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Cricket - Sports

Tuesday, December 31, 2013

Investing lessons and strategies for 2014

Investing lessons and strategies for 2014
The investing landscape saw momentous developments in 2013. We sum up these changes, distilling the learning and suggesting strategies for 2014.
Rupee in 2014: Counter the freefall by investing in global funds
To counter the dip in rupee, invest around 10% of your portfolio in global funds in the coming year.
Stocks in 2014: Few opportunities in large-cap; mid-caps more attractive
Extreme polarisation marked the performance of the stock markets during the year 2013.
Gold in 2014: No longer a safe investment
The myth that gold prices only rise was shattered and the metal lost its status as a safe haven.
Can these companies get out of the debt trap?
Companies across sectors are caught in a debt trap. Companies are not making enough money to even repay the interest on their debt.
Quote of the week
“No single data or point or number will determine our next move but our effort is firmly on controlling inflation.”
Raghuram Rajan RBI Governor
Goels need to reorient their investments to fund their goals

Family Finances

Despite a good risk coverage, the Goels will need to reorient their investments to overcome the disadvantages of relying heavily on insurance and real estate to fund their goals.
Why upfront commissions need to be banned

Financial Planning

Upfront commission encourages a transaction-level activity with investors. It is a far from the effort of selling right and placing the customer first.
Sanjay Yadavrao’s Rs 7 crore venture brings prosperity to Konkan

Money-making venture

“The people in Konkan were forced to migrate to cities due to lack of local employment opportunities. I wanted to change the status quo,” Yadavrao says.
Mantra to success: How Manish Godha built a Rs 6 crore technology marketing company

Entrepreneurs

Last year, Advaiya reported a revenue of about Rs 6 crore, and in the next fiscal year, the 85-employee company expects to generate Rs 10-11 crore.

Financial Calculators

Plan your car
Plan your car
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Use this calculator to find out if it is worthwhile to shift your home loan to another bank? Just enter the data and click next. It's that easy.
Home Loan Refinance
Home Loan Refinance
Should you refinance your home loan?
Find out how much you will have on retirement with different combinations of savings, percentage returns, time to go and tax rate.
The year 2013 saw bargaining power in buyers’ hands. Make the most of it till the first half of 2014.
Most people blindly press the ‘I agree’ button and accept the terms while buying online or sharing information on the Net. To avoid needless problems, here are the things you should know.
There is a silver lining in a high inflation regime. You can use the high inflation to bring down your tax on certain investments.
Shrugging off the impact of tapering of the US stimulus, FIIs continue to be attracted to India.
Direct plans introduced in 2013 can be your key to higher returns from mutual funds.
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DINA for the issue of December 31, 2013


December 31, 2013 | Safar 27, 1435
The DAWN Internet News Alert (DINA) is a free daily news service from Pakistan’s largest English language newspaper, the Daily DAWN.

KP sets conditions for Pesco takeover

By Intikhab Amir


PESHAWAR: In a quick response to the prime minister’s decision to ask the Khyber Pakhtunkhwa government to take over control of the electricity distribution system in the province, the PTI-led provincial government came up on Monday with proposals to take over the ‘integrated power management system’.

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Karachi Stocks up 25.91 Points:
KARACHI, December 30: At the close of trading, the KSE-100 index was at 25283.96, up 25.91 points.
Forex Update :
KARACHI, December 30: The Pakistani Rupee was traded at 105.7 to the US Dollar in the open market.

FIA reluctant to focus on main accused in hawala scam

By Malik Asad

ISLAMABAD: The Federal Investigation Agency is alleged to have made three low-ranking employees of a foreign exchange company scapegoat in a hawala (transfer of money through illegal channel) scam while letting influential beneficiaries go scot-free.

According to documents available with Dawn, the company — Malik Exchange (Pvt) Limited — is owned by Abdul Raziq, a federal minister in the PPP government.

Record cold wave grips parts of country

By Kalbe Ali & Saleem Shahid

ISLAMABAD/QUETTA: Almost the entire country was in the grip of a cold wave on Monday, with a number of cities and towns struck by temperatures ranging between -17C and -21C. The federal capital went through its most uncomfortable day in 46 years as the mercury plunged to three below Celsius.

And even Karachi, known for its mild winters, was not far behind, recording a minimum temperature of six degrees Celsius. The city is likely to face more cold on Tuesday and Wednesday.

Sharif wants effective anti-terror laws

By Our Staff Reporter

ISLAMABAD: Prime Minister Nawaz Sharif has called for expediting work on anti-terror laws and said there should be no space for an enemy that had been attacking law-enforcement personnel and civilians persistently.

“They (terrorists) must be prosecuted effectively,” the prime minister said while presiding over a meeting on anti-terror legislation on Monday. It was attended by Interior Minister Chaudhry Nisar Ali Khan, Chief of the Army Staff Gen Raheel Sharif, Chief of General Staff Lt Gen Ashfaq Nadeem, ISI Director General Lt Gen Zaheerul Islam and other senior officials.

South Waziristan development funds go to waste

By Khawar Ghumman

ISLAMABAD: On paper South Waziristan Agency (SWA) has received Rs4 billion development funds over the last five years, but on ground there is little to be seen where such a huge amount was spent in the tribal area.

The Ministry of States and Frontier Regions (Safron) headed by retired Lt Gen Abdul Qadir Baloch has initiated an exercise to determine if the funds had been used for any development activity.

THE DEEPEST SCARS

The whirr of the sewing machine comes to a halt as Mohammad Ali looks up. The clean, square-shaped face looks younger than the 28 years he quotes as his age.

He was injured in Kurram in April 2012. After six months at a military hospital in Kohat, he was sent to the Armed Forces Institute of Rehabilitation Medicine (AFIRM) Rawalpindi, where he continues to be treated.

Prices of petrol, diesel may rise

ISLAMABAD: Prices of major petroleum products like petrol and diesel are expected to increase by up to 2.6 per cent on Tuesday night.

The Oil and Gas Regulatory Authority (Ogra) sent a working paper to the government on Monday after calculations that the petrol price would have to be increased by Rs2.91 per litre and that of diesel by Rs2.63 per litre.

Sindh delimitation exercise illegal: SHC

By Tahir Siddiqui

KARACHI: The Sindh High Court has declared as illegal the entire delimitation exercise carried out for local government elections in Sindh and directed the provincial government to hold the elections as per schedule “on the position as existing prior to delimitation process”.

In a 78-page judgement on Monday, a two-judge bench, headed by Justice Mohammed Ali Mazhar, said the provincial government might request the Supreme Court and the Election Commission of Pakistan for an extension in the date of elections if it thought that delimitation was necessary before the polls.

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DAWN Media Group, Haroon House, Karachi 74200, Pakistan Copyright © 2013 Pakistan Herald Publications (Pvt.) Ltd.

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Dunya TV

Dunya TV


PM asks FBR to facilitate taxpayers through efficient reforms

Posted:

ISLAMABAD (APP) - Prime Minister Muhammad Nawaz Sharif on Monday said that Federal Board of Revenue (FBR) should reform the taxation system so as to facilitate the taxpayers. Chairing a meeting on reforms in FBR and measures to provide relief to the taxpayer held here at the PM’s House, the Prime Minister also directed to decrease the rates of Income tax, Sales tax and other duties. The Prime Minister directed that a comprehensive reform package should be introduced in FBR which should simplify the procedures and enhance the tax returns. He stressed a tax regime to help the businesses grow.In order to simplify the procedures and provide swift services to the taxpayer, the Prime Minister urged to introduce new technology and tracking system to minimize the discretion of the tax officer.He stressed that FBR should come up with reform package in one month.He directed that the Income Tax, GST and Customs slabs should be rationalized and simplified so that it leads to increase in income of the government.The Prime Minister observed that corruption was the root cause of all problems and it had affected the economy. He asked the management of FBR to observe zero tolerance towards corruption.

CNG stations in Sindh to remain close for 48 hours

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KARACHI (Dunya News) - The CNG stations across Sindh, including Karachi, will remain closed from 08:00am on Tuesday (today) to 08:00am on Thursday.According to the Sui Southern Gas Company, the decision has been taken by gas load management due to shortage of gas.Large queues of vehicle were seen at the filling stations before the CNG stations closure.The surveillance teams of the Sui Southern Gas Company would examine implementation of the decision made by the company. According to rules and regulation, the CNG stations committing violation to the regulation would have to remain deprived of gas for another 24 hours.

44 Iraq MPs resign after protest camp cleared

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BAGHDAD (AFP) - Forty-four Iraqi MPs announced their resignation on Monday after security forces demolished a Sunni anti-government protest site and detained a lawmaker.The announcement was made at a televised news conference at which the MPs also demanded the withdrawal of the army... and the release of MP Ahmed al-Alwani, a Sunni who was arrested during a deadly raid on Saturday.Clashes broke out Monday in the Ramadi area, west of Baghdad, as security forces dismantled a protest camp where demonstrators had gathered for more than a year.Ten militants died in the fighting, which also spread to the nearby city of Fallujah.Protests broke out in Sunni Arab-majority areas of Iraq in December 2012 after the arrest of guards of then-finance minister Rafa al-Essawi, an influential Sunni Arab, on terrorism charges.The demonstrations have tapped into longstanding grievances of Sunnis, who say they are marginalised by the government and unfairly targeted with heavy-handed tactics by security forces.

Clashes kill 10 as Iraq forces clear Sunni protest camp

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RAMADI (AFP) - Iraqi forces killed 10 gunmen Monday in clashes that erupted as they cleared a year-old Sunni Arab protest camp, a move likely to fan resentment among the minority community.As the fighting raged, mosques exhorted followers to go to jihad, or holy war, while gunmen later replaced security forces on some streets of Ramadi city, near the protest site west of Baghdad.Forty-four Iraqi MPs announced their resignation following the violence, which came just days after a deadly raid on the home of a Sunni lawmaker in the city, capital of restive Anbar province.A similar operation at a Sunni protest camp outside the northern town of Hawijah in April triggered clashes that killed dozens of people, sparking a wave of revenge attacks and sending death tolls soaring.Dr Ahmed al-Ani of Ramadi hospital said 10 gunmen were killed and 30 wounded on Monday.An AFP journalist in Ramadi reported heavy fighting, and saw helicopters firing into the area of the protest site, where demonstrators had gathered for more than a year.Gunmen also burned two security forces vehicles and seized a third.Sporadic clashes continued, and gunmen could be seen on some Ramadi streets, while security forces were visible at the edge of the city.The fighting spread to the nearby city of Fallujah, where police Captain Omar Oda said militants burned military vehicles during clashes with security forces.Dr Assem al-Hamdani said 11 gunmen were wounded.Forty-four MPs announced their resignation on Monday evening, triggering the latest in a long line of political crises.

Iran, world powers resume nuclear talks

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GENEVA (AFP) - Closed-door talks resumed Monday between Iran and world powers on implementing a landmark deal to rein in Tehran's controversial nuclear programme in exchange for easing sanctions.European Union foreign policy spokesman Michael Mann told AFP that the Geneva meeting began at 8:30 am (0730 GMT) but that no further details would be available immediately.Technical experts from Iran and the EU-chaired P51 group -- comprising the United States, China, Russia, Britain, France and Germany -- also held a session two weeks ago in Geneva amid efforts to fine-tune a deal reached by their foreign ministers in the Swiss city on November 24.The latest talks were set to last for one day, before a break for New Year, Iran's official news agency IRNA quoted deputy foreign minister and nuclear pointman Abbas Araqchi as saying.On December 22, Araqchi said progress towards implementing the November deal was proving slow because of differing interpretations over its terms, but that the goal was to have it in force by the end of January.Earlier this month, experts held four days of talks in Vienna -- home of the International Atomic Energy Agency -- but the Iranians walked out after Washington expanded its sanctions blacklist against Tehran.Under the Geneva deal, Iran agreed to roll back parts of its nuclear programme for six months in exchange for modest sanctions relief and a promise by Western powers not to impose new sanctions.During the six-month nuclear freeze, Iran and world powers aim to hammer out a long-term comprehensive accord to decisively end the standoff over Iran's contested nuclear programme, after a decade of failed attempts and rising tensions.Iran denies wanting nuclear weapons but many in the international community suspect otherwise, and neither Israel -- widely considered to be the Middle East's sole if undeclared nuclear-armed state -- nor Washington have ruled out military action.

Israel releases 26 Palestinian prisoners

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RAMALLAH (AFP) - Israel on Tuesday freed 26 Palestinian prisoners under peace talks brokered by US Secretary of State John Kerry, who returns to the region this week to boost the faltering negotiations.The prisoners were the third batch of 104 detainees that Israeli Prime Minister Benjamin Netanyahu pledged to let go in four stages when the peace talks were revived in July.The release shortly after 0000 GMT came after an Israeli court rejected a last-minute appeal by victims families.Washington hailed the release as a positive step forward in the overall process as Kerry prepared to return to the region on New Years Day to hammer out a framework to guide the fragile peace talks.A palestinian official told AFP that two vans carrying (18) prisoners left Ofer prison for Ramallah. Three other prisoners taken to the Gaza Strip and five others driven from Ofer to Israeli-annexed east Jerusalem reached their destinations just before 02:30 am (0030 GMT), AFP correspondents said.Victims families had protested the release of the five east Jerusalem prisoners, which they said contradicted a committment made by Netanyahu. The 26 inmates had been jailed before the signing of the 1993 Oslo accords, which formally launched the Middle East peace process, and served 19 to 28 years for killing Israeli civilians or soldiers.The 18 men taken to Ramallah were warmly embraced by Palestinian president Mahmud Abbas in his presidential compound, a correspondent said, before laying flowers on the grave of late Palestinian leader Yasser Arafat.Abbas pledged to the prisoners and their exuberant families that there would be no final agreement (with Israel) until all prisoners were in their homes.The final tranche of prisoner releases is expected at the end of April. The freed prisoners are hailed by Palestinians as heroes imprisoned for fighting against the Israeli occupation.Emotions were also high on the Israeli side, where the jailed militants are viewed as murderers. Some 150 protesters marched on Monday night from the premiers residence in Jerusalem, bearing pictures of their bereaved relatives and posters with slogans against the release.Tuesdays release was expected to be accompanied by announcements of new construction plans for Jewish settlements in the occupied West Bank, including east Jerusalem, as the previous two prisoner releases were.Such a move is likely to infuriate the Palestinians and international community, providing a further challenge to Kerry when he arrives on his 10th trip to the region since March.Kerry meanwhile expressed his appreciation for Tuesdays move, State Department deputy spokeswoman Marie Harf said a short while prior to the release.Harf noted Kerry would be discussing with Netanyahu and Abbas the proposed framework for negotiations, which would serve as guidelines for the permanent status negotiation.Kerry has been pressing the sides to agree a framework for a final settlement ahead of an agreed late April target date for the talks to conclude.He will also have to quell tensions that rose after an Israeli ministerial committee on Sunday gave initial approval to a bill annexing Jordan Valley settlements, in a largely symbolic move expected to be shot down by the government.Abbas slammed the ministerial decision in his Tuesday remarks to the freed prisoners.This is a Palestinian area, he said. Its a red line nobody can cross.The Palestinian cabinet meeting later on Tuesday will take place in that contested territory, which would be the eastern border of their future state.Israel wants to keep a military presence there, but the Palestinians firmly reject such a notion.

Eight killed in attack on troops in south Yemen

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ADEN (AFP) - Five soldiers and three militants were killed Monday during an attack on an army position in southern Yemen in which the assailants also abducted four troops, a military source said.According to the source, the attack was carried out by southern secessionists, but secessionist leaders denied the accusation.Southern Yemen is also home to a powerful Al-Qaeda affiliate suspected of carrying out a string of attacks on security forces.Attackers from the Southern Movement armed with automatic rifles and anti-tank rockets launched the attack, destroying two tanks and killing five soldiers, the military official told AFP on condition of anonymity.The assailants lost three men but they managed to abduct four soldiers.Leaders of the Southern Movement denied the group was involved.Tensions have soared in southern Yemen following deadly clashes a week ago in which secessionists stormed a governor's office to raise the flag of the former South Yemen. The fighting left two policemen and a civilian dead.On Friday the army shelled a funeral tent for the deceased, killing 19 people, including four children, according to activists and medical sources.After British colonial rule ended in 1967, southern Yemen was independent until union with the north in 1990.Security forces in the south have also come under repeated attack by Al-Qaeda in the Arabian Peninsula, which is among the most potent of the global terror network's franchises despite repeated Yemeni military operations and US drone strikes.

Twin Russian blasts expose Olympic security threat

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MOSCOW (AFP) - Successive-day bombings on a railway station and trolleybus in Russia's heartland expose the challenge President Vladimir Putin faces in ensuring a safe Olympics on the edge of the violence-plagued North Caucasus.The Kremlin chief beat extreme odds in 2007 to bring the showcase winter event to the summer Black Sea retreat of Sochi after personally pledging before Olympic chiefs in Guatemala to make the Games into a safe, enjoyable and memorable experience.Russia has since poured more than $50 billion into an event that has become linked inextricably with Putin's image as a strongman fighting to restore the superpower status his nation enjoyed in Soviet times.But Putin's 14-year rule has also been tied to North Caucasus conflicts that began in Chechnya and have since spread across the mostly-Muslim region that Islamists want to turn into their own state.Russia is already imposing a limited access cordon around Sochi from January 7 to keep non-resident cars from coming anywhere near the Olympic venue.Extra measures are also being taken to monitor local Internet and cellphone network traffic that could herald the plotting of still new attacks.Yet the twin blasts in Volgograd -- a million-strong city revered by Russians for enduring the epic World War II Battle of Stalingrad -- show that strikes do not have to target Sochi directly to set off Olympic alarms.They tried to deal a blow to Sochi, Volgograd's parliament representative Mikhail Markelov said as the combined death toll from both attacks climbed to 31.This was a serious intimidation attempt.

Olympics: IOC head condemns 'despicable' Russia bombing

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GENEVA (AFP) - IOC head Thomas Bach on Monday condemned as despicable two bomb attacks in Russia that killed 31 people, and said he was confident security would be solid at the upcoming Sochi Winter Olympics.This is a despicable attack on innocent people and the entire Olympic Movement joins me in utterly condemning this cowardly act. Our thoughts are with the loved ones of the victims, Bach, who is president of the International Olympic Committee, said in a statement.The suicide attacks Sunday on a train station and Monday on a packed trolleybus, both in the southern city of Volgograd, have raised concerns about security at the Olympics in Russia's Black Sea resort.Russian President Vladimir Putin, under pressure to show that his country can ensure the safety of tens of thousands of guests when the Winter Games open on February 7, has ordered security to be stepped up nationwide.Bach, a German former athlete who was elected head of the Olympic governing body earlier this year, said he had written to Putin to express his condolences and our confidence in the Russian authorities to deliver safe and secure Games in Sochi.I am certain that everything will be done to ensure the security of the athletes and all the participants of the Olympic Games, he added.Bach said that terrorism is a global disease but it must never be allowed to triumph.The Olympic Games are about bringing people from all backgrounds and beliefs together to overcome our differences in a peaceful way, he underlined.The many messages of support and solidarity from the international community make me confident that this message will also be delivered by the Olympic Winter Games in Sochi.

Sharapova crushes Garcia in comeback

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BRISBANE (AFP) - Russias Maria Sharapova marked her comeback from injury with a straight sets demolition of Frenchwoman Caroline Garcia in the first round of the Brisbane International on Monday.Sharapova had not played since a shoulder injury forced her off the tour in August, but she made up for lost time when she beat Garcia 6-3, 6-0 in just 64 minutes on Pat Rafter Arena.I think I was just really determined to get back on the court -- its been a while, the third-seeded Russian said.Its been four months I believe now. It was a big step for me. It was a big step to come and a big step to play out there tonight.The world number four handled the Frenchwomans big serve with ease and totally dominated the rallies, breaking Garcia once in the first set and three times in the second to set up a second round clash against teenage Australian qualifier Ashleigh Barty, a player Sharapova knows little about.I think always when youre coming up and making the transition from the juniors to the pros, not many players know about your game, she said.Ive only seen a few points here and there. I dont think Ive watched a full set or match of hers.Its very rare to play new opponents because we play so many matches during the year.Barty, ranked 190th in the world, recorded the best win of her career when she beat Slovakian world number 48 Daniela Hantuchova 6-3, 7-5.The 17-year-old Barty lives in south-west Brisbane, where she still attends a local high school.She said she tried not to worry about who was on the other side of the net.I try not to think too much about the rankings and just try and play the best I can each match, Barty said.I was able to play pretty well tonight, so Im pretty happy with it.In other matches, Serbias former world number one Jelena Jankovic, who enjoyed a strong finish to the 2013 season, won a tricky encounter against Italian Francesca Schiavone 6-2, 7-6 (8/6).Wildcard Casey Dellacqua made it a good day for the Australians when she came from a set down to beat Galina Voskoboeva of Kazakhstan 3-6, 6-2, 6-3 and move into a second round clash against second seed Victoria Azarenka.Estonias Kaia Kanepi, who won the Brisbane title two years ago, overcame Russian qualifier Alexandra Panova 6-3, 6-7 (8/10), 6-2, while eighth seed Carla Suarez Navarro of Spain demolished Taiwans Hsieh Su-Wei 6-2, 6-1.In the mens draw, American Sam Querry caused a minor upset when he beat seventh seeded Russian Dmitry Tursunov 7-5, 6-4, while Australias Marinko Matosevic enjoyed his first ever ATP win on home soil with a 5-7, 6-4, 7-6 (7/4) win over Frenchman Julien Benneteau.Bulgarian fifth seed Grigor Dimitrov was too strong for Robin Haase of the Netherlands 6-2, 6-3 and Croatian Marin Cilic beat Denis Istomin of Uzbekistan 6-7 (3/7), 7-6 (7/5), 6-4.

Tennis: Winning start for France, Spain crash out of Hopman

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PERTH (AFP) - The French pairing of Alize Cornet and Jo-Wilfried Tsonga got their Hopman Cup off to a winning start with a 2-1 victory over the Czech Republic at the mixed teams tournament on Monday.The athletic Tsonga declared he was back to full fitness after opening the Group B tie with an emphatic 6-1, 6-4 win over 35-year-old Radek Stepanek.Although Cornet then lost a thrilling match with former world number two Petra Kvitova, 6-1, 3-6, 7-5 the French claimed the tie with a 6-1, 6-3 win in the mixed doubles.Tsonga, who has been ranked as high as fifth in the world but enters 2014 at 10 after knee problems scuppered his hopes this year, made short work of the wily Stepanek.The 28-year-old, who started his season in Abu Dhabi before arriving in Perth on Sunday, said he wasnt far off his best heading into the new year.Its (the knee) much better, its finished now, he said.I have no pain anymore, I can play 100 per cent and its good.Tsonga missed this years US Open because of his knee injury, and it also forced him to retire during his second round match at Wimbledon.The Frenchman said he was still weary from his travel and was pleasantly surprised by his form against Stepanek.I just arrived yesterday so I was a bit tired but I played good tennis actually and Im very happy to go through this one because its not easy, he said.In the womens singles, Kvitova prevailed over Cornet in an impressive battle that lasted over two hours.Ranked sixth in the world, the big-hitting Kvitova looked to be in total control early as the 2011 Wimbledon champion continued the form she showed in dropping just one game in her opening singles match against Anabel Medina Garrigues on Sunday.However, the 27th-ranked Frenchwoman fought back strongly in the second set.Kvitova gained an early break in the third set and held it until she was broken by Cornet when serving for the match at 5-4.The Czech immediately broke back and was able to serve out the match at her second attempt.Earlier in the day, defending champions Spain crashed out of Hopman Cup contention when they were beaten 3-0 by the United States on Monday.The Spanish pairing of Anabel Medina Garrigues and Daniel Munoz-De La Nava were also beaten by the Czech Republic on Sunday and while they still have one group tie left, they cannot reach Saturdays final of the mixed teams tournament.Medina Garrigues was thrashed 6-3, 6-1 by world number 12 Sloane Stephens in the womens singles.The towering John Isner then cruised to a 6-3, 6-4 victory against the outclassed De La Nava, the world number 194 who was only called up for the tournament at the last moment to replace the injured Tommy Robredo.In the mixed doubles, the Americans completed a clean sweep when they came from a set down to win 4-6, 6-0, 10-4 in a match tiebreak.It was the first tie of the tournament for the United States, who are aiming for a record seventh title in Perth.Stephens, who reached the semi-finals of the Australian Open in January, was far too good for the struggling Medina Garrigues, ranked 100th in the world.Although the Spaniard was moving better than in Spains opening tie when she battled knee soreness, she also appeared to be discomforted by the Perth heat and served several double faults late in the match.The emerging Stephens had far too many shots for the veteran, hitting a number of impressive winners off both wings and wrapping up the match with a commanding overhead.Medina Garrigues won all but one of her four singles matches as she teamed with Fernando Verdasco to win the title earlier this year, but has won just five games in her two outings this week.

Football: Messi more than a dream signing, says Ibrahimovic

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DOHA (AFP) - Signing Lionel Messi would take French champions Paris Saint-Germain (PSG) to the next level, according to their current star forward Zlatan Ibrahimovic.Press rumours in France suggest the big-spending Qatari-backed Parisians are in the market for a record bid for the Argentine wizard.And Ibrahimovic, who failed to strike up a particularly successful partnership with Messi during his one season at Barcelona, believes signing the four-time Ballon dOr winner would not just allow PSG to dream of bigger and better, but would make them a whole new force to be reckoned with in European competition.If hes up for sale then the whole world will be after him, not just PSG, said Ibrahimovic from the French champions winter training camp in Doha.I dont know the situation but I think hes very happy at Barcelona.The press creates this but only he knows the truth.PSGs project is to dream bigger but if you buy Messi, you dont dream bigger, you are bigger.Signings such as that of Ibrahimovic, Brazilians Thiago Silva and Lucas and Uruguayan striker Edinson Cavani have got many people believing PSG can genuinely challenge for Champions League honours this season.Last year they reached the quarter-finals where they lost on away goals to Barca, while their best result in the competition remains their semi-final run in 1995.And although PSG are champions of France and leading the way in Ligue 1 this season too, Ibrahimovic is determined to go further.Im never satisfied, I want to win. Weve progressed well and quickly. The team has come on very quickly in the right direction, he said. We play very good football, we have the ball, we create chances.Theres a high level of collective quality, our mentality is progressing. Everythings going in the right direction and Im delighted.PSG will play Real Madrid in a friendly in Doha on Thursday and Ibrahimovic is taking that match very seriously.Unfortunately its a friendly match but well treat it like a competitive match. It would be good for confidence to win.

Oil prices fall on profit taking, supply concerns

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NEW YORK (AFP) - Oil prices retreated Monday on profit taking and concerns that US oil inventories will bounce back in early 2014 after recent declines.US benchmark West Texas Intermediate (WTI) for February delivery fell $1.03 to $99.29 a barrel. European benchmark Brent oil for February delivery declined 97 cents to $111.21 a barrel in London. WTI closed Friday above $100 a barrel for the first time since October following strong US economic data, including a surprisingly big decline in US oil inventories.WTI's breaching of the psychologically important $100 level capped a comeback after oil sank to $92.61 a barrel on November 28.But Gene McGillian, a broker and analyst at Tradition Energy, said it still is unclear whether the recent decline in US oil stocks reflects a real increase in demand.Refiners typically reduce crude inventories at the end of the year in order to qualify fewer assets for tax purposes.If this is just a withholding of inventory for tax purposes, the market is probably overdone, McGillian said. A rise in oil inventories in early 2014 could take the wind out of the sails of the rally, McGillian said. The market is seeing a little bit of profit taking, he added.Analysts also cited comments from the Libyan national oil company that some oil operations in the country had resumed. However, Libyan oil exports remain curtailed due to a months-long blockade in the North African country.Another drag on the oil market was the conclusion Friday of a strike at Total's five refineries in France after nearly two weeks.Andrew Lipow, president of consultancy Lipow Oil Associates, attributed Monday's decline in gasoline and diesel prices to the end of the French strike.The big story is that the market is being weighed down by weakness in the petroleum products, Lipow said. That's a direct reflection of the French refineries returning, adding to the product supply in Europe, which consequently is impacting the markets over here.

Dollar slips after US pending home sales disappoint

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NEW YORK (AFP) - The dollar dipped against the euro and other major currencies Monday after a disappointing report on US pending home sales.The euro rose to $1.3800 around 2200 GMT, up from $1.3743 at the same time Friday.The dollar inched down to 105.11 yen from 105.13 yen, while the euro gained ground against the Japanese currency, fetching 145.05 yen compared with 144.47 late Friday.US pending home sales rose for the first time in six months in November, according to the National Association of Realtors, but the gain -- 0.2 percent -- was much smaller than the expected 1.5 percent rise.US dollar traders may be focusing on the continued pace of the Federal Reserve's tapering of its monthly asset purchases, which trims $10 billion a month in stimulus beginning in January, noted Benjamin Spier of DailyFX Research.Fed Chairman Bernanke mentioned the end of 2014 as a possible end to stimulus, but he said it will depend on upcoming data releases. If the Fed decides to slow the pace of the taper, the US dollar may decline, he said in a research note.Therefore, worse than expected economic releases like today's pending home sales may give reason for traders to sell the greenback in forex markets.Trading remained thin ahead of the New Year's Day holiday on Wednesday, exaggerating some of the currency movements, said Omer Esiner of Commonwealth Foreign Exchange.The dollar weakened against the Swiss and British currencies. The greenback fell to 0.8877 Swiss franc from 0.8913 Friday, and the pound rose to $1.6497 from $1.6475.

Pakistan, Sri Lanka first Test starts today

Posted:

ABU DHABI (AFP) – Pakistan will take on Sri Lanka in the first Test of the three-match series today in Abu Dhabi. The match will start at 11:00am PST.Sri Lankan captain Angelo Mathews admitted his team faces the challenge of overcoming rustiness as they play their first Test for nine months when they line up against Pakistan in Abu Dhabi on Tuesday.Sri Lanka have not played since beating minnows Bangladesh 1-0 in a two-Test series at home in March and their last Test against a major opponent was in January when they played Australia.We are playing a Test match after a long time and that's a challenge for us as a team. We've played some four-day cricket, but it's not as good as playing a Test, said Mathews on Monday.There will be a bit of rustiness - there might be.South Africa failed the challenge when they played Pakistan in October -- also their first since February -- and lost in Abu Dhabi by seven wickets.However, the Proteas, ranked number one in Tests, went on to level the series 1-1 with a win in the second Test in Dubai.Sri Lanka's second challenge in the three-Test series will be to thwart wily Saeed Ajmal, and Mathews showed confidence his team will cope well against the Pakistani off-spinner.Ajmal has been talked about a lot in the team and we've made plans about how we are going to play him, said Mathews of Ajmal who took 18 wickets in Pakistan's 1-0 win in the three Tests here in 2011.There's good experience in the team, if you take (Kumar) Sangakkara, Mahela (Jayawardene) and Prasanna Jayawardene. With that experience we should be able play him well, give him no wickets and make big totals.Sangakkara accumulated a mammoth 516 in the three Tests in 2011 and then amassed 490 in three Tests when Sri Lanka beat Pakistan at home last year.Pakistan captain Misbah-ul Haq vowed his team will carry the confidence of a 3-2 one-day series win over Sri Lanka last week.Our team is in good shape and we are confident but we aren't going to be complacent. Every game is a new game and you can't just sit and think we are in good flow so its easy to go along, said Misbah, who termed Sri Lanka a tough opponent.They are a top side and competitive one to play with, so you need to be at your best to do well against them. We have kind of bowlers who can really challenge the opposition and I am confident we are going to put a good show, said Misbah.The second Test will be played in Dubai (January 8-12) and the third in Sharjah (January 16-20).

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