Dortmund dream of shocking Real Madrid in Champions League final

Dortmund dream of shocking Real Madrid in Champions League final
Madrid have lost just twice in 54 games in all competitions this season, storming to the title in La Liga by 10 points and thrashing Barcelona 4-1 to lift the Spanish Super Cup along the way. (AFP)
Short Url
Updated 02 June 2024
Follow

Dortmund dream of shocking Real Madrid in Champions League final

Dortmund dream of shocking Real Madrid in Champions League final

LONDON: Borussia Dortmund coach Edin Terzic believes “anything is possible” as his side aim to pull off one of the biggest ever shocks in a Champions League final against the mighty Real Madrid at London’s Wembley stadium on Saturday.
The star-studded Spanish giants are heavy favorites to be crowned European champions for the 15th time, and a sixth in the last 11 seasons, against a Dortmund team that have beaten the odds just to make it to the English capital.
Madrid have lost just twice in 54 games in all competitions this season, storming to the title in La Liga by 10 points and thrashing Barcelona 4-1 to lift the Spanish Super Cup along the way.
However, they have had to once again dig deep to reach what coach Carlo Ancelotti described as the “biggest game of any season” in the Champions League.
“We have to enjoy being here,” said the Italian at his pre-match press conference. “But knowing it can go wrong because we are close to the most important thing in football — winning a Champions League — but having the fear this can escape us.”
Ancelotti’s men withstood a barrage from defending champions Manchester City to win their quarter-final tie on penalties before another legendary late fightback at the Santiago Bernabeu to beat Bayern Munich in the last four.
“We never stop believing, no matter how the circumstances are,” said Luka Modric, who along with Nacho, Dani Carvajal and Toni Kroos, in the final match of his club career, can win the European Cup for a record-equalling sixth time as a player.
“We always believe, keep believing, keep pushing, fighting until the end. In the end, we manage to find a way to beat opponents.
“Many people say there is luck, but when it happens so many times, I think it’s not just luck.”
Dortmund must breach the financial gulf between the sides to win the Champions League for just the second time in their history.
Last season Madrid posted record revenues of 831 million euros ($901 million) compared to Dortmund’s 420 million euros, according to financial experts Deloitte.
The career path of Jude Bellingham exemplifies the scale of the task facing the Germans.
Plucked from English Championship side Birmingham as a teenager, he was molded and developed by Dortmund before being picked off by Madrid for a transfer fee in excess of 100 million euros 12 months ago.
Without him, Dortmund struggled domestically this season, finishing fifth in the Bundesliga, 27 points adrift of Bayer Leverkusen.
Yet, Terzic’s men have saved their best for the Champions League stage to reach the final for the third time in the club’s history and first since they lost at Wembley to Bayern Munich 11 years ago.
Dortmund topped the group of death featuring Paris Saint-Germain, AC Milan and Newcastle.
PSV Eindhoven and Atletico Madrid were then seen off before a heroic defensive display kept out PSG over two legs in the semifinals.
“They are the favorites but we don’t care, we haven’t been the favorites against Atletico or against PSG,” said Terzic.
“But if we are brave and not here to watch Real Madrid lift the trophy, if we are here to give them a game, then we have a chance.”
Over 100,000 fans of the German giants are estimated to have made the trip to London despite the club being allocated just 30,000 tickets for the 90,000 capacity stadium.
UEFA will be hoping the focus is on the protagonists on the field come full-time to ensure their decision to return to Wembley for a major final is not questioned.
Three years ago, the final of Euro 2020 was marred by violence as ticketless fans stormed the stadium doors to gain entry.
The English Football Association have invested £5 million ($6 million) into improving safety and infrastructure at Wembley, which is also set to host the Euro 2028 final.


GFH reports 15% rise in net profit to $118.5m for 2024

GFH reports 15% rise in net profit to $118.5m for 2024
Updated 3 min 31 sec ago
Follow

GFH reports 15% rise in net profit to $118.5m for 2024

GFH reports 15% rise in net profit to $118.5m for 2024

GFH Financial Group has announced its financial results for the fourth quarter and 12 months ending Dec. 31, 2024.

The net profit attributable to shareholders was $30.56 million for the fourth quarter of the year versus $23.94 million in the fourth quarter of 2023, an increase of 27.63 percent. This was attributed to higher contribution from the investment banking and proprietary investment business lines. The earnings per share for the quarter were 0.84 cents compared with 0.69 cents in the fourth quarter of 2023. The total income was $189.34 million for the fourth quarter of the year, reflecting a 32.57 percent increase from $142.82 million in the fourth quarter of 2023, supported by investment banking activities, proprietary income, and treasury operations. The consolidated net profit for the fourth quarter was $32.96 million compared with $24.18 million in the fourth quarter of 2023, a growth of 36.31 percent, despite fair value movements in the group’s treasury and investment portfolio. The total expenses for the quarter were $111.10 million, compared with $84.06 million in the prior-year period, reflecting a 32.17 percent increase, largely due to business operation expansion.

The group reported net profit attributable to shareholders of $118.5 million for the full year compared with $102.86 million in 2023, an increase of 15.21 percent. The gain is attributed to the group’s strong investment banking performance, higher proprietary income, contributions from its commercial banking subsidiary, and a robust performance in treasury and asset management. The earnings per share for the year were 3.27 cents compared to 2.95 cents for the full year 2023, reflecting an increase of 10.85 percent. The total income for the year was $675.82 million, up 39.86 percent from $483.22 million for the previous year, demonstrating strong growth across all business lines. The consolidated net profit for the year was $128.51 million, compared with $105.23 million in 2023, an increase of 22.12 percent. The total expenses for the year were $344.99 million, compared with $264.30 million in 2023, reflecting a 30.53 percent increase.

The total equity attributable to shareholders was $980.94 million on Dec. 31, 2024, compared with $989.54 million at year-end 2023, a decrease of 0.87 percent. The total assets of the group were $11.03 billion on Dec. 31, 2024, compared with $11.12 billion on Dec. 31, 2023, down 0.81 percent.

In line with the group’s results, the board of directors has recommended a total cash dividend of 6.2 percent on par value ($0.0164 per share excluding treasury shares), subject to approval by the general assembly and regulators.

Currently, GFH manages close to $22 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America. 

In a statement, GFH Chairman Abdulmohsen Rashed Al-Rashed said: “GFH has once again continued to deliver sustainable value for its shareholders with sound financial results for the fourth quarter and full year 2024. The net profit attributable to shareholders grew by more than 15 percent for the year, reflecting our disciplined execution, diversification, and the strength of our core businesses. As a result, we are pleased to announce another solid dividend for our shareholders reflecting the group’s ongoing commitment and ability to deliver shareholder value. 

"We are also proud to have successfully priced our S500 million five-year sukuk during the fourth quarter with demand from international investors. The solid double-digit growth in income and profitability highlights our ability to navigate market dynamics while seizing new opportunities. 

"Moving forward, we will continue to focus on building long-term resilience and delivering strong returns for our shareholders as we expand our global footprint and reinforce our position as a regional financial leader.”

GFH CEO and Board Member Hisham Alrayes said: “We are pleased to report another year of positive performance, with total income surging by 40 percent to $675.82 million, reflecting the success of our strategic initiatives and the expansion of our investment and treasury activities. Our net profit attributable to shareholders also rose by 15.2 percent to $118.50 million, driven by the performance of our investment banking, treasury and proprietary investment activities, and commercial banking businesses.

"Investment banking remained a key driver of profitability, supported by asset management growth and new deal-related income reinforcing our leadership in the sector. Our treasury and proprietary investments also delivered robust contributions, benefiting from well-executed capital deployment strategies and income from structured placements. Additionally, our commercial banking business continued its upward trajectory, supporting growth through disciplined restructuring and enhanced efficiency.

"As we look ahead, we will continue to build on this momentum by capitalizing on new investment opportunities, growing our global asset base, and further capitalizing on opportunities for growth in our core regional markets with an emphasis on Saudi Arabia and the UAE. This is in addition to strengthening our existing access to the US as a mature market, allowing us to continue to offer compelling asset management and investment products. Our focus remains on delivering sustainable returns, enhancing our financial strength, and driving value creation for all stakeholders. With a healthy balance sheet and a well-diversified platform, GFH is well-positioned to accelerate its growth and reinforce its status as a market leader in the region and beyond.”


King Abdullah reaffirms Jordan’s stance on Palestinian cause, rejects displacement and resettlement

King Abdullah reaffirms Jordan’s stance on Palestinian cause, rejects displacement and resettlement
Updated 5 min 44 sec ago
Follow

King Abdullah reaffirms Jordan’s stance on Palestinian cause, rejects displacement and resettlement

King Abdullah reaffirms Jordan’s stance on Palestinian cause, rejects displacement and resettlement
  • Was speaking at Royal Hashemite Court during meeting with military retirees on the occasion of Veterans Day

AMMAN: King Abdullah II on Monday reiterated Jordan’s stance on the Palestinian cause, rejecting any form of displacement, resettlement, or the establishment of an alternative homeland, the Jordan News Agency reported.

Speaking at the Royal Hashemite Court during a meeting with military retirees on the occasion of Veterans Day and accompanied by his son Crown Prince Hussein, the king reaffirmed his long-standing position.

“For 25 years, I have been saying no to displacement, no to resettlement, no to the alternative homeland,” the king said.

Despite ongoing regional challenges, the king said he remained optimistic, attributing his conviction to the support of Jordanians, the Jordan Armed Forces-Arab Army, security agencies, and retired military personnel. He also praised veterans, acknowledging their continued readiness to serve the nation.

King Abdullah reflected on his recent visit to Washington, where he emphasized Jordan’s commitment to maintaining stability and protecting national interests during a meeting with US President Donald Trump.

He stressed the importance of reconstructing Gaza without displacing its residents and called for efforts to de-escalate tensions in the West Bank.

Reaffirming Jordan’s commitment to a just and lasting peace, the king underscored that a two-state solution remained the only viable path to stability in the region.

Maj. Gen. Ismail Al-Shobaki, speaking on behalf of the military retirees, praised King Abdullah’s leadership and commitment to Jordanian interests, as well as his support for Arab allies, particularly the Palestinian people.


Pakistan win bronze at 22nd Asian Junior Squash Team Championships

Pakistan win bronze at 22nd Asian Junior Squash Team Championships
Updated 37 min 52 sec ago
Follow

Pakistan win bronze at 22nd Asian Junior Squash Team Championships

Pakistan win bronze at 22nd Asian Junior Squash Team Championships
  • Republic of Korea made national sporting history as their men’s team won the tournament for the first time
  • In women’s event, Hong Kong ended Malaysia’s decade of dominance by claiming title for first time in 14 years

ISLAMABAD: The Pakistan team has won a bronze medal at the 22nd Asian Junior Squash Team Championships held in Hong Kong, state media reported on Monday.

The Asian Junior Team Championships have been held biennially since 1983.

“South Korea secured the gold medal while Malaysia got silver,” Radio Pakistan reported. “Pakistan and India won bronze medals.”

The Republic of Korea made national sporting history as their men’s team won the tournament for the first time, while in the women’s event, hosts Hong Kong ended Malaysia’s decade of dominance by claiming the title for the first time in 14 years.

Prior to Sunday’s conclusion at Hong Kong Squash Center, Republic of Korea had never reached the final of the Asian Junior Team Championships.

Completing the medals in the men’s event were No.6 seeds Pakistan, who beat No.5 seeds Japan in the quarterfinals but lost to Republic of Korea in the semis, and No.4 seeds India, who upset hosts Hong Kong, China in the quarter-final before losing out to Malaysia in the semis.

Completing the medals in the women’s event were No.3 seeds India and No.5 seeds Singapore, with India finishing second in Pool B after comprehensive wins over China, Macau – China, and Mongolia, before losing out to the hosts in the semifinals, and Singapore coming second in Pool A after wins over No.4 seeds Republic of Korea as well as Sri Lanka and Chinese Taipei before eventually exiting to Malaysia in the last four.


Illinois legislators sponsor bill to repeal anti-BDS law

Illinois legislators sponsor bill to repeal anti-BDS law
Updated 36 min 40 sec ago
Follow

Illinois legislators sponsor bill to repeal anti-BDS law

Illinois legislators sponsor bill to repeal anti-BDS law
  • 38 US states have laws that punish refusal to denounce boycott of Israel
  • Democratic co-sponsor Michael Porfirio: ‘It’s un-American to curtail the right to free speech’

ILLINOIS: Two Democratic legislators in Illinois have introduced legislation to repeal a law adopted by the state in 2015 that imposes penalties on anyone who participates in, or refuses to denounce, the Boycott, Divestment and Sanctions movement against Israel.

In July 2015, Illinois became the third of 38 US states to approve anti-BDS laws, calling the movement “antisemitic.”

Each state’s anti-BDS law varies in how they punish American citizens and businesses that refuse to sign a certified letter denouncing the boycott of Israel. 

Punishments range from denying qualification for state jobs and state contracts, to denying the awarding of loans, financial support or funding grants.

The Illinois law denies the issuance of loans to businesses that refuse to sign a letter vowing not to engage in a boycott of Israel.

State Rep. Abdelnasser Rashid, the only Palestinian American serving in the state house, and State Sen. Michael Porfirio, a decorated Iraq war veteran, said the anti-BDS law strips Americans of their fundamental rights under the US Constitution.

“I introduced a bill in the Illinois House called the Illinois Human Rights Advocacy Protection Act, HB 2723,” Rashid said during a presentation on Sunday at a forum organized by the Arab American Democracy Coalition.

“What this bill would do is repeal our outdated and very problematic law that was passed in 2015 and signed by Gov. (Bruce) Rauner that penalizes companies that boycott Israel,” he added.

“When Ben & Jerry’s decided that it was going to stop selling ice cream in illegal Israeli settlements, our pension fund retaliated against them by divesting from Unilever, its parent company.

“And when Airbnb decided it wasn’t going to list units in illegal settlements, they had to backtrack and they were forced to list the units … It’s time that we kick that law off the books.”

Porfirio said he is proud to co-sponsor the legislation in the Illinois Senate and to support the state’s Arab and Muslim communities.

“We really do make a point to work together to represent the community, to make sure that we have government that delivers good service, and that we’re fighting for policies and legislation to give everyone the opportunity to achieve the American dream,” he told the forum.

Porfirio emphasized that the issue is “about protecting the fundamental rights guaranteed to every American in the US Constitution to express their views publicly and without fear of retribution ... It’s un-American to curtail the right to free speech.”

Rashid and Porfirio urged the public to contact their local state legislators to support the Illinois Human Rights Advocacy Protection Act, HB 2723, to immediately repeal the anti-BDS law.

AADC President Ahmad Sows said if the repeal of the “discriminatory Illinois anti-BDS law” is successful, it could start a “domino chain reaction” and result in the repeal of anti-BDS laws that have been passed in the other 37 states.

A date for a public hearing on the proposed repeal legislation has not yet been set by the Illinois House or Senate.

At the time of the original law’s passage, it had the backing not only of several pro-Israel legislators, but also of then-Chicago Mayor Rahm Emanuel, who was criticized for his anti-Arab policies.

His first act upon election was to eliminate Chicago’s Advisory Commission on Arab Affairs and terminate the annual Arabesque Festival, which showcased Arab heritage in Chicago’s downtown.


Israel preparing to receive bodies of four hostages on Thursday, security official says

Israel preparing to receive bodies of four hostages on Thursday, security official says
Updated 42 min 19 sec ago
Follow

Israel preparing to receive bodies of four hostages on Thursday, security official says

Israel preparing to receive bodies of four hostages on Thursday, security official says
JERUSALEM: Israel is preparing to receive the bodies of four hostages from Gaza on Thursday and is working on bringing back six living captives on Saturday, an Israeli security official said on Monday.
If the two handovers are successful, only four hostages, all presumed dead, would remain in Gaza of the 33 due to be released in the first phase of a ceasefire agreement reached last month to halt the war between Israel and the Palestinian militant group Hamas.
The ceasefire deal, reached with the help of Qatari and Egyptian mediators, has remained on track despite a series of temporary setbacks and accusations on both sides of violations to the agreement that have threatened to derail it.
Hamas has accused Israel of blocking the delivery of housing materials for the tens of thousands of Gazans forced to shelter from the winter weather among the ruins left by 15 months of Israeli bombardment.
Israel has denied the accusation but Zeev Elkin, a member of Prime Minister Benjamin Netanyahu’s security cabinet, confirmed that a quantity of mobile homes was standing at the border.
He said Israel would use “any leverage” it had over Hamas to secure the return of the 33 hostages due to come out in the first phase of the deal, which includes the release of Israeli hostages in exchange for hundreds of Palestinian prisoners and detainees and the withdrawal of Israeli troops.
“Israel has a goal of bringing forward the release of the first phase hostages, certainly the living ones,” he told public broadcaster Kansas
So far, 19 Israeli hostages have been returned, as well as five Thais, who were handed over in an unscheduled release. Hamas has said 25 of the 33 hostages due for release in the first phase are alive.
The ceasefire deal has been overshadowed by US President Donald Trump’s call for Palestinians to be moved out and for Gaza to be taken over as a waterfront development under US control.
But officials say work has begun on the second phase of the deal, which would would address the return of the remaining hostages and the Israeli withdrawal.
An Israeli team has already traveled to Cairo and the security cabinet also cleared a high-level Israeli delegation to travel to Qatar for talks on the second phase.
“We all want to proceed to phase two and release the hostages, the question is under what conditions is the war ended,” Elkin said. “This is the main issue for the negotiations of the second phase.”
The hostages were taken in the Hamas-led cross-border attack on October 7, 2023, which also killed about 1,200 people in southern Israel, according to Israeli tallies.
Israel’s retaliatory assault on Gaza has killed more than 48,000 Palestinians, according to Palestinian health officials, laid waste to much of the enclave, and displaced hundreds of thousands.