Hot shot Bale

Gareth Bale scored twice on Wednedsday against Sevilla and more importantly showed the first signs of the quality that persuaded Real Madrid to bring him to Spain. Starting his first game in the Bernabéu, he brought the crowd to its feet with the power and quality of his left foot.

Ancelotti played him on the right after the failed experiment as a more classic 'number 9' against Barcelona last Saturday. And Bale did not disappoint, hitting three powerful shots with his left foot that surprised those present. He took just 13 minutes to beat the Sevilla keeper Beto.

His first goal was an unstoppable left footed drive that finished off a wonderful move in which Ronaldo, Isco and Benzema also participated. Bale took the ball and struck it with the inside of his left boot, the ball flying into the back of the net for his second goal for his new side and his first in the Bernabéu.

Just two minutes later he forced a great save from Beto with another left footed rocket. Next up came his most powerful drive of the night from the edge of the area that grazed the bar.

With his confidence sky high, he did not hesitate to grab the ball when his side was awarded a free kick after a foul on Ronaldo. There was a quick glance towards the Portuguese star as if to ask for permission, but Bale was already placing the ball in the best position for another shot on goal. With the help of a deflection from the arm of Alberto Moreno the ball ended up in the back of the net and Bale had doubled his tally.

"I am happy to play in such a crazy game, I felt good and I knew I had to be patient. Now I am going to work hard to keep improving and I hope to be fully fit soon", he said afterwards.

Real doubles Diego López's pay

Real Madrid is extremely satisfied with how Diego López is performing: from the very beginning when he had to substitute the injured Casillas right up to this season, during which he has become Ancelotti's preferred choice in goal.

Only a few weeks ago he signed a new contract effectively doubling his earnings. The duration of his contract has not changed however, despite the substantial increase in his pay. Under the new terms, Diego López will stay at Real Madrid for the next four years, until the end of the 2016-2017 season. He will be 32 in November and will end his contract aged 35.

These drastic changes to his contract, which were agreed after several months of negotiations, include a fixed amount, a variable amount, and a percentage of his image rights. The agreement was reached without any major difficulties, in so much as the club was willing to negotiate new terms. With one thing and another, the goalkeeper stands to earn over €4.5 million before deductions.

As is becoming customary with Real Madrid regarding contractual upgrades, nothing has been made official. The club will most probably wait until the end of the season before issuing a full statement, so as not to divert attention from the team's sporting targets.

DG Khan Cement plans expansion drive in country

With energy shortage being one of the biggest challenges besetting the industrial units in the country, DG Khan Cement has installed a waste heat recovery plant. PHOTO: FILE

LAHORE: DG Khan Cement Company is planning to expand its footprints in Pakistan and is also looking for a joint venture in Africa.

“The company’s strategy is to stabilise and enhance its profitability, yet not neglect the social responsibility aspects,” said DG Khan Cement Chief Financial Officer and Director Inyatullah Niazi.

He was speaking during a visit of the company’s senior management to the Lahore Stock Exchange to participate in a corporate briefing programme on Thursday. They explained and highlighted financial performance of the company to participants of the programme.

With energy shortage being one of the biggest challenges besetting the industrial units in the country, DG Khan Cement has installed a waste heat recovery plant and undertaken an alternative fuel project, resulting in savings for the company.

Speaking to the participants, Niazi said the company had started two projects under the names of Lahore Green and Multan Green. Through these projects, the company will procure waste from the local government body and process it for use as a replacement of imported coal. He expressed the hope that these projects would boost savings of the company.

LSE Manager Corporate Communications Maryam Baqir stated that the purpose of the corporate briefing was to provide an opportunity to the companies to update investors and brokers on their operational, financial and strategic positioning.

She believed that periodical communications through corporate briefing programmes would enable the companies to create a strong investor following, besides providing investors with an opportunity to gain first-hand knowledge from a company’s management.

“LSE considers it essential for the companies to participate in such programmes so that there is no information asymmetry regarding our listed companies,” she said.

These programmes are aimed at bridging the gap between listed companies and investors, enhance investor’s understanding of financial statements, a company’s short-term and long-term projects.

In this way, investors can better understand economic and financial affairs of a company, which might affect the share price and impact investments as well as investment decisions.

Relentless Vettel seeking third win in Abu Dhabi

Vettel won the Abu Dhabi Grand Prix from second in 2009 and from pole in 2010. PHOTO: AFP

LONDON: Newly-crowned quadruple world champion Sebastian Vettel should be forgiven this weekend if he appears reluctant to grab pole position at the Abu Dhabi Grand Prix.

The relentless 26-yearold German, who won last Sunday’s Indian Grand Prix to secure his fourth drivers’ crown in succession and confirm his Red Bull team’s fourth constructors’ title, will not have over-celebrated.

As a keen, but shrewd, student of his sport’s history, he will know not only that he has joined an exclusive hall of fame – as one of only four men to have taken four titles – but also that the prime starting spot at the Yas Marina Circuit is something of a poisoned chalice.

In the four previous Abu Dhabi Grand Prix, the pole sitter has experienced serious problems three times and failed to finish the race — hardly an auspicious sign that it is essential to success in the season’s only ‘twilight’ race.

The only driver to have taken pole and not only finished, but won in Abu Dhabi, however, was Vettel on the evening when he secured his maiden title in November, 2010, an achievement that initiated some wild scenes of celebration.

In 2009’s inaugural race, defending champion Briton Lewis Hamilton retired with a brake problem. In 2012, also with McLaren, he lost fuel pressure.

In 2011, Vettel took pole, but suffered a first corner puncture. If this suggests that the winner can come from anywhere, it would be untrue since only one victor – Finn Kimi Raikkonen for Lotus last year – started from behind the front row, a fact that makes second on the grid such a promising position.

Vettel will thus be seeking a third Abu Dhabi success to extend his remarkable run of six straight wins to a magnificent seven.

However, Hamilton warned that he will remain as committed to winning as ever despite Red Bull’s double success.

“With three races left, we are still pushing and there is a lot that our team can achieve,” said Hamilton.

For Hamilton and Mercedes, that means staying ahead of Ferrari and Lotus in the teams’ title race while strugglers Marussia and Caterham battle to avoid finishing outside the top ten.

Renewable energy: Project managers asked to seek insurance cover

Benefits of insurance include wrap-around protection, control of placement and maintenance of insurance, avoiding gaps and duplication. CREATIVE COMMONS

KARACHI: 

Speakers at a seminar on Thursday urged managers of renewable energy projects to involve insurance professionals at an early stage of the due diligence process in order to avoid unforeseen losses at a later phase.

Taking part in the one-day seminar on “Renewable Energy: Risk Management and Insurance Solutions” organised by the Karachi Insurance Institute, the speakers highlighted key challenges associated with managing risks in the field of renewable energy.

“The role of insurers is paramount in the development of renewable energy. Insurers can provide project lenders with a seamless cradle-to-grave, principal/owner-controlled insurance programme,” said Mohammed Asif Arif, who serves as commissioner of insurance at the Securities and Exchange Commission of Pakistan (SECP), while addressing the audience.

He said such programmes include construction insurance, marine insurance, including delay in start-up/advanced loss of profits and third-party risk.

“Many project lenders are reluctant to sponsor projects, which are unlikely to have cradle-to-grave cover,” he observed.

Some of the tangible benefits of the principal/owner-controlled insurance programmes are wrap-around protection for the benefit of all interested parties, control of placement and maintenance of insurance, protection across all phases of the project, avoiding gaps and duplication in cover and minimisation of administrative workloads, according to the SECP’s insurance commissioner.

Moreover, Arif noted, avoiding delays caused by claims dispute, overall claims control, centralised risk management, elimination of insurance cost duplication and insurance coverage on loan agreement also constitute the principal/owner-controlled insurance programmes.

“International reinsurers such as Munich Re and Swiss Re are actively involved and supporting renewable energy projects by offering innovative insurance and risk transfer solutions, thus facilitating the investment, development and propagation of renewable energy sources,” Arif said.

Delivering a joint presentation on underwriting and engineering assessment of wind farms and solar plants, insurance professionals Alessandro Cerase and Mark N Quinn asked project managers to get those underwriters on board who are able to spread the risk and have some relevant past experience.

Listing the risks involved in underwriting renewable energy projects, they said political, catastrophic, technological, operational, regulatory, financial and product-related risks must be taken into consideration.

“If the underwriter doesn’t understand the risk, then he should not insure it,” Quinn said.

Bale delighted with ‘great night’

Bale put the hosts 2-0 up within half an hour in his first start at the Santiago Bernabeu. PHOTO: AFP

MADRID: Gareth Bale believes he is approaching his best form after scoring twice and providing two more goals as Real Madrid thrashed Sevilla 7-3.

Bale was making his first start at the Santiago Bernabeu and soon had his first home goal when he thumped in the opener on 13 minutes.

He then had a slice of luck 14 minutes later as his free-kick deflected in off Alberto Moreno for Real’s second.

Cristiano Ronaldo then went onto score a hat-trick and Karim Benzema twice, with Bale setting up a goal apiece for his strike partners as the 24-year-old completed the 90 minutes for the first time since joining the club last month.

“I felt good and completed the full game,” Bale told Real Madrid TV. “After not having a normal pre-season it is important to pick up rhythm to be able to give my best.

“It was a great night. Obviously I needed time to improve physically, but I am very happy to have played the 90 minutes. That is very important for my fitness.

“Now I need to keep improving and working hard to be at 100% as soon as possible.”

Victory moved Real back to within six points of Barcelona at the top of La Liga.

Bale’s performance was lauded by his coach Carlo Ancelotti, who believes his new star showed what he was truly capable of for the first time in a Madrid shirt.

“Tonight everyone saw the real Gareth,” he said. “He played really well, showing fantastic skills.”

Snowden willing to testify before US Congress: German MP

Snowden is also ready to talk in Russia to German prosecutors investigating US espionage practices, his lawyer said on Friday. PHOTO: REUTERS/FILE

BERLIN: A German lawmaker who met US intelligence leaker Edward Snowden said Friday the fugitive had told him he would be ready to testify to the US Congress to shed light on “possibly serious offences”.

“Mr Snowden didn’t appear to me as anti-American or an enemy of America or some such,” Hans-Christian Stroebele, an opposition Greens party deputy told reporters.

“Quite the opposite,” he added, a day after a surprise meeting with Snowden in Moscow over his allegation that Washington tapped Chancellor Angela Merkel’s phone for years.

“He has always emphasised, also to my question whether he is ready to give information before the German parliament in Germany… that first he would prefer to present the facts in front of the US Congress, before a committee of the US Congress and explain,” Stroebele said.

“He sees his message in the US as not only shedding light on undesirable developments but possibly serious offences and says he can do that, he’s in the position to,” he added.

Snowden is also ready to talk in Russia to German prosecutors investigating US espionage practices, his lawyer said on Friday.

Washington has revoked Snowden’s passport and demanded his extradition to face criminal charges in the United States for leaking top-secret documents about the National Security Agency’s activities.