BCCI attempts to win back angry sponsor

 

India s cricket chiefs on Sunday met Sahara group bosses on Sunday in a bid to woo back their disgruntled long-time sponsor, amid speculation a truce was on the cards.

 

Sahara had severed ties with the Board of Control for Cricket in India (BCCI) on February 4 for what it said was a “one-sided emotional relationship” with the governing body.

 

Sahara is not only the national team s sponsor since 2000, but also owns the Pune Warriors franchise in the Indian Premier League which the group had bought last year for $370 million.

 

BCCI president Narayanaswamy Srinivasan met Sahara chief Subrata Roy in Mumbai at a high-level meeting on Sunday which was also attended by senior officials from both sides.

 

A joint-statement issued after the 90-minute meeting said “all outstanding issues” were discussed and the matter will now be taken up by the BCCI s working committee in Chennai on Tuesday.

 

“Sahara and the BCCI met today and discussed all outstanding issues,” the statement read. “It was agreed that the subject will be further discussed in the BCCI working committee meeting.

 

“The interaction was focused on the interest of Indian cricket, including the IPL.”

 

Local media have speculated over the last few days that Sahara may allow Pune Warriors to rejoin the IPL for the fifth edition of the glitzy Twenty20 event starting on April 4.

 

But reports said Sahara are unlikely to continue the sponsorship of the Indian team, which was renewed for a four-year term in 2010 for an estimated $115 million.

 

Sahara s withdrawal was sparked by the BCCI s refusal to allow the $1.80 million salary of cancer-stricken Pune skipper Yuvraj Singh to be added to the franchise s $two million cap for the IPL auction in Bangalore on February 4.

 

Yuvraj, man of the tournament in India s victorious World Cup campaign last year, is currently undergoing chemotherapy treatment for a tumour between his lungs and has been ruled out of this year s IPL.

 

Sahara did not take part in the auction, meant only for players not already aligned to any team, where 25 foreign and Indian cricketers were picked up by the eight remaining franchises.

 

The Lucknow-based Sahara group, which operates in various fields like finance, infrastructure, housing, media and consumer goods, also sponsors the Indian field hockey team.
 

Israel general strike enters second day, talks failed

 

A general strike in Israel entered its fifth day on Sunday after late-night talks between trade unions and the government failed again to resolve their differences.

 

The two sides were to report on the status of their negotiations to the national labour court later on Sunday, which will decide whether to allow the strike to continue.

 

Uncollected rubbish was piling up on streets. Many drivers of the national bus corporation joined the strike, disrupting travel on the first day of the Israeli working week.

 

“We hope it will end as soon as possible,” Jihad Akl, manager of the Histadrut trade union confederation s situation room, told public radio.

 

Histadrut and finance ministry representatives failed again late Saturday to resolve their dispute over the rights of contract workers, who have lower salaries than full-time colleagues and few benefits, and can be fired without notice.

 

Ben Gurion international airport, railways and harbours were open on Sunday, but government offices, banks and the stock exchange kept up the open-ended strike.

 

The issue of contract workers has been simmering for months, with the Histadrut staging a four-hour strike in the same dispute in November.

 

It wants to see contract workers receive the same benefits as others, and has called on the government to hire some of the contract workers as full employees.

 

The government says it is willing to make some concessions on the status of contract workers but that it would be economically disastrous to offer them all the same rights as permanent staff.
 

Pakistan, Sri Lanka ink 3 MoU

 

Information Minister Dr Firdous Ashiq Awan and Sri Lankan External Affairs Minister Prof G.L Peiris signed the agreement for cooperation in the information field.

 

Advisor to the Prime Minister on Finance Dr Abdul Hafeez Sheikh and Sri Lankan External Affairs Minister Professor G. L Peiris signed the agreement for Pakistan s two hundred million dollars investment in Sri Lanka.

 

The third agreement was signed between National Vocational and Technical Training Commission and Sri Lankan Tertiary and Vocational Training Commission.

 

Prime Minister Syed Yusuf Raza Gilani and Sri Lankan President Mahinda Rajapaksa witnessed the signing ceremony.
 

Zardari calls for expanding Pak-Sri Lanka bilateral trade

 

President Asif Ali Zardari Friday called for stepping up efforts to fully realize the potential of Free Trade Agreement with Sri Lanka and building a mutually beneficial economic and trade partnership to jack up the bilateral trade from current $375 million to $2 billion target in the next three years.

 

The President urged for further exploring the currency swap agreement with Sri Lanka, which, he said would provide huge incentives to business houses in both the countries to actively explore and enhance business linkages as they use local currencies for trade.

 

The President said this during one-to-one meeting with his Sri Lankan counterpart, President Mahinda Rajapaksa followed by delegation level talks here at the Aiwan-e-Sadr.

 

Those who were present during the delegation level meeting included among others Hina Rabbani Khar, Federal Minister for Foreign Affairs, Senator A. Rehman Malik, Federal Minister for Interior, Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance, M. Salman Faruqui, Secretary General to the President, Saleem H Mandviwala, Salman Bashir, Foreign Secretary, Maj ® Haroon Rashid, Special Secretary, Seema Ilahi Baloch, Pakistan Ambassador to Sri Lanka and other senior officials.

 

The Sri Lankan President was assisted by Prof G.L Peiris, Minister for External Affairs, Duminda Dissanayake, Deputy Minister, Sajin de Vass Gunawardena, Monitoring MP, Lalith Weerathunga, Secretary to the President, Karunatilaka Amunugama, Secretary Ministry of External Affairs, ACM Jayalath Weerakkody, Sri Lankan High Commissioner in Pakistan.

 

Briefing the media spokesperson to the President Farhatullah Babar said matters regarding Pak-Sri Lankan bilateral relations, mutual cooperation with special reference to trade and commercial ties besides regional and international issues were discussed during the meeting.

 

The President welcomed President Mahinda Rajapaksa and members of delegation to the Presidency and expressed hope that the visit would help boost the bilateral ties between the peoples of the two countries which date back to the days of Buddhist civilization and have been marked by a shared interest in regional peace and stability and fight against militancy.

 

The Spokesperson said that the Sri Lankan President Mahinda Rajapaksa thanked the President and the government of Pakistan for according warm welcome and said that Sri Lanka attaches great importance to its strategic and special relations with Pakistan and desires to further strengthen bilateral trade and commercial ties based on mutual respect, shared civilisational heritage and shared perceptions on a host of issues.

 

He thanked the President and government of Pakistan for the support and cooperation extended to Sri Lanka in curbing the menace of terrorism and added that Sri Lanka-Pakistan relations have matured and diversified with the passage of time, encompassing key areas of contemporary relevance.
 

Greek party leaders prepare for crucial debt talks

ATHENS: Greek coalition leaders are studying a draft deal on harsh cutbacks needed to secure a €130 billion ($170 billion) bailout that will help the country avoid a looming bankruptcy next month.

The office of Prime Minister Lucas Papademos said Wednesday that the heads of the three parties backing his interim coalition government received the draft 50-page austerity document, drawn up with the country’s debt inspectors, earlier in the day.

A meeting of Papademos with the party leaders, originally scheduled for 1100 GMT, was delayed until 1300 GMT to give parties more time to study the draft.

The coalition talks have been postponed over the last three days to make time for exhaustive negotiations with representatives of the European Union, the European Central Bank and the International Monetary Fund, on whose approval the continued flow of Greece’s vital rescue loans depends. Without the bailout, Greece would not have enough money to pay off a big bond redemption payment next month, triggering a default that risks sending shockwaves throughout financial markets and the global economy.

The three organizations, known collectively as the “troika”, have demanded further measures to improve Greece’s competitiveness and economic stability — including new private sector wage and pension cuts, public sector layoffs and cuts in health, pension and defense spending — before they approve the new €130 billion ($170 billion) bailout.

The troika’s proposals have horrified unions, who held a general strike Tuesday. Greeks have already been hit with a spate of salary cuts and drastically increased taxation over the past two years, amid record-high unemployment and a five-year recession.

Labor Minister Giorgos Koutroumanis told Parliament last week that a demanded reduction in the €751 ($985) monthly minimum wage would quicken the Greek economy’s contraction and hit the revenues of struggling pension funds that have already lost €20 billion ($26 billion) since 2009.

But Athens has minimal ground for maneuver. Without the rescue loans, the country will default on its massive debts in March, when it faces a €14.5 billion ($19 billion) bond redemption.

Stocks advanced Wednesday, while the euro was trading near two-month highs, as global markets were hopeful a deal would be struck in Athens. Greek shares were 3 percent up in midday trading.

“We are finally approaching the endgame of the Greek talks,” said Gary Jenkins, managing director at Swordfish Research. “Ultimately it is difficult to see how they can do anything other than agree a deal. After all, the alternative is a disorderly default which could lead to a much deeper economic depression and potential civil unrest.”

Late Tuesday, Greece’s private creditors signaled progress on a separate, linked agreement that would cut the country’s privately held debt load by 50 percent, or some €100 billion ($131 billion). The intention behind the writedown is to ensure that Greece’s long-term debts are sustainable. Banks, pension and hedge funds and other private holders of devalued Greek bonds are expected to swap their current bonds for new ones worth 50 percent less than the original face value, with longer repayment terms and a lower interest rate. They are also expected to get a €30 billion payment as part of the bond swap deal.

Representatives of the Institute of International Finance, which has been leading the talks for private bondholders, had a “constructive meeting” with Papademos, IIF spokesman Frank Vogl said.

Papademos and Finance Minister Evangelos Venizelos will soon brief the rest of the 17-nation eurozone on the proposed deal, Vogl said — a sign the bond-swap deal could be close.

The meeting of eurozone finance ministers could happen as soon as Thursday in Brussels, according to officials, although that will depend on an agreement in Athens on the terms of the second bailout.

If political leaders accept the demanded austerity, Greek officials say a cabinet meeting will approve the deal, likely later Wednesday. Parliament will then have to vote on the deal over the weekend.

Ratification should prove quite simple provided all three coalition partners back the deal, as they control a combined 252 of Parliament’s 300 seats — well enough to carry the vote even if there is a limited backbencher rebellion.

Greece has been kept solvent since May 2010 by payments from a €110 billion ($145 billion) international rescue loan package. When it became clear the money would not be enough, a second bailout was decided last October.

The Greek government has already accepted that it must cut 15,000 state jobs in 2012 to get the new bailout, and reduce 2012 spending by a further €3.3 billion ($4.3 billion) as well as wage costs in the private sector and recapitalize banks without nationalizing them.

But disagreement remains on the extent of those cuts between party officials, who are set to face national elections in late April — after the debt deals have been sealed and implemented.

The majority Socialists, main rival conservatives and the small right-wing LAOS party are also at odds over when the elections should be held.

The Socialists, who handed over power to Papademos in November and are trailing badly in opinion polls, want him to stay through parliament’s four-year term that ends in late 2013. But conservatives, buoyed by their lead in opinion polls, are demanding an April vote according to plan.

LAOS leader George Karatazferis criticized eurozone heavyweights France and Germany on Tuesday, saying they were carrying out an “aggressive humiliation of Greece” with their demands for new austerity measures.

A disorderly bankruptcy by Greece would likely lead to its exit from the eurozone, a situation that European officials have insisted is impossible because it would hurt other weak countries like Portugal, Ireland and Italy.

German Chancellor Angela Merkel also argued strongly against the prospect.

“The euro is not just an economic project, it is also a political project — and I am not going to participate in pushing Greece out of the euro,” she said late Tuesday. “It would have incalculable consequences.” AGENCIES

Half a million Israeli workers go on strike

 

Half a million Israeli public and private sector workers began a general strike on Wednesday after talks over the rights of contract workers broke down, public radio reported.

 

The strike, called by Israel s biggest trade union umbrella group, Histadrut, got underway at 6:00 am (0400 GMT).

 

It will affect hospitals and office workers, banks, the national electricity company, the Tel Aviv Stock Exchange, as well as ports and the rail service.

 

Ben Gurion international airport, near Tel Aviv was also expected to grind largely to a halt, though 25 planes were allowed to take off, with 10,000 travellers able to leave.

 

Some schools were also hit by the strike, though bus services in most cities was not expected to be affected.

 

The strike was called after talks between Histadrut and Israel s finance ministry over the rights of contract workers failed to reach a breakthrough.

 

Histadrut is calling for all contract workers to receive the same rights as regular staffers.

 

The union association claims that the number of contract workers employed particularly by the government has mushroomed in recent years.

 

These employees can be fired without notice and are provided with little holiday or benefits, Histadrut says.

 

The Israeli government says it is willing to make some concessions on the status of contract workers but that it wouldbe economically disastrous to offer them the same rights as full employees.

 

Histadrut secretary general Ofer Eini and Israeli Finance Minister Yuval Steinitz were due to continue talks Wednesday afternoon.
 

SC suspends membership of 28 MPs

The Supreme Court has further said the membership of 28 MPs would remain suspended until the Parliamentary endorsement. The apex court had given the deadline until February 6 for endorsement.

 

These 28 members include three senators out of which two are working as federal ministers while nine are members of the National Assembly, 11 of the provincial assemblies and five members are on reserved seats.

 

The members include Federal Minister for Finance Senator Abdul Hafeez Sheikh, Minister for Petroleum Dr Asim Hussain, Senator Syed Sajid Hussain.

 

Nine MNAs are Chaudhary Asghar Ali Jutt of PPP, Jamshed Ahmed Dasti of PPP, Muhammad Akhtar Khan Kanju (Independent), Sardar Shafqat Hayat Khan (PML-N), Ch Tassaduq Masud Khan (PPP), Haji Khuda Bux Rajar (PML-F), Ms Khadija Aamir Yar Malik (PPP), Sardar Mumtaz Khan (PML-N), Sardar Awais Ahmed Khan Leghari (PML-Q).

 

The MPA s include Syed Basit Ahmed Sultan, Mian Muhammad Ajmal Asif, Ahmed Mujtaba Gilani, Sardar Meer Badshah Qaisrani, Malik Saif-ul-Malook Khokhar, Ijaz Ahmed Khatoon, Malik Ghulam Raza, Saifuddin Khalid, Ghulam Qadir Khan Bettani, Muhammad Rashad Khan and Maulvi Muhammad Sarwar Musakhel.

 

Five MPs on reserved seats of women and minorities are Humaira Awais Shahid, Rana Rizvi, Arif Masih, Rasheed Khan Bhai, Chettan Mal were elected after the promulgation of 18th Amendment.

 

The talks between PPP and PML-N were held to pass the 20th amendment to the Constitution so that the membership of elected MPs could remain intact.

 

The court has adjourned the hearing of incomplete Election Commission case for two weeks.
 

IMF chief hails Saudi role in supporting global economy

 

Saudi Arabia has played an “important role” in stabilising the oil market and supporting the global economy, International Monetary Fund chief Christine Lagarde said in a statement Saturday.

 

Lagarde s comments came at the conclusion of her two-day visit to the kingdom, the first since her appointment as head of the world body.

 

“This constructive global and regional engagement reflects Saudi Arabia s role as a leader in not only the oil market but also the region and the global economy,” said Lagarde.

 

The IMF chief held talks with Saudi s King Abdullah, the finance minister, the governor of the central bank and representatives of the private sector and civil society, including women leaders.

 

She commended the Saudis for “preserving financial stability” in the wake of global economic crisis and said the kingdom s “strong economic policies” and government oversight of the financial sector mitigated the effects of the global financial crisis on the Saudi economy.

 

“Saudi Arabia s policies had an important positive impact on the region and the global economy,” said Lagarde, adding that the country has made “significant progress in social development and is now close to the G20 average for most indicators.”

 

She cautioned, however, that challenges remain with “access to housing and job creation.”

 

According to state news agency SPA, the IMF chief s meetings with Finance Minister Ibrahim al-Assaf on Saturday focused on “efforts to resolve” Europe s debt crisis.

 

Saudi Arabia is a member of the G-20 group of leading economies under pressure to boost their contributions to the IMF s resources for crisis intervention.

 

The IMF says it wants to raise another $500 billion (380 billion euros), on top of the nearly $390 billion it has available now, to help countries in financial distress.

 

In an interview published on Friday in Saudi daily Asharq Al-Awsat, Lagarde said the world body would “rely on its major member states” to raise the money, without naming Saudi Arabia.

 

It remains unclear if the kingdom will agree to increase its IMF contributions.

 

Saudi Arabia, the world s largest exporter of crude oil, saw a record budget surplus in 2011 of more than $81 billion on the back of high prices on the world market.
 

Euro slips against other currencies in Asia

 

The euro slipped against other currencies in Asia on Monday as market players awaited a European Union summit to see whether leaders will make progress on containing the region s debt crisis.

 

The euro bought $1.3181 and 101.03 yen in Tokyo afternoon trade, down from $1.3221 and 101.37 in New York late Friday.
The dollar was at 76.66 yen, flat from New York.

 

The euro eased due to falls in Tokyo stocks and uncertainty over the outcome of the summit in Brussels later in the day, said a trader at a Japanese trust bank.

 

The finance minister of debt-stricken Greece on Sunday rejected a German proposal for the EU to take control over its tax and spend decisions, citing national sovereignty.

 

But the Wall Street Journal reported Berlin s finance minister issued a blunt warning the eurozone might refuse Greece a fresh bailout, pushing Athens into default, unless it convinces Europe it can overhaul its state and economy.

 

“Unless Greece implements the necessary decisions and doesn t just announce them… there s no amount of money that can solve the problem,” it quoted Wolfgang Schaeuble as saying.

 

A senior dealer in Tokyo told Dow Jones Newswires: “Germany looks like it can t wait any longer” for reforms to solve the Greek debt crisis.

 

On the other hand the euro may be supported if an agreement is reached at the EU summit over a euro-wide fiscal stability pact and a permanent bailout fund, said Sumino Kamei, senior analyst at Bank of Tokyo-Mitsubishi UFJ.

 

“The sense of uncertainty over the future of the European debt crisis will recede if these agreements are reached, and short-covering of the euro will continue,” she said. The dollar was mixed against other Asian currencies.

 

It eased to 31.08 Thai baht from 31.29 baht on Friday, to Sg$1.2554 from Sg$1.2573 and to Tw$29.74 form Tw$29.89.

 

The dollar firmed to 42.95 Philippine pesos from 42.84 pesos, to 1,126.10 South Korean won from 1,123.30 won, and to 8,995.00 Indonesian rupiah from 8,965.00 rupiah.

 

Euro under pressure amid Greek talks

 

The euro remained under pressure in Asia on Friday as market players awaited developments in Greece s talks on a debt writedown.

 

The single currency fetched $1.3103 in Tokyo afternoon trade, flat from New York late Thursday, while easing to 100.81 yen from 101.48.

 

The dollar fell to 76.92 yen from 77.40 yen as short-term speculators triggered stop-loss selling orders around 77.25 yen, a dealer at a major Japanese investment bank said.

 

The dollar trended lower after the Federal Reserve s pledge to maintain low interest rates for a prolonged period, the dealer told Dow Jones Newswires.

 

Broader market attention was shifting back to the ongoing Greek debt talks, said Sumino Kamei, senior analyst at Bank of Tokyo-Mitsubishi UFJ.

 

The focus will be on a European Union summit meeting in Brussels on Monday and whether or not any progress will be made by then, she said.

 

“With uncertainty over the future of the European sovereign debt crisis, the euro will continue to fall,” she said.

 

Greece resumed talks Thursday with banks and insurers on a deal for a major debt writedown to escape looming default.

 

Prime Minister Lucas Papademos and Finance Minister Evangelos Venizelos met the private creditors  lead negotiators, Charles Dallara and Jean Lemierre, with the talks due to resume again on Friday.

 

The private creditors said in a statement that “some progress was realised” in Thursday s discussions.

 

The dollar mostly firmed against other Asian currencies.

 

It edged up to 31.29 Thai baht from 31.23 baht Thursday, to Sg$1.2573 from Sg$1.2562, to 42.84 Philippine pesos from 42.81 pesos, to 1,123.30 South Korean won from 1,121.00 won, and to 8,965.00 Indonesian rupiah from 8,960.00 rupiah.

 

The dollar held steady at Tw$29.89.

Next Page »