PORT OF SPAIN // West Indies cricket was lurching towards another potentially damaging confrontation between the region’s top players and the game’s administrators on Wednesday.
With the deadline set at February 14 for the players to sign contracts offered by the West Indies Cricket Board (WICB) for next month’s World Twenty20 in India, captain Darren Sammy’s insistence on a doubling of the fees offered – and the WICB’s refusal to entertain any further dialogue on the matter – point toward another embarrassing outcome with far-reaching consequences for the Caribbean game.
At the very heart of this latest confrontation is the 2014 Memorandum of Understanding between the WICB and the West Indies Players Association (WIPA) that triggered the unprecedented walkout in the midst of the tour of India in October of that year.
Dwayne Bravo, then captain of the one-day international squad of which Sammy was a member, has also communicated the players’ complete dissatisfaction with the terms and conditions negotiated on their behalf by WIPA president and former international player Wavell Hinds.
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With the majority of the selected 15-man squad no longer members of WIPA, reflecting the deteriorating relationship between prominent players and the representative organisation, Sammy has questioned the validity of the agreement that the WICB maintains is the basis upon which any contractual arrangements are formulated.
“WIPA became conflicted during its negotiations with you and compromised itself,” he stated in his communication earlier this week with WICB chief executive Michael Muirhead. “It could not and did not actively represent the best interests of all West Indies cricketers.”
However Muirhead, while refuting the claim that the contracts offered represent a fee reduction of as much as 80 per cent from that obtained prior to the latest agreement, is adamant that the negotiations with WIPA were proper and should be honoured.
“Players were given an opportunity to discuss the new structure and no concerns were raised at that time,” he noted in responding to Sammy and referring to a negotiating process in May of 2015 that also involved representatives from the International Cricket Council and the global players’ representative organisation FICA.
“It is disappointing that you would choose to question the terms now, on the eve of the WT20 in India,” Muirhead said.
Sammy claims that players have been offered just US$6,900 (Dh25,343) per match in India with around $27,600 to be made if a player features throughout the tournament.
In their 2012 title winning campaign, however, the captain said payments ranged from almost $60,000 to more than $135,000.
Sammy would not comment further when approached by an AFP reporter in Dubai on Wednesday where he is playing in the ongoing Pakistan Super League.
Ironically, this latest confrontation between the players and the administrators of West Indies cricket comes amid encouraging signs elsewhere in the regional game.
At the Under 19 World Cup in Bangladesh, the Caribbean team plays the hosts in the second semi-final on Thursday for the right to face India in Sunday’s final, the same day of the deadline for the selected World T20 squad to sign the contracts.
In January, the WICB announced the conclusion of negotiations with the Indian authorities for a four-Test series in the West Indies in July, representing a significant thawing of relations following the animosity generated by the abandonment of the Indian tour 15 months earlier.
Should both parties refuse to budge from their stated positions, the appearance of a severely-weakened West Indies squad for such a prominent tournament in India could be interpreted as yet another slap in the face to the most powerful organisation in the game.
Winners of the title in 2012 under Sammy’s leadership, a full-strength West Indies side would be one of the favourites to lift the title again with the likes of Chris Gayle, Bravo, Andre Russell, Kieron Pollard, Samuel Badree and the captain again in the line-up.
That heightened sense of Caribbean anticipation now looks likely to be extinguished barring a swift rapprochement.
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
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MATCH INFO
Champions League quarter-final, first leg
Manchester United v Barcelona, Wednesday, 11pm (UAE)
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Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
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Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Killing of Qassem Suleimani
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