VeloClub is CyclingTips’ membership program which brings us closer to our members, and connects likeminded cycling enthusiasts.
by Mark Zalewski
April 13, 2017
In today’s CyclingTips Daily News Digest: Colbrelli wins De Brabantse Pijl; Cavendish diagnosed with mononucleosis from Epstein Barr; Two riders on Czech Continental team test positive, possible team sanction; British Cycling independent review report release delayed again; Wout van Aert to race all the Spring Classics?; In memory of Mike Hall, the man who inspired a world of cyclists; Dibben ‘finished’ Paris-Roubaix despite time cut; No more hippies and explorers: a lament for the changed world of cycling; Could financial problems in Bahrain affect team?; Pon Holdings looking to acquire Accell Group; E-bike legislation signed into law in Colorado; Video: Night Riders by Racing Club; Track Cycling: What is the Omnium?
While not directly related the cycling, an article in Bloomberg reports that the country of Bahrain is in a financial crisis, according to the International Monetary Fund.
“A sizable fiscal adjustment is urgently needed to restore fiscal sustainability, reduce vulnerabilities, and boost investor and consumer confidence,” the IMF said in a statement.
Despite “significant fiscal measures that were implemented” the sharp decline in crude oil prices have caused the 2016 budget deficit to rise to 18 percent and public debt to 82 percent of gross domestic product.
The IMF is recommending additional fiscal measures such as valued-added taxation and further rationalizing of spending, which in theory, could include items like the support of a WorldTour cycling team.
The Kingdom of Bahrain officially supports the team, however it is unclear how much government financial support that means. A statement in late 2016 said support for the team comes “through a consortium of businesses and partners from Bahrain.”
Click through to read more at Bloomberg.