EU calls for IMF to boost its war chest
European leaders said they believed the €200bn increase in their fiscal rescue fund agreed on Friday would be enough to persuade non-eurozone countries that Europeans had "done our homework" and lead them to supplement eurozone efforts by building their own global firewall against contagion.
François Baroin, the French finance minister, said after two days of meetings here with his European counterparts that "Europe has done its part", suggesting it was now up to other large global economies to contribute to an enlarged International Monetary Fund war chest.
Wolfgang Schäuble, the German finance minister, said he wanted to put an end to speculation that the fund would be increased any further, adding that the eurozone has "now given our contribution" and had lived up to its "global responsibility."
"There is no sum with which you can convince financial markets," Mr Schäuble said, referring to the size of the eurozone firewall. "You can only be convincing with structural measures,"
Christine Lagarde, the IMF chief, has sought an additional $500bn for the IMF as a back-up to the eurozone's two rescue funds, which now have a combined ceiling of €700bn. But US and IMF leaders have cautioned that their support for such an increase was contingent on a significant increase in the eurozone funds.
Although the US has said it would not contribute to the new IMF firewall, its support is crucial as the largest IMF shareholder.
US and IMF officials welcomed the eurozone decision, but were cautious about predicting whether it would lead to a commensurate effort by Group of 20 leading economies when they gather in Washington next month for the IMF's spring meetings.
"Today's announcement by the eurogroup reinforces a trajectory of positive efforts to strengthen confidence in the euro area," said US Treasury spokeswoman Natalie Wyeth. "Over the last several months, European leaders have made significant progress in addressing the crisis."
The decision taken on Friday was the least ambitious of three options laid out by the European Commission, which included alternatives to raise the ceiling to as much as €940bn. European Union officials have warned such a minimalist approach may fail to "unlock" funding from non-European G20 countries.
In a statement, Ms Lagarde said the increase to €700bn will "support the IMF's efforts to increase its available resources for the benefit of all our members," and eurozone leaders said they believed the move was enough to get non-eurozone support.
"I think now the Europeans can travel to the spring meeting of the [World] Bank and the fund in Washington having done our homework on European firewalls and this can then be complimented by the global firewalls of the IMF resources," said Jörg Asmussen, a member of the executive board of the European Central Bank.
Olli Rehn, the European Commission's top economic official, noted that eurozone countries had already committed to lending €150bn to the IMF firewall. Although he had advocated a bigger increase, Mr Rehn said he was "satisfied" with the decision and said it should enable G20 countries, including some of the rapidly-developing Bric economies, to participate in the IMF fundraising.
"I trust that today's decision will pave the way for an increase of the IMF resources by the IMF spring meetings next month, in mid-April," he said.
© The Financial Times
Burma’s Polls Open for Parliamentary Elections
Voters in Burma have begun casting ballots in parliamentary elections seen as a crucial test of the country's democratic reform progress.
Candidates in Sunday polls are vying for 45 seats in the 664-seat parliament in the first by-elections since the new nominally civilian government took office in March of last year.
Main opposition leader Aung San Suu Kyi, who heads the National League for Democracy, is running for the first time since 1990 when her party won a landslide victory in general elections. At the time, the military leaders refused to relinquish power and kept her in some form of detention for most of the next 20 years.
The National League for Democracy is contesting 44 seats. The group boycotted the 2010 elections, the first after two decades in Burma, because their iconic leader and Nobel Laureate was not permitted to run.
Aung San Suu Kyi was released from house arrest shortly after the November 2010 elections and got actively engaged in the political process. She is widely expected to win because of her popularity.
Whatever the outcome, the by-elections will not give the opposition enough parliamentary power to achieve its goal of revising the constitution, which secures overwhelming power for the military.
Aung San Suu Kyi has said she does not expect Burma's election to be fair, but said it is still significant.
For the first time, the government has invited a small number of foreign observers and journalists to witness the elections.
The official results are expected about a week after polling.
Djokovic to face Murray in Miami final
World No.1 Novak Djokovic will play Britain's Andy Murray in the final of the Masters 1000 tournament in Miami on Sunday.
The Serb beat Juan Monaco of Argentina 6-0 7-6 (7-5) on Friday to set up a showdown with the Scot who he beat in a marathon five-setter at the Australian Open semifinal in Melbourne at the beginning of the year.
Djokovic lost just eight points in a first set whitewash before Monaco rallied in the second.
But the Serb, who is defending the title he won 12 months ago, wrapped up the match with his second match point in the tie-break.
Murray went through to the final after his semifinal opponent Rafael Nadal withdrew before the start of their match.
World No.2 Nadal is struggling with the knee injury he picked up Wednesday's quarterfinal win over Jo-Wilfred Tonga, where he was taken to three hard-fought sets.
"We are disappointed that Rafa has been forced to withdraw from the tournament but the health of the players always needs to be the number one priority," tournament director Adam Barrett told the official website.
It is the second walkover of the week for fourth-ranked ranked Murray, whose third round opponent Milos Raonic of Canada also pulled out through injury.
Nadal, who was beaten by Djokovic in an epic final in Melbourne, has suffered from knee problems in the past, most notably in 2009, and decided against risking his injury.
"So sorry for my fans, those here at Miami and those around the world. My knee won't let me play today," he told his official Facebook page.
Nadal was hoping for his first victory at the hard court tournament and looking to improve his 13-5 winning record over Murray.
He will now look to get fit ahead of the clay court season and his defense of the French Open title.
Lin-surgery! Knicks sensation done for regular season with knee injury
Jeremy Lin will miss the rest of the regular of the season because he needs knee surgery that will sideline him six weeks and could leave the Knicks without their star point guard in the playoffs -- if they make it that far.
Lin had an MRI exam this week that revealed a small, chronic meniscus tear and he has elected to have surgery next week in New York.
With the regular season ending April 26, the biggest story in basketball this season is done unless the Knicks make a deep postseason run.
Speaking slowly during a pregame press conference, Lin was unable to hide his disappointment with the decision that was reached earlier Saturday after a painful workout.
"It [stinks] not being able to be out there with the team," Lin said. "And you know, it is what it is and so hopefully I can come back as soon as I can and help everybody."
He was barely holding on to a place in the NBA back in February. Now, after the back-to-back Sports Illustrated covers and popularity around the world, he has to go back to the bench when he wants to play most.
"If this was done very early in the year, obviously ... I don't know where my career would be. I could be, would be definitely without a job and probably fighting for a summer league spot," Lin said. "But having said that, this happening now hurts just as much, because all the players, we really put our heart and souls into the team and into season, and to not be there when it really matters most is hard."
The Knicks will continue to turn to Baron Davis in place of Lin, the undrafted Harvard alum who became the starter in February and turned in a series of brilliant performances, kicking off a phenomenon that was called Linsanity.
SI
Manchester City slip up against Sunderland
Manchester City's faltering bid for a first English Premier League title in 44 years received a further setback on Saturday as they drew 3-3 with Sunderland at the Etihad Stadium.
Two late goals ensured Roberto Mancini's team preserved their unbeaten home record in the league, but it means rivals Manchester United will go five points clear at the top of the table if they win at Blackburn Rovers on Monday.
Sebastian Larsson put Sunderland ahead after half-an-hour before Mario Balotelli equalized from the penalty spot two minutes before the break after striker Edin Dzeko was brought down.
But City soon found themselves behind again when striker Nicklas Bendtner headed home in first half injury time.
Larsson got his second of the match 10 minutes after the break and City looked doomed to defeat as the match headed towards its climax.
But two goals in two minutes -- Balotelli in the 85th followed by Aleksandar Kolarov -- ensured City came away with a point.
Chelsea's quest to qualify for the Champions League received a boost as they beat Aston Villa 4-2 on an emotional day at Villa Park.
Villa captain Stiliyan Petrov, who was diagnosed with acute leukemia on Friday, watched from the stands after receiving a standing ovation before the game.
Petrov thanks fans for messages of support
Branislav Ivanovic scored twice (51st and 83rd minute) for the West Londoners after Daniel Sturridge had scored the game's opening goal in the ninth minute.
Second-half goals from James Collins and American Eric Lichaj kept Villa in the hunt for a point, but Fernando Torres made sure of three points in injury time to keep the Blues in fifth spot, two points behind Tottenham who host Swansea City tomorrow.
Arsenal's winning run came to an end in West London as they lost 2-1 to Queens Park Rangers at Loftus Road.
Moroccan midfielder Adel Taarabt put the home side in front in the 22nd minute before Theo Walcott equalized for the Gunners eight minutes before halftime.
But French midfielder Samba Diakite's 66th minute goal proved to be decisive to keep Mark Hughes' side 18th in the table with 28 points.
Arsenal remain in third with 58 points.
Fellow strugglers Wigan also won 2-0 at home to Stoke but Wolverhapton Wanderers miserable form continued as they went down 3-2 to Bolton at Molineux to leave them rooted to the bottom with 22 points.
Everton moved above Merseyside rivals Liverpool (who travel to Newcastle on Sunday) thanks to a 2-0 win over West Bromwich Albion at Goodison Park.
A goal in either half moves David Moyes' team up to seventh with 43 points.
Phelps dominates 200 IM to win final race in Indy
Michael Phelps finished at Indianapolis just the way he wanted -- with another resounding victory.
On an emotional night for the 26-year-old swimmer and his family, Phelps beat his biggest rival by more than three seconds and swam the best 200 IM in the world this year, beating the previous best time by nearly two seconds. He won the race in a startling 1 minute, 56.32 seconds.
This was no ordinary race for Phelps, who made his first Olympic team in 2000 at Indy and broke two world records at the IUPUI Natatorium.
"Being able to come back and relive the memories and moments was really special," Phelps said after presumably competing for the final time in this venue. "I'm sure my mom has cried a few times already tonight and we had a DP [Debbie Phelps] moment this week."
His sister, Hilary, posted Twitter messages indicating there were tears coming from the family's familiar cheering section.
For the Phelps family, Indy has been a place where they have celebrated great victories and endured unimaginable losses. So Saturday night's finale was one everybody wanted to savor.
Phelps' mother and sister stood for the final 100 meters of the race, and when it ended, they hugged, clapped and shook hands with those around them. A few fans not far from the Phelps family shouted "We love you Michael" as a somber-looking Debbie Phelps covered her mouth. Phelps' sister, Hilary, acknowledged on Twitter that there were tears in the stands.
It was a dramatic climax to a three-day meet that really didn't match the hype.
Lochte, who won five gold medals at the 2011 world championships and beat Phelps in both of last year's head-to-head meetings, couldn't keep up with his rival.
The New York native and Florida resident was relegated to two consolation heats Thursday and never seriously challenged the speedy Phelps on Saturday, either. Lochte finished the race in 1:59.37 and didn't win a single event. Darian Townsend finished second in the 200 IM in 1:59.28.
Then again, Lochte has not been traditionally strong during the long in-season training regimen, and this week's schedule certainly didn't help.
On Saturday, he had to square off with a determined Phelps less than 30 minutes after sharing third place with Denmark's Mathias Gydesen in the 100 backstroke.
"I think if you ask any backstroker, they'll basically tell you it's a leg event and it hurts," Lochte said. "But I knew I had to do that double because if I want to do that at the Olympics, I have to learn how do that back-to-back."
Phelps, meanwhile, kept the focus simple.
After winning the 100 butterfly Thursday and the 400 IM on Friday, the most decorated American Olympian withdrew from the 200 butterfly Saturday morning so he could finish with a flourish.
Did he ever.
Phelps led from start to finish in the 200 IM, opening with a 25.02 second butterfly leg. He spent the next 150 meters pulling away from the field.
AP
Michael Jordan Threatens To Sell Charlotte Bobcats
After six years in the owner’s box running the Charlotte Bobcats, Michael Jordan is hinting that he wants out.
“I told [GM Rich Cho] to make us better,” Jordan said recently, according to Mitch Lawrence of the New York Daily News. “If that doesn’t work and I can’t make a profit in the next three to four years, then I’m selling.”
Jordan bought a minority stake in the Bobcats on June 15, 2006. In the six seasons since, the team has made the playoffs just once, in 2010, and was emphatically swept in the first round. This year’s ‘Cats are 7-42, by far the worst record in the NBA.
The Bobcats lost $20 million last season, and they’re expecting more of the same this year.
Jordan sought majority ownership of the Bobcats in February 2010 and was approved on March 17. Just two years in, he’s already looking for a buyer to bail him out of half his stake in the team.
Panama teen was adrift at sea for 26 days; mother calls return 'a miracle'
It was a Friday evening in February when Adrian Vasquez, an 18-year-old from the town of Rio Hato, Panama, accepted an invitation from two friends to accompany them on what was proposed as an overnight fishing expedition.
Their plan, according to Vasquez's mother, Nilsa de la Cruz, "was to return the following morning. On February 24, they left from Ensenada Beach in the town of San Carlos aboard a small fishing boat."
But the following morning came and went without their return, and the Vasquez family started looking for the 18-year-old and his friends.
Arnaldo Vasquez, the teen's father and a hotel worker, asked fishermen to search for them along the shore from which they had departed, and his mother prayed at home with relatives and friends. Soon after, the Panamanian navy joined the search, sending ships and airplanes to look for Vasquez, Oropeces Betancourt, 24, and Fernando Osorio,16.
For nearly a month, their fate remained a mystery. But on March 21, fishermen spotted the boat, the Fifty Cents, adrift north of the Galapagos Islands, nearly 600 miles from where it had launched.
After being alerted by the fishermen, the Ecuadorian navy rescued the lone crew member.
In a statement, Rear Adm. Freddy Garcia Calle said Vasquez showed "severe signs of dehydration and lack of nutrition."
He said the survivor had thrown his friends' bodies into the ocean "because they had become badly decomposed."
Vasquez returned Tuesday to Panama City on a commercial flight. According to his mother, he had lost 20 pounds. "After 28 days of anguish, after praying to God that he be found alive ... this is indeed a miracle," de la Cruz said.
She said her son told her the fishing trip had started out well. The three caught plenty of fish. But the boat's engine died without warning and, with no tools and scant navigational experience, there was little the trio could do, de la Cruz told CNN.
Soon, currents had swept their boat out into the Pacific, far from the coast. De la Cruz said they ate raw fish and drank rainwater. She did not detail how the other two died. The Ecuadorian navy has said it is not investigating the deaths and considers the incident a rescue operation.
De la Cruz described an emotional reunion Tuesday at the airport in Panama City, where relatives hugged Vasquez and cried tears of joy. He was taken to his home in Rio Hato, in Panama's Coclé province, southwest of the capital.
Reached Wednesday by phone, de la Cruz said her son "has been sleeping a lot. We don't want to ask him any questions because we know he's traumatized. He's surrounded by the family. We're loving on him and trying to help him feel better. We're going to take him to a psychologist tomorrow."
De la Cruz said her son is "a very loving and hardworking young man" who enjoys spending time with his brothers and loves soccer.
She said the family is taking one day at a time and trying to support her son.
"For us, this is an opportunity to get closer as a family, to be more understanding and loving," she said.
Cuba sets Good Friday as holiday after pope's request
Cuban President Raul Castro has granted Pope Benedict XVI's request to make Good Friday a holiday -- at least this year -- Cuban state media reported Saturday.
During his visit to Cuba this week, the pope asked Castro to recognize the day Christians commemorate Jesus Christ's crucifixion, a Vatican spokesman said.
The government said it would give workers the day off April 6, the first time Good Friday has been officially celebrated since the 1959 Cuban revolution.
Previously, the only other religious holiday the government recognized in Cuba was Christmas, which was deemed a holiday in 1997 at the request of Pope John Paul II prior to his visit to the island.
According to Cuban state media, Castro told the pontiff on Wednesday that Good Friday would be officially celebrated this year.
Whether Good Friday would remain a permanent holiday is still under consideration, the reports said.
In a private meeting with Raul Castro, Benedict also requested that the church be allowed to open Catholic schools and air religious broadcasts, Vatican spokesman Federico Lombardi said during a press conference in Havana. So far, the Cuban government has not responded publicly to those requests.
Quieter hurricane season predicted for 2012
As we rapidly approach the official start of the 2012 Hurricane Season, experts are predicting a quieter season.
Two recognized hurricane experts say “this year’s storm season could be the quietest one in the past 3 decades”.
The preliminary data came from Professor Emeritus William Gray and Dr. Phillip Klotsbach, research specialists headquartered at Colorado State University in Colorado, USA.
The duo who made a presentation at this year’s National Hurricane Conference in Orlando, Florida indicated that the Tropical Atlantic Ocean is cooler than normal and the La Nina weather pattern is giving way to El Nino.
Drs. Gray and Klotzbach were not presenting their 2012 forecast but were instead presenting a brief qualitative update of large-scale atmospheric ocean conditions likely to impact the 2012 Atlantic basin hurricane season. Dr. Gray also made a presentation to the conference on “Hurricane Multi Decadal Variability and Lack of Global Warming Influence”.
The duo’s first Official Hurricane forecast for 2012 comes out on Wednesday, April 4, 2012 which will show that the Atlantic Hurricane basin “will likely have less activity than the average 1981 – 2010 season”.
Hurricane season starts June 1 and runs through November 30.
Even though there is the potential for a quieter season, this doesn’t mean we are not going to have hurricanes so we must still be prepared, there will still be hurricanes and it only takes one to cause extensive damage, warns Dr. Klotzbach.
Drs. Gray and Klatzbach’s 2012 predictions will also indicate that there will be a more than 40% chance of one hurricane making Caribbean landfall and a 50% chance of a US landfall.
However, the team did not give the actual prediction numbers of expected storms only saying “those numbers will come on April 4”. The other seasonal forecasts for 2012 will come on June 1 and August 3.
A small contingent of Emergency Managers from the Caribbean attended this year’s conference. Dominica’s only representative was the island’s Former Disaster Coordinator Cecil Shillingford.
In related news, Mr. Shillingford was nominated to a small committee to re-organize the Caribbean’s Session and participation in the Annual National Hurricane Conference in the United States. The Committee to be chaired by Paul Martin of St. Martin will get consensus on Topics for presentation at next year’s Conference, select a strong team of presenters and work towards a greater participation from the Caribbean at future Hurricane Conferences.
Next year’s conference will be held in New Orleans, Louisiana.
Meantime, Former National Disaster Coordinator Cecil Shillingford is calling on Dominicans to fully prepare themselves for this year’s Hurricane Season notwithstanding this year’s forecasted prediction of a probable quieter Hurricane Season to be released on Wednesday.
Mr. Shillingford states that according to Dr. Klotsbach’s comments to this year’s National Hurricane Conference in Orlando it only takes one good hurricane or storm to cause millions of dollars of damage. Although predictions are usually for 7 to 9 Hurricanes a year, on average most times only one or two directly strike us or come close to us and we see the kind of damage they can inflict on us so we should not take any comfort in a prediction of a quieter season, says Shillingford.
While there may be fewer storms this year have we sufficiently addressed the issues relating to our vulnerabilities?
Are we building better and adhering to the codes? Are we building in less vulnerable areas like well away from the coastal water marks, away from areas prone to flooding, landslides or other hazards? Are we retrofitting existing buildings to withstand the fury of hurricanes? Are we outfitting our structures with Hurricane Shutters and other safety devices? Are we insured for ALL Hazards?
Are we maintaining our Shelters to ensure they are safe to put vulnerable people who may require sheltering? Are we maintaining our drainage systems to include roadside drains, gullies and ravines? Are we de-silting our rivers and doing river training? Are we pruning or cutting dangerous trees? Are we informing ourselves and others on the effects of Hydro-meteorological systems? Are we training our people in Disaster Risk Reduction and other Disaster Management issues?
Are we securing our livelihoods? Are we seeking to maintain our food security primarily through Agriculture? Are we seriously mainstreaming Disaster Risk Reduction into our National Developmental thrust? Are we taking care of our Environment? Just a few questions put forward by Shillingford.
Just remember September last year, when a lingering rain-filled band of clouds from Ophelia coupled with our vulnerabilities and weaknesses in Development caused widespread and costly damage to the areas from Roseau to St. Joseph on the West Coast.
By Cecil P. Shillingford