Former four-division champion Roy Jones has taken a rather unpopular opinion about the megafight between Manny Pacquiao and Floyd Mayweather Jr. on May 2.Contrary to the general sentiment that Pacman is the underdog and thus has to pull off a knockout in order to win against the undefeated American boxer, Jones believes it is the other way around.”I think Floyd will have to knock him out to win. I think if there’s a decision, I think Pacquiao wins the decision,” he said in a report by boxingscene.com.Many pundits and boxers, including Juan Manuel Marquez, said that Mayweather would be favored in the score cards in his home turf of Las Vegas and Pacquiao has no choice but to win by stoppage.Jones, however, said that if Pacquiao outworks Mayweather, then Pretty Boy will be backed into a corner and has to knockout Pacman.”You don’t get Mayweather to engage. Pacquiao’s plan should be to outwork Mayweather and try to outpoint him, because he’s not going to be able to force Mayweather to engage,” he said. Observers also said that the key to a Pacquiao victory will be his volume punching, but they remain wary that the Filipino ring icon would be unfavored by the judges if Mayweather would hold up his defense.For Jones, the two boxers are equally hard-pressed to win the fight.”This is the biggest fight for both of their careers,” he said. “Neither guy wants to go home the loser the next day. Fans have been waiting for this fight for five years. The pressure is on both guys.” –Follow Gary on Twitter: @garyalsmith
Stronger peso trims PH debt value to P7.9 trillion Brace for potentially devastating typhoon approaching PH – NDRRMC LATEST STORIES Read Next Japan ex-PM Nakasone who boosted ties with US dies at 101 Hassan Al Thawadi, secretary general of the 2022 Qatar World Cup Supreme Committee for Delivery Legacy, poses for a photo following an interview with The Associated Press in Sheffield, England on Thursday Nov. 9 2017. Following comments earlier this year attributed to German soccer federation president Reinhard Grindel, Al Thawadi said Thursday that “Qatar does not support terrorism. Qatar is at the forefront of the fight against terrorism.” APSHEFFIELD, England — The birthplace of modern soccer is now an unassuming site: A couple of pitches with no stands for supporters, and a ramshackle indoor facility where damp rises on the walls and paint peels from the goalposts.When Sheffield FC formed in this northern English steel city 160 years ago, the wealth awash in the modern game was unimaginable to the founders of the world’s first soccer club. The symbol of how vastly soccer has changed is thousands of miles away in the Gulf, where stadiums are springing up in the Qatari desert and tens of billions of dollars are invested in infrastructure to ensure a tiny nation can host the 32-team World Cup in 2022.ADVERTISEMENT An association with the trailblazing Sheffield FC, which plays eight divisions below the Premier League, might seem tenuous. But Al Thawadi studied law at the University of Sheffield and this week he returned after 16 years to finally collect his graduation certificate during a brief presentation.Sheffield FC sought Qatar’s assistance because it was fighting for its future and being overlooked in a country that hosts the world’s richest soccer league. It started in 2009 while Al Thawadi was canvassing for FIFA votes in South Africa, and led in 2015 to 100,000 pounds (then $153,000) being invested by Al Thawadi to help the women’s team. Now Al Thawadi is trying to spur investment from across the English game to allow Sheffield FC to leave its base on the outskirts of the city and build a 6,000-seat venue and museum at its spiritual home at Olive Grove.“Too often the money takes the lead with Paris Saint-Germain and Neymar,” Sheffield FC chairman Richard Tims said, discussing wealth in the modern game that saw the Brazil forward bought by the Qatar-owned French club for a world record 222 million euros in August. “This project is the other end of the game.”Clubs are being asked to donate a sum corresponding with their foundation year, and it started with Premier League champion Chelsea agreeing to hand over 1,905 British pounds at a low-key event inside the rundown sports hall at Olive Grove.Tims flattered his guests, proclaiming: “The new pioneers of football are Qatar.” Al Thawadi then sought to assure the small group of dignitaries that the backing for Sheffield FC is a sign of Qatar’s commitment to the wider game. It is not, Al Thawadi maintained in a later interview, about latching on to Sheffield FC to add a shiny veneer to Qatar’s battered image.“Sheffield FC represents the start of football,” he said, “but more importantly represents playing football for the love of the game.”Qatar, though, appears locked into a perpetual struggle, requiring charm offensives like the trip to England to protect its status as 2022 hosts.“If it means we have to continue every day validating our right to host this World Cup,” Al Thawadi said, “so be it.” The greatest threat to Qatar’s hosting status initially came from corruption investigators, who were troubled by some of the bid conduct but ultimately found there was no improper activity that swayed the vote.Censure came from labor watchdogs who believed a form of modern slavery formed the backbone of World Cup construction, and Qatar was compelled to safeguard rights and conditions for migrant workers. While progress has been made in a region unaccustomed to providing such protections, Qatar still faces demands to be more transparent about the cause of worker deaths and to eradicate exploitative practices like the “kafala” sponsorship system which binds workers to their employer.“The World Cup is a catalyst and an engine for accelerated reforms,” Al Thawadi said.Now more powerful forces are at play threatening the World Cup: Four Arab countries have severed diplomatic ties and placed Qatar under a blockade since June in a move claimed to stop the natural-gas-rich country from supporting terrorism — charges denied by Al Thawadi.“For whoever may want to bring this World Cup into a political debate, that is an action that they are doing unilaterally,” he said.ADVERTISEMENT But Olive Grove, where the first rules of the modern game were conceived by Sheffield FC’s founders, was the latest stop this week for Qatar World Cup leader Hassan Al Thawadi on a mission to convince the global football community that his country remains a worthy host of the FIFA showpiece.Seven years after the controversial vote and five years until kickoff, doubts linger about Qatar’s suitability and right to host the Middle East’s first World Cup.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutout“I believe we will always be in campaign mode,” Hassan Al Thawadi, secretary general of Qatar’s World Cup organizing committee, said at the self-styled “Home of Football” in an interview with The Associated Press. “Most host nations or host cities suffered from criticism.”Perhaps, but none on the scale faced by Qatar, which was unprepared for the sharp scrutiny that followed victory in the secret ballot that took the game’s biggest showcase to the smallest country yet. AP source: 3 UCLA players stay in China; team returns to US John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding QC cops nab robbery gang leader, cohort MOST READ CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA Typhoon Kammuri accelerates, gains strength en route to PH Trending Articles PLAY LIST 00:50Trending Articles02:25Cayetano’s beef with ABS CBN? Unfair air time during 2016 campaign00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Don’t miss out on the latest news and information. However sure Al Thawadi is, the World Cup will be played as scheduled from Nov. 21 to Dec. 18 2022 — contentiously chosen by FIFA to avoid the fierce summer heat in the usual June-July slot — and he is clearly troubled by attempts to undermine the tournament.A day after speaking to The AP in Sheffield, Al Thawadi ducked out of the royal box at Wembley Stadium in London just before watching England play Germany to launch a broadside against what he perceives as efforts by Qatar’s regional rivals to bring down the World Cup.Dubai’s security chief has already said the only way to end “Qatar’s crisis” was to give up the event, though he later said he was referring to the financial impact of hosting. An Emirati minister followed up by tweeting that Qatar’s hosting of the tournament should “include a repudiation of policies supporting extremism & terrorism.”Lobbying firms backed by the nations opposing Doha have increasingly targeted the World Cup, while Twitter has been promoting anonymous paid posts attacking Qatar’s fitness as a tournament host, citing corruption allegations and worker abuses.“We refuse to have this World Cup used as political pawn or a political tool because we believe in separating politics from sports … and using sports as a means of resolving conflict,” Al Thawadi said in the Wembley library. “I hope that the blockading nations see reason to be able to participate and join for the sake of the region benefiting out of this World Cup.”The crisis has exposed the scale of risks associated with taking the World Cup to a region in flux. Stadium costs are rising after Qatar was forced to find alternative routes to import building materials, and security concerns linger.“You can’t always prepare for a specific incident, but you can always prepare with contingency plans and be ready with a very resourceful and very quick and effective reactionary mindset as well,” Al Thawadi said. “As soon as the blockade occurred, we were able to put Plan B and Plan C quickly in place and address some of the concerns and challenges that the blockade caused.”Originally pitched to FIFA voters as a World Cup to benefit the Middle East, the idealism appears to have been sunk. The vision could potentially be revived by sharing games with neighbors, a proposition floated externally during the bid and still perceived as an objective in the region.“Qatar has always been open to dialogue,” Al Thawadi said. “It’s always been open and it’s always supported our brother nations, to the extent that if (sharing the World Cup) was the ultimate goal, all that would have required was a simple conversation.”For now, England is where Al Thawadi has come to speak to shore up support for his World Cup project. Kammuri turning to super typhoon less likely but possible — Pagasa View comments
Read Next Brace for potentially devastating typhoon approaching PH – NDRRMC LATEST STORIES Don’t miss out on the latest news and information. MOST READ The Japanese fighter is looking to challenge Lee for the belt anew, but told her to “take their time” when it came to her recovery. The hard-fighting Iniong, meanwhile, absorbed her first loss in Asia’s top mixed martial arts promotion, but not before giving Yamaguchi all she could handle in the ring. Iniong managed to stuff some of Yamaguchi’s takedowns attempts but her Japanese foe always found a way to try again. ADVERTISEMENT Kris Aquino ‘pretty chill about becoming irrelevant’ The 27-year-old Team Lakay bet struggled to land solid blows against Yamaguchi, who controlled the action and showcased her superior grappling skills. It was the vengeance that Yamaguchi was looking for, three years since their last fight that ended in split decision in favor of Iniong.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutYamaguchi then called out Angela Lee, who she was supposed to face for the ONE Atomweight belt before the Singaporean met a car accident tow eeeks ago.“I wanna avenge that loss too,” Yamaguchi told Lee, who had emotional entrance before the main card. Stronger peso trims PH debt value to P7.9 trillion QC cops nab robbery gang leader, cohort CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA View comments Japan’s Mei Yamaguchi vs Philippines’ Gina Iniong during their ONE: Immortal Pursuit bout at Singapore Stadium. INQUIRER PHOTO/Sherwin VardeleonSINGAPORE—- Gina Iniong put on a tough stand but Mei Yamaguchi just showed why she’s the top fighters in the division. Iniong had her win streak snapped as she bowed to Yamaguchi via unanimous decision in ONE: Immortal Pursuit at Singapore Stadium here. ADVERTISEMENT ONE: PH’s Corminal loses by submission to Lepont Japan ex-PM Nakasone who boosted ties with US dies at 101 Kammuri turning to super typhoon less likely but possible — Pagasa Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice Typhoon Kammuri accelerates, gains strength en route to PH
Milwaukee Bucks forward Giannis Antetokounmpo (34) ditches the ball under pressure from Toronto Raptors’ Kyle Lowry (7), Pascal Siakam (43) and Marc Gasol (33 during the first half in Game 1 of the NBA basketball playoffs Eastern Conference final in Milwaukee on Wednesday, May 15, 2019. (Frank Gunn/The Canadian Press via AP)MILWAUKEE— Down for most of the game, clearly rusty at times after nearly a full week off, the Milwaukee Bucks looked very much like a team in trouble.Until the fourth quarter.ADVERTISEMENT The team with the NBA’s best record this season found its stride at the perfect time.Brook Lopez scored 13 of his career playoff-high 29 points in the fourth quarter, Giannis Antetokounmpo added 24 points and the Bucks closed the game on a 10-0 run to beat the Toronto Raptors 108-100 in Game 1 of the Eastern Conference finals on Wednesday night.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logisticsMilwaukee forced Toronto to miss its final eight shots and outscored the Raptors 32-17 in the fourth.“I think it speaks a little bit to the character of the group,” Bucks coach Mike Budenholzer said. “They just stick with it. I think it’s become a little bit of a theme in the playoffs: I think eventually, hopefully, we feel like if we stick with what we’re doing good things will happen for us.” MOST READ “Fourth quarter killed us, 32-17,” Lowry said. “They outplayed us in that fourth quarter. They got a little bit more aggressive. They made some big shots, made some big plays. It sucks when you lose like that. But we had our chance and we’ve got to learn from it.”Lopez added 11 rebounds for the Bucks, who had three players post double-doubles. Antetokounmpo had 14 rebounds and Khris Middleton finished with 11 points and 10 rebounds for Milwaukee, which is now 9-1 in this postseason.The Bucks trailed for 37 of the game’s 48 minutes.Didn’t matter. They stayed just close enough until they could finish with a serious kick.“The way guys competed and just got after it … stands out to me,” Budenholzer said.Pascal Siakam scored 15 for Toronto, including a 3-pointer over Antetokounmpo to end the third quarter and give the Raptors a seven-point lead with 12 minutes left.It unraveled quickly from there. And now the Raptors, who came in on the high of winning a second-round Game 7 on a buzzer-beater by Leonard, have two days to regroup.“The game is over,” Toronto’s Marc Gasol said. “We got to look back at it and learn but we can’t think too much about it. You come out Game 2 and try to win. You can’t replay this one.”With the chants of Milwaukee’s motto — “Fear the deer! Fear the deer!” — bouncing throughout the building, the Bucks predictably came out flying.The flurry was brief. Don’t miss out on the latest news and information. PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss The Bucks missed seven consecutive shots, the Raptors made four 3-pointers in a span of three minutes, and that all helped become a 16-0 run by Toronto that turned an early 8-3 deficit into a 19-8 edge. The lead got as big as 13 later in the quarter on a fadeaway jumper by Leonard, and the Raptors held the lead the rest of the half.Milwaukee had a chance to take its first lead since the opening minutes when Antetokounmpo went to the line for a pair of free throws with 8:17 left in the third and the Bucks down by one. He missed both and the Raptors peeled off the next nine points to rebuild a 10-point lead again.But Toronto shot 5 for 22 in the fourth, the Bucks finally reclaimed the lead, and the Raptors’ chance to steal home-court went awry.“We gave ourselves a chance to win on the road in an Eastern Conference final,” Raptors coach Nick Nurse said. “And it didn’t turn out.”TIP-INSRaptors: Toronto is now 3-15 in Game 1s. … The Raptors fell to 8-1 in these playoffs when leading at halftime. … Lowry’s seven 3-pointers were a season high, a playoff career high and one off his career high. … Leonard, who made the already-immortal four-bounce-off-the-rim jumper to win Game 7 of the second round against Philadelphia, got a friendly bounce in the third quarter — when a jumper hit the iron three times before falling.Bucks: Oscar Robertson, part of Milwaukee’s lone NBA title team, was recognized in the first quarter and held the 1971 championship trophy — a large silver bowl atop a wooden base, not the golden Larry O’Brien Trophy of now — for the fans to see. … Antetokounmpo started super-fast with two baskets, a steal, a rebound and a blocked shot, all in the first 85 seconds. … Pearl Jam’s Jeff Ament was courtside.EXPERIENCEWith Pau Gasol injured, George Hill is the only Milwaukee player who had appeared in a conference finals game before Wednesday. The Raptors have seven players who had been in at least one previously: Leonard, Danny Green and Serge Ibaka are all in this round for the fifth time, while Lowry, Marc Gasol, Norman Powell and Patrick McCaw have also been in this round before.MR. 400 Lopez had a dunk with 2:20 left to put the Bucks ahead for good, added a 3-pointer on the next Milwaukee possession to push the lead to four and the Bucks — after trailing for the overwhelming majority of the game — did just enough in the final minutes to grab the series lead.“I think this game definitely made us better,” Antetokounmpo said.Malcolm Brogdon scored 15 and Nikola Mirotic had 13 for Milwaukee, which closed the game on a 10-0 run.“We just did a great job of sticking with what we’ve been doing all postseason long,” Lopez said.Kawhi Leonard scored 31 points and Kyle Lowry added 30 for the Raptors, who led by as many as 13 early and took an 83-76 lead into the final quarter. Lowry was 5 for 7 in the fourth — and his teammates were 0 for 15.ADVERTISEMENT ‘Rebel attack’ no cause for concern-PNP, AFP DA eyes importing ‘galunggong’ anew Catholic schools seek legislated pay hike, too Two-day strike in Bicol fails to cripple transport Leonard became the 14th player in NBA history to score 400 points in his team’s first 13 games of a postseason run. He now has 413 so far in these playoffs.UP NEXTGame 2 is Friday in Milwaukee.Sports Related Videospowered by AdSparcRead Next LATEST STORIES Ethel Booba twits Mocha over 2 toilets in one cubicle at SEA Games venue Magic Johnson, Larry Bird to get Lifetime Achievement Award Duterte wants probe of SEA Games mess Cayetano: Senate, Drilon to be blamed for SEA Games mess Private companies step in to help SEA Games hosting View comments
TagsTransfersAbout the authorPaul VegasShare the loveHave your say Real Madrid must sell to buy Tottenham star Eriksenby Paul Vegas3 days agoSend to a friendShare the loveReal Madrid must sell in January if they’re to buy Tottenham star Christian Eriksen.AS says Madrid president Florentino Perez is keen to free up the wage bill before dipping back into the transfer market for new players. Players at the top of Madrid’s departure list are Mariano Díaz, Brahim Díaz and Isco. The latter could be of interest to Spurs as manage Mauricio Pochettino has long been an admirer of the Spaniard. Their current league form may not provide an attractive proposition for the playmaker, however.
Amber BernardAPTN NewsThe Supreme Court of Canada has ruled that an Ontario truck driver should be retried for manslaughter, but not murder, in the case of Cindy Gladue, a Metis mother of three who bled to death in a motel room’s bathroom.In a 4-3 decision Friday, the high court said evidence about Gladue’s sexual history was mishandled at Bradley Barton’s trial in Edmonton that ended in an acquittal on a first-degree murder charge.Barton acknowledged that he hired Gladue for sex in 2011 and said the severe injury to her vaginal wall that caused her death was an accident during rough but consensual activity.The Crown argued that Barton intentionally wounded Gladue and was guilty of first-degree murder or, at the very least, manslaughter, because the 36-year-old woman had not consented.Barton was found not guilty by a jury that repeatedly heard references to Gladue as a “prostitute” and a “native.”The Alberta Court of Appeal set aside the acquittal and ordered a new first-degree murder trial.A majority of the Supreme Court said Barton’s new trial should be restricted to manslaughter, because procedural errors at the trial did not taint the jury’s finding. The minority said he should be retried with both manslaughter and murder as possible verdicts.Writing on behalf of the majority, Justice Michael Moldaver said the criminal justice system did not deliver on its promise to provide Gladue with the law’s full protection and “as a result, it let her down _ indeed, it let us all down.”“Her life mattered. She was valued. She was important. She was loved. Her status as an Indigenous woman who performed sex work did not change any of that in the slightest.”The 2015 trial sparked widespread public concern about how alleged victims of sexual assault, particularly Indigenous women, are portrayed in a courtroom.“They’re often perceived almost like they’re the criminal and that they have to defend themselves, and Cindy, in her death, couldn’t defend herself,” said Melanie Omeniho, president of Women of the Metis Nation, who was at the Supreme Court for the decision.It’s not uncommon for cases involving the deaths of Indigenous women to go through multiple appeals and retrials, Omeniho said, as difficult as that is for victims’ families.Also there for the ruling was Qajaq Robinson, a commissioner for the national inquiry into murdered and missing Indigenous women, which is due to report early next month.“It’s a step forward that the court has recognized that in cases of sexual assaults involving Indigenous women and girls, that there’s an obligation on courts, on judges, to be gatekeepers _ to ensure that bias, prejudice, racism and sexism do not form part of the evidence,” she said.Julie Kaye, a research adviser with the Institute for the Advancement of Aboriginal Women, said the ruling needed to go further.“The level of dehumanization that was experienced and the level of humiliation that Indigenous women throughout the country felt as a result of the way the court treated Cindy Gladue,” she said in an interview from Saskatoon. “I don’t think the decision accounts for that in the way that it needed to.”Two experts who testified at the trial for the Crown said an 11-centimetre cut in Gladue’s vaginal wall was caused by a sharp instrument. A defence expert said the injury was a laceration that resulted from blunt-force trauma.The Crown showed the jury Gladue’s preserved vaginal tissue as an exhibit in an effort to explain her injury. The extraordinary move raised complaints that it contributed to dehumanizing her.Barton, who hired Gladue for two nights of sex, testified that he put his fist in her vagina on both occasions, but on the second night she started bleeding.Barton said he woke up the next morning to find Gladue dead in the bathtub.The Supreme Court said the trial judge failed to apply provisions in the law that limit the extent to which alleged victims’ sexual histories can be discussed. The intention is to avoid an inference that, due to their history, they are more likely to have consented to the sexual activity in question or are less worthy of belief.The court said those provisions should have been followed before introducing evidence about Gladue’s sexual activity with Barton.If any of that evidence had been deemed admissible, careful instruction by the trial judge was needed to ensure the jury understood that evidence, the Supreme Court added.Barton’s lawyer, Dino Bottos, said it’s disappointing his client must return to court on a manslaughter charge, “but it’s a far, far better result than having to go back to trial on first-degree murder.”He said the retrial is set for next February.“I intend to simply have Mr. Barton tell his story once again,” Bottos said. “The jury believed him the first time. There should be no reason why a jury wouldn’t believe him a second time.”firstname.lastname@example.org@amberbernard-with files from the Canadian Press
OUR CORRESPONDENT NEW DELHI: Delhi Chief Minister Arvind Kejriwal on Sunday said that Bharat Ratna Dr Bhim Rao Ambedkar was a staunch advocate of equality and social justice. He was speaking after paying floral tributes on the occasion of 128th birth anniversary of Ambedkar in a function organized at Delhi Vidhan Sabha. Kejriwal further stated that Baba Saheb was the chief architect of the Indian constitution, which is unique in the world. Deputy CM Manish Sisodia, Delhi Assembly Speaker Ram Niwas Goel, Delhi Social Welfare Minister Rajender Pal Gautam and MLAs, were also present on this occasion. Also Read – After eight years, businessman arrested for kidnap & murderDelhi Congress president Sheila Dikshit also offered floral tribute to Bharat Ratna Dr Bhim Rao Ambedkar, at a function organized by the Delhi Pradesh Congress Committee’s SC Department. On this occasion, Delhi BJP President Manoj Tiwari said that the views being presented by the political parties these days are quite different from the views of Baba Sahab. “The purpose of Baba Sahab was not class war but social harmony, politics of coordination and right to education and social justice. He tried his best for it. Baba Sahab was so much highly educated person of his time that he could have joined service like IAS, not only this he could have secured highest post in London but he pledged to ensure justice for the last man in the queue in India itself. Tiwari said that Baba Sahab was of the view that everybody has equal rights over the opportunities available in the country. “Everybody should get equal opportunity to avail it. Baba Sahab tried his best in his entire life for it. He suffered injustice himself with his family but he worked for ensuring justice to the people,” he said.
Mumbai: Ravneet Gill, the new chief executive at Yes Bank wants to increase focus on compliance and governance two critical areas in which his predecessor Rana Kapoor was found wantingto ensure that the bank is on the side of regulator. This indicates that Gill is not only cleaning up the balancesheet which saw the fifth largest private sector lender announcing the first-ever loss of a whopping Rs 1,506 crore over the weekend, but also the governance practices, which led to the ouster of Kapoor by the regulator earlier this year. Also Read – Commercial vehicle sales to remain subdued in current fiscal: Icra Among other deficiencies, the RBI had reportedly found serious lapses in governance and poor compliance culture at Yes Bank under Kapoor who was a co-promoter and chief executive, whom Gill succeeded in March after RBI asked to leave by end January due to a regulatory discomfort. Addressing analysts hours after shocking with a Rs 1,506-crore loss in the March quarter, Gill cited a recent meeting with a large MNC to cite perception issues. Also Read – Ashok Leyland stock tanks over 5 pc as co plans to suspend production for up to 15 daysThe multinational, which banks with a foreign lender, wanted to undertake a large remittance transaction and came to Yes Bank to check if it can get the job done without the hassle of going through the RBI, something which the foreign lender insisted on. This is the perception that exists but we want to get away from that. We want to send out a very clear messaging to the market that we want to be very closely aligned with the regulator, by being on the side of the regulator and the regulator should be able to validate that, Gill said. Similarly, on governance too, he said the new leadership is very serious about confirming to the highest standards of governance and also set new industry benchmarks. Over a period of time, weve attracted lots of regulatory scrutiny which were not exactly in our best interest, he admitted reasoning the need for a cultural change at the lender. Conceding that there may be a perception issue where the market even may stop trusting the numbers put out by the bank, Gill said he wants to set in greatest transparency by moving to conservative and prudent accounting. The move to take a Rs 2,100 crore contingency provision for the March quarter, the prime reason for the maiden loss shown by the bank, is the same and not kitchen sinking, Gill said. We thought lets go and put it out there that we are setting a new course for ourselves in terms of transparency, Gill, who previously worked as the country head of German lender Deutsche Bank, said. In its communications before curtailing Kapoors term, RBI had reportedly said there is a persistent governance and compliance failure reflected by yes Bank’s highly irregular credit management practices, serious deficiencies in governance and a poor compliance culture. On the operational front, Gill rued that there is a lot of centralisation on the market approach, especially on the retail side, and said this is something he will work on to deliver better returns. The bank was very centralised from a decision- making perspective, which actually flies into the face of the logic that liabilities business has to be driven by bottom-up, he said. Gill admitted that only 30 percent of its 1,100 branches are profitable and it has initiated a branch-wise review that entails detailing key performance indicators and the business to be targeted. The aim is to make 80 percent of branches profitable by 2023 and make it 100 percent by 2025, he added. In what sounds like a departure from the extreme focus on retail under Kapoor, Gill said corporate lending will now become the calling card for the lender and the attempt is to only diversify the loan book. He also admitted that the bank lacks the needed focus on cross-selling and transaction banking, which will now be a key focus area. Explaining the same, Gill said the banks revenue at present is limited to interest income and some fees as it focuses merely on loan underwriting, but a cross-sell strategy can deliver better credit commissions, forex fees, guarantee commissions etc and can help the bank bridge the gap with its peers from a fund-cost perspective, which is adrift at high 125-150 bps now. It can be noted that many lenders, especially those focused on corporates and wanting to grow their retail play, have lately adopted a cross-selling strategy, making it seem almost like a trend. Gill said while Yes Banks retail book may be small, it has grown impressively and is one of the best in industry.
US pay TV will not decline as rapidly in the face of competition from Netflix and Amazon as some are predicting, according to a report by Strategy Analytics.According to Strategy Analytics’ Subscription Video and TV Forecast – North America report, OTT TV providers such as Netflix and Amazon will take less than a 20% market share of consumer spending in the subscription video sector by 2022.The analysts predict that overall spending on subscription video and TV in the US will peak at US$130 billion (€117 billion) in 2019, and will decline to US$125.7 billion by 2022. Annual revenue growth is predicted to fall to about 4.4% by that date.However, established pay TV firms such as Comcast and AT&T, including both legacy pay TV services and new OTT-light offshoots such as DirecTV Now, will still account for four fifths of revenues until beyond 2022.According to Strategy Analytics, both established pay TV providers and new OTT TV services will need to address a range of questions about changing consumer perceptions, including how far different consumer segments will be prepared to pay for different content packages, how important will be the availability of specific content titles and what the impact of bundling TV service with services such as home shopping, mobile and broadband will have on the sector.“There is a long way to go before the winners can be announced. The long-term transition to IP-delivered video will allow many players to benefit, but understanding consumer needs and how to meet them will be critical to any successful strategy,” said David Mercer, VP and principal analyst at Strategy Analytics.
THE Glenshane Pass has now reopened following the three vehicle crash earlier this evening.Emergency services rushed to the scene near Clady after the alarm was raised. One woman was taken to Altnagelvin Hospital for treatment to her injuries.But the injuries are not thought to to be life threatening. Diversion has been put in place but the road now has been reopened to all traffic.It is the second crash on the notorious stretch of road between Derry and Belfast. UPDATED NEWS: WOMAN TAKEN TO HOSPITAL AFTER GLENSHANE PASS CRASH was last modified: November 25th, 2016 by John2John2 Tags: On Wednesday, former Derry nun Loreto Douglas lost her life while on her way to a funeral in Newtownards, Co Down.Police have advising motorists that because of the conditions to slow down taken care on the roads because of the icy conditions. ShareTweet UPDATED NEWS: WOMAN TAKEN TO HOSPITAL AFTER GLENSHANE PASS CRASH