Wednesday 11 November 2015

Dunya TV

Dunya TV

Another death row convict hanged in Bahawalpur

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BAHAWALPUR (Dunya News) - A death row convict has been sent to the gallows at the New Central Jail Bahawalpur on early Thursday morning, Dunya News reported.According to details, death row prisoner Nadeem alias Nadeemi Pathan was executed for killing Mir Zaheerul Hassan Tirmizi in 1997. Nadeem’s dead body was later handed over to his relatives.It is pertinent to mention here that Nadeem was member of a banned organization.Also Read: 4 death row convicts hanged in various citiesPrime Minister Nawaz Sharif lifted the moratorium on the death penalty on December 17, 2014, a day after Taliban gunmen attacked a school in Peshawar and killed 134 students and 19 adults. The killings put pressure the government to do more to tackle the insurgency.

Residents spend cold night under open skies as Moon Garden Flats sealed

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KARACHI (Dunya News) – Residents of Moon Garden Flats were forced to spend the cold November Wednesday night under open skies as the apartment complex was sealed on court’s orders. Residents protested and chanted slogans against the move and the government’s departments saying that they had been used their lifelong savings to buy the flat and now have been robbed of it. Protestors also lamented why the construction of the building had not been halted 15 years ago if it was illegal. The Court’s ultimatum for residents to evacuate the building expires Thursday evening.According to the details, Moon Garden flat is built on railway’s land in Gulistan-e-Johar, Karachi. The building was sealed two days ago by order of the court.A two member bench of the Sindh High Court led by Justice Sajjad Ali Shah gave a deadline of 24 hours for the building’s evacuation.

Baloch leader Brahumdagh Bugti expresses approval for govt negotiations

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Lahore (Dunya News) – Nawab Akbar Bugti’s grandson Baloch rebel leader Brahumdagh Bugti on Wednesday has expressed his approval for negotiations with government once again on the issue of Balochistan. Bugti stated that he had never closed the doors on discussion with the government.Bugti expressed his approval to the negotiations during an interview with the British Broadcasting Corporation (BBC). However, he further added that the Chief Minister of Balochistan had no powers. Bugti also stated that his grandfather had never really put a restriction on discussion with the government.The Baloch leader said that those who have powers can come and discuss the issues.He stated that it was important for negotiations that military action be stopped in Balochistan.

Hyderabad: Three wanted dacoits killed in police clash

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HYDERABAD (Dunya News) – Three wanted dacoits were killed late Wednesday night during a clash with the police in Bhattai Nugur area in Hyderabad. The wanted suspects were involved in numerous criminal activities.The suspects have been identified as Manzoor Hussain Lashari, Munir Hassan Lashari and Akhtar Hussain Somro.

Military, political leadership may not be on same page: Khursheed Shah

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Lahore (Dunya News) – Oppositon leader Khursheed Shah on Wednesday commented on the Core Commander conference stating that the military and the political leadership may not be on the same page. Shah made these comments during Dunya News program “Dunya Kamran Khan Kay Sath” where the government’s response to the governance issue which was raised during the high level conference was being discussed. The opposition leader stated that both authorities should resolve the differences otherwise this conflict could prove to be detrimental for the country. Analysts also gave their opinions on the matter saying that it is certain that there was some tension between the two leaderships.Speaking on the matter, veteran journalist and anchor Kamran Khan stated that the statement pertaining to good governance given by the military leadership and the subsequent response by the government has effectively ended the facade of “everything is good” in the civil-military relationship.During the program, former Federal Minister Javed Jabbar stated that the military’s complaint and the government’s rebuttal made it certain that there were differences.Renowned analyst Ahmad Rasheed remarked that the military’s criticism on good governance looked legitimate.During a discussion in the show, analysts stated that the nation seems unsatisfied with the political leadership and further added that the inability of carrying out reforms in the Federally Administered Trbal Areas (FATA) was everybody’s fault.Oppsition leader Shah during an earlier address to the National Assembly had stated that Corps Commanders’ Conference has sought ‘better governance’ which is an important hint to the government. He said the government, during its two-and-a-half years-long tenure, had not learnt to take parliament seriously.Military spokesman Lieutenant General Asim Saleem Bajwa said that internal and external security was discussed in the meeting, including the implementation of the National Action Plan (NAP) to uproot militancy.The meeting also discussed the upcoming visit of General Raheel to the US starting from November 15.

Younis says farewell to ODIs among bewildered fans, cricketers

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Lahore (Dunya News) – Pakistan cricket team’s star batsmen, former Captain and senior cricketer Younis Khan stunned everyone as he announced his retirement from One Day International (ODI) cricket after Pakistan played its first ODI of the series against England in Abu Dhabi.Khan announced the startling retirement on the morning before the match with England. The experienced cricketer saluted the crowd after his final 265th appearance as he was dismissed at 9 runs by England’s bowler Topley.During a talk before the match in Sheikh Zaid Stadium, Khan stated that the decision to retire was not an emotional step taken immediately but he wanted to say his good bye to One Day cricket at a respectable stage of his career and he had been waiting for a favourable series. He further added that the retirement decision was completely his own and no one, including the coach, forced him on it. Khan informed that he had been thinking about the retirement for the past 6 to 8 months.Khan also stated that his performance in One Day cricket had not been satisfactory since 2011 and he had worked devotedly for his return to the team after his selection was dropped from the previous cricket world cup. The renowned senior cricketer stated that the younger players were capable of performing even better than him. He declared the young batsmen Babar Azam and Muhammad Rizwan as his replacement. The 37 year old middle order batsman denied the rumours relating his resignation to the differences with the selectors.Former cricketers looked bewildered by Khan’s decision with many including Muhammad Yousaf calling the step a result of pressurizing.Commenting on the matter, Pakistan Cricket Board’s Chairman Sheheryar Khan looked upset over Khan’s action, stating that the senior cricketer’s decision and his timing was a mistake and added that Khan’s retirement was controversial as was his 15 year old career. The PCB Chairman however remarked that the senior player would be given a proper send off.Speaking on the matter, Pakistan’s Chief Selector Haroon Rasheed stated that he was surprised by the former Captain’s decision and said that Khan had made no hints about the decision when he met with him.Former cricketer Mohsin Khan wondered if Khan’s decision reflected Waqar Younis’s hesitancy in allowing Khan’s return the ODI squad. Muhammad Hafeez stated that he was shocked by Khan’s decisionMeanwhile others commemorated Khan’s career. The youthful budding cricketers during a discussion with the media in Qaddafi Stadium lauded the renowned batsman with praises and acknowledged his services to the national team. They stated that his contributions to the game will never be forgotten. The young cricketers stated that the experienced middle order batsman had always provided them with his professional guidance and they were able to learn some truly valuable things from Khan.Khan started his ODI career in 2000 with a match against Sri Lanka in Karachi. Khan has played 264 ODI matches for Pakistan. The experienced middle order right handed batsman achieved a total of 7240 runs for his ODI career. His highest score remains at 144 with a batting average of 31.24 and strike rate of 75.29. The star batsman managed to grab seven centuries and 48 half-centuries during his ODI career.

Athletics: Putin orders action on Russia doping scandal

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MOSCOW (AFP) - Vladimir Putin said Wednesday that Russia must do everything to eradicate doping, ordering an inquiry into allegations of major drug abuse in athletics that have left the country facing international isolation.Moscow is scrambling to respond to the bombshell World Anti-Doping Agency (WADA) report, which outlined systematic doping in Russian athletics, declaring that a foreign specialist could take over its discredited testing laboratory.The athletics world governing body has given Russia until Friday to come up with answers to the allegations, and with the deadline looming Putin met sports chiefs in Sochi, the Black Sea home of the 2014 Winter Olympics.The stakes could not be higher for Russia, which risks being excluded from the 2016 Summer Olympics in Rio over damning allegations of corruption and state-sponsored doping.We must do everything in Russia to rid ourselves of this problem, Putin said in footage shown on Russian television of the meeting -- ironically called to discuss the countrys preparations for Rio 2016.We must carry out our own internal inquiry, he said, telling sports officials to show the most open and professional cooperation with international anti-doping authorities.This problem does not exist only in Russia, but if our foreign colleagues have questions, we must answer them, he said.It is the first time Putin, an avid sportsman, has commented publicly on the charges levelled by an independent commission chaired by WADAs Dick Pound, which rocked the flagship Olympics sport.He echoed a plea by Russias Olympic Committee not to sacrifice the dreams of clean competitors, saying there should not be collective punishment.If someone breaks the rules on doping, the responsibility should be individual, the Kremlin leader said.Athletes who have never touched doping should not pay for those who have transgressed.As the doping storm has developed during the week, Russian officials have given conflicting responses.The Kremlin on Tuesday dismissed WADAs allegations as groundless but 24 hours later a high-ranking sports official conceded that doping was an issue.We are conscious of the problem that weve got. Weve got a problem with doping, Mikhail Butov, the Russian athletics federations secretary general, admitted to the BBC.Butovs opinion carries weight, as he is one of the 27 council members of the International Association of Athletics Federations (IAAF) that will meet on Friday to discuss whether to ban Russia from next years Olympics.Russia, accused by WADA of sabotaging the last Olympic Games, finished fourth in the medals table at London 2012.But ahead of the meeting in Sochi, Russian Sports Minister Vitaly Mutko suggested the doping furore could have been aimed at tarnishing the countrys image.Earlier Mutko said he was open to the possibility of an overseas successor to Grigory Rodchenkov, the disgraced director of Moscows suspended anti-doping laboratory, who according to WADA deliberately destroyed almost 1,500 samples.As a result of the laboratory being stripped of its accreditation, swimmings governing body FINA announced it had moved all the samples taken at this years world championships in Russia to a WADA-approved lab in Barcelona.The crisis engulfing athletics comes hot on the heels of a massive corruption scandal at world footballs top body FIFA and as cycling is still recovering from the Lance Armstrong doping scandalOn Wednesday shamed former IAAF president Lamine Diack, 82, who is facing corruption charges, resigned from his position on the International Olympic Committee (IOC).Olympic chief Thomas Bach, in his first reaction to WADAs findings, said the report was sad and shocking, pointing to allegations that some officials demanded vast sums of money to hush up positive dope tests.I would never have imagined that in an international federation, money would be solicited from athletes to manipulate results, said the International Olympic Committee president.Fears were growing that the scandal could widen to include other countries and other sports, as WADA suggested in its report.Andrey Baranov, a Russian sports agent who sparked the global investigation into athletics doping, called for the sports authorities to also look at other countries.He told Britains Guardian newspaper: It is wrong just to be focusing on Russia. There should be a similar investigation into countries like Kenya and Ethiopia too.Their top athletes are earning far more than the Russians. Yet their levels of testing are very limited.The German TV documentary that triggered the WADA investigation claimed that a third of the 146 world and Olympic medals awarded between 2001 and the 2012 London Olympics were tainted by suspicions of doping.The IOC, however, said it did not believe there was any problem with drugs results from the 2014 Winter Olympics in Sochi, carried out at a WADA-accredited laboratory.

Tennis: US recruits Lendl to work with youngsters

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LOS ANGELES (AFP) - Former world number one Ivan Lendl has been recruited to help nurture the next generation of American tennis stars, the United States Tennis Association said in a statement.The 55-year-old Czech born legend, whose recent coaching successes include helping Andy Murray triumph at the US Open in 2012 and Wimbledon in 2013, is part of a team of former professionals who will work with youngsters, the USTA added. American mens tennis has failed to produce a Grand Slam singles champion for more than a decade, with Andy Roddick the last player to lift a major title at the 2003 US Open. USTA player development general manager Martin Blackman said the input of Lendl, former world number seven Mardy Fish and 2008 Olympian Jill Craybas was part of a strategy to use past champions and professionals as coaches. They have been in the second week of a Grand Slam or even hoisted the trophy on that final Sunday, and that is invaluable, Blackman said.We need to cultivate a culture that is characterized by a champions mindset, and when one of our young women or men spends time with a former champion, it creates a cultural connection that cannot be over-estimated. The statement said Lendl began working with a group of 15 and 16-year-old male tennis players at a training camp in Florida last week.

Football: Suspended FIFA chief Blatter in hospital, to leave Monday

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GENEVA (AFP) - Suspended FIFA president Sepp Blatter is in hospital after being placed under medical observation for stress, but he is expecting to leave the facility early next week, his spokesman said Wednesday.He is now, at this moment, in hospital, Blatters spokesman Klaus Stoehlker told AFP by phone, adding that Blatter was admitted several days ago. He is preparing to leave on Monday and will be back on the job on Tuesday, Stoehlker said. The spokesman added that 79-year-old Blatter had regained his good humour and has vowed to persist with his fight against the (FIFA) ethics committee which suspended him for 90 days over corruption allegations. He said to me, I was elected FIFA president by 209 congress members and no (ethics) commission can force me out, Stoehlker quoted Blatter as saying. Blatter, long the most powerful man in football, suffered a medical incident last weekend and had been placed under medical observation from his home. Stoehlker previously said the stress-related ailment had been brought on by the pressure the embattled Swiss national has faced in recent weeks. Blatter has been at the centre of the worst scandal to ever hit world football, which kicked off in May when 14 ex-FIFA official and sports marketing executives were charged by the US justice department over decades of graft and bribery. Blatter was elected to a fifth term as FIFAs president days later, but he has since been engulfed by the scandal. In September, Swiss prosecutors opened a criminal case against him over mismanagement and a suspicious $2 million payment made in 2011 to European football chief Michel Platini. Before he was suspended, Blatter, who has been in charge of FIFA since 1998, said he would step down on February 26, next year, when a FIFA congress elects a new president.Platini had been favoured to win the vote, but his suspension by FIFAs ethics committee is thought to have hurt his candidacy. Seven candidates are in the running to succeed Blatter, including Platini. Separately, former FIFA vice president Eugenio Figueredo, who served under Blatter, agreed to be extradited from Switzerland to his home country of Uruguay, where he faces corruption charges.But the extradition could be challenged by the United States justice department, which charged Figueredo as part of its sweeping indictments in May. The Swiss justice ministry (FOJ) has approved Figueredos extradition to both the United States and Uruguay. It will be for the US authorities to state whether or not they agree to Uruguay being given priority. If the US authorities do not agree, the issue will be decided by the FOJ, a statement from FOJ spokesman Folco Galli said. Figueredo, 83 and a former vice-president of the South American Football Confederation (CONMEBOL), was charged by the US with using his influence to solicit millions of dollars worth of bribes. While Figueredo was detained in Switzerland, Uruguayan authorities launched a separate investigation and have since charged him with abusing his office. Figueredo continues to fight against extradition to the United States.

Olympics: Magic Johnson appointed for LA 2024 push

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LOS ANGELES (AFP) - NBA legend and Olympic gold medallist Earvin Magic Johnson has been appointed to help boost Los Angeless ambitious bid for the 2024 Games, a statement said Wednesday.Johnson, a member of the fabled 1992 USA basketball Dream Team at the Barcelona Olympics, was appointed as a vice chair of the citys Olympic and Paralympic candidature committee, Los Angeles 2024 said.The only thing greater than bringing a sports championship to Los Angeles would be bringing the Olympics back to the best sports town in America, Johnson said in a statement.I was here for the 1984 Games, and I saw a city that was united and honored to welcome the world. As a former Olympian, Im proud to join the LA 2024 team and give them an assist in returning the 2024 Olympic and Paralympic Games to the United States.Johnson is a prominent figure in Los Angeles, having played for the Lakers during a glittering career between 1979 and 1991. He was also part of the consortium which bought the Los Angeles Dodgers in 2012.Los Angeles is bidding to host the Olympics for a third time after staging the Games in 1932 and 1984. It faces stiff competition from Paris, Rome, Budapest and Hamburg.

Russia, Iran warn world powers not to jump gun on Syria talks: Moscow

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MOSCOW (AFP) - Russia and Iran on Wednesday warned other international players not to stymy attempts to get talks going between the Syrian government and opposition aimed at ending the war, Moscow said.Around 20 countries and international bodies will meet in the Austrian capital Vienna on Saturday to try to push forward a peace plan that would include a ceasefire between Bashar al-Assads regime and some opposition groups, and talks to find a political solution. Neither representatives of the regime or opposition are expected to attend at this stage of the dialogue.Outside players... must help the sides reach an agreement and not replace the intra-Syrian negotiations or try to anticipate their results, Russias foreign ministry said after a phone talk between Sergei Lavrov and his Iranian counterpart Mohammad Javad Zarif.Russia and Iran are the strongest backers of Assad and are both involved militarily in helping his forces fight on the ground. The US, much of the West and regional players such as Saudi Arabia and Turkey strongly oppose Assad and have called for him to go if there is to be any political resolution to the brutal four-year conflict.Meanwhile on the ground Syrias army broke a more than year-long Islamic State siege of a military air base in the countrys north Tuesday, scoring its first major breakthrough since Russias air campaign began on September 30.Moscows defence ministry said the breakthrough was achieved as a result of the actions of Russian aviation and that opposition groups had helped provide information on targets, without specifying which groups. Over the past two days Russian planes hit 277 terrorist targets across Syria, the defence ministry said.Russia says it is bombing the Islamic State group and other terrorists in Syria, but the US and its allies have said Moscow is mainly targeting more moderate forces fighting Assad.

Saudi FM voices support for Yemen peace talks

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RIYADH (AFP) - Saudi Foreign Minister Adel al-Jubeir voiced support Wednesday for peace talks on Yemens conflict which the United Nations says will take place this month in Geneva.We hope they will be successful, Jubeir told reporters after a summit of Arab and South American countries in Riyadh.We support these negotiations and hope they will achieve peace, security and stability in Yemen, he said.Saudi Arabia has since late March led an Arab coalition fighting Iran-backed Huthi rebels and their allies in Yemen, in support of the internationally recognised government of President Abedrabbo Mansour Hadi.Addressing the summit late on Tuesday, UN Secretary General Ban Ki-moon said that his special envoy to Yemen, Ismail Ould Cheikh Ahmed, intends to convene a new round of peace consultations in Switzerland... this month.He did not give a specific date but said both the Yemeni government and the Huthis have committed to attend.It is critical that all sides lend their political support and engage in good faith, Ban said.There is no military solution to the conflict, he said, even as deadly fighting raged across the country. Ould Cheikh Ahmed told AFP last week that he was very optimistic negotiations would start between November 10 and 15.But on Monday in the Saudi capital, Yemens Foreign Minister Riad Yassin told AFP the Huthis recapture on the weekend of positions in southern Yemen shows they are not serious about the peace talks.

Six dead in PKK attacks in Turkey as fighting rages

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DIYARBAKIR (AFP) - Fighting raged Wednesday in a flashpoint town in southeastern Turkey as the death toll mounted from attacks blamed on Kurdish rebels and local lawmakers warned of a humanitarian crisis.Turkish security forces backed up by tanks and combat helicopters launched a large-scale operation against the militants in the battered town of Silvan, which has been under a punishing curfew for nine days.Local MPs have warned that the mainly Kurdish town of 90,000 people is facing dire shortages of water, food and electricity and one accused Ankara of trying to massacre the population.One soldier and one police officer were killed in clashes Wednesday with members of the youth wing of the outlawed Kurdistan Workers Party (PKK), security sources and the provincial governors office said.At least four other soldiers and a policeman were injured in the unrest, according to the same sources.Five rebels were also killed in the Turkish operation, the Diyarbakir governors office said in a statement.The operations against the terrorists will continue with determination, it said.Also Wednesday, Kurdish militants detonated a car bomb on a road in the neighbouring province of Mardin as a police convoy was passing, killing a municipal worker and wounding a police officer, Dogan news agency said.Three police officers were killed and another was wounded late Tuesday when they came under a hail of rockets and automatic weapons fire while patrolling the town of Silopi, about 100 miles (160 kilometres) southeast of Silvan, security sources told AFP. Feleknas Uca, a lawmaker with the pro-Kurdish Peoples Democracy Party (HDP), voiced concern that contact had been lost with people in Silvan.They are faced with a big massacre. People fear for their lives. This operation should immediately be ended, she told Dogan.The hashtag There is a massacre in Silvan is a world trending topic on Twitter.But the Diyarbakir governors office dismissed the protests about the Turkish governments actions.Claims in some media outlets such as civilians are being targeted in the operation, a five-year-old child was killed by bombs, helicopters are throwing bombs with the aim of bringing the people of Silvan on their knees, are baseless.However, in the three neighbourhoods of Silvan where the round-the-clock curfew has been enforced, scars of street battles are evident in bullet-riddled buildings and streets strewn with rubble and rubbish. President Recep Tayyip Erdogan and Prime Minister Ahmet Davutoglu attended a funeral ceremony for a slain soldier in Ankara -- a common sight since Turkey launched its anti-terrorism war against the rebels. Southeast Turkey has been rocked by a new wave of unrest that has left several hundred people dead since a two-year-old truce between Ankara and the PKK fell apart in July. Last Thursday, the PKK ended a unilateral truce it had declared before the November 1 election, which saw Erdogans Justice and Development Party (AKP) win back a parliamentary majority. Erdogan subsequently vowed to press on with the fight against the PKK until all its fighters are wiped out.And just a day after the vote, Turkish war planes unleashed several rounds of air strikes on PKK targets in the countrys southeast and in northern Iraq.Tens of thousands of people have been killed since the PKK took up arms in 1984 demanding an independent state for Kurds. Since then the group has narrowed its demands to greater autonomy and cultural rights.

18 migrants die in boat sinkings off Turkey

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ISTANBUL (AFP) - Eighteen migrants, among them at least seven children, drowned Wednesday when their boats sank off Turkeys Aegean coast while trying to make the short but perilous crossing to Greece, the latest fatalities in Europes refugee crisis.In the deadliest incident, the coastguard said it recovered the bodies of 14 people from a wooden boat which was heading from the western province of Canakkale to the Greek island of Lesbos when it crashed into rocks and took on water.Another four perished when their vessel sank off the coast of Izmir, a province further south, the coastguard said.Must there be another Aylan for the world to wake up? Humanity is watching from the sidelines, President Recep Tayyip Erdogan said on hearing of the latest tragedies.He was referring to three-year-old Syrian refugee Aylan Kurdi, whose body was pictured washed up on a Turkish beach in September in images that shocked the world, pressuring European leaders to step up their response to the crisis.Turkey, which is hosting 2.2 million refugees from the conflict in neighbouring Syria, has become the main transit point for people fleeing war and misery for a better life in Europe.Dogan news agency said seven children were among those who died on the boat that sank off Canakkale while 27 people were rescued, among them a pregnant woman.Survivors were taken to a nearby medical centre and were said to be in good condition.Coastguard workers backed by helicopters were continuing a search for one person still believed to be missing.Television footage showed the listing white-painted motor boat in a local port, its stern mangled and several windows shattered.The boat probably sank after hitting rocks. It was severely damaged and apparently started to take in water but they decided to go ahead anyway, Canakkale governor Hamza Erkal told Anatolia news agency.They apparently turned back after the boat took in more water but it sank before reaching the shore.There was no immediate information on the nationalities of those on board. The coastguard said fisherman rescued another 22 from the boat off Izmir, while the hunt was going on for two missing.The latest tragedy came as European leaders were due to meet African counterparts in Malta to discuss the migration crisis.There has been a sharp spike in the numbers of migrants and refugees setting out from Turkey for the European Union.An EU report on Turkey released Tuesday was highly critical about the state of the rule of law and freedom of expression but praised its humanitarian support for the refugees and said the EU had to step up its cooperation with Ankara to tackle the crisis.Last month, the EU announced a refugee cooperation deal with Turkey including a possible three billion euros ($3.3 billion) in aid.The UN refugee agency UNHCR said last week up to 600,000 migrants and refugees were expected to cross from Turkey to Greece and onwards over the next four months despite the onset of winter. More than 650,000 migrants and refugees, mostly from Syria, Afghanistan and Iraq, have reached the Greek islands so far in 2015 using the eastern Mediterranean route, the International Organization for Migration (IOM) said on Tuesday. Of those, 512 people died.

Islamic finance can promote stability: IMF chief

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KUWAIT CITY (AFP) - The fast growing, Sharia-compliant Islamic finance industry has the potential to promote financial stability because of its risk-sharing and asset-backed features, International Monetary Fund managing director Christine Lagarde said Wednesday.Islamic finance has, in principle, the potential to promote financial stability because its risk-sharing feature reduces leverage and its financing is asset-backed and thus fully collateralized, Lagarde told an Islamic finance conference in Kuwait.Islamic banks also offer profit-sharing and loss-bearing accounts that can help mitigate losses and contagion in the event of banking sector distress, she said. This leads... to higher total loss-absorbing capital, one of the key objectives of the new global regulatory reform, Lagarde told the one-day event organised by the IMF and Central Bank of Kuwait.But she said that for the industry to unlock its full potential, it must expand its customer base, harmonise standards and improve regulatory frameworks.Lagarde later told a press conference the IMF will increase its involvement in the Islamic finance industry by providing more bilateral surveillance and analytical help.The Islamic finance industry, which bans speculation and interest, still lacks effective regulatory and supervisory frameworks catering to its unique risks.It also bans dealing in products with excessive uncertainty, gambling, short sales and financing prohibited activities considered harmful to society.Lagarde said Islamic assets have crossed the $2 trillion mark and has the potential to grow much larger. Around 40 million of the worlds 1.6 billion Muslims are clients of the Islamic finance industry, which has surged in popularity since its niche market days of the early 1970s.Kuwaits Central Bank governor Mohammad al-Hashel said Islamic finance can offer a system based on strong principles and social justice.A system, which if implemented in its true spirit, will bolster growth, create jobs, reduce poverty and address inequality, Hashel said.He said the Islamic system channels credit into productive investments that are socially responsible and not in wasteful speculative activity.The objective is to create a system that is ethically right, socially just, financially stable and economically productive, Hashel said.Officials and experts, however, acknowledged that the industry still faces tough hurdles, mainly setting consistent regulations for all markets.The Jeddah-based Islamic Development Bank president, Ahmad Mohamed Ali, said he believes the main obstacle is the failure to create a mega Islamic bank and the lack of sufficient tools to manage liquidity effectively.
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