is Professor of International Security at the University of Birmingham. Gulf Times Friday, November 21, 2014 19 COMMENT Questions over Mali’s Ebola response Before the current outbreak in Mali, the WHO had categorised the country as at-risk, due to its long border and strong economic ties with Guinea IRIN Bamako T he failure of a top Malian hospital to detect probable cases of Ebola has raised questions about whether the country’s health system is sufficiently prepared to tackle the disease. “We have several conп¬Ѓrmed cases,” Samba Sow, head of the Mali’s National Centre for Disease Control (CNAM), told IRIN. “Our goal is to prevent the virus from spreading.” But the government only released an Ebola emergency plan on 30 October, a week after the п¬Ѓrst Ebola case. In Kayes, where a two-year-old girl tested positive for Ebola on October 23, the hospital was caught off-guard. Only two of its 160 workers had received training on how to detect and treat Ebola patients and how to protect themselves while doing so, said hospital director Toumani KonarГ©. “The staff had the right protective gear, but they didn’t know how to use it,” he told IRIN. Before the current outbreak in Mali, the World Health Organisation (WHO) had categorised the country as at-risk, due to its long border and strong economic ties with Guinea, where the epidemic began. It was targeted as a country to receive technical assistance, including training on infection prevention, epidemiological surveillance and contact tracing. Mali’s Ebola response leader Samba Sow (wearing white) speaks to Malian President Ibrahim Boubacar Keita in Kouremale, at Mali’s border with Guinea. Sow said preparations started in April. However, those preparations were focused mostly on the 805km border that Mali shares with Guinea. The government started to send a few health workers to check travellers for fever and other signs of the virus among the chaos of trucks, buses, bush taxis and motorbikes at border checkpoints. The Ministry of Health says the KouremalГ© border checkpoint, where an imam who died of Ebola in Mali on October 27 had entered from Guinea, checks more than 1,000 people and 150 vehicles per day. But some Malians are concerned: “I wonder how the Guinean patient could cross our borders and be admitted so easily to a clinic as renowned as Clinique Pasteur,” said Moussa Camara of Mali’s National Youth Council. “The fact that the patient was coming from KourГ©malГ© in Guinea, a centre of the Ebola outbreak, should have alerted authorities.” Ibrahima SocГ©-Fall, the WHO representative in Mali, said the country has the capacity to tackle the disease. “You can’t say Mali wasn’t prepared, people were trained,” Fall told IRIN, although he did not specify how many. The Malian authorities are working with international partners, among them WHO, the US Centers for Disease Control, Unicef, NGO Alima, and Croix Rouge Mali to trace, isolate and monitor over 400 contacts of those who have died. Several WHO epidemiologists will soon join CNAM’s rapid response team of doctors, nurses, social workers and laboratory technicians. Oumar Ouologuem, a communications officer with the Ministry of Health, said the government is planning an isolation and treatment centre in Siby, 50km southwest of the capital. “When we started making plans for a centre in town, the neighbours objected,” said Ouologuem. “That’s why we decided to п¬Ѓnd a location outside the capital.” The authorities say the site will open if they have more cases, but could not give a precise date. MГ©decins Sans FrontiГЁres (MSF) has set up two treatment centres, one in Bamako and one in Kayes. For the moment, its treatment centre in Bamako is the only one there. Natalia Torrent, the Ebola response coordinator in Mali for MSF-Spain, told IRIN they have six beds for suspected cases and six for conп¬Ѓrmed cases, adding: “We are working on enlarging the site and giving technical advice on how to set up the CNAM treatment centre.” In one area, at least, Mali’s health system seems to be already up to speed. Mali’s national laboratory, SEREFO, one of one of the hills overlooking Bamako, boasts a level-3 biosafety laboratory, equipped by the US National Institutes of Health (NIH) to handle the diagnosis of tuberculosis, HIV and Ebola. SEREFO director Ousmane Koita said their lab can get Ebola test results within a few hours. Even so, if the number of suspected cases continues to rise, it will have a hard time keeping up. Weather report The Fed’s culture war Three-day forecast TODAY By Mark Roe Cambridge A t a closed-door conference attended by senior bankers, regulators, and some academics, Federal Reserve Governor Daniel Tarullo and Federal Reserve Bank of New York President William Dudley used their bully pulpit to do something unexpected. Instead of focusing on how to bolster bank stability – channelling more capital toward the largest institutions, curbing their riskiest activities, and determining how to manage a failing bank without bailing it out – the officials discussed the bankers themselves. Tarullo focused on managerial misbehaviour, arguing that managers who do not comply fully and willingly with regulations should face tougher sanctions than they do now. Instead of blaming “a few bad apples” for wrongdoing, he insisted, institutions should implement controls that prevent “bad apples” from poisoning the organisation. To this end, organisations should embed respect for law, regulation, and the public trust in internal compensation systems. Moreover, Tarullo cited criminal prosecution and imprisonment of individuals as the most effective way to deter illegal conduct, such as breaches of antitrust law. Of course, as he acknowledged, prosecuting an individual for such violations is difficult, because regulators lack criminal enforcement powers, evidentiary hurdles are high, and the circumstances are often uncertain. But regulators have not taken enough advantage of the authority that they do have to punish errant managers: they can ban these individuals from working in п¬Ѓnance. According to Tarullo, a few wellchosen “bans from banking” could change the п¬Ѓnancial industry for the better. He urged bank boards and senior executives to preempt such bans by п¬Ѓring highly problematic managers publicly, rather than sending them quietly out the back door. Public executions would deter the rest of the organisation from bad behaviour. Dudley also placed the onus for change on senior bank managers. In discussing bank culture – a major topic of interest for him and the New York Fed – he encouraged senior bankers to align their organisations’ cultures with the public interest and regulatory parameters. Instead of viewing the law as a problem to manage and, if possible, evade, bankers should recognise and respect its vital importance (a point that Tarullo also made). In this sense, Dudley said, the banking industry “is not close to where it needs to be.” Like Tarullo, Dudley stressed that violations should not be treated as isolated actions by deviant employees, but as evidence of failure by senior managers – from the boardroom to the executive suite – to orient bank culture properly. Violations should thus catalyse a concerted effort by senior managers to bring so-called rogue bankers under control and to infuse their organisations with an ethos of compliance and integrity. If they are unable to do so, Dudley argued, a reasonable conclusion would be that the organisation is too big to manage. For at least a few listeners, this statement probably evoked memories of the trader known as the “London Whale,” who lost at least $6bn at JP Morgan Chase – America’s largest bank – in 2012. The bank’s riskmanagement team, reputedly the best in the world, failed to identify a rogue trader in their midst until it was too late. The focus on individuals’ responsibility within banks represents a notable change in regulators’ approach, and it was reinforced by a third initiative, which other speakers emphasised: using deferred debtbased compensation to tie managers’ pay to bank safety and soundness. Catalysing a shift in bank culture will not be easy. Bankers know that assuming substantial amounts of low-probability, high-impact risk often beneп¬Ѓts bank shareholders and bolsters their own bonuses. But, when things go wrong, the government picks up much of the bill – and the real economy suffers. Complicating matters further is that risk-taking by banks – even at extreme levels – is not always unethical, rogue, or fraudulent. It often appears responsible and innovative. The problem with innovation is that no one can predict the precise impact it will have. In fact, the 2008-2009 п¬Ѓnancial crisis was more a consequence of error and misdirection than fraud and explicit misconduct by bankers. Nonetheless, the kind of cultural and behavioral initiatives that Tarullo and Dudley proposed are worth pursuing. Indeed, aligning the п¬Ѓnancial interests of managers and senior bankers with regulators’ efforts to boost capital, reduce risk, and make bank failure a real possibility would go a long way toward making banks safer. But there is one critical caveat: Regulators’ core organisational objectives must have priority over soft, culture-related goals, with the latter supporting – not displacing – the former. Tarullo and Dudley understand this – but other, less adept officials may not. If people-focused efforts begin to eclipse regulators’ core responsibilities, much of the progress that has been made in recent years toward bolstering banking safety will be lost. That could turn out to be the riskiest move of all. - Project Syndicate High: 28 C Low: 21 C Moderate temperature during the day with scattered clouds SATURDAY High: 29 C Low : 21 C P Cloudy SUNDAY High: 28 C Low : 22 C Clear Fishermen’s forecast OFFSHORE DOHA Wind: NW-NE 08-18/22 KT Waves: 3-5/7 & 2-4 Feet INSHORE DOHA Wind: NW-NE 03-13 KT Waves: 1-2/3 Feet Around the region Abu Dhabi Baghdad Dubai Kuwait City Manama Muscat Riyadh Tehran Weather today Clear M Cloudy Clear Clear Clear Clear P Cloudy P Cloudy Max/min 28/22 23/12 28/19 25/16 26/21 32/23 24/18 12/03 Weather tomorrow Clear Clear Clear P Cloudy Clear Clear P Cloudy Clear Max/min 28/22 25/13 29/18 23/17 26/21 30/22 27/18 13/04 Weather tomorrow Clear Rain Clear P Cloudy P Cloudy P Cloudy T Storms P Cloudy P Cloudy C Showers C Storms Clear C Rain M Cloudy Clear P Cloudy P Cloudy P Cloudy C Showers P Cloudy T Storms Clear Cloudy Max/min 16/10 21/16 34/23 06/03 23/15 23/15 30/24 29/17 24/19 12/09 34/26 32/18 11/11 31/24 -2/-7 26/11 03/-3 13/08 31/21 16/07 31/26 33/18 17/11 O Mark Roe is a professor at Harvard Law School. Live issues вЂ�Lost’ п¬Ѓrst languages leave permanent mark on brain By Holly Young Guardian News & Media “ Lost” п¬Ѓrst languages leave a permanent mark on the brain, a report has found. The study, published in the Proceedings of the National Academy of Sciences (PNAS) in the US, challenges the existing understanding that exposure to a language in the п¬Ѓrst year of a child’s life can be “erased” if he or she is moved to a different linguistic environment. The study showed that Chinese children, adopted at 12 months to French-speaking families in Canada, responded to Chinese tones, despite having no conscious understanding of the language. The experiment involved 49 girls aged between nine and 17 in the Montreal area. The girls fell into three groups: monolingual French speakers with no exposure to Chinese, girls bilingual in French and Chinese, and the Chinese adoptees. All groups were asked to listen to “pseudo words” that used the tones prevalent in Chinese languages. MRI scans revealed that the adoptees showed the same brain activity as native speakers, despite no longer being able to understand and speak anything in the language. Fred Genesse, professor emeritus at the psychology department at McGill University and co-author of the report, highlighted the signiп¬Ѓcance of the MRI results. He said: “In most people when you process language your left hemisphere is involved. When the monolinguals are listening to these pseudo words, they’re not processing them as language. For them it just sounds like a jumble of sounds. When you look at the two other groups, the areas of the brain they are activating are in the left hemisphere, so they are treating these pseudo words as linguistic units, as words.” In tonal languages, such as Mandarin, the same word can have many meanings depending on the tone it is spoken in. David Stringer, associate professor of second-language studies at Indiana University, said the study challenged existing research on the impact early languages have on the brain. “It appears to contradict the п¬Ѓndings of similar FMRI studies, which suggested that the childhood language of adoptees may be erased from the brain as the children acquire their new language.” A 2003 study observed Korean children who were adopted by Frenchspeaking families and suggested that early languages were lost. Alison Mackey, professor of linguistics at Georgetown University, said the new п¬Ѓndings provided evidence for the hyphothesis that early language learning is permanent, and what can look like language loss might actually be a problem of retrieval. She said: “It’s there, but it’s not easily accessed, in other words.” Although the new study was generally well received, Angela Creese, professor of educational linguistics at the University of Birmingham, questioned what was meant by “Chinese” in the study and suggested the results would be strengthened with more detail on the linguistic histories of the babies. She added that the age of the adoptees (on average 12.8 months) was signiп¬Ѓcant: “It is at that stage that speech starts to emerge in children. The babies would have been able to isolate sounds particular to their language.” In addition to challenging existing understandings of the impact early languages have on the brain, Kate Watkins, professor of cognitive neuroscience at the University of Oxford, said it had interesting implications for those who may choose to “relearn” their п¬Ѓrst languages. “It would suggest that someone who had this very short exposure would have an advantage if they wanted to learn this language again. If your brain is wired up to detect these [sound] categories you are probably going to have an easier time learning the language.” Around the world Athens Beirut Bangkok Berlin Cairo Cape Town Colombo Dhaka Hong Kong Istanbul Jakarta Karachi London Manila Moscow New Delhi New York Paris Sao Paulo Seoul Singapore Sydney Tokyo Weather today Clear Clear P Cloudy Cloudy P Cloudy P Cloudy T Storms P Cloudy Clear Rain T Storms Clear Cloudy M Cloudy Clear P Cloudy P Cloudy Cloudy C Storms P Cloudy T Storms P Cloudy Clear Max/min 18/11 25/18 33/22 06/04 25/15 21/14 30/24 29/18 23/20 14/09 34/26 32/20 10/08 30/24 -2/-7 27/12 06/-4 11/07 29/19 12/05 31/25 31/20 14/08 RATE RIGGING | Page 4 CARTEL REVIEW | Page 15 ANZ suspends seven traders for misconduct Truck makers face fines as EU steps up probe Friday, November 21, 2014 Moharram 28, 1436 AH 5.2% FOOD INDEX GAIN: Page 3 GULF TIMES BUSINESS Bright outlook for $2tn global halal industry with stock gains prospects QIA plans to invest up to $20bn in вЂ�Greater Asia’ over п¬Ѓve years By Pratap John Chief Business Reporter Q atar’s sovereign wealth fund plans to invest up to $20bn in “Greater Asia” over the next п¬Ѓve years as part of portfolio diversiп¬Ѓcation, said Qatar Investment Authority chief executive officer, HE Ahmed al-Sayed. “In the region we plan to invest (initially) between $15bn and $20bn… it could be more… it could be less. It depends on the time. The timing and market situation will govern our п¬Ѓnal decision to execute investments. But we have a good appetite. That will give us good diversiп¬Ѓcation of our portfolio as a global fund,” al-Sayed, also the Minister of State told reporters on the sidelines of the 6th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) at the RitzCarlton yesterday. The proposed investments, he said, would target healthcare, infrastructure, real estate and retail sectors. Recently, the QIA signed a $10bn investment venture with China’s Citic Group and agreed to pay HK$4.78bn ($616mn) for a stake in Hong Kong department-store owner Lifestyle International Holdings. Asked about the impact of oil price slump on the QIA’s investment plans, al-Sayed said, “At QIA, we have a long-term strategy, which takes into account the volatility in the market. Volatile oil prices will not force us to change our investment strategy.” On whether there will be a shortterm adjustment al-Sayed said, “No, I don’t think so. We evaluate the market from time to time.” A Reuters’ dispatch said Gulf sovereign wealth funds such as the QIA have built up large savings over recent years thanks to high oil prices of above $100 per barrel. The QIA, one of the top investors globally, has an estimated $170bn worth of assets, according to the Sovereign Wealth Fund Institute. Al-Sayed also declined to comment on whether the fund would make a new bid for Songbird Estates. Songbird, the majority owner of London’s Canary Wharf, rejected a ВЈ2.2bn takeover proposal from the HE Sheikh Abdullah inaugurating the 6th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) at the Ritz-Carlton in Doha yesterday. Right: Al-Sayed delivering the welcome address at the meeting. PICTURES: Noushad Thekkayil QIA and Brookп¬Ѓeld Property Partners earlier this month, saying the 295 pence-a-share offer undervalued the group. The QIA already owns 28.6% of Songbird, which in turn owns 69% of Canary Wharf Group, the owner of the estate, which rivals the City of London as a п¬Ѓnancial services centre. The QIA is a sovereign wealth fund that investments domestically and internationally to curtail reliance on energy price volatility. According to its constitutive instrument, the QIA’s objectives are to develop, invest and manage the state reserve funds and other property assigned to it by the government via the Qatar Supreme Council of Economic Affairs and Investments. Earlier, the 6th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) was inaugurated by HE the Prime Minister and Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa al-Thani. He emphasised Qatar’s policy of sustain- able development with an eye on future generations. “HH the Father Emir and HH the Emir have laid a clear vision for Qatar, to make it a solid economy and provide decent living to its people. Our economy is expected to grow well in excess of 6%, driven by the non-energy segment,” Sheikh Abdullah said. Page 16 Iran to double oil exports in 2 months if sanctions end Reuters Dubai Iran will double its oil exports within two months if sanctions against it end, Oil Minister Bijan Zanganeh told official news agency IRNA. Zanganeh said he will talk with top oil exporter Saudi Arabia about market share when Opec meets next week, IRNA said yesterday. Iran currently exports around 1.3mn bpd of oil. At Opec’s June meeting Zanganeh said Iran could increase oil exports by 500,000 bpd immediately after any lifting of sanctions and could pump 4mn bpd in less than three months after. “The countries in the south of the Gulf are interested in keeping their market share and a decrease in market share will be difficult,” Zanganeh told IRNA. “Under no circumstance, will we reduce our global market share, even by one barrel.” Analysts said it will take longer for Iran to ramp up exports, noting that sanctions on its energy sector may be the last to be lifted if the system is dismantled. “Zanganeh is being too optimistic in his assessment,” said Dubai-based oil analyst Amir Handjani. It could take anywhere between three to five years to raise Iran’s oil production to 4mn5mn bpd, he said. The Vienna Opec meeting on November 27 will be one of the most important in years. Some in the producing group have called for a supply cut to support oil prices which have fallen by over 25% since July. Iran is in talks with six major powers on curbing its nuclear programme in exchange for an end to Western sanctions. But a comprehensive deal by a November 24 deadline appears unlikely, a US official has said. In the past two weeks, Zanganeh has visited Gulf countries Qatar, Kuwait and the UAE in a bid to win support for action to stabilise oil markets. He also held talks in Tehran with Venezuela. Both Opec members need a higher oil price to balance their budget than Gulf Arab oil producers. Mohammad al-Sabban, a former senior adviser to Saudi Oil Minister Ali al-Naimi, said he expected Opec to keep its output ceiling of 30mn bpd unchanged. Gulf seen rejecting Opec cuts to guard market share AFP Kuwait City G ulf oil producers led by Saudi Arabia will likely reject output cuts at an Opec meeting next week unless they are guaranteed their market share in a highly competitive market, analysts say. The stance of Kuwait, Qatar, UAE and Saudi Arabia is seen as crucial for a positive Opec decision on reducing supplies to boost crude prices, which have shed a third of their value since June. The four pump a total 16.2mn bpd, or 52% of the 12-member Organisation of Petroleum Exporting Countries, but they account for two-thirds of the group’s exports, according to п¬Ѓgures from Opec and other agencies. “Opec members are looking at Saudi Arabia, Kuwait and the UAE to shoulder the bulk of any production cuts, and they can,” said Kuwaiti oil expert Kamel al-Harami. “But it is extremely unlikely for Gulf states to accept output cuts unless other Opec members take the initiative ... They need assurances other Opec or nonOpec producers won’t п¬Ѓll the gap,” said the former oil executive. “It is not in the interest of the Gulf states to cut output because they risk losing highly valuable market share,” he told AFP. Oil prices have crashed to four-year lows on dampening demand from a combination of factors including a sluggish world economy, a sharp rise in output from unconventional sources like shale oil, and a strong dollar. This has resulted in slumping revenues for most Opec and non-Opec producers heavily reliant on oil for their budgets. Venezuela has called for a meeting of both Opec and non-Opec countries to address the price slide, joining hands with Ecuador to urge the group to cut output. “The fear of non-Opec producers boosting output will make most Opec members very cautious in accepting cuts,” said Khaled Bodai, head of the Horizon for Administrative Consultations. “I am not optimistic there will be an agreement for cuts,” Bodai, a former member of Kuwait’s Supreme Petroleum Council, told AFP. Kuwaiti Oil Minister Ali al-Omair said last week an Opec decision to cut output “will be very difficult”. Saudi Arabia, the world’s top crude exporter, has not commented on pos- sible output cuts but in early November it sent oil prices tumbling when it eased its crude price for the US to preserve market share. “The focus at the moment is on Saudi Arabia and whether it will succumb to pressure from within the Opec and outside to cut production,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. Saudi economist Abdulwahab AbuDahesh said Gulf states would “fiercely resist pressure to cut output. “The battle now is for market share, and if they cut output, they lose market share,” he told AFP. Markets for crude oil and petroleum products have tightened due to ample supplies and waning demand. Saudi Arabia exports two-thirds of its crude to Asia, less than 20% to the US and just 10% to Europe, according to the US Energy Information Administration (EIA). Kuwait sends 75% of exports to Asia, while UAE and Qatar export almost all their crude to Asia. Oil production in the US, the world’s top energy consumer, surpassed 8.5mn bpd this year thanks to rising shale output. Consequently, its net imports dropped by 1.2mn bpd to about 5.2mn bpd, Opec п¬Ѓgures show. Saudi exports to the US dropped from 1.25mn bpd in July to under 900,000 bpd in August, but it remains the second largest US supplier after Canada, according to the EIA. With Gulf exports to Europe very small and decreasing, the only markets left for crude are Asia and the Paciп¬Ѓc. “The interests of the Gulf states is better served by п¬Ѓghting the battle for market share and refusing the cuts. This will push prices down, but will force high-cost producers out,” AbuDahesh said. Mohammed Suroor al-Sabban, a former adviser to the Saudi oil minister, has said he expects Opec to stick with its current output ceiling. Opec, which is to meet in Vienna on November 27, pumps about a third of global crude and currently produces just under 31mn bpd, about 1mn more than its target. “If Gulf states have to choose between a high price for oil or preserving their market share, they will certainly opt for the latter,” said Abu-Dahesh. “They have huge п¬Ѓscal reserves to survive low oil prices for two to three years.” The stance of Kuwait, Qatar, the UAE and Saudi Arabia is seen as crucial for a positive Opec decision on reducing supplies to boost crude prices, which have shed a third of their value since June 2 Gulf Times Friday, November 21, 2014 BUSINESS Palestinian Air seeks Gulf funding for aircraft buy Bloomberg Dubai P alestinian Airlines said it’s seeking help from Gulf States or other Arab countries in adding two jetliners to lift passenger capacity serving the Gaza Strip. The carrier, which operates out of Arish airport in Egypt because of Israeli security restrictions and the destruction of Gaza airport in 2000, aims to source Boeing Co or Airbus Group planes to upgrade an aging fleet of smaller aircraft. “We hope to get funding from Arab countries, or they can give us two planes,” chief executive officer Zeyad al-Bada said in an interview at the Arab Air Carriers Organisation summit in Dubai. “I’m here for talks and there’s acceptance from some of the Gulf countries. Egypt is our biggest supporter.” Owned by the Palestinian Authority, the carrier offers sched- uled flights from Arish to Amman, Jordan, allowing people to reach the West Bank, as well as Jeddah in Saudi Arabia during the Haj and Umrah pilgrimages. It operates two Fokker 50s turboprops and two Bombardier Challenger 604 business jets. The carrier employs 75 people in Arish, compared with the 1,500 once on the payroll in Gaza. Growth is limited by its location across the Egyptian border in Sinai, according to alBada, who once worked as a pilot for Yasser Arafat. Palestinian Airlines boosts passenger numbers by providing charter trips within Egypt, where it’s registered, serving Cairo, Sharm al Sheikh, Aswan, Luxor and Taba, though traffic fluctuates according to tourist agency bookings, the CEO said. The company carried 19,000 pilgrims to Jeddah this year and there’s scope to increase that in 2015, alBada said yesterday, depending on constraints on travel from Gaza. The airline’s base in Sinai is potentially vulnerable to attacks, he said, with Islamist militants based in the region, adding that having a base at Jerusalem’s Atarot airport, located in the West Bank town of Kalandia, remains a “dream.” The airport has been closed since the second Palestinian uprising or intifada of 2001. Iraq, Kurdish region implement deal on oil exports, salaries A Turkish worker at a building site in Istanbul, which is experiencing a construction boom. Turkish inflation is the highest among leading emerging markets and is embarrassingly far above target, according to Nicholas Spiro of Spiro Sovereign Strategy in London. Turkey keeps interest rates on hold as inflation stays high Inflation among highest in emerging markets; most economists expected no change in rates; bank sees inflation falling in 2015 Reuters Istanbul T he Turkish central bank kept interest rates on hold yesterday and said it would keep monetary policy tight until the inflation outlook improves signiп¬Ѓcantly, hinting that no cuts are likely until next year. The central bank, which is battling to rein in inflation even as the economy slows and conflict rages in neighbouring countries, said it expects consumer prices to start falling in 2015. It left its one-week repo rate at 8.25%, as forecast by 15 of 16 economists polled by Reuters. One economist had expected a cut in the main rate to 7.75%. The lira п¬Ѓrmed slightly to 2.2271 to the dollar after the decision. The Istanbul stock index and 10-year benchmark bond were little moved. After hiking rates sharply in Janu- ary to halt a slide in the lira, the central bank cut rates in May, June, July and August before leaving them on hold in September and October. “We think the bank will be patient before cutting rates and it will wait for inflation to fall in the п¬Ѓrst quarter of 2015,” said Tufan Comert, a strategist at Garanti Securities. Businesses and economists now expect a year-end consumer price inflation rate of 9.22%, a central bank survey showed last week, creeping up from its previous poll and well above its target rate of 5.3%. Turkish inflation is the highest Dubai Festival City said to seek $1.1bn loan Bloomberg Dubai Dubai Festival City, which owns the district that’s home to Ikea and Hard Rock Cafe in the emirate, is seeking a $1.1bn loan to repay debt and help fund expansion, two people with knowledge of the deal said. The company owned by Dubai’s Al-Futtaim Group plans to raise a 10-year, amortising facility from about eight to 10 banks, said the people, asking not to be identified because the information is private. The funding will be a secured, non-recourse financing, where banks won’t have access to cash from other businesses of the group in the case of a default, according to the people. A spokesman for Al-Futtaim said by telephone that he couldn’t immediately comment. Companies in the UAE, the second-biggest Arab economy, are raising loans to take advantage of record-low interest rates and ample liquidity at banks. Emaar Properties, which owns one of the world’s biggest shopping malls in Dubai, obtained a $1.5bn, seven-year Islamic loan in May to replace older debt and fund growth, according to data compiled by Bloomberg. The Al-Futtaim Group is one of the biggest family-owned businesses in the UAE that employs more than 20,000 people in over 70 companies, according to its website. Dubai Holding Commercial Operations Group, a unit of one of the emirate’s three main holding companies, owns 30% of Dubai Festival City, according to its 2013 annual report. The three-month Emirates interbank offered rate, a benchmark used to price some loans, was at 0.68% yesterday, according to data compiled by Bloomberg. That is the lowest since at least 2006, when Bloomberg began collecting the data. Dubai’s economy, the second-biggest of the seven that make up the UAE, is expected to grow at its fastest pace in seven years in 2014, according to forecasts from the International Monetary Fund. The growth is being driven by expansion in the emirate’s tourism, retail and property industries. Dubai Festival City includes a shopping mall, hotels, residences and offices along Dubai’s creek. Dubai Festival City owns the district that is home to Ikea and Hard Rock Cafe among leading emerging markets and is embarrassingly far above target, according to Nicholas Spiro of Spiro Sovereign Strategy in London. “If the (central bank) continues to keep rates on hold until inflation starts to meaningfully decline ... it will win back credibility in the eyes of investors,” he said. The ruling AK Party is keen to maintain growth before parliamentary elections next June but faces numerous obstacles. The economy slowed more than expected in the second quarter. The government slashed its growth estimates and raised its inflation forecast for 2014 and 2015 last month, citing unfavourable conditions in the global economy. Prime Minister Ahmet Davutoglu presented a programme of steps aimed at boosting the economy this month, including reducing its dependence on imports and boosting domestic energy resources. The central bank kept its overnight lending rate at 11.25%, its primary dealers’ overnight borrowing rate at 10.75% and its overnight borrowing rate at 7.50%. The government of Iraq and the semi-autonomous Kurdistan region have begun implementing a deal under which Baghdad resumes funding Kurdish civil servant salaries in return for a share of Kurdish oil exports, Iraq’s finance minister has said. The accord aims to reduce friction between Baghdad and Kurdish authorities as they face a common threat from Islamic State insurgents who have seized large parts of the north and west of the country. Under the agreement reached last week, Kurdish authorities committed to pumping 150,000 bpd of oil - around half their overall shipments - to Iraqi government export tanks in the Turkish port of Ceyhan. Baghdad agreed to pay $500mn towards Kurdish salaries. Finance Minister Hoshiyar Zebari said that the Kurdish Regional Government began pumping oil to State Oil Marketing Organisation (SOMO) tanks at Ceyhan on Tuesday and the $500mn was transferred on Wednesday. “This payment will be followed by other payments,” Zebari, who is a Kurd, told a news conference in Baghdad. Baghdad cut the Kurds’ share of the budget to punish them for exporting oil without its consent. The region was plunged into financial crisis, but has continued pumping oil through its independent pipeline to Turkey, and exports recently increased to around 300,000 bpd. Iraqi leaders are under pressure to bury differences in order to counter Islamic State militants who control substantial parts of Iraq and neighbouring Syria. In July, then-foreign minister Zebari said the Kurdish political bloc withdrew from the national government in protest against then-prime minister Nuri al-Maliki’s accusation that Kurds were harbouring Islamist insurgents in their capital. The Kurds later rejoined the administration. But tensions persist even after Maliki’s replacement by Prime Minister Haider al-Abadi, also a Shia Muslim but seen as more moderate and capable of co-operating with Sunni Muslims and Kurds. There are about 5mn Kurds in majority Arab Iraq, which has a population of more than 30mn. Most live in the north, where they run their own affairs. Gulf markets edge higher as investors hunt for bargains Reuters Dubai M ost stock markets in the Middle East edged up yesterday as oil prices paused in their decline ahead of next week’s Opec summit and stocks that usually see little trading took centre stage on several bourses. But Qatar’s bourse edged down 0.4% after four days of gains. Heavyweight Industries Qatar pulled back 1.3% and topped trading volumes. Dubai’s index rose 0.3%, largely on the back of telecommunications operator du, which jumped 3.6% to 5.49 dirhams in its highest trading volume for more than six months. Equity research house AlphaMena highlighted the stock in a note on Wednesday, rating it as a “buy” with a target price of 7.44 dirhams, a potential upside of over 40%. Abu Dhabi’s benchmark climbed 0.4% and National Bank of Ras Al Khaimah (RAKBANK) was the most traded Saudi Arabia’s main index rose 0.3% yesterday. stock, jumping 4.0% to 9.45 dirhams. Trading volume in the stock was the highest in п¬Ѓve months. RAKBANK broke through technical resistance at 9.30 dirhams, its October high; it faces strong resistance at 10dirhams, this year’s high, which was hit in August. Saudi Arabia’s main index rose 0.3% as Malath Cooperative Insurance and Reinsurance Co dominated trading and rose 1.6%. The п¬Ѓrm said this month it had signed an insurance agreement with Abdulatif Al Issa Holding Group which would earn it about 275mn riyals ($73mn) a year in premiums, a sum larger than its current quarterly revenue. The stock has since climbed 56% as trading activity surged to an all-time highs. Egypt’s index edged up 0.4%, recovering further from last week’s slump. El-Sewedy Electric, the largest listed cable maker in the Arab world, was the main support, jumping 4.2%. Stocks appeared to ignore the Egyptian pound’s recent weakness on the black market, which prompted the central bank on Wednesday to prom- ise to take “technical measures” to control the exchange rate. The pound edged up in the black market yesterday. “It has no implications on the equity market,” said Allen Sandeep, director of research at Naeem brokerage in Cairo, adding that foreign investors, whose returns could be affected by the exchange rate, still accounted for only a small part of overall trading activity. Kuwait’s index fell 0.6% as Kuwait Finance House dropped 2.7% to a nine-month low of 720 п¬Ѓls. The stock came under fresh pressure after Moody’s last Thursday afп¬Ѓrmed the Islamic lender’s ratings with a negative outlook, citing weak asset quality among other issues. Shares in Commercial Bank of Kuwait rose 1.5% after Kuwait’s central bank approved the appointment of Elham Yousri Mahfouz as its chief executive officer. Elsewhere in the Gulf, Kuwait’s measure fell 0.6% to 6,986 points; Oman’s index rose 0.5% to 7,079 points, while Bahrain’s index fell 0.5% to 1,441 points. Gulf Times Friday, November 21, 2014 3 BUSINESS Indonesia revises Islamic banking rules as growth falls Bright outlook for $2tn global halal industry with stock gain promise Bloomberg Kuala Lumpur E ight years ago, Taleb Mohamad Almahmoud started importing a non-alcoholic drink popular in the Middle East to Malaysia. Now he’s bringing more than 300,000 bottles of Dubai-brewed Barbican into the country a month. “There are many Arabs here and they like the drink because there’s no alcohol,” the Syrian-born Almahmoud said in a November 17 interview near his shop in downtown Kuala Lumpur that also stocks spices, couscous, pickled olives and Turkish coffee. “Malaysians like it too.” The popularity of halal products such as Barbican that comply with the Shariah principles helped drive a 5.2% gain in the SAMI Halal Food Index of shares this year, beating a 0.6% rise in the Bloomberg World Food Index. The industry’s expansion is also flowing through to debt markets, with the Malaysia International Islamic Financial Centre estimating companies involved in Shariah-compliant food, textiles, tourism and healthcare have sold $5bn of sukuk to date. The outlook for the $2tn global halal industry that also includes fashion and entertainment is underpinned by a worldwide Muslim population that the Pew Research Centre sees growing at twice the rate of non-believers through 2030. Demographics like that have lured Switzerland’s Nestle, the world’s biggest food company, which markets Shariah-compliant noodles and breakfast cereals. “Halal is a huge industry and the growth rate is massive,” Baiza Bain, director at Islamic п¬Ѓnance consultancy Amanie Advisors Pty Ltd (Australia) in Melbourne, said in a November 17 phone interview. “Companies are making sure that they adopt the inclusiveness policy that will broaden their market.” Spending by Muslim consumers on halal products and services worldwide is forecast to increase 52% to $2.47tn by 2018 from 2012, according to a September report by the Kuala Lumpur-based MIFC. “The relationship between Islamic п¬Ѓnance and halal industries is mutually beneп¬Ѓcial,” the MIFC said in the report, adding that there are opportunities to invest surplus funds throughout the value chain. Nestle (Malaysia) Bhd ships its products to more than 50 countries and may soon start exporting to Europe and South America, Zainun Abdul Rauf, executive director for corporate affairs, said in a November 17 e-mail interview from Selangor state near Kuala Lumpur. The share price of the company, which set up a 700mn ringgit ($208mn) sukuk programme in 2003, has risen 0.9% this year, beating a 2.6% drop in Malaysia’s benchmark stock index. Worldwide sales of bonds that comply with Islam’s ban on interest have increased tenfold in the last decade. Issuance has reached $42.1bn so far this year, 18% more than at the same point in 2013, data compiled by Bloomberg show. Ajinomoto Co, Japan’s third-largest food company, sells Shariah-compliant food seasonings and drink sweeteners. The Asian nation and Spain have held halal summits this year to explore ways to develop the industry, while the UK plans to set up a business park to produce Shariah-compliant meat, according the MIFC report. As well as prohibiting products that include alcohol and pork and banning gambling, Islamic tenets require that animals be slaughtered in a particular way accompanied by the recitation of a prayer. Halal Industry Development Corp, a Malaysian government agency, estimates the global industry excluding п¬Ѓnancial services exceeds $2tn and will grow 4% to 5% annually. Demand for Shariah-compliant products will come from established centres such as the Middle East as well as emerging markets including India, Pakistan and Bangladesh, said Chief Executive Ofп¬Ѓcer Jamil Bidin. “The global demand is huge,” he said in a Nov. 13 interview near Kuala Lumpur. “Many non-Muslim countries are participating in this because they see that halal is big business.” Dreams of record year fade as sukuk sales slump Bloomberg Dubai Global Islamic bond sales, which had the busiest first three quarters on record, are mired in what’s set to be the worst end to a year since 2008. Borrowers have raised $1.9bn in the fourth quarter so far, 73% less than in the same period a year ago, according to data compiled by Bloomberg. Issuers have also sold the fewest number of securities in six years, Bloomberg data show. During the first nine months, the UK, Luxembourg, South Africa and Hong Kong were among debut issuers of Islamic bonds entering a market that Ernst & Young LLP estimated will exceed $3.4tn by 2018. Some borrowers probably accelerated sales on concern borrowing costs may rise as the Federal Reserve ended its bond buying programme, according to Jefferies International Ltd. “It will end up being a very slow quarter, with dismal sentiment,” Richard Segal, the London-based head of international credit strategy at Jefferies, said by e-mail on November 10. Explanations include “expectations of possible Fed tightening,” which encouraged borrowers to bring their sales forward, he said. The slowdown threatens to derail issuance in a year that some banks - including CIMB Group Holdings Bhd and Standard Chartered Saadiq - had expected to exceed 2012’s record of $46.8bn. Borrowers in Malaysia, Saudi Arabia and the UAE, all oil producers, are the biggest issuers of sukuk, according to data compiled by Bloomberg. Sales this quarter may have slowed after crude prices declined 14% in the period, the lowest in four years. Economies in the six-nation Gulf Cooperation Council in the Middle East rely on oil revenue to fund growth. “There was a lot of volatility at the end of September and the beginning of October,” Abdul Kadir Hussain, chief executive officer of Mashreq Capital DIFC Ltd, which manages about $1.2bn, said by phone from Dubai on November 10. “There were major sell-offs and major volatility, which has caused a lot of issuers to wait longer than they would have wanted to.” The average yield on global sukuk rose to 2.82% on November 10 from 2.77% on September 9, the lowest since May 2013, according to a gauge compiled by Deutsche Bank AG. While the quarter has started slowly, Hussain said “the pipeline for the remainder of the year is quite strong.” “There’s been a surge in issuance in the past few years, so a lull would be natural at some point,” Segal said. “Unusual first time issuers such as the UK and South Africa have entered the market, as will other non-traditional borrowers, but they are more likely to take their time.” Reuters Sydney/Jakarta A woman sells halal food in a market in the area of Little India in Singapore. The popularity of halal products such as Barbican that comply with the Shariah principles helped drive a 5.2% gain in the SAMI Halal Food Index of shares this year, beating a 0.6% rise in the Bloomberg World Food Index. Indonesia’s regulator has issued revised Islamic banking rules covering asset quality and capital adequacy to help clarify market practices, while industry growth has now dropped to single-digits. Authorities want to encourage a wider product range to help Islamic banks grab a bigger share of the Indonesian market, a sector which remains behind more mature markets in Malaysia and the Middle East. Indonesia’s financial services authority, Otoritas Jasa Keuangan (OJK), announced the move on Wednesday as part of a package of 20 new rules, which range from corporate governance to microfinance. Indonesia has the world’s biggest Muslim population but its Islamic finance market only holds a 4.5% of total banking assets in the country as of September, the latest central bank data showed. Authorities want Islamic banks to hold at least 15% of the market by 2023, but the sector’s growth is stalling. As of September, there were 11 full-fledged Islamic banks and 23 Islamic business units in Indonesia with combined assets of 244tn rupiah ($20.1bn), representing a 7.2% growth year-on-year. This remains above the 3.7% growth of conventional banks, although the OJK had projected Islamic banking assets would grow by 14.4% in 2014 under a moderate scenario, down from 24.2% in 2013 and 34.1% in 2012. Under the revised rules, Islamic banks must hold increasing levels of capital depending on their risk profile, with regulators outlining four such categories. The previous capital adequacy requirement for Islamic banks was 8%, while the highest risk profile would require such banks to hold as much as 14%. This requirements applies only to full-fledged Islamic banks and not to the Islamic units of conventional banks. The rules also detail the types of capital-boosting debt that Islamic banks can issue, which must include a loss absorption feature that allows regulators to convert such debt into equity if a lender faces insolvency. Mashreq sees sukuk pipeline starts spilling deals after market volatility Bloomberg Dubai T he past week has been telling in the market for Shariah-compliant debt. After sales of Islamic bonds began the fourth quarter at the slowest pace in six years, sukuk from companies including FlyDubai and Bahrain Mumtalakat Holding Co are among deals announced or sold this week. They will increase the amount raised this quarter to at least $5bn. “These deals have been in the pipeline and the market volatility in September and October delayed them,” said Abdul Kadir Hussain, the chief executive officer of Mashreq Capital DIFC Ltd, who correctly predicted last week that sales would rebound. “The market seems supportive now and issuers are trying to get them out of the way.” Bond volatility dropped 32% since reaching a more than one-year high on October 15, according to the Bank of America Merrill Lynch’s MOVE Index, which measures price swings in Treasuries based on options. There is demand for Islamic debt, especially for some of the new issuers, as they offer a higher yield than the more established ones, according to Apostolos Bantis, a credit analyst at Commerzbank AG in Dubai. FlyDubai, the Dubai-based budget carrier, is selling as much as $500mn in sukuk. Bahrain’s sovereign wealth fund tapped the Islamic bond market for the п¬Ѓrst time on Tuesday, raising $600mn, while Drake & Scull International issued Shariah-compliant debt earlier this week. FlyDubai, which is wholly owned by the Dubai government, is said to pay as much as 212.5 basis points above midswaps, the people said. That compares with about 165 basis points over the corresponding midswap that Emirates is paying on its sukuk maturing in March 2023. The airline is the FlyDubai, the Dubai-based budget carrier, is selling as much as $500mn in sukuk world’s biggest by international passenger traffic. Global sukuk yields have retreated 17 basis points since reaching a п¬Ѓve-month high in October to 2.8% on November 18, according to a gauge compiled by Deutsche Bank AG. The latest transactions won’t be enough to make for a record sukuk issuance year, Hussain at Mashreq Capital, which manages about $1.2bn, said by e-mail from Du- bai on Tuesday. “Net new issuance will be flat to lower,” he said. Sukuk sales have exceeded $40bn in 2014 compared with last year’s total of $43.1bn, according to data compiled by Bloomberg. Turkey sold $1bn in 10-year Islamic bonds on Tuesday, the п¬Ѓrst sukuk offering since October 2013. Advanced Petrochemicals Co in Saudi Arabia said on Tuesday it sold a п¬Ѓve-year floating-rate sukuk in a private placement, issuing 1bn riyals ($267mn). Drake & Scull, based in Dubai, also raised $120mn via a п¬Ѓve-year sukuk in a private placement. The issuer base is “widening,” Afaq Khan, chief executive officer of Standard Chartered Saadiq, said by phone on Tuesday. “It’s diversifying portfolios not only in terms of industries, but also geographies and in terms of risk reward so you can have Islamic Development Bank and FlyDubai in your portfolio.” 4 Gulf Times Friday, November 21, 2014 BUSINESS ANZ suspends 7 traders amid investigation by regulators Bloomberg Sydney A ustralia & New Zealand Banking Group has suspended seven traders amid an investigation by regulators into whether market participants tried to influence Australia’s benchmark interest rates. ANZ’s internal review and the investigation by the Australian Securities & Investments Commission “may not be complete for some time,” the bank said in a statement yesterday. Since mid2012, ASIC has inquired into possible manipulation of the bank-bill swap rate, or BBSW, the local equivalent of the London interbank offered rate, by 14 banks that contributed prices to the rate-setting process. ANZ didn’t name the traders in yesterday’s statement. Banks across the globe have paid billions of dollars in п¬Ѓnes and made legal provisions as regulators probed rigging of foreignexchange markets and benchmark interest rates including Libor. ASIC said in July that traders from Royal Bank of Scotland Group sought to manipulate the Australian benchmark, and in January that traders from BNP Paribas tried to influence the French lender’s submissions on it. “It’s a good opportunity for ASIC to assert its authority given it’s been criticised for not doing enough on market manipulation,” said Martin Smith, a senior market analyst with Sydney-based research п¬Ѓrm East & Partners Pty. “If the misconduct is clear, ASIC needs to act swiftly.” Voluntary Contribution Royal Bank of Scotland agreed July 21 to make a A$1.6mn ($1.4mn) voluntary contribution toward п¬Ѓnancial literacy projects after acknowledg- Pedestrians walk past an Australia & New Zealand Banking Group branch in Singapore. The ANZ has suspended seven traders amid an investigation by regulators into whether market participants tried to influence Australia’s benchmark interest rates. ing limited instances of communications discussing the rate setting. UBS AG and BNP Paribas agreed to make a A$1mn contribution December 23 and January 28 respectively, according to statements from ASIC. “ASIC can conп¬Ѓrm it is investigating ANZ, including the conduct of individuals, as part of its wider probe into the BBSW submission process and trading in reference bank bills,” Daniel Wright, a Sydney based spokesman for the commission, said in an e-mailed statement, without commenting further. ANZ Chief Risk Officer Nigel Williams said the bank is “taking the precaution of having seven staff involved in markets trading step down pend- ing completion of the investigation into practices” over a period ending in 2013. “We have been treating this matter very seriously and we are continuing to cooperate fully with ASIC,” Williams said in the statement. The potential outcomes from the regulator’s inquiries include civil and criminal penalties, ANZ said. The Australian Financial Markets Association shut the rate- setting panel last year and moved to a mechanism where the benchmark is compiled directly using prices from brokers and electronic markets. At least A$350bn of Australian syndicated loans and floating-rate bonds are priced off BBSW, according to data compiled by Bloomberg last year. Trading of swaps, forward rate agreements and options tied to BBSW was valued at more than A$8.7tn in the 2009 п¬Ѓnancial year, according to a letter from the Australian Financial Markets Association to global banking regulators in 2010. BBSW rates “substantially differed” from Libor in that lenders were required to make submissions based on the average mid-rate observed on bank bills, while Libor is subjective and not tied to observable transactions, ASIC said yesterday. Singapore’s central bank said this month that it gave back as much as S$12bn ($9.2bn) taken from 19 lenders last year as a penalty for trying to manipulate benchmark rates. The lenders took steps to prevent a recurrence of attempts to rig rates, the Monetary Authority of Singapore said. Before ANZ’s announcement, shares of the Melbourne-based bank closed 0.2% lower at A$31.77 in Sydney. The benchmark S&P/ASX 200 Index fell 0.6%. German bond yields decline Reuters London G erman bond yields dipped yesterday as disappointing business activity data fed demand for safe-haven assets and п¬Ѓrmed up bets that the European Central Bank will adopt more stimulus measures. Markit’s Composite Flash Purchasing Managers’ Index for the eurozone, seen as a good growth indicator, fell to 51.4 in November, missing the lowest forecast in a Reuters poll. New orders dropped for the п¬Ѓrst time in over a year. The weak outlook prompted some investors to take refuge in top-rated German bonds, but there was little evidence of selling pressures in the bloc’s riskier debt markets as accounts remained positioned for additional central bank easing. The ECB is set to start buying asset-backed securities this week, extending its purchase scheme from covered bonds, but many remain sceptical that this will help expand the central bank’s balance sheet by the €1tn pledged. These barriers, plus the weakening outlook, are enough to convince many that controversial purchases of public debt are just around the corner. “You can argue that the worse the situation gets the more likely it is that the ECB will buy government bonds,” said Alessandro Tentori, global head of rates strategy at Citi. “That is why you have a hard time getting people to sell BTPs (Italian bonds) and Bonos (Spanish bonds) just because the economy is faltering.” German 10-year yields dipped 3 basis points to 0.81%. Italian and Spanish equivalents were both 2 bps lower at 2.30 and 2.11%, respectively, after Spain offloaded 3bn euros of debt at auction. CORPORATE RESULTS ThyssenKrupp restarts dividend as turnaround takes hold “We have found a niche in the market, which is very robust,” he said. The defence, support services and engineering contractor has profited over the past year as military and engineering clients, under pressure from tighter government budgets, have outsourced work to cut costs. Babcock repairs and maintains Britain’s submarines and on Wednesday said it was the preferred bidder for the sale of the Ministry of Defence’s business that repairs and maintains equipment for land forces. The 123-year-old company reaffirmed its full-year profit forecast after underlying pretax profit for the six months to September 30 jumped to ВЈ187mn ($292.5mn) from ВЈ141.7mn. Shares in the company were up 4.6% at 11 pence by GMT, making it the biggest gainer on the FTSE 100 index. Telekom Slovenia Germany’s biggest steelmaker ThyssenKrupp is resuming dividend payments a year earlier than expected, signalling confidence in a turnaround with the promise of a modest payout for shareholders after it beat profit forecasts. ThyssenKrupp said yesterday it would pay €0.11 ($0.14) a share for the year to end-September. “It is a signal to our shareholders that we have reached a turning point in our earnings development,” Chief Executive Heinrich Hiesinger said. ThyssenKrupp shares rose more than 3% before settling back to trade 1.6% higher at €20.04 by 1243 GMT, and were the top gainers in a 0.7%-lower German DAX. “They came out with a quite small 11 cents per share announcement, but it’s symbolic of the company’s transformation after it was pushed into a distressed asset sale and a capital increase a year ago,” said analyst Seth Rosenfeld of Jefferies. Hiesinger took over in 2011, inheriting a company that had spent 12bn euros on expanding its steel businesses in Brazil and Alabama, only to be hit by a global economic crisis that choked steel demand, and a strengthening of Brazil’s real. He began to turn ThyssenKrupp away from its steelmaking roots towards higher-margin businesses like high-tech elevators, but was still forced into a fire sale of the Alabama plant and an emergency rights issue last year to keep creditors at bay. ThyssenKrupp reported yesterday its first net profit in four years, as all its units reported improvements except for logistics, which was depressed by two loss-making units the company wants to sell. Underlying operating profit more than doubled to €1.33bnin the year to end-September, and the company said that should rise to at least 1.5bn this year, although it would need to make 2bn before it could raise its dividend. Johnson Matthey The London-listed Johnson Matthey, which also refines and recycles platinum group metals, reported an underlying pretax profit of ВЈ216.4mn ($338.6mn) for the half year to the end of September, up 2% from last year and ahead of a company-provided analyst consensus of ВЈ206.7mn. Although the largest chunk of the company’s revenue comes from autocatalysts currently, Johnson Matthey is looking to grow other areas such as batteries technology. Johnson Matthey expects higher earnings this year after the specialty chemicals company increased first-half profits due to stronger sales of its products that help to make cars more environmentally friendly. The company said tighter environmental legislation was mainly responsible for boosting sales in Europe and Asia of its auto catalysts, which control car emissions. Growth in car production and truck sales also helped. “Our growth is going to be driven by car production growth in certain areas such as Asia and North America,” finance director Den Jones said. “And our customers in Europe are doing better than others so we are benefiting from that,” he said. “Truck sales in North America are also doing well.” Johnson Matthey, the world’s largest auto catalyst maker, said it expected its performance in the current financial year would be slightly ahead of last year. Babcock British engineering firm Babcock said yesterday strong demand for niche services helped core earnings growth improve to 9% in the first half of the year, after posting a 32% jump in pretax profits. Chief Executive Peter Rogers said in July the company, which generates 81% of its business in Britain and whose largest customer is the Ministry of Defence, was aiming for 10% core earnings growth in the coming years. Rogers, who has been in the role for 11 years, told Reuters core, or organic, earnings growth in the first half had risen from the 6-8% seen in recent years. Telekom Slovenia, due to be privatised next year, reported a 19% drop in nine-month group net profit, partly due to price cuts for its products, the company said yesterday. Slovenia’s leading telecom operator had net profit of €37.7mn ($47.3mn), while revenues fell to €579.3mn from €599.1mn a year ago. The company said the profit had shrunk due to lower cost of its products for customers which was part of plans to improve Telekom’s competitiveness and retain its market share. Telekom controls 48.7% in the mobile telephony market in Slovenia, down 0.8% on a year ago, and 35.6% in fixed telephony, which is 2.5 lower than last year. “The results are likely to push the share price down in the short term but in the medium term the price is probably going to rise because the company is expected to be sold at some 10 to 20% above its current market value,” Iztok Trobec at Dezelna Banka, said. Telekom Slovenia is the most prized of the 15 companies the government put up for sale last year, with a market value of about €1bn. Mothercare Baby goods retailer Mothercare posted a small rise in first-half profit and said lower losses and improving sales in the United Kingdom provided early encouragement for its new turnaround plan. While Mothercare’s overseas business is profitable, fierce competition from supermarkets such as Tesco and Internet retailers like Amazon has hit it hard at home. This has left the company with too many stores and not enough customers, and exposed a need to boost its online business and improve product ranges and brands. In September, new boss Mark Newton-Jones tapped investors for ВЈ100mn ($157mn) to fund more UK store closures and revamp others with video walls and iPads, with the aim of erasing losses by 2017 at a division which accounts for 60% of sales. The firm is also pushing more full-price sales rather than discounts and has said most of its UK stores, which will be cut to 160 from 220 over the next three years, will switch to larger out-of-town formats that house more items and services. Yesterday, the company said losses at its UK division narrowed slightly to ВЈ13.5mn in the first 28 weeks to October 11, while overall underlying group pretax profit rose to ВЈ3.3mn from ВЈ2mn a year ago. Sales at UK stores open more than a year rose 1.5%, with fewer promotions helping keep gross margins flat after five years of decline. Its franchised international arm, which has 1,300 stores in 60 countries, saw underlying sales rise 4.9% with year-on-year profit flat at ВЈ25mn. Salesforce Cloud software company Salesforce.com forecast revenue for the current quarter and full year 2016 that fell short of market expectations, hurt by a strong dollar. Shares of Salesforce, which gets about 30% of its revenue from outside Americas, were down 4.5% in extended trading on Wednesday. Net loss narrowed to $38.9mn, or 6 cents per share, from $124.4mn, or 21 cents per share, a year earlier. On an adjusted basis, the company earned 14 cents per share. The world’s biggest maker of online sales software said it expected revenue of $6.45bn to $6.5bn for the year ending January 2016, missing analysts’ average estimate of $6.66bn. “Now keep in mind we are 15 months away from the end of fiscal 2016 and this is our initial guidance without knowing our Q4 results,” Chief Executive Marc Benioff said on a post-earnings call. The company forecast revenue of about $1.44bn for the quarter ending January 31, below the average analyst estimate of $1.45bn. Revenue rose 28.6% to $1.38bn for the third quarter ended October 31, above analysts’ expectations, helped by higher demand for its web-based sales and marketing software and services. Keurig Keurig Green Mountain forecast first-quarter profit below analysts’ estimates as the company battles increasing competition from coffee pod makers and rising coffee prices. The company’s shares fell 1.2% in after-market trading on Wednesday. Keurig Green Mountain has tried to expand beyond its core business of single-serve coffee packets, as it grapples with competition from smaller rivals such as TreeHouse Foods. Unfavourable weather patterns in South America had pushed prices of Arabica coffee to record highs this year. The company forecast first-quarter 2015 earnings between 83-88 cents per share, below the average analyst estimate of 96 cents. Keurig Green Mountain reported better-thanexpected revenue and profit for the fourth quarter, helped by higher sales of coffee portion packs, its largest business. Total portion pack net sales increased 22% in the quarter ended Sept. 27, the company said. Net income attributable to Keurig rose to $141.1mn, or 86 cents per share, in its fiscal fourth quarter ended September 27 from $127mn, or 83 cents per share, a year earlier. VTB Russia’s second-largest bank VTB expects a tough end to the year after posting a 98% slide in thirdquarter profit because of higher provisions for bad loans, an economic slowdown and losses over Ukraine. The state-controlled bank, which was sanctioned by the US and European Union over Moscow’s role in the Ukraine conflict, is a key lender to Russia’s economy, which has slowed sharply this year and is on the verge of recession. “We don’t expect a significant profit (for the full year),” Herbert Moos, VTB’s chief financial officer, told journalists. “All that profit will go on forming additional provisions.” VTB’s third-quarter net profit was 0.4bn roubles ($8.58mn), compared to 18.4bn roubles a year earlier, short of analysts’ expectations of 3bn roubles. The bank said loan-loss provisions in the third quarter rose to 65bn roubles from 22bn a year earlier, while its cost of risk rose to 2.9% in the first nine months from 1.7% a year earlier. “We see a continuing deterioration of the situation in Ukraine, we see additional provisions for our retail portfolio, and we see provisions linked with construction firms,” Moos said. Gulf Times Friday, November 21, 2014 5 BUSINESS Russia needs oil price of $100 to balance budget Reuters Moscow R ussia can do little to shore up slumping global prices even if Opec wants it to. Russian wells will freeze if they stop pumping oil, and the country has no capacity to store the output it would otherwise export. Before next week’s meeting of Opec, Russia has already spoken to group member Venezuela about the need to “co-ordinate actions in defence” of oil prices and it plans to send a high-ranking delegation to press the message. But despite needing oil prices of $100 a barrel to balance its budget, Russia has changed little since 2008 when the Organisation of the Petroleum Exporting Countries urged Moscow to join forces to cut supply to shore up prices. Then and now, the world’s biggest producer lacks the ability to increase or turn down its own production. “Nothing has changed,” said Valery Nesterov, an analyst with Sberbank CIB, adding that while China has built storage to beef up its stocks for its energy-intensive economy, Russia has constructed no new facilities. Nesterov also said Russia had a harsh climate and challenging geology which meant it cannot simply stop wells from pumping oil. “Russian wells will just freeze if you stop them.” But that does not mean that Moscow will not try to persuade others to help shore up a price, which has fallen 33% since June to $78 a barrel. Igor Sechin, chief executive officer of Russia’s biggest oil producer Rosneft and a long-standing ally of President Vladimir Putin, and Energy Minister Alexander Novak will both fly to Austria days before Opec is due to meet in Vienna. They are due to attend a conference with Venezualan officials, have not shed light on the agenda or the other participants. Novak’s spokeswoman said on Thursday the minister would not attend the Opec meeting itself. Oil market watchers are divided on the outcome of the meeting in Vienna, which will be the most uncertain for years. Analysts are split over whether there will be a co-ordinated cut, with some saying output could be reduced by up to Reuters London/Moscow R Rosneft headquarters is seen behind the Kremlin wall in central Moscow. Igor Sechin, chief executive officer of Russia’s biggest oil producer Rosneft and Energy Minister Alexander Novak will both fly to Austria days before Opec is due to meet in Vienna. 1.5mn barrels per day (bpd). Some experts argue that Russia could even need oil prices as high as $115 to balance the budget, since social and military spending have soared, while Western sanctions over Ukraine have cut off Moscow from funds it borrows in Western п¬Ѓnancial markets. Given that its production cannot be stopped, the only option left would be for Russia to cut its exports, which stand at around 4mn bpd. Asked if Russia could hold back oil it would normally export, a trader at a major western oil company said: “And where would you put it?” Some oil could be stored in the Transneft pipeline system, one of the world’s longest, he said. But it was never supposed to be used for prolonged storage, since it is reserve capacity to be used only in the event of if technical problems. Transneft did not respond to a request for comment. Russia’s only major oil storage facility, the floating storage vessel Belokamenka located in the Barents Sea, can hold 2.6mn barrels. An industry source said that even though Belokamenka is not full at the moment “you will need 365 like it to take off 2mn bpd from the market”. The position is different with Saudi Arabia, Opec’s leading producer. Unlike in Russia, where around a half of oil production is in private hands, Saudi Arabia controls all of its output via state-owned Saudi Aramco. The company has a large fleet of supertankers which can be used to store oil at sea and also owns or leases oil storage facilities around the world. Russia sells a big chunk of its oil to trading houses and oil majors, thus leaving the decisions where and how to store crude to its buyers. Mikhail Krutikhin, a partner with RusEnergy consultancy, said Russia could not influence oil prices through export cuts and joked that more drastic measures might be needed. “There is no real way for Russia to support prices, only to make a revolution some oil producing country,” he said. VSMPO sees output unaffected by supplier’s mine accident Reuters Moscow R ussia’s VSMPO-Avisma, the world’s largest titanium producer, dismissed concerns yesterday that its output could be affected by a mine accident suffered by its main raw material supplier, Uralkali. VSMPO, whose biggest customers are Airbus and Boeing, said it had enough stocks of carnallite ore, a raw material used in Russian п¬Ѓrms face huge insurance costs as foreign providers flee titanium production, to last for three to six months if supplies dried up from Uralkali. “We’re working as usual. We have a long-term stock of carnallite ore,” Marina Voronkova, VSMPO spokeswoman, said. “We will be able to п¬Ѓnd alternative sources of raw materials, and we’ve purchased carnallite ore in Israel before.” Russia’s Uralkali, the world’s top potash producer, suspended work at its Solikamsk-2 mine following an inflow of water on Tuesday. It did not comment on the VSMPO remarks. If the mine floods, there could be a risk to the nearby Solikamsk-1 mine, from which it is separated by a concrete dam. VSMPO gets carnallite ore from Solikamsk-1. “Uralkali has not informed us of any threat of Solikamsk-1 flooding,” Voronkova said. Titanium is used in the aerospace, energy, chemical engineering and medicine industries. VSMPO, which is owned by Russian state defence conglomerate Rostec, supplies Airbus with 60% of its titanium products and Boeing with 40%. Its ability to sell to Western clients has not been affected by the fact that its chief executive, Sergei Chemezov, was included on a list of officials hit by visa bans and asset freezes over Russia’s role in the Ukraine crisis. It told Airbus in May that the European planemaker would face п¬Ѓnancial penalties if it terminated its $4bn contract for VSMPO to supply it with rolled titanium alloys until 2020. VSMPO, which exports 70% of its titanium output, aims to boost production to about 45,000 tonnes in the medium term, up from last year’s 28,855 tonnes. Flooding is a common problem for the potash mining industry. In previous cases of flooding, there has been clarity on the fate of a mine within a week, analysts at VTB Capital said on Wednesday. ussian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance п¬Ѓrms to start pulling out, worried that any business they undertake is at risk from future measures and an increasingly sick economy. Russian President Vladimir Putin came under heavy criticism at a G20 summit last weekend, where Western leaders accused him of continuing to destabilise Ukraine in violation of a September peace agreement. Existing sanctions, along with an oil price tumble, have brought Russia to the brink of recession. The rouble is down some 30% over the year and lending costs are soaring for all companies, be they on sanctions lists or not. That has led foreign insurers to conclude that it’s simply not worth the risk of offering their services, say industry sources. “There is a concern that further sanctions could be imposed (and) there is uncertainty about where they might be imposed,” said Andrew van den Born at insurance broker Willis. “If (insurance companies) were to write credit risk for Russia – even if the companies are not sanctioned – and they were to default, they would have a difficult conversation as to why they chose to write the risk.” Russian companies are likely to be hit in several ways. Domestic insurers will struggle to п¬Ѓnd foreign reinsurers to share the cost of insuring Russian energy or shipping projects – for example – which in turn will put increased п¬Ѓnancial pressure on those projects to п¬Ѓnd far more money for coverage. Secondly, in the credit market, Western bankers will be reluctant to lend to Russian companies because those п¬Ѓrms now cannot get insurance against the risk of defaulting on their loans. “Whilst certain Russian entities can insure a certain amount of risk in the Russian market, they need to get re-insurance from the world market and that is an area where difficulties are created currently for Russian companies,” said Michael Kingston of law п¬Ѓrm DWF who works with insurance companies on Arctic operations. One industry source said Russian insurance business worth at least $3bn – including oil and gas assets - was shared out through reinsurers via specialist provider Lloyd’s of London alone, and this was in danger of drying up. A Lloyd’s market spokesman said it complied with all international sanctions and declined further comments. Participants in the global credit risk market are based everywhere from London to New York, Bermuda and Singapore and may be exposed to up to $15bn of Russian loans, van den Born said. Peter Jenkins, co-head of political and credit risk at Brit – one of several specialist underwriters with a presence in the Lloyd’s of London market – said: “I would suspect for many (credit risk) players, Russian-related income will have represented between 10 and 25% of their income.” Moscow is already under pressure to secure п¬Ѓnancing for critical oil and gas projects including in the remote parts of the Arctic, as Western lenders pull out. Russian insurers may follow the example set by sanctioned oil п¬Ѓrms like Novatek that are talking to Chinese lenders in an attempt to fund future projects. Three Western insurance sources looking at the current situation say Russian energy insurer SOGAZ – one of the country’s biggest specialist insurers – is among the domestic insurers likely to п¬Ѓnd it harder to re-insure its risk in markets like London and New York. “For US insurers in general, I suspect there is some caution with respect to SOGAZ, which is so far as I am aware not itself a sanctioned entity,” said Thomas Dawson, partner at the insurance arm of law п¬Ѓrm Drinker Biddle in New York. SOGAZ First Deputy Chief Executive Nikolai Galushin told Reuters it had not experienced any reinsurers refusing to deal with the company, but added the company was diversifying its reinsurance providers by “deepening ties with emerging markets”. Global aluminium pricing may never be the same again By Andy Home London The splintering of the global aluminium price is becoming ever more acute. Physical premiums on both sides of the Atlantic have just sailed through the $500 per tonne level, widening the disconnect between the global reference price set on the London Metal Exchange (LME) and the “all-in” price paid by manufacturers. There is accumulating evidence that first-stage aluminium users, who have up to now taken the unhedgeable premium pain, are looking to pass it down the supply chain to their own customers. If they do, what was once considered a temporary aberration risks becoming embedded throughout the aluminium industry. The LME is racing to catch up with its US competitor CME Group in offering premium contracts, a potentially valuable hedging tool but one that may act to cement the fracturing of the previous pricing model. And all the time the premiums keep rising. Why? And what will halt this seemingly unstoppable premium machine? Aluminium manufacturers have blamed the LME’s warehousing network for causing premiums to rise. The exchange has in turn pointed to the extraordinary combination of financial crash in 2008-2009 and the subsequent period of negative real interest rates. What’s not in doubt is that huge amounts of unwanted metal flowed into LME warehouses, particularly in Detroit, at the end of the last decade as financial crisis became manufacturing crisis. That transformed the LME forward aluminium curve into “super contango”, attracting the attention of stocks financiers, who realised they could earn a return by buying spot and selling forward. “Free” QE money both facilitated the trade and, by obliterating any positive return in fixedincome markets, incentivised it. The main cost of what LME veterans still call the cash-and-carry business is storage. LME rent rates are much higher than off-exchange costs, so it was no surprise that there was a collective rush to move metal out of LME sheds. A delivery system designed to handle industrial-scale flows couldn’t cope with the load-out requirements of financiers, who were dealing in the hundreds of thousands of tonnes. Metro, the LME warehousing operator that found itself in the eye of this aluminium storm in Detroit, decided to capitalise on its good fortune of being in the right place at the right time by using the rental income from its load-out queue to bid for more metal. The more metal that flowed in, the more metal that was hoovered up by financiers, who then cancelled it with a view to moving it to cheaper sheds elsewhere in the city. The load-out queue grew and grew, a virtuous circle for Metro, a vicious circle for anyone else trying to buy physical aluminium. It was inevitable that such a great money-making scheme would attract the attention of bigger players. Goldman Sachs snapped up Metro in 2010 and finessed the revolving-door warehousing strategy. Glencore, one of the power players in the aluminium market, bought its own LME warehousing operator, Pacorini, and rapidly built its own load-out queue at the Dutch port of Vlissingen. Whatever the disputed drivers of the original disconnect between LME basis price and premium, the linkage between lengthening queues and rising premiums was indisputable. It seemed logical then that if the LME could reduce the queues, premiums would fall. The LME’s new load-in-load-out formula has brought to an end the revolving-door warehouse model. Even though it only comes into effect next February, both Metro and Pacorini have preemptively changed their behaviour. The load-out queue at Vlissingen has been trending lower, now at 637 calendar days, compared with 748 at the end of April. That at Detroit has been capped at around 700 days in recent months and should now start falling, given there is hardly any metal left there to cancel. Premiums, it follows, should have topped out, if load-out queues were the primary driver. But they haven’t, as the graphic below shows. The premium for Midwest delivery as assessed by Platts, a leading global energy, metals and petrochemicals information provider, currently stands at 23.5 cents per lb, equivalent to $518 per tonne. The cost of getting metal out of Detroit, factoring in the length of queue, the corresponding rent and the load-out charge, is $382 per tonne. The physical premium, in other words, has itself disconnected from the queue “premium”. That doesn’t mean that the queues are not still in the mix. It’s just that they have changed from primary driver of rising premiums to invisible floor. There is still a “hard” arbitrage between getting metal out of the LME system and the physical market, even if it is not currently profitable. But, quite evidently, other factors are now driving physical premiums over and above anything that could be explained by the length of LME load-out queues. And, in many ways, they are the traditional drivers of physical premiums, reflecting both the cost of delivering metal to a manufacturer’s yard and the nuances of regional supply-demand dynamics. Right now, for example, at a very local level trucking rates are rising in the US, increasing the costs of delivery. At a regional level, the US and Europe are evolving into ever deeper deficit markets, reflecting the closure of smelter capacity over the last few years. Annualised primary aluminium production in North America has fallen from 5.9mn tonnes at the end of 2007 to a current 4.5mn tonnes. Consumption is booming and the US is sucking in ever greater quantities of imported metal. And, because traditional sources of supply such as South America have also seen smelter capacity slashed, those imports are coming from ever further afield. Imports from both Russia and the Middle East, in particular, are rising but the freight is significantly higher, directly impacting the cost of physical delivery. Physical premiums, in other words, are reflecting what they are supposed to reflect, just off a higher base. That’s one half of the pricing disconnect. The other is the LME basis price, which remains low at least in part due to the hedge short position associated with financing all the stock overhang, both that still in the LME system and that now being stored outside it. The stocks financing trade is still profitable, even if the returns are much diminished from the days of “super contango”. Some 1.77mn tonnes of aluminium have left the LME system this year and most of it hasn’t gone anywhere near an industrial buyer. After all, that was why the metal was queuing in the first place, to be shifted to lower-cost storage which would make financing it more profitable. Physical premiums are also about pricing accessibility of metal. And while they have risen because of rising import and transportation costs, the simple fact is that much of the metal in the US and Europe is still locked down in financing deals. It is no more accessible to a spot physical buyer than when it was sitting in an LME load-out queue. z Andy Home is a columnist for Reuters. The opinions expressed are his own. 6 Gulf Times Friday, November 21, 2014 BUSINESS Rich values, poor rules dog HK-Shanghai stock trading Bloomberg Reykjavik Reuters Hong Kong H P roп¬Ѓt-taking and queasiness about the rules blighted trading via the Shanghai-Hong Kong stock connect this week after a brisk п¬Ѓrst day when mostly hedge funds and private banks snapped up all the available mainland shares within hours. The scheme, which lets foreign investors directly invest in Shanghailisted shares for the п¬Ѓrst time and mainland investors buy Hong Kong stocks, reached the 13bn yuan ($2.1bn) daily “northbound” quota on Monday, but achieved only 37% on Tuesday, 20% on Wednesday and 18% yesterday. That was partly down to a welltelegraphed ambush by mainland investors, who ran up the price of their stocks in the months before the launch, and promptly sold them into the initial rush from Hong Kong. But big institutions gave the scheme a wide berth, concerned about taxation matters and technical rules that make trades more risky and uncertain. The Shanghai market has picked itself up from a multi-year trough to rise 27% this year, the third best performer in Asia after India and Pakistan. “There was a lot of anticipation on the stock connect scheme before the launch,” said Arnout Van Rijn, Asia-Paciп¬Ѓc equities fund manager at Robeco in Hong Kong, part of a team that manages $250bn in assets globally. That was particularly true of stocks that Hong Kong brokerages had been pushing hard. For example, Kweichou Moutai Co, which has been among the top 10 stocks traded on the northbound leg in the п¬Ѓrst three days of trading, had raced up more than 50% so far this year. It fell 10% this week as mainland investors pocketed their proп¬Ѓts. Another brokerage favourite, Daqin Railway, operator of railroad coal transport in northern China, has risen more than 50% since March and hit a 4-1/2 year high on Monday, but has since declined nearly 10%. “Further intakes of A-shares will be much slower as the excitement has been exhausted on the launch day, and potential investors turn cautious,” said A woman walks past a banner reading вЂ�First time ever, stock-connect China’ during the launch ceremony of the Shanghai-Hong Kong stock connect at the Hong Kong Stock Exchange. The Shanghai market has picked itself up from a multi-year trough to rise 27% this year, the third best performer in Asia after India and Pakistan. Du Changchun, analyst at Northeast Securities in Shanghai. Southbound trade was always expected to be lighter, as mainland investors have shown little enthusiasm for previous schemes to invest abroad, preferring the lure of real estate. Even so, the take-up was dismal, falling from 17% on the п¬Ѓrst day to 2% yesterday. While the fast money may still dip in and out of the market, the rules governing the scheme are deterring traditional long-only funds, which serve retail investors and have more risk-averse mandates. Rahul Chadha, co-chief investment officer at Mirae Asset Global Investments in Hong Kong, said they hadn’t invested but would do so “in due course” and had instead invested in Chinese companies with listings in Hong Kong. One complication in trading a Shanghai listing through the connect is the “pre-selling” requirement to deliver stock to a broker the day before sale, which leaves the seller exposed to movements in the stock for longer. Institutions are also unnerved by the lack of a concept of beneп¬Ѓcial ownership in China, which elsewhere in the world makes a clear distinction between those conducting the mechanics of a trade and the owner on whose behalf they trade. And while China said last week it would temporarily exempt taxes on proп¬Ѓts made from the stock connect scheme, fund managers are wary of a retrospective tax charge. “The taxation issue hasn’t really been solved, and large institutional investors dislike any uncertainty,” said Jesse Lazarus, an analyst at Shanghaibased Z-Ben Advisors. Such concerns have dogged previous attempts to give foreigners access to Chinese stocks, such as the Qualiп¬Ѓed Foreign Institutional Investor (QFII) and Renminbi Qualiп¬Ѓed Foreign Institutional Investor (RQFII) schemes. The government has yet to clarify the tax treatment for those schemes, and Sensex edges higher on buy support Reuters Mumbai I Hedge funds face exit tax as Iceland central bank mulls plan ndian shares edged up yesterday as exporters such as Infosys rallied after the rupee fell to a nine-month low, although the weaker local currency hit other bluechips such as Tata Motors by tempering hopes of interest rate cuts. Meanwhile, a television news channel reported that Kotak Mahindra Bank may buy ING Vysya Bank, sending both stocks to their record highs. Kotak said no decision had been made in relation to any merger. Broader gains were capped by worries that overseas investors may slow down purchases or lock in some proп¬Ѓts after local shares rose to record highs on Tuesday. Foreign institutional investors bought shares worth $11.59mn on Wednesday and $2.4mn on Tuesday. They have bought a net $15.47bn worth of shares so far in 2014, according to regulatory data. Investors are waiting for the winter session of the parliament scheduled to begin next week and the Reserve Bank of India’s policy review on December 2, to decide their further course of action. “There is event risk of winter session, RBI review. Foreign investors are also in a wait mode before these events and are likely to pare some positions,” said Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services. The BSE index rose 0.12% to 28,067.56, 0.8% away from its record high hit on Tuesday. The NSE index gained 0.23% to 8,401.90, above the psychologically important 8,400 level, and 0.64% away from its all-time high of 8,455.65. Exporters led gains. Infosys rose 1.3%, while Tata Consultancy Services ended up 1.2%. Tech Mahindra rose 3%, HCL Technologies gained 1.1% and Wipro advanced 1.2%. Among drug exporters, Cipla rose 3.2% and Lupin gained 1.3%. Kotak Mahindra ended 7.4% higher after marking a record high of Rs1,163 earlier in the day, while ING Vysya soared 7.8% after marking an all-time high of Rs865. Earlier in the day, ET Now business news channel reported Kotak is close to acquiring ING Vysya. Among losers, blue-chips, including ratesensitive stocks, such as Tata Motors declined 0.9% as investors tempered rate-cut hopes after the rupee fell to its weakest in nine months. HDFC Bank ended lower 0.9%, while Axis Bank lost 0.8%. Z-Ben’s Lazarus estimates between $400mn and $1.2bn in tax could be owed by fund managers under the QFII quota, if the government were to call it in. “Think about the documentation and how many days the (tax) lawyers need to look at that - and pre-selling of stock is still an issue for many institutional investors,” said Vincent Chan, head of China research at Credit Suisse. The Shanghai Stock Exchange declined to comment for this story. The Hong Kong exchange said: “We believe initial performance has been satisfactory if it is judged from the perspectives of safety, stability and convenience.” Rupee recoups losses to end nearly flat The rupee ended nearly flat yesterday after a fall to a ninemonth low had sparked mild intervention from the central bank, as emerging market currencies were hit by a weak reading in a private survey of China’s manufacturing. The China flash HSBC/Markit manufacturing purchasing managers’ index (PMI) fell to a six-month low in November, with output contracting for the first time in six months. The falls in the rupee are raising the prospect of higher imported inflation, although the slump in global crude prices is tempering some of those concerns. Analysts also note the rupee could prove sturdier than other emerging market economies given confidence about a recov- ery in the country’s economy. Earlier in the day, traders said the central bank was likely selling dollars through state-owned banks to stem the rupee’s fall. “We might see some retracement towards 61.90 (per dollar) and then some bounce again,” said Hemal Doshi, a currency strategist at Geojit Comtrade Ltd “Exporters in India got 62 plus levels after a long time so they also sold today, and these dollar sales will keep coming around 62.20 levels,” Doshi said. The partially convertible rupee closed at 61.94/95 per dollar versus its previous close of 61.96/97, after earlier touching a low of 62.22, its weakest level since February 20. edge funds and other creditors with claims against Iceland’s failed banks face an exit tax as the island looks for ways to unwind capital controls without hurting the economy. The government targets having a plan it can present by yearend that would map out how Iceland will scale back currency controls currently blocking about $6.6bn from exiting the island. The framework will build on analysis conducted by the central bank and external advisers, including JPMorgan Chase & Co “Some sort of exit tax in some form will be some part of the removal of capital controls,” central bank Governor Mar Gudmundsson said in an interview in Reykjavik. “How large, and what role or what percentage, is not timely to discuss.” Newspaper Morgunbladid, whose editor-in-chief is Gudmundsson’s predecessor, David Oddsson, reported this week that a tax for investors trying to leave Iceland may be set at 35%. It didn’t say how it got the information and Gudmundsson declined to conп¬Ѓrm the п¬Ѓgure. An exit tax at that level would be fought by the administrators of the failed banks, according to Johannes Runar Johannsson, a member of Kaupthing Bank hf’s winding-up committee. “That’s clearly something that we would object to,” Johannsson said yesterday in an interview. “There’s a thin line between justiп¬Ѓable taxation and expropriation of assets. I think a 35% exit tax is much closer to an expropriation of assets than a lawful taxation.” Creditors that have bought claims against Iceland’s failed banks include hedge funds Davidson Kempner Capital Management and Taconic Capital Advisors. The winding-up committees that represent investors have urged the government to let them sidestep the currency controls to end the payment dispute. “We have not yet received a substantive response from the authorities,” Johannsson said. “We expect that they will approach us in the near term.” Since Iceland’s three biggest banks defaulted on $85bn in 2008, the island has struggled to resurrect its $15bn economy. Though its recovery programme initially involved leaving bank bondholders in the lurch, the island is now prodding the estates of its failed lenders to settle creditor claims without disrupting its balance of payments. Winning Praise Iceland’s approach has won praise from economists including Nobel Laureate Paul Krugman and organisations such as the International Monetary Fund. Removing the controls would mark a п¬Ѓnal milestone in efforts to rebuild Iceland’s economy. Asian markets mostly down; yen hits fresh lows AFP Tokyo A sian markets were mixed yesterday after another round of weak manufacturing data underlined the slowdown in China’s economy, while minutes from the US Federal Reserve’s latest meeting gave few hints about its plans for interest rates. Further losses in the yen to multiyear lows against the dollar and euro were not enough to give a strong boost Tokyo’s Nikkei after this week’s surprise news that Japan had slipped into recession. Tokyo ended flat, dipping 12.11 points to 17,300.86, Seoul fell 0.45%, or 8.83 points, to 1,958.04 and Sydney sank 0.98%, or 52.6 points, to 5,316.2. Hong Kong lost 0.10%, or 21.67 points, to close at 23,349.64. Shanghai was flat, edging up 1.67 points to 2,452.66. In other markets, Bangkok dropped 0.56%, or 8.87 points, to 1,568.68; telecoms company Total Access Communication fell 3.47% to 97.50 baht, while Bangchak Petroleum slid 2.03% to 36.25 baht. Jakarta ended down 0.67%, or 34.37 points, at 5,093.57; palm oil п¬Ѓrm Astra Agro Lestari gained 3.34% to 24,775 rupiah, while auto maker Astra International dipped 3.85% to 6,875 rupiah. Kuala Lumpur fell 2.1 points, or 0.12%, to close at 1,822.290; RHB Capital fell 2.13% to 8.27 ringgit and Telekom Malaysia dropped 0.68% to 7.25. Singapore closed down 0.57%, or 18.96 points, to 3,315.60; DBS Bank fell 0.81% to Sg$19.56 while vehicle distributor Jardine Cycle & Carriage was down 1.51% to Sg$40.97. Taipei rose 1.29%, or 115.63 points, to 9,078.87; Taiwan Semiconductor Manufacturing Co gained 2.21% to Tw$139.0 while Hon Hai was 0.73% higher at Tw$96.7. Wellington ended marginally higher, adding 4.89 points to 5,526.95; Fletcher Building added 0.48% to NZ$8.44 and Chorus was up 1.46% at NZ$2.08. Manila was flat, dipping 0.54 points to 7,268.95; Ayala Corp slid 4.88% to 682 pesos, while Philippine Long Distance Telephone gained 0.07% to 2,994 pesos. Preliminary п¬Ѓgures from British banking giant HSBC yesterday indicated manufacturing activity in China Dealers work at a foreign exchange brokerage in Tokyo. The yen drifted lower in Asia yesterday, hitting multi-year lows against the dollar and euro as investors bet on further Bank of Japan monetary easing measures. was stagnant in November. Its purchasing managers index (PMI) came in at 50. Anything above that points to growth, and a п¬Ѓgure below suggests contraction. The result compares with 50.4 in October, and is the latest data showing the world’s number two economy and key driver of regional and global growth is struggling with soft exports and a weakening property sector. However, it will likely raise hopes that Beijing will unveil a fresh stimulus as the impact of growth-inducing measures from earlier this year fades. “We still see uncertainties in the months ahead from the property market and on the export front,” HSBC economist Qu Hongbin said in a statement. “Growth still faces signiп¬Ѓcant downward pressures.” Traders were given a tepid lead from Wall Street after the Fed’s minutes shed little light on its plans for monetary policy. Minutes from the US central bank’s October 28-29 policy meeting showed policymakers were conп¬Ѓdent enough in the economy to bring an end to its vast bond-buying stimulus programme. However, they also made clear there was little thought of departing from its current policy of keeping interest rates at the current zero level well into 2015. Most analysts forecast initial hikes in around the middle of next year. In New York, the Dow edged down 0.01% and the S&P 500 lost 0.15%, while the Nasdaq dropped 0.57%. On currency markets, the yen fell further against the dollar after Japan’s central bank trimmed its inflation expectations and held off unveiling any more easing measures to boost the country’s economy, despite it slipping into recession in July-September. “The BoJ may be prepared to become even more aggressive to achieve its inflation target,” Credit Agricole said in a note. The dollar rose to ВҐ118.50 from ВҐ118.01 in New York, its highest level since August 2007. The euro bought ВҐ148.74 against ВҐ148.11 in US trade, its strongest since October 2008. The single currency was also at $1.2557 compared with $1.2551. The yen has plunged this month after the Bank of Japan ramped up its own vast asset-purchasing scheme on October 31. Traders were given a lift by news that Japan’s trade deп¬Ѓcit narrowed by more than a third year-on-year in October, helped by higher exports and lower oil prices, which reduced the country’s massive energy bill. Oil prices were higher. US benchmark West Texas Intermediate for December added two cents to $74.60 while Brent crude for January was up one cent at $78.11. Gold was at $1,195.791 an ounce, compared with $1,200.30 late Wednesday. Gulf Times Friday, November 21, 2014 7 BUSINESS SAUDI ARABIA Company Name QATAR Company Name Zad Holding Co Widam Food Co Vodafone Qatar United Development Co Salam International Investme Qatar & Oman Investment Co Qatar Navigation Qatar National Cement Co Qatar National Bank Qatar Islamic Insurance Qatar Industrial Manufactur Qatar International Islamic Qatari Investors Group Qatar Islamic Bank Qatar Gas Transport(Nakilat) Qatar General Insurance & Re Qatar German Co For Medical Qatar Fuel Co Qatar Electricity & Water Co Qatar Cinema & Film Distrib Qatar Insurance Co Ooredoo Qsc National Leasing Mazaya Qatar Real Estate Dev Mesaieed Petrochemical Holdi Al Meera Consumer Goods Co Medicare Group Mannai Corporation Qsc Masraf Al Rayan Al Khalij Commercial Bank Industries Qatar Islamic Holding Group Gulf Warehousing Company Gulf International Services Ezdan Holding Group Doha Insurance Co Doha Bank Qsc Dlala Holding Commercial Bank Of Qatar Qsc Barwa Real Estate Co Al Khaleej Takaful Group Aamal Co Lt Price 92.00 70.00 18.92 28.00 17.60 16.90 102.00 139.80 231.60 87.00 48.20 87.80 46.80 109.00 24.34 46.50 12.00 228.00 193.00 47.85 97.50 120.80 25.30 23.02 32.00 225.60 137.00 110.50 50.80 22.59 195.50 179.70 63.40 121.30 18.82 35.50 60.60 57.00 75.50 52.20 55.00 14.70 % Chg 3.14 -1.41 -0.42 2.94 -1.12 -0.59 -1.92 0.22 1.14 -0.11 0.63 -0.79 -1.06 -2.68 0.16 2.20 0.00 1.33 0.52 0.53 -0.41 0.67 -0.20 -0.43 0.47 -3.26 -1.44 -0.36 -1.17 -0.04 -1.26 -9.97 -3.79 -0.98 -0.95 0.00 1.00 3.64 0.80 -1.32 -3.51 0.55 Volume 432 214,913 754,009 1,851,414 437,959 153,410 74,817 21,659 323,232 14,366 30,132 25,113 163,789 116,720 295,993 48 12,450 92,911 44,359 501 47,010 41,379 123,992 414,683 285,872 240,245 195,742 16,984 667,649 19,561 388,698 336,252 395,035 416,045 730,444 4,536 781,098 62,553 927,227 833,811 259,949 96,802 SAUDI ARABIA Company Name Saudi Hollandi Bank Al-Ahsa Development Co. Al-Baha Development & Invest Ace Arabia Cooperative Insur Allied Cooperative Insurance Arriyadh Development Company Fitaihi Holding Group Arabia Insurance Cooperative Al Abdullatif Industrial Inv Al-Ahlia Cooperative Insuran Al Alamiya Cooperative Insur Dar Al Arkan Real Estate Dev Al Babtain Power & Telecommu Bank Albilad Alujain Corporation (Alco) Aldrees Petroleum And Transp Fawaz Abdulaziz Alhokair & C Alinma Bank Alinma Tokio Marine Al Khaleej Training And Educ Abdullah A.M. Al-Khodari Son Allianz Saudi Fransi Coopera Almarai Co Saudi Integrated Telecom Co Alsorayai Group Al Tayyar Amana Cooperative Insurance Anaam International Holding Abdullah Al Othaim Markets Arabian Pipes Co Advanced Petrochemicals Co Al Rajhi Co For Co-Operative Arabian Cement Arab National Bank Ash-Sharqiyah Development Co United Wire Factories Compan Astra Industrial Group Alahli Takaful Co Aseer Axa Cooperative Insurance Basic Chemical Industries Bishah Agriculture Bank Al-Jazira Banque Saudi Fransi United International Transpo Bupa Arabia For Cooperative Buruj Cooperative Insurance Saudi Airlines Catering Co Methanol Chemicals Co City Cement Co Eastern Cement Etihad Atheeb Telecommunicat Etihad Etisalat Co Emaar Economic City Saudi Enaya Cooperative Insu United Electronics Co Falcom Saudi Equity Etf Filing & Packing Materials M Wafrah For Industry And Deve Falcom Petrochemical Etf Gulf General Cooperative Ins Jazan Development Co Gulf Union Cooperative Insur Halwani Bros Co Hail Cement Herfy Food Services Co Al Jouf Agriculture Developm Jarir Marketing Co Jabal Omar Development Co Al Jouf Cement Saudi Kayan Petrochemical Co Knowledge Economic City Kingdom Holding Co Saudi Arabian Mining Co Malath Cooperative & Reinsur Makkah Construction & Devepl Mediterranean & Gulf Insuran Middle East Specialized Cabl Mohammad Al Mojil Group Co Al Mouwasat Medical Services The National Agriculture Dev Najran Cement Co Nama Chemicals Co National Gypsum National Gas & Industrializa National Industrialization C Maadaniyah National Shipping Co Of/The National Petrochemical Co Rabigh Refining And Petroche Al Qassim Agricultural Co Qassim Cement/The Red Sea Housing Services Co Saudi Research And Marketing Riyad Bank Al Rajhi Bank Saudi Arabian Amiantit Co Lt Price 50.62 18.83 13.50 65.25 26.25 21.20 22.36 22.11 41.11 18.07 110.34 10.61 37.43 52.94 22.70 58.88 104.53 22.98 52.65 62.34 65.39 51.00 74.95 24.30 20.73 127.21 17.24 35.97 101.45 26.00 52.64 55.15 81.29 31.38 97.10 42.27 42.59 58.17 28.48 45.01 35.12 69.75 29.26 35.43 69.50 165.80 46.74 183.19 14.70 25.66 58.75 8.89 56.20 14.84 36.80 107.98 33.00 61.29 46.51 30.20 39.26 17.88 24.37 80.50 26.29 101.50 49.51 182.75 52.07 21.50 13.15 19.52 19.96 32.70 38.09 81.95 63.81 22.19 12.55 124.89 36.69 28.92 13.32 32.45 32.31 29.75 40.82 34.71 29.42 24.34 14.53 96.19 49.98 18.83 18.72 62.48 15.71 % Chg -0.92 1.18 0.00 1.98 1.12 -0.24 -0.45 -1.07 -0.17 1.46 -0.45 -0.84 -0.08 -1.27 -0.61 1.43 7.54 -0.09 2.23 -1.05 -0.92 1.09 -0.40 0.00 0.68 -0.92 2.93 -0.85 -0.05 2.32 -0.51 9.21 0.67 0.26 -0.36 -0.31 -0.63 1.47 0.67 0.47 1.01 0.00 0.86 0.48 0.61 -1.04 2.37 2.77 0.14 0.23 0.43 0.11 -0.50 -0.07 9.98 0.73 0.00 0.59 0.30 0.00 1.16 1.19 1.25 -0.62 0.73 1.00 0.02 0.40 -0.19 0.00 0.69 0.00 3.26 -1.39 2.95 1.35 2.64 0.05 0.00 1.48 -0.81 1.33 0.68 0.71 -0.28 0.51 1.54 0.38 -1.67 0.29 2.54 -0.56 -0.46 1.13 0.32 -0.43 0.64 Volume 112,468 3,072,500 195,082 359,309 862,932 463,634 1,144,619 197,798 1,184,706 99,080 10,827,430 240,776 970,964 802,417 264,268 304,917 19,385,707 1,200,241 89,549 2,095,166 259,023 455,457 281,314 268,537 4,730,387 375,872 74,727 797,437 56,299 1,573,718 106,138 365,456 241,187 136,402 118,075 260,107 502,133 1,099,062 900,092 891,501 220,997 35,358 308,897 296,874 36,674 449,577 1,027,103 46,811 1,833,120 4,606,133 1,391,374 1,564,899 37,553 554,682 648,208 194 454,320 1,858,342 758,164 20,744 162,001 11,722 58,773 13,748 320,404 747,282 5,215,766 1,910,453 2,442,378 1,639,318 17,987,895 62,529 1,243,050 2,776,007 63,626 142,372 483,501 1,116,986 348,122 32,832 855,912 2,823,597 449,663 252,485 867,698 1,601,191 31,429 168,388 55,308 284,383 1,924,110 623,572 Saudi British Bank Sabb Takaful Saudi Basic Industries Corp Saudi Cement Sasco Saudi Dairy & Foodstuff Co Saudi Arabian Fertilizer Co Al Sagr Co-Operative Insuran Saudi Advanced Industries Saudi Arabian Coop Ins Co Salama Cooperative Insurance Samba Financial Group Sanad Cooperative Insurance Saudi Public Transport Co Saudi Arabia Refineries Co Hsbc Amanah Saudi 20 Etf Saudi Re For Cooperative Rei Savola Saudi Cable Co Saudi Chemical Company Saudi Ceramic Saudi Electricity Co Saudi Fisheries Al-Hassan G.I. Shaker Co Dur Hospitality Co Arabian Shield Cooperative Saudi Investment Bank/The Saudi Industrial Development Saudi Industrial Export Co KUWAIT Lt Price 55.75 38.45 101.31 106.75 30.29 120.72 151.80 41.28 25.02 54.64 32.80 46.39 15.23 30.98 69.48 31.00 11.50 78.74 10.83 64.50 129.50 16.20 33.45 81.78 35.80 48.12 28.00 19.89 57.02 % Chg 0.41 3.06 0.44 0.23 -0.56 0.39 -0.01 0.63 5.13 0.35 2.02 0.67 0.00 1.01 0.49 0.00 1.32 1.23 -0.18 2.59 -0.80 0.31 -0.45 0.21 -0.06 0.77 0.36 1.64 0.32 Volume 200,447 1,275,857 4,012,254 30,056 328,965 21,169 63,196 399,637 2,094,508 650,342 218,928 270,916 2,152,056 214,742 10 2,087,281 252,045 520,272 185,138 32,161 2,403,155 304,236 83,153 476,373 218,402 254,223 982,126 256,621 KUWAIT Company Name Securities Group Co Sultan Center Food Products Kuwait Foundry Co Sak Kuwait Financial Centre Ajial Real Estate Entmt Gulf Glass Manuf Co -Kscc Kuwait Finance & Investment National Industries Co Kuwait Real Estate Holding C Securities House/The Boubyan Petrochemicals Co Al Ahli Bank Of Kuwait Ahli United Bank (Almutahed) National Bank Of Kuwait Commercial Bank Of Kuwait Kuwait International Bank Gulf Bank Al-Massaleh Real Estate Co Al Arabiya Real Estate Co Kuwait Remal Real Estate Co Alkout Industrial Projects C A’ayan Real Estate Co Investors Holding Group Co.K Markaz Real Estate Fund Al-Mazaya Holding Co Al-Madar Finance & Invt Co Gulf Petroleum Investment Mabanee Co Sakc City Group Inovest Co Bsc Kuwait Gypsum Manufacturing Al-Deera Holding Co Alshamel International Hold United Industries Co Mena Real Estate Co National Slaughter House Amar Finance & Leasing Co United Projects Group Kscc National Consumer Holding Co Amwal International Investme Jeeran Holdings Equipment Holding Co K.S.C.C Nafais Holding Safwan Trading & Contracting Arkan Al Kuwait Real Estate Gulf Finance House Ec Energy House Holding Co Kscc Kuwait Slaughter House Co Kuwait Co For Process Plant Al Maidan Dental Clinic Co K National Ranges Company Kuwait Pipes Indus & Oil Ser Al-Themar Real International Al-Ahleia Insurance Co Wethaq Takaful Insurance Co Salbookh Trading Co K.S.C.C Aqar Real Estate Investments Hayat Communications Kuwait Packing Materials Mfg Soor Fuel Marketing Co Ksc Alargan International Real Burgan Co For Well Drilling Kuwait Resorts Co Kscc Oula Fuel Marketing Co Palms Agro Production Co Ikarus Petroleum Industries Mubarrad Transport Co Al Mowasat Health Care Co Shuaiba Industrial Co Kuwait Invest Co Holding Hits Telecom Holding First Takaful Insurance Co Kuwaiti Syrian Holding Co National Cleaning Company Eyas For High & Technical Ed United Real Estate Company Agility Kuwait & Middle East Fin Inv Fujairah Cement Industries Livestock Transport & Tradng International Resorts Co National Industries Grp Hold Marine Services Co Pearl Of Kuwait Real Estate Warba Insurance Co Kuwait United Poultry Co First Dubai Real Estate Deve Al Arabi Group Holding Co Kuwait Hotels Co Mobile Telecommunications Co Al Safat Real Estate Co Tamdeen Real Estate Co Kscc Al Mudon Intl Real Estate Co Kuwait Cement Co Ksc Sharjah Cement & Indus Devel Kuwait Portland Cement Co Educational Holding Group Bahrain Kuwait Insurance Kuwait China Investment Co Kuwait Investment Co Burgan Bank Kuwait Projects Co Holdings Al Madina For Finance And In Kuwait Insurance Co Al Masaken Intl Real Estate Intl Financial Advisors First Investment Co Kscc Al Mal Investment Company Bayan Investment Co Kscc Egypt Kuwait Holding Co Sae Coast Investment Development Privatization Holding Compan Kuwait Medical Services Co Injazzat Real State Company Kuwait Cable Vision Sak Sanam Real Estate Co Kscc Ithmaar Bank Bsc Aviation Lease And Finance C Arzan Financial Group For Fi Ajwan Gulf Real Estate Co Manafae Investment Co Kuwait Business Town Real Es Future Kid Entertainment And Specialities Group Holding C Abyaar Real Eastate Developm Lt Price 134.00 98.00 320.00 130.00 220.00 590.00 69.00 214.00 40.00 85.00 690.00 440.00 640.00 970.00 660.00 290.00 320.00 69.00 46.00 74.00 520.00 93.00 0.00 1.52 126.00 43.50 86.00 1,000.00 445.00 68.00 0.00 16.00 0.00 110.00 42.50 160.00 62.00 780.00 79.00 45.50 70.00 124.00 91.00 405.00 114.00 32.50 98.00 0.00 265.00 0.00 35.50 0.00 95.00 460.00 59.00 82.00 89.00 72.00 620.00 146.00 176.00 0.00 98.00 154.00 114.00 168.00 80.00 0.00 240.00 0.00 36.00 0.00 22.00 88.00 315.00 100.00 850.00 49.00 81.00 176.00 45.50 202.00 104.00 14.00 122.00 170.00 83.00 162.00 96.00 610.00 23.50 445.00 79.00 425.00 94.00 1,360.00 0.00 0.00 55.00 150.00 520.00 680.00 31.50 305.00 70.00 47.00 104.00 39.50 76.00 280.00 71.00 58.00 0.00 72.00 48.00 60.00 50.00 246.00 59.00 59.00 98.00 41.00 108.00 148.00 36.50 % Chg 0.00 -1.01 -3.03 0.00 0.00 0.00 0.00 -0.93 2.56 -2.30 0.00 0.00 0.00 0.00 1.54 0.00 0.00 7.81 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.15 1.01 1.14 -2.86 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.11 0.00 -1.59 3.41 0.00 0.00 -2.99 0.00 0.00 0.00 0.00 -2.74 0.00 0.00 0.00 0.00 3.80 0.00 -1.37 0.00 -2.67 0.00 0.00 0.00 0.00 -8.06 2.44 0.00 0.00 0.00 0.00 -6.49 0.00 -6.38 -2.22 0.00 0.00 0.00 0.00 -2.41 -5.38 -5.21 -0.98 -5.45 -3.45 -3.17 -5.56 -1.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.79 0.00 0.00 0.00 -5.97 0.00 1.45 -2.08 0.00 -5.95 0.00 0.00 0.00 0.00 0.00 1.41 0.00 -3.23 -3.85 0.82 -1.67 -3.28 58.06 1.23 0.00 -1.33 0.00 Volume 25,000 275,506 46,100 27,110 5,320 410 51,500 30,000 1,000 2,024,501 479,769 655,714 351,417 290,161 64,337 532,019 303,400 20 338,888 2,289,981 1,000 1,635,150 240,813 29,210 313,205 2,180 47 977,000 3,703,528 20,000 1,900 5,000 47,770 5,000 2,400 100 1,000 3,681,251 281,649 1 41,531 19,457,676 22,000 15,100 3,566,782 2,109 96 186,400 1,000 5,000 70,500 1 10,677 100 352,000 4,865 1 1,969 2,000 116,500 4,340,418 1,493,300 44,255 50 20,000 1,987,206 9,808 365,000 8,250 505,660 972,665 45 27,156 569 687 60,807 7,877 6,264 903,243 5,704,729 51,000 120,000 720 100,200 71,115 109,712 10,000 5,018,001 1,209,977 3,751,800 90,199 100,446 1,431,300 3,996,037 3,045,068 2,134,445 5 1,507,507 1,591,675 183,121 500 51,000 1,576,564 37,624 1,033,520 6,010 100 1,783,972 500 20,020 3,875,288 Company Name Dar Al Thuraya Real Estate C Al-Dar National Real Estate Kgl Logistics Company Kscc Combined Group Contracting Zima Holding Co Ksc Qurain Holding Co Boubyan Intl Industries Hold Gulf Investment House Boubyan Bank K.S.C Ahli United Bank B.S.C Al-Safat Tec Holding Co Al-Eid Food Co Al-Qurain Petrochemicals Co Advanced Technology Co Ekttitab Holding Co S.A.K.C Kout Food Group Real Estate Trade Centers Co Acico Industries Co Kscc Kipco Asset Management Co National Petroleum Services Alimtiaz Investment Co Kscc Ras Al Khaimah White Cement Kuwait Reinsurance Co Ksc Kuwait & Gulf Link Transport Human Soft Holding Co Automated Systems Co Metal & Recycling Co Gulf Franchising Holding Co Al-Enma’a Real Estate Co National Mobile Telecommuni Al Bareeq Holding Co Kscc Union Real Estate Co Housing Finance Co Sak Al Salam Group Holding Co United Foodstuff Industries Al Aman Investment Company Mashaer Holdings Manazel Holding Mushrif Trading & Contractin Tijara And Real Estate Inves Kuwait Building Materials Jazeera Airways Commercial Real Estate Co Future Communications Co National International Co Taameer Real Estate Invest C Gulf Cement Co Heavy Engineering And Ship B Refrigeration Industries & S National Real Estate Co Al Safat Energy Holding Comp Kuwait National Cinema Co Danah Alsafat Foodstuff Co Independent Petroleum Group Kuwait Real Estate Co Salhia Real Estate Co Ksc Gulf Cable & Electrical Ind Al-Nawadi Holding Co K.S.C Kuwait Finance House OMAN Lt Price 146.00 25.00 118.00 850.00 170.00 17.50 73.00 60.00 490.00 236.00 59.00 122.00 212.00 930.00 52.00 850.00 46.00 310.00 110.00 570.00 69.00 132.00 188.00 68.00 385.00 405.00 108.00 71.00 81.00 1,480.00 0.00 160.00 21.00 77.00 0.00 83.00 160.00 54.00 75.00 62.00 445.00 440.00 94.00 120.00 64.00 38.00 104.00 146.00 350.00 150.00 24.00 1,060.00 79.00 420.00 72.00 365.00 740.00 148.00 720.00 % Chg 0.00 -3.85 3.51 1.19 0.00 -2.78 -6.41 -3.23 -1.01 1.72 -4.84 0.00 -0.93 0.00 -1.89 0.00 -5.15 0.00 5.77 0.00 0.00 0.00 0.00 -2.86 1.32 1.25 0.00 0.00 -1.22 0.00 0.00 0.00 -4.55 -1.28 0.00 -3.49 6.67 -1.82 -2.60 1.64 0.00 3.53 1.08 0.00 0.00 -1.30 -5.45 0.00 0.00 0.00 0.00 6.00 1.28 0.00 -2.70 0.00 0.00 0.00 -2.70 Volume 10 3,284,565 1,824 3,050 6 5,052,988 504,800 1,566,303 539,653 604,072 160,200 500 548,919 70 298,064 20 28,400 60,000 25 270 419,250 190,999 310 183,911 500 300 1,160 33,739 67,745 2,381 10 2,359,000 132,550 2,201,360 54,620 1,204,910 100,410 2,011,760 200 15,106 11,719 7,656 75,000 420,100 385,300 30,000 410 2,322,903 4,072,856 900 363,528 20,400 5,957,508 3,668 9,787 100 3,164,863 OMAN Company Name Voltamp Energy Saog United Finance Co United Power Co United Power/Energy Co- Pref Al Madina Investment Co Taageer Finance Salalah Port Services A’saffa Foods Saog Sohar Poultry Shell Oman Marketing Shell Oman Marketing - Pref Smn Power Holding Saog Al Shurooq Inv Ser Al Sharqiya Invest Holding Sohar Power Co Salalah Beach Resort Saog Salalah Mills Co Sahara Hospitality Renaissance Services Saog Raysut Cement Co Port Service Corporation Packaging Co Ltd Oman United Insurance Co Oman Textile Holding Co Saog Oman Telecommunications Co Sweets Of Oman Oman Orix Leasing Co. Oman Refreshment Co Oman Packaging Oman Oil Marketing Company 0Man Oil Marketing Co-Pref Oman National Investment Co Oman National Engineering An Oman National Dairy Products Ominvest Oman Medical Projects Oman Ceramic Com Oman Intl Marketing Oman Investment & Finance Hsbc Bank Oman Oman Hotels & Tourism Co Oman Holding International Oman Fiber Optics Oman Flour Mills Oman Filters Industry Oman Fisheries Co Oman Education & Training In Oman & Emirates Inv(Om)50% Oman & Emirates Inv(Emir)50% Oman Europe Foods Industries Oman Cement Co Oman Chlorine Oman Chromite Oman Cables Industry Oman Agricultural Dev Omani Qatari Telecommunicati National Securities Oman Foods International Soa National Pharmaceutical-Rts National Pharmaceutical National Packaging Fac National Mineral Water National Hospitality Institu National Gas Co National Finance Co National Detergents/The National Carpet Factory National Bank Of Oman Saog National Biscuit Industries National Real Estate Develop Natl Aluminium Products Muscat Thread Mills Co Muscat Insurance Company Modern Poultry Farms Muscat National Holding Musandam Marketing & Invest Al Maha Petroleum Products M Muscat Gases Company Saog Majan Glass Company Muscat Finance Al Kamil Power Co Interior Hotels Hotels Management Co Interna Al-Hassan Engineering Co Gulf Stone Gulf Mushroom Company Gulf Invest. Serv. Pref-Shar Gulf Investments Services Gulf International Chemicals Gulf Hotels (Oman) Co Ltd Global Fin Investment Galfar Engineering&Contract Galfar Engineering -Prefer Financial Services Co. Flexible Ind Packages Lt Price 0.44 0.14 1.23 1.00 0.00 0.15 0.65 0.85 0.21 2.03 1.05 0.64 1.04 0.18 0.37 1.38 1.49 2.45 0.59 2.12 0.39 0.48 0.42 0.29 1.75 1.35 0.15 2.45 0.26 2.25 0.25 0.38 0.31 0.00 0.42 0.00 0.45 0.52 0.22 0.00 0.23 0.00 5.51 0.60 0.02 0.07 0.14 0.17 0.00 1.00 0.72 0.56 3.64 2.40 1.45 0.66 0.16 0.52 0.00 0.10 0.00 0.06 2.05 0.61 0.15 0.70 0.00 0.38 3.75 0.00 0.34 0.16 0.00 0.00 1.86 0.00 2.44 0.83 0.26 0.15 0.31 0.00 1.25 0.13 0.08 0.43 0.15 0.21 0.17 10.50 0.12 0.17 0.43 0.16 0.06 % Chg 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.67 0.00 0.00 0.00 0.00 0.34 0.24 0.00 0.00 -1.88 0.00 1.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.08 0.00 0.00 4.91 0.00 0.00 0.00 0.00 0.00 0.21 0.00 -8.77 0.00 0.00 0.00 0.00 3.25 0.00 -0.93 0.00 1.99 -1.19 0.00 -3.23 0.00 0.00 0.00 0.00 Volume 4,966 337,000 1,000 311,952 295,335 42,000 500 241,500 681,164 9,000 4,000 556,954 493,819 4,000 300 623,459 92,160 41,713 62,000 100 418,000 303,360 28,098 10,000 12,650 688,000 405,262 2,162,456 204,000 5,630 1,622,022 - Company Name Financial Corp/The Dhofar Tourism Dhofar Poultry Aloula Co Dhofar Intl Development Dhofar Insurance Dhofar University Dhofar Power Co Dhofar Power Co-Pfd Dhofar Fisheries & Food Indu Dhofar Cattlefeed Al Batinah Dev & Inv Dhofar Beverages Co Computer Stationery Inds Construction Materials Ind Cement & Gypsum Pro Marine Bander Al-Rowdha Bank Sohar Bankmuscat Saog Bank Dhofar Saog Al Batinah Hotels Majan College Areej Vegetable Oils Al Jazeera Steel Products Co Al Sallan Food Industry Acwa Power Barka Saog Al-Omaniya Financial Service Taghleef Industries Saog Gulf Plastic Industries Co Al Jazeera Services Al Jazerah Services -Pfd Al-Fajar Al-Alamia Co Ahli Bank Abrasives Manufacturing Co S Al-Batinah Intl Saog Lt Price 0.13 1.00 0.18 0.53 0.55 0.20 1.47 0.00 0.00 1.28 0.19 0.16 0.26 0.25 0.05 0.00 0.00 0.23 0.69 0.36 1.13 0.50 5.50 0.46 0.00 0.80 0.33 0.00 0.39 0.40 0.55 0.75 0.22 0.05 0.00 % Chg 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.34 -0.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.52 0.00 0.00 0.00 0.00 0.00 Volume 3,625 29,444 407,371 2,379,190 342,825 54,394 200 80,493 78,780 84,162 - UAE Company Name National Takaful Company Waha Capital Pjsc Union Insurance Co Union National Bank/Abu Dhab United Insurance Company Union Cement Co United Arab Bank Abu Dhabi National Takaful C Abu Dhabi National Energy Co Sudan Telecommunications Co$ Sorouh Real Estate Company Sharjah Insurance Company Sharjah Cement & Indus Devel Ras Al Khaima Poultry Ras Al Khaimah White Cement Rak Properties Ras Al-Khaimah National Insu Ras Al Khaimah Ceramics Ras Al Khaimah Cement Co National Bank Of Ras Al-Khai Ooredoo Qsc Umm Al Qaiwain Cement Indust Oman & Emirates Inv(Emir)50% National Marine Dredging Co National Corp Tourism & Hote Sharjah Islamic Bank National Bank Of Umm Al Qaiw National Bank Of Fujairah National Bank Of Abu Dhabi Methaq Takaful Insurance #N/A Invalid Security Gulf Pharmaceutical Ind-Julp Invest Bank Insurance House Gulf Medical Projects Gulf Livestock Co Green Crescent Insurance Co Gulf Cement Co Foodco Holding Finance House First Gulf Bank Fujairah Cement Industries Fujairah Building Industries Emirates Telecom Corporation Eshraq Properties Co Pjsc Emirates Insurance Co. (Psc) Emirates Driving Company Al Dhafra Insurance Co. P.S. Dana Gas Commercial Bank Internationa Bank Of Sharjah Abu Dhabi Natl Co For Buildi Al Wathba National Insurance Intl Fish Farming Co-Asmak Arkan Building Materials Co Aldar Properties Pjsc Al Ain Ahlia Ins. Co. Al Khazna Insurance Co Agthia Group Pjsc Al Fujairah National Insuran Abu Dhabi Ship Building Co Abu Dhabi National Insurance Abu Dhabi National Hotels Abu Dhabi Islamic Bank Abu Dhabi Commercial Bank Abu Dhabi Aviation Lt Price 0.91 3.08 1.10 6.60 2.00 1.31 7.00 5.85 0.96 0.88 0.00 3.90 1.10 1.27 1.60 0.93 3.78 3.30 1.07 9.45 125.00 1.40 1.17 6.90 6.80 1.85 3.60 4.25 13.80 1.00 0.00 2.81 2.70 1.20 2.54 3.00 0.81 1.39 3.99 4.15 19.10 1.35 1.45 11.50 1.15 7.30 4.75 7.70 0.65 1.92 1.97 0.93 5.35 5.55 1.49 3.25 41.60 0.65 7.20 300.00 2.15 6.50 2.97 6.40 7.60 3.40 % Chg 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.13 -3.30 0.00 0.00 0.00 0.00 0.00 5.68 0.00 1.23 3.88 3.96 -3.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.47 1.01 0.00 -5.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.44 -1.71 0.00 0.00 0.00 0.00 1.59 0.00 0.00 0.00 0.00 0.68 1.56 -9.96 0.00 -0.41 0.00 0.00 0.00 -1.00 0.00 0.53 0.00 Volume 2,950,275 5,010,916 41,194 30,000 51,358,069 49,453 143,000 9,116,282 200 462,282 208,911 586,463 32,336 2,865,947 2,152,304 22,826,458 147,003 2,225,000 85 54,916 15,367,399 96,231 177,259 12,650 172,476 2,377,760 937,165 BAHRAIN Company Name United Paper Industries Bsc United Gulf Investment Corp United Gulf Bank United Finance Co Trafco Group Bsc Takaful International Co Taib Bank -$Us Securities & Investment Co Seef Properties Sudan Telecommunications Co$ Al-Salam Bank Delmon Poultry Co National Hotels Co National Bank Of Bahrain Nass Corp Bsc Khaleeji Commercial Bank Ithmaar Bank Bsc Investcorp Bank -$Us Inovest Co Bsc Intl Investment Group-Kuwait Gulf Monetary Group Global Investment House Kscc Gulf Finance House Ec Bahrain Family Leisure Co Esterad Investment Co B.S.C. Bahrain Duty Free Complex Bahrain Car Park Co Bahrain Cinema Co Bahrain Tourism Co Bahraini Saudi Bank/The Bahrain National Holding Bankmuscat Saog Bmmi Bsc Bmb Investment Bank Bahrain Kuwait Insurance Bahrain Islamic Bank Gulf Hotel Group B.S.C Bahrain Flour Mills Co Bahrain Commercial Facilitie Bbk Bsc Bahrain Telecom Co Bahrain Ship Repair & Engin Albaraka Banking Group Banader Hotels Co Ahli United Bank B.S.C Lt Price 0.00 0.00 0.00 0.40 0.23 0.00 0.00 0.00 0.21 0.00 0.19 0.32 0.30 0.83 0.18 0.05 0.18 501.75 0.23 0.00 0.00 0.00 0.00 0.00 0.21 0.87 ` 0.00 0.23 0.00 0.44 0.00 0.84 0.00 0.66 0.15 0.88 0.00 0.70 0.47 0.34 2.10 0.82 0.06 0.81 % Chg 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.65 0.00 0.00 -6.25 1.71 -2.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -3.14 -2.22 0.00 0.00 0.43 0.00 -4.55 0.00 0.00 0.62 Volume 8,728 100,000 30,030 12,600 5,000 15,738 22,000 250,000 100,000 500 47,300 208,833 60,000 18,500 10,000 20,000 10,745 36,834 117,254 18,608 89,560 50,000 72,368 7,870 45,000 201,223 355,400 LATEST MARKET CLOSING FIGURES Gulf Times Friday, November 21, 2014 8 BUSINESS DJIA WORLD INDICES Company Name Exxon Mobil Corp Microsoft Corp Johnson & Johnson General Electric Co Wal-Mart Stores Inc Chevron Corp Procter & Gamble Co/The Jpmorgan Chase & Co Verizon Communications Inc Intl Business Machines Corp Pfizer Inc Coca-Cola Co/The At&T Inc Merck & Co. Inc. Intel Corp Walt Disney Co/The Visa Inc-Class A Shares Cisco Systems Inc Home Depot Inc United Technologies Corp Mcdonald’s Corp Boeing Co/The American Express Co 3M Co Goldman Sachs Group Inc Unitedhealth Group Inc Nike Inc -Cl B Du Pont (E.I.) De Nemours Caterpillar Inc Travelers Cos Inc/The Lt Price 95.71 48.33 107.98 26.96 84.31 116.79 88.65 60.11 50.25 160.25 30.46 44.28 35.29 59.31 34.59 89.28 251.68 26.76 97.31 108.84 96.92 132.20 90.79 159.16 188.92 96.74 97.37 71.38 101.44 103.59 % Chg 0.10 0.23 -0.72 0.14 -0.80 0.27 -0.09 -0.81 -0.48 -0.73 0.08 0.12 -0.24 -0.55 0.68 -0.60 0.73 0.62 0.63 0.17 0.37 0.45 0.32 0.21 -0.14 -0.12 0.43 0.18 0.14 0.54 2,335,902 6,970,385 1,824,924 4,832,202 2,372,605 1,332,175 1,510,791 3,767,465 3,661,749 1,468,083 6,436,136 4,756,506 3,667,066 2,281,910 8,809,234 2,271,237 729,188 9,332,281 1,232,072 749,207 1,561,336 1,636,832 1,006,423 557,952 808,388 941,385 888,258 520,798 1,281,959 529,171 FTSE 100 Company Name Wpp Plc Wolseley Plc Wm Morrison Supermarkets Whitbread Plc Weir Group Plc/The Vodafone Group Plc United Utilities Group Plc Unilever Plc Tullow Oil Plc Tui Travel Plc Travis Perkins Plc Tesco Plc Standard Life Plc Standard Chartered Plc St James’s Place Plc Sse Plc Sports Direct International Smiths Group Plc Smith & Nephew Plc Shire Plc Severn Trent Plc Schroders Plc Sainsbury (J) Plc Sage Group Plc/The Sabmiller Plc Rsa Insurance Group Plc Royal Mail Plc Royal Dutch Shell Plc-B Shs Royal Dutch Shell Plc-A Shs Royal Bank Of Scotland Group Rolls-Royce Holdings Plc Rio Tinto Plc Reed Elsevier Plc Reckitt Benckiser Group Plc Randgold Resources Ltd Prudential Plc Petrofac Ltd Persimmon Plc Pearson Plc Old Mutual Plc Next Plc National Grid Plc Mondi Plc Meggitt Plc Marks & Spencer Group Plc London Stock Exchange Group Lloyds Banking Group Plc Legal & General Group Plc Land Securities Group Plc Kingfisher Plc Johnson Matthey Plc Itv Plc Intu Properties Plc Intl Consolidated Airline-Di Intertek Group Plc Intercontinental Hotels Grou Imperial Tobacco Group Plc Imi Plc Hsbc Holdings Plc Hargreaves Lansdown Plc Hammerson Plc Glencore Plc Glaxosmithkline Plc Gkn Plc G4s Plc Friends Life Group Ltd Fresnillo Plc Experian Plc Easyjet Plc Dixons Carphone Plc Direct Line Insurance Group Diageo Plc Crh Plc Compass Group Plc Coca-Cola Hbc Ag-Cdi Centrica Plc Carnival Plc Capita Plc Burberry Group Plc Bunzl Plc Bt Group Plc British Sky Broadcasting Gro British Land Co Plc British American Tobacco Plc Bp Plc Bhp Billiton Plc Bg Group Plc Barclays Plc Bae Systems Plc Babcock Intl Group Plc Aviva Plc Astrazeneca Plc Associated British Foods Plc Ashtead Group Plc Arm Holdings Plc Antofagasta Plc Anglo American Plc Aggreko Plc Admiral Group Plc Aberdeen Asset Mgmt Plc 3I Group Plc #N/A Invalid Security Lt Price 1,298.00 3,502.00 183.60 4,420.00 2,030.00 226.95 910.50 2,641.00 477.30 426.70 1,742.00 192.45 413.50 907.80 761.00 1,596.00 637.50 1,185.00 1,086.00 4,467.00 2,067.00 2,617.00 257.20 392.40 3,446.50 464.00 428.30 2,354.50 2,257.50 380.50 844.50 2,855.50 1,060.00 5,185.00 4,331.00 1,504.00 1,176.00 1,490.00 1,217.00 198.80 6,690.00 935.50 1,066.00 483.10 473.40 2,080.00 77.98 245.10 1,157.00 301.70 3,335.00 202.00 344.90 431.20 2,410.00 2,585.00 2,926.00 1,191.00 624.40 978.50 612.00 323.20 1,477.00 326.30 270.00 343.20 724.50 990.50 1,567.00 420.90 285.00 1,889.50 1,417.00 1,065.00 1,422.00 293.30 2,636.00 1,055.00 1,594.00 1,761.00 375.00 0.00 744.50 3,701.00 441.60 1,579.50 1,046.50 233.55 460.10 1,185.00 532.50 4,703.00 3,122.00 1,030.00 893.00 695.50 1,292.50 1,574.00 1,217.00 445.60 422.20 0.00 % Chg 0.08 1.21 0.77 -0.36 -1.84 -0.72 -0.44 0.11 1.34 2.42 0.40 -0.85 -0.12 -1.57 0.79 0.25 -2.45 -1.99 0.46 0.59 -0.67 0.42 -2.06 0.13 -0.55 -0.22 -0.40 1.40 1.28 -0.86 0.00 -2.94 -0.38 -0.86 -0.21 -0.07 2.53 0.34 -1.06 -0.65 0.53 -2.60 -0.93 0.73 -0.48 0.39 -0.75 0.04 -1.11 -0.92 5.81 -1.37 -0.52 0.82 -1.51 0.47 1.25 -0.92 -1.44 0.15 -1.37 -1.66 0.41 -0.06 -0.15 1.99 -0.89 -0.75 1.62 -1.47 0.60 0.11 0.64 0.66 1.72 -1.77 -0.53 0.09 0.13 1.03 -1.57 0.00 -0.80 -0.22 0.33 -2.80 1.85 -1.00 -0.63 5.99 -0.47 -1.33 0.39 0.00 1.02 -1.56 -2.31 -0.32 -0.08 0.18 0.36 0.00 Volume 3,949,593 698,399 6,105,626 253,927 670,124 45,302,804 1,148,615 1,438,920 3,713,375 2,010,429 176,918 21,292,345 1,933,073 5,969,844 914,917 1,330,915 899,722 1,185,517 2,096,153 970,941 529,007 363,166 4,196,197 1,438,650 1,216,081 2,971,657 3,380,197 3,946,244 4,130,916 5,620,666 2,020,945 5,622,850 2,111,637 1,015,045 832,645 2,023,649 1,595,642 1,011,305 2,056,291 5,607,120 320,759 6,400,729 697,792 1,429,127 2,903,625 225,161 82,812,877 6,615,431 1,212,966 3,745,024 762,117 11,037,247 2,203,549 3,871,688 493,491 345,368 1,393,826 803,391 17,577,860 570,889 1,759,474 19,724,485 5,559,596 2,012,461 1,570,046 4,256,655 1,243,486 1,140,870 1,669,101 2,616,936 2,177,845 2,181,144 1,727,685 2,075,671 426,710 17,266,893 384,436 1,216,899 638,764 295,917 9,799,158 2,439,094 2,353,989 14,070,654 8,299,730 4,647,098 22,161,405 3,190,464 2,996,896 1,864,188 1,912,430 443,305 2,561,520 3,141,569 1,304,013 5,074,555 314,725 486,352 1,703,707 840,755 - TOKYO Company Name Inpex Corp Daiwa House Industry Co Ltd Sekisui House Ltd Kirin Holdings Co Ltd Japan Tobacco Inc Seven & I Holdings Co Ltd Toray Industries Inc Asahi Kasei Corp Sumitomo Chemical Co Ltd Shin-Etsu Chemical Co Ltd Mitsubishi Chemical Holdings Kao Corp Takeda Pharmaceutical Co Ltd Astellas Pharma Inc Eisai Co Ltd Daiichi Sankyo Co Ltd Fujifilm Holdings Corp Shiseido Co Ltd Jx Holdings Inc Lt Price 1,383.50 2,256.50 1,574.50 1,486.50 3,900.50 4,500.00 930.00 1,012.00 423.00 7,773.00 588.50 4,464.50 4,966.00 1,780.50 4,333.00 1,741.00 4,017.00 1,754.50 441.00 % Chg 1.92 0.33 1.09 1.19 0.65 0.00 6.43 0.95 0.95 0.66 0.31 -1.12 0.34 -0.61 -0.25 1.16 -0.57 -0.45 0.89 Indices Volume Volume 5,243,200 2,964,200 3,819,400 3,329,400 3,158,700 2,443,400 34,077,000 6,636,000 9,314,000 1,003,400 4,418,100 2,189,200 1,724,000 6,772,900 1,131,900 3,147,400 3,355,500 2,159,800 12,398,400 Lt Price Change Dow Jones Indus. Avg S&P 500 Index Nasdaq Composite Index S&P/Tsx Composite Index Mexico Bolsa Index Brazil Bovespa Stock Idx Ftse 100 Index Cac 40 Index Dax Index Ibex 35 Tr 17,691.20 2,053.35 4,698.56 15,018.48 44,145.04 53,402.81 6,675.44 4,233.36 9,476.23 10,204.70 +5.47 +4.63 +22.84 +38.33 +26.91 +1,340.95 -21.16 -32.83 +3.43 -172.10 Nikkei 225 Japan Topix Hang Seng Index All Ordinaries Indx Nzx All Index Bse Sensex 30 Index Nse S&P Cnx Nifty Index Straits Times Index Karachi All Share Index Jakarta Composite Index 17,300.86 1,397.64 23,349.64 5,302.45 1,116.58 28,067.56 8,401.90 3,315.60 22,921.08 5,093.57 +12.11 +1.10 -23.67 -50.00 +1.27 +34.71 +19.60 -18.96 -333.22 -34.37 TOKYO Company Name Bridgestone Corp Asahi Glass Co Ltd Nippon Steel & Sumitomo Meta Sumitomo Metal Industries Kobe Steel Ltd Jfe Holdings Inc Sumitomo Metal Mining Co Ltd Sumitomo Electric Industries Smc Corp Komatsu Ltd Kubota Corp Daikin Industries Ltd Hitachi Ltd Toshiba Corp Mitsubishi Electric Corp Nidec Corp Nec Corp Fujitsu Ltd Panasonic Corp Sharp Corp Sony Corp Tdk Corp Keyence Corp Denso Corp Fanuc Corp Rohm Co Ltd Kyocera Corp Murata Manufacturing Co Ltd Nitto Denko Corp Mitsubishi Heavy Industries Nissan Motor Co Ltd Toyota Motor Corp Honda Motor Co Ltd Suzuki Motor Corp Nikon Corp Hoya Corp Canon Inc Ricoh Co Ltd Dai Nippon Printing Co Ltd Nintendo Co Ltd Itochu Corp Marubeni Corp Mitsui & Co Ltd Tokyo Electron Ltd Sumitomo Corp Mitsubishi Corp Aeon Co Ltd Mitsubishi Ufj Financial Gro Resona Holdings Inc Sumitomo Mitsui Trust Holdin Sumitomo Mitsui Financial Gr Bank Of Yokohama Ltd/The Mizuho Financial Group Inc Orix Corp Daiwa Securities Group Inc Nomura Holdings Inc Sompo Japan Nipponkoa Holdin Ms&Ad Insurance Group Holdin Dai-Ichi Life Insurance Tokio Marine Holdings Inc T&D Holdings Inc Mitsui Fudosan Co Ltd Mitsubishi Estate Co Ltd Sumitomo Realty & Developmen East Japan Railway Co West Japan Railway Co Central Japan Railway Co Ana Holdings Inc Nippon Telegraph & Telephone Kddi Corp Ntt Docomo Inc Tokyo Electric Power Co Inc Chubu Electric Power Co Inc Kansai Electric Power Co Inc Tohoku Electric Power Co Inc Kyushu Electric Power Co Inc Tokyo Gas Co Ltd Secom Co Ltd Yamada Denki Co Ltd Fast Retailing Co Ltd Softbank Corp Lt Price 3,911.00 571.00 306.30 0.00 179.00 2,377.50 1,736.00 1,527.50 31,775.00 2,711.00 1,812.50 7,179.00 893.70 503.10 1,423.00 7,560.00 359.00 672.60 1,475.00 298.00 2,410.50 7,050.00 55,650.00 5,526.00 19,900.00 7,570.00 5,657.00 13,090.00 6,239.00 681.90 1,088.50 7,098.00 3,676.50 3,700.00 1,647.00 4,251.50 3,676.00 1,248.00 1,060.00 12,925.00 1,339.50 726.30 1,627.50 7,671.00 1,249.00 2,292.50 1,191.00 670.20 637.40 480.60 4,469.00 670.80 204.70 1,537.50 946.30 717.00 2,897.00 2,586.00 1,707.00 3,779.00 1,420.00 3,541.50 2,758.00 4,413.00 8,880.00 5,728.00 17,545.00 274.10 6,441.00 7,707.00 1,879.50 445.00 1,386.50 1,202.00 1,443.00 1,244.00 639.00 6,849.00 390.00 42,845.00 7,750.00 % Chg 1.14 -0.17 0.69 0.00 0.56 -0.34 1.34 -0.65 0.03 -1.36 -0.25 -0.07 0.08 0.82 0.39 0.24 3.46 4.54 0.00 0.34 -1.27 0.71 0.32 0.36 0.00 0.40 0.14 0.38 0.89 -0.31 1.40 1.04 1.52 1.02 2.49 -0.18 1.13 -0.20 0.86 0.58 -1.47 -0.45 0.03 -0.10 -0.08 -0.50 -0.38 -0.12 -0.78 1.69 -0.09 1.02 0.79 -2.66 -1.01 -1.13 -0.65 0.74 -0.26 -2.03 -0.94 -1.72 -2.16 -2.06 -1.08 0.51 0.20 -0.04 -1.51 1.42 -0.11 -4.09 -2.22 -2.83 -2.89 -2.51 -0.78 -0.78 -0.51 -0.43 -1.72 Volume 2,531,400 5,708,000 32,992,000 10,327,000 2,617,300 4,856,000 3,580,400 150,200 6,060,700 5,082,000 1,236,200 16,374,000 25,005,000 4,657,000 826,800 31,237,000 26,254,000 6,029,500 12,788,000 6,806,800 828,900 87,600 2,118,000 728,100 412,000 1,122,700 847,500 1,317,200 10,838,000 11,306,600 10,148,000 7,008,400 1,465,200 4,683,500 1,019,800 5,125,400 4,077,200 1,443,000 648,000 10,094,300 10,357,100 7,075,000 794,400 4,249,800 5,240,300 5,462,300 47,161,300 11,864,200 23,950,000 4,740,700 4,389,000 128,106,300 6,953,800 8,400,000 24,617,200 1,386,000 3,668,600 3,146,800 4,591,900 2,118,600 4,920,000 5,718,000 3,268,000 951,300 553,800 393,800 13,958,000 2,646,300 2,665,400 5,112,600 37,499,800 1,566,100 2,434,100 1,537,800 1,772,800 7,702,000 820,000 8,139,800 472,700 9,855,800 SENSEX Company Name Zee Entertainment Enterprise Wipro Ltd Ultratech Cement Ltd Tech Mahindra Ltd Tata Steel Ltd Tata Power Co Ltd Tata Motors Ltd Tata Consultancy Svcs Ltd Sun Pharmaceutical Indus State Bank Of India Sesa Sterlite Ltd Reliance Industries Ltd Punjab National Bank Power Grid Corp Of India Ltd Oil & Natural Gas Corp Ltd Ntpc Ltd Nmdc Ltd Maruti Suzuki India Ltd Mahindra & Mahindra Ltd Lupin Ltd Larsen & Toubro Ltd Kotak Mahindra Bank Ltd Jindal Steel & Power Ltd Itc Ltd Infosys Ltd Indusind Bank Ltd Idfc Ltd Icici Bank Ltd Housing Development Finance Hindustan Unilever Ltd Hindalco Industries Ltd Hero Motocorp Ltd Hdfc Bank Limited Hcl Technologies Ltd Grasim Industries Ltd Gail India Ltd Dr. Reddy’s Laboratories Dlf Ltd Coal India Ltd Cipla Ltd Cairn India Ltd Bharti Airtel Ltd Bharat Petroleum Corp Ltd Bharat Heavy Electricals Bank Of Baroda Bajaj Auto Ltd Axis Bank Ltd Asian Paints Ltd Ambuja Cements Ltd Acc Ltd Lt Price 375.15 571.90 2,466.35 2,705.70 466.60 89.40 524.75 2,605.45 851.05 297.10 234.60 980.75 952.55 146.15 385.75 142.50 144.80 3,335.50 1,227.90 1,468.60 1,644.95 1,156.70 146.25 370.05 4,225.60 707.20 157.20 1,687.95 1,122.35 761.25 156.00 2,995.55 918.20 1,649.00 3,529.30 474.55 3,528.65 138.60 346.75 618.50 266.30 397.75 719.80 245.80 1,025.50 2,655.30 466.65 690.55 221.65 1,446.35 % Chg -3.45 1.24 -1.14 2.99 -0.93 1.02 -0.90 1.23 0.11 2.08 -2.41 0.27 -1.09 -0.34 0.42 -1.18 -3.05 -0.24 -1.37 1.33 -0.82 7.35 -3.78 0.60 1.25 -1.16 -0.95 0.30 0.46 0.14 0.81 -0.16 -0.90 1.09 -0.81 -0.57 0.16 -1.84 -0.09 3.22 1.97 -1.00 -0.24 -1.32 -1.40 -0.73 -0.75 1.09 -0.23 -1.14 Volume 5,157,786 1,440,507 158,124 951,178 4,412,277 2,472,172 4,260,918 958,159 3,674,168 21,021,433 4,048,422 2,738,966 905,740 2,154,786 3,473,051 3,985,404 3,385,501 181,300 1,557,166 445,288 945,497 3,871,374 6,981,862 3,687,864 703,512 682,138 4,716,742 1,704,082 1,579,963 903,272 7,198,958 271,538 1,274,738 706,838 30,965 857,413 249,940 9,645,999 3,341,353 2,540,687 3,493,122 3,176,700 1,116,652 3,467,358 699,523 329,832 2,713,131 735,735 928,169 196,142 A sign is seen at the entrance to the offices of Anglo American in the Marshalltown district of Johannesburg. Shares in Anglo American dropped 2.23% to close at 1,293.50 pence in London yesterday. Weak eurozone, China data weigh on European markets AFP London E uropean stock markets closed mixed yesterday, weighed down by weak eurozone and Chinese data while getting a bit of help from some positive US indicators. London’s benchmark FTSE 100 index shed 0.26% to stand at 6.678.9 points at the close of trading. The CAC 40 in Paris slipped 0.75% compared with Wednesday’s closing level to 4,234.21 points, while Frankfurt’s DAX 30 п¬Ѓnished up 0.12% to 9,483.97 points. In yesterday’s trade, the European single currency edged down to $1.2528 from $1.2551 late in New York on Wednesday. “Stocks saw a mildly negative open after Chinese manufacturing PMI stalled at a six-month low overnight,” said Atif Latif, head of trading at Guardian Stockbrokers in London. “Losses then accelerated as inves- tors digested weak eurozone PMI п¬Ѓgures,” he said. The FTSE’s miners were dragged down by the Chinese numbers, he added. Shares in Anglo American dropped 2.23% to close at 1,293.50 pence and Rio Tinto lost 2.62% to 2,865 pence. Preliminary п¬Ѓgures from British banking giant HSBC indicated manufacturing activity in China was stagnant in November. The composite purchasing managers’ index (PMI) came in at 50 — anything above that points to growth, below suggests contraction. In the eurozone growth was at its slowest pace in 16 months as new orders dipped, survey company Markit said yesterday. “The biggest drag on global growth since the start of the year has come from the sustained downturn in the eurozone,” said Michael Pearce, global economist at Capital Economics. Fresh US data gave stocks a little lift showing flat inflation, a pickup in home sales, an unexpected surge in the Philadelphia regional manufacturing HONG KONG HONG KONG Company Name Aluminum Corp Of China Ltd-H Bank Of East Asia Bank Of China Ltd-H Bank Of Communications Co-H Belle International Holdings Boc Hong Kong Holdings Ltd Cathay Pacific Airways Cheung Kong Holdings Ltd China Coal Energy Co-H China Construction Bank-H China Life Insurance Co-H China Merchants Hldgs Intl China Mobile Ltd China Overseas Land & Invest China Petroleum & Chemical-H China Resources Enterprise China Resources Land Ltd China Resources Power Holdin China Shenhua Energy Co-H China Unicom Hong Kong Ltd Citic Ltd Clp Holdings Ltd Cnooc Ltd Cosco Pacific Ltd Esprit Holdings Ltd Fih Mobile Ltd Hang Lung Properties Ltd Hang Seng Bank Ltd Henderson Land Development index, and overall improvement in the Conference Board’s Leading Economic Index, an amalgamation of several key economic indicators. The international data left US stocks also mixed with the Dow Jones Industrial Average down 0.15% at 17,659.47, about 35 minutes into trade. The broad-based S&P 500 dipped a slight 0.05% to 2,047.69, while the tech-rich Nasdaq Composite Index added 0.15% to 4,682.75. While the manufacturing PMIs point to slightly slower global growth, “the slowdown has been more gradual than many commentators have suggested, and the pace of global growth remains fairly strong by the standards of the past few years,” said Pearce of Capital Economics. In foreign exchange trading yesterday, the euro eased to 79.88 British pence from 80.03 late on Wednesday in New York. The British pound gained slightly to $1.5684 from $1.5681. On the London Bullion Market, the price of gold dipped to $1,190 an ounce from $1,196 late on Wednesday. Lt Price 3.29 32.20 3.71 5.72 9.52 26.60 15.18 137.80 4.69 5.58 22.80 25.55 93.75 20.35 6.23 15.58 16.78 20.45 20.10 11.30 12.88 66.15 11.48 10.52 10.02 4.05 22.50 129.00 51.20 % Chg -0.60 -0.62 0.00 -0.17 -0.83 -0.93 -0.78 0.22 0.86 -0.18 0.44 -1.35 -0.11 -1.21 0.97 -1.52 -1.64 -1.21 -0.74 0.71 -1.53 -0.68 1.95 0.00 0.50 -1.46 -0.22 0.00 -0.39 Volume 8,987,545 1,383,100 276,873,796 19,843,030 18,011,500 13,196,558 3,556,756 1,765,388 15,492,817 140,411,913 29,222,519 3,334,645 14,638,376 16,678,890 77,637,294 4,094,308 11,093,000 9,551,530 15,959,969 25,207,897 13,303,287 2,011,487 66,974,219 2,182,205 1,819,565 3,038,951 3,370,388 1,035,243 1,961,004 Company Name Hong Kong & China Gas Hong Kong Exchanges & Clear Hsbc Holdings Plc Hutchison Whampoa Ltd Ind & Comm Bk Of China-H Li & Fung Ltd Mtr Corp New World Development Petrochina Co Ltd-H Ping An Insurance Group Co-H Power Assets Holdings Ltd Sino Land Co Sun Hung Kai Properties Swire Pacific Ltd-A Tencent Holdings Ltd Wharf Holdings Ltd Lt Price 18.34 165.80 76.85 98.15 4.94 8.77 31.15 9.55 8.54 58.20 72.55 12.50 112.40 102.60 125.70 55.00 % Chg 0.66 -1.31 -0.26 -0.30 -0.20 -1.02 -0.32 0.53 0.83 -1.19 -0.41 -0.95 -0.09 -1.06 1.05 0.00 Volume 7,782,263 19,810,950 10,774,947 3,833,825 222,911,711 22,077,600 1,470,703 11,615,166 96,825,200 21,199,989 3,118,538 4,612,647 2,295,833 1,242,170 15,668,136 3,103,479 GCC INDICES Indices Doha Securities Market Saudi Tadawul Kuwait Stocks Exchange Bahrain Stock Exchage Oman Stock Market Abudhabi Stock Market Dubai Financial Market Lt Price 13,846.01 9,408.83 6,985.89 1,441.24 7,078.72 4,957.79 4,563.39 Change -55.07 +25.05 -39.47 -7.34 +32.68 +21.61 +11.90 “Information contained herein is believed to be reliable and had been obtained from sources believed to be reliable. The accuracy and completeness cannot be guaranteed. This publication is for providing information only and is not intended as an offer or solicitation for a purchase or sale of any of the financial instruments mentioned. Gulf Times and Doha Bank or any of their employees shall not be held accountable and will not accept any losses or liabilities for actions based on this data.” CURRENCIES DOLLAR QATAR RIYAL SAUDI RIYAL UAE DIRHAMS BAHRAINI DINAR KUWAITI DINAR 10 Gulf Times Friday, November 21, 2014 BUSINESS вЂ�Wall St banking giants had unfair advantage from commodity units’ Bloomberg Washington W all Street’s biggest banks have used their ownership of metals warehouses, oil tankers and other commodities businesses to gain unfair trading advantages and dominate markets, according to a US Senate investigation. In a report on Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co, a Senate panel said the п¬Ѓrms have eroded the line separating banking from commercial activities to the detriment of consumers and the п¬Ѓnancial system. The holdings give banks access to non-public information that could move markets and increase the likelihood that industrial accidents will spur taxpayer bailouts, the report said. “We simply cannot allow a large, powerful Wall Street bank the power to influence the price of a commodity essential to our economy,” Senator Carl Levin, who chairs the Permanent Subcommittee on Investigations, told reporters in Washington on Wednesday. He added that his staff “found substantial evidence that these activities expose major banks to catastrophic risks that are poorly understood.” The scrutiny over banks’ involvement with commodities has spurred the Federal Reserve to consider tightening regulations and prompted some Wall Street п¬Ѓrms to try to shed assets. Levin’s new п¬Ѓndings include details on Deutsche Bank AG and other clients who entered into controversial aluminium transactions with Goldman Sachs and reveal that a former employee questioned whether the New York-based bank had adequate safeguards to prevent marketmoving data from being passed on to the п¬Ѓrm’s traders. The 400-page report also referenced a 2012 Fed study of four banks that found each had capital and insurance shortfalls for commodity units of as much as $15bn. That meant that if each bank experienced a catastrophe on the scale of BP’s 2010 oil spill in the Gulf of Mexico, they Traders work on the floor of the New York Mercantile Exchange (NYMEX) in New York. In a report on Goldman Sachs Group, Morgan Stanley and JPMorgan Chase , a US Senate panel said the firms have eroded the line separating banking from commercial activities to the detriment of consumers and the financial system. couldn’t cover the losses, the report said. The investigation, which is the focus of a two-day public hearings that started yesterday, is a swan song for retiring Levin, a Michigan Democrat who’s long been a scourge of the banking industry. His 2010 showcase of Goldman Sachs’s mortgage trades helped crystallise the п¬Ѓnancial crisis in the minds of the American public and left a stain on the bank that it has yet to fully erase. The commodities probe, unlike some investigations done by the panel, doesn’t feature as many smoking-gun e-mails and instead points to circumstantial evidence. The report still highlights the breadth of Wall Street’s reach into non-banking businesses and the potential conflicts of interest that come with it. The investigation covers a broad range of commodity investments in recent years including Goldman Sachs’s ownership of Colombian coal mines as well as a uranium trading business; Morgan Stanley’s natural gas and oil transport operations; and JPMorgan’s electricity and metals businesses. A focus of Levin’s examination is Goldman Sachs’s 2010 purchase of Metro International Trade Services, an operator of warehouses that’s part of the London Metal Exchange system. The Senate report said the acquisition allowed the bank to have a major influence on aluminium trading. With Goldman Sachs employees in control of Metro’s board of directors, the warehouse took steps to increase the amount of time it took to remove alu- minium, which may have led to higher prices, according to the report. Soon after Goldman Sachs bought it, Metro began paying incentives to traders to store aluminium in the company’s warehouses. In a series of private deals worked out in e-mails and unsigned contracts, Metro also gave special incentives to a small group of п¬Ѓnancial п¬Ѓrms to keep metal in its Detroit warehouses by п¬Ѓrst loading it out and then back in. Six so-called “merrygo-round deals” from 2010, 2012 and 2013 were struck with Deutsche Bank; Red Kite Group, a London-based hedge fund; and Swiss-based commodity trader Glencore Plc, according to the report. A Deutsche Bank spokeswoman declined to comment, while officials at Red Kite and Glencore didn’t respond to e-mails sent after regular European business hours. The September 2010 deal with Deutsche Bank was suggested by senior executives at Metro and a board subcommittee composed of Goldman Sachs employees, the report said. The transaction wound up having an immediate impact on the queues at the warehouse and resulted in other users having to wait longer and pay more to store their aluminium. The transaction increased the wait in Detroit from about 20 days to almost 120 days, the report found. The report alleged the long delays led to a surge in the price of aluminium, which Goldman Sachs was trading at the same time. In a statement, Goldman Sachs said the transactions re- sponded to client requests and weren’t improper. The bank said the deals had “no impact” on the п¬Ѓnal price consumers paid. In July 2013, Goldman Sachs offered to speed up delivery of aluminium to users of the metal, and said no client accepted the offer to swap their metal stuck in queues for immediately available aluminium. In August, a district judge dismissed a suit against the п¬Ѓrm and others brought by aluminium consumers, saying that an increase in a price component of aluminium was “an unintended consequence of rational proп¬Ѓt maximising behaviour rather than the product of conspiratorial design.” Goldman Sachs’s ownership of Metro also raises conflicts of interest and potential unfair trading advantages, Levin said. While Goldman Sachs said it had policies against the misuse of warehouse information, the Senate investigators found that conп¬Ѓdential Metro data was made available to dozens of bank employees, including those active in trading commodities. The report included a 2013 email from a resigning Metro employee who expressed concerns that market-moving information could be shared with Goldman Sachs’s traders. Michael Whelan, the former Metro vice president of business development, expressed “questions and concerns regarding the Chinese Wall Policy that is in place” regulating the interaction between the warehousing unit and Goldman Sachs’s primary commodities trading subsidiary, J Aron. Goldman Sachs told the Senate investigators there was no breach of information barriers required by the LME. “Regular reviews by Goldman Sachs personnel have not found a single instance where conп¬Ѓdential Metro information went to the metals-trading personnel of Goldman Sachs,” Jacques Gabillon, head of the bank’s global commodities principal investments group, said in prepared remarks. An outside auditor reviewed the information barriers at Metro and found “no issues,” Gabillon said. The Senate report was critical of regulators’ inconsistent attempts to rein in the growth of banks’ commodities businesses. A memorandum from the Federal Reserve Bank of New York said JPMorgan “pushed regulatory limits and their interpretation” as it integrated commodity businesses with its trading units, the Senate investigation found. The largest US bank by assets allegedly gamed the limits on commodities activities, and the report said regulators at one point realised JPMorgan had breached the cap. JPMorgan exceeded the limit only once in an incident that took place in 2011, according to a statement on Wednesday from the bank. It has been selling off large portions of its physicalcommodities business and will focus on derivatives in the future, the bank said. On Morgan Stanley, the Senate report said the п¬Ѓrm presents a “case study of banking mixed with commerce” that poses conflicts over trading “financial and physical oil products.” “Morgan Stanley is proud of its comprehensive approach to risk management, which has enabled the п¬Ѓrm to manage its commodities business prudently and effectively over the last three decades,” said Mark Lake, a spokesman for the New Yorkbased bank. Wall Street commodity units п¬Ѓrst drew criticism in 2013 after beer makers complained that long wait times for metal deliveries from bank-owned warehouses had led to price spikes. The Fed, facing calls from lawmakers to bar lenders from owning physical commodities, responded by seeking input from banks and the public on the risk posed by п¬Ѓnancial companies owning and trading oil, gas and aluminium. Levin’s investigation adds pressure on the central bank and other regulators to toughen rules. The Senate report urged the Fed to impose a “clear” limit on how much banks can participate in physical commodities and “reaffirm” the separation between lending and other businesses. Gulf Times Friday, November 21, 2014 11 BUSINESS Creaking EU, China sound warnings for global growth Reuters Beijing/London Reuters Beijing S urveys sounded warning bells for the global economy yesterday as eurozone businesses grew less quickly than any forecaster expected, and China and US factories lost momentum. The downbeat data, alongside evidence of further price-cutting, will add to calls for more policy action from the European Central Bank, while the п¬Ѓrst drop in Chinese manufacturing output for six months will heap similar pressure on authorities in Beijing. “It does reinforce the case for quantitative easing from the European Central Bank,” said Alan Clarke, European economist at Scotiabank, of the eurozone PMIs. Markit’s Composite Flash Purchasing Managers’ Index for November, based on surveys of thousands of companies and seen as a good growth indicator, fell to 51.4, missing even the lowest forecast in a Reuters poll. The service industry PMI also undershot all forecasts by falling to 51.3, while the factory PMI’s dip to 50.4 missed consensus. However, all three readings held above the 50 mark that separates growth from contraction. Markit said the PMI pointed to 0.10.2% GDP growth in the eurozone in the current quarter, compared with the 0.2% forecast in a Reuters poll taken last week. “November’s fall in the eurozone composite PMI is a serious blow to hopes that the recovery would resume towards the end of the year,” said Jennifer McKeown, senior European economist at Capital Economics. Forward-looking indicators suggest the situation is unlikely to improve anytime soon. The composite new orders index fell below 50 for the first time since July 2013, and factories, which barely increased staffing levels, ran down old orders faster than last month. But likely of greatest concern for the ECB, which is facing the spectre of deflation, service firms cut prices they charge again, as they have done ever since late-2011. Eurozone prices rose 0.4% in October, well below the ECB’s target of just under 2% and stuck firmly in what it terms the inflation danger zone. To keep the region from slipping into deflation, the ECB has been pumping money into the banking C A Chinese worker pushes a trolley with goods past a construction site in Beijing. Manufacturing activity in China stagnated in November, HSBC said yesterday. system by buying covered bonds and offering cheap long-term loans to banks. The chances it takes the plunge and buys sovereign bonds are now 50-50, a Reuters poll found. In China, the world’s second biggest economy, the HSBC/Markit manufacturing PMI reading showed a drop to a six-month low of 50.0 in November. The factory output sub-index fell to 49.5, its first contraction since May. A cooling property market, erratic foreign demand and overcapacity have weighed on its manufacturers and the broader economy this year despite a steady stream of stimulus measures. China’s annual growth slowed to 7.3% in the third quarter, leaving 2014 on track to be the slowest in 24 years. “We still see uncertainties in the months ahead from the property market and on the export front. We think more monetary and fiscal easing measures should be deployed.” said Hongbin Qu, chief China economist at HSBC. The Markit/JMMA version of Japan’s PMI was more mixed. While the headline index edged down to 52.1 in November, from 52.4 in October, output expanded at its fastest clip in eight months. Firms may have been responding to better offshore demand as exports soared, reflecting a weaker yen. Policymakers were taken by sur- Infosys arm’s overbilling Apple led to exits of top executives Reuters Bangalore, India I ndian outsourcing major Infosys Ltd’s back-office services unit was overcharging Apple Inc, leading to the exit of top executives, two senior Infosys people said yesterday. Infosys, India’s second-largest IT services exporter, said on Tuesday it had п¬Ѓred Abraham Mathews, chief п¬Ѓnancial ofп¬Ѓcer of its Infosys BPO unit, for failure to comply with the company’s code of conduct. Infosys BPO chief executive officer Gautam Thakkar resigned on “moral grounds” and would leave the com- Beijing wasted $6.9tn on ineffective investments post-2009 pany on November 30, Infosys said. It did not give details about the charges against Mathews. Infosys spokeswoman Sarah Gideon said the company would not comment further on the conп¬Ѓdential investigations. “The п¬Ѓnancial irregularities are not material in nature and the company has already made required disclosures. The company has taken disciplinary action on employees,” she said in an e-mail. Apple did not immediately respond to an e-mail sent outside business hours seeking comment. The irregularities in Infosys BPO’s dealings with Apple came out during an internal audit, said one of the people at Infosys, who declined to be named as he was not authorised to speak to the media. Though the audit showed that the п¬Ѓnancial impact of the wrongdoing on the company was minimal, Infosys decided to take a tough stance to demonstrate its “zero-tolerance policy for any improper conduct,” he said. The Economic Times newspaper yesterday said Infosys would soon п¬Ѓre at least six more employees at the unit, after investigations revealed that they had produced inflated invoices and allegedly overbilled Apple for many months. Infosys earlier this year brought in Vishal Sikka as its new CEO to chart a new strategy for the company, once a trend-setter for India’s more than $100bn IT outsourcing industry. prise earlier this week when data showed the economy fell into recession in the third quarter, underlining the necessity of the Bank of Japan’s super-loose policy and sending the yen to fresh lows. The US manufacturing sector growth also slowed in November, falling to its lowest rate since January while a gauge of new orders also fell for a third straight month, an industry report showed yesterday. Markit said its preliminary or “flash” US Manufacturing Purchasing Managers Index fell to 54.7 from October’s final reading of 55.9. Economists polled by Reuters had expected it to rise to 56.4. The index was at its lowest level since January, as was the new orders subindex. Output fell from 57.8 in October to 55.6, also at its lowest since January, when severe weather impacted economic activity. “Export market weakness holds the key to the recent slowdown, with manufacturers reporting the largest drop in export orders for nearly one and a half years,” said Chris Williamson, chief economist at Markit. “There’s some reassurance from manufacturers continuing to boost their payroll numbers at a robust pace, but with backlogs of work showing almost no growth, the rate of job creation looks likely to moderate in coming months unless new order inflows pick up again.” hina wasted an approximate 42tn yuan ($6.9tn) on “ineffective investment” in the п¬Ѓve years from 2009, with the problem worsening in the past two years, a government official and an economist were quoted as saying in the local media. From relying too much on investment to lift the economy to supplying state п¬Ѓrms with cheap loans that fuelled unnecessary spending, the two pressed China to face up to its problem of making investment with low or no efficiency. Their calculations – one of the starkest to date – showed that unproductive investment took up almost half of China’s total investment in 2009 and 2013. The remarks were made by Xu Ce of the development and planning department at China’s top economic planner, the National Development and Reform Commission, and Wang Yuan from the Academy of Macro Economic Research, which is linked to the commission. Their comments were published in an opinion piece in the Shanghai Securities News yesterday, with the caveat that their views did not reflect official thinking. “The problem of low or no-efп¬Ѓciency investment has reached a time where it must be faced up to,” Xu and Wang wrote. China has acknowledged that it is overly-dependent on investment to power the world’s second-biggest economy, but re-ordering the growth model takes time. Investment contributed to 42% of China’s economic growth between January and September this year. Xu and Wang said the problem should be addressed now as China seeks to develop regional economies, including those along the old Silk Road trading route where it has promised to spend $40bn. Kotak Mahindra set to buy ING Vysya Bank Reuters Mumbai I ndian private lender Kotak Mahindra Bank said yesterday its board had approved the acquisition of local rival ING Vysya Bank Ltd in an all-stock deal, a move that could kick-start consolidation in the banking sector. Dutch lender ING Groep NV owns roughly a 43% stake in ING Vysya, and will become the second-largest shareholder in Kotak Mahindra with about a 7% stake after the takeover, which is subject to regulatory approvals. The combined banking entity will have 1,214 branches with a widespread network across the country, the two banks said in a statement issued after market hours yesterday, adding it would also explore international business. India, Asia’s third-largest economy, has 40 publicly traded lenders with 24 of them majority owned by the government. Many analysts were expecting consolidation in the sector after the central bank in April granted licences to set up two new banks. The share exchange ratio indicates a price of Rs790 for each ING Vysya share based on the average closing price of Kotak shares during the month to November 19, valuing the deal at $2.4bn. The transaction is expected to close in the second half of 2015, the statement said. Based on ING Vysya’s book value as of September 30, the proposed transaction is estimated to result in a proforma net proп¬Ѓt for ING of about €150mn ($188mn) to be booked at closing. Unusual gold moves in Asian hours puzzle jittery traders Reuters Singapore Gold has seen a flurry of trading activity since the first break below $1,180 and its volatility is currently at its highest in 2014. Some of the biggest price moves in gold since late October have, unusually, occurred in Asian hours and traders more accustomed to following the lead of their Western counterparts suspect a big increase in algorithmic trading may be to blame. Sensitivity to the dollar-yen exchange rate may also help explain the moves, although some traders speculated that the timing looked suspiciously like attempts to catch Chinese traders off-guard during their lunch break. Liquidity in Asia tends to be thin until Europe wakes up but recent weeks have been different: COMEX gold futures, the busiest gold contract in the world, have suffered sharp sell-offs in Asia, sometimes sparked by the news flow or currency moves but often for no identifiable reason. “It is unusual for Asia to be seeing these busy trading sessions,” said David Govett, head of precious metals at broker Marex Spectron in London. “I have spoken to a lot of people about it and the general consensus seems to be that there is a big increase in algorithmic and high-frequency trading in this time zone nowadays as it can be quite easy to push about,” he said. The trend began on October 31, when US gold futures fell through a major technical level of $1,180 an ounce at around 3pm Singapore time (0700 GMT). They fell $11 in a minute and nearly 9,000 lots were traded in five minutes, compared with just 535 lots in the five minutes preceding the drop. Some of the dips in price have tracked dollar-yen movements, including that one on October 31, when the Bank of Japan announced a surprise increase in monetary stimulus and the yen tumbled. The breach of $1,180 – the lowest level hit by gold during last year’s 28% slide – sparked a huge sell-off in the precious metal over the next two weeks. In the days following the first dip, gold tumbled 1% or hit new lows almost every other day around the same time, between 12:45pm and 1:45pm Singapore time. The slide took gold all the way down to $1,130.40 an ounce, its lowest since March 2010, reached in Asian hours on Nov. 7, when nearly 4,000 lots changed hands in just one minute. It has since recovered and is back trading near $1,180. The price lurches that took the market lower often happened when traders in top gold consumer China, which usually provides support for the metal, were out for lunch. “Someone is utilising these thin trading volumes to get a turbo steroid move,” said a precious metals trader in Hong Kong. Traders in Tokyo have also noticed that the falls tend to happen a few minutes before their markets are set to close. Gold has seen a flurry of trading activity since the first break below $1,180 and its volatility is currently at its highest in 2014. A growing awareness of the new Asian trend may have served to intensify it. “At one point in the last two weeks, there was huge selling at around the same time every other day,” said a trader in Tokyo. “Some people noticed that and went short just before that particular hour.” This trader and others speculated that the selling could be coming from hedge funds. The simplest explanation for the volatility in Asia remains the rise in the dollar to a seven-year high against the yen. A stronger greenback makes dollardenominated bullion more expensive for holders of other currencies. “There is definitely more Japanese participation. Gold could be sold off along with the yen so that Japanese investors could put money into the Nikkei,” said Tan Tien Leong, chief investment officer of Singapore-based hedge fund AN Commodity. 12 Gulf Times Friday, November 21, 2014 BUSINESS Taiwan’s Oct export orders hit record Japan’s reп¬Ѓners plan to cut crude distillation capacity AFP Taipei Reuters Tokyo B J ooming shipments of smartphones including Apple’s iPhone 6 pushed Taiwan’s export orders to a new record high in October, the ninth straight month of gains, the government and media said yesterday. Orders, a key indicator for the island’s export-reliant economy, jumped 13.4% yearon-year to $44.91bn, according to the economic affairs ministry. Orders for information and mobile devices surged 21% from a year ago to a record $12.9bn, thanks to brisk sales of new mobile devices, the ministry said. The ministry did not identify the brands but the state-funded Central News Agency said strong demand for the iPhone 6 continued to boost export orders. Apple said last month it sold 39.3mn iPhones in the three months ending September 27, up 16% from the same period a year earlier. Taiwan’s Hon Hai, also known as Foxconn, is the world’s largest computer components manufacturer and assembles products for leading international brands including Apple’s iPhones. Media reports say local п¬Ѓrms Pegatron worked on the assembly of the new iPhone and TSMC – the world’s biggest contract microchip maker – manufactured its chips. apanese reп¬Ѓners are planning to cut crude distillation capacities to meet a new government directive, but analysts say the moves will not forestall the need for them to consolidate at some point over the next several years. An earlier government directive reduced reп¬Ѓning capacity by 20% from 2007 levels, putting demand and supply in balance and pushing up gas oil margins to a two-year high. But industry executives say they are still resigned to a long-term bleak outlook as Japan’s ageing population shrinks and domestic oil demand falls 2% to 3% every year. The trade ministry’s second directive says “reorganisation” of the industry is a goal, with reп¬Ѓners encouraged to merge or cooperate in areas where plants are clustered together to make it easier to comply with requirements to reduce the percentage output of high-value products like diesel and jet fuel. To further spur reorganisation, industry sources say the Ministry of Economy, Trade and Industry (METI) is likely to impose a third directive after the current one ends in 2017. “From the trade ministry’s point of view, an alliance is regarded as a must,” said Okasan Securities senior sector analyst Shinichi Yamazaki, adding that shrinking demand casts a pall over the sector’s п¬Ѓnances. “There is a chance that the number of major reп¬Ѓners could be down to four, from п¬Ѓve now, by 2020 or 2021 during the third directive. By then consump- Tonen General Sekiyu’s refinery is illuminated at night in Kawasaki City. Tonen General, Japan’s second biggest refiner by capacity, is set to form a loose alliance at their Chiba complexes as part of a consolidation move. tion should have fallen substantially and made their п¬Ѓnancial situation dire.” Despite the improvement in fuel margins, Japan’s п¬Ѓve major reп¬Ѓners posted inventory valuation losses that totalled to 62.3bn yen ($526mn) in April-Sep- tember due to oil price declines. Reiji Ogino, a senior analyst at Mitsubishi UFJ Morgan Stanley Securities, also expects consolidation to occur down the line. “This could occur ... after the current directive ends (in March 2017),” he said. TonenGeneral Sekiyu, Japan’s second biggest reп¬Ѓner by capacity, and Cosmo Oil, the fourth-biggest, are set to form a loose alliance at their Chiba complexes, an example METI hopes other reп¬Ѓners will imitate. Reп¬Ѓn- ers submitted their initial plans to meet METI’s July directive by October 31, many indicating they plan to cut crude capacities while they seek suitable alliances with others. The second directive will cut reп¬Ѓning capacity by 9.5% to 3.57mn barrels per day (bpd) by the deadline in March 2017, according to Reuters calculations based on government data. Even with the cuts, the domestic market could still be oversupplied by about 400,000 bpd, as oil demand in the world’s fourth-biggest user is projected to fall to 3.15mn bpd by then. “At METI they are thinking that in the oil industry two or three (companies) is enough,” said a senior executive at one of the smaller reп¬Ѓners. Japan’s biggest reп¬Ѓner JX Holdings, which controls about a third of domestic demand, cannot grow any bigger by absorbing a smaller oil processor due to antitrust concerns. No.2 TonenGeneral, though, which does not have any upstream business, could play a key part in any future consolidation, Yamazaki said. Some industry executives are chaп¬Ѓng at the latest METI directive and question its effectiveness. “There is no need to scrap reп¬Ѓning units,” said an executive with a reп¬Ѓner who declined to be identiп¬Ѓed. “How does that enhance competitiveness?” A senior METI official who did not want to be identiп¬Ѓed said that the reп¬Ѓners misunderstood the intent of the directive. “The objective is not capacity reduction but enhancing business reorganisation toward improving (efficiency),” the official said. US clashes with Takata on airbag recall Bloomberg New York/Tokyo The US government demanded automakers and Takata Corp expand an airbag recall nationwide, a move the Japanese supplier called dangerous because it could slow the distribution of replacements in the riskiest regions. The National Highway Traffic Safety Administration yesterday called for Takata and 10 automakers to repair all cars with potentially defective driver’s side airbags, adding to the almost 8mn cars already recalled in the past two years in highhumidity states and territories. Piecemeal, regional recalls have left car owners unsure about whether the air bags in their vehicles are prone to rupturing. NHTSA said it will use its legal authority to ensure vehicles that use the same or similar airbag inflator are repaired if Takata and the carmakers don’t agree quickly to a national recall. Takata says diverting replacement parts from where they’re needed may put “lives at risk.” “These regional recalls are ludicrous and inappropriate,” said Joan Claybrook, a former NHTSA administrator who now advocates for consumer safety. “People take their cars to different parts of the country all the time.” It’s still not known whether there’s a design defect and whether there are other problematic designs, Claybrook said. NHTSA has been investigating Takata airbag inflators that could malfunction if exposed to consistently high humidity. The agency has said the condition could cause the devices to deploy with too much force, break apart metal pieces and strike passengers. The air bags are linked to four deaths in Honda Motor vehicles in the US and a fatal accident in Malaysia. “We’re pushing Takata and all affected manufacturers to issue the recall and to ensure the recalls capture the full scope of the problems,” NHTSA Deputy Administrator David Friedman said in a November 18 statement on the agency’s website. As part of Takata’s investigation, the company has tested almost 1,000 driver and passenger airbag inflators from outside high-humidity areas and none of those have ruptured, the Tokyo-based parts maker said yesterday in an e-mailed statement. “Takata is concerned that a national recall under these circumstances could potentially divert replacement airbags from where they’re needed, putting lives at risk,” Alby Berman, an Auburn Hills, Michigan-based spokesman, said in the statement. The company will continue evaluating inflators and is prepared for “appropriate expansions” of recalls if analysis by Takata and NHTSA indicate safety risk, he said. The expansion of US recalls nationwide was the biggest risk Takata faced, company executives told analysts in Tokyo last week during a briefing closed to the media. The comments were confirmed by Hitoshi Sano, Takata’s head of investor relations. Takata fell 7.4% in Tokyo to ВҐ1,099, the lowest closing price since April 2009. The stock has plunged 64% this year, the fourth-biggest decline among more than 1,800 companies in Japan’s benchmark Topix index, which has gained 7.2%. NHTSA didn’t say how many additional vehicles would be recalled if Takata and the automakers comply with its demand. Expanding recalls nationwide could result in more than 20mn vehicles getting called back and ВҐ100bn ($852mn) in additional expenses for Takata, Shintaro Niimura, a credit analyst at Nomura Holdings Inc, wrote in an October 27 report. Niimura, based in Tokyo, said yesterday the estimate applied to the number of cars that could be recalled if the NHTSA requires national safety actions for both driver’s and passenger’s side air bags. Takata has already been struggling to ramp up production of replacement air bags under the regional recalls. The company projected as of September that it would be able to make only one-third of the 4.3mn repair kits needed by February. Toyota Motor Corp anticipates having a greater supply of inflators next month, Jim Lentz, chief executive officer of Toyota’s North American operations, said yesterday. “I don’t know if it’s more production, if they’re getting it from other suppliers,” Lentz said yesterday in an interview at the Los Angeles Auto Show. “I don’t know where it’s coming from. We just know we’re getting more inflators. As long as I get good inflators, that’s all that’s important.” Safety advocates have blamed NHTSA for not doing enough in its probe of Takata. A federal grand jury has sent the company a subpoena to turn over documents and explain the defects with its safety devices, and the US Senate has scheduled a hearing this week to obtain more answers. Honda, the automaker with the most US models affected by the earlier recalls, is working with NHTSA to investigate abnormal airbag inflator deployments, said Chris Martin, a company spokesman. The Tokyo-based company will expand the recalls affecting its vehicles if the investigation warrants it, Martin said. General Motors Co is recalling only the 2002-2005 Pontiac Vibe, which was built under a joint agreement with Toyota, Alan Adler, a GM spokesman, said in an e-mail. Subaru, owned by Fuji Heavy Industries, is recalling a small number of Saab 9-2X models, which were built by Subaru for GM when the Detroit-based automaker owned Saab. “We have no field data indicating a problem with Takata air bags in our vehicles,” Adler said. “We are continuing to monitor the situation and will put our customers’ safety ahead of all else.” Nissan Motor Co, which has recalled seven models including the Sentra sedan in southern states since October, used driver’s side air bags manufactured by another supplier for its vehicles, Steve Yaeger, a company spokesman, said in an e-mail. Ford Motor Co will continue to cooperate with NHTSA and take appropriate action, said Kelli Felker, a spokeswoman for the Dearborn, Michigan-based company. Mazda Motor has just seen the notification and will work closely with regulators, company spokesman Jeremy Barnes said. Takata’s senior vice president in charge of global quality assurance, Hiroshi Shimizu, is scheduled to testify tomorrow at a hearing of the US Senate Committee on Commerce, Science and Transportation on “how defective Takata air bags became installed in so many vehicles” and the responses of both the industry regulators to protect consumers. Jian: Sharing expertise. China mulling easing rules on loan-to-deposit Bloomberg Beijing C hina’s central bank is considering changing the way it calculates banks’ loan-to-deposit ratios, a government official briefed on the matter said, signalling efforts to boost credit as the economy falters. Savings that banks hold for non-deposit-taking п¬Ѓnancial institutions may be classiп¬Ѓed as deposits, the person said, declining to be identiп¬Ѓed as he’s not authorised to speak publicly about the matter. Money that banks lent to such institutions would be classiп¬Ѓed as loans, according to the official. The changes may take effect on January 1. Chinese banks are allowed to lend a maximum of 75% of deposits. China International Capital Corp says that loanratio rule changes could see an extra 7tn yuan ($1.1tn) of money classiп¬Ѓed as deposits, 14 times more than the likely boost to loans. That would increase lenders’ ability to extend credit. Such moves “could help to improve credit allocation across banks and regions,” Chang Jian, chief China economist at Barclays in Hong Kong, said in a note yesterday. At the same time, “we do not think this will change the fundamental picture facing the Chinese economy,” she said. Calls and faxes to the PBoC seeking comment weren’t immediately answered. Premier Li Keqiang said on Wednesday at a meeting of the State Council that the government will make the loan-todeposit ratio more flexible and improve loan management. Policy makers are seeking to cut funding costs and feed credit into the economy as manufacturing growth weakens and economists predict the nation’s slowest expansion since 1990. In June, the China Banking Regulatory Commission loosened loan-to-deposit calculations through changes that related to negotiable certiп¬Ѓcates of deposit and some credit extended to small enterprises and the rural sector. The central bank may include 500bn yuan of interbank loans to non-deposit taking п¬Ѓnancial institutions in the revised calculations, CICC’s Beijing-based analyst Huang Jie wrote in a note yesterday. Banks’ loan-to-deposit ratio may drop to about 60% to 61% from 64.2% at the end of September, Huang estimated. A change in the calculations to include interbank deposits could have the sideeffect of cuts in banks’ reserve requirements, Huang said. Extra deposits mean banks have to set aside extra reserves. The central bank may need to cut reserve ratios two or three times to offset the impact and maintain liquidity, Huang said. Gulf Times Friday, November 21, 2014 13 BUSINESS Ma warns Alibaba facing вЂ�most dangerous’ moment Bloomberg Beijing J ust two months after its record initial public offering, Alibaba Group Holding is facing its “most dangerous moment,” according to founder Jack Ma. That’s because people may be expecting too much from China’s biggest e-commerce company since its IPO, said Ma, who is known for often peppering his speeches with controversial comments. The warning echoes previous remarks from the billionaire about the challenges facing the company, from employees becoming complacent and stopping innovation to failing to embrace opportunities in the mobile age. Ma is steering Alibaba into new businesses of digital entertainment and health care as it adjusts to post-IPO life as the 10th-largest company by market value, surpassing Coca-Cola Co and Facebook Inc. “Even two months before the IPO, people didn’t think we would make money,” Ma said in a speech yesterday at the World Internet Conference in Wuzhen, China. “Now the problem is people think we are too good - we can do anything. This is the most dangerous moment.” Alibaba raised a record $25bn in September’s IPO. Since then, the shares have surged 60% and the com- Ma: Worried over challenges the company is facing after mega public issue. pany’s Singles’ Day promotion on November 11 saw shoppers spend a record 57.1bn yuan ($9.3bn) on goods. “This is Ma’s typical speech style,” said Li Yujie, an analyst at RHB Research Institute Sdn in Hong Kong. “He’s probably worried that his staff will become too complacent, and wants to remind them that the company isn’t as good as what people are expecting it to be.” Ma is spearheading Alibaba’s hunt for Hollywood movies and television shows as it expands its video and entertainment content on set-top boxes. Alibaba prefers to invest in specific films rather than in movie studios, a person familiar with the matter said this month. The Hangzhou-based company wants to become a more significant distributor of content by using customer shopping and viewing data to forecast what productions will become hits among Chinese viewers, the person said. The company is focusing on health and entertainment because China’s biggest troubles in 10 years will be in health and happiness, Ma said. Hangzhou-based Alibaba released its first set-top box in collaboration with Wasu Media Holding Co in September 2013. A month later, it announced another box under the Tmall brand, the name of one of Alibaba’s biggest e-commerce platforms. Users of Alibaba’s set-top boxes can watch TV channels and high-definition movies, shop online and play games. Alibaba buys rights from studios that control films and TV content to show them online for a fee, often by territory. The e-commerce giant is also planning to raise as much as $8bn as soon as this week in its first US bond sale, people with knowledge of the matter said. The company will use the pro- ceeds to refinance its credit facilities, according to a statement. The bonds will be rated A+, or the fifth highest investment-grade, by Standard & Poor’s and an equivalent A1 by Moody’s Investors Service. Alibaba already has $11bn in loans and credit lines, according to data compiled by Bloomberg. Should Alibaba raise $8bn, the bond sale would be the largest ever denominated in US dollars in Asia, according to data compiled by Bloomberg. Ma sees many opportunities for Alibaba around the world and doesn’t want to compete with EBay Inc and Amazon.com in the US. “We invest in the future,” Ma said. “Don’t run after money. Money will run after people.” Alibaba already is the top shopping site in Russia and Brazil, markets where it currently has no employees. AliExpress, an Alibaba site for users outside China, has become the No. 1 shopping site in Russia, according to researcher TNS. The company is also building its online payment system Alipay globally as it tries to process more digital sales for small businesses around the world. Alipay has 17.9mn active users overseas in more than 100 countries and is accepted by 2,000 merchants overseas, Sabrina Peng, vice president for Alibaba’s finance arm’s international business, said in October. Volkswagen China growth slows to 10% Reuters Shanghai V olkswagen AG’s growth in China is expected to slow to around 10% this year from 16% in 2013 due to a conservative strategy that has limited its production capacity, the head of its Chinese operations said on Tuesday. A shortage in capacity is the only reason Volkswagen’s growth rate has lagged overall growth in China’s vehicle market recently, Volkswagen China President Jochem Heizmann told reporters in Guangzhou, ahead of an annual auto show that will open today in the southern Chinese city. The German car maker plans to step up investment in manufacturing so that this is no longer an impediment, he said. Heizmann said he expected Volkswagen Group, whose brands include Audi, Skoda and Porsche, to deliver a total of 3.6mn vehicles in China this year, which amounts to an annual increase of around 10%. That’s a slowdown from last year’s 16% growth. Volkswagen said in late 2013 it planned to invest €18.2bn ($22.8bn) from 2014 to 2018 to increase annual production capacity to around 4mn vehicles. That plan was based on an average annual sales growth estimate of around 5%, which Heizmann said was “a very conservative planning base. This is why we have a lack of capacity. We’re clearly going beyond this 4mn issue.” Volkswagen also plans to signiп¬Ѓcantly extend its product portfolio to better compete with General Motors for the top spot in China. It is “making very good progress” towards launching a budget car in China and is also developing a China-only luxury sedan “to show the customers that the Volkswagen brand is not just a volume brand in China”, Heizmann said. The company also aims to launch more than 20 electric or plug-in hybrid models in China by 2018. “There is still potential in China’s passenger car market, especially in tier three, four or five cities,” Heizmann said, brushing aside concerns of a drastic slowdown in the world’s biggest auto market. A model poses beside a Volkswagen car at the Auto China Expo in Beijing. Volkswagen growth in China is expected to slow to around 10% this year from 16% in 2013 due to a conservative strategy that has limited its production capacity, the head of its Chinese operations said. Even as growth in China’s overall car market is expected to slow to single-digit pace over the next п¬Ѓve years, it will still be “tremendous growth ... much higher than any other relevant market in the world”, he said. Separately, Heizmann said that plans to raise Volkswagen’s current 40% stake in its joint venture with Chinese partner FAW Group Corp would likely take time. “This is a process which is not just done in weeks,” Heizmann said, adding that the two companies had held talks earlier and agreed to go to the next step. Company sources told Reuters last week that Volkswagen’s bid to increase its stake in a joint venture with Chinese partner FAW Group Corp to about 50% from 40% currently had stalled after more than a year of talks. Japan to lock in low borrowing costs as debt soars Reuters Tokyo J apan may borrow more debt over a longer horizon as the country steps up its already super-loose monetary policy to prop up economic growth and avoid slipping back into deflation. The plan is seen aimed at taking advantage of central bank stimulus to lock in low borrowing costs for the longest period of time and to reduce the need for future debt rollovers as Japan’s public borrowings continue to snowball. The Ministry of Finance is considering raising the issuance of 30- and 40-year government bonds by a total of ВҐ2tn ($17bn) in the new п¬Ѓscal year starting in April, government officials with knowledge of the matter told Reuters. It is also likely to reduce issuing short-term debt, such as two- and п¬Ѓve-year notes, and trim the total issue from ВҐ155.1tn planned for the current п¬Ѓscal year, they added. The MOF is contemplating an increase of around ВҐ1tn yen each in the issuance of 30- and 40-year JGBs and plans to float the idea when ministry officials meet primary dealers today before making a п¬Ѓnal decision, the sources said. The move is not directly related to Prime Minister Shinzo Abe’s decision on Tuesday to delay a planned consumption tax hike, but reflects growing concerns among some policymakers and bureaucrats that bond yields risk rising if no credible measures are taken to curtail debt. “Considering Japan’s dire п¬Ѓscal conditions, it is hard to envisage a sharp improvement, which is why they want to п¬Ѓx long-term debt at low rates,” said Hidenori Suezawa, п¬Ѓscal analyst at SMBC Nikko Securities. So far, the country has no problems п¬Ѓnancing its debt, which has reached over 200% of gross domestic product. Domestic investors, with huge savings, have been happy to buy government bonds at time of deflation even as Japanese government bonds have one of the lowest yields in the world. Yet, there are creeping worries that the country’s п¬Ѓscal time bomb may be ticking quickly as Tokyo does not have a plausible plan to balance its budget even as its population looks set to age and decline faster in coming decades. Highlighting the delicate balance Tokyo has to strike between spurring growth and tightening its п¬Ѓscal belt, the Japanese economy unexpectedly slipped into recession after the п¬Ѓrst leg of a sales tax increase in April. Abe’s decision to postpone the second part of the tax hike to 10% from 8% further makes it difficult to achieve the government’s goal of balancing the budget, excluding debt-related revenues and expenses, by 2020. But even before Abe’s move, the country’s п¬Ѓnance ministry had long been seeking to extend the average maturity of its debt stockpile, which reduces the need for future debt rollovers. China energy targets show intent, picks winners and losers By Clyde Russell Launceston, Australia China’s energy targets for 2020, if assumed to be credible and achievable, give a clear indication of likely winners and losers. The “action plan” released on Wednesday foresees total primary energy consumption rising almost 30% to 4.8bn tonnes of coal equivalent by 2020, up from 3.7bn in 2013. The key element of the plan is the aim to cap coal consumption at 4.2bn tonnes per annum, up just 10.5% from 2013. This aspect of the plan is probably most at risk of slippage, given that reducing the rate of growth for coal consumption means increasing the rates for other, more expensive fuels and renewable energy sources. However, all the indications from China’s leaders have been that the world’s largest polluter is serious about tackling air quality and curbs on coal form a major part of this effort. If the coal target is met, it’s almost certainly disastrous news for coal producers outside of China aiming to export to the world’s biggest user of the fuel. China’s coal output is currently almost enough to meet the 2020 target of 4.2bn tonnes, implying imports will have little room to grow and may even decline in coming years. Coal production in the first 10 months of 2014 was 3.42bn tonnes, up 0.3% on year, according to an industry website that cited data from the National Bureau of Statistics. This puts annual output on track to reach around 4.1bn tonnes. It’s also possible that China could increase coal output, especially if it goes ahead with plans to build power plants near mines in the north and west of the country, and then use long distance transmission lines to carry electricity to the more populated east of the country. This doesn’t mean coal imports will drop to zero, but the 7.7% decline in the first 10 months of the year to 243mn tonnes may be a sign of things to come. It’s possible that Chinese coal will also be exported in increasing volumes, given reports that the export tax may be cut to 3% from 10%. While Chinese coal isn’t currently competitive because of higher costs, improving rail links and its proximity to major Asian buyers South Korea and Japan raise the possibility of increased exports in coming years. The 2020 plan calls for a doubling in the use of natural gas, from 120.9bn cubic metres (bcm) in 2013 to at least 245 bcm. China’s domestic natural gas output grew 7.1% in the first 10 months to 101.3 bcm, putting it on track to reach about 120 bcm this year. There is limited scope to boost domestic output from conventional wells, meaning unconventional shale and coal seam gas will have to do much of the heavy lifting over the next six years. The plan targets at least 30 bcm of shale and 30 bcm of coal seam gas, but this can be achieved only at the expense of a concerted drilling programme and substantial investment. This makes it more likely that pipeline gas from Russia and central Asia and liquefied natural gas will have to supply a larger share of China’s expected growth in natural gas demand. The other areas that will experience rapid growth under the plan are renewables and nuclear power. Wind power is forecast to rise from 77 gigawatts (GW) in 2013 to 200 GW in 2020, with hydro jumping from 258 GW to 350 GW and nuclear from 14.6 GW to 58 GW. The wind increase looks the most ambitious, again implying huge investment and commitment from the authorities. The increase in nuclear seems feasible, given the current building programme, and if achieved should be positive for China’s uranium imports, even though the nation appears to have been stockpiling the atomic fuel in recent years. Crude oil demand may also get a boost from the plan’s confirmation that China intends to complete construction of the second phase of its strategic storage by 2020. It also foresees the commissioning of nine new oilfields with a capacity of 200,000 barrels per day (bpd) each over the coming years, boosting domestic production from around 4.2mn bpd. While new domestic output could cut growth in crude import demand, this also looks ambitious. However, the 2020 targets show the intent of the Chinese leadership, and they are bullish for both foreign and domestic natural gas producers, wind turbine makers and China’s crude exploration sector. The biggest loser appears to be foreign coal miners, who will have to look elsewhere for growth markets. Clyde Russell is a Reuters columnist. The views expressed are his own. 14 Gulf Times Friday, November 21, 2014 BUSINESS UK retail sales rebound; set to counter growth slowdown Reuters London B ritish retail sales jumped in October, suggesting that shoppers will take the edge off an end-ofyear economic slowdown as Europe’s weak growth takes its toll on Britain’s factories. Sales volumes rose by a much strong- er-than-expected 0.8% on the month, helped by purchases of furniture after the housing market surged earlier this year and by falling prices, data from the Office for National Statistics showed yesterday. Consumer spending has driven Britain’s strong economic recovery which began in mid-2013 and is likely to remain its main driver as the global economic outlook worsens. A survey showed British manufacturers expect output in the next three months to be its lowest in over a year, hurt by the sluggish eurozone and a slowdown in China. A separate report showed British car production fell by nearly 7% in October due to weak exports. Spending by British consumers is growing less strongly than earlier this year, but there are signs it will hold up. Wages are edging up and inflation looks set to dip below 1%. Bank of England policymakers have questioned how long private demand can continue to offset weak exports and the effects of public sector spending cuts, according to minutes of their November meeting which were published on Wednesday. British Prime Minister David Cameron is hoping that in the short term, the combination of wage growth and low inflation will help earn him a second term at national elections in May. Yesterday’s data showed prices among retailers fell by 1.5% in October compared with a year earlier, their biggest fall since 2002, pushed down by lower petrol prices. Strong furniture sales could reflect what the ONS believes to be a sixmonth lag between mortgage approvals and house purchases and consumers buying household goods. Liz Martins, an HSBC economist, said the recent slowdown in the housing market could weigh on retail sales in coming months. “However, the broader picture is that, amid concerns about a potential slowdown in the UK economy, this number marks a strong start to the п¬Ѓnal quarter of the year,” she said. No repeat of system crash after $88mn п¬Ѓne, says RBS Reuters London R A view of the Court of Justice of the European Community. Britain’s legal challenge to a limit on bankers’ bonuses was rejected by an adviser to the bloc’s top court. UK heading for defeat over limit to EU bank bonuses Britain says the law would push up fixed pay and goes beyond the EU’s powers; ECJ says fixing the ratio of variable remuneration to basic salaries does not equate to a cap on bankers bonuses; adviser says bonuses were an internal market matter as they relate to risk taking at banks Reuters Brussels/London B ritain’s relations with the European Union took another knock yesterday when its legal challenge to a limit on bankers’ bonuses was rejected by an adviser to the bloc’s top court. The EU law aims to curb the kind of risk-taking that led to the 2007 to 2009 п¬Ѓnancial crisis by limiting bonuses awarded from next year to a sum no more than a banker’s п¬Ѓxed pay, or twice that level with shareholder approval. Britain, home to the City of London where most of the bankers hit by the cap are based, said the law would push up п¬Ѓxed pay and goes beyond the EU’s powers, a sensitive subject at a time of rising British anti-EU sentiment. The adviser, whose opinions are non-binding but are generally followed at least in part by the Luxembourgbased European Court of Justice, supported the limit on banker bonuses and said it did not restrict the total amount of pay. “Advocate General Niilo Jääskinen suggests that all the UK’s pleas should be rejected and that the Court of Justice dismiss the action,” the ECJ said in a statement. “Fixing the ratio of variable remuneration to basic salaries does not equate to a вЂ�cap on bankers bonuses’, or п¬Ѓxing the level of pay, because there is no limit imposed on the basic salaries that the bonuses are pegged against.” Jaaskinen said that bonuses were an internal market matter as they relate to risk taking at banks that could affect п¬Ѓnancial stability in Europe. Britain’s п¬Ѓnance ministry said it was considering the opinion and its implications. The full court is expect to issue its ruling on the UK challenge in early 2015. “It doesn’t give the UK much hope of success when the Court hands down its decision early next year,” said Rob Moulton, a regulatory partner at Ashurst lawп¬Ѓrm. “Some may even say it’s a clear indication of the likely winner in the power struggle between the EU and the UK.” The opinion is a setback for Britain and gives ammunition to anti-EU campaigners who object to having decisions imposed by Brussels. The UK Independence Party, which rejects the EU’s influence over Britain, is hoping to win a vote on Thursday that would give it a second seat in the British parliament. Steven Woolfe, a UKIP member of the European Parliament, said the opinion showed UK Prime Minister David Cameron’s attempts to reform the EU before a promised referendum on Britain’s EU membership “were dead in the water”. Britain, the only EU state to oppose the bonus law, had said that giving the EU’s European Banking Authority powers to set the cap was illegal but the opinion said the EBA had flexibility to interpret the law. Barclays, HSBC and Standard Chartered have raised allowances to compensate for the impact of the bonus limit. The EBA has said most of these allowances are illegal. Bank of England governor Mark Carney and others have said that bankers’ п¬Ѓxed salaries may also need regulating. “The bonus cap alone is too blunt an instrument to curb risk taking in the banking industry,” said Tom Gosling, head of PwC’s reward practice. “It’s unlikely that the bonus cap itself causes existing business to up sticks and move away from London. However, it does make London somewhat less attractive as a place to build new capability.” The British Bankers’ Association said shareholders and not politicians should have the powers to determine pay. oyal Bank of Scotland vowed there would be no repeat of a system crash two years ago that left millions of customers unable to make or receive payments, after it was п¬Ѓned ВЈ56mn ($88mn) by British regulators yesterday. The 2012 outage, caused by a botched software upgrade, affected 6.5mn customers of RBS, NatWest and Ulster Bank in Britain for several weeks and raised questions about the resilience of the group’s technology. Some industry sources say RBS’s systems are outdated and made up of a complex patchwork of systems after dozens of acquisitions. To prevent a recurrence of the problems, RBS has said it will invest an extra ВЈ750mn by the end of 2015 to enhance the security and resilience of its IT systems. Chief administration officer Simon McNamara said that more than ВЈ500mn of that investment had already been invested to improve the bank’s systems. “I can pretty much guarantee that that incident will not happen again because of the actions we’ve taken,” he said. The penalties imposed yesterday comprised a ВЈ42mn п¬Ѓne from the Financial Conduct Authority (FCA) and a ВЈ14mn п¬Ѓne from the Prudential Regulation Authority (PRA). The two regulators conducted a joint investigation into the matter, concluding that RBS’s systems and controls had been inadequate. PRA chief executive Andrew Bailey said the incident “revealed a very poor legacy of IT resilience and inadequate management of IT risks”. “It is crucial that RBS, NatWest and Ulster Bank п¬Ѓx the underlying problems that have been identiп¬Ѓed to avoid threatening the safety and soundness of the banks,” he said. The group suffered a further technology outage in December last year, which left more than 1mn customers unable to withdraw cash or pay for goods. Following that episode, chief executive Ross McEwan admitted RBS — which is 80%-owned by the British government — had neglected its technology for decades. The 2012 incident cost RBS ВЈ175mn in compensation for customers and extra payments to staff after the bank opened branches for longer in response. The bank said ВЈ6mn was taken off its wage bill following the incident as a result of some staff forfeiting pay and bonuses, including bonuses waived by former RBS chief executive Stephen Hester and Ulster Bank CEO Jim Brown. Answers to Draghi’s $1.3tn Quantitative Easing conundrum Bloomberg Paris M ario Draghi is facing a €1tn ($1.3tn) problem: expanding the European Central Bank’s balance sheet toward €3tn from €2tn. The fastest route, buying sovereign bonds, may be sealed off because it risks violating European treaties and infuriating a signiп¬Ѓcant minority of his policymaking board. One detour: Let п¬Ѓnancial alchemists invent an asset class that skirts the potential pitfalls. Lucrezia Reichlin, the ECB’s former head of research, and Luis Garicano of the London School of Economics say that with the right signal from the central bank, markets could create an instrument that mimics a collection of eurozone government securities, what they term “safe-market bonds.” The paper would be backed by quality government debt and the weight each country’s bonds have would be determined by its gross domestic product. The central bank would buy them, resulting in the easier liquidity and credit needed to revive inflation. And no sovereign debt would have been purchased. The plan “would not only help the ECB attain its elusive inflation target, but would contribute to the п¬Ѓnancial stability of the eurozone,” the economists wrote on the web site VoxEU. It would also address some of the euro’s defects by introducing the equivalent of pan-European bonds and reducing the direct exposure of banks to governments, they said. The proposal is echoed by Carlo Bastasin of the School of Political Economy at LUISS University — Rome. He proposed a “silver bullet for the European crisis” by suggesting the creation of an asset-backed security reflecting the attributes of existing eurozone debt that the ECB could then buy. “The new ABS would not be an attractive innovation for the ECB only, but would greatly beneп¬Ѓt private investors, both European and non-Europeans, who are longing for a European liquid and safe asset,” Bastasin wrote in a November 14 paper. “If the total amount of QE is estimated at €1tn, the market behind the new security would amount to one of the largest in global п¬Ѓnance.” The euro-area is running the risk of a renewed slowdown after a Purchasing Managers Index for factories and services activity unexpectedly fell in November to its lowest in 16 months. Another suggestion from Olivier Garnier, a former ECB adviser and now chief economist at Societe Generale, is for the ECB to intervene in the interest rate swap market. “Its objective would be the same as in the case of large- scale purchases of debt securities with medium and long maturities: reducing long-term interest rates once short-term rates have reached the zero lower bound,” he said. Other advantages are that the swap market is both liquid and private so the ECB wouldn’t be buying government bonds, while flattening the yield curve would curb п¬Ѓnancing costs for banks, companies and households. ECB prepares to buy asset-backed securities from today The European Central Bank published the legal act for purchases of asset-backed securities, setting it up to start buying the debt as soon as today, says a Bloomberg report. The decision “shall enter into force on the day following its publication on the ECB’s website,” the Frankfurt-based central bank said yesterday. That’s in line with comments from Executive Board member Yves Mersch, who has said the ECB will start buying ABS this week. The purchase plan is part of President Mario Draghi’s drive to expand the ECB’s balance sheet by as much as €1tn ($1.25tn). Policy makers are expanding stimulus to stave off the threat of a deflationary spiral of falling prices and households postponing spending, and Draghi has said they’re unanimous in their willingness to take further action such as government-bond purchases if needed. The institution sought advice from a unit of BlackRock on developing the ABS programme. It hired ING Investment Management, Deutsche Asset & Wealth Management International, State Street Global Advisors and Amundi to carry out the transactions on its behalf under instruction. ABS purchases will “be implemented in a uniform and, exceptionally during the initial phase, centralised manner,” according to the legal act. Later in the programme, the assets will be bought in a “decentralised manner by the eurosystem central banks,” it said. Securities eligible for purchase may include bonds backed by residential or commercial mortgages as long as they fulfil the criteria listed in the legal act, the ECB said. Banks create ABS by bundling individual loans such as mortgages, auto credit and credit-card debt into tradable bonds. It may take as many as five days to approve purchases of larger ABS while smaller transactions will be signed off in about 24 hours, people familiar with the matter said last week. Gulf Times Friday, November 21, 2014 15 BUSINESS Airbus set to sign $14bn deal with Delta for 50 planes AFP Atlanta European aerospace giant Airbus is poised to sign a contract to deliver 50 long-haul carriers to US Delta Airlines in a deal worth $14bn (€11bn) at catalogue prices, sources told AFP yesterday. Under the terms of the deal, Airbus will deliver 25 A350900s, the company’s new longhaul carrier that this month received certiп¬Ѓcation from the US Federal Aviation Authority and is due to enter service by the end of the year, a source close to the negotiations said on condition of anonymity. The other 25 planes will be A330-neos, an updated version of its widebody medium-haul jet with fuel saving engines which is slated to enter into service at the end of 2017. “The order should be п¬Ѓnalised in the coming days,” said one of the sources. “The announcement could be made at the beginning of next week.” Delta had asked Airbus and Boeing in April to submit offers as the airline considers replacing its ageing fleet of long-haul 747-400 and 767-300 jets, saying it expected to place an or- der by the end of the year. The A350-900 is designed to compete with Boeing 777 and 787 jets in the lucrative long-haul segment and has already received 750 orders. Equipped with Trent XWB engines from Rolls-Royce, the plane can transport 315 passengers up to 14,500km (9,000 miles). Delta already has a sizable fleet of Airbus aircraft, with 126 single-aisle medium-haul A320s and 32 A330s. It has recently made orders for another 55 Airbus planes. Aerospace analyst Christophe Menard said that Airbus likely beneп¬Ѓtted from the fact that it could deliver A350s rather quickly after Emirates cancelled in June an order for 70 of the aircraft. “Boeing, on the contrary, doesn’t have quick slots available for its 787,” he said. Westhouse Securities said in a note to investors that the order indicates that the delivery date is becoming a crucial factor for airlines. The likely order “demonstrates that scarcity of delivery positions for some aircraft is becoming a deal-losing issue - recall that Airbus and Boeing combined have 8.6 years of backlog...”, said Westhouse Securities. Airlines are in a major push to modernise their fleets to reap the fuel savings that the latest generation of engines offer, especially as competition in the sector is п¬Ѓerce and fuel is one of biggest costs. As Airbus and Rolls-Royce still have relatively low market share with the older, or socalled legacy US airlines, “this is an important win — particularly as the US legacies have old fleets and thus big future replacement demand,” said Westhouse Securities. Delta’s fleet is on average 17 years old. Menard noted Delta was one of the airlines which had been encouraging Airbus to offer a version of the A330 with new engines. “This order would therefore be logical,” he said. The order, if conп¬Ѓrmed, would be the second major deal this month for Airbus. Earlier Airbus announced that it had signed a preliminary deal to supply the China Aircraft Leasing Company with 100 planes in a contract worth around $10.2bn (€8.1bn) at catalogue prices. The orders will help Airbus narrow Boeing’s lead in new or- ders for this year as the US manufacturer has not announced any major new contracts this month. At the end of October Boeing had 1,046 net new aircraft orders for this year against 794 for Airbus. Shares in Airbus Group initially rose on the news, but were later pulled down along with the wider French market as survey data showed business activity continues to contract. In afternoon trading Airbus Group shares were down 0.73% to €46.65 while the CAC 40 index had given up 1.17% to 4,216.18 points. Goldman п¬Ѓres 2 bankers after getting secret Fed documents Bloomberg New York G Heavy goods trucks manufactured by Volvo are parked in line as the company logo is seen on flags flying outside the Volvo demo centre in Gothenburg, Sweden. Truck manufacturers including Volvo, Daimler and Iveco parent CNH Industrial all confirmed yesterday receipt of the European Commission’s formal charge sheets of suspected price fixing. Truck makers face п¬Ѓnes as EU steps up cartel investigation Companies could be fined 10% of annual revenue; Daimler, Volvo, MAN and Iveco among companies notified; Volvo and Daimler have warned of potential hit to results Reuters Brussels T he European Commission has stepped up a wideranging cartel investigation that could lead to heavy п¬Ѓnes for some of the world’s biggest truck makers. The Commission announced yesterday that it had sent formal charge sheets to several manufacturers it suspected of price п¬Ѓxing, marking the next phase of a complex investigation that began with raids on a number of companies’ headquarters in January 2011. Daimler, Volvo and Iveco parent CNH Industrial all conп¬Ѓrmed receipt of the European regulator’s so-called statements of objections, together with Volkswa- gen-controlled Scania and MAN. Companies can be п¬Ѓned up to 10% of their annual revenue if the Commission concludes that there is sufficient evidence of an infringement of EU rules barring cartels and the abuse of market dominance. New EU Competition Commissioner Margrethe Vestager said yesterday that she believed the case would be extremely difп¬Ѓcult to resolve though agreed settlements, in which companies typically pay reduced п¬Ѓnes in return for admitting anticompeti- tive behaviour to expedite the investigation. Vestager, who took office this month, also emphasised the broader impact of price-п¬Ѓxing. “Keeping the cost of road transportation high has a damaging effect on the rest of the economy,” she said during a news conference in Brussels. In its 2013 annual report, Volvo said it may face a signiп¬Ѓcant п¬Ѓnancial hit as a result of the priceп¬Ѓxing probe. “It is probable that the group’s result and cash flow may be materially adversely af- fected as a result of the ongoing investigation,” the company said. Daimler has also warned shareholders that it may have to pay “considerable п¬Ѓnes”. The EU executive declined to identify the companies that had received notice of its п¬Ѓndings, saying only that a large number were involved. “The Commission has concerns that certain heavy and medium-duty truck producers may have agreed or coordinated their pricing behaviour,” the Commission said in a statement. oldman Sachs Group dismissed two bankers after one of them allegedly brought secret documents from the Federal Reserve Bank of New York into the п¬Ѓrm. A junior banker, who had joined the company in July from the New York Fed, was п¬Ѓred a week after the discovery in late September along with another employee who failed to escalate the issue, according to an internal memo obtained by Bloomberg News that didn’t identify the pair. Jake Siewert, a bank spokesman, conп¬Ѓrmed the contents of the memo, which was prompted by a report on Wednesday in the New York Times. “We have zero tolerance for improper handling of conп¬Ѓdential information,” Goldman Sachs said in the memo. “We are reviewing our policies regarding any hiring from governmental institutions to ensure that they are appropriately effective and robust.” The bank and the New York Fed have faced questions about their relationship since a former examiner, Carmen Segarra, said her ex-colleagues at the regulator were too deferential in their oversight of the New York-based п¬Ѓrm. She gave what she said were secretly recorded conversations with those co-workers to the radio programme “This American Life” in September. US Senator Sherrod Brown, an Ohio Democrat, scheduled a November 21 hearing before his banking subcommittee on “regulatory capture” following Segarra’s claims. On the same day her recordings became public, Goldman Sachs changed its policy addressing conflicts of interest to bar investment bankers from trading individual stocks and bonds. The New York Fed also п¬Ѓred an employee it suspected of sharing information with the banker, the New York Times reported. The regulator said in a statement that it has “zero tolerance” for personnel who don’t safeguard conп¬Ѓdential information. “We have detailed rules and controls protecting conп¬Ѓdential information,” according to the statement. “We also know that we are not perfect, that information today is more difficult to safeguard, and we are resolute to learn from our experiences.” The incident arose after the junior banker sent a document to a senior member of the п¬Ѓnancial institutions group within the п¬Ѓrm’s investment bank, who then immediately alerted the compliance department, according to the company memo. The records included information on at least one of Goldman Sachs’s clients, a mid-size bank overseen by the regulator, according to the New York Times. Goldman Sachs’s general counsel alerted the New York Fed’s top lawyer the day the information was shared, and the п¬Ѓrm notiп¬Ѓed other regulators within days, according to the memo. Germany to leave door ajar for fracking Germany’s government plans to stop short of an outright ban on the controversial technique of fracking for gas, bowing to pressure from industry, according to the latest draft of a law from the environment ministry seen by Reuters. Fracking or hydraulic fracturing to extract gas and oil has transformed the US energy market, boosting domestic supplies. The process is banned in France on environmental grounds. It is allowed in Britain but has strict environmental and safety guidelines. German industry is concerned that its competitiveness is being hurt by rising energy costs at home compared to lower prices in the US which has seen a fracking boom. A deterioration in ties with Russia over the Ukraine crisis has also raised pressure on Europe, especially Germany, to cut its reliance on Russian gas and fuelled the fracking debate. Germany is drawing up new fracking rules, and has promised strict environmental audits and a ban on drilling in areas where water is protected due to possible environmental damage. Environment Minister Barbara Hendricks said the new law would set the bar very high for fracking for gas. Sanoп¬Ѓ eyes more than $38bn from new drugs after CEO exit Reuters Paris S anoп¬Ѓ, which sacked its chief executive three weeks ago, hopes to launch up to 18 new drugs by the end of 2020, with the potential to reap more than €30bn ($38bn) within the п¬Ѓrst п¬Ѓve years of sales. Sanoп¬Ѓ executives were to lay out their strategy for bringing several new drugs to the market later yesterday, in a bid to win over investors alarmed by the sudden ouster of its chief executive. But the French drug maker warned its diabetes business, accounting for more than a п¬Ѓfth of group revenue, would show little growth over the next four years, disappointing some investors and sending its shares 2.8% lower by 1320 GMT. Yesterday’s long-planned investor event will focus on drugs set to launch in the coming years, including the world’s п¬Ѓrst vaccine against dengue fever, its injectable cholesterol-lowering drug alirocumab and the allergy treatment dupilumab. The company expects to launch up to six new medicines in 2015 alone, and about one every six months between 2016 and 2018. Investors have voiced worries about Sanofi’s management and п¬Ѓnancial prospects since the drug maker warned last month that sales of its popular Lantus insulin were slowing more sharply than expected. The board subsequently sacked CEO Chris Viehbacher over his solitary management style. Chairman Serge Weinberg, who has taken the helm while Sanoп¬Ѓ looks for a new boss, is set to give introductory remarks but has already said there would be no more detailed guidance on the company’s п¬Ѓnancial prospects until annual results in February. Sanoп¬Ѓ, however, said it expected its global diabetes drug sales to post little or no growth between 2015 and 2018. Sanofi’s forecast assumes “a substantial conversion” of patients from Lantus to an improved version of the drug, Toujeo, continued sales growth in emerging markets and US launches of new diabetes drugs including inhaled insulin Afrezza. Leerink analyst Seamus Fernandez said the downbeat assessment for diabetes sales and the fact Sanoп¬Ѓ was banking on substantial patient switching to Toujeo was below his assumed sales growth of 2% during the same period. Diabetes drugs, a market expanding worldwide as obesity increases, has long been Sanofi’s cash cow but the drugmaker’s pricing power is set to shrink as so-called biosimilar copies enter the market over the next two years. Sanoп¬Ѓ said the launch of new medicines and vaccines in other п¬Ѓelds would help mitigate its dependence on Lantus, which accounts for nearly a п¬Ѓfth of sales. In a separate statement, Sanoп¬Ѓ and its US partner Regeneron welcomed the US Food and Drug Administration’s decision to grant a fast-track development and review process to their dupilumab drug in the treatment of atopic dermatitis, a chronic form of eczema. Sanofi has warned its diabetes business, accounting for more than a fifth of group revenue, would show little growth over the next four years, disappointing some investors Friday, November 21, 2014 BUSINESS GULF TIMES Bader al-Sa’ad, chair of the International Forum of Sovereign Wealth Funds (IFSWF) and managing director, Kuwait Investment Authority, making introductory remarks at the 6th annual meeting of the IFSWF at Ritz-Carlton Doha yesterday. HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani with HE the Minister of Economy and Commerce, Sheikh Ahmed bin Jassim bin Mohamed al-Thani; HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada; with Bader al-Sa’ad at the opening session of the IFSWF yesterday. PICTURES: Noushad Thekkayil SWFs’ Doha meeting adopts three-year strategic plan to enhance investments By Santhosh V Perumal Business Reporter W orld’s leading sovereign wealth funds (SWFs) yesterday unanimously agreed upon a “Doha Agreement”, adopting a three-year strategic plan to ensure free flow of long-term global capital and strong real returns for the progeny; even as they asked recipient countries to be more transparent. Moreover, 21 more countries are planning to establish SWFs; these were disclosed by the International Forum of SWFs (IFSWF), which held its sixth annual meeting here, hosted by the Qatar Investment Authority (QIA). The strategic plan, agreed by IFSWF, seeks to leverage those strengths to work towards becoming an important global reference on the governance, investment and operational practices of IFSWF-member SWFs. Additionally, through championing long-term investment based on п¬Ѓnancial and economic grounds, the funds will contribute to maintaining a stable global п¬Ѓnancial system, IFSWF chair and CEO of Kuwait Investment Authority Bader al-Sa’ad told the media at the customary press conference. “We have achieved concrete steps towards delivering on a three-year strategy which we believe will have value for our members, and for global markets more broadly. The Santiago Principles provide a framework for embedding disciplined long-term governance, investment and operational practices investment strategies,” he said. Santiago Principles are a framework of principles and practices voluntarily endorsed by IFSWF members with an emphasis on appropriate governance and accountability arrangements and sound, prudent conduct of investment practices. One of the principles is that, wherever the SWF’s activities have signiп¬Ѓcant direct domestic macroeconomic implications, those activities should be closely co-ordinated with the domestic п¬Ѓscal and monetary authorities, so as to ensure consistency with the overall macroeconomic policies. Majed al-Romaithi, a board member and the executive director of the Real Estate and Infrastructure Department of Abu Dhabi Investment Authority, said the investments of SWFs in local market were dependent upon the mandate and from experience, it is observed that volatility tends to move together with overseas market. The three-year strategic plan encompasses knowledge-sharing between IFSWF members; co-operating on issues of mutual interest; on-going training and development for new members; and the potential for combined efforts to identify and implement research,” Adrian Orr, IFSWF deputy chairman and CEO of New Zealand Superannuation Fund, said. To a query on lack of transparency of SWFs; al-sa’ad shot back asking how transparent the recipient countries are and in this regard, he pointed to Dubai Ports World controversy and added it showed the lack of transparency. DP World (DPW), a state-owned company in the UAE, had acquired Peninsular and Oriental Steam Navigation Company (P&O), a British п¬Ѓrm. Although the sale was approved by Washington but various political п¬Ѓgures argued that the takeover would compromise national security. International Forum of Sovereign Wealth Funds leaders at the event’s wrap-up press conference at Ritz-Carlton in Doha yesterday. Seen in the picture are QIA CEO and HE the Minister of State Ahmad al-Sayed; IFSWF chair Bader al-Sa’ad; deputy chair Adrian Orr; IFSWF board member Majed al-Romaithi and secretary general Kristian Flyvholm. PICTURE: Shaji Kayamkulam To another query whether the investments by SWFs were politically motivated, he said there was nothing to prove that investments were of that nature. Asked about the current trough in the oil prices; IFSWF board were of the opinion that it was one of the “challenges” to deliver “strong real returns for the future generation”. IFSWF also welcomed п¬Ѓve new members: Fondo Strategico Italiano Spa., Fundo Soberano de Angola, Joint Stock Company Sovereign Wealth Fund “Samruk-Kazyna”, Nigeria Sovereign Investment Authority and Russian Direct Investment Fund. The meeting noted that there are currently 82 SWFs globally and “21 countries are considering establishing new sovereign funds, of which many are already participating in IFSWF meetings as observers”. QIA CEO Ahmed M al-Sayed said it will continue to invest in China as part of its portfolio management and declined to be speciп¬Ѓc on the country’s wealth fund’s investments. World Bank underscores SWFs’ role in improving access to risk capital By Peter Alagos Business Reporter S overeign Wealth Funds (SWFs) play a vital role in providing small and medium-sized enterprises (SMEs) improved access to risk capital, which could help contribute to job generation and sustained growth, a World Bank official said. Michel Noel, manager, NonBank Financial Institutions of the World Bank, made the statement during a special luncheon address at the 6th Annual Meeting of the International Forum of Sovereign Wealth Funds (IFSWF) held yesterday at the Ritz-Carlton Doha. “Building on their experience in investing in private equity in more advanced economies, we believe that SWFs can progressively enrich experience by increasingly investing in private equity across emerging markets (EMs) and developing countries (DCs) by improving the access of SMEs in these countries to risk capital and therefore contributing in a powerful way to create jobs and sustain growth,” Noel said. He also clariп¬Ѓed that the World Bank reaffirmed it “fully under- stands and fully supports the fact that the primary objective of SWFs is commercial returns.” “But we believe in a вЂ�sweet spot’ where commercial and economic returns coincide and can reinforce each other; and this is where many of SWFs can bring a lot to support the development of EMs and DCs,” he further said. Noel said the World Bank saw “a clear developmental angle” where SWFs diversify the portfolio of emerging markets. The diversiп¬Ѓcation, he explained, include both private and public asset classes, such as emerging market bonds and public and private equities, whether by way of direct investing, co-investing, or investment funds. He said SWFs made decisions on diversiп¬Ѓcations to EMs based on assessment of political risks, regulatory risks, public equities and п¬Ѓxed income, and securities typically from investment portfolio of SWFs. Citing the Abu Dhabi Investment Authority (ADIA) managing $700bn in private equity, Noel said ADIA was also the largest SWF investing in private equity with a “target allocation of about 8%”. “But SWFs are also active in private assets and as of last year, 50% of SWFs invested in private equity, mostly to funds and increasingly to co-investments alongside fund managers,” Noel said. He noted that SWFs were “well-suited” to invest in private equities due to the size of the assets they manage and due to the long-term horizon. Noel also said the World Bank was insisting on private equities because given the right ecosystem, private equity investments could have a signiп¬Ѓcant development impact in providing п¬Ѓrms access to capital from start-up to growth. “Private equity, through the extensive use of due diligence, undertaken as part of portfolio companies, ensure that limited capital resources are allocated to companies that are the most likely to be successful,” he said. The World Bank official also noted that venture capital and private equity п¬Ѓrms “also provide guidance to investing companies to improving management practices in the economy, though investments provide value to the п¬Ѓrms by certifying them to the outside world.” At the macroeconomic level, Noel said investments in private equity in an economy signalled that there was investment opportunity in that economy and also served as a signal to other A view of the delegates attending the 6th annual meeting of the International Forum of Sovereign Wealth Funds at Ritz-Carlton Doha yesterday. additional investors. He added that infrastructure was another impact across EMs and DCs. Citing statistics, Noel said 57% of SWFs have already invested in the infrastructure asset class, usually at the early stages of the infrastructure projects. “We believe that with the large infrastructure п¬Ѓnance gap EMs and DCs are facing given their experience in investing in infrastructure in more advanced economies, SWFs, with their asset base and long-term invest- ment horizon, could provide a powerful boost to the п¬Ѓnance segment infrastructure in these markets given the right conditions,” he said. FOOTBALL | Page 5 FORMULA ONE | Page 3 Hodgson cheered by dependable Wilshere Ferrari sign Vettel in bid to win world championship Friday, November 21, 2014 Moharram 28, 1436 AH CRICKET GULF TIMES Sarfraz ton sets up thrilling final day in Dubai SPORT Page 2 SQUASH Elshorbagy and Ashour set up world title clash Jinx continues for Frenchman Gaultier as he fails to make final Action from the Gulf Cup match between Oman and Kuwait yesterday. Oman won 5-0. FOOTBALL Oman to meet Qatar in Gulf Cup semis By Sports Reporter Jeddah O Egyptian Mohamed Elshorbagy goes for a shot against England’s Nick Matthew yesterday. By Satya Rath Doha I t will be an all-Egyptian clash in the п¬Ѓnal of the PSA World Squash Championship, to be played today at the Khalifa International Tennis and Squash Complex. Two-time champion Ramy Ashour, who won his last world title at this very venue in 2012, and compatriot Mohamed Elshorbagy, chasing his maiden world crown, have met four times before, with Ashour winning all four times. In yesterday’s semi-п¬Ѓnals, Ashour beat top-seeded Frenchman Gregory Gaultier 17-15, 11-7, 11-5, while Elshorbagy outclassed defending champion Nick Matthew 11-9, 11-5, 11-8. The Worlds jinx continues for Gaultier. The 32-year-old Frenchman, in his 16th year on tour, had been chasing this one title since turning pro in 1999. He Results (Semi-finals) 4-Ramy Ashour (EGY) bt 1-Gregory Gaultier (FRA) 3-0 (17-15, 11-7, 11-5) 2-Mohamed Elshorbagy (EGY) bt 3-Nick Matthew (ENG) 3-0 (11-9, 11-5, 11-8) Final (17:30 start today) 4-Ramy Ashour (EGY) vs 2-Mohamed Elshorbagy (EGY) came close to realising it four times, but always faltered at the п¬Ѓnal hurdle. This time it looked like he would п¬Ѓnally break that hoodoo, having won almost everything else the game has to offer. The way he had been improving with each passing day, the way he had been raising his game with each outing, it did look like Gaultier would п¬Ѓnally land that elusive World title. Alas, it was not to be. Against Ashour, Gaultier did everything he could. He tried out all his tricks, summoned whatever reserves he had, slipped, fell and rose over and over again, screamed and argued with the referee, yet he failed to get past someone to whom he has now lost 22 times in 29 attempts. The calm-as-a-monk Egyptian was just too good for his illustrious opponent. After the п¬Ѓrst game, which was neck-to-neck and lasted a long 35 minutes, Gaultier simply surrendered. The next two games were over in a flash, just 11 minutes, to put the 27-year-old Ashour on the threshold of repeating his 2012 feat. The exciting п¬Ѓrst game, which Ashour won 17-15, was a battle among equals. All the facets of high level squash were on display in plenty — tight volleys, unplayable nicks, deceptive lobs, accurate drops — with neither player ready to concede an inch. The game went on even keel, from п¬Ѓve-all till 15-all. Someone had to give in, and Gaultier obliged, bang- Two-time champion Ramy Ashour celebrates winning a point against Frenchman Gregory Gaultier. ing the tin twice to undo all the good work till then. It was one-way traffic thereafter, with Gaultier virtually giving up. He looked a pale shadow of his п¬Ѓrstgame self and just kept gifting Ashour points. After the 35-minute opening game, the second took just six while the deciding third was even less, п¬Ѓve minutes, and that tells the whole tale. It’s all the head, they say, and Gaultier simple lost his. Defeats always hurt, but this defeat, or the manner of it, is sure to haunt him for long. “Compared to yesterday, today I think I was much more conп¬Ѓdent coming into the match. My arm was hurting, but it only made my resolve stronger. I just wanted to stay focused and calm till the end, because at the top level, it’s all in the mind. Yes, I was a little surprised the way he (Gaultier) played in the last two games. He’s a great player, and he knew what he was doing,” Ashour said. “I am just happy to have made the п¬Ѓnal. Doha has always given me happy memories, I won my last (world) title here, so yes, I just hope I can do it again,” added Ashour, who will meet countryman Elshorbagy in today’s п¬Ѓnal. It was almost a repeat script in the second semi-п¬Ѓnal too, between defending champion Matthew and Elshorbagy, the reigning Qatar Classic champion. Three-time champion Matthew had just bulldozed his way to the last four, but Elshorbagy was in no mood to let him have his way this time. Barring the ill-tempered but close п¬Ѓrst game, where the referee had a busy time pacifying and warning both, the other two games were scrappy. There was some great squash on display, but there were also errors galore. The one scoring less on the error-sheet had to win, and Elshorbagy scored big on that count. man thrashed Kuwait 5-0 to set up a semi-п¬Ѓnal clash with Qatar in the Gulf Cup yesterday. Said Salem was the hero of Oman’s emphatic win, the forward netting a sensational hat-trick to help his team top Group B. Abdulaziz al-Muqbali scored the other two goals for Oman who had drawn with Saudi Arabia and UAE earlier. The Omanis topped the group on goal difference after the UAE also scored their п¬Ѓrst win yesterday, a 2-0 romp over Iraq, to п¬Ѓnish on п¬Ѓve points from three matches. Ali Ahmed al-Mabkhout scored both goals for UAE, who will now take on Group A toppers Saudi Arabia in the last four. Qatar qualiп¬Ѓed for the semis in second spot from Group A after п¬Ѓnishing on three points from as many matches. The semi-п¬Ѓnals will be played on Sunday, while the п¬Ѓnal is slated for November 26. Tokyo looks to slash $1.7bn off 2020 bill Tokyo: Tokyo is looking to slash the price tag for the 2020 Summer Olympics by $1.7bn through scrapping or scaling back plans to build new facilities amid fears over spiralling costs. Recent estimates put the bill for the venues, including the construction of 10 new facilities, at 450 billion yen ($3.8bn) —three times the initial estimate— triggering renewed belt-tightening measures and even calls to use existing venues as far away as Osaka. “We reviewed our facility plans after the expense swelled due to unexpected additional construction works and surging costs of construction in general,” Katsura Enyo, senior official at the Tokyo metropolitan government’s 2020 Games planning division, told AFP yesterday. “We presented the revised plan to the IOC (International Olympic Committee) and I think we gained their understanding. What’s important is that we build facilities that Tokyoites still find useful after the Olympics are over.” IOC vice president John Coates has urged Japanese officials to look into the possibility of holding more sports outside Tokyo, which would represent an embarrassing detour from the city’s bid plan promising that virtually all events would take place within eight kilometres (five miles) of the Olympic village. Tokyo’s compact bid had been a key factor in beating Istanbul and Madrid for the rights to host the 2020 Games, but Coates suggested basketball preliminaries could be played in Osaka, 400 kilometres west of Tokyo. “We should make the maximum use of existing facilities, and that overrides the eight kilometre philosophy which we had as part of the bid,” he said after a visit to Tokyo. Tokyo staged Asia’s first Olympics in 1964 when the Japanese government unveiled the iconic Bullet Train, symbolising the country’s rise from humiliating defeat in World War II to its emergence as a major international player. The 2020 Games are expected to boost the Japanese economy by an estimated three trillion yen. 2 Gulf Times Friday, November 21, 2014 CRICKET REPORT Intriguing final day set after Sarfraz ton and Taylor 77 not out McCullum becomes New Zealand’s second-highest run-getter after Stephen Fleming Tahir in doubt for fourth ODI against Australia Sydney: South Africa could be without frontline spin bowler Imran Tahir for the fourth one-dayer against Australia at the Melbourne Cricket Ground after he injured his knee in the 73-run defeat in Canberra on Wednesday. The 35-year-old leg spinner did not bat in the loss at Manuka Oval, which left the tourists 2-1 down in the World Cup warm-up series with matches to come in Melbourne today and Sydney on Sunday. “I think he sprained his knee a little bit,” Proteas skipper AB de Villiers told reporters in Canberra. “We’ll assess him over the next day and see what he’s like and make the call on the morning of the game. “I’m not sure how serious it is.” South Africa are already without part-time spin option in all rounder JP Duminy, who was ruled out for the series when he aggravated a longstanding knee problem during the Twenty20 series against Australia. The 30-year-old should be sidelined for about six weeks and has returned to South Africa for intensive treatment to ensure he is fit for the Feb. 14-March 29 World Cup. “That’s why he went home, to get ready for end of the year cricket and that World Cup,” De Villiers added. Former star Hussey to lead Aussie PM’s Eleven Pakistani batsman Sarfraz Ahmed (L) celebrates after reaching his century as New Zealand cricket captain Brendon McCullum applauds in Dubai yesterday. At right, McCullum plays a shot. AFP Dubai R oss Taylor hit a return-toform half-century to help New Zealand recover after Sarfraz Ahmed hit a п¬Ѓghting hundred for Pakistan in the second Test in Dubai yesterday. Taylor was 77 not out for his 23rd п¬Ѓfty to help his team recover from a shaky 79-4 to close the fourth day on 167-6, having an overall lead of 177 with four wickets intact. Mark Craig (nought) was in Taylor’s company as New Zealand will seek a series-levelling win in the three-Test series on an intriguing п¬Ѓnal day. Pakistan won the п¬Ѓrst Test by 248 runs in Abu Dhabi last week. Sarfraz’s 112 led Pakistan’s п¬Ѓghtback as they managed 393 in their п¬Ѓrst innings in reply to New Zealand’s 403, conceding a slender 10run lead. Pakistani spinners Zulп¬Ѓqar Babar (3-60) and Yasir Shah (3-65) had jolted New Zealand but Taylor stood п¬Ѓrm. Babar removed Brendon McCullum (45), Kane Williamson (11) and SCORECARD New Zealand 1st innings 403 (T. Latham 137, M. Craig 43; Zulfiqar Babar 4-137) Pakistan 1st innings (overnight 281-6) Shan Masood b Sodhi 13 Taufeeq Umar st Watling b Craig 16 Azhar Ali b Sodhi 75 Younis Khan c Craig b Neesham 72 Misbah-ul Haq c Taylor b Boult 28 Asad Shafiq c Taylor b Southee 44 Sarfraz Ahmed c and b McCum 112 Yasir Shah c Watling b Southee 2 Ehsan Adil lbw b Southee 0 Zulfiqar Babar c Watling b Boult 5 Rahat Ali not out 16 Extras: (b7, lb2, nb1) 10 Total: (all out; 147 overs) 393 Fall of wickets: 1-28 (Masood), 2-32 (Taufeeq), 3-145 (Younis), 4-195 (Misbah), 5-220 (Ali), 6-279 (Shafiq), 7-285 (Shah), 8-287 (Adil), 9-312 (Babar) Bowling: Boult 30-8-69-2 (1nb), Southee 30-5-67-3, Craig 28-5-117-1, Jimmy Neesham (11) in another display of beguiling left-arm spin on a Dubai stadium pitch which is taking Sodhi 39-9-92-2, Anderson 7-0-26-0, Neesham 11-2-12-1, McCullum 2-1-1-1 New Zealand 2nd innings T. Latham c Shafiq b Shah 9 B. McCullum lbw b Babar 45 K. Williamson c Umar b Babar 11 R. Taylor not out 77 C. Anderson b Shah 0 J. Neesham b Babar 11 BJ Watling Shafiq b Shah 11 M. Craig not out 0 Extras: (lb3) 3 Total: (for six wkts; 48.2 overs) 167 Fall of wickets: 1-42 (Latham), 2-63 (Williamson), 3-78 (McCullum), 4-79 (Anderson), 5-125 (Neesham), 6-166 (Watling) Bowling: Rahat 4-0-19-0, Adil 5-1-20-0, Babar 21.2-5-60-3, Shah 18-1-65-3 Toss: New Zealand Umpires: Paul Reiffel (AUS) and Ranmore Martinesz (SRI) TV umpire: Rod Tucker (AUS) notable turn. Yasir Shah dismissed Tom Latham (nine), Corey Anderson (nought) and BJ Watling (11). McCullum hit six fours in his 62ball knock and when on 39 became New Zealand’s second top Test runscorer, overhauling Martin Crowe’s 5,444 runs in 77 Tests. Stephen Fleming is п¬Ѓrst with 7,172 runs in 111 Tests while McCullum now has 5,451 runs in 89 Tests. Taylor added 46 with Jimmy Neesham (11) and hit Babar for a boundary to complete his п¬Ѓfty and then added 41 for the sixth with Watling. He has so far hit ten fours in his 93-ball knock. Earlier, Pakistan owed their п¬Ѓghtback to Sarfraz who hit a brilliant 112 for his third hundred—all scored this year. He was last man out in the second over after lunch from McCullum, hitting 16 fours in a 215-minute stay, his innings balancing the match after New Zealand looked set for a big lead. Sarfraz added a record 81 runs for the tenth wicket stand with Rahat Ali (16 not out). Sarfraz hit three fours in one Craig over and then two more off leg-spinner Ish Sodhi to come within four runs of his hundred. He then cut seamer Tim South- ee towards deep point for his 15th boundary to complete the threeп¬Ѓgure mark off 153 balls, the п¬Ѓrst Pakistani wicketkeeper-batsman to score three hundreds in a year. He ran a full circle in jubilation, thumped his bat in the air to warm applause from his team-mates in the dressing room. Sarfraz said he was delighted to help his team. “Its nice to score a hundred,” said Sarfraz. “If we can get their last four wickets early then we can chase down the target.” It was Sarfraz, 28 overnight, who anchored the batting after Pakistan resumed the day on 281-6. Paceman Tim Southee (3-67) removed Yasir Shah in the third over of the day, caught behind for two and just two runs later Trent Boult (2-69) trapped Ehsan Adil leg-before for nought, leaving Pakistan in danger of conceding a big lead. But Sarfraz added an invaluable 25 for the ninth wicket with Babar (п¬Ѓve) and then frustrated the Kiwis, then bettering the tenth wicket stand record against New Zealand of 65 which Salahuddin Ahmed and Mohamed Farooq set in Rawalpindi in 1965. Sydney: Former Test batsman Mike Hussey will captain the Prime Minister’s XI against England in Canberra early next year, Cricket Australia said yesterday. Hussey, 39, who retired in 2013, played 79 Tests for Australia and 185 one-day internationals. The match will take place on January 14 at Manuka Oval, four days before England’s opening clash of the tri-one-day series against Australia and India. “It’s a tremendous honour to be selected to captain the Prime Minister’s XI,” Hussey said. “Having played in the Prime Minister’s XI before, I know how important this fixture is on the Australian cricketing calendar, and it is a great tradition.” In the past two years, Ricky Ponting and Brett Lee captained the team. Pietersen offers to coach British schools London: Former England batsman Kevin Pietersen took to Twitter yesterday to offer his services as a coach to British schools after expressing concern about falling participation levels. The England and Wales Cricket Board (ECB) published the results of its National Playing Survey on Wednesday, which revealed a seven percent decrease in participation among children aged 14 and under. Meanwhile, total playing numbers fell from 908,000 to 844,000 compared to the previous season. “Any school cricket coaches or after school clubs doing winter training, tweet me and I’ll pick a couple next week to join you...?” Pietersen, England’s all-time leading run-scorer, wrote on Twitter. “Been off Twitter for a while, but couldn’t stay off when I heard about today’s announcement re drop off in cricket participation over here. “We’ve got a fantastic pool of talent here in UK and thought of kids dropping out and not fulfilling potential is frightening and needs changing. We need to encourage people of all ages to take part. #ILoveCricket.” BOTTOMLINE Clarke вЂ�hopeful’ for first India Test, says physio Reuters Sydney A ustralia are hopeful that captain Michael Clarke will be available for next month’s п¬Ѓrst Test against India despite a recurrence of his hamstring injury, physiotherapist Alex Kountouris said yesterday. Clarke has missed just one of Australia’s 39 tests since he assumed the captaincy in 2011 despite a degenerative long-term back condition which contributes to his frequent hamstring injuries. The 33-year-old damaged his hamstring for the third time in 12 weeks in the п¬Ѓrst one-dayer against South Africa in Perth last Friday and Kountouris said he was not yet ready to play cricket again. “As he is right now, he hasn’t started running, he hasn’t started doing any of the functional things that we want him to do,” Kountouris told reporters at the Sydney Cricket Ground nets. “So he’s not ready to play at the moment ... (but) I’m still hopeful that he might be right for the п¬Ѓrst test because that’s two weeks away.” Australia play India in four tests, starting in Brisbane on Dec. 4, before turning their focus towards the Feb. 14-March 29 50-over World Cup, which they are co-hosting with New Zealand. Kountouris said Clarke was highly frustrated by the injury but was not at the stage where he needed to consider retirement because of the recurring injuries. He also thought it unlikely that Cricket Australia would be forced to choose between Clarke playing against India or in the World Cup. “Time is not the magic healer here,” Kountouris added. “There comes a point when there’s no more healing to be done, it doesn’t give you any more benefits “He could rest now for п¬Ѓve months and the п¬Ѓrst time he comes back he could tear his hamstring again.” Clarke’s leadership has been integral to the turnaround in Australia’s fortunes since the humiliating 2010-11 Ashes series and the World Cup that followed, where Ricky Ponting’s team went out in the quarter-п¬Ѓnals. Regarded as one of the most tactically astute captains in international cricket, Clarke has also led from the front with his batting and scored 13 centuries and 3,555 runs at an average of 57.33 in tests since succeeding Ponting. Test vice captain Brad Haddin, who will stand in for Clarke if he is unп¬Ѓt, was training in the nets as Kountouris was speaking and the physio said he was approaching full п¬Ѓtness after damaging his shoulder. “He’s pretty good,” he said. “We’re hopeful he’ll play Sheffield Shield next week.” Gulf Times Friday, November 21, 2014 3 MOTORSPORT SPOTLIGHT FOCUS Ferrari sign Vettel, underline world championship aims Alonso expressed doubts last year File picture of Spanish driver Fernando Alonso of Ferrari. Reuters Abu Dhabi вЂ�Ferrari has decided to put its faith in the youngest multiple champion in F1 history’ F ernando Alonso revealed yesterday that he had doubts about staying at Ferrari even last year and had told former chairman Luca Di Montezemolo months ago that he knew he wanted out. “It was not a special moment of the year that I opened my eyes,” the Spaniard told reporters at Formula One’s season-ending Abu Dhabi Grand Prix. “Last year I had some doubts about 2014. I knew that it was a big change of regulations so I thought it was the best thing to check how the 2014 new turbo era was going for Ferrari.” He was speaking after Ferrari announced his departure, a move that has been flagged up for months in the paddock, and the arrival of Germany’s quadruple world champion Sebastian Vettel from Red Bull. “I had a very close relationship with president Montezemolo,” said Alonso. “We talked every week and we, more or less, agreed that if this year we were not competitive again, maybe I could think of different options. “When the summer break ar- rived I said maybe it was time to sit with the president and say, if for them it’s OK, I would like to go.” Montezemolo himself left Ferrari in October. Ferrari are facing their п¬Ѓrst year since 1993 without a win, having last tasted victory when Alonso won his home race in May 2013. The Spaniard had joined the team hoping to add to his two championships but has instead п¬Ѓnished overall runner-up three times in the last four seasons. “In September I said maybe it was the best thing to say bye-bye if it was possible,” said Alonso. “I have to be happy, I have to be motivated, I need to love what I am doing. And in September I felt it was not the case.” Alonso, who had also talked earlier in the year of extending his Ferrari contract well beyond 2016 but is now expected to join McLaren, recognised the Italian team could have refused to let him go and thanked them for agreeing to his wishes. He will wear a special helmet on Sunday with a picture of a pitstop on one side, the Italian flag in the middle and signatures of all the team on the other side as a mark of respect to them. Cash-strapped Marussia fail in late bid to race File picture of Red Bull Racing’s German driver Sebastian Vettel (left) chatting with Ferrari’s Spanish driver Fernando Alonso. AFP Milan F allen Italian giants Ferrari relaunched their Formula One world title ambitions by conп¬Ѓrming Sebastian Vettel on a threeyear deal yesterday that will see the German team up with Kimi Raikkonen from next year. Ferrari’s announcement came minutes after conп¬Ѓrmation of Fernando Alonso’s departure from the team after a п¬Ѓve-year spell in which the Spaniard ultimately failed to deliver a world championship title. The last time the вЂ�Scuderia’ topped the drivers’ standings was in 2007 when Raikkonen, in his previous spell with the team, triumphed before quitting the sport to test his skills in rallying. Since then, the вЂ�Prancing Horse’ and the iconic red Ferrari cars have been playing catch-up to the Renault engines that have п¬Ѓred Red Bull and Vettel to four consecutive titles in the drivers’ and con- structors’ standings. German Vettel is regarded as the heir to stricken compatriot Michael Schumacher, who won п¬Ѓve of his seven world titles with Ferrari. Vettel currently sits fourth in the drivers’ standings, 158 points behind Britain’s Lewis Hamilton ahead of the п¬Ѓnal race of the season at Abu Dhabi. Ferrari team principal Marco Mattiacci believes Vettel’s “youthfulness and experience” will make him an “invaluable asset” to the team as they look to end their seven-year title wait. “Scuderia Ferrari has decided to put its faith in the youngest multiple champion in the history of Formula One,” Mattiacci said. “In Formula One terms, Sebastian Vettel is a unique combination of youthfulness and experience and he brings with him that sense of team spirit which will prove invaluable when, together with Kimi, they tackle the challenges awaiting us, as we aim to be front runners again as soon as possible.” Vettel, who has won four consecu- tive world titles in 2010, 2011, 2012 and 2013 said he was delighted to be given the chance to emulate his “greatest idol” Schumacher. “The next stage of my Formula 1 career will be spent with Scuderia Ferrari and for me that means the dream of a lifetime has come true,” said Vettel. “When I was a kid, Michael Schumacher in the red car was my greatest idol and now it’s an incredible honour to п¬Ѓnally get the chance to drive a Ferrari. “The Scuderia has a great tradition in this sport and I am extremely motivated to help the team get back to the top. I will put my heart and soul into making it happen.” Schumacher, 45, who raced for Ferrari between 1996 and 2006, is currently receiving treatment at his home in Gland, Switzerland, after suffering severe brain injuries in a skiing accident in the French Alps last December. Alonso, meanwhile, is being tipped with a return to the McLaren team after leaving Ferrari by “mutual consent”, according to a team statement. “Fernando Alonso leaves the team at the end of this season, after a п¬Ѓve year period which, with one race remaining, saw him score 1186 points, 44 podiums and 11 wins. “Everyone at Scuderia Ferrari thanks Fernando for his great contribution on both a personal and professional level.” Alonso, who won two world titles with Renault in 2005 and 2006, admitted leaving Ferrari was not an easy decision to make. Alonso said: “It was a difficult decision to take, but a carefully considered one and from start to п¬Ѓnish, my love for Ferrari was a prime consideration. “I leave Scuderia Ferrari after п¬Ѓve years, during which I reached my very best level professionally, tackling major challenges that pushed me to п¬Ѓnd new limits. “I am very proud of what we have achieved together. Now I look to the future with great enthusiasm, knowing that part of my heart will always belong to the Prancing Horse.” The cash-strapped Marussia team failed in a late bid to enter this weekend’s Abu Dhabi Grand Prix, driver Max Chilton revealed yesterday. In a comment on Twitter, the British driver said: “Devastated for everyone involved at Marussia in the past 24 hours that the hard work trying to get to Abu Dhabi didn’t work out as we hoped.” Marussia went into administration last month and missed the last two races in the United States and Brazil. The administrators announced that the company had ceased trading, with the loss of 200 jobs, two weeks ago. Talks to revive the team with the involvement of new investors broke down his week. Struggling rivals Caterham, who also went into administration in October, succeeded in raising enough investment through crowd-funding and other investments to send a team to take part in Sunday’s race. Abu Dhabi GP agrees contract extension Abu Dhabi Grand Prix organisers have agreed a contract extension to keep their race on the F1 calendar for years to come. Abu Dhabi Motorsports Management, announcing the new agreement yesterday, did not say how long the deal was for but the previous one was not due to expire until 2016. “Abu Dhabi has played an important part in pioneering the modern era of Formula One racing,” said the sport’s commercial supremo Bernie Ecclestone in a statement. “I said when the Yas Marina Circuit was opened that it may one day be matched, but it will never be bettered. We have a wonderful partner here.” Organisers said all tickets had been sold with its biggest crowd yet of 60,000 expected. That figure represents a 20 per cent increase on the inaugural grand prix in 2009. “The demand has been unprecedented and the atmosphere in the stands is going to be fantastic,” said Yas Marina chief executive Al Tareq al-Ameri. BOTTOMLINE Hamilton, Rosberg bring title duel to Abu Dhabi DPA Abu Dhabi A fter 18 thrilling rounds of the Formula One season, the destination of the world title will be decided at the п¬Ѓnal Grand Prix in Abu Dhabi Sunday as leader Lewis Hamilton looks to hold off Mercedes teammate Nico Rosberg. That the world champion would come from the Mercedes garage has seemed certain for months. But with only 17 points separating the pair and, for the п¬Ѓrst time ever, double points awarded at the season-ending п¬Ѓnale, everything is still to play for. “I go into this race with no fear and with every belief that this can be my title,” Rosberg said. “It’s not over until that flag drops!” Rosberg, seeking to become Germany’s third world champion in the sport, won the Brazilian GP two weeks ago to close the gap on Hamilton. But he knows even victory at the Yas Marina circuit may not be enough to guarantee overall success as Hamilton need п¬Ѓnish only second to claim the crown. Mercedes’ British driver Lewis Hamilton (left ) with his teammate, Nico Rosberg from Germany. After a season which threatened to ruin the relationship between the teammates following controversial incidents in Monaco, Hungary and Belgium, Rosberg paid tribute to the competition which had been generated. “The team behind us have done an incredible job and it’s great that they’ve given both of us equal opportunity to compete with each other,” he said. “There have been difficult moments just as there have been amazing mo- ments - but this is what Formula One is all about and I hope that everyone watching at home has enjoyed the story of this battle as much as I have.” Unlike Rosberg, Hamilton already has one world title to his name having triumphed with McLaren in 2008. “People talk about how long it’s been since I won the title - but I honestly feel like I’m п¬Ѓghting for my п¬Ѓrst world championship all over again,” Hamilton said. “I’ve learnt a lot in the years since 2008 - but I’m still the same driver. I still have the same hunger, the same will to win, and I’ve been giving it everything I’ve got from the word go this season.” Mercedes can bask in the glory of a sensational season whoever wins but boss Toto Wolff explained the pressure was increasing in the garage to make sure the title is not decided by an error. “It is now down to us to ensure that this fascinating year concludes in the right way by giving Lewis and Nico a platform to settle the title purely on the track. It is fantastic for the sport to have such a п¬Ѓnale in what has been one of the great seasons of Formula One. I for one cannot wait to watch the race in Abu Dhabi and I’m sure those at home feel the same.” Further down the grid, Red Bull are guaranteed to п¬Ѓnish second in the constructors’ championship as they bid farewell to Ferrari-bound four-time world champion Sebastian Vettel while “It is fantastic for the sport to have such a finale in what has been one of the great seasons of Formula One. I for one cannot wait to watch the race in Abu Dhabi and I’m sure those at home feel the same” Williams look to hold onto third place above Ferrari. The Ferrari drivers Kimi Raikkonen and Fernando Alonso face an uphill task to prevent the Italian team completing a п¬Ѓrst winless season since 1993. Alonso is in his last race for the Scuderia who conп¬Ѓrmed yesterday that he will be leaving and replaced by Vettel, with McLaren widely tipped as Alonso’s next destination. This leaves Kevin Magnussen and Jenson Button, the 2009 world champion, unsure of their futures. Sauber have already announced drivers Adrian Sutil and Esteban Gutierrez will not be retained but will hope one can produce a top 10 п¬Ѓnish to score the team’s п¬Ѓrst points of the season. And Caterham, currently in administration, are aiming to impress a potential buyer as they look to avoid following the same path Marussia, who went bust earlier this month. 4 Gulf Times Friday, November 21, 2014 GOLF SPOTLIGHT ROUND-UP McIlroy and Lowry share lead in Dubai McIlroy is playing his first competitive event since the first week of October AFP Dubai W orld number one Rory McIlroy showed no signs of rust as he came out of a sixweek break and raced straight to the top of the leaderboard on the opening day of the $8 million DP World Tour Championship yesterday. At the par-72 Earth Course of Jumeirah Golf Estates, McIlroy shot a bogey-free round of six-under par 66 to join his good friend Shane Lowry at the top. Scotland’s Richie Ramsay and Denmark’s Thorbjorn Olesen were tied third one shot further behind at п¬Ѓve-under par 67. Defending champion and world number four Henrik Stenson opened with a four-under par 68 and was tied п¬Ѓfth along with Argentine Emiliano Grillo. McIlroy, who has already secured the European Tour’s Race to Dubai crown, was playing his п¬Ѓrst competitive event since the Alfred Dunhill Links Championship in the п¬Ѓrst week of October. He was scheduled to play two Final Series events in Shanghai, but had to pull out to prepare for his ongoing legal battle against his former management company. The 25-year-old Northern Irishman started hot with four birdies in his п¬Ѓrst п¬Ѓve holes, before adding two more on the 15th and 16th holes. McIlroy, who won both the tournament and the Race to Dubai in 2012 and is aiming for a repeat, said: “Probably should have been п¬Ѓve (birdies) in the п¬Ѓrst п¬Ѓve, to be honest. It was a great way to start. “You never expect to start like that, but I’ve been hitting the ball well for the last couple of weeks that I’ve been practicing and it was just a matter of trying to take that good range play on to the course, and I was able to do that today.” Ireland’s Lowry started birdie-birdie before cooling down a bit. But he п¬Ѓnished with four birdies in his last six holes. It was a good comeback for the 27-yearold Lowry, who was in contention at last week’s Turkish Open before playing the last 12 holes at п¬Ѓve-over par. Lowry, who is ranked 52nd in the world and looking for a good п¬Ѓnish to get inside the top-50, said: “Last Sunday was quite a difficult day for me. The last 12 holes was just kind of couldn’t wait to get here to be honest. But once I got here on Monday, I was п¬Ѓne. “Obviously, I put myself into contention which is a positive from last week. I’m just looking to give myself the same chance this week and maybe I won’t mess it up.” Stenson, who won both the DP World Tour Championship and the Race to Dubai last year, was twounder par after six holes before making back-to-back bogeys on the seventh and eighth to fall back to even par. But he recovered well with a birdie on the ninth and was solid on the back nine. “I’m pleased with that,” said the Swede, who is currently second in the Race to Dubai. “I thought I played quite solid and hit a lot of nice shots. I missed some good birdie chances early on and I made two bogeys in a row with possibly one or two bad decisions there which was a little frustrating, but bounced back and made some nice birdies coming home.” Mamat storms to the top Agencies Manila S ingaporean Mardan Mamat boosted his chances of retaining his Asian Tour card for next season by making light of the strong winds to leap into a share of the lead at the Manila Masters after yesterday’s п¬Ѓrst round. The 47-year-old п¬Ѓred eight birdies in a sevenunder-par round of 65 to share the lead at the $1 million event with Japan’s Daisuke Kataoka, 21 years his junior. Mamat has won three times on the Asian Tour, including the 2012 Philippine Open, but has struggled this year and is 74th in the Order of Merit race with the top 60 retaining playing privileges for next season. “I hit the ball solid from tee to green and managed to hole some putts. It’s not easy out there, especially on the front nine where it was really windy,” said Mamat, who missed only one green in regulation at the Jack Nicklaus designed Manila Southwoods Golf and Country Club. “I’m trying to not think about keeping my card. It’s not the end of the world for me if I don’t make it into top-60 on the Order of Merit. I want to enjoy my golf.” Last year’s Asian Tour Order of Merit winner, Thailand’s Kiradech Aphibarnrat, was a shot back in tied third alongside Malaysian Danny Chia, who is also looking for a good п¬Ѓnish this week to boost his chances of retaining his card. Kiradech, who suffers from a thyroid disease, has missed many events this year because of a knee issue resulting from an operation he had when he was 10. He has opted for periods of rest rather than further surgery but the problem has not cleared up. “I was actually hesitating if I should play this week because my knee is not feeling too good,” the Thai said. “I only decided on Monday to play but I will try my best and we will see how it goes.” Local favourite Juvic Pagunsan, Asian Tour Order of Merit winner in 2011, led the home charge with a bogey-free 67 to sit two back in a tie with Australians Terry Pilkadaris and Sam Brazel, American Anthony Kang and Taiwan’s Hung Chien Yao. JAPAN’S INAMORI SETS PACE AT DUNLOP PHOENIX Japan’s Yuki Inamori stole the thunder from a strong п¬Ѓeld with a birdie blitz yesterday, п¬Ѓring a seven-under-par 64 for a one stroke lead after the п¬Ѓrst round of the Dunlop Phoenix tournament. Aided by a red-hot putter, the 20-year-old carded nine birdies against two bogeys to reach the clubhouse with a narrow advantage over Australia’s Brendan Jones in Miyazaki, western Japan. “I made some big putts and that’s always important to give you momentum,” said Inamori, who hails from nearby Kagoshima prefecture and is chasing his п¬Ѓrst career win. “It’s a great start to the tournament and puts me in a nice position.” The Dunlop Phoenix boasts an illustrious roll-call of former winners, including Tiger Woods (2004-05), Tom Watson (1980, 1997) and Seve Ballesteros (1977, 1981). Japan’s Hideki Matsuyama, who recorded his maiden victory on the US PGA Tour at the Memorial Tournament earlier this year, shot a 68 while domestic rival Ryo Ishikawa ended the day on even par 71. But old-timer Tommy Nakajima, winner of the title back in 1985, upstaged the young guns, as the 60-year-old rolled back the years with a solid round of 67. American Jordan Spieth, who п¬Ѓnished joint runner-up to Bubba Watson at this year’s US Masters, п¬Ѓred a 69 along with Australians David Smail and Kurt Barnes. They were joined one two-under by South Korea’s Lee Kyoung-hoon. LEADING SCORES 66 - Rory McIlroy (NIR), Shane Lowry (IRL) 67 - Thorbjorn Olesen (DEN), Richie Ramsay (SCO) 68 - Henrik Stenson (SWE), Emiliano Grillo (ARG) 69 - Edoardo Molinari (ITA), Danny Willett (ENG), Tommy Fleetwood (ENG), Louis Ooosthuizen (RSA), Ross Fisher (ENG) 70 - Tyrrell Hatton (ENG), Kristoffer Broberg (SWE), Jonas Blixt (SWE), Lee Westwood (ENG), George Coetzee (RSA), Joost Luiten (NED) 71 - David Howell (ENG), Richard Sterne (RSA), Robert Karlsson (SWE), Marc Warren (SCO), Romain Wattel (FRA), Miguel Angel Jimenez (ESP), Victor Dubuisson (FRA), Thomas Bjorn (DEN), Justin Rose (ENG) Rory McIlroy of Northern Ireland plays a shot during the first round of the DP World Tour Championship golf tournament at Jumeirah Golf Estates in Dubai yesterday. (EPA) FOCUS INSPIRATION Scott labours in wild winds at Australian Masters Reuters Melbourne S teven Bowditch shot a п¬Ѓve-under 67 for a share of the lead after the п¬Ѓrst round of the Australian Masters in Melbourne yesterday, upstaging headline act Adam Scott who struggled to cope with windy conditions. Bowditch, who celebrated his maiden US Tour win at the Texas Open in March, rolled in four birdies and an eagle in mostly foul conditions at Metropolitan Golf Club before ruing a missed tap-in putt on the 18th that cost him the outright lead. The 31-year-old will start today in a four-way tie with fellow Australians Michael Wright, Stephen Allan and Todd Sinnott, with double defending champion Scott six strokes behind after labouring to a one-over 73. “I don’t know what I did on 18,” Bowditch told reporters after a gloomy day that blew dust in players’ faces in the morning before dousing the later groups with light rain. “It was tough off and on Mardan Mamat of Singapore fired eight birdies in a seven under-par round of 65 to share the lead in Manila. Steven Bowditch was in a four-way tie. ... It got really windy early, then slowed down, windy (again), changed direction. It can get tough out there.” Australians Rhein Gibson and Aaron Price were a stroke further adrift on fourunder after shooting 68s. World number two Scott, bidding for an unprecedented third successive title in the A$1 million ($860,000) event, fumed as hot, northerly winds in the morning turned the sandbelt course into a suburban dust-bowl. Starting on the 10th, Scott went to the turn at three-over after a double-bogey on the 18th, but clawed back an eagle on the par-п¬Ѓve sixth and trudged off with a mixture of relief and frustration. “If the conditions are the same (tomorrow), just everyone’s out there just hanging on doing the best they can,” last year’s U.S. Masters champion told reporters by the scoring hut. “There’s no way to attack in this wind.” Wright, however, rolled in six birdies and begged for more of the same. “If it blows like this, the greens are going to be that hard and fast,” said the 40-year-old Queensland journeyman. “But at the same time, that’s Australian golf and that’s why it’s so good.” A croaky-sounding Geoff Ogilvy kept in touch, shooting a solid three-under. “With the sand and stuff flying around, everyone is going to be a bit messed up today, getting stuff in the eyes and nose,” said the 2006 U.S. Open champion. “It’s a welcome to Melbourne, really.” Weekley, playing with good friend Bowditch, shot an even-par 72. World record holder Gibson looking for new mark Reuters Melbourne R hein Gibson’s astonishing 55 at an Oklahoma golf course etched his name in the Guiness World Records but the unheralded Australian pro is determined to cast off the tag of “one-hit wonder”. Gibson’s 2012 round of 16-under at River Oaks Golf Club in Edmond, Oklahoma, was conп¬Ѓrmed as the lowest 18-hole score last year, an unforgettable feat for a 28-year-old who has grafted mostly in lower-tier competitions in the United States and Asia. Though Gibson has never won a tournament of any signiп¬Ѓcant proп¬Ѓle, he underlined his quality last year with a tie for fourth in the Australian Open in a п¬Ѓeld boasting Adam Scott and Rory McIlroy. That result sealed a berth to his п¬Ѓrst major tournament at this year’s British Open, where he snuck into the weekend’s play courtesy of a 12-foot putt in the fading light and was grouped with Tiger Woods and young gun Jordan Spieth in the third round. Late bloomer Gibson showed another glimpse of his promise yesterday, carding a four-under 68 in the п¬Ѓrst round of the Australian Masters in Melbourne to be a stroke off the lead of a quartet of local golfers in Steven Bowditch, Michael Wright, Stephen Allan and Todd Sinnott. Though headline act Scott la- boured to a one-over 73 in tough, windy conditions, Gibson strolled off without a blemish on his card, despite getting his п¬Ѓrst look at Metropolitan Golf Club on Tuesday afternoon after flying in from America. Still on a high from making it through to the п¬Ѓnal stage of qualifying for the United States’ second-tier Web.com tour, Oklahoma-based Gibson negotiated his round by watching his playing partners’ club selections, having never played a sandbelt course, or any other, in Melbourne. “I’m kind of surprised, myself, a little bit,” Gibson, who grew up in Lismore, a rural town in northern New South Wales state, told reporters. “To shoot four-under, I’m stoked. “I don’t want to be known as a one-hit wonder. Obviously, I think I can play.” Boasting a degree in п¬Ѓnance, Gibson said he could probably get a job tomorrow if golf did not work out, but was determined to add something to the 55 on his CV. Gulf Times Friday, November 21, 2014 5 FOOTBALL SPOTLIGHT Hodgson cheered by newly dependable Wilshere вЂ�Basically, he’s very young. He burst on to the scene even younger, of course’ AFP London E ngland manager Roy Hodgson believes that he is п¬Ѓnally seeing the best of Jack Wilshere following the talented Arsenal midп¬Ѓelder’s well-documented struggles with injury. Wilshere broke into the Arsenal п¬Ѓrst team as a teenager during the 2010-11 season, but an unfortunate sequence of ankle problems meant he had made only six appearances for England by the end of 2012. The 22-year-old has since won a further 20 caps and has impressed in a new deep-lying midп¬Ѓeld role in recent games, notably creating the opening goal in England’s 3-1 friendly win over Scotland on Tuesday with a п¬Ѓne, raking pass for Alex Oxlade-Chamberlain. “Basically, he’s very young,” Hodgson told reporters following England’s victory in Glasgow. “He burst on to the scene even younger, of course. A very bright future was predicted for him, but then he got injured. “My п¬Ѓrst year and a half with the team, we were always thinking, вЂ�What a pity we haven’t got Jack Wilshere,’ or, вЂ�Wouldn’t it be nice if Jack was п¬Ѓt?’ And it’s really only been since the lead-up to the World Cup and afterwards that I’ve had this period with him where I can always count on him being there. Right from the start, we saw what he could do. “Players who can do what he does with the ball—take the responsibility of receiving balls from the back, even under pressure; ability to turn with the ball; ability to see a pass—all he needs to add to his game to be totally outstanding is goals.” England’s victory over Scotland saw them complete a run of six successive wins for the п¬Ѓrst time since 2006. Their only two defeats of the year came during the World Cup, when 2-1 losses to “My first year and a half with the team, we were always thinking, вЂ�What a pity we haven’t got Jack Wilshere,’ or, вЂ�Wouldn’t it be nice if Jack was fit?’ And it’s really only been since the lead-up to the World Cup and afterwards that I’ve had this period with him where I can always count on him being there. Right from the start, we saw what he could do Jack Wilshere (left) broke into the Arsenal first team as a teenager during the 2010-11 season, but injuries meant he had made only six appearances for England by the end of 2012. (Reuters) Italy and Uruguay saw them eliminated at the group phase. Hodgson has blooded several young players since the tournament, including Southampton right-back Nathaniel Clyne, who impressed against Scotland, and he feels that a new core of players is beginning to harden. “Some players who were with us in the World Cup retired or are no longer selected, and there are a lot of younger players who’ve come in who were really on the fringes of the World Cup team, and actually ended up playing in the п¬Ѓnal game against Costa Rica,” he said. “They’re the guys now who’ve really been asked to step up to the plate and that’s exactly what I think they’ve done, and we’ve even found a few more along the way. “I’m thinking of Fabian Delph, who unfortunately got injured, but he came into the squad and looked very comfortable there. I’m thinking of Nathaniel Clyne, who’s come into the squad and looked very, very comfortable. “And on top of that, we’ve got the (Danny) Welbecks and the (Raheem) Sterlings and the Oxes (Oxlade-Chamberlain), and all these guys that you know, who have played bit-parts up to now. But we think in our work going forward, they’ve got to play more than bit-parts—they’ve got to show they’re bona п¬Ѓde, good quality, international England players, just like you’re mentioning Wayne Rooney.” Hodgson also said he would be happy for England Under-21 coach Gareth FOCUS Sofia: Bulgaria have sacked coach Luboslav Penev after a poor start to their Euro 2016 qualifying campaign, the Balkan country’s football union (BFU) announced yesterday. “We terminated Penev’s contract,” BFU president Borislav Mihaylov told a news conference. “The team didn’t perform well and we almost lost our chances to qualify for the (Euro 2016) finals, although the top two teams qualify automatically. “I hope we’ll have a new coach by the New Year. I can tell you that the new coach will not be a foreigner.” Penev, 48, extended his initial two-year deal last November but a disappointing start to their Euro 2016 qualifying campaign triggered his dismissal after three years in charge, which was filled by disappointment. Bulgaria, who have failed to reach a major tournament since 2004, are fourth in Group H with four points from as many games, six adrift of leaders Croatia and Italy and five behind Norway. Their poor run continued on Sunday when they drew 1-1 with Malta in their last qualifier with Penev and the players severely criticised by the fans and local media after lacklustre performances over the last two months. Former Bulgaria striker Penev, one of the country’s football icons, has been under the spotlight after Bulgaria were beaten by Croatia and Norway in October but the BFU decided to give him “a second chance”. Penev was appointed as coach in November, 2011, replacing German Lothar Matthaeus whose contract was not renewed following a poor Euro 2012 qualifying campaign. Under Penev, Bulgaria were in second place in their group for most of the 2014 World Cup qualifying campaign but losses to Armenia and the Czech Republic in their final matches meant they missed out on the tournament in Brazil. Penev was the eighth Bulgaria manager to be sacked or leave the post since 2007. RETURN United’s Nani unsure if he will return after Lisbon loan By Jamie Jackson The Guardian Giroud returns to provide timely boost for Wenger By David Hytner theguardian.com O N ani has said he is reluctant to return to Manchester United because of limited п¬Ѓrst-team opportunities. The winger, who was not at fault for an incident which left United’s Angel di Maria injured in Portugal’s 1-0 friendly win over Argentina at Old Trafford on Tuesday, is on loan at Sporting Lisbon. The 28-year-old is enjoying playing regularly and is unsure if his future lies with United. “I am very happy how it is going at Sporting,” he said. “That is what I wanted. I wanted to play more. I wanted to get back to my best and I wanted to enjoy my football. That is what is happening. It is going well. It has turned out very good for me. It has made me very conп¬Ѓdent again for the future. “Yes I had to get away from United to achieve this. I saw the opportunities were going not be less for me so I had to make a choice. I had been at Old Trafford for a long time, for seven years, and I think I needed a little time away to understand and п¬Ѓnd my conп¬Ѓdence again.” Nani stated he did not have to go on loan but did so to further his career. “Louis van Gaal gave me the option to go. I could have stayed but I chose the best option for me at the time and I think I was right,” he said. “I am enjoying my game again. Football is the best thing in my life. Football has given me everything and when I play I really enjoy myself so I want to play all the time. That wasn’t happening at United. When I don’t play I am very disappointed. “You can accept not playing regularly for one or two years but after that, when you know you have the quality to play, you have to make a choice. That is what I did and it is working out well. It is a possibility that I might come back to Manchester United. Why not? It is something that eventually we Southgate to select players from the senior squad for next June’s Under-21 European Championship in the Czech Republic, despite it clashing with two England п¬Ѓxtures. “After Gareth Southgate has picked his squad, I will pick my squad for Slovenia. I’ll take whoever’s left,” he said. “If Gareth thinks the best way to win the tournament is to jettison a lot of the players he’s been working with and take players from our team, that’s п¬Ѓne by me.” Bulgaria sack Penev after dismal qualifying run Nani is enjoying playing regularly and is unsure if his future lies with United. (Reuters) will have to discuss and see if it is possible. But at the moment I am focused on my job at Sporting Lisbon because it is there where I am doing well. To move back in January is a little bit more difficult but you never know. Let’s see what they say. I’m working hard to be at my best. I just want to continue to work very hard and play well.” Di MarГa hurt his right foot after 18 minutes of the friendly at Old Trafford on Tuesday. After leaving the п¬Ѓeld he returned to the game and played until the hour mark before being taken off by Gerardo Martino, the Argentina coach. After the match Martino revealed Di MarГa had already been x-rayed and the injury was being assessed though he downplayed the seriousness of the incident. While Di MarГa was seen walking without impediment, Van Gaal is waiting anxiously to discover if he will be available for Saturday’s trip to Arsenal. The ВЈ59.7mn British record transfer signing is the 13th player on Van Gaal’s long injury list after it emerged Darren Fletcher is also a doubt. Of the other 11, Phil Jones, Rafael da Silva, Michael Carrick, Radamel Falcao, David de Gea, Jonny Evans, Marcos Rojo and Luke Shaw all have varying hopes of being п¬Ѓt for Arsenal, with the latter coming off in England’s 3-1 win over Scotland with a tight hamstring. Daley Blind, Jesse Lingard and Ashley Young remain longer term absentees due to their respective problems. livier Giroud is back in contention for Arsenal’s showpiece Premier League п¬Ѓxture against Manchester United tomorrow, having recovered weeks ahead of schedule from the fractured tibia that he suffered at Everton on 23 August. Arsene Wenger had originally ruled out Giroud until the new year but the manager could now use him as a substitute against United at the Emirates Stadium, where Arsenal intend to bounce back from their wobbles prior to the international break. They threw away a 3-0 lead to draw 3-3 at home to Anderlecht in the Champions League before they lost 2-1 at Swansea City in the league, having been 1-0 up. Wenger also has Mikel Arteta available after the hamstring strain that he picked up against Anderlecht but the prognosis is less encouraging with regard to Laurent Koscielny. Wenger said two weeks ago that the central defender would be out for “three or four weeks” because of the tendinitis in the Achilles tendon. But Wenger now feels it will be another three weeks before Koscielny can rejoin full training and there would then a further period for him to recover п¬Ѓtness. Mathieu Debuchy, the rightback, who has been out since 13 September with ankle ligament damage, is on a similar comeback time-table. “Giroud and Arteta are both available,” Wenger said. “It’s just a question of how ready they are. But they are available. Giroud is weeks ahead of schedule. Originally we planned to have him back for competition at the beginning of next year. We have Giroud back, we have [Theo] Walcott back. Slowly, they will integrate into the team again and give us different options. “Koscielny and Debuchy are doing well, they are out on the п¬Ѓeld again. We have to see now. Usually, п¬Ѓeld work is three weeks away from full group training. Then there is п¬Ѓtness. It looks straightforward for Debuchy. It’s not inflammation, it’s just repairing surgery. For Koscielny, it Olivier Giroud has recovered weeks ahead of schedule from the fractured tibia. depends how well he responds to training. At the moment he looks good.” Wenger will hope that the in-form striker, Alexis SГЎnchez, shows no ill effects of his exploits on international duty with Chile. Sanchez played for 85 minutes of his country’s 5-0 home win over Venezuela last Friday and he completed the 90 minutes of the 2-1 home loss to Uruguay on Wednesday night. Both of the matches were friendlies. SГЎnchez then had to make the 15-hour return flight from Santiago to London. Sanchez also played the 90 minutes of Chile’s home friendlies against Peru and Bolivia during the October international break and he has not missed a single minute of Arsenal’s six matches since then, in which he scored seven goals. He has 12 for the season at club level. He also scored for Chile against both Venezuela and Uruguay. 6 Gulf Times Friday, November 21, 2014 FOOTBALL FOCUS AFRICAN CUP OF NATIONS Guinea win, Meyiwa tragedy dominate Cup Guineans defeat Uganda 2-0 to secure a place among 16 finalists Reus to Bayern talk doesn’t bother Ribery AFP Munich B ayern Munich veteran Franck Ribery says he is not concerned about the possible arrival of Germany winger Marco Reus at the Bavarian giants for next season. Bayern chairman Karl-Heinz Rummenigge last month drew attention to the release clause, worth 25 million euros, in Reus’s Borussia Dortmund contract, which means the 25-year-old could join the Bavarian giants at the end of the season. But France winger Ribery says he would have no problem battling the Germany star for a place on Bayern’s left wing. “He’s a good player, but I have been here for a while, even if I will be 32 (next April),” Ribery told German magazine Kicker. “I feel good, things are going well here. “I’m still an important player, you still have to reckon with me here.” Ribery has won all possible trophies with Bayern since joining Munich in 2007. He was part of the team which won the treble of European, league and cup titles in 2013 and with Pep Guardiola’s side currently four points clear in the table, they are on course to win a third straight Bundesliga title. “I know what I have brought this club and what I can still bring to the side,” said Ribery. “I still want to win titles and want to work. I am still hungry.” With Ribery on Bayern’s left flank and Arjen Robben on the right, the pair have been a potent attacking force for Guardiola’s Bayern, but injuries means it is rare for them both to start together these days. “When we’re both 100 percent п¬Ѓt, that is a big advantage for the team,” said Ribery. “This is the best team I have ever been a part of. When everything runs like normal, we are hard to stop in the Bundesliga, but in Europe, Real Madrid could be a hindrance. “We still have a few players missing like (Javi) Martinez, (Bastian) Schweinsteiger, Thiago (Alcantara), (Holger) Badstuber, now (Philipp) Lahm and (David) Alaba are also injured, but with them back, we will only improve.” Ribery has only just returned from a knee injury and was outstanding in creating two goals in Bayern’s 4-0 league romp at Eintracht Frankfurt a fortnight ago. “I was worried about a bit of a reaction on my knee, it’s still not an easy thing for me,” he added. “I feel good, but the knee is not yet in top condition.” Ribery said his international career is over and ruled out a return to the France shirt having won 81 caps for Les Bleus between 2006 and 2014. “For me, it’s over with the national team and I enjoy the international break now,” he said. “I can look after my family and I, so as things are, it’s going well for me.” Guinea players celebrate their win over Uganda during the African Cup of Nations qualifier in Casablanca, Morocco. (AFP) AFP Cape Town E bola-ravaged Guinea deп¬Ѓed the odds to reach the 2015 Africa Cup of Nations while the murder of South Africa captain Senzo Meyiwa cast a dark shadow over the qualifying competition. Forced to switch three п¬Ѓxtures from Conakry to Casablanca, the Guineans defeated Uganda 2-0 at вЂ�home’ in a winners-take-all showdown on Wednesday to secure a place among 16 п¬Ѓnalists. Coached by Frenchman Michel Dussuyer, Guinea rely mainly on professionals scattered across Europe like Slovakia-based striker Seydouba Soumah, who struck п¬Ѓve goals. Guinea and fellow west African states Liberia and Sierra Leone have been hardest hit by the deadly Ebola virus, which has claimed nearly 5,200 lives this year, according to the World Health Organization (WHO). Goalkeeper Meyiwa, 27, kept four consecutive clean sheets to set up South Africa for a return to the biennial African football showcase after a three-tournament absence. The hugely popular star was gunned down by armed robbers while visiting his pop singer girlfriend near Johannesburg last month ahead of the п¬Ѓnal two qualiп¬Ѓers. Replacement goalkeeper Darren Keet sported a moving, handwritten quote from The Bible on his gloves for the qualiп¬Ѓcationclinching victory over Sudan in Durban. “There is no greater love than to lay down one’s life for one’s friend,” were the words chosen by Belgium-based Keet. A dramatic qualifying competition included the shock elimination of title-holders Nigeria and a third consecutive failure to reach the п¬Ѓnals by record seventime champions Egypt. Cameroon are back at the Cup of Nations after missing the last two tournaments and Algeria collected 15 points from a possible 18 to show why they are the top-ranked national team on the continent. There was also an Ebola-related, last-minute change of hosts for the January 17-February 8 football festival with football minnows Equatorial Guinea replacing Morocco. Fearing visiting supporters would bring the virus into the north African kingdom, Morocco insisted that the Cup of Nations be postponed at least until next June. But African Football Confederation (CAF) supremo Issa Hayatou and his executives refused to budge from the original dates, noting that Morocco would host the FIFA Club World Cup this December. “Postponing the Cup of Nations would be like signing our death warrant,” stressed Cameroonian Hayatou, who was elected CAF president in Morocco 26 years ago. “We have patiently built this tournament for 57 years and today it is the pride of all Africans.” African Union (AU) chairwoman Nkosazama DlaminiZuma from South Africa backed CAF, saying “Ebola should not paralyse continental events”. As hosts, an Equatorial Guinea team ranked 38 among 54 African football nations automatically earn a place at the three-week Cup of Nations. This is quite a turnaround for a side disqualiп¬Ѓed after a preliminary-round win over Mauritania for п¬Ѓelding an ineligible Cameroon-born footballer. A disastrous start that yielded just one point from matches against Congo Brazzaville, South Africa and Sudan triggered the downfall of three-time champions Nigeria. Uncertainty over 2013 Cup of Nations-winning coach Stephen Keshi did not help the Super Eagles either as he was hired, п¬Ѓred and hired again during the six-match campaign. Egypt will miss three consecutive tournaments for the п¬Ѓrst time since becoming the maiden African champions in 1957 in Khartoum. Age has caught up with the golden 2006-2010 generation led by midп¬Ѓeld maestro Mohamed Abou Trika that won three consecutive titles, and coach Shawky Gharib could not unearth adequate replacements. Cameroon put a woeful 2014 World Cup in Brazil behind them with German coach Volker Finke deploying a more youthful side that п¬Ѓnished four points ahead of star-stacked Ivory Coast in a tough group. Algeria were the most impressive African side at the World Cup, taking eventual champions Germany to extra time before losing narrowly. A change of coach with Frenchman Christian Gourcuff succeeding Turkeybound Bosnian Vahid Halilhodzic had no effect on the Desert Foxes, who secured qualiп¬Ѓcation with two games to spare. They will be joined at the п¬Ѓnals by Burkina Faso, Cameroon, Cape Verde, Congo, Democratic Republic of Congo, Equatorial Guinea, Gabon, Ghana, Guinea, Ivory Coast, Mali, Senegal, South Africa, Tunisia and Zambia. Equatorial Guinea capital Malabo will host a December 3 draw to separate the 16 countries into four groups. Winger Franck Ribery says his international career is over and ruled out a return to the France shirt. (AFP) ROUND-UP Lahm undergoes surgery on broken ankle Agencies Munich Bayern Munich captain Philipp Lahm broke his ankle in training on Tuesday and is sidelined for up to three months. (Reuters) B ayern Munich captain Philipp Lahm underwent surgery on a broken right ankle yesterday and will remain in hospital for a few more days, the Bundesliga champions said. Lahm broke his ankle in training on Tuesday and is sidelined for up to three months. He will not return until after the winter break. Bayern said in a statement “he successfully underwent surgery on Thursday morning. The fracture was repaired and п¬Ѓxed using a surgical plate and screw. “Lahm will spend the next few days in hospital and has been ordered to rest his right leg for several weeks before starting a sports rehab programme.” Lahm is the latest addition to a long injury list as coach Pep Guardiola also misses the likes of Javi Martinez, Thiago Alcantara, David Alaba, Bastian Schweinsteiger and Holger Badstuber. Bayern hold a four-point Bundesliga lead ahead of tomorrow’s home game against Hoffenheim. BAYERN PAY OFF ALLIANZ ARENA, 16 YEARS EARLY Bayern Munich will be able to boost their star-studded squad in future after paying off the 346 million euros (US$433.245m) cost of their Allianz Arena — 16 years ahead of schedule. “It’s completely paid off,” Bayern chairman Karl-Heinz Rummenigge wrote in the match magazine before tomorrow’s clash at home to Hoffenheim. “We have п¬Ѓnanced our stadium completely by private means. In the year 2005, we borrowed exactly 346 million euros in a 25-year plan, which was to last until 2030. Now we have paid the stadium off after only nine-and-a-half years. I’m very proud of that.” Coach Pep Guardiola will now have more funds at his disposal, said Rummenigge, who mentioned a п¬Ѓgure of 25 million euros—the exact sum needed to activate the release clause in Marco Reus’ Borussia Dortmund contract. “Revenue generated by the Allianz Arena will be invested in future in the quality of the team,” added Rummenigge, who has already said Ger- many winger Reus is a Bayern target. The rapid repayment of the Allianz Arena was made possible by the introduction of Allianz AG as the club’s third main sponsor, after sports goods manufactures Adidas and car-company Audi, which injected 110 million euros into the club’s coffers. Bayern will unveil their п¬Ѓnances at the club’s Annual General Meeting on November 28 and Rummenigge stole some thunder from the Bavarians’ chief п¬Ѓnance officer Jan-Christian Dreesen. “It’s no secret that we broke the magic mark of half a billion euros during the 2013/14 season,” wrote Rummenigge. “Also our proп¬Ѓt has increased again strongly.” Bayern are set to announce п¬Ѓgures of 16.5 million euros proп¬Ѓt from a turnover of 528 million euros, compared to last year’s п¬Ѓgures of 14 million proп¬Ѓt from 432.8 million euros. SNEIJDER INSISTS NO PLANS TO LEAVE GALATASARAY Dutch midп¬Ѓelder Wesley Sneijder insisted he had no intention of leaving Turkish giants Galatasaray, despite reports linking him with a move to AC Milan or Manchester United. “My name is always linked to this kind of news. But I do not pay attention to this,” Sneijder, 30, told the Galatasaray TV channel ahead of the weekend clash with arch Black Sea rivals Trabzonspor. “I feel good with the team and with the guys and I am not thinking of leaving here at any time,” he said. Galatasaray’s Italian manager Cesare Prandelli was quoted by Turkish media as saying he had spoken to the player and been assured that a move was not on the cards. Talk of a possible move came amid Galatasaray’s woeful Champions League form which has seen them pick up just one point in Group D and suffer heavy defeats to Arsenal and Borussia Dortmund. JAPAN AWARDED 3-0 FORFEIT WIN AFTER VENEZUELA GAFFE Asian champions Japan have been awarded a 3-0 win over Venezuela after the South Americans were found to have п¬Ѓelded an ineligible player during their friendly in September. Football’s governing body FIFA have amended the result of the September 9 game in Yokohama, which ended in a 2-2 draw, on their official website as striker Salomon Rondon had picked up a red card in Venezuela’s friendly against South Korea a few days earlier. Japan’s goals, scored by Yoshinori Muto and Gaku Shibasaki will stand. The development comes as a bonus for Japan coach Javier Aguirre after a poor start in the job and puts a more positive sheen on his record, which now stands at four wins and two defeats. Japan, widely panned after their meek exit from the World Cup under Italian Alberto Zaccheroni, had failed to catch the eye under Aguirre until thrashing Honduras 6-0 and beating Asian rivals Australia 2-1 during the recent international break. The Blue Samurai, who won the 2011 Asian Cup under Zaccheroni, travel to Australia to defend their title in January. Blind set for вЂ�long’ lay-off, says Van Gaal Manchester: Manchester United midfielder Daley Blind’s knee ligament injury is not as bad as first feared, but he still faces a “long” lay-off, manager Louis van Gaal revealed yesterday. Blind, 24, hobbled off during the first half of Holland’s 6-0 defeat of Latvia on Sunday after injuring himself in a tangle with opposition forward Eduards Visnakovs. Holland coach Guus Hiddink, who succeeded Van Gaal after the World Cup, initially suggested Blind would be out for around six weeks, and Van Gaal said the full extent of the injury had yet to be determined. “He is not ready to play. He has now a brace on his knee and now is on a 10 days’ rest, and then we’ll have another scan and say more about his injury,” Van Gaal told his weekly press conference at United’s Carrington training base. “It’s not as bad as the doctors thought after the match, but it shall be a long story, I believe. But not six months or something like that.” United face Arsenal tomorrow. Gulf Times Friday, November 21, 2014 7 FOOTBALL MATCH-FIXING Caen president charged, Marseille officials released AFP Paris T he president of Ligue 1 side Caen, Jean-Francois Fortin, was charged yesterday in connection with a match-п¬Ѓxing inquiry that has rocked French football, his lawyer told AFP. In a separate development, Marseille president Vincent Labrune and around 15 club officials detained since Tuesday as part of a transfer fraud probe, were released without charge. Labrune’s predecessors, Jean-Claude Dassier and Pape Diouf, were freed on Wednesday. As police later quizzed more staff from the Ligue 1 leaders, the lawyer of Caen boss Jean-Francois Fortin was proclaiming his client’s innocence. Fortin is accused of corruption as investigators scrutinise a series of matches, notably a 1-1 draw between Caen and Nimes on May 13 that saw the former promoted to Ligue 1 and the latter escape relegation to the third tier. Recordings of telephone conversations between leading п¬Ѓgures of several clubs form a key part of the evidence. Magistrates have been trying to establish if pressure was exerted by Nimes on other Ligue 2 teams as the club battled against relegation. Following 48 hours in custody Fortin was charged after appearing before examining magistrates along with Nimes’ main shareholder, Serge Kasparian, Nimes president Jean-Marc Conrad, and Michel Moulin, described as вЂ�an intermediary’. Fortin’s lawyer, Francois Gery, insisted, however: “My client has shown his complete innocence of the facts that he is accused of in this case.” Dijon coach Olivier Dall’Oglio was released without charge on Wednesday evening, as was Kasparian’s son. The Canard Enchaine weekly on Wednesday released a transcript of a telephone Fortin is accused of corruption as investigators scrutinise a series of matches, notably a 1-1 draw between Caen and Nimes on May 13 that saw the former promoted to Ligue 1 and the latter escape relegation to the third tier Francois Gery, lawyer of the president of French L1 club Caen Jean-Francois Fortin, talks to the press in Paris. (AFP) SPOTLIGHT conversation between Fortin and Conrad which it said was made by police. In the recording, Fortin says: “You need a point as well?” Conrad replied “Yes, we need a point too, there it is.” The Caen president then says: “Well, if we are not too stupid?” The weekly said that 24 boxes of wine, 288 bottles, were left outside the Caen dressing room after the game. Meanwhile, down on the south coast the spectacular raids which led to the mass arrests on Tuesday of high-ranking Marseille officials have so far led to no charges being brought. Police are looking into various transfers, including that of key striker FOCUS Ligue 1 resumes after turbulent week in France Nimes have been targetted as the main culprits of match-fixing Gerets tips Hazard to lead Belgium to Euro semis Reuters Dubai E den Hazard has the talent to overcome a goal drought and lead Belgium to at least the semi-п¬Ѓnals of Euro 2016, former captain Eric Gerets told Reuters. Chelsea playmaker Hazard has gone nine international appearances without scoring, spanning last summer’s World Cup п¬Ѓnals and the ongoing Euro qualifying campaign. Belgium’s latest struggles—a 0-0 draw at home to Wales on Sunday—led coach Marc Wilmots to criticise Hazard for showboating, according to media reports. But Gerets, who captained Belgium at the 1982 and 1990 World Cups and was a member of the team that п¬Ѓnished fourth in 1986, pleaded for more patience when asked if Hazard had disappointed for his country. “Disappointment is too strong,” Gerets told Reuters in Abu Dhabi, where he coaches the city’s Al Jazira FC. “Even Messi needed a lot of time before he was the saviour of the national team. It didn’t happen for several years. You have to give Hazard more time. It will come. He has too much talent.” Hazard, 23, has scored 35 goals in 128 appearances for Chelsea, plus 37 in 162 games for former club Lille, according to soccerbase.com. That equates to a goal every four games. But for Belgium, the playmaker has netted six times in 54 appearances and has gone nine games without scoring, a paltry return for a player tipped to rival Cristiano Ronaldo and Gareth Bale as the world’s most dangerous winger-cum-forward. “The future will show if he’s able to get on the same level as they are,” said Gerets. “Even if he never makes it to the same level, just below them is still a world (class) player.” Belgium lie fourth in their Euro 2016 qualifying group with п¬Ѓve points from three matches after trouncing Andorra 6-0 before the Wales draw and a 1-1 stalemate away to Bosnia. That leaves the вЂ�Red Devils’ four points adrift of group leaders Israel, yet Belgium remain heavy favourites to top their section and take part in the 24-team п¬Ѓnals in France. “With the talent Belgium has at the moment it would be a disappointment if by the next European Championship or World Cup they don’t get to the semi-п¬Ѓnals,” said Gerets. He said the squad, with top class talent such as Hazard, Romelu Lukaku, Thibaut Cortouis and Vincent Kompany, was better than his 1986 vintage, which lost in the World Cup semi-п¬Ѓnals to Diego Maradona’s Argentina. SERIE A Buffon, Chiellini extend contracts at Juventus AFP Juventus J Paris Saint-Germain are boosted by the return of superstar striker Zlatan Ibrahimovic (right). (AFP) AFP Paris L igue 1 leaders Marseille can put their off-pitch worries aside on Sunday as they carry a slender one point lead into the weekend with a top of the table clash against Bordeaux. During a week that saw the Marseille president Vincent Labrune taken into custody as part of a probe into transfers including star striker Andre-Pierre Gignac, French football was struck by a double scandal after matchп¬Ѓxing accusations in Ligue 2 last season. Labrune was taken into custody in Marseille along with the club’s director-general Philippe Perez and former president Pape Diouf. Another former president, Jean-Claude Dassier, was being held in Paris and a total of ten people, including agents and middlemen, were held overnight at the investigators’ headquarters. Dassier and Diouf were released late Wednesday. The investigation is looking into “contentious” money transfers “made in recent years”, sources close to the investigation said. A police source spoke of “fraud linked to several transfers”. OM coach Marcelo Bielsa must now keep the focus on the football with second placed Paris Saint-Germain in position to move top Andre-Pierre Gignac from Toulouse to Marseille in 2010. A police source told AFP that Marseille appeared to be “more of a victim” in the scandal that has embarrassed the famous French side as they lead holders Paris Saint-Germain in the title race. Suspicions of extortion, moneylaundering, fraud and conspiracy with underworld gangs are being investigated. Sources close to the investigation said gangland п¬Ѓgures were suspected of receiving commission from several major transfers, including that of French World Cup player Gignac and Senegalese international Souleymane Diawara. Diawara joined in 2009 from Bordeaux and left this year for Nice. Diouf, who stood down as club president in 2009, emerged from custody to tell a press conference: “I’ve got absolutely nothing to blame myself for. “My interviewers were more put out than I was.” of the table today with a trip to ninth-placed Metz. PSG were boosted by the return of superstar striker Zlatan Ibrahimovic, who came on as a second-half substitute in the 2-0 victory over Marseille in their last outing, and their talisman scored his п¬Ѓrst goal, since returning from a heel injury, while on international duty for Sweden against Montenegro. Gignac, who is the Ligue 1 second top scorer with 10 goals, has been cleared of any wrong-doing in his 2010 transfer from Toulouse, and played in France’s 1-0 win over Sweden at the Velodrome in midweek. “I can tell you that he hasn’t really been affected,” French Football Federation president Noel Le Graet said this week. “He is innocent in this affair.” he added. Nimes have been targetted as the main FIXTURES (all times 1900 GMT unless stated): Today: Metz v Paris Saint-Germain (1930) Tomorrow: Bastia v Lyon (1600), Lorient v Lens, Guingamp v Rennes, Monaco v Caen, Nice v Reims Sunday: Nantes v Saint-Etienne (1300), Montpellier v Toulouse (1600), Marseille v Bordeaux (2000) culprits at the heart of a match-п¬Ѓxing probe in Ligue 2 with relegation battles against Dijon, Angers and Caen last season, called into question. Third-placed Lyon can also move ahead of Marseille on Saturday as they take a п¬Ѓve-match winning streak to Corsica and a Saturday afternoon п¬Ѓxture against sixthfrom-bottom Bastia. Alexandre Lacazette has been the star man for Hubert Fournier’s seven-time champions and went ahead of Gignac in the scoring charts last weekend with his 11th goal during the 3-1 home win over relegation-threatened Brittany side Guingamp. Sunday’s slate of three matches includes a key tie at La Beaujoire stadium where п¬Ѓfth placed Nantes host a Saint-Etienne side who are just a point behind the Canaries going into the weekend. Montpellier host Toulouse in a battle of southern clubs in the penultimate match on the weekend schedule while there are four other matches on Saturday evening. Basement dwellers Lorient await second from bottom Lens in a crucial battle at the wrong end of the table while Rennes travel to Guingamp, Monaco are at home to Caen and Nice and Reims meet on the Cote d’Azur. Lille’s home match against Evian has been postponed until January 7 because of France taking on Switzerland in the tennis Davis Cup п¬Ѓnal which runs from Friday to Sunday. uventus veterans Gianluigi Buffon and Giorgio Chiellini are expected to п¬Ѓnish their careers in Turin after signing contract extensions yesterday. With 14 seasons at Juventus already under his belt, club captain and goalkeeper Buffon has extended his contract by two years until 2017, while central defender Chiellini’s new deal will see him tied to the club until June 2018. “This is a very special day for the club,” Juventus president Andrea Agnelli told media. “Our captain and vicecaptain have announced their contract renewals. The п¬Ѓrst (Buffon) is in his 14th season with us and will stay until 2017, and the second (Chiellini) until 2018.” Juventus, who have won 30 Italian league titles, including the past three, lead Italy’s top flight with a three-point advantage over AS Roma. Buffon, a record eight-time winner of Serie A’s goalkeeper of the year award, has won seven вЂ�scudetti’ with Juventus as well as the Serie B title in 2007 after the Bianconeri were stripped of their titles from 2005 and 2006 and demoted to the second tier for their role in a match-п¬Ѓxing affair. At 36, Buffon hinted he could п¬Ѓnish his career with the club but maintained he still has plenty to offer. “As both parties wished to continue, it was the natural choice to extend my contract for another two years,” said Buffon. “The fact it could very well be my last contract was a factor, but I’m not worried about that: I feel energised. I want to continue performing at a high level, so that I can be an asset and a point of reference for the club.” The 30-year-old Chiellini, who has gleaned four league titles with Juve since arriving in Turin from Fiorentina a decade ago, said: “I’ve become a man at this club and in this city. Leaving Tuscany and being far away from my family was traumatic to begin with, but everyone here made me feel increasingly at ease. “It makes me proud to know that, in years to come, when people talk about Gigi and Giorgio, they’ll think of Juventus.” Agnelli, meanwhile, underlined the club’s goal to rejoin the elite of European football. “Juventus aim to win every competition, it’s in our DNA. We know we’re not the only ones with this desire, but we’re taking important steps to make the Champions League a realistic objective,” added the club president. Brandao’s six-month ban confirmed after appeal fails Paris: Bastia striker Brandao’s six-month ban for his postmatch headbutt on Paris St Germain’s Thiago Motta was confirmed yesterday after the French federation rejected the Brazilian’s appeal, the Ligue 1 club said. “The Appeal Commission of the French Football Federation has confirmed today the sanction inflicted to Brandao by the French Professional League’s discipline commission,” Bastia said in a statement. “The Brazilian forward remains suspended until February 2015.” Security camera footage broadcast on French television after the game in August, and replayed repeatedly in the days afterwards, showed Brandao standing near the middle of the corridor outside the changing rooms at the Parc des Princes in Paris after the Corsicans’ 2-0 defeat at the hands of the Ligue 1 champions. Facing the camera as Thiago Motta strides into view, Brandao, who was replaced during the game after picking up a yellow card, calmly takes two steps forward before leaning in to make contact with the Italy international’s face. He then turns and runs away with an angry Thiago Motta in pursuit. It is the second time in two seasons that the former Olympique de Marseille player has been suspended for foul play. He also received a threematch ban last season for elbowing another PSG player, Yohan Cabaye. 8 Gulf Times Friday, November 21, 2014 SPORT SPOTLIGHT NHL LeBron denied by Spurs, yet again Rangers and Talbot blank Flyers вЂ�We’re still trying to get ourselves together. We’re not playing well right now’ Cam Talbot of the New York Rangers celebrates after he is awarded the first star of the game against the Philadelphia Flyers. MCT New York T Tony Parker (second right) of the San Antonio Spurs steals the ball from LeBron James (right) of the Cleveland Cavaliers during their NBA game in Cleveland, Ohio. MCT Cleveland G regg Popovich shuffled into place before a crowded media scrum after shootaround Wednesday morning at Quicken Loans Arena, took one look at the supersized gaggle of reporters on hand and practically groaned. “Is it the playoffs already?” Popovich asked. By the end of a tough-earned 92-90 victory over LeBron James and the Cleveland Cavaliers that seldom hearkened back to the Spurs’ “beautiful game” performances of the NBA Finals, Popovich wasn’t the only coach glad to know it’s still only November. In a game billed as a rematch between James and the team that ended his Miami run -- so ballyhooed it had ESPN crews broadcasting throughout the day from the frozen tundra of downtown Cleveland -- the Spurs got the best of the fourtime NBA MVP. Again. Staring in place of the ill Matt Bonner, who had been starting in place of the injured Tiago Splitter, Boris Diaw had 19 points, seven assists and six rebounds. Tim Duncan and Kawhi Leonard each added double-doubles, as the Spurs won their 10th in a row over the Cavaliers. The way Popovich sees it, Wednesday’s victory had as much to do with the timing of the calendar as the tally of the box score. “I’m glad we played them now,” Popovich said. “The Cavs, what you see now you can multiply by two or three. They’re going to be a hell of a team.” That seems to be the league-wide consensus for a team that won the July freeagency period, adding James and -- via trade with Minnesota -- All-Star forward Kevin Love to a mix that already included an All-Star, Kyrie Irving, at point guard. In dropping to 5-5, the Cavs were far away from that Wednesday. Down by two after Manu Ginobili missed the second of two foul shots with 10.1 seconds left, Cleveland fumbled away its п¬Ѓnal chance -- literally -- when James lost the ball at midcourt on a fast break. “That’s just the way the ball rolls sometimes,” said James, who missed 11 of 17 shots and had п¬Ѓve turnovers on his way to 15 points and nine assists. “I’m not too upset about it.” Still caught in a season-opening slog of their own, the 7-4 Spurs aren’t about to quibble with the win. The Spurs missed 11 of their 16 3-point tries, got a combined 15 points on 5-of-14 shooting from Ginobili and Tony Parker, and failed to reach 100 points against the league’s fourth-worst defensive team. They fell into an 11-point hole in the second quarter, and somehow allowed Anderson Varejao to break free for his highestscoring night since 2009 (23 points). And still ... “It was a big one,” said Duncan, who had 19 points and 10 rebounds but also lost six turnovers. “We’re still trying to get ourselves together. We’re not playing well right now.” One moment early in the third quarter typiп¬Ѓed that. With the Spurs already trailing 47-44 after a п¬Ѓrst half Popovich called “sloppy and passive,” Diaw lost Love going backdoor on the п¬Ѓrst play of the third quarter. Love took a pass from James and scored a layup, and -- 15 seconds into the second half -- Popovich called a red-faced timeout. An ESPN microphone caught what he said to his players. “They think it’s a playoff game, these people,” Popovich said. “And we’re letting them get away with it.” First-year Cleveland coach David Blatt can be glad this wasn’t the postseason, too. He exhausted his timeouts early in the fourth quarter, and left rookie Joe Harris on the floor for the п¬Ѓnal 19:28 uninterrupted. Sucking wind, Harris was beaten backdoor by Ginobili for a key layup with 17.7 seconds to go. Not all of Cleveland’s miscues could be chalked up to simple rookie mistakes. Two possessions before James’ gameending turnover, Varejao missed James on an ill-advised lob pass that went out of bounds. Worth noting: James and Varejao two are the only holdovers from the Cleveland team the Spurs swept in the 2007 Finals. “They’re a new team, and mostly teams start gelling in the second half of the season,” said Leonard, who had 12 points, 10 rebounds and four steals. “I think they still have time.” What Popovich said after the game rang true: “I don’t think either team played that great. No team will take any deep satisfaction from it.” In the end, the Spurs only played a little less worse than did the Cavaliers. Is it the playoffs already? The Spurs could be grateful Wednesday night that it isn’t. Unlike the Cavs, they could also be grateful for the win. “It was important for us to get a win,” Ginobili said. “We are not in a moment where we are rolling and beating everybody. We need wins.” eams try a lot of things to shake themselves out of a funk. On Wednesday, the Rangers, who had just п¬Ѓve wins in 13 home games in a decidedly average season so far, wore white road jerseys at Madison Square Garden against the Philadelphia Flyers. Whether the wardrobe change meant anything was unclear. But the Rangers did play like a different team, controlling and managing the puck, and were clearly the more dominant group in a 2-0 win that was more lopsided than the score indicates. Goals by Kevin Klein and Rick Nash nudged the Rangers over .500 at 8-7-4, and backup goalie Cam Talbot made 31 saves, including numerous key ones in the third, and won his п¬Ѓrst game of the season. For the Blueshirts, it was the ninth consecutive regular-season win over the Flyers at the Garden. It was a vastly different effort than in the 5-1 loss to Tampa Bay on Monday. The Rangers had 32 shots on Steve Mason with п¬Ѓve minutes remaining in the game; they had 16 all night against the Lightning. The 4-2 loss to the Flyers in Game 2 of last season’s п¬Ѓrstround playoff series remains the only defeat at the hands of the Philadelphia at the Garden in the teams’ last 13 games. With the Rangers up 1-0, Nash scored his 13th goal on a nifty, tape-to-tape setup from Derick Brassard to Martin St. Louis, who found Nash alone on the left side on a power play at 7:43 of the second. It was the Rangers’ third power-play goal in the last 12 opportunities. Things had started well, with Klein scoring his fourth goal, tying a career high, just 5:10 in as Carl Hagelin won a battle at the right post to feed Klein between the circles. In the п¬Ѓrst, Flyers goalie Steve Mason denied the Rangers of their other 12 shots, including Dom Moore’s early wraparound, St. Louis’ backhander and two on a power play. The Flyers are last in the NHL on the penalty kill, with a 71.2-percent success rate. Talbot, who notched his fourth career shutout, made his п¬Ѓrst start in goal since Nov. 8 in Toronto, a 5-4 loss. At one point, the Rangers held an 11-4 edge in shots, but the next two power plays went to the Flyers, and Talbot made a right kick save on Wayne Simmonds while Matt Hunwick was in the box for delay of game at 14:41. He also stopped Vincent Lecavalier on a breakaway in the second, followed by a Simmonds’ rebound. Back when the Rangers began their current regular-season win streak at home against the Flyers, with a 7-0 shutout on March 6, 2011, they wore the road whites. The Rangers also wore Stadium Series whites at the Garden against the Islanders last Jan. 31, and Winter Classic whites on Feb. 5, 2012, against the Flyers, following those outdoor games. Wolves’ losing streak ends against Knicks HOURS AFTER he lived through what he called one of the worst nights of his life, Timberwolves veteran guard Kevin Martin delivered his best game of the season in his team’s return to Target Center after 18 long days away, a 115-99 victory over New York on Wednesday night. Four days after he scored 34 points in a lopsided loss at Dallas, Martin trumped it with a 37-point game that helped the Wolves return home triumphantly from a 12-day, sixgame trip that ended with five consecutive losses, including the last two at New Orleans and Dallas so convincingly. On a team already beset by injury, illness and a family death, both Martin and teammate Corey Brewer needed fluids intravenously Wednesday afternoon after each fell ill Tuesday night. “We’re going to be out in the corridors to see if there are any tall guys out there,” Wolves coach Flip Saunders said before the game. Hey, what about activating front-office executive Calvin Booth? “It’s not that easy,” Saunders said. “If it was, we would probably.” ON A ROLL Lakers defeat Rockets for second win in row 10-for-28 shooting at Toyota Center. Jordan Hill and Nick Young each had 16 points. Carlos Boozer had 12 points and 13 rebounds. MCT Houston D wight Howard sat out because of a strained knee, immediately eliminating a captivating part of Wednesday’s game. Nobody called anybody “soft.” No wild elbows flew. The referees didn’t have to separate anybody. But with Dwight vs. Kobe Bryant off the board, something unexpected popped up to take its place. Would you believe Wesley Johnson vs. James Harden? Johnson came up with the play of the game, and maybe the Los Angeles Lakers’ season so far, in a 98-92 victory Wednesday over the Houston Rockets. Johnson stripped Harden, moved quickly downcourt and converted a three-point play after getting fouled by Harden on a layup with 43.2 seconds to play. It turned a one-point deп¬Ѓcit into a two-point lead as the Lakers (3-9) found themselves with a _ what’s this? _ two-game winning streak. Quite a few players contributed on a night where Bryant had 29 points on Kobe Bryant of the Los Angeles Lakers celebrates a play during their game against the Houston Rockets at the Toyota Center in Houston, Texas. THE DUALITY OF JOHNSON Above all, there was Johnson. He sometimes floats through games, slipping into cruise control and forgetting to come out of it. He’ll score 15 points in a game, draw some minor media attention, and then go several games before it happens again. That’s the way it’s been for the fourth pick in the 2010 draft, an afterthought in the Lakers’ off-season plans who re-signed with them for the veteran’s minimum. Johnson called the theft of Harden the biggest play of his career. It was tough to argue. “I saw what he was trying to do when I wasn’t in the game,” Johnson said. “I saw he was sweeping low, he loves to go left. I was playing the ball and I got my hand on it.” Bryant had an efficient п¬Ѓrst half but went two for 11 in the third quarter and two of six in the fourth. Not that he cared. “I mean, we had a bad start. Are we a 3-9 team? No,” Bryant said. “We’re a much better team than that. We’ll pick it up.” The Rockets (9-3) need to pick up their pace after an odd week in which they won a game by scoring 69 points, got drubbed by Memphis and now fell to the Lakers at home. They can try using the Howard excuse. He was a late scratch, surprising almost everybody by sitting out with a sore right knee, an announcement coming within minutes of tipoff. Bryant and Howard weren’t so friendly in the Rockets’ 108-90 season-opening victory over the Lakers. Bryant called him soft, among many unprintable words, after Howard took a defensive rebound in the fourth quarter and swung his elbows as Bryant pestered him. Howard pointed at Bryant and yelled at him as referees moved quickly to separate them. Three weeks later, Bryant was asked if he really thought Howard was soft. Kevin Durant appeared to call him something even more disparaging in a recent game that the injured Oklahoma City forward watched from the bench. “In moments of confrontation during the game, you’ll say things in the “In moments of confrontation during the game, you’ll say things in the heat of the moment,” Bryant said. “I know Dwight and I’m sure Kevin does. We don’t really feel that way about him. Just like when you get in an argument with somebody, you’ll say something out of frustration, out of anger that you really don’t mean heat of the moment,” Bryant said. “I know Dwight and I’m sure Kevin does. We don’t really feel that way about him. Just like when you get in an argument with somebody, you’ll say something out of frustration, out of anger that you really don’t mean. “You guys that are married, you guys argue, sometimes you just say things that you want to take back, you don’t even mean. But it’s in the heat of confrontation.” With Howard out, Tarik Black started at center for Houston. He’s a rookie from Kansas. He had п¬Ѓve points. Harden had 24 points but was mad at himself for “silly turnovers” and “silly mistakes.” He had six turnovers, none bigger than the last one. Gulf Times Friday, November 21, 2014 9 SPORT ORYX CUP UIM WORLD CHAMPIONSHIP UIM F1 H2O WORLD CHAMPIONSHIP Qatar’s Torrente, Carella edged out of pole in Abu Dhabi Shane tops Oryx Cup qualifying 96 Spirit of Qatar’s Theoret makes impressive return to H1 racing Agencies Abu Dhabi Q atar Team’s Shaun Torrente and Alex Carella will start today’s Grand Prix of Abu Dhabi, round four of the 2014 UIM F1 H2O World Championship, from second and п¬Ѓfth positions after a scintillating qualifying session at the Abu Dhabi Breakwater yesterday afternoon. The Qatar Team duo will lock horns again today afternoon in a crucial race that could either decide the outcome of the world championship or throw the title race wide open again. Torrente also closed to within one point of Carella in the п¬Ѓght for the UIM F1 H2O Pole Position Championship. A mere 0.53 seconds separated the top п¬Ѓve in the thrilling Q3 shoot-out and Frenchman Philippe Chiappe collected the п¬Ѓrst pole position of his long career in his 93rd F1 H2O race. Behind second-placed Torrente, Swedish rookie Erik Stark slotted into third place and Team Abu Dhabi’s Ahmed al-Hameli will start his home race from fourth spot. Khalid Abdullah al-Kuwari and Mohamed alObaidly were in impressive early form in the UIM F-4S Trophy category. The Qatar Team duo qualiп¬Ѓed in pole position and third for the п¬Ѓrst of the Abu Dhabi races, but the race didn’t pan out as the team had hoped. Sixteen-year-old Australian sensation Briney Rigby snatched the lead on the п¬Ѓrst lap and extended her advantage to reach the chequered flag 20.84 seconds clear of runaway series leader Mike Szymura. Al-Obaidly п¬Ѓnished п¬Ѓfth, but al-Kuwari was sidelined on lap п¬Ѓve of 20 after hooking the boat and striking a turn buoy. The qualifying session was split into three sections, as per the F1 car racing, and Q1 and Q2 again whittled the п¬Ѓeld down to just six boats, which would take part in the two-lap shoot-out to determine pole position on the six-pin course. Chiappe set the early target time of 47.67sec in Q1 and that was surpassed by Torrente’s time of 47.33sec and Carella’s lap of 47.08sec after 11 of the 20 minutes. The Qatar Team duo held on to top the session, but Yousef al-Rubayan failed to start and Tomas Cermak, Jesper Forss, Ivan Brigada, Duarte Benavente and Ziong Ziwei were also eliminated. The wind began to increase as the afternoon progressed. A position inside the top six was the target and Carella did his chances no harm at all by posting a lap of 47.19sec to leap to the top of the leader board. The Italian was overtaken by Ahmed al-Hameli Jean Theoret takes to the water for the first time in 96 Spirit of Qatar at the Oryx Cup in Doha Bay. PICTURE: Chris Denslow By Sports Reporter Doha D efending Oryx Cup champion Jimmy Shane and 6 Oberto/Beef Jerky topped the unofficial qualifying times when nine of the fastest boats on the planet took to the waters of Doha Bay at the start of the Oryx Cup UIM World Championship, the п¬Ѓnal round of the 2014 H1 Unlimited Championship, yesterday afternoon. The qualifying limit was reduced from an average speed of 130mph to 120mph because of the adverse water conditions, but Shane was the class of the п¬Ѓeld to record a best average speed of 143.024 mph. J Michael Kelly, his rival for the 2014 National High Points title, carded the second fastest qualifying speed of 142.803 mph late in the session. Cal Phipps fell foul of a fuel violation in 7 Graham Trucking II and was forced to go again out late in the afternoon, while 96 Spirit of Qatar’s Jean Theoret broke the bolts to the wing and the rear strut on his last run but set an impressive pace on his return to the sport after a п¬Ѓve-year absence and clocked a best lap of 134.010mph. Engine issues meant that Jesse Robertson and the 12 Miss DiJulio hydroplane were forced to miss the day’s racing. Theoret hadn’t raced an H1 hydroplane since п¬Ѓnishing fourth in the 2009 Oryx Cup п¬Ѓnal at the helm of 37 Schumacher Racing/ Miss Peters & May. But the Canadian settled back into the 96 Spirit of Qatar hot seat like a duck to water and posted an impressive opening practice average speed of 130.894 mph before improving still further as the session progressed. “I was a little nervous when I got back into the boat this morning,” admitted Theoret. “It has been п¬Ѓve years. I had a good feeling from the start, but the water was rough out there in the testing. “The objective for today was just to qualify, take no risks, and get back into everything. We needed to do 15 laps and 10 over 130mph (reduced to 120mph) and got six out of the way early. That second corner, the wind was very rough. It’s important to be cautious. The goal for the weekend is to take no risks, get to the п¬Ѓnal and reach the п¬Ѓnish.” Today, drivers will be able to carry out Unlimited testing for up to two hours before the п¬Ѓrst two pairs of heats take place on Doha Bay from 13:00hrs. The pit area will be open to the general public on Doha Corniche from 16:30hrs. and Torrente (46.63sec), but both Qatar drivers looked safe in the top six until impressive rookie Erik Stark posted a time of 46.21sec. Torrente (46.20sec) and Carella were classiп¬Ѓed in п¬Ѓrst and fourth when the session ended, but Jonas Andersson, Bartak Marszalak, Filip Roms, Francesco Cantando, Marit Stromoy and Thani al-Qamzi failed to reach Q3. Selio was the п¬Ѓrst out on the water in the twolap shoot-out and he clocked a 47.85sec and improved to record a 47.34sec target. Team Abu Dhabi’s Ahmed al-Hameli was next up and he stormed to the top of the leader board with an opening charge to 46.21sec and improved with a stunning lap of 45.79sec. Carella knew the importance of pole position but his opening lap of 45.86sec fell just short and he could not match al-Hameli’s time on lap two either. Philippe Chiappe took up the challenge and he carded a 46.16sec lap to start with and then snatched provisional pole with a tour of 45.33sec. Rookie Erik Stark opened his account with a lap of 45.53sec in his п¬Ѓrst Q3 shoot-out and that was sufficient to move into second with only Torrente left to race and try and achieve a second pole position in the space of a week. His п¬Ѓrst lap of 45.48sec moved him into second place but he was not able to prevent Chiappe taking a п¬Ѓrst career pole position. Today, F-4S free practice, time trials and F1 practice precede the second of the F-4S races from 14:00hrs. The Grand Prix of Abu Dhabi roars into life from 15.30hrs (14.30hrs Qatar time). Grand Prix of Abu Dhabi qualifying (top five) 1. Philippe Chiappe (FRA) China CTIC Team 45.33sec 2. Shaun Torrente (QAT) Qatar Team 45.48sec 3. Erik Stark (SWE) Team Nautica 45.53sec 4. Ahmed al-Hameli (ARE) Team Abu Dhabi 45.79sec 5. Alex Carella (QAT) Qatar Team 45.86sec F-4S Trophy race one result (top five) 1. Briney Rigby (AUS) Team Sweden 2. Mike Szymura (DEU) F1 GC Atlantic 20.84sec 3. Bincheng Wu (CHN) China CTIC 38.92sec 4. J-A Landsnes (NOR) Motorglass F1 47.86sec 5. Mohamed al-Obaidly (QAT) Qatar Team 49.04sec Khalid Abdullah al-Kuwari (QAT) Qatar Team RET 2014 F-4S Trophy standings (top five) 1. Mike Szymura (DEU) F1 GC Atlantic Team 110 pts 2. Briney Rigby (AUS) Team Sweden 74 3. Jan Andre Landsnes (NOR) Motorglass F1 57 4. Mohamed al-Obaidly (QAT) Qatar Team 36 5. Khalid Abdullah al-Kuwari (QAT) Qatar Team 33 Oryx Cup qualifying times* (top five) 1. 6 Oberto/Beef Jerky - Jimmy Shane 143.024mph 2. 1 Graham Trucking - J. Michael Kelly 142.803mph 3. 9 Red Dot/Les Schwab Tires - Jon Zimmerman 137.158mph 4. 7 Graham Trucking II - Cal Phipps 134.363mph 5. 96 Spirit of Qatar - Jean Theoret 134.010mph *Times exclude penalties and fuel violations Today’s schedule 09:00-11:00 - Unlimited testing 11:15 - Drivers’ meeting 13:00 - Heat 1A 13:30 - Heat 1B 14:45 - Heat 2A 15:15 - Heat 2B 15:35 - Draw for third heats 16:30-18:30 - Pit area open to public and VIP tours RUGBY / WAL VS NZ Shaun Torrente of Qatar Team at UIM F1 H20 Powerboat Grand Prix of Abu Dhabi yesterday. RUGBY / IRE VS AUS McCaw to lead All Blacks for Speight among four 100th time against Wales Wallabies’ changes Reuters Cardiff AFP Dublin R ichie McCaw will become the п¬Ѓrst player to captain an international team in 100 Tests after New Zealand coach Steve Hansen reverted to virtually his п¬Ѓrst choice selection to face Wales in Cardiff tomorrow. McCaw, who п¬Ѓrst captained the side against Wales in Cardiff on Nov. 20, 2004, played blindside flanker last week against Scotland but has switched back to his normal role in the number seven jersey for his 137th Test. Beauden Barrett has won the hotly contested battle for the starting flyhalf position, with Hansen opting not to give world leading points scorer Daniel Carter another run after his rusty performance last week against Scotland. Aaron Cruden, who had started the majority of the Tests this year in Carter’s absence, also failed to make the squad as Hansen said he wanted to give Barrett an opportunity to start a Test on their fourgame tour. “We’re using this tour to п¬Ѓnd out more about the guys we’ve got,” Hansen told New Zealand media in Cardiff. “We’ve seen Crudes on this tour in one F of the big games against England and we wanted to see Beauden against one as well.” The 32-year-old Carter has barely played this year after a six-month break from the game and an injury-enforced absence from a broken leg. He looked rusty last week against Scotland in his п¬Ѓrst start for the team in a year and Hansen said it was a major reason why he was not considered. “If he had come through the other day probably a little bit better he might have been on the bench,” Hansen added. “But it’s impossible to ask a guy who has played the amount of rugby he’s had to not be rusty. It was a big ask. “For him it’s great that he’s got conп¬Ѓdence that his body is right, we’ve got conп¬Ѓdence his body is right. “He just needs to go home now and play some Super Rugby and lots of it.” ijian-born winger Henry Speight will make his Test debut for Australia in one of four team changes made yesterday for this weekend’s Test against Ireland in Dublin. Speight will become the third player to make his debut for Australia on this month’s European tour, joining Sean McMahon and Tetera Faulkner. The 26-year-old has been knocking on the door for Test selection after some exciting attacking displays for the ACT Brumbies in this year’s Super 15 season. “Henry has done all the right things to earn his selection, has had an outstanding Super Rugby season and deserves his opportunity to play for Australia,” coach Michael Cheika said. “He is very passionate about representing Australia and we’re all looking forward to seeing him bring his best attributes to our game.” In other changes made by Cheika following last week’s 29-26 loss to France in Paris, lock Sam Carter, back-row Luke Jones and centre Matt Toomua come into the starting XV. Jones, of the Melbourne Rebels, gets his п¬Ѓrst run-on opportunity for the Wallabies in his second Test match following his debut against France in Melbourne in June. He displaces McMahon at blindside flanker, while Carter replaces James Horwill and Toomua takes over from his ACT Brumbies teammate Christian Leali’ifano. “The other changes have been made to give the other players who have been knocking on the door an opportunity to start a Test match on this tour,” Cheika said. “All our changes will bring a new energy into the team and I know everyone is looking forward to the opportunities our match against Ireland will bring.” Cheika later conп¬Ѓrmed his replacements which could see “bad boy” utility back Kurtley Beale play his п¬Ѓrst international rugby since the texting scandal that saw him п¬Ѓned and resulted in the target of his text message, business manager Di Patston, leaving and Cheika’s predecessor Ewen McKenzie resigning. Beale, who was also punished for being rude and disrespectful to the team management, has not played for Australia since the defeat in Cape Town by South Africa on September 27. The match is Australia’s fourth of their п¬Ѓve-game European tour which, prior to the French match, had seen them beat the Barbarians and Wales. They round off the series against England at Twickenham next weekend. Australia (15-1): Israel Folau; Adam Ashley-Cooper, Tevita Kuridrani, Matt Toomua, Henry Speight; Bernard Foley, Nick Phipps; Ben McCalman, Michael Hooper (capt), Luke Jones; Rob Simmons, Sam Carter; Sekope Kepu, Saia Fainga’a, James Slipper Replacements: James Hanson, Benn Robinson, Tetera Faulkner, Will Skelton, Jake Schatz, Will Genia, Quade Cooper, Kurtley Beale 10 Gulf Times Friday, November 21, 2014 SPORT SPOTLIGHT DAVIS CUP Federer fit for duty, but doubts persists Wawrinka says he’s ready for the final вЂ�Only the match gives you all the answers really. Today in practice, it wasn’t the goal to go to 100 per cent. I never do in practice the day before a potential match’ Switzerland’s Roger Federer (left) and Stanislas Wawrinka. Reuters Lille S witzerland’s Stan Wawrinka left the ATP World Tour Finals feeling wrecked last weekend but said yesterday he had fully recovered for the Davis Cup п¬Ѓnal against France. He showed terriп¬Ѓc improvement in London and is now mentally rested as well. “Clearly on Saturday night I was destroyed. It was difficult to accept that loss. I did everything I could to win that match,” Wawrinka told a news conference on Thursday after the draw ceremony fort this weekend’s Davis Cup п¬Ѓnal. “Sunday was also a difficult day. It’s always difficult to take. I was hurt.” But a change of scenery and a new objective have helped Wawrinka turn the page. “When I came here with the physio and everything, everything was different. It was a new week, a new state of mind,” he said. “So mentally it was easy for me to switch, to forget about this big disappointment, start on something positive.” Reflecting on his London week, where he rediscovered his touch, Wawrinka said the overall experience was rewarding. “I took a lot of positives from that week. I’m feeling great from London, a lot of conп¬Ѓdence from there. Playing really good tennis,” he said “I had п¬Ѓve days here to change surface, to play on clay. I did what I could here with some good practice. I’m feeling ready for the weekend.” Davis Cup final talking points Roger Federer of Switzerland returns the ball during a Davis Cup tennis training session at the Pierre Mauroy stadium in Villeneuve d’Ascq, northern France, yesterday. AFP Lille R oger Federer is set to play for Switzerland in the Davis Cup п¬Ѓnal against France in Lille today despite a back injury that laid him low. There had been concerns in the Swiss camp that he would be unable to compete after injuring his back playing in London last weekend. But the draw announced yesterday afternoon sees him go up against Gael Monп¬Ѓls in the second of the opening two singles rubbers. French number one Jo-Wilfried Tsonga plays Stan Wawrinka in the opening match. The doubles tomorrow opposes Julien Benneteau and Richard Gasquet of France against the Swiss pairing of Marco Chiudinelli and Michael Lammer. Sunday’s reverse singles stands will start with Tsonga against Federer to be followed by Monп¬Ѓls versus Wawrinka. Federer injured his back playing Wawrinka in the last four at the ATP World Tour п¬Ѓnals in London on Saturday evening and he was unable to contest the п¬Ѓnal the following day against Novak Djokovic. He was unable to train at the indoor claycourt in Lille which is hosting this year’s п¬Ѓnal on Monday and Tuesday. But he had a short practice session on Wednesday evening and did so again on Thursday morning just before the draw was made. There is still a possibility that Federer would not play as the Davis Cup rules stipulate that an injured player can be replaced up to one hour before his match begins as long as a doctor conп¬Ѓrms the injury. But having looked at ease and in no pain during Thursday morning’s practice session all the signs are that he will play his 45th singles tie for his country in the Davis Cup. Federer admitted that there he would be taking an element of uncertainty into Friday’s rubber. “We’ll see tomorrow,” he replied when asked if he would be at 100%. “Only the match gives you all the answers really. Today in practice, it wasn’t the goal to go to 100%. I never do in practice the day before a potential match. “So I’m just really pleased that I’m actually able to play tomorrow. I’ll give it a go. “Deп¬Ѓnitely looking forward to playing against Gael. I think he’s a great player. Very exciting to watch. I like to play against him, too.” French captain Arnaud Clement said he had always believed that Federer would be п¬Ѓt enough to play alongside Wawrinka and had prepared his players accordingly. “No, it’s not really a surprise,” he said when asked of Federer’s inclusion. “It was obvious to us that he was going to play. Our preparation was to be able to play against him and Stan.” Despite being a 17-time major title winner Federer has never before appeared in a Davis Cup п¬Ѓnal and he has made winning the trophy for Switzerland for the п¬Ѓrst time a priority. Without Federer, Switzerland’s chances of winning a п¬Ѓrst Davis Cup look extremely slim, with the French boasting a strength-in-depth and experienced line-up of Tsonga, Monп¬Ѓls, Gasquet and Benneteau. The problem for the Swiss is that although world number four Wawrinka is comfortably ranked above all the French players, after him the fall-off in the Swiss team is steep with Chiudinelli 212th and Lammer 508th in the rankings. The п¬Ѓnal will be the 13th meeting between the two countries in the Davis Cup with France leading 10-2 in previous clashes. France have won the Davis Cup nine times before, third equal best with Britain, the last being away to Australia in 2001. BOTTOMLINE Golden Zou transforms China’s professional boxing landscape Li also manages former NBA icon Yao Ming and it was he who п¬Ѓrst contacted Arum two years ago about the possibility of promoting Zou and conquering new horizons for the sport in China. Veteran Arum, well into his eighties, saw the vibrant possibilities in a potentially huge new market and promoted Zou’s п¬Ѓrst pro п¬Ѓght at the Venetian Macau in April 2013. AFP Macau M anny Pacquiao will be cheered by thousands of fellow Filipinos as he defends his WBO welterweight title in Macau at the weekend, but without Zou Shiming the п¬Ѓght would be happening elsewhere. Chris Algieri is Pacquiao’s latest opponent at the 15,000-seat Cotai Arena where the eightweight world champion defeated Brandon Rios a year ago in the southern Chinese city less than two hours flight from Manila. But it is double Olympic gold medal-winning flyweight Zou who has been the driving force behind pro boxing’s rise in China and who is rapidly assuming superstar status. Zou had a cameo appearance in the latest “Transformers” п¬Ѓlm blockbuster and stars in a new TV advertisement for Beats headphones which will debut this weekend in Asia alongside NBA star LeBron James and tennis legend Serena Williams. “Zou is the engine behind all This file picture shows Zou Shiming (right) of China competing against Yokthong Kokietgym of Thailand. of this activity in China,” said Top Rank promoter Bob Arum. “He’s the poster boy.” Arum’s association with Zou and his manager Sheng Li, CEO of China sport events giants SECA, has resulted in the Vene- tian Macau becoming Asia’s premier boxing venue in less than two years. It also saw Top Rank and SECA stage the п¬Ѓrst ever professional card in mainland China in Shanghai three months ago. вЂ�CELEBRITY STATUS’ Sunday will see unbeaten Zou’s sixth contest, a 12-round п¬Ѓnal eliminator for a world title shot, and Li believes Zou can do for pro boxing, once banned in China, what Yao did for basketball. “Young kids in sports, they always love the celebrity status of it. That helps to attract them to it,” Li told AFP yesterday. “Like we put Zou in Transformers 4. They loved they way he had that killer look. Basically his role was to give that look and knock the other guy down. It was perfect.” The п¬Ѓlm was a huge box ofп¬Ѓce hit across the world’s most populous nation, raising Zou’s proп¬Ѓle further. Now Top Rank and SECA produce a weekly hour-long pro boxing magazine show on national TV and plan a second п¬Ѓght programme next month in Shanghai before rolling out a new “Fists of Power” series to begin next year and go around the country. “The goal is to have a world title п¬Ѓght in China sometime next year,” added Li, who acknowledged it has taken Zou’s success to change official opinion about professional boxing. “The problem has been in China that the Olympic machine only cares about the amateurs. In the past they have seen pro boxing as a competing interest,” he added. “What we’re trying to do is convince these guys at every level is that pro boxing offers you a second career after amateur boxing. The two work together, not against each other.” Pacquiao sells pay-per-view subscriptions in the States, but it is the lad who п¬Ѓrst won gold in Beijing who has been the real catalyst for the long-term plan to develop pro boxing in the huge new China market. Can Federer finally win the Davis Cup to go with the alltime best 17 Grand Slam titles he has to his name? The only other top prize that has eluded him is singles gold at the Olympics. Rafael Nadal has won the lot — all four Grand Slam titles, the Davis Cup and Olympic singles gold. Andre Agassi is the only other player to have achieved this feat, known as the “Golden Slam”. Can France move up to third overall in the history of the Davis Cup? They are currently level with Britain on nine wins with only the United States (32) and Australia (28) ahead of them. The last French win was in 2001 away to Australia. Will the crowd record for the Davis Cup be smashed? It currently stands at 27,200, the number of spectators who watched Spain play the United States in the 2004 final. This year’s final is being played in the Stade Pierre Mauroy, home to Lille football club, with half the ground partitioned off and roofed to accommodate the red claycourt. The crowd capacity is given as 27,000. Now to see if all of this adds up. NO WORRIES IPTL boss Bhupathi unconcerned over Federer injury AFP Singapore T he head of the new International Premier Tennis League (IPTL) shrugged off concerns over Roger Federer’s п¬Ѓtness yesterday as the Swiss star battles a back injury. Founder and managing director Mahesh Bhupathi said he had received reassurances from Federer’s camp as the clock ticks down to the innovative tournament’s debut season. “We spoke to them. He’s п¬Ѓne, he’s playing Davis Cup this weekend,” Bhupathi told AFP in Singapore, one of four venues for the IPTL which starts in Manila next week. A possible withdrawal by Federer, who pulled out of Sunday’s World Tour Finals decider but is playing the Davis Cup п¬Ѓnal against France this weekend, would be a major blow to the IPTL. Rafael Nadal, who is recovering from appendix surgery, is the notable absentee in a tournament which features a who’swho of current and former tennis stars. Bhupathi said he hoped the made-for-TV IPTL, which puts a limit on match-times and features a shot-clock, DJs and cheerleaders, would become a strong draw for players even at the end of a long season. “We’ve created this exciting format and they’ll hopefully schedule us along with the four Slams and they can work around it,” he said at the launch of the Singapore Slammers team. “People say that the season is long but we’re creating something that is exciting enough for them to come so that they’ll automatically schedule us.” Doubts have been raised over the viability and format of the tournament, which has ties of п¬Ѓve single-set matches in men’s and women’s singles, mixed doubles, men’s doubles and men’s veterans. Teams representing Manila, Singapore, New Delhi and Dubai will play each other in the four cities in a mini-league packed into a compact schedule of about three weeks. But it has piqued interest elsewhere with the professional women’s tour floating the idea of its own team tournament and the India-based Champions Tennis League starting only this week. “I know it’s been discussed at the ATP board level, I know it’s been discussed at the WTA,” Bhupathi said, referring to the men’s and women’s tours. “They should be—this is a big market, tennis is extremely popular. Fortunately for us we’ve captured the п¬Ѓrst mover advantage. First in, last out.” Bhupathi said he wanted the tournament to grow to eight teams in the Asian region by 2020, with China, Hong Kong, Indonesia and Japan among the list of destinations. But п¬Ѓrst the IPTL will need a successful launch, starting on November 28 in the Philippine capital where Andy Murray and Maria Sharapova headline the Manila Mavericks. “There’s a lot of intrigue, there’s a lot of excitement, there’s a lot of scepticism. Obviously we feel like the format should work... we’ve made it time-sensitive and got our п¬Ѓngers crossed,” Bhupathi said. “The sceptics have been there for the last two years, and now they’re like, вЂ�Holy crap! It’s actually happening’. Let’s see what they say about the season.” Gulf Times Friday, November 21, 2014 11 SPORT HORSE RACING Ghazali, Bentley dazzle with five winners and Al Wakra Cup victory вЂ�It is an incredible achievement for myself and I am very happy to have won five races today’ By Chris Hoover Doha T rainer Jassim al-Ghazali and jockey Harry Bentley dazzled with п¬Ѓve winners each, which also included the victory in the Al Wakra Cup, which featured the races at the Qatar Racing and Equestrian Club yesterday. Having ridden four winners already, Bentley rode out conп¬Ѓdently to pilot Sheikh Abdullah bin Mishal bin Hamad al-Thani owned Al Mizan (Vert Duzan-Nevasa De Cardonne) to a fluent victory in the mile race for Local Bred Pure Arabians which carried a purse of QR100,000. Kaydoum guided the п¬Ѓeld into the straight with Al Mizan ready to pounce on the leader. The Ghazali trained Al Mizan quickly came alongside the front runner and soon Bentley gave him the go. Al Mizan was shifting gears and stretched out nicely to build a handy lead. With the others not gaining any ground, Al Mizan was home and dry with a furlong to go. Stable mates Thawi and Zahi ran on to take the second and third places respectively. This was indeed an amazing performance by the Dubai based jockey who had earlier won six races in a card of eight event last season. “It is an incredible achievement for myself and I am very happy to have won п¬Ѓve races today. Trainer Ghazali has been a great supporter for me and I very much appreciate his backing and support. He has played a massive part in my success here in Doha. We had a nice draw and Al Mizan ran a great race. The horse in front went on a sensible gallop and I was able to quicken off the bend and everything went very smoothly,” a delighted Bentley told the Gulf Times. Trainer Ghazali was elated with the success of Al Mizan, who beat some formidable contenders. “I am very lucky today. This has been a comeback for me and it is never easy to have п¬Ѓve winners in a day. It was a very tough race in the feature. There were a couple of runners from Umm Qarn who are champions and Al Mizan did very well to beat them. I am very happy for Sheikh Mishal bin Hamad al-Thani and for Injaaz Stable Speaking about the prospects of Al Mizan, Ghazali said. “Al Mizan was not п¬Ѓt last season and he has come back to form. This win was very impressive and we will deп¬Ѓnitely target him in forthcoming classics. If he stays in this condition, Al Mizan will deп¬Ѓnitely be a serious threat.” Jockey Bentley started the winning sequence when he drove out Jelmood to QREC chairman HE Sheikh Mohammed bin Faleh al-Thani (centre) is seen with the winners of the Al Wakra Cup, which featured the races at the Qatar Racing and Equestrian Club yesterday. PICTURES: Juhaim QREC chairman HE Sheikh Mohammed bin Faleh al-Thani (right) presents the Al Wakra Cup to trainer Jassim al-Ghazali yesterday. QREC chairman HE Sheikh Mohammed bin Faleh al-Thani presents the Al Wakra Cup to Sheail bin Khalifa al-Kuwari during the presentation ceremony at the QREC yesterday. an exciting win in the Local Thoroughbred Maiden Plate. Inside the п¬Ѓnal furlong, Osama Omar al-Dhafa’s Al Naif Countfleet appeared to have gone into a decisive lead even as Ghazali trained Jelmood was taking time to accelerate but once he did, Jelmood came home with a big rush along the rails to get the verdict in the closing stages of the race. Al Dabor also put in an impressive per- formance to п¬Ѓnish a close third. The Chazali-Bentley combination went on to dominate the proceedings as the duo recorded a back to back treble through River Goddess, Lupie and Sandbetweenourtoes, who won their respective races in brilliant fashion. Sporting the colours of Abdullah Mohammed Al Kuwari Sons, River Goddess broke through the maid- en ranks with a brilliant stretch run which saw the Ghazali ward, overhaul Man Amongst Men and win the Thoroughbred Maiden Plate by nearly two lengths. The power packed ride by Bentley ensured the п¬Ѓrst victory for River Goddess. Lupie was a runaway winner of the Thoroughbred Graduation Plate. After racing a handy second behind stable mate Akeed Misk, Bentley put Lupie into gear and the Ghazali trainee spedpast his rivals and won with plenty in hand. He seems to be in good form and will be a force to reckon with when saddled next. Sandbetweenourtoes (Footstepinthesand-Callanish) was a comfortable winner of the Thoroughbred Conditions race, run over six furlongs. Bentley had Sandbetweenourtoes race up front until the home turn and when asked for an effort, the Ghazali trainee quickly stretched away to win by a widening margin of three lengths. Bazaruto was second ahead of Pay Freeze. The winner clocked a smart timing of one minute 11.22 seconds. Julian Smart schooled Al Atique (Amer-Somra) made a winning п¬Ѓrst appearance this season with a dominating performance in the Pure Arabi- an Conditions race, run over 2,000 metres. After racing a handy second until the halfway mark, jockey Alberto Senna had Al Atique take over the running. Once the Amer progeny was shown the daylight, Al Atique surged ahead without muss and later stretched away to win by six lengths from a late п¬Ѓnishing stable mate Al Bashtoon and Harir. Al Busayir (W.J. Lee astride) trained by Majid Safedeen rose to the occasion in a splendid manner to clinch the Thoroughbred Conditions. Taking over the running soon after entering the homestretch, Al Busayir found a good rhythm going and looked completely in command. The Sfedeen trainee quickly amassed a winning lead and looked the winner long way from home and galloped on majestically to win by nearly two lengths from stable mate Goldenrod. Alban de Mieulle saddled Aseel (Nizam-Saeedah) п¬Ѓnally shed his maiden status with a fluent victory in the Pure Arabian Maiden Plate. Having п¬Ѓnished a notable п¬Ѓfth to Aden in the Guineas earlier, Aseel had the credentials to come good in this event. He did so in п¬Ѓne style as he came with a sustained run in the п¬Ѓnal furlong and went past Haraz Al Naif to win by nearly two lengths. Jockey Pier Convertino rode a well-judged race on the winner. 1st race: Jelmood (Harry Bentley) 1, Al Naif Countfleet 2, Al Dabor 3, My Way 4. Won by: Nk, Nk, 2. Time: 1:29.55. Trained by: Jassim al-Ghazali. Owned by: Jassim Mohammed al-Badi 2nd race: Aseel (Pier Convertino) 1, Haraz Al Naif 2, Khrash Al Naif 3, Kampanule De Ghazal 4. Won by: 1 ВЅ, 1 ВЅ, 3. Time: 2:05.92. Trained by: Alban de Mieulle. Owned by: Oliver Materne 3rd race: River Goddess (Harry Bentley) 1, Man Amongst Men 2, Pure Amber 3, Galaxy 4. Won by: ВЅ, Hd, Nk. Time: 1:38.49. Trained by: Jassim al-Ghazali. Owned by: Abdullah Mohammed Al Kuwari Sons 4th race: Lupie (Harry Bentley) 1, Dahaab 2, Fine Prince 3, Ko Cache 4. Won by: 1 ВЅ, 1 ВЅ, Nk. Time: 1:12.93.Trained by: Jassim al-Ghazali. Owned by: Sheail bin Khalifa al-Kuwari 5th race: Sandbetweenourtoes (Harry Bentley) 1, Bazaruto 2, Pay Freeze 3, Marcus Augustus 4. Won by: 3, 1 ВЅ, ВЅ. Time: 1:11.22. Trained by: Jassim al-Ghazali. Owned by: Sheail bin Khalifa al-Kuwari 6th race: Al Atique (Alberto Senna) 1, Al Bashtoon 2, Harir 3, Qabas 4. Won by: 6, ВЅ, 6. Time: 2:13.21. Trained by: Julian Smart. Owned by: HH Sheikh Mohammed bin Khalifa al-Thani 7th race: Al Busayir (W.J. Lee) 1, Goldenrod 2, Arrigo 3, Free Spin 4. Won by: 1 Вѕ, 1 Вѕ, Nk. Time: 2:03.57. Trained by: Majid Safedeen. Owned by: Saeed Mubarak Saeed Aljafali al-Naimi 8th race: Al Mizan (Harry Bentley) 1, Thawi 2, Zahi 3, Tameh 4. Won by: 1 Вј, 1 Вј, ВЅ. Time: 1:46.38. Trained by: Jassim al-Ghazali. Owned by: Sheikh Abdullah bin Mishal bin Hamd al-Thani Jockey Harry Bentley rides Al Mizan to victory in the Al Wakra Cup at the QREC yesterday. The Dubai based rider was in the limelight with five winners in a card of eight events framed for the races at the QREC yesterday. BOTTOMLINE IN SUPPORT вЂ�Real-life Rocky’ Algieri faces daunting reality in Pacquiao Reuters Macau N ine months ago, American Chris Algieri was п¬Ѓghting in a venue holding less than 2,000 spectators, but on Sunday he enters the big time when he challenges eight-division world champion Manny Pacquiao for the WBO welterweight title at the Venetian Macao. The 30-year-old Algieri, has been billed by promoters as the вЂ�real-life Rocky’ because of his rapid and improbable ascension to world title challenger, is not overawed by his situation. “Yeah, it’s cool, but it doesn’t faze me,” he told reporters in Macau this week ahead of his clash with Pacquiao in the 15,000 seat arena in the former Portuguese colony. “I’ve literally seen this in my mind for a long time. And now it’s here, it isn’t I made it; it’s, this is where I’m supposed to be.” Results Chris Algieri Algieri earned his title shot the hard way. Nine months ago, his bout with Emanuel Taylor was headlining at a 1,555-seat venue in his hometown of Huntington, New York. That unanimous points decision victory gave him an opportunity against Russia’s WBO light welterweight champion Ruslan Provodnikov in June. Despite suffering two п¬Ѓrstround knockdowns and having to п¬Ѓght with a swollen right eye, Algieri (20-0, 8 KOs) prevailed via a 12-round decision to set up the Pacquiao clash. Pacquiao (56-5-2, 38 KOs) recognised that Algieri, who holds a Masters degree and is contemplating attending medical school, could see the п¬Ѓght as a potential springboard, in much the same way his own 2008 victory over Oscar De La Hoya helped transform him into a global name. “I will not let that happen,” the 35-year-old Pacquiao said. “My time is not over yet. I’m not predicting a knockout, but I’m looking for a good п¬Ѓght and looking to prove I can still п¬Ѓght.” That is about as close to вЂ�talking trash’ as Pacquiao will allow himself, but his voluble trainer Freddie Roach was far more willing to dismiss Algieri’s chances. “He’s in way over his head this time,” Roach told Reuters. “Manny’s really on top of his game right now and he’s looking really good. He can’t wait to get in the ring with this guy and show the world he’s a better п¬Ѓghter.” Undaunted, Algieri insists that he had the ability to beat Pacquiao. “We’re not worried about what Manny’s going to do, we’re focused on what I’m going to do. “And if I п¬Ѓght my п¬Ѓght, I win.” The bravado only elicited a snort of derision from Roach. “They’re trying to make out like Algieri is the next Rocky,” he said. “But this isn’t a movie.” DeMarco fights for his вЂ�sister’s life’ AFP Macau A merican Jesse Vargas defends his World Boxing Association junior welterweight title on the Manny Pacquiao-Chris Algieri undercard in Macau on Sunday undaunted by an opponent who has a huge motivation. Mexico’s Antonio DeMarco (31-3-1, 23 KOs) received the devastating news that his 13-year-old sister had been struck down with cancer on his arrival at training camp in the Philippines last month. “I п¬Ѓght for the life of my sister—it’s for her that I’m going in the ring,” DeMarco told reporters yesterday. His sister Mariana was diagnosed with bone cancer in the shoulder and has already started chemotherapy. DeMarco was distraught at the news but vowed to win the title to show her that the odds can be overcome. “She would see everything in life can be accomplished with hard work. I’m п¬Ѓghting for her dream to have a life” Unbeaten Vargas said he was aware of DeMarco’s sad news, but said it would not affect the outcome. “We spoke yesterday,” Vargas told reporters yesterday. “He told me about his sister’s situation which is very sad news for us as well. I told him I hope a miracle would happen. “But with this it doesn’t matter him having extra motivation, I’m still going to put him down. Instead of him lasting six, seven rounds it might make him last another round or two.” Vargas has his own motivational weapon in his corner in the form of ring legend Roy Jones Jr, the multiple world champion who has been training the п¬Ѓghter in his gym in Las Vegas, and his making his debut as a cornerman. “He’s taking me to the next level,” said Vargas. Friday, November 21, 2014 SPORT GULF TIMES FIM ELECTIONS Support for al-Attiyah as he bids for re-election as FIM VP By Sports Reporter Doha I n the run up to the FГ©dГ©ration Internationale de Motocyclisme (FIM) elections, Qatar Motor and Motorcycle Federation (QMMF) president Nasser Khalifa al-Attiyah has received support from various stakeholders for his bid for the second term as the vice president. Re-election will only be a further validation of Qatar’s “leadership in motorsport,” as FIM president Vito Ippolito said. Ippolito himself is up for re-election for the president’s post. “I feel very comfortable belong to an international organisation which puts in a lot of hard work. The idea of standing for reelection has come through the experience I have gained being in this position and through the friendships have forged all over the world. I am conп¬Ѓdent that everyone shares this feeling with me,” Ippolito said ahead of the November 22 election in Jerez. The Venezuelan added that the Gulf region had a lot of potential. “Qatar, represented by QMMF, has become a benchmark in promotion of the sport. I understand that Nasser al-Attiyah and his experience will be open to all without exception to further promote motorsport in the region and the Asian continent,” he said. FIM Europe president Wolfgang Srb was also appreciative of the efforts of al-Attiyah and QMMF. “Asia is having some of its best days in motorsport these days. Many countries across the world have been trying to follow the unique performance and path of QMMF president Nasser al-Attiyah,” he said. FIM Asia president Wan Zaharuddin said that as the continental federation they are proud of al-Attiyah achievements and efforts. “We can see that Asia is now becoming one of the most important continents in motorsport,” Zaharuddin said. “Nasser al-Attiyah is a п¬Ѓrst class leader and as the Asian federation we are proud of his achievements and we will support him by all means.” Automobile Association of Malaysia chairman Tunku Datuk said: “Asia is geographically big but there is team work and good communication between us. There is true support from Mr. Nasser al-Attiyah.” QMMF president and FIM vice president Nasser Khalifa al-Attiyah (second from right) with Automobile Association of Malaysia chairman Tunku Datuk (left), FIM Asia president Wan Zaharuddin (second from left), FIM president Vito Ippolito and FIM Europe president Wolfgang Srb (right). IAU 100KM WORLD CHAMPIONSHIPS Ultrarunners set to thrill Qatar Over 200 athletes from 39 countries will take to Aspire Zone for bragging rights By Mikhil Bhat Doha 100km World Championships back on track with Aspire By Mikhil Bhat Doha A M ost people would sweat at the thought of a marathon. How about running two marathons? And some more? That is what some of the top ultrarunners from 39 countries will be doing today around Aspire Zone in the IAU 100km World Championships. The event, which will see more than 200 athletes run 20 laps around a 5km course, will kick off at 6pm and the last runner is expected to cross the п¬Ѓnish line latest by 6am tomorrow. However, most of the top runners would have been done long before dawn. Italy’s Giorgio Calcaterra won the last edition of the event in 2012 in a time of 6h23’20”, while the women’s winner Amy Sproston of USA crossed the п¬Ѓnish line after a 7h34’08” run. “It is very difficult to repeat the same result of 2012 again,” three-time world champion Calcaterra said yesterday. “There are a lot of new and strong athletes now. I think I just want to do a good race, do my best.” In terms of times, young Russian star Vasily Larkin with a time of 6h18’26” is right up there followed by Britain’s Steven Way (6h19’20). Sweden’s Jonas Buud (6h29’00”) has п¬Ѓnish second thrice — 2009, 2010, 2012 — and would deп¬Ѓnitely be aiming to go one better. Japan’s Hideo Nojo (6h40’15”) completes the top п¬Ѓve in the men’s п¬Ѓeld. But none of the athletes expect to post blistering fast times today. “There are a lot of curves which are very heavy on the legs,” Calcaterra said. “Also the surface is not so easy to run on. There is also the problem of the weather. So I don’t think the п¬Ѓnal time will be as fast.” Nojo, however, is conп¬Ѓdent going into the race. “I am conп¬Ѓdent because of two reasons. This course is not great in terms of temperature because it is a bit higher but I have been training in higher temperatures before coming here. Near Tokyo, where I live, it was a little warmer this time than usual and so I had a good training. Also, I have been working on strengthening my performance in the last part of the race. I am targeting a time of 6h30m, try and beat my personal best,” the Japanese ultra-runner said, adding that ideal temperature to run in would be around 15 degrees Celsius. Sproston said that she wants to focus on the team event. “To be honest it is a very strong п¬Ѓeld and I had a great day in 2012. There are 5-10 athletes out there who could win and some of them are probably bigger favourites than I am,” Sproston said. “So I don’t think it is about defending the title. In the US, we are more interested in the team competition and it is always about getting together and going after the team goal. So my main priority is to help the team.” Sproston couldn’t be bothered about the weather and course because “we all run on the same course in the same temperature”. She, however, did add: “Most of us are running the 100km world championship after quite some time. So when we do, it would be nice to be at a course where you can go for your personal record. But a lot FOCUS Men’s defending champion Giorgio Calcaterra of Italy will bid to defend his title against a host of ultrarunners, including Japan’s Hideo Nojo (bottom right). Defending women’s champion Amy Sproston (bottom left) of US said the team event will be her focus. of us look forward to this event because it didn’t happen last year.” Sproston will have competition from Italy’s Monica Carlin, who is just under a minute off the American’s 2012 winning effort at 7h35’05”, and, after having п¬Ѓnished third twice and second once in the last п¬Ѓve editions, would be gunning for the top title. Others in the fray for the women’s title are Russia’s Irina Antrapova (7h36’01”), Britain’s Joasia Zakrzewski (7h41’06”) and Meghan Arbogast (7h41’52”) of USA. In addition to winning the world championships, athletes and the top team will be vying for total prize money of $11,200, which has been posted by the Aspire Zone Foundation. fter a year’s absence from the calendar, the IAU 100km World Championships will be held tonight at the Aspire Zone bringing together some of the world’s top ultrarunners. The International Association of Ultrarunners’ (IAU) event last year in Jeju Island, South Korea, was scrapped after a sponsor pullout. It was п¬Ѓrst time in 27 years that the race had been cancelled. Given that the 100km event is recognised by the International Association of Athletics Federations (IAAF) and is IAU’s flagship event, it was a setback. “The organisation was good; we had a few sight visits but at the 11th hour, despite the agreements we had with the organisers, they had to drop out due to the loss of one of their major sponsors,” IAU president Dirk Strumane said yesterday. “It’s always sad to see these things happen but we have to be realistic. And 100km is our most important event, sanctioned by IAAF, official distance, they keep world records.” However, in January this year, Aspire Zone bid for the IAU 50km World Trophy Final, which was hosted three weeks ago, and the 50km World Championships. They were convinced enough to host the 100km event too. “We met [Aspire Venues and Events director] Philip Templar and [Aspire Logistics Events manager] Abdullah al-Khater when they came to Monaco in January this year. Their main goal was 50km but we were able to convince them to host the 100km too. The international ultra-running community was eagerly waiting for this, for a new world championship,” Strumane added. “There is relief and also hunger to compete once again. Because you can run the 10km or the 20km events every now and then but they are able to do 100km only a couple of times in a year.” It is also a relief for Strumane to be working with Aspire for the event. “We are dealing with professionals here, in all aspects of the organisation. In medical, in protocol, etc. For us it is a relief to work with people who know exactly what they want to achieve and also to have the means to do so. We would love to continue this cooperation with Aspire,” he said. Templar was positive that Aspire is looking for a partnership approach in hosting these events with IAU. “I think it is always difficult for a federation that is not football or one of those high proп¬Ѓle ones to п¬Ѓnd quality events where athletes can get to relatively easily. It is a partnership approach that we have taken. They are obviously very keen, and very pleased that we have hosted the event with them. It deп¬Ѓnitely has helped them get the sport back on the map,” Templar said. Hosting events in Doha has its advantages. “It is a very good place geographically. From Australia you don’t have to go to America and vice versa to get here. We are quite well placed,” Templar said. Looking to the future, Strumane has a plan in mind to avoid any more cancellations a la 2013. “We will organise the 100km World Championships and the Continental Championships for 100km in alternate years. And the 24-hour races will also be organised the same way, but the 100km and 24hr World Championships will not be in the same year. We want to avoid cancellation, and that is the main goal behind this,” Strumane said. IAU is looking to increase its footprint in Asia, where, according to Strumane, they have 12-13 member federations. Talking of Aspire Zone’s future with the sport, Templar said, “We have a three-year plan to have the 50km World Championship here (2015-17), and hopefully we will have repeat athletes and a growing sport in the region.” Asked about hosting the flagship 100km event, Templar said, “The IAU like to take it around the world. We are very happy to host it again if they would like us to. But I know that next year is already committed. It might come back in the future, and who knows maybe we will also look at the 24 hours.” International Association of Ultrarunners president Dirk Strumane.
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