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Henrik Henriksen, chief strategist at PFA Pension, said that while stock and bond markets in Denmark had started with a fall this morning, the Greek crisis was relatively isolated.“The European economy is in better shape than the last time the Greeks were in crisis,” he said.The latest growth indicators from European companies were at their highest level in four years, despite the fact the data was collected in the middle of June, when the Greek crisis had grown, Henriksen said.He said he was not nervous about the Greek referendum set for 5 July to vote on the aid package from the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Commission.“There will be financial turmoil for rest of the week, and the Greek opinion polls ahead of the referendum may have a central role,” he said. If Greeks do vote in favour of the creditors’ bailout, as figures now indicate they will, and shares start to recover, the market will then probably rally, Henriksen said.“But it requires a Greek government that can implement a yes,” he warned.Schelde said he agreed with the consensus there would be limited contagion in the event of a Greek exit from the euro.“I don’t think markets will start pricing contagion effects in any serious way, but, obviously, Greek assets are selling off sharply, and, combined with the increased uncertainty, that does raise the risk premium in other markets as well,” he said.Schelde said Nordea Life & Pension in Denmark, because the situation was so unclear and could go both ways, would not be making any tactical moves at the moment to protect its investments.“But should markets outside Greece start to sell off sharply for some reason anyhow, I would tend to see that as an buying opportunity,” he said.Henriksen said there was no prospect of the stock market falls seen earlier today escalating because of the positive trends in the European economy and also because private investors have positioned themselves defensively against the Greek turmoil.He also said the European Central Bank’s quantitative easing programme announced in January could be used to stem the turmoil in the markets. Danish pension providers PFA Pension and Nordea Life & Pension expect continued volatility on financial markets this week as the crisis over Greece’s debt repayments remains acute but believe it unlikely the situation will escalate to cause broader troubles in the EU economy.On Monday morning, banks and cash machines in Greece were closed as the Greek government imposed capital controls after talks broke down with its creditors.Anders Schelde, CIO at Nordea Life & Pension in Denmark, told IPE: “The situation is very unclear, so obviously there is a risk of further falls. But let’s not forget there could also be positive surprises that could send us in the other direction.“Thus, it is really anybody’s guess at this stage, and market volatility seems to be the only certainty.”
(BBC) – The England and Wales Cricket Board (ECB) says it remains “committed” to diversity and equality after West Indies legend Michael Holding criticised the decision for players to stop taking a knee.England and West Indies players and staff took a knee before each of the three Tests in July, and players wore a Black Lives Matter logo on their shirts.But that did not continue into the Pakistan series, or the current Australia limited-overs matches.Former fast bowler and current Sky Sports commentator Holding, 66, described the reasoning for the decision as “lame” and said the “excuses” given by England and Australia were “a bit flimsy”.An ECB statement on Thursday read: “Our response to the Black Lives Matter debate has been to view the issue alongside the whole inclusion and diversity space, to ensure that long-term and sustainable change happens for all communities who are not treated equally.“Our refreshed inclusion and diversity strategy, published at the start of the West Indies series, commits to several comprehensive initiatives that focus on eliminating discrimination from all areas of cricket.“England’s men’s and women’s players all remain committed to using their reach and influence to keep promoting inclusion and diversity in perpetuity, for the betterment of cricket and sport.“We understand the importance of symbolism, and its power to keep an issue high on the agenda. Our goal is to ensure we deliver both reach and change.”Asked about racism before the current Australia series, England limited-overs captain Eoin Morgan said: “It shouldn’t exist. There’s no place for it in society.“And when people talk about it they should feel comfortable in talking about it and coming out. And we want everybody to know that.”Australia captain Aaron Finch said: “The education around it is more important than the protest.“Cricket is a game for everyone and I am really proud about that.. It doesn’t matter what race, what religion, what nationality you are from.”Holding, who took 249 wickets in 60 Tests between 1975 and 1987 and was part of arguably the greatest side in cricket history, was widely praised after speaking eloquently about racism following the death of American George Floyd in police custody in May.Holding told Sky Sports on Thursday: “The ECB came out with a pretty lame statement. I didn’t hear anything from Pakistan – neither the players nor the board.“Now Australia come here and I see another lame statement from the Australia captain. They need to come forward with something better than that.”Cricket Australia said it “plays a vital role in respectfully engaging with communities and stakeholders of many diverse cultural backgrounds right across Australia”.
President of the Ghana Football Association, Kurt Okraku has refuted claims that he manages New Black Stars Head Coach, C.K Akonnor.The appointment of Akonnor has raised questions because of his past working relationship with the GFA president whose Dreams FC Akonnor managed from 2014 to 2016.Addressing journalists at the GFA’s first ever Meet the Press session in Accra on Monday, Okraku said he no longer owned a stake in his Sports marketing company, Proton Sports services, and had no management contract with Akonnor or any other coach in the country.“People are asking if I manage Charles Akonnor and the answer is no and I do not manage any coach or players in Ghana. I have had relationships with loads of people in the industry.I have known Akonnor for some time now because he worked at Dreams FC and he also worked with AshGold, Kotoko and Hearts of Oak.When I won the GFA elections, I announced that I would not be continuing with my work at Dreams FC and that alone was a big statement.It was meant to show that I wanted to give undiluted support to Ghana. I owned Proton Sports and I was a shareholder of that company. As we speak now, I do not hold any shares in that company anymore. “The “Meet The Press” event was put together by the Ghana FA to brief the media on happenings in terms of the local game and provide answers and clarity to issues that may be on the minds of journalists and by extension, fans of Ghana football.