IOC suspends Rio 2016 chief Nuzman following on corruption charges

The International Olympic Committee (IOC) has suspended 2016 Rio Games chief Carlos Nuzman following his arrest on corruption charges.

Nuzman, who has denied any wrongdoing, is accused by Brazil's federal police of bribing IOC members to support Rio de Janeiro's candidacy to host the Games, reports Xinhua news agency.
The 75-year-old, who represented Brazil in volleyball at the 1964 Tokyo Olympics, has also been removed from a commission to help organise the 2020 Tokyo Olympics.

In a statement, the IOC said the Brazilian Olympic Committee was also suspended due to its responsibility for Rio's bid. The decision means subsidies and payments to the body from the IOC have been blocked.

The IOC added that the bans would not extend to Brazilian athletes.

"The IOC will accept a Brazilian Olympic Team in the Olympic Winter Games Pyeongchang 2018 and in all other competitions under the umbrella of the Brazilian Olympic Committee with all rights and obligations," the statement read.
READ MORE

Olympics: Los Angeles agrees to host 2028 Games; Paris gets 2024

Los Angeles formally announced its bid for the 2028 Summer Olympics on Monday after agreeing on a deal that paves the way for Paris to host in 2024.

"The Los Angeles Olympic and Paralympic bid committee in cooperation with the International Olympic Committee (IOC), today announced its intention for Los Angeles to host the Olympic Games and Paralympic Games 2028 and its agreement with the Host City Contract 2028," the LA bid committee said in a statement, confirming earlier comments from city officials.

Los Angeles had been in a race with Paris to host the 2024 Games, with the winner to be named by the IOC on September 13 in Lima.

But the possibility that Los Angeles would abandon a 2024 bid and instead accept the 2028 Games has been growing since the IOC decided in July that it would attempt to award both Games at its Lima meeting.

LA bid officials said Monday that an agreement had been reached with the IOC on financial considerations that would make waiting an extra four years feasible.
READ MORE

Petrol pumps not to buy fuel from OMCs starting June 16, may go dry

Petrol pump owners in India have decided not to purchase fuel starting from June 16, protesting against the “unilateral” decision by the government to roll-out the daily revision of fuel prices nationally.

Though the associations are not terming it as a strike, they claim that “no-purchase” from June 16 onwards means petrol pumps are likely to go dry from the day their stock gets over. “It is not a strike, but there will be no purchase of petrol or diesel, starting from June 16,” Ajay Bansal, president of All India Petroleum Dealers' Association, told Business Standard. According to industry figures, India has about 57,000 fuel retail outlets, out of which state-run Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have a combined network of close to 53,000 outlets.

Currently, IOC, BPCL and HPCL review retail fuel prices every fortnight taking into account of the global crude oil prices. The announcement of daily price revision of petrol and diesel came after a successful trial run starting from May 1 in five locations — Pondicherry, Chandigarh, Jamshedpur, Udaipur and Vishakhapatnam. Even private fuel retailers like Essar Oil and Reliance Industries too followed the system in these cities.

ALSO READ: Diesel, petrol prices to change daily from June 16; dealers raise concerns

The dealers were worried because of the declining stock value and were demanding an increase in dealer commission, which is between two-three per cent now. According to sources, oil marketing companies are likely to take a call on dealer commission by June 30.

“Daily price revisions of petrol and diesel will make the retail prices more reflective of the current market conditions, minimising the volatility in the retail selling price. Further, it will lead to increased transparency in the system. This will also enable smoother flow of products from refinery and depots to retail outlets,” IOC had said in a statement last week.
READ MORE