AC Milan is open to settlement over financial fair play

The clubs was bought from Silvio Berlusconi (Pictured) for $800 million in April (AP/Antonio Calanni)
Updated 07 December 2017
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AC Milan is open to settlement over financial fair play

MILAN: AC Milan says it is open to a “settlement agreement” with UEFA over a financial fair play investigation that threatens to derail the plans of the club’s new Chinese owners.
The Gazzetta dello Sport reports that UEFA’s club financial control body will turn down Milan’s offer of a “voluntary agreement” to seek more credit.
A club statement says, “Milan has always declared itself ready to face the other side of the coin, which is the settlement agreement.”
While Milan spent more than 200 million euros (nearly $250 million) on new players in the offseason, there have been questions about the financial stability of the Chinese-led consortium that purchased the club from Silvio Berlusconi for $800 million in April.
Milan reportedly had losses of 255 million euros over the past three years.


Indian private university opens first international campus in Dubai

Updated 1 min 37 sec ago
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Indian private university opens first international campus in Dubai

  • Indian FM inaugurated the Dubai campus of Symbiosis International University on Thursday
  • Under national education policy, New Delhi wants to internationalize Indian education system

New Delhi: A private Indian university has opened its first international campus in Dubai this week, marking a growing education cooperation between New Delhi and Abu Dhabi. 

Symbiosis International University is a private higher education institution based in the western Indian city of Pune with at least five other campuses operating across the country, offering undergraduate, postgraduate and doctorate-level programs. 

It is considered one of the top private business schools in the South Asian country, ranking 13th in management in the Indian Ministry of Education’s National Institutional Ranking Framework. 

SIU’s Dubai campus, which will offer management, technology and media and communications courses, was officially inaugurated on Thursday by Indian Foreign Minister S. Jaishankar and Sheikh Nahyan bin Mubarak, the UAE minister of tolerance and coexistence. 

“I am sure that this campus will foster greater collaboration and research linkages between scholars of India and UAE, for mutual prosperity and global good,” Jaishankar said during the ceremony. 

“(The) ceremony is not just an inauguration of a new campus; it is a celebration of the growing educational cooperation between our two countries. Right now, Indian curriculum and learning is being imparted through more than 100 International Indian Schools in UAE, benefitting more than 300,000 students.”

Under India’s National Education Policy 2020, New Delhi aims to internationalize the Indian education system, including by establishing campuses abroad. 

Another top Indian school, the Indian Institute of Technology-Delhi, began its first undergraduate courses in September, after starting its teaching program in January with a master’s course in energy transition and sustainability. 

Initially launched in September with more than 100 students, the SIU Dubai Campus is the first Indian university in Dubai to start operations with full accreditation and licensing from the UAE’s top education authorities, including the Ministry of Education. 

“A university setting up a campus abroad is not just a bold step, but a concrete commitment to the goal of globalizing India. They certainly render an educational service, but even more, connect us to the world by strengthening our living bridges,” Jaishankar added as he addressed the students. 

Dr. Vidya Yeravdekar, pro-chancellor of Symbiosis International University, said that the school’s establishment in Dubai was in line with the UAE’s education goals. 

“Internationalization is central to the UAE’s educational vision,” Yeravdekar said on Friday. 

“By opening our campus in Dubai, we are creating a gateway for students from around the world to engage in a truly global academic experience, where they can benefit from international faculty, real-world industry collaborations, and a curriculum that meets the needs of a changing world.”


Riyadh falcon auction soars with $1.6m in sales

Updated 3 min 18 sec ago
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Riyadh falcon auction soars with $1.6m in sales

  • 45-day event celebrates falconry traditions while fostering economic growth

RIYADH: The Saudi Falcon Club concluded its auction season on Friday night, generating nearly SR6 million ($1.6 million) in sales over a 45-day event, the Saudi Press Agency reported on Saturday.

The auction, held at the club’s headquarters in Malham, north of Riyadh, drew 165 falconers and featured 50 falcons from 30 locations from all over the Kingdom.

The season’s highlight was a peregrine falcon chick from the Al-Dabdaba area in the Hafr Al-Batin governorate, which sold for SR400,000 on the sixth night — the highest price of the event.

To support participants, the club organized a closing ceremony featuring substantial prizes, including two cars and 20 cash awards totaling SR100,000.

“Our efforts align with the leadership’s vision to protect and promote authentic falconry traditions while sustaining it as a hobby,” said club spokesperson, Waleed Al-Taweel.

“This auction preserves our cultural legacy and creates economic opportunities in line with Vision 2030.”

Al-Taweel highlighted the club’s transformation of traditional falconry into a thriving economic sector, with its auction platform now the Kingdom’s largest official falcon marketplace, aligning with Vision 2030’s cultural and economic goals.

“Our ambition is to make Saudi Arabia the premier destination for falcon enthusiasts and breeders,” he said.

He also emphasized the club’s focus on market development and conservation, including regulating falcon trade and protecting endangered species through sales bans and awareness campaigns.

The finale saw three falcons sell for a combined SR367,000. The auction has become a key marketplace for local and international falcon-breeding farms, offering business opportunities for professional falconers and showcasing elite breeds.

The club provides extensive services to falconers, including housing and transporting birds to the auction site. Each sale is broadcast live on television and social media, ensuring competitive bidding, according to SPA.

The event plays a vital role in preserving Saudi Arabia’s cultural, economic and historical heritage while supporting falconry activities and developing the local falcon auction market into a global hub. It also aims to regulate the falcon trade in the Kingdom and protect endangered species.

During the club’s first auction in 2020, total sales exceeded SR10 million. The second auction brought SR8.3 million, the third more than SR7 million, and the fourth SR10 million.


Russia captures two villages in eastern Ukraine, defense ministry says, according to agencies

Updated 21 min 1 sec ago
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Russia captures two villages in eastern Ukraine, defense ministry says, according to agencies

MOSCOW: Russian forces have captured the villages of Makarivka and Leninskoye in Ukraine’s Donetsk region, Russian news agencies reported on Saturday, citing the Russian Defense Ministry.


UN climate chief asks G20 leaders for boost as finance talks lag

Updated 38 min 38 sec ago
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UN climate chief asks G20 leaders for boost as finance talks lag

  • Negotiators at the COP29 conference in Baku struggle in their negotiations for a deal intended to scale up money to address the worsening impacts of global warming

BAKU: The UN’s climate chief called on leaders of the world’s biggest economies on Saturday to send a signal of support for global climate finance efforts when they meet in Rio de Janeiro next week. The plea, made in a letter to G20 leaders from UN Framework Convention on Climate Change Executive Secretary Simon Stiell, comes as negotiators at the COP29 conference in Baku struggle in their negotiations for a deal intended to scale up money to address the worsening impacts of global warming.
“Next week’s summit must send crystal clear global signals,” Stiell said in the letter.
He said the signal should support an increase in grants and loans, along with debt relief, so vulnerable countries “are not hamstrung by debt servicing costs that make bolder climate actions all but impossible.”
Business leaders echoed Stiell’s plea, saying they were concerned about the “lack of progress and focus in Baku.”
“We call on governments, led by the G20, to meet the moment and deliver the policies for an accelerated shift from fossil fuels to a clean energy future, to unlock the essential private sector investment needed,” said a coalition of business groups, including the We Mean Business Coalition, United Nations Global Compact and the Brazilian Council for Sustainable Development, in a separate letter.
Success at this year’s UN climate summit hinges on whether countries can agree on a new finance target for richer countries, development lenders and the private sector to deliver each year. Developing countries need at least $1 trillion annually by the end of the decade to cope with climate change, economists told the UN talks.
But negotiators have made slow progress midway through the two-week conference. A draft text of the deal, which earlier this week was 33-pages long and comprised of dozens of wide-ranging options, had been pared down to 25 pages as of Saturday.
Sweden’s climate envoy, Mattias Frumerie, said the finance negotiations had not yet cracked the toughest issues: how big the target should be, or which countries should pay.
“The divisions we saw coming into the meeting are still there, which leaves quite a lot of work for ministers next week,” he said.
European negotiators have said large oil-producing nations including Saudi Arabia are also blocking discussions on how to take forward last year’s COP28 summit deal to transition the world away from fossil fuels.
Saudi Arabia’s government did not immediately respond to a request for comment. Progress on this issue has been dire so far, one European negotiator said.
Uganda’s energy minister, Ruth Nankabirwa, said her country’s priority was to leave COP29 with a deal on affordable financing for clean energy projects.
“When you look around and you don’t have the money, then we keep wondering whether we will ever walk the journey of a real energy transition,” she said.


Companies employing Chinese nationals being asked to hire ex-military servicemen for security — Sindh Police

Updated 16 November 2024
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Companies employing Chinese nationals being asked to hire ex-military servicemen for security — Sindh Police

  • Sindh Police reviews security measures for Chinese nationals amid increase in attacks targeting them
  • Intelligence agencies conducting security audit of guards hired to protect Chinese nationals, say police

KARACHI: Companies, organizers, hosts, sponsors and any other entities in Pakistan that employ Chinese nationals are being asked to hire the services of former military personnel for security purposes, Sindh Police said this week amid increasing attacks on Chinese citizens in the country. 
A string of recent attacks on Chinese nationals in Pakistan have caused Beijing to worry about the security of its citizens. Separatist militants in Pakistan’s southwestern Balochistan province have carried out attacks against Chinese interests this year, blaming Islamabad and Beijing for exploiting the gas-and-oil-rich province. Both deny the allegations.
Last month, a suicide blast near the airport in Pakistan’s southern port city of Karachi killed two Chinese engineers while a security guard shot and injured two Chinese nationals in Karachi this month.
Sindh Inspector General of Police Ghulam Nabi Memon held a meeting at the Central Police Office in Karachi on Thursday to review the security of Chinese nationals in the province. 
“DIG Special Protection Unit, while briefing the committee formed to review security measures of Chinese citizens, said the Internal Bureau and Special Branch are conducting a security audit of the private security guards assigned to protect Chinese citizens,” a statement from the police said on Friday evening.
“While project organizers, hosts/sponsors are also being made to hire the services of ex-military servicemen.”
The statement said that the SPU would conduct joint training exercises continuously to meet any emergency security situation. 
“A hotline number has been provided for the facilitation of Chinese citizens and for immediate contact with law enforcement agencies,” it said. 
“He further said that suggestions have also been given to project owners/sponsors to strictly implement security standard operating procedures, including a security audit of private security companies.”
China is a major ally and investor in Pakistan that has pledged over $65 billion in investment in road, infrastructure and development projects under the China-Pakistan Economic Corridor (CPEC) project, at the heart of which lies the Gwadar port in Balochistan.
Pakistan says attacks targeting Chinese nationals are aimed at disrupting its relations with China and destabilizing CPEC.