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Possible Saudi Savior for AC Milan

What: Saudi property developer Fawaz Alhokair is considering a bid to own A.C. Milan.
Why it matters..

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What: Saudi property developer Fawaz Alhokair is considering a bid to own A.C. Milan.
Why it matters: Arab investors continue to make forays into football ownership due to the brand power of top clubs, and it may be sooner rather than later that they look control South American teams as well.

Milan's Main Man?

Saudi billionaire Fawaz Alhokair is reportedly planning to take control of A.C. Milan, one of Italy’s premiere football clubs valued at US$802 million, the 13th highest valuation in the world. This potential move would follow another recent attempt to salvage one of the world’s most well-known sporting organizations in the world.

One would think that Alhokair is approaching this opportunity with the mindset that has brought him success in his background as a property developer: buy a valuable yet run-down property, fix it up, and either use it to grow revenue long-term or flip it for a profit.

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This Season So Far: False Hope

Entering the 2017-2018 Serie A season, the great Italian football club A.C. Milan was surrounded by optimism. Chinese investor Li Yonghong bought the club from embattled former Prime Minister of Italy Silvio Berlusconi, and almost €200 million was used on signings in the transfer window. Skip forward a few months, and the forecast looks much grimmer: Yonghong may default on a US$354 million loan from American hedge fund Elliott Management, and the club sits in an unacceptable 7th place. Failure to improve qualify for European competition and the massive revenue doing so would generate from television rights deals would add further insult to injury.

A Logical Fit For The Future

One would think that Alhokair is approaching this opportunity with the mindset that has brought him success in his background as a property developer: buy a valuable yet run-down property, fix it up, and either use it to grow revenue long-term or flip it for a profit. A.C. Milan still has plenty of advantages, including broadcasting revenues that approach $300 million annually and broad international appeal.

…if such a South American club starts slipping into financial difficulty, a magnate such as Alhokair may decide to pounce on a bargain reclamation project.

On the other hand, glaring issues include -50 million in operating income and the club’s shared occupancy of San Siro stadium with its rival Inter Milan. Alhokair could be an ideal fit to solve this latter issue for the club, and his group Fawaz Abdulaziz Alhokair Group has stated that it is already working on a plan to construct a new, modern stadium that will have a greater capacity to generate revenue from luxury suites and fan engagement.

If At First You Don't Succeed, Try Again

Though A.C. Milan employees and followers may be skeptical of a new foreign owner after Yonghong’s failure, Arab ownership has proven fruitful for clubs such as Manchester City and PSG. Though these clubs do not have the rich history of AC Milan, their approach to ownership would likely provide added long-term stability to the club and would be a step towards major European trophies once again being hoisted by Milan’s beloved “Rossoneri.”

A Glimpse of the Future in South America?

As valuable yet struggling football European properties continued to get snatched up by oil-rich ownership, one has to wonder when such investors will turn their eyes towards similar projects in South America. Though football does not generate the same level of revenue on this side of the Atlantic, it still represents an area ripe with the potential. Teams such as Boca Juniors and Corinthians have brands that carry tremendous weight in Latin culture, and if such a South American club starts slipping into financial difficulty, a magnate such as Alhokair may decide to pounce on a bargain reclamation project.

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David Goldstein @dmgold24

David is from Miami, Florida, where he grew up immersed in a vibrant Hispanic and Latin culture. His professional experiences include coaching Division I soccer and interning for Atlético Nacional S.A. in Medellin, Colombia. He graduated from Princeton University with a degree in Philosophy and is currently enrolled in the Columbia University Sports Management Master's Program.

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Latin America

Three abducted Catholic clergy released in Haiti

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Three members of the Catholic clergy kidnapped in Haiti earlier month this have been released, officials say.

But seven other people – including a French nun and a French priest – abducted in the town of Croix-des-Bouquets remain in captivity.

The kidnappers had demanded $1m (£722,000) as a ransom payment after they seized the group on 11 April.

Haiti’s President Jovenel Moïse has vowed to “do everything the law allows” to secure their release.

“Three of the seven clergy kidnapped on April 11 were released,” Father Loudger Mazile, spokesman for the Bishop’s Conference of the island nation, told the AFP on Thursday.

“The French were not released. There were no lay people among those released,” he said.

It is not known whether any ransom has been paid.

The attack happened when the Catholic clergy were on their way to the installation of a new parish priest.

A police source told AFP that a gang calling itself 400 Mazowo was most probably behind the abduction.

Kidnappings have surged in Haiti, with the Catholic Church describing the situation as “a descent into hell”.

While at first well-off business people were the main targets, victims have come from all walks of life. Religious groups have not been spared.

On 1 April, armed men burst into a service at an evangelical church on the outskirts of the capital, Port-au-Prince, and abducted the pastor and three other people. The service was being live-streamed on social media at the time.

The four were released three days later after an undisclosed sum was paid in ransom but the brazenness of kidnapping a pastor in the middle of a service shocked many Haitians.

Read from source: https://www.bbc.com/news/world-latin-america-56854273

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Latin America

Coronavirus: What’s behind Latin America’s oxygen shortages?

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Before the clinic ran out of oxygen, Maria Auxiliadora da Cruz had been showing encouraging signs of progress against Covid-19. On 14 January, her oxygen levels had been above the normal level of 95% but, within hours of being deprived of that vital resource, her stats plummeted to 35%.

At this point, patients would normally be given intubation and oxygen by machine. Instead, the 67-year-old retired nurse died. “It was horrible,” her grieving daughter-in-law Thalita Rocha told the BBC. “It was a catastrophe. Many elderly patients began to deteriorate and turn blue.”

In an emotional video that went viral on social media, she described what was happening at Policlínica Redenção in the northern Brazilian city of Manaus. “We’re in a desperate situation. An entire emergency unit has simply run out of oxygen… A lot of people are dying.”

Brazil has the world’s second-highest Covid death toll with more than 221,000 fatalities. In Manaus, the health system has collapsed twice during the pandemic and deaths doubled between December and January.

Now there are fears the lack of oxygen supplies seen there could unfold elsewhere in Brazil and even in other parts of Latin America, where a second wave of Covid-19, in many countries, is proving to be worse than the first one.

In Peru, some hospitals have been unable to meet the demand brought by a steep rise in cases in recent weeks. As a result, patients’ relatives have had to hunt for oxygen in the black market. In some cases, they come back with nothing.

A black market is also thriving in Mexico, where more than 155,000 have died in the pandemic. To make things worse, there have been reports of thieves taking oxygen cylinders from hospitals and clinics.

According to the World Health Organization (WHO) one in five Covid-19 patients will require oxygen. In severe cases, this rises to three in five. The organisation says some hospitals have seen demand for oxygen increase between five and seven times above normal levels because of the influx of patients with severe and critical disease.

The most dramatic situation in the world is in Brazil, where nearly 340,000 oxygen cylinders are needed every day, according to the Covid-19 Oxygen Needs tracker. The online tool helps estimate the scale of the challenge for policymakers and was developed by the Covid-19 Respiratory Care Response Coordination partnership which includes Path and Every Breath Counts.

Also according to the tracker, Mexico and Colombia each need more than 100,000 cylinders daily.

So how does a hospital run out of oxygen?

Oxygen has been considered an essential medicine by the WHO since 2017, but Lisa Smith, from Path’s market dynamics program, says ensuring adequate supply depends on many “components” falling into place.

This includes not only sources of production, but also training to enable medical staff to monitor and manage oxygen levels.1px transparent line

Medical oxygen is produced in large quantities at plants and delivered to hospitals in two ways: either in bulk in liquid tanks or as pressurised gas in cylinders containing smaller volumes.

Liquid oxygen is the cheapest and best technology available but it requires hospitals to have the right infrastructure to pipe oxygen to the patient’s bedside. This is common in developed countries such as the US and those in Europe.

Cylinders do not require pipes and can be delivered to clinics without a sophisticated infrastructure. However, their distribution on a smaller scale means they are less cost-effective, in addition to being cumbersome to transport and handle, which also carries an increased risk of cross-contamination.

Another source of production is on-site oxygen plants, which produce oxygen to be piped or compressed into cylinders. The WHO says it is currently trying to map how many such plants exist in the countries.

After Manaus reached crisis point, oxygen donations were sent from the federal government and other states – as the local providers said they were unable to increase production – and across the border from Venezuela. But even transporting them became a problem.

Jesem Orellana, an epidemiologist at the Oswaldo Cruz Foundation in the Brazilian city of Rio de Janeiro, said the risk of shortage continued and was exacerbated by global demand.

According to Path, medical oxygen accounts for just 5-10% of the world’s oxygen production. The rest is used in various industries, such as mining, chemical and pharmaceutical.

“We need to think about oxygen as much as we think about electricity, water or other essential utilities,” says Ms Smith. “This can’t be something that we’re only concerned about when it’s bad, because when it’s bad, people will die.”

In the meantime, there are concerns that the strain of Covid-19 on oxygen supplies could have a knock-on effect for the treatment of other diseases.

“Covid has shown us just how essential it is in countries where there is no vaccine against Covid, no medicines,” says Leith Greenslade, who leads the Every Breath Counts Coalition. “Often, it’s down to whether you get oxygen or not, whether you live or die.”

Read from source: https://www.bbc.com/news/world-latin-america-55829424

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Latin America

Honduran abortion law: Congress moves to set total ban ‘in stone’

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Parliament in Honduras has initially approved a bill that will make it virtually impossible to legalise abortion in the country.

The new measure will require at least three-quarters of Congress to vote in favour of modifying the abortion law, which is among the strictest in world.

Honduras forbids abortion under any circumstance, even rape or incest.

Its latest move comes in response to Argentina legalising abortion last month.

Across Latin America, there has been increased pro-choice campaigning, known as the “green wave”, based on the colour worn by protesters.

The new legislation in Honduras hinges on an article in the constitution that gives a fetus the same legal status of a person. Constitutional changes have until now been permitted with a two-thirds majority, but the new legislation raises that bar to three-quarters within the 128-member body.

The measure still needs to be ratified by a second vote. However, support was clear on Thursday: with 88 legislators voting in favour, 28 opposed and seven abstentions.

Honduras has a stanchly conservative majority, which referred to the measure as a “shield against abortion”.

“What they did was set this article in stone because we can never reform it if 96 votes are needed [out of 128]”, opposition MP Doris Gutiérrez told AFP news agency.

Mario Pérez, a lawmaker with the ruling party of President Juan Orlando Hernandez, formally proposed the change last week, calling it a “constitutional lock” to prevent any future moderations of the abortion law.

“Every human being has the right to life from the moment of conception,” said Mr Pérez.

Ahead of the vote, UN human rights experts condemned the move, saying in a statement: “This bill is alarming. Instead of taking a step towards fulfilling the fundamental rights of women and girls, the country is moving backwards.”

Abortion has been constitutionally banned in Honduras since 1982.

In 2017, lawmakers voted on decriminalising it in the case of rape, incest or when there was danger to the mother or the fetus, but the move was roundly rejected.

Nicaragua, El Salvador and Haiti also have complete bans on abortion, but Honduras is the only country to also prohibit the use of emergency contraceptives in all cases, including after rape.

Cuba, Uruguay, Guyana and Argentina are the only Latin American countries to permit abortion in the first weeks of pregnancy.

Read from source: https://www.bbc.com/news/world-latin-america-55764195

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