Concentrated in Russian hands, FIDE should be made international: Presidential candidate Fumey

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By Venkatachari Jagannathan
Chennai, May 14 |
The International Chess Federation (FIDE) is too much concentrated in Russian hands while it should be made international, said Enyonam Sewa Fumey, vice-president of Togo Chess Federation.

Forty-year-old Fumey, who is also a member of FIDE’s Social Commission, will be crossing swords with FIDE president and former Russian Deputy Prime Minister Arkady Dvorkovich in the upcoming FIDE Presidential elections to be held in Mahabalipuram, near here.

“We don’t care about Arkady’s nationality but we care about FIDE being too much concentrated in Russian hands today, it is important to make our organisation become international, as it should be,” Fumey told IANS.

According to Fumey, an International Chess Arbiter, FIDE’s policy on the issue of sport and politics is selective and arbitrary.

He also said Dvorkovich has fulfilled part of his poll promises made in 2018, bringing in Russian sponsorship.

Citing FIDE’s recent cancellation of Russian corporate sponsorship deals over Russia’s military action against Ukraine, Fumey said Dvorkovich’s best asset is lost for him.

“I can assure you that we can do better, and in a better way,” he said.

Fumey said his team is contesting as it has ideas, plans and programmes for chess to flourish in the whole world — the big and the small.

“We plan to implement very simple ideas to bring FIDE to the next level. These ideas flow into four directions like the four cardinal points, which would make FIDE benefit from all winds,” he remarked.

In addition to having a sensible approach on the issue of sport and politics ensuring collective and straightforward, Fumey said, “FIDE management will reduce exposure to external political issues by involving a broader range of countries in its future operations. We will bring additions to the existing administration, while avoiding any subtraction. Incoming goodwill will be added to existing goodwill.”

On the issue of freedom of speech for players as a primary citizen of a country, Fumey said, “At FIDE, we plan to have a less active role regarding world political issues.

“We will guarantee freedom of speech in the same limits as the United Nations,” he said.

Recently FIDE had banned one of the world’s top players and Russian Grandmaster (GM) Sergey Karjakin for supporting his country’s military action against Ukraine.

Be that as it may, Fumey’s team’s other three cardinal points are: “Broaden its sponsorship base, the marketing department will be strengthened. Negotiators will benefit from a small predefined percentage of the sponsorship contracts signed.”

“FIDE will support all Level 4 and 5 Development countries by funding a yearly grant of USD25,000. The funds will serve to build the visibility and the marketability of our beloved game in their territories. They may use this fund to employ a professional federation marketing manager, whose main task will be to generate independent revenue for the federation, through the organisation of events and coaching programmes and others,” Fumey remarked.

On the campaign strategy he said, “We are doing it in a very amateur way and people volunteer in assisting us. We are building the plane while flying.”

Queried about the chess federations that support him — European, African, Asian and others — he said, “All chess lovers are supporting us, irrespective of their origin, race, wealth or otherwise, all chess lovers! We are not counting or analysing votes, we are trying to bring chess lovers from all over the world together.”

On Dvorkovich roping in former world champion and India’s GM Viswanathan Anand for the post of deputy president, Fumey said, “We love competition as all chess lovers, and it is an honour to face a world GM, world champion many times. People say I am GM too, but in loving chess, so the game will be fair.”

Looking back at the four years of FIDE under Dvorkovich, the hits and misses, he said, “FIDE machine is working effectively, but with my team, in a collaborative spirit with the current administration, we will ensure to deliver more and in a more efficient way, especially towards small federations. It was surprising, that as soon as we got elected as a ticket in 2018, just the day after, a FIDE Management Board was created and the organisation totally changed its operations.”

Fumey was part of Dvorkovich’s team initially as FIDE’s general secretary between 2018-2021.

He said he resigned as general secretary due to ideological differences on certain issues, especially regarding development and treatment towards small federations.

For Fumey, his proposed July visit to India will be his first ever visit to the country.

“I have extremely high admiration for India, a model of effective grassroots development. I love a lot of things about India — movies, music, people. We Africans in general feel so close to Indian people,” Fumey said.

(Venkatachari Jagannathan can be reached at v.jagannathan@ians.in)

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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