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Mario Draghi addresses journalists following the ECB’s policy decision announcementThomas Sartain, senior portfolio manager at Invesco, said: “While the scale of purchases and rate cut delivered were at the lower end of market expectation, the commitment to asset purchases for an open-ended timeframe is a clear dovish surprise from the ECB.“After a summer of elevated uncertainty and high levels of volatility in financial markets, these actions should be positive for broader risk sentiment, and should support government and corporate bond spreads in European fixed income.”Seema Shah, chief strategist at Principal Global Investors, highlighted that Italian government bond yields had already fallen following the QE announcement.“If asset purchases are focused on corporate debt, the market impact will be even more powerful,” she added. “Today’s decision may also favour high yielding emerging market debt as investors extend and intensify their search for yield.”David Zahn, head of European fixed income at Franklin Templeton, said the asset purchase programme would focus on government securities “but probably with more focus on corporate bonds than previously”.In addition to QE and an interest rate cut, the ECB took measures to soften the impact of the reduction in the deposit rate for lenders, through a “two-tier system for reserve remuneration”. This would mean some of a bank’s excess liquidity holdings would be exempt from the negative rate, the ECB said. Economists and fund managers said the fresh round of QE could prove supportive for corporate bond prices as well as government bonds, especially given that the ECB has not set an end date for the stimulus. The European Central Bank (ECB) has restarted quantitative easing (QE), pledging to buy €20bn of securities a month from 1 November “for as long as necessary to reinforce the accommodative impact of policy rates”, it announced today.The ECB also cut its main interest rate by 10 basis points, from -0.4% to -0.5%, in a bid to return eurozone inflation to close to 2%.In his penultimate scheduled press conference as president of the central bank, Mario Draghi said the ECB’s governing council “continues to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner”.The ECB said in its official announcement that it expected interest rates to “remain at their present or lower levels” until the inflation outlook was “sufficiently close to” 2%.
Oscar has told French media that he has had contact with Paris St Germain this summer but has no plans to leave Chelsea. The 22-year-old Brazilian is the latest Stamford Bridge star to be linked to PSG, with Eden Hazard heavily rumoured to have been high on Laurent Blanc’s summer wishlist before he confirmed his commitment to Chelsea. Fellow Brazilian David Luiz also recently sealed a big-money move to the French capital. Press Association Oscar, who has played a key role for the hosts in the World Cup so far, has now followed in the footsteps of Hazard in publicly declaring he wants to stay at the London club. “I had contact with PSG, it’s true but it did not go further,” he is quoted as saying by L’Equipe. “The next season, I will stay at Chelsea.”
Montevideo, June 5: Uruguay have not changed their preparations for the team’s opening FIFA World Cup match against Egypt despite the likely absence of Mohamed Salah, the former champions’ coach Oscar Tabarez said.Salah has been given little chance of playing in the June 15 fixture in Yekaterinburg, Russia’s fourth largest city, as he recovers from a shoulder injury.“Because of his characteristics, you need to take care about how you occupy spaces,” Tabarez told reporters on Monday.“But I think that changing all of our preparations for that reason (Salah’s probable absence) is over the top. We don’t even know for sure if he is going to play or not. If he plays, we will have to take precautions because of his very high level.” IANS
MTN CEO Wim Vanhellepute (L) and KCCA Executive Director Jennifer Musisi unveil a dummy cheque after both parties entered a three year partnership on Friday in Kampala. PHOTO KCCA FC MEDIAKampala, Uganda | KCCA FC MEDIA | Kampala Capital City Football Club (KCCA) and telecommunication giants MTN on Friday July 28th, 2017 entered a Sh1.290 billion partnership for the next three years.The treble winners from the 2016/2017 season KCCA FC and MTN unveiled a Sh430 million annual package to support the club’s football ambitions and to raise its profile.“This money is meant for the players and the club at large, it takes off a lot of weight off the club in so many areas. As KCCA FC we are proud to be partnering with a big brand like MTN” said club chairman Kabugo at the launch of the partnership in Kampala.KCCA FC was represented at the launch of the partnership by number one fan, KCCA Executive Director Jennifer Musisi, acting CEO Josephine Namukisa. They were joined by board members Aggrey Ashaba, Davies Othieno, George Opio and Tom Lwanga.MTN CEO Wim Vanhellepute expressed the company’s gratitude to KCCA’s efforts to excel in football. “As MTN we are extremely proud to be working with a big yellow brand like KCCA FC. KCCA FC are champions and we are a big brand, together we can grow and take the game to the next level,” he said.KCCA ED Musisi promised that KCCA FC will put the funds to good use. “Our commitment is to make sure that the funds we receive from our sponsors are used in the best way possible.”KCCA FC already have StarTimes as main sponsor in a four year deal worth Sh3.2 billion. They are joined by Prime Media and Britam.Share on: WhatsApp
Telstar , the official ball for the 2018 World CupMoscow, Russia | AFP | Several heads were left being scratched on Thursday after Russia used some hardcore techno beats in a dark auditorium decked out to look like an underground dance club to present the official 2018 World Cup ball.The orb in the spotlight followed the edgy motif of the presentation by being adorned with black-and-grey checkered rectangles that could have featured in one of Hollywood’s latest sci-fi thrillers.It resembles the work of a studious graphic design artist who just happened to be handed one of the world’s highest-profile assignments.So how does the ball actually feel?Argentina’s rather sheepish-looking superstar Lionel Messi was confronted with that question by a hyped-up MC who made his way through swarms of dancers and reporters in an artsy Moscow exhibition hall.“I like the design, I like the colours, and I would like to try it out on the pitch,” Messi said through a translator while a head-bobbing DJ paused in between spinning disks.The entire event was part entertainment and part an advertisement for Adidas — the ball’s maker that hopes to reap rich rewards from the June 14-July 15 competition.Messi will actually try to spin some of his magic on the Telstar 18 when Argentina take on Russia in a friendly at Moscow’s completely refurbished Luzhniki Stadium on Saturday.The event will be special for the host country because it razed the original stadium — home to the 1980 Summer Olympic Games as well as some of the Soviet and Russian squads’ biggest matches — in 2013 to make way for the futuristic new structure.Both Luzhniki Stadium’s and the ball’s performance are much bigger deals than they might seem at first glance.Controversies over whether balls were too light or uncontrollable for those bend-them-like-Beckham free kicks have dogged many a recent World Cup.Adidas has said little about Telstar 18 except that it is a modern interpretation of the original Telstar design used in 1970 and 1974 — golden years for Pele’s Brazil and Franz Beckenbauer’s West Germany. The name itself is a derivative form of the “star of television” — the first black-and-white ball made to look sharp in an era when colour TV sets were rare.Russia hope the spiffy new number will inject life into a lacklustre squad that has underperformed consistently since making a surprise semi-final appearance in the 2008 Euro co-hosted by Austria and Switzerland.The team crashed out of the 2017 Confederations Cup in the group stages and has faced intense fan and government pressure to show up when it hosts the World Cup for the first time.The Kremlin in particular will be keen to make sure that the Luzhniki pitch will be up to scratch in the wintry weather that has already seen Moscow’s first snow storm. Share on: WhatsApp
Ri wore a badge on his left lapel bearing an image of the country’s founding father Kim Il-Sung and his son and successor Kim Jong-Il, while Cho sported one depicting the South Korean flag.“Let’s present the people with a precious new year’s gift,” said Ri. “There is a saying that a journey taken by two lasts longer than the one travelled alone.”The atmosphere was friendlier than at past meetings, and Cho told Ri: “The people have a strong desire to see the North and South move toward peace and reconciliation.”But there was no mention in the joint statement of a proposal by Seoul to resume reunions of families left divided by the Korean War, or of an offer by the North to send a high-level delegation to the Games.– ‘Peace Olympics’ –Even so it was a radically different tone from the rhetoric of recent months, which have seen the North’s leader Kim Jong-Un and US President Donald Trump trade personal insults and threats of war.Pyongyang has defied international pressure in recent months and launched missiles capable of reaching the US mainland, as well as testing what it said was a hydrogen bomb.Seoul has been keen to proclaim the Games in Pyeongchang, just 80 kilometres (50 miles) south of the DMZ, a “peace Olympics” but it needed Pyongyang to attend to make the description meaningful.Seoul responded to Kim’s New Year speech with an offer of high-level dialogue, and last week a civilian hotline was restored after being suspended for almost two years.Share on: WhatsApp Pages: 1 2 Seoul, South Korea | AFP | North Korea will send its athletes to the Winter Olympics in the South, the rivals said Tuesday after their first formal talks in more than two years following high tensions over Pyongyang’s nuclear weapons programme.The two sides also decided to hold military talks to ease tensions and to restore a military hotline closed since February 2016.Seoul and Olympic organisers have been keen for Pyongyang – which boycotted the 1988 Summer Games in the South Korean capital — to take part in what they repeatedly proclaimed a “peace Olympics” in Pyeongchang next month.But the North had given no indication it would do so until leader Kim Jong-Un’s New Year address last week, instead pursuing its banned weapons programmes in defiance of United Nations sanctions, launching missiles capable of reaching the United States and detonating its sixth and most powerful nuclear test.“The North Korean side will dispatch a National Olympic Committee delegation, athletes, cheerleaders, art performers’ squad, spectators, a taekwondo demonstration team and a press corps and the South will provide necessary amenities and facilities,” they said in a joint statement.Tuesday’s talks were held in Panmunjom, the truce village in the Demilitarised Zone that splits the peninsula.The North’s delegation walked over the Military Demarcation Line marking the border to the Peace House venue on the southern side, just yards from where a defector ran across in a hail of bullets two months ago.Looking businesslike, the South’s Unification minister Cho Myoung-Gyon and the North’s chief delegate Ri Son-Gwon shook hands at the entrance to the building, and again across the negotiating table.