Anti-doping investigators say they would rather trade leniency for information on coaches and other athletes involved in doping
This story was co-published with Sports Illustrated
Last week, when the U.S. Anti-Doping Agency announced that sprinter Tyson Gay would be banned for just one year for failing a series of drug tests, the Olympic sports world responded with a resounding: That's it? You're kidding!
Thanks to his cooperation with investigators, America's top sprinter was given half the standard two-year punishment. Since Gay stopped competing last summer after failing the tests, he will be eligible to compete again next month.
As ProPublica reported in February, Gay tested positive after using creams given to him by an Atlanta chiropractor that listed several banned substances, including testosterone, right on the label.
Stuart McMillan, sprint coach at the World Athletics Center in Arizona, neatly summarized the majority opinion when he told the Guardian Monday: "No sane person can find justification in [Jamaican sprinter Asafa] Powell receiving an 18-month ban for inadvertent stimulant use while Gay receives a 12-month ban for purposeful steroid use."
According to people with knowledge of the USADA investigation, Gay was assured by the chiropractor that the products were legal, and that NFL players and other track athletes had used them without failing tests. Nonetheless, using a product that lists banned steroids as ingredients is, at best, "staggering negligence," according to World Anti-Doping Agency head David Howman.
But anti-doping experts say Gay's short suspension is actually a good sign for the pursuit of doping as a whole. Anti-doping officials have learned that drug testing cannot catch the most sophisticated cheaters. Marion Jones passed over 160 drug tests; Lance Armstrong passed even more. Incentivizing athletes to become informants, as Gay did, has become a critical component of enforcement. According to people familiar with the Gay investigation, the sprinter told investigators that his former coach Jon Drummond, a gold medalist and chair of USA Track and Field's Athletes Advisory Committee, encouraged his use of the banned products and transported them for him. They said that Gay also gave information about the chiropractor, as well as NFL players and other track athletes he believes were using the same or similar products.
Gay's seemingly light punishment, anti-doping officials say, will ultimately serve the greater good, because intelligence gathering accomplishes what drug-testing never will.
Consider just a few of the gaping holes in testing:
• A 2006 study by Swedish scientists found that a variation of one single gene involved in urinary excretion of testosterone allows some lucky dopers to pass the most common test for steroids no matter what they inject. In that study, 9.3 percent of Swedes had the get-out-drug-testing-free gene, and 66.7 percent of Koreans had it. "It's very frustrating," said Christianne Ayotte, whose lab in Montreal conducts testing for pro sports, including Major League Baseball.
• The most common test for human growth hormone — thought to be one of the most popular substances for doping — has a detection window of 10 to 20 hours. So a baseball player who is tested following a game — when such tests typically occur — can inject HGH and be clean by post-game the next day, when he could be tested again. Plus, the threshold for deeming a test positive is so conservative that in a study in which volunteers purposely took HGH — which helps build muscle and cut fat — not a single one of them met the bar.
• Simply using frequent applications of small amounts of fast-acting steroid creams or gels will often keep a cheating athlete below test detection limits, while providing most of the benefits of traditional doping, in which athletes apply higher dosages less frequently.
Some popular doping substances, such as insulin-like growth factor 1, or IGF-1, occur naturally in the body and current anti-doping tests cannot distinguish natural IGF-1 from synthetic IGF-1. IGF-1, which gained notoriety in sports for its presence in deer antler spray, is a potent muscle-building hormone. The reason athletes take HGH, in fact, is that it boosts levels of IGF-1 in the body.
As Paul Scott, head of Scott Analytics, which provides testing services to pro cycling teams, put it: "Anti-doping testing has a reputation that far exceeds its capabilities...The rate of false negatives is enormous."
Even as anti-doping technology has improved, WADA statistics show that the proportion of worldwide tests that are positive has remained between 1 percent and 2 percent per year for more than a decade. The dopers and anti-dopers, it appears, are in technological lockstep.
Nearly all of the most high-profile, and successful, anti-doping cases — from BALCO to Biogenesis — have come from intelligence gathering, rather than failed tests. As a result, anti-doping officials are continually strengthening policies that motivate athletes to trade information for leniency. The current WADA code allows for up to a 75 percent reduction in a sanction for "substantial assistance," which requires that an athlete give significant information on people other than himself who are involved in doping. (A two-year ban, then, could become as short as six months.)
WADA chief Howman said that such cooperation is really the only way to go after coaches and support staff who enable systematic doping. "Being able to go after the athlete entourage is huge," Howman said, "and they aren't subject to testing. If you look at the Armstrong case, Armstrong could've been picked up in a number of ways, but [former U.S. Postal team director] Johan Bruyneel couldn't have." Bruyneel was banned from any involvement with sanctioned competitions for a decade, but only because U.S. Postal riders informed on him in return for reduced suspensions, some as short as six months, despite acknowledging chronic and systematic doping.
The Court of Arbitration for Sport — an international body in Switzerland that adjudicates doping-suspension appeals — has told anti-doping officials that continuing to penalize athletes while leaving coaches and doping doctors alone is unfair. According to one anti-doping official, simply slapping Gay with the maximum, two-year ban rather than cutting a deal to persuade him to inform on others would be "an isolated, whack-a-mole approach that doesn't solve the problem." Turning him into an informant, the official says, "reflects the newest and best anti-doping policy, which is that you can't just kill the athletes. If you want to solve the problem, you have to get those in the system who are pressuring athletes to cheat."
Even with the potential for reduced bans — which has existed since 2009 — Howman said only "two or three athletes came forward," aside from those involved in the Armstrong case. "So omertà is still flourishing," he said. That prompted WADA to create even bigger potential incentives for athletes facing bans. Beginning in January, a new WADA code will go into effect that allows athletes who provide significant cooperation potentially to avoid a suspension entirely.
Undoubtedly, the public blowback will be intense the first time a doping athlete gets off scot-free. But just as FBI and DEA agents have learned through investigations of organized crime, sometimes the only way to dismantle illicit networks is to motivate informants. Anti-doping is just following suit.
For FY14, Union Bank of India reported fall in its net profit to Rs1,696 crore due to higher non performing assets and provisions
Union Bank of India (UBI) reported lower full year net profit due to increasing non performing assets (NPAs) and provisions.
For the 12 month to end-March, the public sector lender said its net profit fell 21.4% to Rs1,696 crore from Rs2,158 crore, even as its total revenues, including interest income, grew 16.24% to Rs32,171 crore from Rs27,677 crore, a year ago period.
During FY14, UBI said its NII increased 4.5% to Rs7,879 crore from Rs7,543 crore while its non-interest income grew 10.6% to Rs2,822 crore from Rs2,552 crore in FY13. Its domestic net interest margin (NIM) stood at 2.62% compared with 3.04% a year ago period.
UBI has made 25% higher full year provision of Rs3,149 crore from Rs2,518 crore, while its provision coverage ratio stood at 60% as on 31 March 2014. It also made provision of Rs170 crore for pending settlement of the proposed wage revision effective from November 2012.
As on 31 March 2014, UBI's gross non performing assets ratio (GNPA) stood at 4.08% (Rs9,563 crore) from 2.98% (Rs6,313 crore) a year ago period. Its net NPA stood at 2.33% (Rs5,340 crore) from 1.61% (Rs3,353 crore).
As on 31 March 2014, Domestic advances of UBI increased 9% to Rs2.16 lakh crore while global advances grew 10.06% to Rs2.34 lakh crore. UBI's domestic deposits during the year increased 12.2% to Rs2.92 lakh crore and global deposits grew 12.9% to Rs2.97 lakh crore.
UBI's current account saving account (CASA) deposit grew 7.6% to Rs87,801 crore as on 31 March 2014. Its CASA share in total deposit stands at 29.5%. UBI's capital adequacy ratio (CAR) stood at 10.80%.
For the quarter to end-March, UBI said its net profit grew 66% to Rs579 crore from Rs348 crore while its total revenues, including interest income, grew 12.58% to Rs8,445 crore from Rs7,501 crore, same period last year.
During FY14, the bank also raised Rs500 crore through Basel III complaint tier-2 bonds.
During the December quarter, Government of India has subscribed to 18 crore shares of UBI having face value of Rs10 each at a price of Rs38.88 per share (including a premium of Rs28.88) aggregating to Rs700 crore through preferential allotment.
A on 31 March 2014, the Government (Promoters) holding in UBI increased to 60.13% from 57.89%, public shareholding grew to 14.78% from 13.47%. While FII Shareholding fell to 8.47% from 10.61% and DII shareholding fell to 16.62% from 18.03% as on 31 March 2013.
UBI declared a final dividend of Rs2.70 per share.
Union Bank of India shares closed Friday 7.7% higher at Rs145 on the BSE, while the 30-share Sensex ended the day about 3% up at 22,994.
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Market currently directionless on account of big investors abstaining from the market
Each day the effort to revive by the benchmarks is being met with more weakness. On Thursday, the indices opened in the green and tried edging higher but by 11am lost its strength and started trending lower. By around 12.15 pm the Indian indices entered into the negative zone and moved close to yesterday’s close and finally closed marginally higher.
The BSE 30-share Sensex opened at 22,382 and moved in the range of 22,277 and 22,443 and closed at 22,344 (up 20 points or 0.09%). The NSE 50-share Nifty opened at 6,670 and moved between 6,639 and 6,688 and closed at 6,660 (up 7 points or 0.11%).
The NSE recorded a lower volume of 59.70 crore shares. India VIX rose 2.05% to close at 34.3.
Among the other indices on the NSE, the top five gainers were Bank Nifty (0.77%), Auto (0.64%), Finance (0.58%), Service (0.35%) and Metal (0.21%). The top five losers were FMCG (0.87%), Realty (0.85%), Nifty Midcap 50 (0.60%), Dividend Opportunities (0.51%) and Pharma (0.28%).
Of the 50 stocks on the Nifty, 24 ended in the green. The top five gainers were BHEL (3.76%), HCL Technologies (1.83%), Tata Motors (1.72%), Power Grid (1.66%) and Hindalco (1.41%). The top five losers were BPCL (1.85%), Hero Moto Corp (1.36%), ITC (1.34%), Lupin (1.18%) and Bharti Airtel (0.96%).
Of the 1,543 companies on the NSE, 644 companies closed in the green, 807 companies closed flat while 92 companies closed flat.
BHEL was the top gainer (3.22%) in the Sensex 30 pack and among the top two gainers in the ‘A’ group on the BSE. BHEL has successfully commissioned yet another Gas Turbine Generating unit in Oman in the Middle-East region. This is the second successive project after the successful commissioning of the 2x126 MW Fr-9E PDO Amal GTG project in 2012.
ITC, top loser (1.34%) in the Sensex 30 stock, was in news for it being in the advanced negotiations with Bangalore-based Balan Natural Food to acquire its juice brand B Natural, which will mark the group's entry into the beverage market. The acquisition is expected to cost less than Rs80 crore.
Weak quarterly and annual result made Union Bank of India come out as the top loser (8.55%) in the ‘A’ group on the BSE.
Following the arrest of Financial Technologies chairman Jignesh Shah in connection with the Rs5,500 crore-fraud at the National Spot Exchange or NSEL, FTIL (5.00%) and Multi Commodity Exchange of India (6.99%) were among the top three losers on the ‘A’ group on the BSE.
India Ratings & Research, a Fitch Group Company expets gold prices to decline in FY15, in view of the gradual winding-up of unconventional monetary policy in the US. The rating firm see the prices of domestic gold declining to the range of Rs25,500/10g to Rs27,500/10g.
US indices showed a mixed performance on Wednesday. On Wednesday the Federal Reserve Chair Janet Yellen signaled continued support for the economy. The Labor Department said that US nonfarm productivity fell at its fastest pace in a year in the first quarter because of severe weather. That led to the largest gain in unit labor costs in more than a year. Productivity fell at a 1.7% annual rate in the quarter, the Labor Department said.
Except for Jakarta Composite (0.02%) and NZSE 50 (0.53%) all the other Asian indices closed in the positive. Nikkei 225 (0.93%) was the top gainer.
China's exports and imports unexpectedly rose in April. Overseas shipments increased 0.9% from a year earlier, when figures were inflated by fraudulent invoicing, data from the Beijing-based customs administration showed today. Imports gained 0.8%, leaving a trade surplus of $18.46 billion.
European indices were trading in the green while US Futures were trading flat.