Turkey cbank injects 1 bln lira in repo auction

July 5 (Reuters) – Turkey’s central bank injected one billion lira ($640 million) into the market in a one-week repo auction on Monday at a fixed simple rate of 7 percent.

Total bids were 2.8 billion lira and the repo will mature on July 12, central bank data showed CBTG. ($1=1.5660 lira)

Latest Climate Bill Study Finds Environmental Gains, Modest Costs Climate

The latest analysis from the U.S. Environmental Protection Agency shows the most recent climate change bill making its way through Congress would have a modest impact on U.S. households, costing each an average of $79-$146 a year.

But the analsyis of the American Power Act, sponsored by John Kerry (D-Mass.) and Joseph Lieberman (I-Conn.), doesn’t factor in the benefits of addressing climate change, such as the avoided costs of climate change-related damages.

A separate study from the ClimateWorks Foundation estimated the bill would increase employment levels by 440,000 between 2012 and 2020, with 45 percent fewer emissions by 2030 compared to a business-as-usual scenario.

The EPA released the findings Tuesday, the same day President Barack Obama addressed the nation from the Oval Office for a status report on the BP oil spill. In the speech, Obama used the incident to highlight the need to move the U.S. economy away from fossil fuels.

“Now, there are costs associated with this transition,” Obama said in the speech. “And there are some who believe that we can’t afford those costs right now. I say we can’t afford not to change how we produce and use energy -– because the long-term costs to our economy, our national security, and our environment are far greater.”

The use of international carbon offsets will help to keep costs low, the EPA found, pegging the price of one metric ton of carbon dioxide-equivalent at $16-17 in 2013, and at $23-24 in 2020 under APA. APA allows up to one billion tons of international offsets per year.

It would include massive subsidies for nuclear power generation, carbon capture and storage technology development, and natural gas, while also using proceeds from a cap-and-trade program to heavily shield consumers and low-income households. Industry experts predicted when the draft was released that the bill it could be the best climate deal businesses will get.

The APA aims to reduce emissions 17 percent below 2005 levels by 2020, and by 80 percent by 2050. The Group of Eight (G8) nations agreed last year to reduce their emissions to 80 percent or more by 2050, with the overarching goal of halving total global emissions by that time. This is under the assumption that developing countries cap emissions in 2015 and reduce emissions 26 percent below 2005 levels by 2050.

The EPA analysis found there was virtually no chance of keeping temperature rise below 2 degrees in a business-as-usual scenario without any climate policy changes. Instead there was a 32 percent chance temperatures would increase by more than 4 degrees Celsius.

If the U.S. and other G8 nations follow through on their commitments, the chances of keeping temperature change below 2 degrees Celsuis in 2100 increase to 75 percent.

In a nod to concerns that U.S. action would be pointless without China and India committing to emissions reductions, the EPA calculated that the chances of keeping temperature rise below 2 degrees Celsius would be about 11 percent if the APA went into effect but developing countries took no action.

“If Congress irresponsibly refuses to back up the commitments the administration made at the G8 and in Copenhagen, we would send a signal to other countries that inaction is acceptable — and we would lock in some of the worst effects of global warming,” Kevin Knobloch, president of the Union of Concerned Scientists, said in a statement. “The EPA’s analysis shows we’re already perilously close to exceeding a 2 degree Celsius global temperature increase, which the world community set as a goal to avoid devastating consequences. As the global temperatures go up, so would the pain.”

YouTube marks 5th b’day with 2 billion hits everyday

London, May 18 (ANI): It has been 5 years since the inception of YouTube, the video sharing website, and it is still going strong – with an astounding 2 billion hits per day.

According to Google – its owner – that”s nearly double the number of people who tune into the US”s three prime time TV stations combined.

Just seven months ago it clocked up to one billion downloads a day.

“I see this great growth opportunity in the online video market and we are positioning ourselves to be a leader,” BBC News quoted co-founder Chad Hurley as saying.

“We are a stage and we give everyone in the world an opportunity to participate and that is being a video platform for creating a solution for people to not only upload and distribute their videos on a global basis but to find and share videos.”

While he is ecstatic about the achievement, he insists that they have a longer way to go.

“Two billion video streams is a large number but on average people are only spending 15 minutes a day on the site compared to five hours a day watching TV.

“I don”t think we could have ever planned or imagined we would get to the scale or the size we are today. We were mostly trying to create a video solution for ourselves based on our own frustrations. We are proud of what we have achieved so far but we have a lot of work ahead,” said Hurley.

Google bought the site near the end of 2006 for 1.65 billion dollars – a sparse looking page on which the first video ever was posted by co-founder Jawed Karim.

And from thereon began a trend – with people posting everything from cat videos to political videos to “how to” videos to entertainment.

“We wanted to create a level playing field that gave everyone that ability to be seen and heard,” said Hurley.

“Maybe early on people only recognised us or explained YouTube by placing it in a box but there are so many people on our site and we receive so much content over a 24 hour period, it can”t be about one thing,” said Hurley.

YouTube made a mark with several other videos – that of a wounded girl dying in front of a crowd during the Iranian election protests, a YouTube interview with President Barack Obama, Ronaldinho”s Nike advert and singer Susan Boyle”s performance on Britain”s Got Talent competition on TV.

“YouTube really is a phenomenon and is very much part of popular culture,” said Catharine P Taylor, media blogger at news website BNET.com.

“It really is a game changer because it gives everybody a platform to broadcast from. There are many examples where an average citizen has become a big hit on YouTube and that is something that would have been impossible to contemplate five, six years ago.”

The slogan for YouTube is “Broadcast Yourself” which Hurley said was a play on “be yourself and also captured in my mind the essence of the site which was to let people express themselves.”

YouTube started has had temporary glitches over copyright issues ever since it was started. But the owners have ensured that it is pulled out as soon as possible to avoid getting into any legal tangles.

“They have made a lot of progress about weeding out illegal content,” said Allen Weiner senior vice president of research at Gartner.

“They are serious about it. Their future depends on it.” (ANI)

FACTBOX – U.S. climate bill backs forest offsets

REUTERS – A compromise U.S. climate bill unveiled on Wednesday will allow between 500 million and up to one billion carbon offsets into an emissions trading scheme aimed at cutting U.S. greenhouse gas pollution.

The bill, called the American Power Act, backs efforts to fight deforestation in developing countries and to allow offsets from projects that save forests from being chopped down, preserve peat lands and rehabilitate forests.

The United States backs a U.N. scheme called reducing emissions from deforestation and degradation (REDD) that could usher in a global trade in carbon offsets from forest preservation projects potentially worth billions of dollars a year.

Deforestation is a major source of planet-warming greenhouse gases and preserving the remaining areas of tropical rainforest is regarded as a crucial way to fight climate change because trees absorb carbon as they grow.

Following are some key points in the Act relating to avoiding deforestation.

– Scheme Administrator will, not later than two years after the enactment of the legislation, establish an assistance programme to drive reductions in greenhouse gas emissions from deforestation in poor nations.

– The aims of the programme are to achieve emissions reductions of at least 720 million tons of carbon dioxide-equivalent in 2020, a cumulative amount of at least six billion tons of CO2 equivalent by end-2025, and additional emissions reductions in subsequent years.

– It would also aim to help poorer nations build the capacity to reduce deforestation at a national level, preserve existing forests, improve measurement, reporting and verification of efforts to fight deforestation and illegal logging. Steps to prevent forest clearance that might simply be pushed into another location is another focus.

– The Act reinforces it is U.S. policy that climate change is a potentially significant national and global security threat that is likely to exacerbate competition and conflict over land, water and other resources.

Protecting Americans from the impacts of rising greenhouse gas emissions meant fighting deforestation and its causes in poorer nations is a key policy objective, it says.

– Projects eligible should improve the livelihoods of forest communities, maintain natural biodiversity and carbon storage capacity of forests, promote native forests and ecosystems and give due regard to the rights of local communities and indigenous peoples.

Projects should also be transparent in the sharing of profits and benefits from the sale of offset credits with local and indigenous communities.

– A key requirement is establishing a national deforestation baseline. This must take into account the average annual historical deforestation rates of the country during a period of at least 5 years, the drivers of deforestation and other factors.

The baseline must also establish a trajectory that would result in zero net-deforestation by not later than 20 years after the date on which a national deforestation basline has been established.

(Reporting by David Fogarty; Editing by Sanjeev Miglani)

Facebook board member’s account hacked

London, May 11 (ANI): Jim Breyer, who is a Facebook board member and investor, was a victim of a hack attack.

According to reports, his account was hacked into, and several messages were then sent to his 2,301 contacts. The messages read: ‘Would you like a Facebook phone number?’ with a link to ‘see more details and RSVP’.

“This was a phishing scam Jim’s account appears to have been compromised. The issue has since been resolved and we’re actively trying to block this activity,” The Telegraph quoted Larry Yu, a Facebook spokesperson, as saying.

According to BusinessInsider, the attack couldn’t have come at a worse time what with Facebook under the microscope for its privacy policies.

Last month Zuckerberg announced Facebook’s plan to replace its Facebook Connect platform with a new set of social plugins which will extend Facebook’s influence and presence on the web, allowing its service to be more deeply embedded into third party websites.

The new service launched at the company’s annual F8 developer conference in San Francisco with 30 partners including several UK brands such as LoveFilm and Sky.

Facebook users will be able to click a ‘Like’ button on stories, photos, music or videos they want to share with friends, via the site. The ‘Like’ will then be kept by Facebook and can then be released back to the third party’s website, for them to use and tailor a more personalised online experience for that individual and their friends. Facebook estimates that it will serve one billion ‘Likes’ buttons by the end of its first day.

Zuckerberg said the changes were intended to put Facebook’s users and their friends at the “centre of the web”. (ANI)

Clean energy for world’s poor essential for achieving Millennium Development Goals: UN

Washington, May 8 (ANI): The UN has emphasized the need for providing clean energy to the world’s underprivileged people as access to sustainable energy and increased efficiency is an essential condition to the achievement of the ambitious Millennium Development Goals (MDGs) envisaged by it.

According to the new report from the UN, the lack of access to modern energy is a significant barrier to economic development. Today, more than 1.6 billion people worldwide have no access to electricity and close to one billion people depend on firewood, etc. as their energy supply for cooking and heating.

A reliable, affordable energy supply is key to economic growth and the alleviation of poverty in the world, the report said.

The new report provides both analysis of the problems and present recommendations to the international community, specifically on how to establish targets for increasing access to energy. By 2030 all people should have access to modern energy services and there must be substantial increases in energy efficiency, the report says.

Another target in the report is to reduce global energy intensity by 40 per cent by 2030 (the total energy consumption compared with the Gross Domestic Product).

The successful adoption of these measures would reduce global energy intensity by 2.5 per cent per year – approximately double the historic rate. This would also have a very significant impact on greenhouse gas emissions while providing most countries with economic advantages, it said.

“It may seem impossible to provide worldwide access to modern energy forms while also reducing global carbon emissions, but it is actually possible and the report shows how. However, it will require global political will and the involvement of all stakeholders from top politicians and the private sector to the individuals living in the north as well as in the south, “says John Christensen head of the UN Environment Programme, Risoe Centre.

The International Energy Agency estimates that expanding access to electricity to cover basic needs would result in only a 1.3 per cent increase in greenhouse gas emissions.

These emissions could be further reduced through improved energy efficiency and the use of renewable or cleaner sources of energy. This is a way to support a new energy development, which is sustainable in the long run, it said.

The report highlights that some countries have already shown that it is possible and not just a dream to provide more people with energy access, including Brazil, China, and Vietnam as well as Denmark, Japan, Sweden, and California in the United States. These countries have dramatically improved their energy efficiency.

Hindus, who protested Love Guru, wish Mike Myers good luck on Austin Powers 4

Nevada (US), Apr 30 (ANI): Hindus, who vehemently protested against his 2008 release “The Love Guru”, have wished good luck to Mike Myers on his upcoming venture “Austin Powers 4” as long as he assured not to denigrate Hinduism in his future movies.

Acclaimed Hindu statesman Rajan Zed, who led the protests against “The Love Guru” for lampooning Hinduism, in a statement in Nevada (USA) today, said that ksama (forgiveness) was one of the main virtues of Hindu ethics.

If Myers visited a nearby Hindu temple, paid his obeisance, expressed remorse, and assured not to denigrate Hinduism in his future movies, Hindus would not only absolve him but might also pray for his success in his future ventures if asked, Zed, who is president of Universal Society of Hinduism, added.

Zed further said that although Myer’s temple visit would not undo the damage done to the community, but it might help heal the wounds somewhat of apparently disturbed Hindu populace of the world, who numbered around one billion.

Zed also suggested Myers to seek some spiritual wisdom as ancient Hindu scripture Bhagavad-Gita (Song of the Lord) said: Nothing in this world purifies like spiritual wisdom. (ANI)

For Pakistan, Kashmir is a matter of life and death : JUI-F

Karachi, Apr.29 (ANI): Describing the Kashmir issue as a matter of ‘life and death’ for Pakistan, Jamiat Ulema-e-Islam-F (JUI-F) chief Maulana Fazlur Rahman has reiterated Islamabad’s long standing demand of resolving the Kashmir issues in accordance with the United Nations (UN) resolutions.

Speaking during a seminar titled: “Kashmiris Right of Self Determination”, Rahman said Kashmir was of utmost importance for Pakistan.

Citing China’s claims over Taiwan, he said Pakistan should also follow Beijing’s approach while dealing with the Kashmir issues.

“China has been single-mindedly pursuing its case for Taiwan.Much can be learnt from Chinese experience. Unfortunately Pakistan’s foreign policy is not truly reflective of consistency that a matter like Kashmir deserves and requires,” The Nation quoted Rahman, as saying.

“The people of Kashmir enlivened Kashmiri movement with their sacrifices but the Shimla Pact diluted the very international nature of Kashmir dispute. There have been several solutions for the Kashmir problem but the best one will be one that is based upon peaceful accommodation between the two countries,” he added.

Rahman said that post 9/11, Pakistan’s Kashmir policy had suffered great setbacks, and that it has now become a question of Pakistan’s survival.

“Today this problem was no longer Kashmir oriented. It is now a problem of Pakistan’s existence for Pakistan’s agriculture has been facing direct consequences of water terrorism by India,” he said.

Speaking during the seminar, Dr. Moonis Ahmar, chairman Department of International Relations, Karachi University, described the Kashmir issue as a ‘human’ problem.

Ahmar emphasized upon a peaceful solution for the Kashmir problem, saying its solution could fundamentally alter the lives of more than one billion people in South Asia.

“Practical measures should be taken towards the direction of Kashmir’s resolution because the absence of peace has proved to be detrimental to the common interests of common people of the region,” he said. (ANI)

Nanodots breakthrough could pave way for ‘a library on one chip’

Washington, Apr 29 (ANI): A breakthrough in the use of nanodots, or nanoscale magnets, has resulted in the development of a computer chip that can store an unprecedented amount of data – enough to hold an entire library’s worth of information on a single chip.

Designed by a researcher at North Carolina State University, the new chip represents a significant advance in computer-memory technology.

“We have created magnetic nanodots that store one bit of information on each nanodot, allowing us to store over one billion pages of information in a chip that is one square inch,” said Dr. Jay Narayan, author of the research.

These nanodots are made of single, defect-free crystals, creating magnetic sensors that are integrated directly into a silicon electronic chip.

The nanodots, which can be made uniformly as small as six nanometers in diameter, are all precisely oriented in the same way – allowing programmers to reliably read and write data to the chips.

The chips themselves can be manufactured cost-effectively,

However, the next step is to develop magnetic packaging that will enable users to take advantage of the chips – using something, such as laser technology, that can effectively interact with the nanodots.

The research was presented as an invited talk at the 2011 Materials Research Society Spring Meeting in San Francisco. (ANI)

Average simple rate at 1-wk Turkish repo 6.82 pct

ISTANBUL, April 2 (Reuters) – Turkey’s central bank injected one billion lira ($660 million) in a one-week repo auction on Friday at an average simple rate of 6.82 percent.

Total bids amounted to 3.11 billion lira. The bank also injected two billion lira in a three-month auction at an average simple rate of 7.40 percent, attracting total bids of 8.48 billion lira.

($1=1.5160 lira)

Average simple rate at 1-wk Turkish repo 6.82 pct

ISTANBUL, April 2 (Reuters) – Turkey’s central bank injected one billion lira ($660 million) in a one-week repo auction on Friday at an average simple rate of 6.82 percent.

Total bids amounted to 3.11 billion lira. The bank also injected two billion lira in a three-month auction at an average simple rate of 7.40 percent, attracting total bids of 8.48 billion lira.

($1=1.5160 lira)

Turkish c.bank to hold 1 bln lira one-week repo

ISTANBUL, April 2 (Reuters) – Turkey’s central bank will hold a one-week repo auction on Friday with a volume of one billion lira ($660 million) and maturing on April 9, bank data showed CBTF.

It will also hold a two billion lira, three-month repo maturing on July 2.

($1=1.5160 lira)

Hindus greet Christians on Easter

Nevada (US), March 24 (ANI): Hindus have sent greetings to Christian communities world over for upcoming Easter.

Acclaimed Hindu statesman Rajan Zed, in a release in Nevada (USA) today, expressed warmest greetings on the upcoming Easter, wishing that it brought joy, happiness, blessings and cheer to all.

Zed, who is president of Universal Society of Hinduism, stressed that all religions should work together for a just and peaceful world. Dialogue would bring us mutual enrichment, he added.

Christianity is the largest religion of the world, while Hinduism with about one billion adherents, is the oldest and third largest religion. Easter, the Feast of the Resurrection of Christ, is the greatest and oldest feast of the Christianity. (ANI)

Becks to host Kick-Off Celebration gig of World Cup?

London, Mar 23 (ANI): English footballer David Beckham may host the Kick-Off Celebration concert in South Africa on the first night of the World Cup.

Beckham, 34, who had to stay out of the tournament due to injury, is said to have been invited to be a major presenter of the huge music show on June 10 in Soweto, Johannesburg.

Kevin Wall, the organiser of the concert, has only hinted publicly that football stars will be taking part in the show.

“We are using soccer icons throughout the show. We will have some major celebrities acting as hosts,” the Sun quoted him as saying.

“We have just started negotiations with a famous UK footballer who is now not playing in the World Cup,” he stated.

The concert, at the 40,000-capacity Orlando Stadium, near where Nelson Mandela and Desmond Tutu grew up, will star Alicia Keys, Black Eyed Peas and Shakira and is expected to have a global audience of more than one billion. (ANI)

Varanasi students form human chain on World Water Day

Varanasi, March 22 (ANI):On the occasion of the World Water Day (March 22), students from public and Vedic schools joined hands to formed a human chain to spread the message of clean Ganga.

Besides, the students offered prayers near the banks of Ganges and took a pledge to protect it from further getting being polluted.

“We took a pledge that we will not pollute Ganga River. Together we will try to keep Ganges clean and will not throw any kind of wastes in the river…with this human chain, we wanted to spread this message,” said Akshaybar Tiwari, one of the Vedic school student.

River Ganga (Ganges) is one of the largest and revered rivers of India, supporting a large population on its banks.

Sewage and industrial effluents pour into much of the River Ganga”s course through India”s most populated states, reducing its capacity to support life and making it unfit for human or animal use. Floating corpses are a common sight, as Hindus believe cremation on the river banks leads to salvation.

The government has planned to end discharge of untreated waste into the Ganges by 2020.

Though the Union government enacted Ganga Action Plan in 1985 to clean the river, much of the action seems to have confined to papers.

However, with one billion tonnes of waste being dumped into it everyday, the River Ganga, unfortunately, remains one of the most polluted rivers in the world. (ANI)

West Bengal Government revives IT hub plans

Kolkata, Sep 17(ANI): West Bengal Chief Minister Buddhadeb Bhattacharya on Thursday said that the Government would revive plans to build a one billion dollar IT hub, which was earlier, scrapped due to land acquisition problems.

The State Government has planned an IT town on the outskirts of Kolkata to host IT giants Wipro and Infosys, and following the issue Bhattacharya said that IT majors, Wipro and Infosys would be given 45 acres of land each near the airport, where they can construct new centres.

“We are ready to give 45 acres of land each to Wipro and Infosys and they can come and immediately take possession of the land and they can start constructing their new centres in Rajarhat, 45 acres each and they are big companies and they will create huge job opportunities for young people,” Bhattacharya said.

The State Government had earlier cancelled the project after local police arrested a member of a private business consortium, which had offered to procure land for the IT hub on behalf of the Government, on charges of seizing the land by force. (ANI)

Disney ‘to bring Hindu mythological superheroes to screen’

Nevada (US), September 14 (ANI): Disney is reportedly in talks with India’s Vimanika Comics to bring Hindu mythological superheroes to film and television.

It could see Karna brought to life on screen.

In mythology, Karna was the son of Kunti and sun-god Surya who was equipped with celestial arms and armor.

However, Hindus are concerned.

Acclaimed Hindu statesman Rajan Zed, while welcoming Hollywood to film ancient Hindu scriptural subjects, urged them to stay true to the story and the spirit of the scriptures.

Zed said that changing ancient Sanskrit scriptures to fit the Hollywood machine were likely to hurt the Hindu sentiments.

According to him, refashioning Hinduism concepts, symbols, doctrines for mercantile greed is not acceptable, as it is the oldest and third largest religion of the world with about one billion followers and a rich philosophical thought and it should not be taken lightly.

Vimanika reportedly plans to launch graphic versions of Dashaavatar, Legend of Karna, Lord Shiva, and Lord Garuda; and is looking to convert comics to online/mobile games. Its other titles include “Moksha”. Its tagline is “Bringing you Myth like no Other”! (ANI)

Danish PM to discuss climate change during visit to India

New Delhi, Sep.10 (ANI): The Prime Minister of Denmark, Lars Loekke Rasmussen, will arrive here on Friday on a daylong working visit to India to speed up negotiations on a climate deal ahead of a key summit to be held in Copenhagen between December 7 and 18.

Rasmussen will meet with his Indian counterpart Manmohan Singh and the UN’s top climate scientist Rajendra Pachauri, who is chairman of the Intergovernmental Panel on Climate Change (IPCC).

Rasmussen will meet with Dr. Singh at Hyderabad House at 12 p.m. The two sides will have delegation-level talks after which an agreement on environment cooperation will be signed.

In the afternoon, he will deliver a speech on “Green Economy” organized in cooperation with the Confederation of Indian Industry (CII) at the Hotel Oberoi.

He will emplane for Vienna on Saturday morning.

On Tuesday, at the start of the Nordic Climate Solutions conference gathering decision-makers and businessmen in Copenhagen, Rasmussen said the negotiations were progressing slowly “in all areas.”

“It’s very difficult because these are not just issues concerning climate,” but also economy and technology, he said.

“Take the example of India, where I will meet the Indian prime minister who wants to gives his population of one billion some prosperity and who therefore doesn’t want to commit to restrictive reductions unless the world brings new technology to his country,” Rasmussen said. (ANI)

Galaxy hosting most distant supermassive black hole ever found

Washington, September 3 (ANI): A team of astronomers from the University of Hawaii has discovered a giant galaxy surrounding the most distant supermassive black hole ever found.

The galaxy, which is 12.8 billion light-years from Earth, is as large as the Milky Way galaxy and harbors a supermassive black hole that contains at least a billion times as much matter as does our Sun.

According to University of Hawaii astronomer Dr. Tomotsugu Goto, “It is surprising that such a giant galaxy existed when the Universe was only one-sixteenth of its present age, and that it hosted a black hole one billion times more massive than the Sun. The galaxy and black hole must have formed very rapidly in the early universe.”

Knowledge of the host galaxies of supermassive black holes is important in order to understand the long-standing mystery of how galaxies and black holes have evolved together.

Unlike smaller black holes, which form when a large star dies, the origin of supermassive black holes remains an unsolved problem.

A currently favored model requires several intermediate black holes to merge.

The host galaxy discovered in this work provides a reservoir of such intermediate black holes.

After forming, supermassive black holes often continue to grow because their gravity draws in matter from surrounding objects.

The energy released in this process accounts for the bright light that these black holes produce.

To see the supermassive black hole, the team of scientists used new red-sensitive CCDs installed in the Suprime-Cam camera on the Subaru telescope on Mauna Kea.

According to Prof. Satoshi Miyazaki of the National Astronomy Observatory of Japan (NAOJ), lead investigator for the creation of the new CCDs and a collaborator on this project, “The improved sensitivity of the new CCDs has brought an exciting discovery as its very first result.”

A careful analysis of the colors revealed that 40 percent of light around 9100 angstroms is from the host galaxy itself and 60 percent is from the surrounding ionized nebulae illuminated by the black hole.

“We have witnessed a supermassive black hole and its host galaxy forming together. This discovery has opened a new window for investigating galaxy-black hole co-evolution at the dawn of the universe,” said Dr. Yousuke Utsumi, a member of the project team. (ANI)

ICC to pay PCB 18 million dollars as World Cup dues: Butt

Lahore, Aug.28 (ANI): The Pakistan Cricket Board (PCB) hopes to receive up to 18 million dollars from the International Cricket Council (ICC) over the stripping of hosting rights for the 2011 World Cup, its chairman Ijaz Butt said on Friday.

“At the moment the figure is around rupees one billion (12 million dollars) but I hope it could go up to rupees 1.5 billion (18 million dollars) by the time World Cup begins in 2011,” Butt told reporters in Lahore.

Butt returned home from Dubai after signing an agreement with the ICC president David Morgan according to which Pakistan will retain its host fees – 10.5 million dollars – and will receive additional compensation for the loss of hosting rights.

“It’s a confidential document which we both (ICC and PCB) signed, but I can tell you that much that I hope the total earnings of PCB might go up to rupees 1.5 billion,” the Dawn quoted Butt, as saying.

In return the PCB will withdraw all its legal cases against the ICC and all its 14 World Cup matches will now be distributed among India, Sri Lanka and Bangladesh – the three co-hosts of the World Cup.

“Within the next 15 days, the PCB will withdraw all its legal cases against the ICC,” Butt said.

Pakistan lost the right to host international cricket matches after gunmen attacked Sri Lankan cricketers and their security detail on March 3, leaving six police officers and a van driver dead.

Butt said a clause had been added to Thursday’s agreement, saying international cricket will return to Pakistan when the ICC and other teams are satisfied the security situation had sufficiently improved.(ANI)