Rio declares financial 'calamity' ahead of Olympic Games

June 18, 2016

Rio De Janeiro, Jun 18: Rio state authorities have declared a "state of public calamity" over a major budget crisis in order to release emergency funds to finance the Olympic Games due to begin in August.

rioThe decree authorises the state to "adopt all necessary emergency measures to ration essential public services in order for the Rio 2016 Olympic Games and Paralympic Games to take place."

"Any institutional instability would hurt the country's image," the decree said yesterday, signed by acting governor Francisco Dornelles.

The August 5-21 Olympics and September 7-18 Paralympics in Rio de Janeiro will be the first to be held in South America.

The events pose "serious difficulties in delivering essential public services and could even cause a collapse in public safety, health, education, transportation and environmental management," the decree said.

Rio de Janeiro state is in financial straits due to the fall in global oil prices, while Brazil overall is floundering through a deep recession.

Police, teachers and other government workers in Rio state have seen paychecks delayed because of the cash crunch. Retirees have protested because of unpaid pensions.

Brazil's economy shrank 3.8 per cent last year, its worst recession in 25 years. The International Monetary Fund and the market are predicting a similar contraction this year.

Amnesty International expressed concern at the cuts to social services, which could affect the training of security agents to work in the crime-ridden slums known as favelas.

The decision to cut services and security ahead of the Olympic Games "is not only a shock but is also incredibly worrying, especially given the bad history of police killings and murders," Amnesty's Brazil director, Atila Roque, said in a statement.

Rio's state budget shows a USD 5.6 billion shortfall for 2016. Royalties from oil - the state's main revenue-earner - are projected to collapse from USD 3.5 billion in 2014 to just USD 1 billion this year.

Dornelles has called the situation in his state "tragic."

He urged the national government to step up, and pressed authorities to look at what public assets could be sold off to raise cash.

After much pleading, Rio received nearly USD 300 million from the federal coffers to extend its metro network to link the main Olympic zone of Barra da Tijuca with the chic Ipanema district. But the federal budget is in no better shape.

Brazil's primary fiscal deficit is forecast to be around USD 47 billion. And the government is confronted with double- digit inflation, unemployment at a record 11 per cent.

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Agencies
March 14,2020

Sydney, Mar 14: New Zealand pacer Lockie Ferguson has been placed under 24-hour isolation amid the fears of coronavirus after he reported a sore throat following the first ODI of the ongoing three-match series against Australia in Sydney Cricket Ground (SCG) which the hosts won by 71 runs.

"In accordance with recommended health protocols, Lockie Ferguson has been placed in isolation at the team hotel for the next 24 hours after reporting a sore throat at the end of the first ODI," said New Zealand Cricket in a statement.

"Once the test results are received and diagnosed, his return to the team can be determined," it added.

The first ODI of the Chappell-Hadlee series was played in front of empty stands as the spectators were not allowed to be at SCG as a precautionary measure to contain the spread of coronavirus pandemic.

Earlier, Australian fast bowler, Kane Richardson was also tested for the coronavirus, after suffering from a sore throat on Thursday. That saw him left out of the squad for Friday's game but the test was negative.

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News Network
May 12,2020

New Delhi, May 12: Virat Kohli's natural talent makes him a cricketing equivalent of Roger Federer while Steve Smith's mental fortitude matches that of Rafael Nadal, said South African swashbuckler AB de Villiers comparing the two contemporary greats.

In an instagram chat with former Zimbabwe seamer Pommie Mbangwa, de Villiers spoke about the two batsmen, who are easily the game's biggest crowd-pullers right now.

"It's a difficult one, but Virat is definitely the more natural ball-striker, there's no doubt about that," de Villiers said during his interaction on 'Sports Hurricane'.

"In tennis terms, I'd say he's more like a (Roger) Federer whereas Smith is like a (Rafael) Nadal. Smith is mentally very strong and figures out a way of scoring runs - he doesn't look natural, but he ends up writing records and doing amazing things at the crease.

"I think mentally, Smith is one of the best I have ever seen. Virat has also scored runs all over the world and won games under pressure," de Villiers,himself a modern day great, said.

De Villiers also felt that when it comes to chasing, Kohli is a shade ahead of Tendulkar.

"Sachin is a role model for both of us (him and Kohli). The way he stood out in his era, the things he achieved and with the grace he did all that is a great example for everyone," de Villiers said.

"And I think Virat will also say that he set the standards for us to follow.

"But personally, in a chase, I'd say Virat is the best I've seen in my life. Sachin was amazing in all formats and all situations, but Virat comes out on top while chasing."

The world knows Kohli as a prolific cricketer but for de Villiers, he is a friend, who has interests beyond cricket and is spiritual at one level.

"He's much deeper than just a cricket player...I think most people realise after a while that there's more to life than just cricket," de Villiers said.

"...Virat's always been a thinker, he experiments (with) a lot of things, he loves trying new things out - gym wise, what he puts in his mouth. He thinks a lot about life after life - what's to come, the different religions, we talk about everything."

De Villiers said that he also shares a great bond with Indian captain's actor wife Anushka Sharma, conversing on a lot of issues including family life.

"We go pretty deep and his missus as well, Anushka, we have very deep conversations, which is fantastic. We talk about children and family. We're waiting for that first little Kohli to come.

"It's a good friendship and we always find a way to talk about cricket as well, but 90 per cent of the time we talk about other stuff. It's refreshing and in the middle of a very intense IPL tournament," he shared.

IPL, for de Villiers, is not just a tournament but also about friendships that he cherishes.

"Obviously, when it comes to the IPL in India, it's been more than friendship," De Villiers said, when asked who his best friends in cricket are.

"Virat obviously - not only during the IPL, we chat throughout the year, which means it's different than just the IPL or cricketing friendship.

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News Network
February 5,2020

New Delhi, Feb 5: IPL franchise Kolkata Knight Riders (KKR) has denied any financial dealings with the controversial Rose Valley Group except for it being a sponsor of the side's official jerseys in 2012 and 2013.

KKR issued the clarification after the Enforcement Directorate (ED) attached Rose Valley's assets worth over Rs 70 crore on Monday. The attached assets include Rs 11.87 crore bank deposits of Knight Riders Sports Pvt Ltd, that owns KKR, in connection with a money laundering probe.

The franchise said it hopes for the matter to be resolved expeditiously.

"Rose Valley Hotels was one of KKR's IPL jersey sponsors for IPL seasons 2012 and 2013. Rose Valley had paid KKR an approx. amount of Rs 11.87 crore as sponsorship fees," KKR CEO Venky Mysore said in a statement.

"KKR had no other dealings with the Rose Valley Group including Rose Valley’s micro finance business," he added.

The statement added that in July last year, KRSPL (Knight Riders Sports Pvt Ltd), received a "witness summon" from the ED in connection with an investigation relating to the Rose Valley Group, particularly its micro finance business.

"The ED continues the investigation of Rose Valley. KKR continues to cooperate with the authorities in all respects," Mysore said.

"As part of the investigative process, sometime in October 2019, the ED placed a lien on the said amount earlier paid by Rose Valley to KKR," he asserted.

The directors of KRSPL include Shah Rukh Khan's wife Gauri Khan, actor Juhi Chawla's husband Jay Mehta, Mysore and two others.

Mysore was questioned in this case by ED's Kolkata office in October last year.

Apart from KRSPL, the ED attached properties of two other entities -- Multiple Resorts Pvt. Ltd. and Kolkata's St Xavier's College on Monday.

The ED registered an FIR against the Rose Valley group, its chairman Gautam Kundu and others under the Prevention of Money Laundering Act in 2014.

Kundu was arrested by the agency in Kolkata in 2015 and is in judicial custody at present.

The ED has filed multiple charge sheets in Kolkata and Bhubaneswar courts in this connection and total attachments are now worth Rs 4,750 crore.

The group has been charged by the ED and the CBI with "illegally and fraudulently collecting deposits from public with the intention to cheat them by falsely promising high returns on their investment", thereby perpetrating a ponzi-like fraud.

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