Novak Djokovic & Roger Federer win in Paris
Novak Djokovic brushed aside Blaz Kavcic of Slovenia 6-0 6-4 6-4 in the second round of the French Open.
The top seed, aiming to be the first man since Rod Laver in 1969 to hold all four major trophies, will next play Nicolas Devilder or Michael Berrer.
Roger Federer , seeded three, beat Adrian Ungur 6-3 6-2 6-7 (6-8) 6-3 for a record 234th victory in Grand Slams.
Jo-Wilfried Tsonga and Cedrik-Marcel Stebe were a set and one game all when heavy rain ended play for the day.
Djokovic began in blistering fashion, racing through the first set in 23 minutes without dropping a game.
The second took more than twice that, with Kavcic finally getting on the board in game eight and collecting the next two games as well.
Kavcic, ranked 99th, had the crowd on his side and was going toe-to-toe with Djokovic from the baseline.
But he wasted a chance to move 4-1 lead ahead, and Djokovic punished him to level at 4-4 before striking again to seal the set.
Kavcic refused to roll over after saving a break point in game six of the third set, a stunning forehand pass gave him 0-30 in game seven.
However, Djokovic responded aggressively and the pressure told in game 10 when Kavcic put a backhand long on the fourth match point.
Federer , the 2009 champion, was in complete control against Romanian Ungur until midway through the third set.
World number 92 Ungur had two break points in the sixth game and then two set points at 5-4.
Federer saved them and then went 6-4 ahead in the tie-break that followed.
However the 16-time Grand Slam winner's immaculate timing briefly deserted him and a netted backhand gave Ungur a fourth successive point and the set.
Federer needed to save two break points in the opening game of the fourth set but soon closed out victory in two hours and 27 minutes.
"Instead of being aggressive I let him show me what he could do," the 30-year-old said of the two squandered matchpoints. "He played two beautiful shots and he played very well."
Next up for the Swiss maestro will be a third-round match against either Slovakian Martin Klizan or Frenchman Nicolas Mahut.
Seventh seed Thomas Berdych , who reached the semi-finals in 2010, hit eight aces and 42 winners to defeat Frenchman Michael Llodra 6-2 6-3 6-3 in an hour and 41 minutes.
The 26-year-old from the Czech Republic plays South African Kevin Anderson in round three, the 31st seed eliminating Horacio Zeballos of Argentina 6-3 3-6 6-3 6-0.
In the doubles event Britain's Dominic Inglot partnered Treat Conrad Huey of the Philippines to a 7-5 6-2 victory over American duo Michael Russell and Donald Young.
However, Britain's Jonathan Marray and German Dustin Brown lost to Juan Sebastian Cabal and Robert Farah, while Jamie Murray and Australian Carsten Ball were beaten by Yen-hsun Lu of Taiwan and Japan's Go Soeda.
Usain Bolt plays down Justin Gatlin's London 2012 chances
Usain Bolt has dismissed suggestions former Olympic champion Justin Gatlin will provide the biggest challenge for his 100m crown at London 2012.
Gatlin, who won 2004 gold in Athens before a four-year drugs ban, clocked 9.87 seconds in Doha two weeks ago.
"I don't want to sound rude, but Gatlin's had his chance," said Bolt. "He's been on top, but to say 'get ready for the Gatlin show' is funny.
"He has a few guys to get past before he should be worried about me."
World indoor champion Gatlin staked his claim as a contender for the Olympic 100m with victory in Doha's Diamond League meeting on 11 May.
The 30-year-old aims to book his place at London when he runs in the United States team trials in Portland next month.
But Bolt, who won 100m gold in Beijing four years ago, believes American Tyson Gay and current World Championship title holder Yohan Blake will provide sterner challenges than Gatlin.
Meanwhile, the Jamaican sprinter has pledged to bounce back at Thursday's Diamond League meeting in Rome after his disappointing time in Ostrava last week.
He clocked 10.04s in last Friday's 100m and afterwards blamed a lack of sleep and food.
He said: "I explained to my coach that my legs were not feeling that energetic, probably through a lack of sleep and not enough food.
"I've been trying to get a lot more sleep and eating better."
Bolt's time in Ostrava was the first time since 2009 in Toronto that the Jamaican has failed to break 10 seconds in a final.
However, the triple Olympic champion was in relaxed mood ahead of this week's meeting in Rome and admitted he does not feel under pressure to perform in every race.
He said: "You never have a good race every time you run. You have to just put that behind you and move on. It's not a worry. I have a lot more races and the main one is at the Olympics.
"I have set a high standard for myself so I know people like to see me run fast.
"I can't look at it as pressure. People expect you to do certain things - I know I will have my bad races but I have to stay strong and focused."
Bolt will face fellow countryman and former world-record holder Asafa Powell, France's European champion Christophe Lemaitre and veteran Kim Collins in the 100m on Thursday.
Britain's world 400m hurdles champion Dai Greene faces a tough test in Rome, with American Bershawn Jackson among those keen for revenge after the Welshman's victory in Daegu last year.
There is British interest in the men's long jump with both Greg Rutherford - who set a world Long Jump lead of 8.35m in California at the beginning of May - and Chris Tomlinson in action, while Andrew Osagie and Michael Rimmer go in the 800m.
Agnieszka Radwanska ousts Venus Williams
Former world number one Venus Williams followed her sister Serena out of the French Open, losing 6-2 6-3 to third seed Agnieszka Radwanska in round two.
Unseeded Venus, the seven-time Grand Slam winner now ranked 53 following illness, was beaten in exactly an hour.
Top seed Victoria Azarenka eased through with a 6-1 6-1 victory over Germany's Dinah Pfizenmaier.
Eighth seed Marion Bartoli served 14 double faults as she surprisingly lost 6-2 3-6 6-3 to Croatia's Petra Martic.
Venus, who began the year at 134 in the world rankings after being diagnosed with Sjogren's Syndrome, a fatigue-inducing autoimmune disease, has never won the French Open. Her best effort came in 2002 when she lost in the final to her sister.
The 31-year-old was never able to trouble Radwanska on Court Phillipe Chartrier, the scene of Serena's shock three-set defeat against Virginie Razzano 24 hours earlier.
She lost her opening service game and Radwanska, who has won three titles this year, secured the first set with an ace after 28 minutes.
The 23-year-old Polish player, who has yet to progress beyond the quarter-final stage in a Grand Slam event, combined outstanding fitness with some flawless strokeplay.
In the next round she will play 2009 champion Svetlana Kuznetsova , who needed a second set tie-break to overcome Yung-Jan Chan in an hour and 41 minutes.
US Open winner Sam Stosur beat American Irina Falconi 6-1 6-4 and next faces 27th seed Nadia Petrova of Russia.
Stosur, who lost the 2010 French Open final to Francesca Schiavone, has dropped only nine games in her first two matches this year.
The 28-year-old Australian again looked comfortable against Falconi, ranked 112, who was appearing in the second round for the first time.
Azarenka, who lost the first set and was a point away from a 5-0 deficit in the second against world number 105 Alberta Brianti in the opening round, needed only 55 minutes to dispatch Pfizenmaier, who is currently ranked 198th.
The Belarusian is seeking to become the first woman since Jennifer Capriati in 2001 to win the first two Grand Slams of the season, having won the Australian Open in January.
She lost the first game but proceeded to win the next 11 in succession against her 20-year-old opponent, who made 29 unforced errors.
In round three Azarenka will play Aleksandra Wozniak of Canada, who beat 31st seed Zheng Jie of China 6-2 6-4.
Bartoli, a semi-finalist last year, came from a break down in the second set to level at one set apiece against world number 50 Martic but never looked comfortable under threatening skies on Court Suzanne Lenglen.
Martic, 21, served an ace on her second match point to complete victory in two hours and 12 minutes, setting up a third-round meeting with 29th seed Anabel Medina Garrigues of Spain.
Fifteenth seed Dominika Cibulkova of Slovakia quickly advanced with a 6-0 6-2 victory over American Vania King.
Cibulkova will meet Maria Jose Martinez Sanchez for a place in the last 16 after the Spaniard beat 20th seed Lucie Safarova of the Czech Republic 6-4 7-5.
Italian Sara Errani, the 21st seed, beat Melanie Oudin of the USA 6-2 6-3 and now plays the 2008 champion Ana Ivanovic , this year's 13th seed, who beat Shahar Peer of Israel 6-2 6-2.
Former world number one Ivanovic, 24, has failed to reach the quarter-finals at Roland Garros in the last three years.
She has a favourable-looking draw through to the last eight this time, where she could face Radwanska.
Gayle not ruling out return for third Test
Estranged West Indies batsman Chris Gayle has not ruled out making himself available for the third Test of West Indies’ ill-fated tour of England but says a meeting with the West Indies Cricket Board on Sunday will take priority. The former Windies captain will sit down with WICB officials, Antigua’s Prime Minister Baldwin Spencer and St Vincent Prime Minister Ralph Gonsalves in St Vincent to discuss “residual matters”, relating to the solution that was brokered last month which paved the way for the player’s return to the team. At the same time, speculation has been rife that Gayle could fly out to join the struggling side that has lost both Tests of the series and is currently in disarray especially with a novice top order. “I don’t know if I’ll eventually get that call [from the selectors] but I have to meet with the Board first on the third [of June] and the Test match starts on the seventh so I don’t how that would work,” Gayle said on Tuesday.
“We would have to meet and then [I would have to] jump on a plane. I don’t know how beneficial that would be for the team to actually be arriving a day before the Test match.” He added: “But as I said, I am a sportsman and I am always ready physically and mentally for the occasion.” Gayle had indicated his unavailability for the Test phase of the England tour, preferring to play the full Indian Premier League for Royal Challengers Bangalore. However, his IPL campaign ended early after Royal Challengers failed to reach the playoffs, and it sparked fresh discussion over his involvement in the ongoing Test series. Gayle, who has not played a Test in 18 months because of his protracted squabble with the WICB, said since the IPL he had been keeping himself fit. “You’ve got to prepare. You never know what will happen. You have to be prepared for the unexpected at times,” the 32-year-old Jamaican said. “As a sportsman, you definitely need to keep yourself in shape and make sure you are ready [because] you can be called on at the last minute.”
While the agenda of Sunday’s meeting has not been disclosed, among the “residual matters” is expected to be Gayle’s role in a multi-million dollar West Indies Players Association lawsuit against the WICB, relating to the issuing of No Objection Certificates. In correspondence to Gayle last month, the WICB raised concerns about the lawsuit and Gayle’s continued participation in the litigation process especially since he was making himself available for selection. At the time, Gayle said he could not “possibly contemplate withdrawing unilaterally from proceedings”, contending that such a move would affect all West Indies players. The left-handed opener Gayle said the meeting with the Board was critical in moving forward with his international career. “It’s nothing really to do with the cricket, to be honest with you,” Gayle said of the meeting. “It’s other issues to actually deal with at this particular time which the Board needs to iron out. We’ll see how best we can work that out and see what comes out of it. “Hopefully [I] can be clear and have [my] mind free of all these ongoing issues and play some cricket and have fun.” Gayle is the region’s most experienced opener with 6373 runs from 91 Tests at an average of 41. He is one of only four players in Test history with two triple centuries.
CMC
Eurozone: ECB says no countries ready to join
The European Central Bank (ECB) has said that none of the eight countries that are supposed to join the euro are ready yet.
The verdict comes amid growing fears over the future of the currency itself amid the worst crisis it has faced.
It said Bulgaria, the Czech Republic, Latvia, Lithuania, Hungary, Poland, Romania and Sweden are not yet ready to join the 17 nations that use the euro.
The ECB is obliged to report on their progress at least once every two years.
Of the 10 countries in the European Union that are not in the eurozone, only the UK and Denmark have opt-outs from joining the currency. The rest are supposed to join at some point.
The ECB assesses its convergence criteria based on inflation, deficits, exchange rates, long-term interest rates and legal compliance with the eurosystem of central banks.
"In none of the eight countries examined, the legal framework is fully compatible with all requirements for the adoption of the euro," the ECB said.
Criteria met?
However, in some of the criteria, the eight countries are doing better than the countries already in the euro.
For example, all the countries under review in 2011 had a debt-to-GDP ratio below the 60% eurozone limit, apart from Hungary.
Inside the euro currently, Greece's debt-to-GDP ratio last year was 165.3% last year whereas Italy, Ireland and Portugal were all above 100%.
All those countries - except for Italy - have been bailed out by the EU and IMF.
Ireland was also excluded from a comparison measure because its government bonds "are currently not an appropriate benchmark for assessing progress towards economic convergence, given the high country-specific risk premia prevailing in financial markets".
With elections due in Greece and and an ailing banking sector in Spain, many are worried that Greece will be forced to leave the euro and Spain will need an enormous bailout.
Facebook shares dip below $29 to new low
Facebook shares have dipped below $29 for the first time since their flotation to a new low.
The shares were launched at $38 less than two weeks ago during its high-profile flotation, which valued the firm at $104bn (£66bn).
Since then, Facebook's shares have lost almost a quarter of their value.
Russia's biggest social network, VKontakte, has now postponed its stock market launch, fearing a repeat of Facebook's problems.
"The IPO of FB [Facebook] destroyed the faith of many private investors in social networks," said chief executive Pavel Durov in a message posted on Twitter.
Facebook shares closed down 9.6% to $28.82, just above its low of $28.78.
One reason for the fall in shares since its initial public offering (IPO) is that Tuesday was the first day that options on Facebook stock began trading.
Options are a form of derivative, that allow bets on the future direction of the stock. It appears that most investors are betting Facebook shares will head lower.
"Facebook's stock market debut is already going down as one of the most troubled of recent years," says BBC technology correspondent Rory Cellan-Jones.
The situation is a remarkable turnaround from recent weeks, when the eight-year-old firm's share sale was over-subscribed.
Lawsuits
The social networking site has transformed the way in which hundreds of millions of people around the world communicate. It is also transforming the way companies advertise to existing and potential customers.
But Facebook's 900 million users helped the company generate just $1bn in profit last year, and there are concerns about its ability to increase profits in the future.
The flotation was disrupted on its first day of trading by technical glitches on the Nasdaq stock exchange. The share price has since slumped amid worries that the company was over-valued by advisers marketing the float.
Now, a group of investors has issued a class-action lawsuit alleging that Facebook revenues were revised down because of a surge in the number of people using mobile devices for apps and connection to websites.
The suit targets Facebook, its founder Mark Zuckerberg and the banks behind the flotation, including lead underwriter Morgan Stanley.
The share sale in New York raised $16bn for Facebook.
Recent reports suggested that Facebook is to launch its own smartphone by next year.
European Commission suggests bank bailouts
The European Commission has proposed that money set aside for helping governments should be used to bail out ailing banks directly.
The commission also pushed for more integration through a euro-wide "banking union" and a single deposit protection scheme to protect savers.
"Flexibility and speed are of the essence," its head Jose Manuel Barroso said.
The call comes as fears over the health of Spanish banks have shaken markets.
Bankia, Spain's fourth largest bank, has asked for another 19bn euros recently from Madrid, which itself is struggling to get spending under control to meet its deficit targets.
"To sever the link between banks and the sovereigns, direct recapitalisation... might be envisaged," the commission said.
The commission's comments are part of its analysis of Europe's response to the debt crisis. "The economic situation in the euro area deteriorated significantly over the last year," the commission said.
"Growth differences among the euro area member states are expected to persist."
'Banking union'
But it said that the crisis should not stop banks from becoming more linked across Europe.
The crisis has slowed the financial integration process and ambitious steps to accelerate and deepen financial integration may be needed."
The money for bailouts to banks would come via the European Stability Mechanism, the eurozone's permanent bailout fund, which becomes operational from July.
But the ESM is currently designed only to lend to ailing governments.
It added: "A closer integration among the euro area countries in supervisory structures and practices, in cross-border crisis management and burden sharing, towards a 'banking union' would be an important complement to the current structure of EMU."
The commission also seemed to back the idea of eurobonds, which would be debt jointly issued by all 17 countries in the eurozone.
"Budgetary discipline and solidarity in the euro area could also be fostered by the common issuance of sovereign debt instruments," it said.
"Creating a new market segment based on common issuance would address the current shortage of investor demand for the sovereign bonds of many euro-area member states."
The commission is consulting on project bonds - issued by the commission and the European Investment Bank - that would be invested in infrastructure.
Premier League club wages climb to new highs
The proportion of income that Premier League clubs spend on wages hit a new high in the 2010-11 season, says a Deloitte report into football finance.
Clubs in England's top football league paid some 70% of their income on salaries for the first time.
Manchester United, who won the league that year, spent 46% of revenue on pay, but Manchester City spent 114%.
The Deloitte report says that control of wages "continues to be football's greatest commercial challenge".
Its 21st Annual Review of Football Finance also says that pay discipline is needed "in order to deliver robust and sustainable businesses".
Cutting debts
Total wages across the Premier League rose by £201m (14%), equivalent to more than 80% of the £241m increase in club revenues that season, to give a final salary bill of £1.6bn.
Chelsea once again had the highest wage bill, at £191m.
The overall wages increase was driven by the clubs that finished in the top six positions in 2010-11, as well as Aston Villa. Between them they accounted for £145m of the total increase in pay.
However, clubs in the top league did manage to reduced average net debt by £351m, or 13%, to £2.4bn by the summer of 2011.
This was the lowest level since 2006, and largely due to significant debt reductions by Manchester United and Liverpool.
Revenue success
The Deloitte report also shows the huge growth in revenues since the Premier League was created two decades ago.
Premier League clubs' combined revenue reached a record £2.27bn in 2010-11.
In the same season, the 92 Premier and Football League clubs' combined revenues were £2.9bn, with average Premier League club revenues having risen to £114m.
"There is little doubt that the league is a tremendous success in revenue terms," said Deloitte.
Average attendances were close to 35,000 in the Premier League in 2011-12, with more than 90% of seats sold.
However, the growth in revenues has been accompanied by rising costs, especially players' wages.
"The Premier League's key wages to revenue ration, which had stood at around 60% for most of the 2000s, has risen sharply in recent seasons to exceed 70% for the first time," said the report's author, Dan Jones.
"With broadcasting revenues likely to deliver limited growth in advance of the next Premier League deal commencing in 2013-14, the focus will be on the clubs themselves to grow revenue in areas directly under their control."
As a result of tougher economic conditions in the UK economy, Premier League clubs' match day revenues have now remained broadly constant for five seasons.
Deloitte adds that "the overall environment remains challenging" despite some recent big commercial deals by Manchester City and Liverpool.
Outside of the top flight, Deloitte says that for many years the second tier of English football, the Championship, has struggled financially.
This is due to a combination of clubs adjusting to the impact of relegation from the Premier League, and others attempting to to achieve promotion, often taking financial gambles to try and get to the top flight.
It means that the Championship has delivered six seasons of increasing losses.
The Football League and Championship clubs have agreed to financial fair play rules, which seek to achieve a better balance between revenue and costs.
"We hope introduction of the regulations is the catalyst for a long awaited improvement in financial balance," said Deloitte.
PREMIER LEAGUE FINANCES 2010-11
- Revenues of 2.5bn euros, 769m euros ahead of second highest revenue earning league, the Bundesliga
- Total operating profits of 75m euros, second behind the Bundesliga's 171m euros
- Total revenues up by 12%
- Matchday revenues up by 4%
- Broadcasting revenue up by 13% and commercial revenues up by 18%
- Majority of increase in commercial revenues down to Man Utd, Man City and Liverpool
- Record loss of £82m at Man City
- Man Utd generated operating profit greater than £100m for first time
- Pre-tax losses of £380m, with only eight clubs recording a pre-tax profit
Source: Deloitte
Big five
From 2013-14 season Premier League clubs looking to participate in Uefa competitions will need to complete with its financial fair play rules.
Deloitte says a combination of fair play rules and straitened economic times, which are limiting revenue growth, may see a majority of top flight clubs reporting operating losses rather than profits.
And it says that with funding sources becoming more constrained it may "finally bring about a change in behaviour".
Meanwhile, on the wider European picture, of the "big five" leagues - England, Germany, Italy, Spain and France - all but Ligue 1 in France saw growth.
Total collective revenues for the five leagues rose by 2% to 8.6bn euros.
Outside the big five, in Scotland the big two, Celtic and Rangers, accounted for 67% of Scottish Premier League clubs' total revenues.
TOP PREMIER LEAGUE WAGE BILLS 2010-11
- Chelsea - £191m (up from £174m in 2009-10)
- Manchester City - £174m (£133m)
- Manchester United - £153m (£132m)
- Liverpool - £135m (£121m)
- Arsenal - £124m (£111m)
Source: Deloitte
Graff delays $1bn Hong Kong listing as market declines
Graff Diamonds has delayed its $1bn (£646m) share sale in Hong Kong citing adverse market conditions.
The firm was in the process of meeting investors and was expected to end its share offer later this week. It was set to be the biggest in Asia this year.
However, Hong Kong's main stock index, the Hang Seng, has been under pressure and is down 11% over the past month.
Investors have become increasingly cautious amid continuing concerns about the state of the global economy.
On Thursday, the Hang Seng index dropped by 1.6% to 18,390.48 in early trading.
Graff is the third company in the past week to pull its listing from the Hong Kong stock exchange.
China Nonferrous Mining, a copper producer, also delayed its planned $313m listing on Wednesday. China Yongda Automobiles Services pulled its $434m sale on Monday.
Earlier this week, Graff's chief executive Francois Graff said that there was a lot of interest in the company's share listing.
"We are building the book everyday, we have tremendous interest in the company across the board, we are very happy," he said.
Graff has been building its business in Asia and has stores in cities including Hong Kong, Shanghai, Taipei, Beijing and Tokyo. It is planning to open further outlets in Hangzhou and Macau later this year.
The London-based jeweller was founded in 1960, and its clients have included Imelda Marcus, Oprah Winfrey and the Sultan of Brunei.
New Killings in Syira; US Hints at Bypassing UN
United Nations observers in Syria have raised new allegations of execution-style killings with the discovery of 13 bound corpses as the United States hinted that continued slaughter in the violence-torn country could prompt outside military intervention.
The latest atrocity took place in northeastern Deir el-Zour province, where the bodies were found late Tuesday blindfolded with their hands tied behind their backs. A statement by the U.N. mission said some of the dead appeared to have been shot in the head from close range.
U.N. observer chief Robert Mood said he is “deeply disturbed by this appalling and inexcusable act.”
Speaking after news of the executions had broken, the U.S. ambassador to the United Nations described the most likely scenario if international envoy Kofi Annan's peace plan completely collapses and total civil war ensues. Susan Rice said a coalition of nations may be forced to take action “outside of the Annan plan and the authority of [the Security] Council,” a clear hint of military intervention.
Thus far, Washington and its allies have rejected the use of force and said they would not arm anti-government fighters.
International outrage about developments in Syria has mounted since more than 100 civilians – nearly half of them children – were massacred in the Syrian town of Houla last week, prompting the U.S. and other western nations to expel Syrian diplomats in protest.
Earlier Wednesday, Germany's ambassador to the U.N., Peter Wittig, urged the Council to consider a resolution that would punish “spoilers” of the Annan plan in what would be the first global sanctions applied in Syria.
The British and French envoys also spoke of the need to intensify pressure on Syrian President Bashar al-Assad's government.
But Russian Ambassador Vitaly Churkin said Moscow, which holds a veto on the Security Council, opposes the idea of ratcheting up pressure on Damascus in the form of U.N. sanctions. He said he agreed the Syrian crisis is deteriorating but blamed all antagonists, saying “we are not one-sided.”
The U.S. Treasury announced Wednesday it will freeze the assets of the Syrian International Islamic Bank to tighten economic pressure on the Syrian government.
Mr. Annan left Syria Wednesday for talks with
Jordanian officials. A U.N. official said the international envoy did not secure any major steps from the Syrian government to implement his faltering peace plan.
Japan and Turkey Wednesday joined nine nations that announced the expulsions of Syrian diplomats the day before: the U.S., Australia, Britain, Canada, France, Germany, Italy, the Netherlands and Spain.
In Beijing, foreign ministry spokesman Liu Weimin said China opposes regime change by force in Syria. He also said he is not aware of any Chinese move to expel or disrupt the work of Syrian diplomats in the country.
Mr. Annan's plan calls on the Syrian government to withdraw heavy weapons from civilian areas and abide by a truce with rebels. But attacks by both sides have continued.
Syrian activists said fighting between government and rebel forces on Wednesday killed at least nine people, five of them in the Damascus suburb of Douma. They said government troops shelled Douma and the central city of Homs, also an opposition stronghold. The casualties could not be independently confirmed.
Diplomats in Geneva said the U.N. Human Rights Council plans to hold an emergency meeting on Friday to discuss the Houla massacre.