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Phelps splashes into history with 8 golds

Published Date: August 18, 2008

BEIJING: Michael Phelps cemented his place in Olympics history yesterday, capping a sensational week by becoming the first athlete ever to win eight gold medals in one Games. China also ensured the Games will go down as their greatest, reaching 35 gold medals to overtake their previous best of 32 in Athens with a week of competition remaining. After spending more than 40 billion dollars on staging the Games, China wanted to showcase itself on the world stage.

But while they have a clear 16 medal lead over the United States, who have won 19 finals, the most dominant performer has been American swimmer Phelps. He brought the curtain down on a record-breaking week of swimming when he directed the US team to victory in the 4x100m medley relay and overtook fellow US legend Mark Spitz's seven gold medals at Munich 36 years ago.

The 23-year-old Phelps also broke seven world records through the week, became the most successful Olympian gold medallist of all time with a career 14, and pledged to continue his epic journey at London in 2012. "There are some things I still want to do to raise the bar a bit more in the world of swimming. For me, it's still work in progress," said Phelps. His career total of 16 Olympic medals (14 gold, two bronze) is only two behind the all-time record of 18 by former Soviet gymnast Larissa Latynina (nin
e gold, five silver and four bronze).

Phelps's butterfly leg was key to the relay victory, as he turned a third-place behind Japan and Australia at the halfway point into a lead which freestylist Jason Lezak would never surrender. The busiest day of the Games, with 37 finals, proved to be auspicious for China where eight is a lucky number - Phelps won his eighth gold and the Chinese team won a total of eight to post their record Games performance. Their 33rd gold, to break the Athens record, came in the women's team table tennis final where Gu
o Yue and Zhang Yining won the decisive doubles rubber against Singapore. The significance of the achievement was highlighted by President Hu Jintao being in the VIP box alongside International Olympic Committee President Jacques Rogge.

Jamaica and Great Britain also stepped into the limelight with Jamaica completing sprint dominance a day after Usain Bolt became the fastest man on earth winning the 100m final in world record time. The Jamaican women swept the women's 100 m final with Shelly-Ann Fraser a surprise winner ahead of her higher acclaimed teammates Kerron Stewart and Sherone Simpson. "I'm just so happy to put Jamaica on the map. No one expected me to win so there was no pressure," said Fraser.

Kenenisa Bekele of Ethiopia won his second successive 10,000 m gold producing a devastating burst of speed on the last lap while Romanian mother of two Constantina Tomescu raced away with the women's marathon. British athletes enjoyed their most successful day in Beijing, winning four golds in cycling, rowing and yachting to move to third on the medal table with 11, ahead of Germany on nine.

Cyclist Rebecca Romero became the first woman to win medals in two different sports when she won the women's individual pursuit to go with the rowing silver medal she won in Athens. Finn class sailor Ben Ainslie became Britain's most successful Olympic yachtsman by winning his third gold medal, while the British cycling team beat their own pursuit world record in booking a place against Denmark in Monday's final.

Tennis wrapped up with Spain's Rafael Nadal, who will be the new world number one today, thrashing Chilean Fernando Gonzalez to claim the mens's singles title in straight sets. Elena Dementieva came from a set down to beat Dinara Safina in an all-Russian women's final while the Williams sisters Serena and Venus won the women's doubles to repeat their success in Sydney eight years ago. In a so far largely scandal-free Games, hours before the start of the women's 400 m hurdles defending champion Fani Halkia
from Greece was thrown out for failing a drugs test in Japan while preparing for Beijing. - AFP


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Thursday, 20 November 2008

Published Date: November 20, 2008

KUWAIT: Kuwait's top banking lobby urged the government to buy up to 10 percent of the shares in its leading share index through a bailout fund, in a move worth $12.83 billion, a top banker said yesterday. The move comes a day after Kuwait asked its sovereign wealth fund, Kuwait Investment Authority (KIA), to set up a fund to invest in the battered bourse and shore up confidence.

It's one of the proposals made by the banking association," Abdulmajeed Al-Shatti, head of the Commercial Bank of Kuwait and the Kuwaiti Banking Association, said by phone. Kuwait did not officially reveal the size of the fund, but a government source told Reuters earlier yesterday the newly proposed five-year fund would be worth at least KD 1 billion ($3.68 billion). "The KIA is putting the structure of the fund (together), the exact size is not decided upon yet. They will target good stocks; blue chip a
nd stocks with dividend," said the source.

KIA plans to set up the long-term investment portfolio in cooperation with other government institutions, to invest in the Kuwait stock exchange. The move aims to support the economy, contain the impact of the global financial crisis and boost confidence in the local market, the second-largest Arab bourse, which has fallen more than 30 percent this year, the cabinet added.

Last month, KIA, which manages Kuwait's oil-generated assets of at least KD 72 billion ($265 billion), increased its investments in eight stock funds on the local bourse to support the market. KIA is a major shareholder in many Kuwaiti companies including market heavyweight Mobile Telecommunications Co. The bourse halted trading on Thursday due to a court order won by investors seeking emergency measures by the government to protect their holdings and prevent further declines on the sagging bourse. Trading
resumed on Monday after the government won an appeal against the court ruling. - Reuters


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