Airbus A350 set for maiden flight
The newest aircraft from European planemaker Airbus is due to take off on its maiden flight later.
The Airbus A350 is designed to be more fuel-efficient, and a direct competitor to US rival Boeing's 787 Dreamliner.
It is seen as vital to the future of Airbus, which competes with Boeing to supply the majority of the world's airlines with new planes.
It is due to take off from the French city of Toulouse, where the A350 is assembled, on Friday morning.
The Dreamliner has proved popular since its first flight in 2009, despite recently being grounded by regulators over safety fears relating to its batteries.
Major milestone
Airlines are being squeezed by high fuel costs and falling passenger numbers, and are looking for more fuel-efficient aircraft.
Like the Dreamliner, the A350 is made largely of advanced materials, particularly carbon composites, in order to save weight.
Airbus has already taken more than 600 orders for the new plane. But that still puts it behind the Dreamliner, which has 890 orders so far.
The company hopes to start delivering the first A350s to customers by the end of 2014.
Analysts say a successful test flight would be a major milestone for Airbus in the A350 project, with major aircraft manufacturing projects frequently beset by delays.
"All recent programmes before it, both by Airbus, Boeing and others, have had reasonably horrendous technical problems and delays," said Nick Cunningham, an aviation analyst at the London-based Agency Partners, speaking to French agency AFP.
"So every time you hit a milestone (such as a test flight), it's good news because it means that you've missed an opportunity to have another big delay."
Source-BBC
Saudi Arabia's Prince Alwaleed defends libel action
Prince Alwaleed of Saudi Arabia has defended his decision to sue the business magazine Forbes.
The billionaire is seeking damages over what he claims were "seriously defamatory comments" made about him.
In March, Forbes calculated Prince Alwaleed's fortune to be $20bn (£12.7bn), placing him 26th on the magazine's Rich List.
He disputed the methodology used and said Forbes had "insulted" the business community in Saudi Arabia.
Prince Alwaleed has previously said that the magazine underestimated his fortune by $9.6bn (£6.1bn).
However, in a statement, Prince Alwaleed's investment vehicle, Kingdom Holding Company, said the libel action was not about his ranking on the Forbes Rich List, but about "correcting the seriously defamatory comments that have been made about HRH Prince Alwaleed as an individual and Kingdom Holding Company".
The case has been filed in a London court.
'Insulting and inaccurate'
Kingdom Holding Company owns stakes in Rupert Murdoch's News Corporation and London's Savoy Hotel.
Prince Alwaleed also accused Forbes of publishing a "deliberately insulting and inaccurate description of the business community in Saudi Arabia and specifically, Forbes' denigration of the Saudi stock exchange (Tadawul), which is one of the most regulated in the world".
In the Forbes article, a former executive with Alwaleed's company is quoted as describing the Saudi Stock Exchange as a place of gambling.
In calculating his wealth, Forbes said it valued the underlying investments of Kingdom Holding Company, rather than the shares listed on the Saudi Stock Exchange.
This, according to Prince Alwaleed, was an "irrational and deeply flawed valuation methodology, which is ultimately subjective and discriminatory".
In a statement, Forbes said it is "bemused by Prince Alwaleed's ego-driven PR stunt".
American, US Airways name top execs
The new American Airlines will have more top executives from smaller but more successful US Airways than from the current American.
Five US Airways executives will follow their current CEO, Doug Parker, when he takes control after the airlines complete their proposed merger. Three executives from American parent AMR Corp. were named to the new company's leadership team.
AMR and US Airways Group hope to complete their proposed merger this summer. The deal still needs approval by US antitrust regulators and AMR's bankruptcy creditors.
Although AMR creditors and shareholders will own 72 per cent of the new company, and it will still be based in Fort Worth, Texas, the makeup of the executive team underscores that it was Parker who drove the merger and convinced AMR's unions and creditors to support him.
US Airways veterans will hold the most important management jobs including president, chief financial officer and chief operating officer. The new company's 12-member board will have four holdovers from US Airways and three from AMR.
AMR filed for bankruptcy protection in November 2011. For many months, CEO Tom Horton considered the idea of emerging from bankruptcy as a stand-alone company, not a merger partner, but creditors decided otherwise. Horton will serve briefly as chairman of the new company -- to be called American Airlines Group Inc. -- before exiting next year.
The senior executives joining from US Airways are Scott Kirby, who will keep his title of president, Derek Kerr as chief financial officer, Robert Isom as chief operating officer and Elise Eberwein and Stephen Johnson as executive vice presidents.
From AMR's ranks, Parker and Horton picked Beverly Goulet as chief integration officer, Maya Leibman as chief information officer and William Ris as senior vice president of government affairs.
"Mergers unfortunately result in departures, and there are some on both teams," Parker wrote in a note Monday to employees of both companies.
AMR turned down interview requests for several of the departing executives.
US Airways is only half as big as American in miles flown by passengers, the usual standard by which airlines are measured. At the start of 2013, US Airways had 340 planes while American had 614. It also has fewer than half as many employees.
US Airways, however, has been more successful. Analysts credit Parker for squeezing record profits from an airline that has an inferior route network compared with the larger United Airlines and Delta Air Lines.
Last year, US Airways earned US$637 million compared with AMR's bankruptcy loss of US$1.9 billion. In the past five years, including a recession and high fuel prices that battered the industry, US Airways lost US$1.2 billion, but AMR lost US$7.2 billion.
American's unions have long fought with their company's management over pay and other issues, and they were eager to see a shake-up. The Allied Pilots Association praised the future management.
"This shows that a culture change is happening at American," Dennis Tajer, a pilots' union spokesman, said in an interview. "This can only increase employees' enthusiasm and have a positive effect on customer service."
'Tax havens' hit back at G8 pressure
The Isle of Man and Jersey have hit back at accusations that they facilitate tax evasion and avoidance ahead of next week's G8 summit.
The offshore jurisdictions, frequently described as tax havens, suggest recent pressure from world leaders is politically motivated.
They also argue that they are more open about their tax regimes than they are given credit for.
G8 leaders will hold their latest summit in Northern Ireland on Monday.
Ways of combating aggressive tax avoidance and mass tax evasion are expected to be high on the agenda of leaders including UK Prime Minister David Cameron, US President Barack Obama and Germany's Chancellor Angela Merkel.
Up to now the focus of the world's media has been on big countries pointing their fingers at small islands - accusing them of helping big corporations and wealthy individuals avoid paying tax.
But now the leaders of some of those offshore financial centres suggest that the world's largest economies should get their own tax house in order first.
"Politicians love scapegoats," said the Isle of Man's Chief Minister Allan Bell. "And the G8 agenda is being politically driven because there's always someone else to point a finger at."
There is no universally accepted definition of a tax haven, but international bodies cite low tax rates and secretive financial systems as the major characteristics.
Foreign-owned companies pay no corporation tax in the Isle of Man, but the island has recently signed tax information sharing agreements with the UK, US and European countries.
Mr Bell said that when it comes to tracing who actually owns some of the world's more secretive bank accounts, the Isle of Man is a decade ahead of other larger countries especially the UK and the US.
He also accused President Obama of double standards, given that the US federal government has no direct control over the tax policies of individual states.
That is especially relevant when it comes to the tiny US state of Delaware which has only 900,000 citizens but over a million registered companies - most of which are "brass plate" entities controlled by very private entities or individuals.
"We just want a level playing field when it comes to tax transparency," said Mr Bell.
"It's totally selfish from the USA because they want to track down their own tax evaders overseas, without looking at Delaware."
The channel island of Jersey also charges zero corporation tax for foreign-owned companies.
Like the Isle of Man it also has a maximum income tax rate of 20%. At any one time it is home to £120bn of cash deposits.
But Jersey's Treasury Minister, Philip Ozouf, rejected the notion that his government is any softer on tax issues than countries like the UK.
He cited the case in the UK where wealthy individuals with "non-dom" status can pay a one-off levy of £30,000 a year to avoid being taxed on their income. "I'm not going criticise the decision of democratically elected governments or parliaments," he said.
"I'm leading the kind of charge against tax evasion here that the UK chancellor is doing to UK residents. We expect our taxpayers to comply with all tax codes just as much as the UK does."
The foreign super-rich can move to Jersey thanks to a tax benefit that requires the payment of a flat rate of up to $185,000 (£118,000) a year.
However some millionaires pay only $5,000 a year thanks to deals signed in the 1970s and 1980s.
While their low tax rates are obvious, both the Isle of Man and Jersey claim to be far more open about who holds money on their islands than any of the G8 countries which are demanding more transparency from them.
One of those key demands to be discussed at the G8 summit will be a call for a central global register of companies showing who owns and controls companies wherever they are based in the world.
This is where some alleged tax havens are reluctant to open up their books.
Jersey and the Isle of Man say they are happy to share details of who banks with them with advanced democracies because they know that that extremely private data will not get passed on to anyone - including criminals or political and business rivals of their customers.
But they argue there are no such guarantees with developing countries without sound tax-gathering authorities.
Offshore financial centres are therefore caught between protecting those who bank with them and helping to share tax details.
Bolt clocks world leading 19.79 at Oslo 200m
Usain Bolt confirmed his dominance over the 200m at the Oslo Diamond League meet with a workmanlike performance Thursday, clocking a meet record and world leading 19.79 seconds.
Competing against a mediocre field the Jamaican led from the start and ran a strong curve but it was in the final 100 metres of the race that he pulled away in what turned out to be an easy win.
Jaysuma Saidy Ndure of Norway was second (20.36) while James Ellington of Britain took third (20.55) after Churandy Martina was disqualified on a false start.
Bolt leads the world list as two other Jamaicans, Nickel Ashmeade (20.00) and Warren Weir (20.11) complete the top three performances this season.
The repeat triple Olympic champion will next compete at Jamaica’s senior National Trial next weekend.
RankAthlete NationResult Reaction time
1BOLT Usain JAM19.79WL,MR 0.182
2SAIDY NDURE JaysumaNOR20.36SB 0.155
3ELLINGTON James GBR20.55 0.131
4BORLÉE Jonathan BEL20.56SB 0.168
5BOLARINWA David GBR20.62 0.167
6TALBOT Daniel GBR20.72 0.204
7DE OLIVEIRA Nil SWE20.88 0.165
MARTINA ChurandyNEDDQ
Tiger Woods 2 over thru 10
Tiger Woods wasn't feeling good about being 2 over par through 10 holes of the weather-suspended first round of the U.S. Open on Thursday.
A possible injury to his left wrist or arm could be making him feel worse.
It was unclear how serious the issue was Thursday night, as Woods only spoke briefly to a United States Golf Association media official and said it was fine.
But he clearly was bothered on several swings, most notably at the first and fifth holes, when he played shots to the green from Merion Golf Club's heavy rough. Perhaps not coincidentally, Woods made bogeys on both.
The No. 1-ranked player in the world bogeyed two of his first three holes and four overall, and faces a 4-footer for par at the 11th hole when play resumes Friday morning.
He is only six strokes back of on-course leader Luke Donald -- who got to 4 under par through 13 holes -- and five back of clubhouse leader Phil Mickelson, who shot 67. But Woods appeared a bit off and faces the toughest stretch of Merion's East Course when play resumes Friday morning.
"It's going to be a fast night," Woods -- who marked his ball on the 11th green as play was suspended at 8:16 p.m. ET, and noted that the PGA Tour has been plagued by weather issues throughout 2013 -- told the USGA official.
"It's kind of the way the tour has been this year. We've had a lot of bad weather this year, and this is the way it's been. I've got a lot of holes to play tomorrow. And hopefully I can play a little better than I did today."
Woods was not available to reporters but later said through his spokesman: "I'm doing fine and I'm looking forward to getting back out there tomorrow."
Source-ESPN
Sangakkara century sees off England
England's Champions Trophy hopes hang in the balance after Kumar Sangakkara's imperious century led Sri Lanka to a seven-wicket victory at The Oval.
Sangakkara's unbeaten 134, aided by a 30-ball half-century from Nuwan Kulasekara, took Sri Lanka to their target of 294 with 17 balls to spare.
Earlier, fifties from Alastair Cook, Jonathan Trott and Joe Root - on the day he received a public apology for being punched by David Warner - seemed to have England well placed on a good batting wicket.
Ravi Bopara made 33 not out from 13 balls, clubbing 28 from the final over to carry the hosts to an imposing 293-7.
But Sangakkara's chanceless knock means Cook's side must beat New Zealand at Cardiff on Sunday if they are to advance to the semi-finals.
Sri Lanka, who were bowled out for 138 in their opening one-wicket defeat by New Zealand, will advance with victory over Australia on Monday.
That they have gone from the verge of elimination to having their fate in their own hands is largely down to a majestic performance from Sangakkara.
The wicketkeeper took advantage of a home attack that was unable to find the reverse swing that was so instrumental in their win over Australia, although England were unhappy to see one ball changed by the umpires midway through Sri Lanka's chase.
Accumulating from the good balls and punishing the bad, the left-hander scored all around the wicket, increasing his aggression as the target drew nearer.
Arriving in the third over after Kusal Perera shovelled James Anderson to mid-on, he shared stands of 92 with Tillakaratne Dilshan and 85 with Mahela Jayawardene as Sri Lanka found the boundary with more regularity than England were able to earlier in the day.
After Dilshan holed out off Graeme Swann to long-on and Jayawardene pulled Anderson to deep square leg, Sri Lanka showed the flexibility to promote Kulasekara.
Although he was involved in a mix-up that could have seen Sangakkara run out for 100, it was Kulasekara's consecutive sixes off Swann that seemed to spell the end for England, with the expensive Stuart Broad getting more harsh treatment in the next over as the hosts became ragged.
He ended unbeaten on 58 off 38 balls, leaving Sangakkara to seal victory with a pull off Broad that took their unbroken partnership to 110.
England would have been hopeful of a target that pushed Sri Lanka harder after Cook, Trott and Root took them to 249-3, but Root's wicket was the first of three to fall without addition - albeit with Eoin Morgan harshly adjudged lbw off Lasith Malinga.
Asked to bat in conditions that looked favourable for bowling, England faced few problems from the Sri Lanka attack and were satisfied with steady accumulation, manoeuvring the ball and running well.
After Ian Bell clipped Shaminda Eranga tamely to mid-wicket, Cook and Trott added 83 for the second wicket, not often finding the boundary but constantly keeping the scoreboard ticking.
Cook was lbw sweeping Rangana Herath on 59, bringing Root to the crease to continue in the same manner.
As both he and Trott became more adventurous, Trott also fell sweeping, this time to Dilshan, for 76, to end a third-wicket stand of 87.
Root had been confident enough to scoop Malinga over his head, but the same bowler had his revenge when Root shovelled a slower ball to Jayawardene on the leg-side boundary.
Morgan fell next ball, leg before to one that would have missed off stump, with Jos Buttler edging behind in the next over.
Still, Bopara's brilliance in twice hitting Eranga over mid-wicket for six either side of a drive over extra cover for another maximum, looked to have given England a competitive total.
However, that was to discount the magnificent Sangakkara.
Source-BBC
WICB Director blasts ICC penalty imposed on Ramdin
Ramdin, who pleaded not guilty to a charge of misconduct laid by the International Cricket Council, has been suspended for two one day internationals (ODIs) and fined 100 per cent of his match fees.
A director of the West Indies Cricket Board, Baldath Mahabir, has criticized the penalty meted out to West Indies wicketkeeper Denesh Ramdin for claiming a catch off Misbah-ul-Haq during the Champions Trophy game against Pakistan at The Oval.
Ramdin, who pleaded not guilty to a charge of misconduct laid by the International Cricket Council, has been suspended for two one day internationals (ODIs) and fined 100 per cent of his match fees.
“Ramdin is no cheat,” declared Mahabir in an interview with the Guardian.
“He has always played the game within the spirit of it and to see this kind of penalty imposed on him is hard”.
Ramdin missed Tuesday’s match against India which West Indies loss by eight wickets and will miss the Caribbean side’s do or die clash with South Africa at the Swalec Stadium in Cardiff on Friday.
Johnson Charles, who kept wicket against India and top scored with 60, is expected to substitute again against the Proteas.
“I think that if the match referee was not happy with what transpired, then he should have at least given him a suspended ban, so as to not upset the balance of the West Indies team at this tournament,” said Mahabir.
“He could have even let start his ban after the Champions Trophy. If there is an avenue to appeal the West Indies management should immediately use it”.
The wicketkeeper initially appeared to have caught the ball but lost control of it as he fell forward and it slipped out of his gloves on to the grass.
West Indies captain Dwayne Bravo, however, had defended Ramdin, saying the wicketkeeper did not act deliberately.
Source-Caribbean360
Real Madrid forward dismisses contract reports
Real Madrid forward Cristiano Ronaldo has dismissed reports he is set to sign a new contract with the club.
The 28-year-old has been linked with an £85m move to French side Monaco.
The Portuguese's current deal expires in 2015 but Real president Florentino Perez suggested he would renew it this summer and "retire at Real Madrid".
However, Ronaldo, who joined the club in June 2009 for £80m from Manchester United, tweeted: "All the news about my renewal with Real Madrid is false."
Ronaldo has spent four seasons at the Bernabeu, scoring 201 goals in 199 games in all competitions and helping them win La Liga in 2011-12.
Earlier this week, Perez was quoted by Spanish newspaper Marca as saying: "I would bet Cristiano will retire at Real Madrid because it's the natural thing.
"We will negotiate the new contract before the start of La Liga and I am convinced that everything will come out well.
"To renew Cristiano before the start of the season is my desire and my ambition. We will do everything possible to make it happen."
New indictment details charges against former Cayman Premier
A new indictment filed in the Grand Court of the Cayman Islands in relation to the criminal charges against former premier McKeeva Bush reveals that he faces 11 allegations of unlawfully using a government issued credit card in casinos in Las Vegas, Florida and The Bahamas.
The indictment alleges that Bush made unlawful cash withdrawals totalling over $50,000 at the Seminole Hard Rock Casinos in Hollywood and Tampa, Florida; the Mirage Hotel and Casino, the Bellagio Hotel and the Venetian Casino in Las Vegas; and the Atlantis resort in The Bahamas, on eleven different occasions between July 2009 and April 2010.
He faces six counts of misconduct in public office under the common law and five charges of breach of trust under local anti-corruption law, all of which could result in imprisonment if he were to be convicted.
Bush has denied all of the allegations against him and stated that, where necessary, the money was repaid. He claimed the cash withdrawals were for legitimate purposes.
However, according to local media, not all of the spending considered unlawful may have been repaid. Furthermore, government credit cards cannot be used to withdraw cash, buy alcohol or for any purpose other than legitimate public business expense and they cannot be used as a source of advances. It is alleged that Bush also used the card on several occasions when he was travelling for pleasure and not on government business.
Bush was originally arrested on December 11, 2012, on suspicion of theft and corruption and one week later he was ousted from office when Cayman Islands lawmakers passed a vote of no confidence in him.
Last month he was re-elected as a parliamentary representative for his district of West Bay and is now leader of the opposition.
He is due to make another appearance in the Grand Court on June 28.