NEWS,28.07.2012

Olympics open with pageant for next generation

Queen Elizabeth declared the London Olympics open after playing a cameo role in a dizzying ceremony designed to highlight the grandeur and eccentricities of the nation that invented modern sport.Children's voices intertwining from the four corners of her United Kingdom ushered in an exuberant historical pageant of meadows, smokestacks and digital wizardry before an audience of 60,000 in the Olympic Stadium and a probable billion television viewers around the globe.Many of them gasped at the sight of the 86-year-old queen, marking her Diamond Jubilee this year, putting aside royal reserve in a video where she stepped onto a helicopter with James Bond actor Daniel Craig to be carried aloft from Buckingham Palace.A film clip showed doubles of her and Bond skydiving towards the stadium and, moments later, she made her entrance in person."In a sense, the Olympic Games are coming home tonight," IOC President Jacques Rogge told the crowd."This great, sports-loving country is widely recognised as the birthplace of modern sport."To underline the point, Bradley Wiggins, crowned five days earlier as Britain's first winner of the Tour de France and hoping to add more road cycling gold in London, tolled the world's largest tuned bell to begin the ceremony.In one moment of simple drama, the stadium fell silent as five giant, incandescent Olympic rings, symbolically forged from British steel mills, were lifted serenely out of the stadium by weather balloons, destined for the stratosphere.And at the climax of an evening that had children centre-stage, seven teenage athletes were given the honour of lighting the Olympic cauldron that will burn for the duration of the Games, in keeping with the theme of "Inspire a Generation".More than 10,000 athletes from 204 countries will compete in 26 sports over 17 days of competition in the only city to have staged the modern Games three times.Most of them were there for the traditional alphabetical parade of the national teams, not least the athletes from Egypt, Tunisia, Libya and Yemen competing in their first Olympics since their peoples overthrew autocrats in Arab Spring revolutions.Brunei and Qatar were led in by their countries' first ever female Olympians and so, along with Saudi Arabia, ended their status as the only countries to exclude women from their teams.At a reception, the queen spelled out the role played by her family after the Olympics were revived in Athens in 1896."This will be the third London Olympiad. My great grandfather opened the 1908 Games at White City. My father opened the 1948 Games at Wembley Stadium. And, later this evening, I will take pleasure in declaring open the 2012 London Olympic Games at Stratford in the east of London," she said."Over recent months, many in these islands have watched with growing excitement the journey of the Olympic torch around the United Kingdom. As the torch has passed through villages and towns, it has drawn people together as families and communities."To me, this spirit of togetherness is a most important part of the Olympic ideal. And the British people can be proud of the part they have played in keeping the spirit alive."The opening show, costing an estimated 27 million pounds, was inspired by William Shakespeare's play The Tempest, his late-life meditation on age and mortality.But it was children who set the tone, starting from the moment when live pictures of junior choirs singing in the landscapes of England, Scotland, Wales and Northern Ireland were beamed into the stadium's giant screens, four traditional songs woven together into a musical tapestry of Britain.Oscar-winning film director Danny Boyle began his sweep through British history by grassing over the arena in a depiction of the pastoral idyll mythologised by the romantic poet William Blake as "England's green and pleasant land".Idyll turned swiftly to inferno as the Industrial Revolution's "dark Satanic mills" burst from the ground, before those same mills forged the last of five giant Olympic rings that rose into the sky.At the end of a three-hour extravaganza, David Beckham, the English soccer icon who had helped convince the IOC to grant London the Games, stepped off a speedboat carrying the Olympic flame at the end of a torch relay that inspired many ordinary people around Britain.Past Olympic heroes including Muhammad Ali, who lit the cauldron at the 1996 Atlanta Games, and British rower Steve Redgrave, the only person to win gold at five successive games, welcomed the flame into the stadium.Yet it was not a celebrity but seven teenage athletes who lit a spectacular arrangement of over 200 copper 'petals' representing the participating countries, which rose up in the centre of the stadium to converge into a single cauldron.Moments later, a balloon-borne camera relayed live pictures of the earlier-released interlocked rings gliding through the stratosphere against the curved horizon of the planet below.The performance included surreal and often witty references to British achievements, especially in social reform and the arts, and ended with former Beatle Paul McCartney singing Hey Jude.Many sequences turned the entire stadium into a vast video screen made up of tens of thousands of "pixels" attached to the seats. One giant message, unveiled by Tim Berners-Lee, British inventor of the world wide web, read "This is for Everyone".Until the last few days, media coverage had been dominated by the security firm G4S's admission that it could not provide enough guards for Olympic venues. Thousands of extra soldiers had to be deployed at the last minute, despite the company's multi-million-dollar contract from the government.Suicide attacks that killed 52 people in London in July 2005, the day after it was awarded the Games, ensured that security would remain a worry. And this year the Games mark the 40th anniversary of the 1972 Munich massacre, when 11 Israeli Olympic team members were killed by Palestinian militants.Although no medals will be awarded until Saturday, the women's soccer tournament started on Wednesday, and on Friday South Korean archers set the first world records of the Games.Im Dong-hyun, who suffers from severe myopia and just aims at "a blob of yellow colour", broke his own 72-arrow world record with a score of 699 out of a possible 720, leading his two colleagues to a record combined score as well.The Games' first medals will be decided in the women's 10 metres air rifle final on Saturday, with the big action coming in the men's cycling road race, where world champion Mark Cavendish is favourite to become Britain's first gold medallist.In the evening, Americans Michael Phelps and Ryan Lochte are scheduled to line up for a classic confrontation in the men's 400 metres individual medley final.Phelps, competing in seven events after winning a record eight gold medals four years ago in Beijing, is bidding to become the first swimmer to win gold in the same discipline three times in a row."This is going to be a special race," said Gregg Troy, head coach of the American men's team. "I can't imagine a better way to promote our sport than a race like this on the first day."

 

Iran expands oil tanker insurance

Iran is expanding its insurance on its fleet of 47 oil tankers through a multi-billion-dollar line of credit as it seeks to get around EU sanctions crimping its crude exports, reports said on Saturday."Iran is ready to give total insurance for the transport of its oil... and the commitments by Iranian insurers are no different from those by Western insurers and therefore all risks and dangers are insured," Iran's Opec representative, Mohammad Ali Khatibi, was quoted as saying by the state-run newspaper Iran.The Fars news agency cited an "informed source" it did not identify as saying that the government had given the central state insurance agency, Bimeh Markazi, a line of credit worth several billion dollars to insure the tankers. It said 10% of the money had already been transferred.The measure, apparently aimed at any buyer of Iranian crude worldwide, expands on a promise of insurance for deliveries of its oil using Iranian tankers to major customers China and India. South Korea is also mulling joining the offer.Iran is suffering a cut in oil sales abroad of up to 40%, according to the International Energy Agency (IEA), because of an EU embargo on Iranian crude imports and a related ban on European insurers providing cover for deliveries of Iranian oil anywhere in the world.European insurers accounted for 90% of coverage for Iran before the EU sanctions took effect on 1 July.Iran, which is striving to maintain a semblance of business as usual over its oil exports, is attempting to fill the insurance gap itself, but it faces several obstacles.US sanctions targeting Iranian financial transactions make it unclear how Iran could pay out any claims arising from accidents involving its tankers.Oil tankers are typically insured for up to $1bn because of the risk of oil spills.A European analyst in Tehran noted that the 40 tankers in Iran's fleet owned by the NITC, formerly known as the National Iranian Tanker Company, each had a long-distance capacity of up to two million barrels of oil.Iran, before the EU sanctions, exported around 2.5 million barrels of oil per day. The IEA estimates that has now been cut to around 1.5 million barrels per day.Several of the NITC vessels were being used in June to store Iranian offshore crude that Tehran has not been able to sell because of the sanctions, according to industry specialists.Iran has announced plans to quickly expand its onshore storage capacity, which has been saturated, including by subcontracting to private firms. Tehran has also ordered 12 new supertankers from China and should receive the first in December.

Pass tax proposal - Obama urges

US President Barack Obama urged Republicans in the House of Representatives on Saturday to pass his proposal calling for extending tax cuts for everybody but the richest Americans."Now it comes down to this," Obama said in his weekly radio and Internet address. "If 218 Members of the House vote the right way, 98% of American families and 97% of small business owners will have the certainty of knowing that their income taxes will not go up next year."On 1 January, a tax cut adopted under former president George W Bush and extended under Obama is set to expire. But Democrats and Republicans strongly disagree over how to extend it.While Obama favours higher taxes for the rich, Republicans argue it would undercut the nation's fragile economic recovery.This past week, the Democratic-controlled Senate passed a tax cut extension for American families earning less than $250 000 a year, but Republicans in the House are staunchly opposed to this bill, arguing that all Americans, including the wealthy ones, should benefit from the extension.The president noted that he fundamentally disagreed with those who believed that the best way to create prosperity in America was to let it trickle down from the top."I know they're wrong because we already tried it that way for most of the last decade. It didn't work," Obama said."We're still paying for trillions of dollars in tax cuts that benefited the wealthiest Americans more than anyone else; tax cuts that didn't lead to the middle class jobs or higher wages we were promised and that helped take us from record surpluses to record deficits."The president said the country could not afford more of top-down economics. He said America needed policies that would grow and strengthen the middle class, help create jobs and make education and training more affordable.