Latest news with #MIGA
Time of India
5 days ago
- Politics
- Time of India
'I may put a restriction on them': Donald Trump threatens to block $4 billion Commanders stadium plan
Donald Trump has injected himself into the Commanders' stadium deal, threatening to block the $4 billion project (Getty Images) In a fiery twist to the Washington Commanders' search for a new stadium, U.S. President Donald Trump has inserted himself into the debate—threatening to block the team's proposed $4 billion stadium deal unless it changes its name back to the "Redskins." The team rebranded as the Commanders in 2022 following growing criticism over the racially insensitive nature of the previous name. But Trump is now using his political leverage to demand a reversal. Donald Trump calls the 'Commanders' name 'ridiculous' and demands return to tradition Taking to his platform Truth Social, Donald Trump didn't mince words. "I may put a restriction on them that if they don't change the name back to the original 'Washington Redskins,' and get rid of the ridiculous moniker 'Washington Commanders,' I won't make deal for them to build a stadium in Washington," he wrote. This declaration not only brings political pressure into the NFL but also reopens a cultural wound many hoped had started healing. Trump insists that reviving the old name would increase the franchise's value and restore its traditional legacy. Ties to larger political message: 'MIGA – Make Indians Great Again' Trump's message was broader than just Washington's NFL team. He also criticized the Cleveland Guardians, formerly the Indians, accusing the Dolan family of erasing cultural identity. In his post, Trump wrote: 'Our great Indian people, in massive numbers, want this to happen. Their heritage and prestige are systematically being taken away from them... OWNERS, GET IT DONE!!!' The former president has even launched a campaign dubbed MIGA: Make Indians Great Again. Commanders' owner stands firm amid rising name-change pressure Despite increasing noise around the name change, team owner Josh Harris has previously made it clear there are no plans to revert. In February, he said the organization will 'honor the past' but move forward under the Commanders' name. Trump's threat adds a new layer of controversy, potentially pitting federal influence against social progress. As the stadium negotiations heat up, so does the political firestorm around the Commanders' identity. Also Read: Kirk Cousins dragged into viral affair scandal as Netflix shades Astronomer CEO with Coldplay moment FAQs 1. Why is Donald Trump threatening to block the Commanders' new stadium? Donald Trump says he won't support the $4B stadium deal unless the team changes its name back to "Redskins." 2. What reason did Donald Trump give for demanding the name change? He claims the old name honors Native American heritage and would make the team "more valuable." 3. Has the team responded to Donald Trump's demand? Owner Josh Harris previously stated there are no plans to return to the "Redskins" name. Catch Rani Rampal's inspiring story on Game On, Episode 4. Watch Here!
Times
5 days ago
- Politics
- Times
Trump tells Washington NFL team to revert to ‘Redskins' name
President Trump has said Washington's American football team should revert to its original name of the 'Washington Redskins'. The US president said sports teams that had changed names to avoid offending Native Americans in recent years should readopt their former branding. He said there was 'a big clamouring for this'. 'The Washington 'Whatever's' should IMMEDIATELY change their name back to the Washington Redskins Football Team,' he wrote on Truth Social. Later, Trump threatened to block the Commanders' application to build a new stadium in Washington and said his campaign was called Miga, or Make Indians Great Again. 'I may put a restriction on them that if they don't change the name back to the original 'Washington Redskins,' and get rid of the ridiculous moniker, 'Washington Commanders,' I won't make a deal for them to build a Stadium in Washington,' he wrote in a second post on Truth Social. 'The Team would be much more valuable, and the Deal would be more exciting for everyone. Cleveland should do the same with the Cleveland Indians. The Owner of the Cleveland Baseball Team, Matt Dolan, who is very political, has lost three Elections in a row because of that ridiculous name change. What he doesn't understand is that if he changed the name back to the Cleveland Indians, he might actually win an Election. Indians are being treated very unfairly. MAKE INDIANS GREAT AGAIN (MIGA)!' The Washington Commanders changed their name during the aftermath of the murder of George Floyd in 2020 when sports teams came under pressure from sponsors to ditch culturally insensitive names and logos. For two years, the NFL team, which last won a Super Bowl in 1992, went without a name before they were rebranded the 'Commanders' in 2022. The team has replaced its logo, which previously showed the head of a native American wearing feathers, with a large 'W'. While some teams have changed their names because of protests from fans, including the Cleveland Indians — a baseball team that became the Cleveland Guardians — others have refused to bow to pressure. The Kansas City Chiefs, one of the most successful NFL teams in recent years whose players include Travis Kelce, boyfriend of Taylor Swift, have rejected demands from Native American groups to change their name. The Chiefs' fans often perform a 'tomahawk chop', waving their arms to mimic a Native American warrior. But fans were banned from attending games daubed in face paint and wearing headdresses in 2020. After a former Washington Commanders player called on his old team to return to its original name, Trump endorsed his campaign and urged other owners of sports teams to follow suit. 'Our great Indian people, in massive numbers, want this to happen,' he wrote. 'Their heritage and prestige is systematically being taken away from them. Times are different now than they were three or four years ago. We are a Country of passion and common sense. OWNERS, GET IT DONE!!!'
Zawya
04-07-2025
- Business
- Zawya
BRICS to launch guarantee fund to boost investment in member nations, sources say
BRASILIA - The BRICS group of developing nations is set to announce a new guarantee fund backed by the New Development Bank (NDB) to lower financing costs and boost investment, two people familiar with the matter told Reuters. The initiative, modeled on the World Bank's Multilateral Investment Guarantee Agency (MIGA), aims to address global investment shifts amid uncertainty surrounding U.S. economic policy, the sources said on condition of anonymity. Brazilian officials view the fund as the centerpiece of the BRICS financial agenda during the country's rotating presidency. The fund is expected to be mentioned in the joint statement at the BRICS summit in Rio de Janeiro next week, said the sources. Originally formed by Brazil, Russia, India and China, the BRICS group later added South Africa and recently expanded to include other developing nations to increase its influence in global governance. The proposed BRICS Multilateral Guarantee (BMG) mechanism, incubated within the NDB, has received technical approval from member states and awaits final signoff from BRICS finance ministers, considered a formality, one of the sources said. Brazil's Finance Ministry declined to comment on the matter. The initiative will not require additional capital from member countries at this stage. Instead, it aims to channel existing NDB resources to projects in developing nations. No initial funding value has been disclosed, but officials involved in the talks expect each dollar in guarantees provided by the NDB to mobilize between five and ten dollars in private capital for pre-approved projects. "This is a politically significant guarantee instrument. It sends a message that BRICS is alive, working on solutions, strengthening the NDB and responding to today's global needs," one source said. Technical preparations setting up the fund are expected to conclude by the end of this year, paving the way for pilot projects to receive guarantees in 2026. BRICS countries face challenges common to developing nations in attracting large-scale private investment in infrastructure, climate adaptation and sustainable development. Officials argue that guarantees issued by the NDB, whose credit rating is higher than that of most member countries, could help mitigate perceived risks for institutional investors and commercial banks.
Business Recorder
01-07-2025
- Business
- Business Recorder
LCIA trial: Pakistan govt may pursue out-of-court settlement with Star Hydro
ISLAMABAD: The government is likely to pursue an out-of-court settlement with the Star Hydropower Project, which initiated arbitration proceedings at the London Court of International Arbitration in October 2024, according to sources in the Finance Ministry. The issue was reportedly discussed during Finance Minister Senator Muhammad Aurangzeb's visit in April 2025, where he met with Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA). Matano emphasized the importance of resolving the matter through negotiation. The Star Hydropower Project is a 147 MW run-of-the-river plant located 120 kms northeast of Islamabad on the Kunhar River. The project operates under a 30-year Build-Own-Operate-Transfer (BOOT) model. MIGA, a member of the World Bank Group, has provided a political risk guarantee to a South Korean equity investor in the project, KDS Hydro Pte. Ltd., against breach of contract by the Government of Pakistan. Rating upgrade: MIGA mulls $500m trade finance guarantee package Sources said the Finance Ministry has convened a high-level meeting to explore options for an amicable settlement with the power company to avoid further legal and financial complications. In April 2024, an arbitration award under the MIGA - covered Government of Pakistan (GoP) guarantee was issued in favor of Star Hydro. Pakistan was given three weeks from April 17, 2024, to fulfill the payment obligations. Failure to pay would allow the investor to initiate enforcement proceedings, and if unsuccessful, MIGA's guarantee holder could file a claim under the breach of contract coverage. The dispute dates back to September 2022 when Star Hydro initiated arbitration under the GoP Guarantee after the National Transmission and Despatch Company (NTDC) — the state-owned power off-taker—refused to honor an earlier arbitration award. That award ordered NTDC to pay significant sums for liquidated damages caused by delays in the project's commercial operation date. The amounts included: (i) Rs. 2.02 billion in delay-related invoices; (ii) $16.45 million in principal damages; (iii) $2.73 million in partial legal costs; and (iv) £51,180 in arbitration costs. These remain unpaid. Under the terms of the MIGA guarantee, Pakistan is obligated to pay the awarded amounts. If it fails to do so within 180 days, MIGA would be required to compensate the investor, creating an international obligation for Pakistan. Notably, MIGA has never had to pay a claim under its breach of contract risk in its history. Should that change, the implications for Pakistan could be significant, both financially and diplomatically. The Finance Ministry is therefore weighing a negotiated settlement to mitigate potential long-term consequences and uphold Pakistan's international financial commitments, the sources added. Copyright Business Recorder, 2025
Business Recorder
01-07-2025
- Business
- Business Recorder
LCIA trial: Govt may pursue out-of-court settlement with Star Hydro
ISLAMABAD: The government is likely to pursue an out-of-court settlement with the Star Hydropower Project, which initiated arbitration proceedings at the London Court of International Arbitration in October 2024, according to sources in the Finance Ministry. The issue was reportedly discussed during Finance Minister Senator Muhammad Aurangzeb's visit in April 2025, where he met with Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA). Matano emphasized the importance of resolving the matter through negotiation. The Star Hydropower Project is a 147 MW run-of-the-river plant located 120 kms northeast of Islamabad on the Kunhar River. The project operates under a 30-year Build-Own-Operate-Transfer (BOOT) model. MIGA, a member of the World Bank Group, has provided a political risk guarantee to a South Korean equity investor in the project, KDS Hydro Pte. Ltd., against breach of contract by the Government of Pakistan. Rating upgrade: MIGA mulls $500m trade finance guarantee package Sources said the Finance Ministry has convened a high-level meeting to explore options for an amicable settlement with the power company to avoid further legal and financial complications. In April 2024, an arbitration award under the MIGA - covered Government of Pakistan (GoP) guarantee was issued in favor of Star Hydro. Pakistan was given three weeks from April 17, 2024, to fulfill the payment obligations. Failure to pay would allow the investor to initiate enforcement proceedings, and if unsuccessful, MIGA's guarantee holder could file a claim under the breach of contract coverage. The dispute dates back to September 2022 when Star Hydro initiated arbitration under the GoP Guarantee after the National Transmission and Despatch Company (NTDC) — the state-owned power off-taker—refused to honor an earlier arbitration award. That award ordered NTDC to pay significant sums for liquidated damages caused by delays in the project's commercial operation date. The amounts included: (i) Rs. 2.02 billion in delay-related invoices; (ii) $16.45 million in principal damages; (iii) $2.73 million in partial legal costs; and (iv) £51,180 in arbitration costs. These remain unpaid. Under the terms of the MIGA guarantee, Pakistan is obligated to pay the awarded amounts. If it fails to do so within 180 days, MIGA would be required to compensate the investor, creating an international obligation for Pakistan. Notably, MIGA has never had to pay a claim under its breach of contract risk in its history. Should that change, the implications for Pakistan could be significant, both financially and diplomatically. The Finance Ministry is therefore weighing a negotiated settlement to mitigate potential long-term consequences and uphold Pakistan's international financial commitments, the sources added. Copyright Business Recorder, 2025
