MUMBAI: The International Olympic Committee (IOC) has agreed to India?s re-entry into the Olympics fold.

The Indian Olympics Association (IOA) agreed to the demands of the IOC to hold fresh elections.

Five months ago India was suspended for failing to adhere to the Olympic charter.

MUMBAI: The International Hockey Federation (IHF) has launched Hockey World League (HWL), a four-round, two-year event which will serve as the qualifier for both the Hockey World Cup and the Olympic Games and will record national teams taking part in FIH events.

"I am very proud to launch the Hockey World League today," FIH President Leandro Negre said at the launch on the day of the women?s Olympic gold medal game. "This has been a vision of the FIH?s for a long time and at last the day is here that we see it become a reality."

The first round will be made up of 11 tournaments with the historic first game taking place in just four days in the Czech Republic when the Scotland and Turkey women?s national teams meet on 14 August.

In total men?s and women?s national teams from over 60 nations will take part in the first edition of the Hockey World League. For 19 of the countries, it will be their first-ever appearance in an FIH competition.

"Never before has an international hockey competition been open to such a wide range of teams and athletes,"Negre said. "We sit here in London ready to watch the gold medal game today and four years from now in Rio more than 2000 athletes will have been a part of the qualification process for the next Olympics. It is truly an exciting time for hockey."

Those 2,000 athletes will accumulate around 6,000 caps and will gather FIH World Ranking points that were never-before available. In addition, around 300 officials will have the chance to take part in the World League.

"This is a two-tiered approach," said FIH CEO Kelly Fairweather. "Not only does it give the FIH a clear qualification structure for the World Cup and Olympics, but it also provides a massive development opportunity for all areas of hockey. Who knows, what the hockey landscape will look like in Rio, maybe a team from Round 1 will be with us at the next Olympics."

MUMBAI: US media conglomerate CBS has posted net earnings of $427 million for the second quarter ended 30 June 2012, up eight per cent.

Operating Income was $769 million, an increase of five per cent.

CBS executive chairman Sumner Redstone said, "CBS?s content continues to fuel the success of this great company. In a world where greatprogramming commands premium pricing, we continue to hit on allcylinders. I am extremely pleased with our terrific second-quarter results, and I am confident that Leslie and his management team willbuild on our momentum in the quarters and years to come."

CBS expects to show stronger performance in the second half of the year due to the US presidential elections and the Olympics. The prospects for 2013 also look good as the network has Super Bowl.

CBS president, CEO Leslie Moonves said, ?For all of these reasons, we?re confident 2012 will be a record year, and we will produce exceptional results in 2013 and beyond as well.?

Two factors in the second quarter of 2011 ? the Company?s initial multiyear digital streaming agreement (under which dozens of the Company?s library titles were first made available for streaming) and the semifinals of the NCAA Division I Men?s Basketball Championship (which aired during the first quarter in 2012) ? had an impact on the revenue comparison.

Second quarter 2012 revenues came in at $3.48 billion compared with $3.59 billion for the same quarter a year ago. Some of the impact was offset by growth in high-margin affiliate and subscription fee revenues, while underlying advertising revenues for the second quarter of 2012 reflected a steady marketplace. In addition, the OIBDA margin improved two percentage points, to a record 26 per cent and the operating income margin expanded two percentage points, to 22 per cent, in the second quarter of 2012.

Those increases, as well as the company?s record performance in the three key metrics mentioned above, reflect a higher profit margin on 2012 television licensing revenues as well as the growth in high-margin affiliate and subscription fees.

Free cash flow was $558 million for the second quarter of 2012, compared with $646 million for the second quarter a year ago. For the first half of 2012, free cash flow was $1.17 billion compared with $1.50 billion for the first half of 2011, reflecting higher investment in content (primarily television programming) and higher income tax payments. The company generated cash flow from operating activities of $1.26 billion for the six months ended June 30, 2012, versus $1.59 billion for the comparable prior-year period.

Entertainment

Entertainment (CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Films, and CBS Interactive) revenues of $1.71 billion for the second quarter of 2012 decreased 7 per cent from $1.84 billion in the same prior-year period. Last year?s second quarter benefited from the initial licensing of the company?s programming for digital streaming, the third-cycle domestic syndication sale of Frasier, and the semifinals of the NCAA Division I Men?s Basketball Championship, which aired during the first quarter of 2012 versus the second quarter of 2011. Some of the impact was offset by growth in high-margin retransmission revenues and higher international syndication revenues in the second quarter of 2012.

Cable Networks

Cable Networks (Showtime Networks, CBS Sports Network, and Smithsonian Networks) revenues for the second quarter of 2012 increased by eight per cent to $446 million from $413 million for the same prior-year period. The results were driven by higher affiliate revenues, which reflect increases in rates and subscriptions at Showtime Networks (which includes Showtime, The Movie Channel, and Flix), CBS Sports Network, and Smithsonian Networks, as well as higher licensing revenues from the digital streaming of Showtime original series.

Outdoor

Outdoor revenues for the second quarter of 2012 decreased by two per cent to $481 million from $490 million for the same prior-year period, driven by the unfavorable impact of foreign exchange rate changes. In constant dollars, revenues increased 1 per cent from the second quarter of 2011.

Revenues for the Americas (which includes North America and South America) increased by two per cent in constant dollars for the second quarter of 2012, principally driven by growth in the US billboards and displays businesses, partially offset by the impact from the nonrenewal of the Toronto transit contract.

Revenues for Europe increased by one per cent in constant dollars, primarily reflecting higher advertising sales associated with the 2012 Summer Olympics in London. Some of this increase was offset by weakness in the European economy and the nonrenewal of certain contracts.