172_CH_21 June 2016.compressed

CITY
HILIGHTS
Vol 1, Issue 172 `.1.00/-
SPORTS
RIO RESULTS COULD TAKE YEARS TO COME: WADA
The incoming director
general of the World
Anti-Doping Agency
(WADA) has said it could
be years before the results
of August’s Rio
Olympics are upheld.
Last week saw Australian
race walker Jared
Tallent belatedly awarded
a London 2012 Olympic
gold medal after
he was promoted from
silver four years ago because
of a Russian doping
case.
“You can tell people if
you cheat today, because
you think this is not detectable,
it will be detectable
tomorrow,” the
Swiss lawyer said.
“This has an impact
on the risks athletes take
because they know they
can lose their reputation
afterwards, “ added
Niggli, who will succeed
long-serving New Zealander
David Howman
as WADA director general
on July 1.
“But the other side
of the coin is that you
may have to re-do the
(medal) classification,”
explained Niggli on the
sidelines of the WADA
media symposium in
London.
“But would we better
off letting cheaters get
away it? Probably not.
Would we rather do that
quicker, probably yes,
but science’s pace is science’s
pace.
“You don’t want to ruin
the samples by re-testing
too early,” insisted
Niggli, with WADA’s statute
of limitations on the
holding of such samples
currently set at 10 years.
“You may want to wait
a little longer to let science
progress.
“Maybe some innovative
science will one day
allow us to be quicker.”
Friday saw the International
Association of
Athletics Federations
(IAAF) uphold an international
ban on Russia’s
track and field competitors
first imposed
in November after a
WADA report revealed
state-sponsored doping
and mass corruption in
Russian athletics.
The Russia team is
now ruled out of all
athletics events in Rio,
although Russian athletes
training outside
the country can apply to
compete as neutrals at
the August 5-21 Games.
If the final results of
Rio testing may not be
known definitely for
some time, Niggli said
that changing Russian
attitudes was also likely
to be a lengthy process.
“What we are observing
now is that the top
(in Russia) has changed
their speech and are
trying to say the right
things, but it doesn’t go
further down.
“The entourages of the
athletes, the club coaches
are very reluctant to
accept that doping is not
part of sports. It’s likely
to take a bit of time.
REJUVENATED INDIA HAVE THEIR HORNS LOCKED
AFTER ZIMBABWE LOSS
Led by veteran skipper
Mahendra Singh
Dhoni, this young
Indian side would
take heart from Monday’s
performances
by Barinder Sran,
Mandeep Singh, KL
Rahul and also Jasprit
Bumrah . India entered
the series on the back
of a 3-0 whitewash of
Zimbabwe in the preceding
ODI series, but
suffered a shocking
two-run loss to the
hosts in the opening
T20 last Saturday.
A rejuvenated India
will have their nose
ahead when they lock
horns with Zimbabwe,
left bruised and battered
after a 10-wicket
thrashing, in the series-deciding
third and
final Twenty20 International
on Tuesday
The visitors got their
act together in the second
game yesterday
and inflicted a crushing
defeat on Zimbabwe at
the Harare Sports Club.
India stayed alive
with a win in the second
game and would
now look to seal the issue
in their favour with
another convincing victory.
While young seamer
Sran returned the best
figures by an Indian on
BUSINESS
debut, Mandeep struck
a fluent half century
and Rahul too contributed
handsomely to
guide the team home
with plenty of overs to
spare.
Bumrah was a perfect
ally for Sran, picking
up three wickets. The
knock was Mandeep’s
maiden half century in
this format.
The young Turks
would like to have another
good outing before
heading home.
The team lost its
plot a bit in the first
game and according
to Mandeep, it stuck
to basics in the second
T20, and the result was
there for all to see.
India will take confidence
from the fact
that this was their first
10-wicket win in a T20
international.
The experienced
campaigner that he is,
Dhoni would however
not take the beleaguered
hosts lightly
and advise his younger
teammates to guard
against complacency,
irrespective of the margin
of victory in the
previous game.
RAJAN HOPING THE INFLATION FIGHT STAYS
ON FROM THE SUCCESSOR
Within days of announcing
his decision
against a second term,
RBI Governor Raghuram
Rajan today hoped
his successor will “stay
the course” in fighting
inflation and said the
central bank has been
“wise to disregard” calls
for deeper rate cuts.
Defending his continued
fight to bring
down the consumer
price inflation to low
single-digits from high
double-digits during his
three-year tenure, Rajan
also took on the “highly-
indebted industrialists”
saying banks were
charging them high
rates due to a ‘premium’
for the risk they may not
repay.
Remaining his outspoken
self even when
he is on his exit path, Rajan
said he would never
abandon fight against
inflation for growth
and hoped that the next
Governor and the new
Monetary Policy Committee
“will internalize
the frameworks and
institutions that have
been set up, and should
produce a low inflation
future for India.”
In his first public
appearance after making
public his decision
against a second term
when his current tenure
ends on September
4, Rajan put up a strong
defense of his monetary
policy stance.
“The fact that inflation
is fairly close to the
upper bound of our target
zone today suggests
we have not been overly
hawkish, and were wise
to disregard advice in
the past to cut more
deeply,” he said while
delivering a lecture at
the Tata Institute of
Fundamental Research
here.
Rajan, a monetary
economist credited to
have called the 2008
global financial crisis,
further argued that “if
a critic believes interest
rates are excessively
high, he either has
to argue the government-set
inflation target
should be higher
than it is today, or that
the RBI is excessively
pessimistic about the
path of future inflation.
“He cannot have it
both ways, want lower
inflation as well as lower
policy rates.”
Stating that perceived
short term trade-off
between inflation and
growth is not sustainable,
as is the popular
belief is, Rajan said a
boom-and-bust cycle
will not be good for the
economy, because if the
economy is producing
at potential, we would
quickly see shortages
and a sharp rise in inflation.
This means that
a central bank can never
abandon their inflation
fighting objective.
Exuding confidence
that his successor “will
stay the course” in setting
up the new MPC
into an institution, Rajan
said a “low-inflation
future” awaits India
when the government
will be able borrow at
low rates, and will be
able to extend the maturity
of its debt.
“The poor will not
suffer disproportionately
due to bouts of sharp
inflation, and the middle
class will not see its
savings eroded.
He also lauded the
government for taking
the “momentous
step” of both setting
a consumer price index-based
inflation objective
for the Reserve
Bank as well as setting
up an independent
monetary policy committee
(MPC).
After a spate of personal
attacks by a section
of the ruling party
and criticism for
not lowering the rates
enough to boost economy,
Rajan on Saturday
made the surprise
announcement that
he would not accept a
second term.
Stating that one
can’t fool all the people
all the time, Rajan
said indeed there are
some short-term benefits
of a low interest
rate regime by way of
a short run trade-off
between inflation and
growth such as a boom
in the stock markets,
but “if the economy is
producing at potential,
we would quickly see
shortages and a sharp
rise in inflation, leading
to a bout of boom and
bust cycle in the economy.
“But if contrary to expectations,
the central
bank is committed to
keeping inflation under
control, it may then be
forced to raise interest
rates substantially to
offset that temporary
growth. But the boom
and bust (arising from
this) will not be good
for the economy, and
average growth may be
lower than if the cut had
not taken place.
“This is why modern
economics also
says there is no long
run trade-off between
growth and inflation
and the best way for a
central bank to ensure
sustainable growth is
to keep demand close to
potential supply so that
inflation remains moderate,
and the other factors
that drive growth,
such as good governance,
can take center
stage” Rajan argued.
At the same time Rajan
was quick to add
that the RBI does not
focus on inflation to the
exclusion of growth. If
inflation rises sharply,
say due to a sharp rise
in oil prices, it would
not be sensible for a
central bank to bring
inflation within its target
band immediately
by raising interest rates
so high as to kill all economic
activity.
Rajan said India had
got used to decades of
moderate to high inflation,
leading to industrialists
and governments
paying negative real
interest rates and the
burden of the hidden inflation
tax falling on the
middle class saver and
the poor.
Wednesday, June 22, 2016
www.cityhilights.news English Daily 6
SANTOS BACKING RONALDO
TO BREAK EURO 2016
Portugal coach Fernando
Santos is backing
misfiring Cristiano Ronaldo
to break his Euro
2016 duck by netting
against Hungary tomorrow
to help fire his side
into the last 16.
Ronaldo is still waiting
for his opening goal
in France to become the
first person to score at
four consecutive European
championship finals.
The 31-year-old is
the holder of numerous
goal-scoring records, but
he has yet to hit the net
at Euro 2016, despite 20
chances so far.
Ronaldo set a new
Portuguese record with
his 128th international
cap in Saturday’s goalless
draw with Austria
- a milestone overshadowed
by his penalty
miss.
He crashed a 79th-minute
spot-kick against the
post in Paris having also
failed to score in the 1-1
draw with Iceland last
Tuesday.
The star that fans either
love or hate won
few Icelandic friends by
slamming their team’s
“small mentality” after
the draw.
This has been a frustrating
tournament for
Ronaldo.
His Portugal side has
failed to live up to their
pre-tournament billing
as Group F favourites.
They lie only third in
FORMER CAPTAIN INZAMAM WILL TRAVEL TO
ENGLAND TO OBSERVE PERFORMANCES
Pakistan’s former captain
and chief selector Inzamam-ul-
Haq will travel to England to observe
the performances of the
national team and A side on the
instructions of the PCB.
Inzamam was initially supposed
to be with the team
throughout the two and half
months tour but the board has
now changed his plans to avoid
unnecessary expenses.
“The former captain will
now go to England after the
third Test and remain there for
the final Test at the Oval, the
one-day series and the lone T20
international,” an official in the
board said.
He said the purpose of sending
the chief selector after the
third Test was to give him an
opportunity to watch the match
and have discussions with the
tour selection committee before
the limited over squad is
announced for the five ODIs and
T20 international.
“Inzamam himself wanted
to watch the players in action
in English conditions so that he
could be in a better position to
evaluate which players would
be required for the limited over
matches,” he said.
Since being appointed chief
selector, Inzamam has been
closely involved with the preparations
for the England tour and
for the first time not only the
national squad but also the A
side and women’s team are also
PPF CAN CLOSE THE DEPOSIT SCHEME AFTER
COMPLETING FIVE YEARS
The Finance Ministry
today said subscribers
of the Public Provident
Fund (PPF) can prematurely
close the deposit
scheme after completing
five years for reasons such
as higher education or expenditure
towards medical
treatment.
“A subscriber shall be allowed
premature closure
of his account or account
of a minor of whom he is
US DOLLAR ENDED HIGHER AGAINST THE RUPEE
The US dollar ended
higher against the rupee
at 67.31/32 per dollar
and the pound sterling
also finished higher at
Rs 98.49/51 per pound
at the close of the Interbank
Foreign Exchange
market today.
The rupee today ended
lower by 23 paise to close
at an over two-week low
of 67.31 against the US
currency on heavy bouts
of dollar demand amid
uncertainty in the wake of
RBI Governor Raghuram
Rajan’s decision against
pursuing a second stint.
The home currency
opened sharply lower at
67.65 per dollar as against
the last weekend’s level
of 67.08 at the Interbank
Foreign Exchange (Forex)
Market and dropped further
to one-month low of
67.70 on initial heavy dollar
demand.
However, it recovered
the guardian on ground
that amount is required
for treatment of serious
ailments or life-threatening
diseases of the account
holder, spouse or
dependent children on
production of supporting
documents from competent
medical authority,”
the Finance Ministry said
in a notification.
The notification further
said the allowance will be
Following are the Interbank
Forex and RBI
rates: (In Rs Per Unit)
Unit Interbank RBI
Reference US Dollar
67.31/32 US Dollar Rs.
67.4087 Pound Sterling
98.49/51 Euro Rs.
76.5358 Euro 76.25/27
REXIT FEAR AT A TWO WEEK LOW
afterwards to 67.28 in
view of a sharp recovery
in equity market on hopes
of robust foreign capital
inflows following government’s
announcement
of a further liberation of
foreign direct investment
coupled with sharp rise in
global market before ending
at 2-week low of 67.31
per dollar, still showing
a loss of 23 paise or 0.34
per cent.
The domestic currency
had ended higher by 13
paise or 0.19 per cent on
last Friday. The local currency
hovered in a range
of 67.28 and 67.70 per
dollar during the day.
the table behind Iceland
and Hungary, who they
must beat at the Stade de
Lyon to be sure of reaching
the last 16.
“Ronaldo is a player
who scores a lot of goals
and I’m sure he will score
in the next game against
Hungary,” said Santos.
Portugal had 23 shots
on the Austria goal -- hitting
the woodwork twice
-- and Santos expects
his side to find the net
and win ‘ugly’ if need be.
Since their 8-1 thrashing
by the Netherlands
in October 2013 -- their
record defeat -- Hungary
has conceded just 20
goals in 24 games. Their
2-0 win over Austria and
1-1 draw with Iceland
means they face Portugal
top of Group F and in
pole position to advance.
touring England for matches
this summer.
“Inzamam took keen interest
in the preparations and the boot
camp and skills camp held in
Kakul and Lahore as he himself
realizes the significance of Pakistan
doing well in English conditions
particularly in the Test series
and ODI’s,” the official said.
The former top batsman
has been working closely with
Test captain Misbah-ul-Haq and
new head coach Mickey Arthur
in the lead-up to the series.
Pakistan, which is touring
England for a full series for the
first time since 2010, play four
Tests, five ODIs and a T20 match
besides several side matches
over two and half months.
applicable to the requirement
of higher education
of the account holder or
the minor account holder
on production of documents
and fee bills in confirmation
of admission in
a recognised institution in
India or abroad.
It, however, added that
such premature closure
shall be allowed only after
the account has completed
five financial years.
Japanese Yen (100)
64.37/39.
Meanwhile, the dollar
index was down by 0.48
per cent at against the
basket of six global currencies
in the late afternoon
trade. The RBI fixed
the reference rate for the
dollar at 67.4087 and
euro at 76.5358.
In cross-currency
trades, the rupee fell further
against the pound
sterling to close at 98.49
from 95.86 on last Friday
and also moved down
against the euro to 76.25
from 75.53. However, the
domestic currency inched
up further against the Japanese
yen to 64.37 per
100 yens from 64.38.