October 19, 2008

Rafael Nadal wins Prince of Asturias Award for Sports

Spanish tennis player Rafael Nadal (L) talks with freed French-Colombian hostage Ingrid Betancourt during the 2008 Prince of Asturias awards ceremony at Campoamor theatre in Oviedo, northern Spain, October 24, 2008.(Xinhua/Reuters Photo)

Rafael Nadal (R) acknowledges the applause after receiving the 2008 Prince of Asturias Award for Sports from Spain's Crown Prince Felipe (L) during a ceremony at Campoamor theatre in Oviedo, northern Spain, October 24, 2008. (Xinhua/Reuters Photo)

Games of peasants, games of joy

QUANZHOU, Southeast China, Oct. 25 (Xinhua) -- Two months after China topped the medal tally in the 2008 Olympic Games, a more joy-oriented multi-sport Games will be held among the country's millions of peasants.

As the only regular sports gala for peasants in the world, the sixth edition of the Chinese National Peasants' Games will lift its curtain here on Sunday.

Quanzhou, an old-line seaport in Fujian Province and known as the Eastern terminus of the Maritime Silk Road, will open its arms for about 3,500 countrymen athletes hailing from 32 provinces, autonomous regions and municipalities, including Taiwan. Hong Kong and Macao will also send delegations to observe the quadrennial peasants' get-together.

Unlike most athletic games that highlight the limits of physical strength and competitiveness, the National Games of Peasants emphasizes more on recreation and less on the results.

The First edition of the Games was held in 1988 in Beijing, in order to enrich off-hour life in rural areas and raise the level of peasants' health and sports techniques. Seven sports, namely basketball, table tennis, Chinese-style wrestling, athletics, cycling, shooting and football were included.

The Second Natioanl Peasants Games was held in Xiaogan, a city of Hubei Province in central part of China. Xiangqi (Chinese chess) and Taiji, also known as shadowboxing, were added into the Games, while football was omitted and shooting was replaced by militiaman triathlon (shooting, grenade throwing and 5-kilometer cross country racing). More than 2,200 athletes took part in the competition and the Games also provided huge business opportunities for the host city.

The organizers of the quadrennial tournament always try to remove redundant rival ship from the games and introduce more field-working adapted or entertaining sports to frustrate the attempts to hire professional athletes for medals. Traditional track events were changed into interesting races like tyre-pushing and food-carrying and field events were also modified, such as seedling hurling and tug-of-war.

Moreover, the organizers also sought to introduce Chinese traditional sports into the Games. As one of the most modern cities in China, Shanghai witnessed the debut of Dragon dance in the Third Peasants' Games. The age-old performance, which is believed to bring luck and prosperity, not only became focus of Chinese media but also attracted curious eyes from abroad. Foreignmedia also sent batches of journalists to Shanghai to cover the Games in 1996.

In the fourth Games held in Mianyang in Sichuan Province, dragon boating, kite flying and shuttlecocks, which are all routinely played in the countryside, were added. And four years later, another popular sport angling also found its place in the fifth edition held in Yichun of Jiangxi Province.

The sixth edition in Quanzhou has also welcomed a new sport, which is Yangko dance. The Yangko dance is a traditional folk dance commonly performed in China's northern provinces. Yangko dancers usually wear bright and colourful costumes, and their movements are vigorous and quick.

In the countryside, Yangko teams are organized for big days such as traditional festivals, wedding celebrations or birthday parties. And in recent years, many elderly people in Northeast China have been engaged in Yangko for enjoyment as well as to keepfit all year round.

After two decades of development, the National Peasants' Games now includes 15 sports and over 180 events, and has turned into one of the major sports events in China.

As more and more Chinese peasants became well-off and paid more and more attention to their physical and mental health. Field work is no longer the sole occupation for them. With such enthusiasm keeping on, the Chinese peasants will spend more time and find more joy in sports.

FIFA set to reveal World Cup bidding process

BEIJING, Oct. 25-- The bidding process for the next two available World Cups is expected to be announced Saturday following two days of discussions by FIFA, the world governing body for soccer.

FIFA's executive committee is due to announce a deadline by which bids have to be entered and decide if bidding should take place simultaneously for the 2018 and 2022 events.

The timetable is expected to prompt a flood of offers to host an event that is generally regarded as the second biggest sporting occasion after the Summer Olympics.

Speculation has spread in China that Beijing will bid for the World Cup. However, the Beijing Sports Bureau today denied a rumor that the capital wants to bid for soccer's biggest tournament, China Youth Daily reported.

There appears to be some confusion over the rumors and they appear far-fetched since only countries are given the right to host a World Cup, not cities.

Sun Kanglin, director of the Beijing Sports Bureau, spoke about the World Cup at a recent meeting. He stated that Beijing is qualified to stage World Cup games after hosting the 2008 Olympic Games. His comments may have been misconstrued to mean that Beijing is preparing a bid.

Meanwhile, FIFA spokesperson Nicolas Maingot said yesterday that Belgium and Netherlands' plan to stage the 2018 World Cup was the only bid to have been formally declared to the sport's governing body.

Several other countries, including the United States, Mexico, England, Spain, China and Australia, have however expressed interest either on an informal basis to FIFA officials or through national media statements, according to overseas agencies.

FIFA president Sepp Blatter has said he is in favor of a joint bidding process for the 2018 and 2022 tournaments, even though such a move would be complicated by his organization's altered policy on the World Cup's global rotation.

FIFA threw out its strict continental rotation system last October, but still insists that a World Cup cannot be held on a continent that has hosted one of the two preceding World Cups.

For 2018 the situation should be simple with Africa and South America unable to bid for the event. South Africa is the host of the 2010 World Cup and Brazil will stage it in 2014, the report said.

Countries hoping to bid for the 2022 event would however face the risk of being automatically ruled out in the event that FIFA awards the 2018 tournament to a country on the same continent.

FIFA has not yet made clear if countries will be able to mount bids for both 2018 and 2022.

(Source: Shanghai Daily/Agencies)

Ballesteros stable after third brain operation

MADRID, Oct. 24 (Xinhua) -- Spanish golfer Severiano Ballesteros is in a stable condition after undergoing a third brain operation on Friday.

The 51-year-old, who won three British Opens and two U.S. Masters titles during his career, was operated on in the La Paz Hospital in Madrid.

The golfer was diagnosed with a brain tumor earlier this month after being admitted to the hospital suffering from dizziness. His first operation was on October 14 and he subsequently needed a second intervention after inflammation of the brain caused pressure on his skull.

On Thursday the hospital announced that he would need another operation this Friday because of further inflammation and to remove the remnants of the tumor.

Friday afternoon saw the hospital issue a further communique explaining the details of that surgery and giving an update on Ballesteros' condition.

"He is stable and under control in Intensive Care," said the statement.

"A six and a half hour operation has eliminated the remains of the tumor and fulfilled the initial objectives," it added.

Nigeria U-17 World Cup LOC cut budget

LAGOS, Oct. 24 (Xinhua) -- The local organising committee for the 2009 U-17 World Cup in Nigeria have reduced the World Cup hosting budget to 17 billion naira, an official said.

Emeka Inyama, general-manager of the LOC, said the world soccer governing body, FIFA have told them there was no need for broadcast allocation in their budget.

Inyama denied they ever requested for 37 billion naira as speculated in the media, noting that the LOC only asked for 35 billion naira rather.

"What the LOC presented was 35 million naira, not 37 million," Inyama said.

He said the budget was presented a breakdown of components for what is needed to organize a smooth and successful competition.

Inyama expatiated that the total budget is now 17 billion naira, since the FIFA team has advised that the allocation for broadcast was not necessary.

In the same vein, media officer of the committee, Emeka Odikpo explained that of the initial estimate, only 12 billion is for services of the LOC.

He said 14 billion naira is for broadcast equipment, seven billion naira for facilities upgrade and four billion for ITC, then confirmed that FIFA has told Nigeria to present three options for hosting the competition.

Odikpo said FIFA is expecting Nigeria to present the options in Zurich, with a view to ensuring that Nigeria hosts the event with an understanding between the government and FIFA to reduce the cost.

Best China can do in crisis is to "run its own affairs well"

BEIJING, Oct. 24 (Xinhua) -- With industrialized countries mired in the current financial woes, many are hanging on emerging economies such as China in the hope of bolstering the teetering world economy.

Undoubtedly, China's steady growth can play a role in fighting the crisis and the recovery of the global economy for the following reasons.

China has been on a track of robust growth for years to become the world's fourth largest economy, and the momentum is expected to continue, though in an abated way.

Its financial sector is largely insulated from the credit crunch due to limited exposure as a result of a relatively closed market.

With its huge 1.9 trillion U.S. dollar foreign exchange reserves, China has strong capabilities to withstand risk and will be able to assist other crisis-plagued countries crying for cash injections.

But the domestic economy could never get away from the crisis unharmed in today's highly globalized world, though limited as for its immediate exposure.

Chinese exporters, which fueled the country's growth in past decades, had already felt the pinch of slackened external demand amid a probable global recession, as reflected in the third quarter's 9 percent growth -- its lowest increase in more than five years.

The crisis had caused difficulties and uncertainties to the Chinese economy, and prompted the country's decision makers to stimulate it with a series of moves.

It's true China's strong footing in the current crisis would prevent many trading partners from further shocks, as the country has grown into an important market for many nations.

But "Is China able to rescue the world?," as some Western media ventured to ponder.

The bold proposition more mirrored desperation for hope and support in a sweeping crisis than true faith in China's strength to lead the world out of crisis. It was already rebutted by sensible Western analysts.

The Wall Street Journal wrote on Oct. 21 "the slowdown (of the Chinese economy) highlights ... how China has yet to achieve the kind of scale needed to single-handedly drive the global economy."

The New York-based newspaper said China ranked only 100th in the world in terms of per-capita income, and actually accounted for 6 percent of the global economy at market-exchange rates, or about 10 percent after adjusting for purchasing-power parity.

"(The Chinese economy) can be something of a driver, but what happens in the other 90 percent is going to matter more," Nicholas Lardy of the Peterson Institute of International Economics made crystal clear.

Chinese leaders were also dealing with the crisis in a practical manner. They said several times the country's sound economic growth was in itself a major contribution to global financial stability and economic growth.

President Hu Jintao on Friday reiterated the stance before leaders of 45 Asian and European nations and organizations who gathered here at the opening ceremony of the Seventh Asia-Europe Meeting. "China must first and foremost run its own affairs well," he stressed.

And the country is already on the move. Interest rates were lowered twice over the past two months following the rate cuts by other major central banks and in a coordinated global effort to stem the crisis; tax rebates for certain exports were raised to help producers cope with smaller profit margins.

The government also announced an array of policies, including tax exemptions and mortgage deposit reductions, to boost the falling real estate sector, and scrapped the stamp tax on share purchase to boost the bearish stock market.

Such moves reflected the government's resolution and confidence to achieve stable economic growth. "Confidence is even more precious than gold or any currencies," Premier Wen Jiabao had emphasized repeatedly.

Thus, one thing is for sure: China is not only the victim of the current global crisis, but will also be an active participant in resolving it, as it did in withstanding the 1997 Asian financial meltdown.

But it's unrealistic either to deny the positive China factor, or hope for too much from the country to deal with the crisis.

News Analysis: Israel inching closer to snap elections

JERUSALEM, Oct. 24 (Xinhua) -- An early general election is looming in Israel as the third largest party closed its door on any possibility to join Prime Minister-designate Tzipi Livni's coalition.

The leadership of the Shas party, the Council of Torah Sages, has decided not to take part in a new government led by Livni, announced the ultra-Orthodox party in a statement, quoted by local news service Ynet, saying that Livni would not meet its demands.

The religious party, which has often played the role of a kingmaker in previous cabinet-making process, has mainly conditioned its partnership on a significant increase of funding for the poor population and a promise not to make concessions over the status of Jerusalem in peace talks with the Palestinians.

"Shas has asked only for two things: real financial help for the weak in Israeli society and protection for Jerusalem, which is not merchandise for sale," local daily Ha'aretz quoted Shas spokesman Roy Lachmanovich as saying.

He added that as these demands could not be satisfied, its leaders decided not to continue coalition talks.

Speaking at a conference following the announcement, Shas chairman Eli Yishai categorically ruled out the likelihood that his party might reconsider its refusal, stressing that the decision was final. "We made our decision according to our principles. Shas cannot be bought. We stick to our goals and principles," he said.

　　SHAS' REJECTION BLOCKS LIVNI'S CABINET-MAKING EFFORTS

The rejection drastically crushed the hope for Livni to set up a wide ruling coalition. Her Kadima party, although standing as the largest party, possesses only 29 seats in the 120-seat parliament, and thus has to rule in the form of a coalition government.

Earlier this month, Livni secured an initial coalition agreement with the second largest party Labor, boasting the number of seats to 48. Should she also draw the 12-seat Shas under her flag, the premier-designate would guarantee a convenient majority in the parliament.

Without Shas, Livni would probably succeed in patching together a narrow coalition with some smaller parties. Local newspaper The Jerusalem Post reported Thursday that Livni is lobbying for support for such a possible scenario.

In response to Shas' boycott, Livni repeated her statement made Thursday that she is determined to meet with Israeli President Shimon Peres on Sunday to announce whether she is able to form a coalition before the Nov. 3 deadline or to call for an early general election.

The would-be second woman premier in Israel's history has vowed to present a coalition to the parliament on Monday, the first day of the legislature's winter session. Her associates said she would pay a price for a coalition, but not any price.

NARROW COALITION OR SNAP ELECTION?

Now the former Mossad intelligence agent is left only with two apparent options: to risk introducing a narrow coalition, or to head for snap elections, and the prospect of either choice is anything but bright.

On one hand, it is still unclear whether a narrow coalition would obtain parliamentary approval, a prerequisite for any government to be instated, as Shas and even some Kadima members have vowed to vote against it.

On the other hand, recent polls showed that should snap elections be held, possibly in the spring, the current main opposition party Likud, which has ruled out any possibility of joining a Livni government, would emerge as the biggest winner.

Meanwhile, senior Israeli political figures are voicing mixed proposals to the premier-designate, some pushing for snap elections, and some appealing her to go ahead with a narrow coalition.

By law, should Livni fail in her cabinet-making efforts, Peres might assign the mission to a second and even a third lawmaker. If all the efforts bear no fruit, the parliament will automatically dissolve itself, and snap elections will be held within 90 days.

In defiance of the polling results, a confident Livni told her fellow party members Thursday that should an early election take place, "we'll win."

The political turmoil in Israel casts a shadow over its peace talks with the Palestinians.

Palestinian officials have been complaining that Israel's political uncertainty represents a major blockade along the already sluggish peace process.

Little tangible progress has been achieved since the Palestinian and Israeli leaders promised last November to reach a comprehensive peace deal within 2008, and hopes are dying away for the two neighbors to realize that ambitious goal.

China, Vietnam cement all-round comprehensive co-op partnership

BEIJING, Oct. 25 (Xinhua) -- China and Vietnam agreed on Saturday to have timely exchange of views on major bilateral issues through mutual visits, hot lines, multilateral meetings and other ways, to facilitate their all-round comprehensive cooperation partnership.

Both sides reached a consensus on a series of major issues concerning bilateral ties in a joint statement issued during Vietnamese Prime Minister Nguyen Tan Dung's official visit to China.

According to the joint statement, leaders of the two countries believed the Dung's visit had achieved full success and pushed China-Vietnam good-neighborly and all-round cooperative ties up to a new high.

It says that the two sides are satisfied major progress in bilateral ties as the two countries have strengthened political trust, conducted fruitful trade cooperation, expanded exchanges and cooperation among various departments and gradually settled existing problems.

"The two sides believe that to deepen the bilateral all-round strategic cooperation partnership under the current complicated international situation conforms to the fundamental interests of both countries, ruling parties and peoples."

To boost bilateral ties, the two sides agree to keep close high-level contacts, make full play of the bilateral cooperation committee, improve cooperation mechanisms and implement cooperative agreements in foreign affairs, national defense and public security and expand exchanges between youths and non-governmental organizations of the two countries.

Vietnam reaffirms its firm adherence to the one-China policy in the statement, opposing "Taiwan separatist" activities in any form. The country pledges never to have any official relationship with Taiwan.

China expresses appreciation over that, the statement says.

It says the two countries agree to strengthen cooperation and coordination in multilateral frameworks, including the United Nations, the World Trade Organization the Asia Pacific Economic Cooperation and the Association for Southeast Asian Nations, to make contributions to promoting the building of a world of lasting peace and common prosperity.

According to the statement, Vietnam speaks highly of the remarkable achievements of China's reform and opening-up, its Shenzhou-7 manned space flight mission, and successful hosting of the Beijing 2008 Olympic Games and Paralympics, and the Seventh Summit of the Asia-Europe Meeting (ASEM), which will help boost China's influence and status on the international stage.

China appreciates the Vietnamese people's great achievements in reform and opening-up, national industrialization and improvement in their livelihood, and congratulates Vietnam's being elected as non-permanent member of the United Nations Security Council.

As guest of Chinese Premier Wen Jiabao, Dung paid his first official visit to China as prime minister from Oct. 20-25. He also attended the seventh ASEM summit which is slated to conclude Saturday afternoon.

China refutes U.S. remarks on religious beating

BEIJING, Oct. 25 (Xinhua) -- China calls remarks by the United States, regarding religious intimidation of a Beijing pastor, "groundless" and "irresponsible."

On Thursday, State Department spokesman Robert Wood, said the U.S. was gravely concerned after two sons of Chinese Christian pastor, Zhang Mingxuan, were allegedly beaten by public security staff.

On Saturday, Jiang Yu, spokeswoman of the Chinese Foreign Ministry said, "We encourage the U.S. to pay more attention to its own human rights problems, instead of viewing itself as a human rights bodyguard interfering in other country's internal affairs."

China is a country ruled by law, she said.

Wood urged China to release Zhang.

Jiang said Chinese citizens enjoy religious freedoms, but nobody can use religion as an excuse to commit crimes.

Wen: China to actively attend G20 summit on financial crisis

BEIJING, Oct. 25 (Xinhua) -- Chinese Premier Wen Jiabao said here Saturday that China would actively attend the G20 summit on financial crisis slated for Nov. 15 in Washington.

"We will discuss with world leaders on measures to cope with the financial crisis in a pragmatic and cooperative manner," Wen told a press conference at the end of a two-day summit of the Asia-Europe Meeting.

"I think what we should do to cope with the crisis can be summarized as confidence, cooperation and responsibility," said the premier.

"We are very glad to see that many countries have taken measures that have initially proved effective. But this is not enough given the current situation, and more needs to be done."

The stability of financial market is key to stabilizing the whole economy. "The first important message that the two-day summit has conveyed is firm confidence, and I think confidence is the source of power to overcome difficulties," Wen said.

Chinese Vice Premier Li Keqiang (R) meets with European Commission President Jose Barroso before the opening ceremony of China-EU School of Law at the China University of Political Science and Law in Beijing, China, on Oct. 24, 2008.(Xinhua Photo/Li Tao)

BEIJING, Oct. 24 (Xinhua) -- China's first Sino-foreign managed law school, the China-EU School of Law (CESL), opened in Beijing on Friday with a ceremony attended by Vice Premier Li Keqiang and European Commission president Jose Manuel Barroso.

The CESL is an important step in China-EU cooperation and in China's progress to rule of law, Li said.

He called on China and the European Union to operate the CESL as an important platform to learn from each other and cultivate professionals acquainted with both Chinese and EU law.

Barroso said the CESL would help to increase mutual understanding and cement the EU-China comprehensive strategic partnership.

Meeting with Barroso before the ceremony, Li called for strengthening of dialogue and cooperation between China and the EU.

The CESL is a part of the China University of Political Science and Law. Jointly operated by 16 Chinese and European universities, the CESL aims to cultivate a new generation of comprehensively trained law professionals proficient in international legal procedure.

Chinese Vice Premier Li Keqiang (C, front) and European Commission President Jose Barroso (2nd L, front) attend the opening ceremony of China-EU School of Law at the China University of Political Science and Law in Beijing, China, on Oct. 24, 2008.(Xinhua Photo/Li Tao)

European Commission President Jose Barroso (L) addresses the opening ceremony of China-EU School of Law at the China University of Political Science and Law in Beijing, China, on Oct. 24, 2008.(Xinhua Photo/Li Tao)

Chinese Vice Premier Li Keqiang (L) addresses the opening ceremony of China-EU School of Law at the China University of Political Science and Law in Beijing, China, on Oct. 24, 2008.(Xinhua Photo/Li Tao)

Chinese Vice Premier Li Keqiang (R, front) and European Commission President Jose Barroso (L, front) attend the opening ceremony of China-EU School of Law at the China University of Political Science and Law in Beijing, China, on Oct. 24, 2008.(Xinhua Photo/Li Tao)

European Commission President Jose Barroso signs during the opening ceremony of China-EU School of Law at the China University of Political Science and Law in Beijing, China, on Oct. 24, 2008.(Xinhua Photo/Li Tao)

China to launch satellite on Saturday

TAIYUAN, Oct. 24 (Xinhua) -- China will project a satellite coded as the 03 Group of the Shijian-6 serial research satellites sometime on Saturday, according to an official with the Taiyuan Satellite Launch Center in north China's Shanxi Province.

The rocket carrier would be a Long March 4B, said the official, noting both the satellite and the rocket were in good condition and all the preparations for the launch had been done.

So far, there were no detailed reports about the mission of the satellite.

The headquarters of Yahoo Inc. is pictured in Sunnyvale, California, May 5, 2008.(Xinhua/Reuters Photo)

LOS ANGELES, Oct. 24 (Xinhua) -- Internet giant Yahoo Inc. announced on Friday an at least 100 million U.S. dollar project to open a new data center in the state of Nebraska.

It will take four years to finish the project which is expected to create at least 100 jobs with a minimum average salary of 68,700 dollars annually, according to Yahoo.

Yahoo announced 10 percent or 15,000 layoffs earlier this week in a bid to grapple with the economic downturn.

Earlier this year, Yahoo applied for the biggest slate of state tax breaks available in Nebraska to help set up some operations in the state, which included a customer service center in Omaha.

A Long March-4B rocket carrying satellites coded as the 03 Group of the Shijian-6 serial research satellites blasts off from the launch pad at the Taiyuan Satellite Launch Center, north China's Shanxi Province, on Oct. 25, 2008. China successfully launched two satellites with a Long March-4B carrier rocket early Saturday morning.(Xinhua/Wang Yongji)

Traders work on the floor of the New York Stock Exchange, October 23, 2008.(Xinhua/Reuters Photo)

NEW YORK, Oct. 24 (Xinhua) -- Wall Street tallied steep losses but off the worst level Friday, after carmakers and technology companies reported disappointing profits and as fears of a prolonged, severe global recession stimulated panic among investors.

Toyota Motor Corp., the world's second-largest automaker, reported its sales dropped 4.3 percent in the third quarter, the first sales decline in seven years. General Motors and Ford lost ground on the news.

Crude oil tumbled to a 16-month low despite OPEC's decision of producing reduction. Exxon Mobil and Chevron led energy sector down.

Moreover, the technology sector was also traded lower, after Samsung, Asia's biggest maker of chips, posted its worst profit drop in over three years.

Today's sell-off also followed the rocky performance of overseas equity market. In Japan, NIKKEI tumbled after Sony slashed its earnings forecast for the fiscal year. The British government said its gross domestic product fell 0.5 percent in the third quarter, putting the country on the brink of recession and triggered a rout of Britain's FTSE 100. Moreover, Hong Kong's Hang Seng index also got hammered.

The negative news worldwide plagued investors who worried the world economy is headed for a long and severe recession. Big hedge funds, and other institutional investors as well as individual investors rushed to run away from the market, which dragged major indexes sharply lower.

The Dow Jones Industrial Average fell 312.30, or 3.59 percent, to 8,378.95 after falling 504 in the early session. The S&P 500 index declined 31.34, or 3.45 percent, to 876.77, and the Nasdaq composite index fell 51.88, or 3.23 percent, to 1,552.03.

ICBC posted 46% nine-month profit rise

BEIJING, Oct. 25 (Xinhua) -- Industrial and Commercial Bank of China (ICBC), the country's largest lender, said profits in the past nine months increased largely because of more interest income despite the malaise from the global financial crisis.

ICBC's net income totaled 92.7 billion yuan (13.54 billion U.S. dollars) from Jan. to Sept., up 46.03 percent from the same period last year. Net earnings per share were 0.28 yuan, according to its quarterly report released late Friday.

Net income in the third quarter climbed to 28.2 billion yuan, up 25.5 percent from the same period last year.

The report said all businesses in ICBC performed well, which ensured the lender's strong performance.

Through September, total assets hit more than 9.38 trillion yuan, up 8.06 percent from the end of last year. In nine months ICBC recorded its net interest income at 196.6 billion yuan, up 23.08 percent. Fee and commission income advanced 27.9 percent to 34.58 billion yuan, according to the report.

The amount of ICBC's bad loans stood at 104.9 billion yuan through September. That was 6.9 billion yuan less than the end of last year. The bad loan rate was 2.37 percent, down 0.37 percentage points from the end of last year.

The lender held 1.2 million U.S. dollars of subprime residential mortgage-backed securities and 605 million U.S. dollars of Alt-A residential mortgage-backed securities.

In addition, the company had 152 million U.S. dollars in bonds issued by Lehman Brothers and nearly 1.676 billion U.S. dollars in bonds by Fannie Mae and Freddie Mac.

China Construction Bank reports 12% profit rise in Q3

BEIJING, Oct. 25 (Xinhua) -- China Construction Bank (CCB), the country's third-largest lender, said its net profits increased in the third quarter.

According to a release posted on the Hong Kong Stock Exchange's website Friday night, CCB's net profits grew 11.95 percent to 25.6 billion yuan (3.74 billion U.S. dollars) from July-September.

Net interest income rose 14 percent to 57.1 billion yuan in the third quarter. Net earnings were 0.11 yuan per share, based on domestic accounting standards. That's up 10 percent from the same period last year, the release said.

From Jan. to Sept., the lender's net interest income totaled 168.2 billion yuan, up 20.73 percent year on year. The amount of bad loans, in the same period, was 6.63 billion yuan less than the end of last year. CCB's total amount of bad loans currently is 78.54 billion yuan.

At the end of September, the lender held subprime mortgage securities valued at 244 million U.S. dollars, according to the release. It also had 191 million U.S. dollars in bonds issued by Lehman Brothers and 1.51 billion U.S. dollars in bonds issued by Fannie Mae and Freddie Mac.

The government's latest tax initiatives, which exempt first time property buyers from paying the stamp tax, helped buoy the country's cooling real estate sector.

China also lowered the down payment from 30 to 20 percent for first time home buyers which strengthened the property market.

Analysts said these adjustments boosted CCB's profitability as it is the nation's leading mortgage lender.

Kazuo Kodama (R), Press Secretary of Japanese Foreign Minister, briefs on the ASEAN+3 meeting and meetings between Japanese Prime Minister Taro Aso and leaders attending the ASEM meetings on the sidelines of the seventh Asia-Europe Meeting (ASEM) in Beijing, in the ASEM7 Press Center in Beijing International Hotel, Beijing, on Friday, Oct. 24, 2008. The ASEM7 summit kicked off in Beijing Friday afternoon.(Xinhuanet/Yangtze Yan)

BEIJING, Oct. 24 (Xinhuanet) -- Leaders of the ASEAN countries and China, Japan, South Korea (ASEAN+3) have reached agreement on an 80 billion U.S. dollar foreign-exchange reserve pool to be used as a countermeasure to defend currencies and backstop Asian economies amid the global financial crisis, a Japanese official said Friday.

The operation details and the timeline of the crisis fund, however, is still under discussion, Japanese Foreign Ministry press secretary Kazuo Kodama said at a press briefing on the sidelines of the seventh Asia-Europe Meeting (ASEM).

The agreement essentially firms up an earlier commitment in May by ASEAN+3 leaders, superseding the Chiang Mai Initiative, which came into being in 2000 in the wake of the 1997/98 East Asian financial crisis to ease mainly bilateral currency swaps, according to Kodama.

Meanwhile, the crisis fund will defend regional currencies and could see its mandate widened to cover domestic liquidity issues, ASEAN Secretary General Surin Pitsuwan was quoted as saying at the conclusion of the ASEAN+3 leaders meeting Friday. Pitsuwan also denied a specific timeline for the set-up of the fund by next June as revealed by news reports.

The East Asian countries began talks in 2006 on transforming the Chiang Mai Initiative into a more powerful and multilateral reserve pooling mechanism.

In May they reached preliminary agreement to create a foreign exchange reserve pool of 80 billion dollars. The initial agreement called for China, Japan and South Korea to provide 80 percent or 64 billion dollars, with ASEAN members providing the remaining 16 billion.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The ASEAN+3 leaders met prior to the Asia-Europe Meeting (ASEM) summit held in Beijing Friday and Saturday.

By Yangtze Yan

Britain's SLA Mobile launches office in Malaysia

KUALA LUMPUR, Oct. 25 (Xinhua) -- Britain's mobile content provider SLA Mobile, which has made Malaysia's capital Kuala Lumpur as its Asia Pacific hub, is not unduly worried about the impact a global recession will have on its prospects in the region, local media reported on Saturday.

Mobile data services market in Asia is one of the fastest growing, and Malaysia is leading it, SLA Mobile founder and chief executive officer Nic Stirk said.

"I do not see that the global financial turmoil will decrease demand for mobile content ... but a slowdown maybe," he said after the launch of SLA Mobile's office in Kuala Lumpur on Friday.

The market for mobile content is developing fast due to increasing consumer demand, Stirk said.

"We registered our business in Kuala Lumpur in March 2007 and over the last 18 months a lot has happened," the New Straits Times quoted Stirk as saying.

The company works closely with the local telco players and it hopes to expand the same kind of relationship with regional telcosas well, said its director for Asia Pacific, Craig Richards.

"Here we have struck a strategic alliance with a key technology provider, Scan Associates Bhd and our data center here is all up and running to serve the regional market," he said.

The five-year-old SLA Mobile made 7 million British pound (4.42million U.S. dollars) in turnover last year. Its headquarters is in Belfast and there are three other offices in England (London), Canada and Germany.

The company provides advisory and consulting services to mobile operators, mobile virtual network operators and content providers worldwide.

Kuala Lumpur was chosen as the region's hub due to its attractive Multimedia Super Corridor proposition and high quality human capital, Stirk said.

It is difficult for OPEC to sustain oil price by cutting output

VIENNA, Oct. 24 (Xinhua) -- In the face of the ongoing global financial crisis, it has proved difficult for the Organization of the Petroleum Exporting Countries (OPEC) to sustain oil prices by cutting the output, observers say.

　　OIL PRICE SLUMPS AFTER OUTPUT CUT

On Friday, OPEC announced the cut of daily oil output by 1.5 million barrels. But instead of boosting the oil price in the international market, the move prompted world oil prices to plunge to a 17-month low.

Brent North Sea crude for December delivery was slashed to 61.08 U. S. dollars per barrel, which was last seen in March 2007.

The Organization of the Petroleum Exporting Countries (OPEC) conference president and Algeria's Minister of Energy and Mines Chekib Khelil holds a press conference in Vienna, capital of Austria, on Oct. 24, 2008. OPEC agreed on Friday to cut oil output by 1.5 million barrels a day. (Xinhua Photo)

New York's main contract, light sweet crude for December delivery slumped to 63.05 dollars a barrel, the lowest since May 2007.

On July 11, 2008, the oil price hit a record high of 147.27 dollars per barrel, but it has plunged sharply thereafter.

Over the past three months, oil price has seen a steep slide in the international market, partly triggered by the financial crisis across the world.

Against this background, OPEC, which produces around 40 percent of the world's oil, rescheduled its extraordinary meeting by putting ahead the November meeting to Oct. 24, aiming to debate about the output cut.

OPEC MAY START ANOTHER CYCLE OF OUTPUT CUT

In a resolution issued at Friday's meeting, OPEC vowed to monitor the international market to decide whether to take further actions.

"There is over supply in the international market," OPEC conference president Chekib Khelil, who is also Algeria's energy minister, told a press conference after the meeting.

Khelil said an OPEC meeting scheduled for December will review the oil supply and decide whether to further cut output.

Observers believed that OPEC may launch another cycle of output cut to salvage the oil price.

"We believe this week will mark the start of a new quota reduction cycle by OPEC and it will continue through 2009," Deutsche Bank analyst Michael Lewis said.

In retrospect, over the past 10 years, OPEC had made three major output cuts, in 1998, 2001 and 2006 respectively, but each saw no immediate price rebound.

Just as Khelil pointed out, apart from supply and demand, speculation in energy market is an important factor affecting the oil price.

The International Energy Agency (IEA) was critical of OPEC's cut. "It is not a helpful decision because markets are quite nervous," Eduardo Lopez, a senior analyst at the IEA's oil market division, was quoted as saying by local media.

OPEC'S BEWILDERMENT

On the issue of output cut, OPEC is facing a bewildering situation both within and outside.

For one thing, the world is calling for a reasonable oil price to fight a possible global economic recession stemming from the world financial crisis.

As a matter of fact, investors across financial markets are increasingly pessimistic about the world economy. European and Asian stocks fell sharply on Friday, led by a 10 percent drop in Japan's Nikkei average and 5 percent in the German DAX index.

Germany, the biggest economy of Europe, has slashed its economic growth from 1.4 percent to merely 0.2 percent for 2009.

Earlier this month, Germany's major economic research institutes warned that Germany was "on the edge of a recession" due to the global financial crisis.

Last month, oil demand in the United States, the world's biggest oil consumer, fell to the lowest level in more than five years, at 18.6 million barrels a day, according to the Department of Energy.

Prior to OPEC's decision to cut the output, British Prime Minister Gordon Brown described the cut as "wrong for the world economy," saying it was "absolutely scandalous" amid a global economic crisis.

OPEC members were divided over the output cut as each member has its own target price.

Saudi Arabia, the biggest oil exporter in the world, is the lowest-cost producer within OPEC.

World media widely estimated that Saudi Arabia can afford to let oil prices fall for a while without hurting its budget as it could sustain oil prices between 55 and 65 dollars a barrel.

Other OPEC members are not so fortunate, as they need higher oil prices to support their budget requirements.

Nigeria's Oil Minister Odein Ajumogobia said his country would be more comfortable with 80 dollars a barrel. Qatar has set a range of 70 to 90 dollars a barrel as the target price, while Iran said any price below 90 dollars a barrel would hurt some oil producers.

U.S. remains support for Georgia, Ukraine to join NATO

WASHINGTON, Oct. 24 (Xinhua) -- The United States reiterated on Friday its call for NATO to grant the membership of Georgia and Ukraine as the alliance is due to meet in December.

"We see no reason that they shouldn't get MAP (membership action plan) status," White House spokeswoman Dana Perino told reporters.

The United States has seen "growing support for Georgia and Ukraine given what happened this summer when Russia invaded Georgia," the spokeswoman said.

Washington has been supporting Ukraine's attempt to join the NATO alliance. However, two strong NATO allies, France and Germany, have said they do not favor Ukraine's membership, partly out of concern it would unnecessarily antagonize Russia.

NATO has expanded eastward before, incorporating former Warsaw Pact countries, including Poland and Hungary. Russia has expressed strong objections to letting either Ukraine or Georgia join the alliance; both were major components of the former Soviet Union.

McCain's campaign defends Palin's fashion expenses

WASHINGTON, Oct. 24 (Xinhua) -- U.S. Republican presidential candidate John McCain's campaign defended vice presidential candidate Sarah Palin's fashion expenses that has grabbed public and media attention with only days before the election day.

The wardrobe controversy was expanded with a report saying Palin's stylist, Amy Strozzi, was paid 22,800 U.S. dollars for the first two weeks in October, while McCain's foreign policy adviser, Randy Scheunemann, was paid only 12,500 dollars during the same period.

U.S. Republican presidential nominee Senator John McCain (R-AZ) speaks at a campaign rally in Sarasota, Florida October 23, 2008.(Xinhua/Reuters Photo)

An earlier report disclosed that the Republican National Committee has spent 150,000 dollars of political donation to cover Palin's expense on clothing, makeup and other fashion needs.

Despite the repeated clarification that the purchased clothes would go to charity after campaign, the news stories still incited public furor as the country was caught in a worst economic crisis since 1930s.

The McCain campaign broke its silence on the matter and provided some details to media on Friday, saying Palin "did not ask for or want any new clothes."

"About a third of them have been returned, a third of them sit in the belly of the plane and are available to her and her family for special campaign events, TV appearances and ad filming," said McCain's senior adviser Nicolle Wallace. "Another third was made available to her family for the public events during convention week."

U.S. Republican vice presidential nominee Alaska Governor Sarah Palin and her husband Todd attend at a rally in Virginia Beach, Virginia Oct. 13, 2008. (Xinhua/Reuters Photo)

Wallace also criticized the media storm about the wardrobe controversy as a terrible disservice to her and involved a "double-standard for women in politics."

"That any aspect of her shoes, clothes or appearance has become a distraction is a terrible commentary on the state of the media and politics," she said. "Let's get on with our great debate about the best direction for the country in these challenging times for our economy and our nation's security."

Palin, the Alaska governor, also defended herself in a Thursday night TV interview, saying "those clothes are not my property."

She also noted that her family usually shop frugally, and "it's kind of painful to be criticized for something when all the facts are not out there and are not reported."

Canadian think tank hosts int'l forum on China

WATERLOO, Canada, Oct. 24 (Xinhua) -- Over 200 leading experts from around the world will convene in Waterloo, Ontario, on October 25-26 to discuss the political and economic impacts of China's rise on the world stage.

"CIGI'08: China in the Shifting World Order," hosted by the Centre for International Governance Innovation (CIGI), will explore the ramifications of China's emergence as a world power and how international governance structures and different regions of the world are adjusting to this new force.

"In this year of extraordinary events China has moved towards the centre of the stage," said Jim Balsillie, chair of CIGI's board, in a statement issued prior to the forum.

"From the remarkable Beijing Olympics through the financial crises of the fall, an understanding of contemporary China has become essential for governments, businesses and informed citizens everywhere," he said.

Cheng Siwei, former vice chairman of the Standing Committee of China's National People's Congress and leader of the Chinese delegation to Davos in 2006, 2007 and 2008, will deliver a keynote address on Oct. 25.

Distinguished participants include Lan Lijun, ambassador of th ePeople's Republic of China to Canada; Harry Broadman, managing director, Albright Group and former economic adviser for the Africa Region at the World Bank; Joe Clark, former prime minister of Canada, and Barbara McDougall, chair of the board of the International Development Research Centre (IDRC) in Ottawa.

In conjunction with the conference, CIGI will issue several new publications illustrating its growing research related to China. Topics include China's new economic diplomacy, the political and economic impacts of China's ascendancy in Africa, higher education transformation, China's role as a bridge for expanding regional and world trade, and poverty studies by young Chinese scholars.

Additionally, CIGI will launch a new book examining the position of China and other leading emerging powers in the potential transformation of the G8 and other aspects of global governance.

This will be the fourth annual conference of CIGI, an independent, nonpartisan think tank that addresses international governance challenges. Co-sponsored by the International Development Research Centre (IDRC), CIGI'08 is organized in partnership with the University of Waterloo.

Rep worker admits to sticker attack story falsehood

BEIJING, Oct. 25 (Xinhuanet) -- A Republican campaign worker has admitted she made up the story that she was attacked by an "African-American man" angered by a John McCain sticker on her car, according to media reports Saturday.

The worker Ashley Todd, 20, of College Park, Texas, will be charged with making false report to police and may face more charges, said Maurita Bryant, the Pittsburgh, Pennsylvania, assistant police chief at a briefing Friday.

"This has wasted so much time. It's just a lot of wasted man hours," Bryant added.

Todd's report to the police said a man approached her Wednesday night at an ATM in Pittsburgh's East End, put a blade to her neck and demanded money.

Her statement: a man "punched her in the back of the head, knocking her to the ground, and he continued to punch and kick her while threatening to teach her a lesson for being a McCain supporter."

But after police investigation, "several inconsistencies" were found in her report as firstly she did not appear in surveillance videos taken at the ATM. Then she was also asked to take a polygraph test, with the results still up-held by the police.

A last, she came up to the police station and "wanted to tell the truth" -- that she was not robbed, nor was there any attacker, any "African-American."

When asked whether the false report was politically motivated at the same briefing, Bryant replied, "It's difficult to say."

"She is stating that she was in her vehicle driving around, and she came up with this idea," Bryant added, noting there was no indication that anyone else was involved.

However, before the police revelation of the falsehood, McCain spokeswoman Jill Hazelbaker said that McCain and running mate Alaska Gov. Sarah Palin "spoke to the victim and her family after learning about the incident."

On its part, the Obama campaign said it also had issued a statement wishing "the woman speedy recovery."

(Agencies)

UN chief prescribes steps toward nuclear-free world

UNITED NATIONS, Oct. 24 (Xinhua) -- United Nations Secretary-General Ban Ki-moon on Friday presented a five-point proposal aimed at securing a world free of nuclear weapons.

"A world free of nuclear weapons would be a global public good of the highest order," Ban told a panel discussion at the United Nations headquarters in New York on nuclear disarmament.

He lamented that so far nuclear disarmament "has remained only an aspiration, rather than a reality."

"Nuclear weapons produce horrific, indiscriminate effects," the UN chief said. "Even when not used, they pose great risks. Accidents could happen any time. The manufacture of nuclear weapons can harm public health and the environment. And of course, terrorists could acquire nuclear weapons or nuclear material."

Ban said the doctrine of nuclear deterrence has proven to be contagions and that this has made non-proliferation more difficult, "which in turn raises new risks that nuclear weapons will be used."

The UN chief put forward a five-point proposal on nuclear disarmament.

First, Ban urged all parties to the Nuclear Non-Proliferation Treaty (NPT), in particular the nuclear-weapon-states, to fulfill their obligation under the treaty to undertake negotiations on effective measures leading to nuclear disarmament.

Second, he called on the permanent members of the UN Security Council to start discussions on security issues in the nuclear disarmament process.

"They should unambiguously assure non-nuclear-weapons states that they will not be the subject of the use or threat of use of nuclear weapons," Ban said.

He said the Security Council could convene a summit on nuclear disarmament and that non-NPT states should freeze their own nuclear-weapon capabilities and make their own disarmament commitments.

The third point of Ban's proposal calls for "new efforts to bring into the CTBT (Comprehensive Nuclear-Test-Ban Treaty) into force" and for the immediate start of negotiations on a fissile material treaty, without preconditions.

"Unilateral moratoria on nuclear tests and the production of fissile materials can go only so far," Ban said.

The UN chief, in his fourth point, suggested that nuclear-weapon states send reports aimed at promoting accountability and transparency on their nuclear weapons activities to the UN Secretariat, and to "encourage its wider dissemination," noting such materials seldom reach the public.

"The nuclear powers could also expand the amount of information they publish about the size of their arsenals, stocks of fissile material and specific disarmament achievements," Ban said. "The lack of an authoritative estimate of the total number of nuclear weapons testifies to the need for greater transparency."

His fifth point of proposal involves complementary measures, including the elimination of other types of weapons of mass destruction (WMD), new efforts against WMD terrorism, limits on the production and trade in conventional arms, and new weapons bans that include missiles and space weapons.

Friday's panel discussion on nuclear disarmament, "seizing the moment: breakthrough measures to build a new East West Consensus on weapons of mass destruction," was co-organized by the East West Institute and the UN Office For Disarmament Affairs, in cooperation with the British American Security Information Council, the Center for Nonproliferation Studies and the NGO Committee on Disarmament, Peace and Security.

Others who spoke at the event included former U.S. Secretary of State Henry Kissinger, Russian Ambassador to the United States Sergey Kislyak, and representatives from China, India and other countries.

Senior UN officials gather to discuss global financial crisis

UNITED NATIONS, Oct. 24 (Xinhua) -- Senior officials of the United Nations gathered here Friday to discuss decisive, drastic, collective response to the spiraling financial crisis gripping the world.

"All recognized the need to reinvent the international institutions of yesteryear," UN Secretary-General Ban Ki-moon told the meeting of UN Chief Executive Board. "The times demand a new multilateralism."

The UN chief said he would attend both a G-20 conference scheduled for Nov. 15 in Washington and an expanded G-8 summit before the end of this year, pledging to "do all we can" to support efforts to address the financial crisis.

Friday's meeting came one day after Ban's informal meeting with Nobel economics laureate Joseph Stiglitz and several other leading economists to discuss many aspects of the financial meltdown.

"All agreed that the next shoe to drop is likely to be the emerging markets," Ban said, warning of the danger of "a succession of cascading financial crises."

The UN chief urged the International Monetary Fund and the world's major central banks to set up "substantial stand-by lines of credit for proactive intervention" so that banks in developing countries also have adequate funds to draw on in emergency.

"Too often, in recent weeks, financial leaders have been criticized for being too slow to recognize problems, for doing too little too late," Ban said. "Let us not repeat the mistakes of the past."

He warned that the financial crisis could potentially "undo the UN's good work," compounding the food crisis, the energy crisis and the crisis of development in Africa.

"It could be the final blow that many of the poorest of the world's poor simply cannot survive," Ban said. "It is our job, at the UN, to see that this does not happen."

"It is our job to defend the defenseless, to give voice to the voiceless."

Participants at Friday's gathering included Dominique Strauss-Kahn, managing director of the IMF, Robert Zoellick, president of the World Bank, Juan Somavia, director-general of the International Labor Organization, and Pascal Lamy, director-general of the World Trade Organization.

MLB hopes to shorten playoffs

ST. PETERSBURG, Florida -- Major League Baseball commissioner Bud Selig hopes to shorten the playoffs by two or three days next season by eliminating some off days.

Major League Baseball Commissioner Bud Selig gestures as he testifies about performance enhancing drug use in sports before the House Commerce, Trade and Consumer Protection Committee on Capitol Hill in Washington, February 27, 2008. [Agencies]

MLB shifted the start of the World Series from Saturday to Wednesday beginning last year, adding four extra days off. Selig said he likes the Wednesday start but was concerned about weather next year, when the regular season doesn't start until April 5. World Series Game 7 would be on November 5, when the weather is chilly and risky, if the current format is kept.

"We've got to look at trying to -- maybe not having so many off days and days when you have only one game," Selig said at Tropicana Field for Game 2 of the World Series on Thursday.

Selig said playing day games on weekends was not an alternative.

"We had some afternoon games during the league championship and division series. The ratings were brutal," he said. "The ratings get better and better as the night goes on."

Even if MLB wanted to schedule day games, TV slots would be difficult if not impossible to find during the higher-rating American football season.

"The networks have commitments, and they just can't do it," he said. "There's no sense in being anything but blunt about it."

Tampa Bay Rays fan Brody Cone, 20 months, of Orlando, Florida holds a baseball before Game 2 of Major League Baseball's ALCS World Series in St. Petersburg, Florida, October 23, 2008. [Agencies]

A Philadelphia Phillies fan shows his team's color in his hairstyle before the Tampa Bay Rays meets the Phillies in Game 2 of Major League Baseball's World Series in St. Petersburg, Florida, October 23, 2008. [Agencies]

Fan Michael Cirillo of Philadelphia cheers before the start of Game 2 of Major League Baseball's World Series between the Philadelphia Phillies and the Tampa Bay Rays in St. Petersburg, Florida, October 23, 2008. [Agencies]

A Tampa Bay Rays fan holds a sign with the likeness of Tampa Bay Rays manager Joe Maddon before Game 2 of Major League Baseball's World Series between the Rays and the Philadelphia Phillies in St. Petersburg, Florida, October 24, 2008. [Agencies]

FIFA set to reveal World Cup bidding process

BASEL, Switzerland - The bidding procedure for the next two available World Cups is expected to be announced on Friday, following two days of discussions by world soccer's governing body FIFA.

FIFA's executive committee is due to announce a deadline by which bids have to be entered as well as deciding if bidding should take place simultaneously for the 2018 and 2022 events.

Friday's timetable announcement is expected to prompt a flood of offers to host an event that is generally regarded as the second biggest sporting occasion after the Summer Olympics.

FIFA spokesperson Nicolas Maingot said on Thursday that Belgium and Netherlands' plan to stage the 2018 World Cup was the only bid to have been formally declared to the sport's governing body.

Several other countries, including the United States, Mexico, England, Spain, China and Australia, have however expressed interest either on an informal basis to FIFA officials or through national media statements.

FIFA president Sepp Blatter has said he is in favour of a joint bidding process for the 2018 and 2022 tournaments, even though such a move would be complicated by his organisation's altered policy on the World Cup's global rotation.

FIFA threw out its concept of strict continental rotation last October, but still insists that a World Cup cannot be held on a continent that has hosted one of the two preceding World Cups.

For 2018 the situation should be simple with Africa and South America unable to bid for the event due to South Africa's hosting of the 2010 World Cup and Brazil's staging of the 2014 version.

Countries hoping to bid for the 2022 event would however face the risk of being automatically ruled out in the event that FIFA awards the 2018 tournament to a country on the same continent.

FIFA have not yet made clear if countries will be able to mount bids for both 2018 and 2022.

Beckham Milan option until March: MLS official

MIAMI - David Beckham's potential move to AC Milan is still at an 'exploratory' stage, a senior Major League Soccer official told Reuters on Thursday, insisting the player will need to return for the start of the 2009 MLS season.

England's (L to R) Matthew Upson, Rio Ferdinand, David Beckham and Ashley Cole warm up during a training session at London Colney near London October 10, 2008. AC Milan is close to signing David Beckham in a loan deal that would allow the Los Angeles Galaxy midfielder and former England captain to play in Italy for a few months starting in January. [Agencies]

MLS Deputy Commissioner Ivan Gazidis, who has the final say on all player transactions including loans, said the deal will not go ahead unless the Galaxy are sure that Beckham will return for the opening of the season in March.

"We are in exploratory talks to look at whether the opportunity makes sense for the Galaxy and David. If it does - and only if it does - then things will go forward," Gazidis told Reuters.

"I don't think the Galaxy have any interest in him missing regular season games," he added.

With the European transfer window only opening in January, Beckham would have less than three months to play with Milan before he needed to be back in the States.

"He would need to be back (for the MLS start), we are talking about a short term loan," said Gazidis, who compared the potential move to Swedish striker Henrik Larsson's brief spell with Manchester United.

Larsson spent three months with United, on loan from Helsingborg, during the Swedish off-season last year.

END OF ADVENTURE

Gazidis said reports that the loan could mark the beginning of the end for Beckham's American adventure that started when he joined from Real Madrid in 2007 were without foundation.

"There is absolutely no suggestion on anyone's part that David will not play for the full five years of his contract."

The former England captain has been keen to keep his international career alive and won his 107th cap as a late substitute in last week's World Cup qualifier win over Belarus.

Last year he trained with English Premier League side Arsenal in a bid to keep fit for England and his switch to Milan is seen as achieving the same goal - but this time he would be free to play league games for the Italian club.

"We have always been very supportive of David's desire to be part of the England set-up and we will continue to be so," said Gazidis.

Galaxy general manager and head coach Bruce Arena was cited by local media as considering the move "odd" but Gazidis said there could be benefits for the club.

"To have David playing at a high-level, match-fit and returning highly tuned, would be positive for the Galaxy and MLS," he said.

Milan chief executive Adriano Galliani confirmed on Thursday that there were still details to be finalised before the move went through.

"The deal isn't completed yet. We have to decide on it all with his lawyers and with Galaxy," La Gazzetta dello Sport's website (www.gazzetta.it) quoted Galliani as telling Conto TV before Milan's 3-1 win at Heerenveen in the UEFA Cup.

"I am confident but it is absolutely not finalised. We have time over the next few weeks to settle the deal in full agreement with Galaxy, as we don't want to wrong the Californian club in any way."

Celtic's Nakamura poised for Japan return

TOKYO - Celtic's Shunsuke Nakamura is reportedly poised for a return to Yokohama F-Marinos in Japan's J-League, though the club said on Friday nothing had been decided yet.

Japan's Shunsuke Nakamura (R) fights for the ball with United Arab Emirates' Yousef Jaber during a friendly match in Niigata, northern Japan, October 9, 2008. [Agencies]

Local media earlier reported Nakamura will rejoin Yokohama, who are preparing an offer of more than $10 million to re-sign the Japan midfielder in January's transfer window.

Yokohama officials said on Friday they had been in contact with Nakamura but no agreement had been reached.

"There's a lot of speculation but nothing has been decided," Yokohama's Masanori Hakamada told Reuters. "While we have been in touch, there is no concrete progress to report at this stage."

Former Japan soccer chief Saburo Kawabuchi was quoted as saying Nakamura had informed him of his intent after Celtic's Champions League game with Manchester United on Tuesday.

"He said that because has a child who will be going to kindergarten soon and he's 30 years old too, he appears to have decided to return to Japan," Kawabuchi told the Nikkan Sports.

Although a price tag of $10 million would be beyond the budget of most J-League clubs, Yokohama are backed by Japanese auto giant Nissan Motor Co <7201.T>.

Nakamura had previously expressed his desire to finish his playing career in Yokohama.

Last season's Scottish player of the year has also struggled with the frequent long-haul trips to play in Japan's World Cup qualifiers in recent months.

Free kick specialist Nakamura left Yokohama in 2002 to join Italy's Reggina, before moving to Celtic three years later. He has made 81 appearances for Japan.

Heerenveen's Bonaventura Kalou (21) challenges AC Milan's Daniele Bonera (R) during their UEFA Cup soccer match in Heerenveen October 23, 2008. AC Milan beat Heerenveen 3-1. [Agencies]

Heerenveen's Michael Dingsdag (L) challenges AC Milan's Ronaldinho during their UEFA Cup soccer match in Heerenveen October 23, 2008.[Agencies]

Heerenveen's Michel Breuer (in white) challenges AC Milan's Kaka during their UEFA Cup soccer match in Heerenveen October 23, 2008.[Agencies]

AC Milan's Filippo Inzaghi scores a goal during their UEFA Cup soccer match against Heerenveen in Heerenveen October 23, 2008.[Agencies]

Heerenveen's Danijel Pranjic (in white) challenges AC Milan's Mathieu Flamini during their UEFA Cup soccer match in Heerenveen October 23, 2008.[Agencies]

Financial crisis 'unlikely' to impact league

NEW YORK - The world-wide financial crisis will not have a major impact on the NBA, commissioner David Stern said on Thursday, adding the league will expand its brand by staging regular season games in London.

While the U.S. is bracing for a recession, Stern said the NBA, which opens a new season on October 28, is well-positioned to weather the economic storm.

"We're pretty optimistic that this will be a season that will be better in our industry than some other industries," Stern told reporters on Thursday.

"We are aware what our teams' financial situations are and our owners seem to be in position to weather severe storms.

"It doesn't mean that we won't be subjected to some bumps but right now our comfort level is pretty high."

Despite Stern's assurances, the NBA has not been immune to the financial down turn, slashing 80 jobs from its U.S. work force earlier this month.

While the league is cutting back at home it continues to push into foreign markets, with Stern confirming it is planning to play regular season games in London ahead of the 2012 Olympics.

The NBA has staged a series of exhibition games overseas in recent years but resisted following the NFL, NHL and Major League Baseball to play regular season games offshore.

"We decided with the lead up to the Olympics we'll pop a regular season game or two or more over there by the 2012 Olympics," said Stern.

"But it's not about using one game to establish a base.

"We've got our headquarters in London...we've got a functioning business and these games are nice to add to that business."

INTERNATIONAL AGREEMENT

With the growing number of foreign players in the NBA and their participation in international tournaments increasing, the NBA also examined the agreement between the league and the International Basketball Federation (FIBA).

Some NBA team owners have expressed concern over the quality of medical treatment players have received at international events and there have also been complaints national teams have pushed them to play while injured.

"We did review with the owners the agreement with FIBA under which we authorise our players to play in international competition and there was general agreement that (it) continues to be a good thing for the NBA and basketball," said Stern.

"There may be some discussions with FIBA about how we might improve it but we ...like it and we're planning to live with it."

The NBA also announced it would expand the use of instant replay, with officials now able to use the replay to determine whether a shot was a two-or-three point attempt or whether a player shooting was fouled.

NBA to allow expanded use of instant replay

NEW YORK – The NBA's Board of Governors has approved the expanded use of instant replay for this season.

Referees will be allowed to review video to determine if a field goal was a 2- or 3-point attempt, or to decide if a shooting foul was committed behind the arc and warrants three shots instead of two.

"I can see at the end of the game that's a really important aspect," Los Angeles Lakers coach Phil Jackson said Thursday night before an exhibition game against Charlotte.

"We've been playing with the 3-point line, what, 30 years? There are mistakes that happen, and there are 2-pointers that are missed. But that's also part of the game. Guys step on the out of bounds line, guys are in the 3-second lane too long, guys hang on the rim — there are a lot of things like that."

At their meeting Thursday, owners also approved the use of replay if the game clock malfunctions in the final seconds of a quarter of overtime, helping the officials better determine how much time should have come off the clock or if the period should have ended.

Now, refs must reconstruct the play and make that determination without video — a rule that was criticized following a clock problem during an Orlando-Detroit playoff game last season.

"The mechanics of it is always interesting, how that's going to work out," Jackson said. "I think football's been caught in a dilemma where they end up having situations that have extended their games perhaps 15 extra minutes. I'm sure ours is going to be fraught with typical details.

"The wording itself is kind of interesting. A special guy has to sit there now who's provided by the club. He's going to call back to the truck and he has to announce what's happening. The referee has to have a signal, and then they have to be able to do it during a timeout situation."

Cavaliers' James again tipped to win MVP honours

AUBURN HILLS, Michigan - Cleveland Cavaliers forward LeBron James was tipped to win the NBA's most valuable player honours on Wednesday, but may find himself playing less games in order to do so.

Lebron James celebrates in the final minutes of the mens' basketball final game against Spain at the Beijing 2008 Olympic Games, August 24, 2008. [Agencies]

James was picked by 56 percent of the league's general managers to secure the MVP title, ahead of Los Angeles' Lakers guard Kobe Byrant, who won the title last season and was chosen by 37 percent of managers to repeat the feat.

It was the third successive year James has been tipped for MVP honours, though his coach Mike Brown suggested he may be forced to rest the player in more games this season.

"It's something we talked about before the season started," Brown told reporters after James sat out the 97-79 pre-season loss to the Detroit Pistons on Wednesday.

"We sat down and talked about the possibility of getting him a game off, two games off, especially after all the basketball he has played."

James has been a virtual ever-present in the Cavaliers since the team chose him as the number one draft pick straight out of high school in 2003.

He started 79 regular season games in his 2003-04 rookie season, 80 in 2004-05, 79 in 2005-06, 78 in 2006-07 and 74 last season and has averaged more than 41 minutes per game.

However he, along with Bryant, spent the off-season helping the US "Redeem Team" to win gold at the Beijing Olympics and neither has had much opportunity to recharge their batteries.

While James is favoured to earn MVP honours few believe it will be enough to carry the Cavaliers to the title, with 46 percent of general managers picking the Lakers to avenge last year finals loss to the Boston Celtics.

Just 19 percent of general managers believed the Celtics would retain their title.

Cleveland Cavaliers All-Star LeBron James urges the crowd to vote early at the Register for Change Rally for Obama-Biden at Willard Park in Cleveland, Saturday, October 4, 2008.

CLEVELAND - NBA basketball superstar LeBron James and Grammy-winning recording artist Jay-Z want people to get out early to vote for Democratic presidential nominee Barack Obama.

James and Jay-Z will host a rally Wednesday at Quicken Loans Arena in Cleveland which will include a free concert by the hip-hop star. Cleveland is in Ohio, an important swing state in the November 4 election.

James attended a Cleveland rally earlier this month to encourage people to vote for Obama. He's also contributed $20,000 to a committee supporting the presidential nominee.

NBA commissioner: Top players will stay here

NEW YORK -- The NBA may soon take regular-season games to Europe, and commissioner David Stern isn't concerned his best players might decide to stay there.

NBA Commissioner David Stern speaks to the media before the Los Angeles Lakers play the Boston Celtics in Game 4 of the NBA Finals basketball championship in Los Angeles June 12, 2008. [Agencies]

Although Stern said logistics would make an All-Star game in Europe difficult -- he said players have asked him about staging one -- fans there might not have to settle for exhibitions much longer.

"To the extent that we're asked the question, what about a regular-season game, we decided, 'OK, with the lead-up to the Olympics, we'll pop a regular-season game or two or more, I don't know exactly how many, over there by the 2012 Olympics,"' the commissioner said on Thursday during his annual preseason conference call.

London will host those games.

But Stern played down the idea that top talent would leave the NBA for outrageous dollars overseas, following a summer in which some lower-level players bolted for contracts they could never get here.

"I guess if they want to induce NBA players at salaries that exceed the budget of the team to play in games that 1,000 to 5,000 people will go to, they're free to do that and there will be one or two players that will benefit greatly from it," Stern said.

Forward Josh Childress left the Atlanta Hawks for Greek club Olympiakos and a three-year deal his agent said was worth about $20 million (euro15.5 million) after taxes. Several other players also made the move to Europe, and clubs with the resources might try to land more significant talent next time.

"The fact that a billionaire who wants to open up an office to have NBA stars play under those circumstances, you have to ask yourself, well, whether that's something our players will want to do," Stern said. "It's not something that we spent a lot of time on."

During the Olympics, All-Stars such as Dwyane Wade, Kobe Bryant and Carmelo Anthony said they'd at least listen if offered a deal for say $40 million (euro31 million) a year, tax-free. But Stern said average attendance in Europe was only 6,000, so "the system will not support it."

"It's important that we study the global world of basketball," he added. "The economic model does not exist that would support such contracts, and we don't mind the competition. It's probably good for our players."

And playing in Europe is good for the league, says Stern. Even with the current financial crisis, he said the NBA sold out four preseason games in Europe and two in China this month, and doesn't expect the economic slowdown to have any real affect on the league's overseas plans.

"We don't think that that's going to impact us in any harsh or painful way other than perhaps our rate of growth," he said. "But growth it will be."

Stern held the call after completing the league's Board of Governors meetings, where he said the owners discussed the economy at length. The commissioner recently said the league will eliminate about 80 jobs in the United States because of the turmoil.

The league recently extended sponsorship agreements with four key partners, and Stern said he had no fears of any franchises falling into significant financial difficulty.

"We are comfortable there," he said. "That does not mean that businesses won't be subject to bumps and some franchises won't be affected more than others, but right now our comfort level is pretty high.

"We're pretty optimistic that this will be a season that will be better in our industry than it will be in some other industries."

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