UEFA Euro 2012: Instant Replay Is Not A Luxury Anymore It's A Necessity

With England at a one goal advantage and the Ukraine needing a win to remain alive in Euro 2012 tournament play, the Ukraine found themselves with an opportunity to equalize in the 62nd minute. At 61:40, an attempted score appeared to fully cross the goal line before being kicked out by English defender John Terry.

Had goal opportunities been subject to instant replay review, there is little doubt video evidence would have overturned this call. Nonetheless, the goal line official positioned several yards from the near post ruled the ball never fully crossed the goal line, preserving England's 1-0 lead.

Conversely, the sideline assistant referee failed to call a proper offside against Ukraine several seconds earlier, raising the total to two missed calls on the attack, one adversely affecting either squad.

As for UEFA, FIFA and other sports governing bodies looking to get the call right, perhaps England-Ukraine is yet another nail in the proverbial coffin in keeping overt video technology out of the world's game.

In 2010, it was opted to fix the problem by adding a fourth and fifth referee. Obviously the results show this has not worked.

In all fairness UEFA and FIFA not only should, but must follow baseball, basketball, American football and hockey in authorizing certain plays, such as scoring chances, to undergo instant replay analysis and review. It is not only a more modern but also more accurate way to referee a game.

EU-Digest

European Commission president Jose Manuel Barroso blames US banks for Eurozone crisis at G20 summit

As European leaders come under intense pressure to resolve the sovereign debt crisis, Mr Barroso told a Canadian journalist Europe had not come to the resort town of Los Cabos to receive 'lessons'.

'Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy,' he said in answer to a question on why North Americans should help the EU.

'This crisis was not originated in Europe; seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market.'

Last night UK prime minister David Cameron joined German chancellor Angela Merkel, French president Francois Hollande and Italian premier Mario Monti for talks with US president Barack Obama on the eurozone crisis, described by the Organisation for Economic Cooperation and Development (OECD) as 'the single biggest risk for the world economy'.

Note EU-Digest: Barroso is right, but where the EU failed is not to act more aggressively against certain sectors of the financial industry which are still causing major havoc in economies around the world and specifically in Europe.

Read more: European Commission president Jose Manuel Barroso blames US banks for Eurozone crisis at G20 summit | Metro.co.uk

German investor confidence takes a steep dive

German investor confidence plummeted in June, marking its steepest fall in nearly 14 years amid ongoing eurozone woes.

The business expectations index by the Center for European Economic Research (ZEW) plunged 27.7 points to minus 16.9 points this month, logging the biggest drop in confidence since October 1998.

"The escalation of the situation in the Spanish banking sector contributed to the sharp drop in the indicator," the president of the Mannheim-based think thank, Wolfgang Frank, said in a statement on Tuesday.

Read more: German investor confidence takes a steep dive | Business | DW.DE | 19.06.2012

Insurance Industry: UN launches Principles for Sustainable Insurance

The UN has unveiled its Principles for Sustainable Insurance (PSI), seeking to replicate its success in introducing voluntary environmental, social and governance (ESG) principles to the asset management business.

In Rio today, 27 insurance companies, representing some 10% of world premium volume and with $5 trillion of assets under management, signed up to the voluntary PSI, which comprise four principles.
These are:

• embedding relevant ESG issues into decision making;
• working with clients, suppliers, and counterparties to raise awareness around ESG issues, develop products and manage ESG risks;
• working with regulators and governments to promote wider action across society on ESG issues;
• and reporting annually on the progress they are making implementing them.

“The Principles provide a holistic approach to managing a wide range of global and emerging risks in the insurance business, from climate change and natural disasters to water scarcity, food insecurity and pandemics,” the UN Environment Programme Finance Initiative (UNEP FI) – which facilitated the PSI’s development – said in a statement.

Read more: Environmental Finance | News | UN launches Principles for Sustainable Insurance

Egypt: Hosni Mubarak 'clinically dead,' Egypt's news agency says

Hosni Mubarak

Egypt's ousted leader Hosni Mubarak has been put on life support after his heart stopped as he arrived at a military hospital, a security official says.

The state news agency MENA said the 84-year-old Mubarak was "clinically dead" when he arrived at the hospital from prison. It said doctors used a defibrillator on him several times.

Spokesman Alaa Mahmoud said the 84-year-old Mubarak was moved by ambulance from the hospital in Torah Prison to nearby Maadi Hospital in southern Cairo. The military facility is where Mubarak's predecessor, Anwar Sadat, was declared dead after being shot by Islamic extremists in 1981.

Read more: Hosni Mubarak 'clinically dead,' Egypt's news agency says - World - CBC News

France loses to Sweden 2-0, still advances to Euro 2012 quarters

France advanced to the quarterfinals of the European Championship in unimpressive fashion Tuesday, losing 2-0 to Sweden but going through thanks to England's win over Ukraine.

Zlatan Ibrahimovic scored one of the best goals of the tournament with an acrobatic volley in the 54th minute and Sebastian Larsson added an injury-time goal to give already eliminated Sweden its first points of the tournament.

The margin of victory could have been bigger as France was outplayed for much of the game despite only needing a draw to guarantee a spot in the next round and facing a team with nothing to play for but pride.

The loss ended France's 23-game unbeaten streak but it still finished second in Group D after England beat Ukraine 1-0 in Donetsk. France will face Spain in the quarterfinals but will need a much better performance to give the defending champions much of a challenge.

England finished with seven points, while France had four and Ukraine and Sweden bowed out with three each.

Read more: France loses to Sweden 2-0, still advances to Euro 2012 quarters - Soccer - SI.com

Tourism to Turkey is down by 6%

The current economic and political turmoil in Europe has taken its toll on the Turkish tourism industry which suffered a significant decline in the number of tourists visiting the country, according to data published by the Turkish Statistical Institute (Turkstat).

Tourist arrivals in the first quarter of 2012 dropped by 6%, compared to the previous year.

The steep drop in tourism chiefly derives from a decline in the number of tourists visiting Turkey from North America and Western Europe – regions which used to compose the majority of the Turkish tourism clientele.

Read more: Turkey tourism is down by 6% - Israel Travel, Ynetnews

Euro Cup 2012 Spain Vs. Croatia: Spain Squeaks Out 1-0 Win Over Croatia; Wins Group C

Spain's dramatic defeat over Croatia on Monday gave the Iberians the top spot in Group C and a qualification into the quarter finals.

The 1-0 victory was far from the ideal game for FIFA's top ranked soccer club. Spain attempted to assert its slow-paced, cerebral passing game time and again but the flow was disrupted by an aggressive Croatian club.

Croatia needed a win or a 2-2 tie because only under those circumstances would the Eastern Europeans qualify for the following round. The Spaniards would also prefer a win because an Italian victory by any score (1-0 or 6-0) coupled with a Spanish tie would have made the Italians group winners with a victory. With a tie between Spain and Croatia and an Italian victory would give all three teams five points.

The next tie breaker would be head to head matches, but that would have been nullified by virtue of all teams tying against each other. The next tie breaker would have been goal differential, but according to ESPN, only a 2-2 tie between the Spaniards and Croatians would eliminate the Italians from the mix. A 0-0 or 1-1 score line coupled with an Italian victory would inexplicably give the Italians the group and disqualify the Croatians.

Read more: Euro Cup 2012 Spain Vs. Croatia: Spain Squeaks Out 1-0 Win Over Croatia; Wins Group C - Latinospost :: Sports :: Latinos Post

An Introduction To The Mysterious World Of Sovereign Wealth Funds - by Richard Wilson

Sovereign wealth funds have attracted a lot of attention in recent years as more countries open funds and invest in big-name companies and assets. Some experts estimate that all sovereign wealth funds combined to hold more than $5 trillion in assets in 2012, a number that is expected to grow relatively quickly. This has given way to a wide concern over the influence these funds have on the global economy. As such, it is important to understand exactly what sovereign wealth funds are and how they first came about.

A sovereign wealth fund is a state-owned pool of money that is invested in various financial assets. The money typically comes from a nation's budgetary surplus. When a nation has excess money, it uses a sovereign wealth fund as a way to funnel it into investments rather than simply keeping it in the central bank or channeling it back into the economy.

The motives for establishing a sovereign wealth fund vary by country. For example, the United Arab Emirates generates a large portion of its revenue from exporting oil and needs a way to protect the surplus reserves from oil-based risk, thus it places a portion of that money in a sovereign wealth fund. Many nations use sovereign wealth funds as a way to accrue profit for the benefit of the nation's economy and its citizens.

Sovereign wealth funds represent a large and growing portion of the global economy. The size and potential impact that these funds could have on international trade has led to considerable opposition, and the criticism has mounted after controversial investments in the United States and Europe. Following the mortgage crisis of 2006-2008, sovereign wealth funds helped rescue struggling Western banks CitiGroup, Merrill Lynch, UBS and Morgan Stanley. This led critics to worry that foreign nations were gaining too much control over domestic financial institutions, and that these nations could use that control for political reasons. This fear could also lead to investment protectionism, potentially damaging the global economy by restricting valuable investment dollars.

In the United States and Europe, many financial and political leaders have stressed the importance of monitoring and possibly regulating sovereign wealth funds. Many political leaders assert that sovereign wealth funds pose a threat to national security and their lack of transparency has fueled this controversy. The United States addressed this concern by passing the Foreign Investment and National Security Act of 2007, which established greater scrutiny when a foreign government or government-owned entity attempts to purchase a U.S. asset.

Western powers have been guarded about allowing sovereign wealth funds to invest and have asked for improved transparency.

The top five largest SWF by assets (data as of February 2008)

1. Abu Dhabi Investment Authority (UAE) - $875 billion
2. Norway Government Pension Fund (Global) - $380 billion
3. Government of Singapore Investment Corporation - $330 billion
4. Saudi Arabia 1 (no official fund name) - $300 billion
5. State Administration of Foreign Exchange (China) - $300 billion

There are genuine geopolitical concerns about what a large sovereign wealth fund could do to a potential adversary nation. Imagine what several hundred billion non-regulated dollars in concentrated wealth could do - under a malicious hand, it could perform a hostile takeover of strategic financial, industrial or infrastructure assets. It could also erode a nation's currency in the foreign exchange markets. In a worst-case scenario, a sovereign wealth fund is a large pool of hidden assets, with no shareholders (or regulations), which could be ruled by a dictator.

Read more: An Introduction To Sovereign Wealth Funds | Benzinga

Europe vows closer union at G20 summit

Under pressure from financial markets and anxious world leaders, Europe agreed on Monday to move towards a more integrated banking system to stem a debt crisis that threatens the survival of the euro.

At a Group of 20 summit of the world's leading industrialized and developing economies in this Mexican resort, Germany and its big euro zone partners took the unusual step of spelling out in detail measures to complete the economic and monetary union they launched to great fanfare 13 years ago.

Among the commitments in a draft G20 communique was a pledge to consider concrete steps towards a "more integrated financial architecture" in Europe that would include common banking supervision and firm guarantees to repay bank depositors.

Read more: Europe vows closer union at G20 summit - Yahoo! Eurosport UK

Alternative Fuels: Airbus and Air Canada make North America’s first ever “Perfect Flight”

Airbus and Air Canada are performing today North America's first "Perfect Flight" over international borders, with the goal of cutting CO2 emissions by more than 40 percent compared to a regular flight. The commercial flight on an Airbus A319 aircraft from Toronto, Canada to Mexico City will combine the use a modern, state-of-the-art aircraft, powered by sustainable alternative fuels, guided by streamlined Air Traffic Management procedures and facilitated through best practice operations to under-pin the industry's four pillar strategy to tackle carbon emissions.

The Air Canada flight (AC991) is the second leg out of a series of four biofuel flights taking the Secretary General of the International Civil Aviation Organization (ICAO) Raymond Benjamin to Rio de Janeiro for the United Nations Conference on Sustainable Development (Rio+20).
The flight combines best operational and environmental practices available today. Dubbed as "Perfect Flight", it includes:
- Operation of the most eco-efficient aircraft family in its market segment.
- Use of sustainable bio-fuel blend (a 50 percent blend) made from used cooking oil supplied by SkyNRG.
- Optimized routings and flight altitude. In agreement with the Air Traffic Management authorities, the Airbus A319 will fly the most direct route, using the most efficient vertical flight profile and applying a Continuous Descent Approach (CDA) into Mexico City to save fuel and limit noise.
- Combination of several eco-efficient operational procedures such as single engine-taxiing, external aircraft cleaning for improved aerodynamics, light weight cabin equipment and a neatly tailored flight plan.

"Today's flight with Air Canada proves that the aviation industry is in a strong position to reduce emissions and fly many more Perfect Flights," said Fabrice Brégier, Airbus President and CEO. "To make this a day-to-day commercial reality, it requires now a political will to foster incentives to scale up the use of sustainable biofuels and accelerate modernization of the air-traffic-management system. We need a clear endorsement by governments and all aviation stakeholders to venture beyond today's limitations."

Read more: Airbus and Air Canada make North America’s first ever “Perfect Flight”

Turkey: Erdogan’s "Beyefendi" personality cult

Recep Tayyip Erdogan, also known as "Beyefendi"

In an editorial the Jerusalem post writes that a few weeks ago two of Turkey’s most popular soccer teams, Galatasaray and Fenerbahçe, met for the last game of the season in Istanbul. It would determine the league champion, and given the everlasting rivalry between two teams, Fenerbahçe supporters weren’t happy with Galatasaray taking the lead. So a brouhaha began. Players rushed to their locker rooms waiting for the crowd to calm down. But then another problem emerged: Turkey’s Soccer Federation wanted to hand the championship cup to Galatasaray in their locker room, yet the team objected to this attempt. It became obvious that someone charismatic and experienced in conflict resolution was needed to overcome this crisis.

An executive of Galatasaray eventually delivered the message: “‘Beyefendi’ says that the cup should be handed on the field.”

“Beyefendi,” loosely translated as “gentleman,” is an honorific used after a man’s first name. However, “Beyefendi” no longer needs a name attached to it since pretty much everybody knows who it is referring to: Turkey’s Prime Minister Recep Tayyip Erdogan. Even his staff refers to Erdogan as just “Beyefendi,” including the ministers of his cabinet and media members.

“Beyefendi” is regularly called upon for even the most minor detail, such as the handing out of the championship cup. In a speech last week, Erdogan openly admitted that he is “responsible for anything in his country, since he is the prime minister.”

Not a day passes without Erdogan sparking a public debate out of the blue.

With his strong popularity and charismatic leadership it appears that Erdogan can take the country to any direction as he pleases. He is currently unchallenged in Turkey’s political sphere as the opposition parties continue to shrink. Therefore he is likely to be the Turkey’s first popularly elected president. But the “Beyefendi’s presidency will probably be less likely to resemble the American presidency, with its built-in checks and balances, then the ‘Turkmenbashi,” the dictator of Turkmenistan.

EU-Digest

French socialists win parliamentary majority

Francoise Hollande

The Socialist Party and its affiliates secured 307 seats more than the 289 needed for a majority in the 577-seat National Assembly.

The left-wing triumph means Mr Hollande, will not need to rely on the Greens, who won 16 seats, or the Communist-dominated Left Front, with 10 deputies, to pass laws.

The centre-left already controls the upper house of parliament, the Senate.
Finance Minister Pierre Moscovici called the result a vote of confidence in Mr Hollande's government that would enable it to forge ahead with its economic and eurozone policies. "Europe's future is at stake in the weeks ahead," he said.

The mainstream conservatives, who oppose Mr Hollande's plans to raise taxes on the rich, won 224 seats.

Read more: French socialists win parliamentary majority - RTÉ News

Greek elections: New Democracy try to form coalition

Antonis Samaras, the leader of the centre-right New Democracy party which came first in the poll, is to launch coalition talks today. He said yesterday that his party would honour all its commitments to the EU and the result was a "victory for all Europe".

Leaders of the EU appear relieved that a pro-austerity government could now form; if the anti-austerity party Syriza had won, its leader Alexis Tsipras had pledged to renegotiate the punishing terms of its bailout, threatening its place within the euro. Syriza came a close second, with 26.89% to ND's 29.66% with 99.95% of ballots counted; Tsipras vowed yesterday to remain outside the government and "upset the [austerity] measures and the bailout".

The most likely next step is for New Democracy to try to form a coalition with Pasok, the socialist party that came third with 12.2% of the vote. Together they would have 162 of the Greek parliament's 300 seats. Pasok said yesterday that it would not go into government without Syriza, but this may have been a tactic to make Syriza look as though it was not willing to play a constructive part in Greece's future. ND may also try to bring in the small Democratic Left party, which won 6.3% of the vote and while opposing the country's harsh austerity program has said it will do what is needed to help form a strong government.

Read more: Greek elections: New Democracy try to form coalition – live | World news | guardian.co.uk

Egypt elections 2012: Muslim Brotherhood wins as 3 are killed in gunfight on Israeli/Egyptian border

Three were killed in a gunfight on the Israeli/Egyptian border today - as the Muslim Brotherhood declared it had won Egypt's elections.

Militants fired on an Israeli crew building a border barrier on the frontier, killing one of the workers - while Israeli soldiers shot dead two of the infiltrators.

The incident raised Israeli concern about lawlessness in Egypt's Sinai desert since the fall of Hosni Mubarak in 2011.

Read more: Egypt elections 2012: Muslim Brotherhood wins as 3 are killed in gunfight on Israeli/Egyptian border | Mail Online

Greek New Democracy leader hails 'victory for all Europe'

The leader of Greece's center-right, pro-bailout New Democracy party claimed "a victory for all Europe" after a first-place showing in Sunday's parliamentary elections, promising that unpopular austerity measures "will bring the country back to prosperity."

New Democracy's Antonis Samaras now finds himself facing a new round of coalition talks, six weeks after a previous election that failed to produce a government. In a brief address following Sunday's vote, he pledged to form a slate "determined to do what it takes and do it fast."

"Today the Greek people expressed the will to stay anchored within the euro, remain in the eurozone and foster growth. This is a victory for all Europe," Samaras said. "I call on all parties share those objectives to form a stable new government."

Read more: Greek New Democracy leader hails 'victory for all Europe' - CNN.com

Euro 2012: Holland goes home after Portugal beats them 2-1

After all the speculation about the tortured arithmetic that might decide this group, the sums were simple. Germany and Portugal advance. Hope had arrived for Holland in the shape of Rafael van der Vaart's opening goal, but Cristiano Ronaldo first equalised and then struck the winner in the second half to send his side into a quarter-final meeting with the Czech Republic.

Mark van Bommel may have appeared beside his manager at the press conference on the eve of the match, but the air of solidarity was not to be trusted. In the wake of the two losses by Holland, radical action had not been wiped from the agenda. Van Bommel was ditched and so lost the armband to Van der Vaart, who had not made the starting lineup against Germany.

Portugal, all the same, had too much technique not to command and they could afford a chance that Nani squandered. Shortly after, it was Ronaldo, however, who made his presence felt once again. Nani squared the ball to the Real Madrid attacker on the left and, with the full-back keeling over, Ronaldo came inside to establish a 2-1 lead.

The Dutch have worth established over many years, but this occasion asked too much even of them. Portugal, for their part, looked as if their tournament was just starting. All was in their favour, with Van der Vaart's attempt being blocked by the post in the 82nd minute of a night that Portugal can relish.

Holland never gave up and were close to a leveller from Van Persie whose shot went wide. As if piqued Ronaldo then hit the post. Recent issues had left the Dutch in circumstances they could not overcome and they will face quite an inquest in the coming days.

Read more: Euro 2012: Portugal 2-1 Holland | Group B match report | Football | The Guardian

Aircraft Industry: Airbus A380 wing flaw undetected for a decade

Airbus said efforts to lower the weight of the world’s largest airliner lay behind recent A380 wing cracks and pledged to learn from mistakes that lay dormant for a decade, as repair costs looked set to climb toward 500 million euros.

EADS subsidiary Airbus reported the cracks in January, leading to checks on the worldwide fleet of A380s, which authorities say are safe to fly.

Airbus chief executive Tom Enders said the discovery inside the superjumbo’s wings, where new lightweight carbon-composite materials and traditional metal meet, showed the difficulty of pushing technical boundaries in the ultra-competitive industry.

The A380 was designed in the early part of the last decade. At the time, the aircraft needed to lose weight, in part because of efforts to make it quieter, which required larger and heavier engine fans.
To drive down weight, a decision was made to mix metal and lightweight carbon components inside the wings, but engineers could not tell how this would stand up to extreme temperatures.

Read more: Airbus A380 wing flaw undetected for a decade

Soccer upset thrills crisis-weary Greeks on election eve

Amid the gloom of a political and economic crisis, Greece's gutsy 1-0 win over heavily-favored Russia to advance to the Euro 2012 quarterfinals has at last given the country's crisis-weary citizens something to cheer about.

Thousands poured into Athens' central Omonia Square on Saturday waving Greek flags, lighting green and red flares and setting off firecrackers amid the din of hundreds of honking cars and renditions of the national anthem in a spontaneous outpouring of patriotic fervor. 

Clouds of acrid smoke wafted through the square as motorcyclists spun their tires. Shirtless revelers danced in the street, halting traffic, but motorists caught up in the celebratory atmosphere weren't all that bothered, blasting their horns in approval. 

On the eve of pivotal elections that could decide their economic fate, the win gave ordinary Greeks a chance to exhibit a little in-your-face swagger, thumb their nose at Europe and push back at being painted as the continent's deadbeats.

Read more: Soccer upset thrills crisis-weary Greeks on election eve - Soccer- NBC Sports

Father’s Day offers time for reflection

Father’s Day is often associated with new ties, shiny gifts or dinner with the family. But for many local dads, this day triggers thoughts about their own children, or even their own fathers.

For more: Father’s Day offers time for reflection