IOC chief backs Japan to overcome crisis

TOKYO, July 16 (AFP): IOC president Jacques Rogge on Saturday heaped praise on Japan's track record in hosting major world sports events and said the country would rise again after the March 11 earthquake and tsunami.

His comments came as Tokyo was to announce its bid for the 2020 Olympic Games as a catalyst for the country's reconstruction after the disaster.

"I appreciate again the great virtues of the Japanese people -- their courage, their sense of duty, their sense of citizenship and moral fortitude," he told a ceremony in the capital marking the 100th anniversary of the Japanese Olympic Committee.

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US may face huge financial calamity, says Fed chief

Fazle Rashid

NEW YORK, July 14: Another important voice -- that of the US Federal Reserve Bank Chairman Ben Bernake -- has been added to support the grim forecast earlier made by the US Treasury Secretary Tim Geithner. It also lent credence to Moody's rating agency's dismal warning that the US economy could plunge into catastrophe if the debt ceiling is not revised upward.

The Fed chairman told the Congress yesterday that the US would face "huge financial calamity", if the debt ceiling is not revised upward.

The bipartisan dialogue aimed at a breakthrough ended abruptly last Wednesday with President Obama walking out of the meeting in utter disgust. The stakes are high for the economy, the financial markets and both the parties, the New York Times (NYT) in a front page story said today

Ben Bernanke appearing before House Financial Committee said a recession on the scale of 2008 cannot be ruled out.

The Fed chairman in his testimony "outlined extra stimulus options the Fed could use if the economy remains weak". He warned of the possibility of the deflationary risk reemerging.

Fed options include keeping interests close to zero and buying assests.

While the US and Europe are struggling with their economies, the Chinese economy, the second largest in the world, grew by a whopping 9.5 per cent in the second quarter.

Policy managers in China are very careful about inflation not going out of hand. The weakening of the Chinese economy, key engine of global growth, could add to US and Europe's woes.

Japan's economy, the third largest in the world, is also in tatters after it was hit by the fury of nature, said an analyst

Tackling inflation is the top priority of China. Prime Minister Wen Jiabao has repeatedly stressed the importance of keeping inflation under control. China is making determined effort to raise the supply of food.

On the political front, fund raising for campaigning is a strong indicator of public support in the US.

In this count, President Obama is far ahead of his Republican contenders. A record number of eight candidates from the Republican Party have joined the fray of 2012 presidential race.

Obama camp has raised over $86 million in last three months far outpacing the combined total of the Republican candidates.

President Obama "beat all his potential rivals in the poll, driven mainly by strong support among women". H has received more funds from the grassroot levels rather than from wealthier segment of his supporters

Ms. Michele Bachmann, Tea Party favourite who recently joined the race for the White House, ranked second behind Mitt Romney, the former Massachusetts governor in the poll of Republican hopefuls.

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ICC to discuss change in chief selection process

Mumbai, June 24 (bdnews24.com/Reuters) ? The International Cricket Council (ICC) will discuss constitutional amendments to abolish the rotational policy of appointing its head and avoid "government interference" in the game's administration at next week's conference in Hong Kong.

"Under the new proposal, the executive board will decide the process and term of office from time to time, subject to certain qualifying criteria," the ICC said in a statement on Friday.

"This would remove the current rotational system of nomination and the fixed term of appointment as set out in the ICC Articles of Association."

Any such constitutional amendment would impact Pakistan the most as the South Asian country was supposed to nominate the administrator who would succeed New Zealander Alan Isaac, now a vice president, as the ICC chief in 2014.

Isaac will take over from incumbent Sharad Pawar of India next year.

Pakistan Cricket Board (PCB) officials have been quoted in the media as saying that they would vehemently oppose the amendments.

The ICC move to reduce government interference would also affect the PCB, the chairman of which is appointed directly by country's president, who is designated chief patron of the board.

Sri Lanka is not free from government interference either. The Sri Lanka Cricket (SLC) is an interim body and issues such as team selection have to be approved by their sports ministry.

"The full council of the ICC will consider a constitutional amendment aimed at ensuring free elections of member boards and avoiding undue government interference in the administration of cricket, in line with the regulations of other major sporting bodies," the statement said.

The five-day conference, which starts on Sunday, will also consider the recommendations made by the cricket committee that includes the Decision Review System (DRS) and day-night test matches.

Ireland, who recorded memorable victories over Pakistan and England in the past two editions of the World Cup, will have their fingers crossed when president Pawar asks the ICC executive board to reconsider its decision to restrict the 2015 edition to the 10 test-playing member nations.

The ICC initially decided to restrict the next edition of the 50-over World Cup, to be held in Australia and New Zealand, to the 10 member nations but later proposed a qualifying tournament for associate nations.

bdnews24.com/smo/1525h

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Indian army chief calls on PM

Prime Minister Sheikh Hasina said Bangladesh believes in peaceful co-existence and friendly relations with all neighbouring countries, reports UNB.

The Prime Minister made this reiteration of her government's foreign policy when visiting Indian army chief General V.K. Singh called on her at Ganobhaban Monday morning.

PM's press secretary Abul Kalam Azad told reporters that during the meeting, the Prime Minister observed such visits would help strengthen bilateral ties.

Bangladesh believes in good relations with India, as with all other neighboring countries, Hasina is said to have made clear to General Singh.

The Prime Minister also stressed cooperation to alleviate poverty in South Asia.

She recalled with deep gratitude the active cooperation of the Indian government, people and military during Bangladesh war of liberation in 1971. She remembered in particular the sacrifice made by the Indian army.

During the meeting, the Indian army chief showed the Prime Minister some rare photographs from Father of the Nation Bangabandhu Sheikh Mujibur Rahman's visit to India, and events related to the Liberation War.

Indian High Commissioner Rajeet Mitter, Principal Staff Officer Lt Gen Abdul Wadud and other senior army officers were present.

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