When India started seeing a spike in coronavirus cases in March, the theatres were the first to shut shop in the country and will probably be the last to open as well. This uncertainty over theatres functioning like before has led to several producers considering to release their films directly on OTT platforms skipping the theatrical release. OTT platforms are taking full advantage of this situation and are said to be offering large sums of money to filmmakers.

The boost in OTT platforms has several doubting the fate of theatrical businesses in the future. On Friday, filmmaker Anubhav Sinha who has made films like Article 15 and Thappad took to Twitter and said that nothing will change with the theatrical business and even compared it to the recent chaos outside liquor shops. "Nothing will change the theatrical business in India. NOTHING!!! Here the big blockbusters are not only about the film. It is an event. It is a community event. It won’t change. I hope you saw the liquor shop queues," he wrote.

Nothing will change the theatrical business in India. NOTHING!!! Here the big blockbusters are not only about the film. It is an event. It is a community event. It won’t change. I hope you saw the liquor shop queues.

— Anubhav Sinha (@anubhavsinha) May 8, 2020

Meanwhile, it is being reported that this year's Eid releases- Radhe and Laxmmi Bomb might be looking for a direct to OTT release. Makers of Akshay Kumar starrer Laxmmi Bomb are currently in talks to release the film in June on Hotstar. However, the makers are yet to make an official announcement regarding the same. On the other hand, the makers of Radhe-Your Most Wanted Bhai will take a decision after they complete post-production.

ALSO READ: Laxmmi Bomb to get a direct to OTT release on Disney+Hotstar in June

On May 8, Amitabh Bachchan remembered two late actors - Irrfan Khan and Sridevi. He took to social media to share stills from Khuda Gawah and Piku as the films complete 28 years and 5 years respectively. Both Sridevi and Irrfan Khan have been two of the finest actors of the film industry and left the world a little too soon.

The Shahenshah actor took to Instagram and shared a collage of a still from both films. Sharing the picture, he wrote, “28 years of KHUDA GAWAH .. 5 years of PIKU .. today 8th May .. and in remembrance of the two that have left us.”

 

View this post on Instagram

 

28 years of KHUDA GAWAH .. 5 years of PIKU .. today 8th May .. and in remembrance of the two that have left us ????

A post shared by Amitabh Bachchan (@amitabhbachchan) on May 8, 2020 at 10:27am PDT

Amitabh Bachchan even took to his blog to share some memories of the films. “28 years of Khuda Gawah .. 5 years of Piku .. vivid as ever .. alive in memory .. lost in the remembrance of the two from there .. exceptional in presence and talent .. and leaving at such short presence .. But a third too from Khuda Gawah .. the director Mukul S Anand .. left too early .. the magic of his vision .. his eyes were magical camera lenses .. even after this large interval the frames he did were extraordinary .. Khuda Gawah .. the shooting in Afghanistan .. a book shall be required to describe that detail .. hopefully some day ..” he wrote talking about Khuda Gawah.

Remembering Piku in which he shared screen with Irrfan Khan and Deepika Padukone, he wrote, “.. and Piku .. each day spent in the delight of inventing, ad libbing .. making that which has not been written or described , but felt .. doing that which even during the early working days at Calcutta were never done .. cycling the streets ..”

ALSO READ:  Abhishek Bachchan shares fond memories of traveling with Amitabh Bachchan for live stage shows

An EU-funded project has linked scientists with experts in industry to forge partnerships aimed at creating new products to improve the lives of people with dementia. The research is creating tools to help remind people with dementia to undertake the tasks critical to their daily lives.

Asia's top football competitions will go ahead this year despite the coronavirus pandemic, a senior official told AFP, although games may have to be played behind closed doors. Windsor John, general secretary of the Asian Football Confederation (AFC), said he was confident that the AFC Champions League and AFC Cup would both be completed. Both tournaments, featuring teams from throughout Asia, Central Asia and the Middle East, are on hold until at least the end of June after COVID-19 shuttered professional sport worldwide.

"Both will be played this year. We still have time," John told AFP, adding that new dates for the competitions may be known by the end of April. However, John did not rule out matches being played without fans "if that's what the health authorities need". The AFC is determined for both tournaments to go ahead "for sporting reasons and to fulfil commercial obligations", he said. His comments came after the AFC on Tuesday announced the indefinite postponement of all matches scheduled for May and June due to the virus.

The Champions League, the region's premier club competition, and the second-tier AFC Cup were both halted in March as the pandemic's spread forced governments to impose strict travel restrictions. Both tournaments are on an increasingly tight schedule, with the 32-team Champions League needing to complete four rounds of group-stage matches in July before the postponed knock-out phase begins in August.

The group phase of the AFC Cup will also have to be completed in a rush once matches resume. The finals for both tournaments -- which traditionally take a break in July, to avoid the worst of the Asian summer heat -- are scheduled to take place in November. Domestic leagues remain on hold around the world, including in China where the virus first emerged, but where football shows no sign of returning despite optimism the outbreak is under control.

Asia's extended shutdown, announced on Tuesday, also affects the two-legged women's Olympic qualifying play-off between China and South Korea, which had already been moved to June 1 and 9. June qualifiers for the men's 2022 World Cup and 2023 Asian Cup had been postponed before the AFC's announcement on Tuesday. Asian football was an early sporting casualty of the coronavirus pandemic, before competitions in Europe -- including Euro 2020 -- and the rest of the world were also affected.

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Former England and Liverpool goalkeeper David James is convinced that the Reds should be crowned English Premier League (EPL) champions if the 2019-20 season is called off due to the Coronavirus pandemic. It will be Liverpool's first title in 30 years, after narrowly missing out to
Manchester City by one point last season.

The Premier League was suspended in March after Arsenal manager Mikel Arteta and Chelsea forward Callum Hudson-Odoi tested positive for COVID-19.

Liverpool (82 points from 29 games) lead second-placed Manchester City (57 points from 28 games) by 25 points at the top of the points table and are almost certain to clinch the title. Some experts feel that the season should be declared null and void but James, 49, felt that would be unfair on Liverpool. "If they [Premier League] can get games played behind closed doors and finish the remaining fixtures (92 games), the league cannot be cancelled or declared null and void. If, unfortunately, the season does not finish, then Liverpool deserve to be crowned EPL champions as they have earned enough points to claim the crown," James, a football expert panellist on Sony Pictures Sports Network, told mid-day on Tuesday.

Statistical solution

James, who made 53 appearances for England (1997 to 2010), called for the use of algorithms to decide the EPL winner, but said not all clubs may agree here. "The league's organisers should be on the lines of what they do in a cricket match to check the probability of who will be the winner. I believe OPTA (British sports analytics company), who collect statistics in England, have made a statistical prediction of the final EPL table, declaring Liverpool the winner," explained James, who played for the Kerala Blasters (2014) in the franchise-based Indian Super League before graduating to their manager-cum-player in 2018. "Teams which can't secure their Champions League position or fear relegation, would rather see this season declared null and void," he added.

David James

With football across UK suspended indefinitely, the handsomely-paid EPL players have come under pressure to take pay cuts. "The idea of pay cuts is to help the EPL clubs survive. From a business point of view, they need to generate revenue for survival," James explained.

Survival of clubs

"Despite the huge amount of money earned by the clubs from TV rights, right now the money is not being paid due to the lack of televised games. The huge amount wage bill and lack of revenue can break the backs of some clubs. So, pay cuts are vital from the business operations level and to sustain the clubs," said James, who also played for Manchester City from 2004 to 2006. European football too has come to a standstill with the Euro 2020 postponed to next year while the Champions League fixtures are suspended too. European football's governing body UEFA are planning to hold matches in August, but James felt they could do so in the pre-season period next year to avoid a pile-up of fixtures.

"Euro 2020 won't have much effect on the footballing calendar as it is held in summer. But for the Champions League, UEFA should consider a possibility of creating a mini tournament during the domestic pre-season next year to ascertain a winner, rather than hastily conducting the tournament now, leading to a pile-up of matches," said James, who held the EPL record for most clean sheets (169) until Petr Cech (202) surpassed it in 2015.

Fans can visit the official Facebook page of Sony Pictures Sports Network, @SonySportsIndia and watch ‘Sony Ten Pit Stop’ to catch David James from 5.00 PM on April 22, 2020

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The Spanish football league is all set to resume in June and La Liga's India managing director Jose Antonio Cachaza has revealed that they will resort to maximum testing of players to allay any fears of them contracting COVID-19.

Spain is one of the worst hit countries with around two lakh COVID-19 cases till date.

Most La Liga teams have been allowed to return to training this week after the government eased lockdown restrictions. However, the fear of contracting the Coronavirus is widespread, said Cachaza, for which a four-phase de-escalation programme is being introduced to ensure all players are free of the infection.

"The current week is only for testing of the players and preparing the grounds," Cachaza said in an online media interaction from Spain.

Jose Antonio Cachaza

"Once players are fit to play, we will disinfect the venues. All matches will be played behind closed doors with a maximum of 250 people to avoid any unwanted situation," he added.

When asked what happens if a player tests positive once the season starts, Cachaza said: "That can always be the case. If you see the Bundesliga, they are about to start their season but still have positive cases. We will be ensuring testing at regular intervals as well to keep a check on players." Unlike the English Premier League and the Bundesliga, the La Liga is yet to finalise on a date to resume the season as Cachaza said they are awaiting authorisation from the Spanish government. "We are in constant talks with the government and as of now, we have authorisation to only start with training. Next week, the players will be allowed to train on their own, with a maximum of six players on the pitch. The following week [May 18 onwards], players will be permitted to train in small groups before a return to larger team sessions,"2020-05-08 Cachaza explained.

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COVID-19 has started showing its impact on the mutual fund industry. Few days ago I mentioned in my article, Debt mutual funds witnessed massive outflows of Rs 1.95 trillion in the month of March.

Though we could attribute most of that outflow to corporates redeeming funds to meet their quarter end obligations, high volatility and uncertainty as consequences of the pandemic could have also played a major hand in the redemption pressure for debt schemes.

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FII have been redeeming investments heavily in equity and debt segment ever since WHO declared COVID-19 a pandemic. In March, FIIs pulled out Rs 60,375 crore from the debt market.

High redemption and lack of buying interest has made debt mutual fund schemes vulnerable, especially those with higher exposure to low rated instruments.

This instability has claimed its first casualty in debt mutual funds...

Franklin Templeton Mutual Fund (FTMF) has decided to wind down six of its debt schemes with effect from April 23, 2020 due to COVID-19 related market dislocation. This is something that is unheard of in the mutual fund industry and has perplexed many investors and advisors.

The schemes that are wound up are:

• Franklin India Low Duration Fund
• Franklin India Dynamic Accrual Fund
• Franklin India Credit Risk Fund
• Franklin India Short Term Income Plan
• Franklin India Ultra Short Bond Fund
• Franklin India Income Opportunities Fund

Together these schemes have an AUM of 30,854 crore as on March 31, 2020. Notably, these are the very schemes which in the past had to create segregated portfolio for its exposure to downgraded papers of Vodafone Idea and Yes Bank.

What led to the move?

According to a statement to investors from FTMF, "Despite several measures taken by the Reserve Bank of India (RBI), the liquidity in certain segments of the corporate bond markets has fallen-off dramatically and has remained low for an extended period. In this scenario, mutual funds are facing unprecedented liquidity challenges due to a variety of factors-rising redemption pressures due to heightened risk aversion, mark to market losses following a spike in yields and lower trading volumes in the bond markets. These factors have together caused a significant and worsening liquidity crunch for open-end mutual fund schemes investing in corporate credits across the credit rating spectrum."

The schemes had to resort to continuous borrowing to fund redemptions during this time, and were unable to repay the borrowings through sale of portfolio securities due to the prevailing market environment. The Investment manager did not believe it was prudent to continue funding redemptions through potentially increasing levels of borrowings.

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FTMF follows a high-risk high-return strategy for the above mentioned funds - Meaning a major part of its portfolio is exposed to lower rated securities (rating below AAA). The market disruption due to the virus outbreak has impacted these securities the most.

Under conditions of high redemption pressure, mutual funds sell their liquid assets to meet the demand, leaving the portfolio highly exposed to illiquid assets.

Thus, investors who choose to stay invested are at a disadvantage here.

Anticipating continued liquidity stress to the funds, the fund house thought winding up the scheme is the only viable option for the unitholders to minimize erosion of value.

Table: Details of schemes being wound up

What does it mean for investors of these schemes?

Investors of these schemes will not be able to purchase/redeem investment, switch to other schemes or do systematic transactions. In short their funds will be locked. The fund will not charge any management fees for the funds that are being wound up.

The fund house will rely on coupon payments, maturity value of underlying securities, and selling of securities at realisable value. While the fund house expects to realise most of the proceeds as per maturities, there may be some low rated securities that may even default on the due date. The fund house may create segregated portfolios for such securities and pay back as and when the money is realised.

It will be prudent to check the average maturity of portfolios of each fund and expect major repayment within that period.

What should investors in debt funds do?

Debt mutual fund Investors are not as confident, due to incidents of exposure to toxic papers in the past. This event could make them even more wary about their investment in debt schemes. As a consequence, there may be some panic selling in other debt schemes by investors worried about their funds getting locked.

However, instead of taking any hasty decisions, it would be a great idea to check your funds for the quality of assets it holds.

Choose a fund house that follows prudent investment process and stringent risk-management system. In these uncertain times, it would be wise sticking to liquid funds and overnight funds for the fixed-income part of your portfolio. Alternatively, if you prefer safety of capital, invest in Bank fixed deposits.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity

The way ahead...

While the fund house has done this to protect investors' interest, it has made the funds illiquid from the investors' point of view. Many investors may lose faith in debt funds for their short-term goals.

Going further, investors may have to consider liquidity risk due to AMC action, while investing in any high credit risk oriented debt funds.

It is time for the regulator to step up and clarify the illiquidity part for other debt schemes out there to investors. Moreover, it needs to provide a framework of strict guidelines to restrict fund managers from putting investors' hard-earned money at risk by exposing them to low rated securities for higher yield.

Meanwhile, AMFI has assured investors that a majority of the fixed income fund assets is invested in superior credit quality securities, and the schemes have appropriate liquidity to ensure normal operations. It further stated that the industry remains fully committed to the investors' interests and there is no need for them to panic and redeem investments.

Author: Divya Grover

This article first appeared on PersonalFN here.

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PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Unnerving movements for debt mutual funds investors!

Just last week my colleague, Divya explained the fiasco at Franklin Templeton Mutual Fund, which took a decision to abruptly wind down six debt mutual fund schemes, namely:

• Franklin India Low Duration Fund
• Franklin India Dynamic Accrual Fund
• Franklin India Credit Risk Fund
• Franklin India Short Term Income Plan
• Franklin India Ultra Short Bond Fund
• Franklin India Income Opportunities Fund

In all, the above debt mutual fund schemes had an AUM of Rs 30,854 crore as of March 31, 2020.

The fund house cited, "severe market dislocation and illiquidity in the fixed income space" caused by the COVID-19 pandemic, as the reason behind the decision.

Investors in these schemes are now left in the lurch: they cannot sell (nor buy) these funds and will have to rely on the fund house to get back their hard-earned money. Investors will have to hold their investments in these schemes until liquidity is available to the mutual fund house by either selling securities in the fund's portfolio or receiving maturity proceeds.

Currently, a fact is, not just Franklin Templeton Mutual Fund, but debt mutual fund schemes of many other fund houses are have a remarkable exposure to stressed assets.

According to portfolios disclosed on March 31, 2020, mutual funds collectively held Rs 1.38 trillion of exposure to debt securities issued by Non-Banking Financial Companies (NBFCs). Approximately Rs 51,000 crore of the exposure in debt securities has a maturity profile of less than 3 months; and now, mutual funds fear that there will be defaults.

NBFCs and other corporate borrowers claim that they do not have enough liquidity to fulfil their obligations and have requested for additional time. Given that, rating downgrades from rating agencies look likely.

However, some companies are playing smart: they are approaching the Courts to prevent a rating downgrade, plus seeking a stay on sale of pledged shares. Of course, they are well within their right to approach the judicial authority or Courts and contest.

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But the capital market regulator, seems to be in no mood in offering them any leeway. On the contrary, the regulator is asking the mutual fund industry to act against the issuer of securities who are possibly carrying high credit risk; facing asset quality problems.

Delays in repayments would mean the creation of more side-pockets by mutual funds. And in my view, more the losses investors suffer, more frustrating it will be for mutual fund houses and their investors. Eventually retail and High Net-worth Individuals, particularly, will lose confidence and may not be keen to invest in debt funds.

If you are wondering what has gone wrong, here's everything you may like to know about liquidity, credit risk and the exposure of mutual funds to corporate debt in the present scenario.

If you remember, the capital market regulator had mandated large corporations to source at least 25% of their borrowings from the bond markets from the beginning of FY 2019. This move was expected to deepen Indian bond markets and reduces the stress on banks. Just a year later, the same move is proving fatal for companies that went to the bond markets to raise money.

Now that the COVID-19 lockdown has forced many business units to shut off temporarily or operate much below their optimal operational capacity with a skeletal staff, companies, including the large organisations that relied heavily on debt markets, are finding it difficult to honour maturity claims on Commercial Papers (CPs), Non-Convertible Debentures (NCDs), and Bonds.

They were hoping for an 'at-par treatment' with Banks when the Reserve Bank of India (RBI) offered a moratorium period to borrowers. But the RBI circular came to them as a shocker. The devil was in the details.

On March 27, 2020, the RBI issued a notification allowing a three-month moratorium on all outstanding term loans and working capital facilities on account of disruptions caused by the outbreak of coronavirus. This circular did not cover around 10 thousand NBFCs, who mainly depend on CPs, NCDs, and Bonds for their funding requirements.

As far as NBFCs are concerned, the RBI has already provided them with a liquidity facility through the banking channel. The RBI directed banks to utilise funds infused under Targeted Long Term Repo Operations (TLTRO) facility to invest in 'investment-grade' CPs, NCDs, and Bonds issued by NBFCs. Also, RBI mandated banks to allocate 50% of Rs 50,000 crore of liquidity introduced by way of TLTRO 2.0 to small and mid-size NBFCs and small finance banks.

But NBFCs seemed not too happy with just liquidity and many of them are now approaching courts to prevent rating downgrades. This is not a best practice for the industry, although fund houses may be well within their rights to contest.

Recently, Indiabulls Housing Finance was successful in receiving the interim order from Delhi High Court, throttling any coercive action against the housing finance company for its inability to repay its bondholders. The Delhi High Court will hear the case further on May 19, 2020.

This has added to the worries of mutual fund houses that now fear other NBFCs will follow the same path.

The capital market regulator, only recently (a few days ago) following the three moratorium by RBI (due to disruptions caused by COVID-19 pandemic) has relaxed the valuation norms for debt and money market instrument held by mutual funds vide a circular dated April 23, 2020, wherein it states as under:

• Based on assessment, if the valuation agencies appointed by AMFI are of the view that the delay in payment of interest/principal or extension of the maturity of a security by the issuer has arisen solely due to COVID-19 pandemic lockdown and/or in light of the moratorium permitted by Reserve Bank of India (RBI) (vide notification no. RBI/2019-20/186, dated March 27, 2020) creating temporary operational challenges in servicing debt, then valuation agencies may not consider the same as a default for the purpose of valuation of money market or debt securities held by Mutual Funds.
  
  However, in the scenario, as stated above, if there is any difference in the valuation of securities provided by two valuation agencies, the conservative valuation shall be accepted.

But then what is the point of coming up with these valuation norms as an afterthought, and not in close synchronisation when the RBI came with its notification a month ago?

The damage now is already done and companies are anyways approaching the Courts to prevent a rating downgrade.

Let's say shares of a company are pledged and to recover the proceeds -- if they cannot be sold due to a court order -- then such lending would be as good as unsecured lending.

Also, why should that not be construed as an instance of deviation from the stated fundamental attributes of a debt mutual fund scheme? After all, mutual fund investors invest in debt fund schemes taking into account a certain level of risk. Change in the risk profile of a scheme is a change in the fundamental attribute/s.

According to India Ratings, NBFCs having the asset base of Rs 500 crore to 5,000 crore, largely fall between "A" and "BBB" rating categories.

The mid-path could be a decision on payment or deferring the payment in consultation with all stakeholders, including debenture trustees. The industry will require a blanket resolution because a case-to-case resolution approach is cumbersome and may create more chaos.

Unless the RBI takes a clear stance on NBFCs and other financial institutions, mutual fund houses are likely to feel the heat of redemptions. Suppose, there's no further statement issued by the banking sector regulator; mutual funds will have to be prepared to handle large-scale defaults, which might look inevitable. After all, a majority of NBFCs' customers are retail borrowers and they enjoy a moratorium on the EMI payment for 3-months. This has been the trickiest part for NBFCs.

While COVID-19 outbreak has been the genuine reason for the potential defaults this time, asset-liability mismatches of NBFCs are well-known. Many NBFCs have gone overboard with cheap credit available during stable market conditions. Their credit underwriting has been questioned widely. The industry has also witnessed belly-up instances such as IL&FS and DHFL. Many mutual fund houses have burned their fingers badly in such defaults.

At the time of writing this piece, to ease the liquidity pressure on mutual funds, the RBI today decided to provide a special liquidity facility of Rs 50,000 crore for mutual funds. Under this facility, the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. This will be on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday (excluding holidays). The scheme is available from today i.e., April 27, 2020, till May 11, 2020, or up to utilization of the allocated amount, whichever is earlier. The Reserve Bank will review the timeline and amount, depending upon market conditions.

The RBI has stated further that the liquidity support availed under the Special Liquidity Facility for Mutual Funds shall be used by banks exclusively for meeting the liquidity requirements of mutual funds by, 1) extending loans; and (2) undertaking outright purchase of and/or repos against the collateral of investment-grade corporate bonds, CPs, debentures and certificates of Deposit (CDs) held by mutual funds.

Having taken this measure, keep in mind that it does not make investing in debt mutual funds risk-free. Considering the prevailing investment environment, you should stay away from mutual fund schemes whose portfolio characteristic appears compromised. Also, avoid credit risk funds and corporate bond funds as they are likely to be more vulnerable amidst the financial crisis followed by COVID-19 pandemic.

As a thumb rule: Choose mutual fund schemes from fund houses that follow prudent judicious investment processes and stringent risk-management systems.

In these uncertain times, it would be wise sticking to liquid funds and overnight funds while considering debt funds.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity.

As with all financial matters, better be safe than sorry!

PS: If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.

Additionally, as a bonus, you get access to PersonalFN's popular debt mutual fund service, DebtSelect.

Each fund recommended under FundSelect goes through our stringent process, where they are tested on both quantitative as well as qualitative parameters.

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Many investors park their surplus money in debt schemes in an attempt to earn higher returns than Bank FDs. However the recent incident of Franklin Templeton MF winding down six of its debt schemes has dented investor sentiment and sparked speculation about the safety of their investments.

The news came as a shocker to the investors because the six schemes, the fund house, and the fund manager had a good performance record. Investors in the wound up debt schemes of FTMF are now left with no choice but to wait for the fund house make repayments.

If you are one of them, surely you want to know about the timeline of payouts from the respective schemes.

Here is what you should know first...

Before returning the money to unitholders, the fund will have to repay the borrowings by the respective schemes that was taken to fund the heightened level of redemptions. Keep in mind that the repayment of borrowings does not impact the value of money to be returned to the unit holders, though it can delay the start of pay out to unitholders.

The repayment of the borrowings that the fund has taken, along with the cash flows it receives in the respective schemes based on the maturity of the underlying securities in the portfolio as well as coupon receipts will determine the payout to the unitholders.

Moreover, the fund will seek pre-payment from issuers of the underlying securities and will look to sell portfolio holdings in secondary market at fair value.

Table 1: Maturity profile of wound up FTMF schemes

Franklin India Ultra Short Bond Fund (FIUBF) and Franklin India Low Duration Fund (FILDF) are the schemes with shorter maturity. If you are an investor in this scheme, you may expect a significant payout within 2-3 years. However, to recover the entire amount you may have to wait up to 5 years.

If you are wondering why a scheme with average maturity of just 0.44 years and 1.45 years will take around 5 years to repay the entire amount?

This is because the maturity of some underlying securities is much longer (around 4-5 years), even though the schemes belong to low duration category. Additionally, the schemes have borrowings in the range of 6.5% and 8.5% respectively, which have to be repaid first.

Whereas, if you are an investor in Franklin India Dynamic Accrual Fund (FIDA), Franklin India Short Term Income Fund (FISTIP), Franklin India Credit Risk Fund (FICRF), and Franklin India Income Opportunities Fund (FIIOF) your wait will be longer. These schemes primarily invest in medium to long duration securities.

These funds had to sell a number of their short term and liquid securities in the portfolio to meet redemptions. Hence, to get a significant payout from these schemes you will have to wait at least 4-5 years. The year wise expected cumulative cash flows is given in the table below.

Notably, FIIOF is the longest duration fund from among the six funds that have been wound up. It will only be able to repay a very small portion (5%) in the next two years.

Another key reason that could delay the payout from these schemes is the high borrowing rate. FISTIP has 28% of its assets as borrowings, FIIOF has 26%; while FICRF also has significant 16% as borrowings. Furthermore, factors such as credit issues or payment delays faced by any of the investee companies could negatively impact cash flows.

Table 2: Cash flows expected by FTMF across different time period

Many of the securities with longer maturities have regular interim cash flows and features such as interest rate resets or call/ put options, which significantly reduce the effective maturity and the same has been factored into the calculation of the Macaulay Duration.

FTMF said that it would actively explore opportunities with a goal to facilitate repayment prior to the maturity of the portfolio investments. To do this it will seek prepayment from the issuers of the underlying securities and look to sell the securities in the secondary market.

However, the current market scenario is rife with risk aversion and illiquidity. The fact that wound up schemes have high holding of lower rated securities, FTMF will have to wait for the market conditions to go back to normal to liquidate the portfolio at the earliest, without causing value erosion for investors.

[Read: RBI Steps in to Take Some Pain Off Mutual Funds. Will It Help?]

Way ahead for debt fund investors

Keep in mind that debt funds are not risk-free. Investment in debt funds carry various risks relating to liquidity, credit quality, and interest rate. Therefore, before investing in debt funds understand the various risks involved and invest in schemes where the portfolio risk aligns with your own risk appetite and financial objective.

In this market environment, it would be preferable to invest in instruments issued by government and public sector enterprises, and stay away from those having high exposure to private issuers.

At PersonalFN, we arrive at top rated funds using our SMART Score Model. If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.

Additionally, as a bonus, you get access to PersonalFN's popular debt mutual fund service, DebtSelect.

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Author: Divya Grover

This article first appeared on PersonalFN here.

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Australian tennis star Nick Kyrgios has apparently followed through on a promise to help people going hungry in the coronavirus shutdown, with social media images showing boxes of essential items prepped for delivery.

The controversial Kyrgios, infamously outspoken and known for his fiery on-court antics, said on Monday he would personally drop food on doorsteps after COVID-19 restrictions closed down entire industries, forcing huge numbers of people out of work across Australia. People queueing for welfare payments across the country have been likened to scenes from the Great Depression. "Please don't go to sleep with an empty stomach," Kyrgios, the world number 40, posted on Instagram Monday. "Don't be afraid or embarrassed to send me a private message. I will be more than happy to share whatever I have.

"Even just for a box of noodles, a loaf of bread or milk. I will drop it off at your doorstep, no questions asked!" he said in a post that attracted almost 100,000 likes. His mother, Norlaila Kyrgios, posted on Instagram over the weekend a photo of a table laden with food -- including bread, fruit and canned goods -- with the caption "dining room or food distribution centre".

Images of Canberra-based tennis star's Instagram stories shared on News Corp websites showed boxes of essentials captioned "deliveries in progress". It comes just months after the 24-year-old led a bushfire relief campaign that raised millions of dollars. Kyrgios gave Aus$200 (US$125) for every ace he hit across his home tennis summer, which ran until the end of the Australian Open. Other players and Australian Open organisers jumped on board the fundraising drive, also contributing large sums to people affected by the deadly fires.

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The ATP and WTA, along with the International Tennis Federation and organisers of the four Grand Slams (Tennis Australia, the Federation Francaise de Tennis, All England Club and United States Tennis Association) are planning create a 'Player Relief Programme' to provide assistance to the coronavirus-impacted players.

"With so much uncertainty around when it will be safe to restart the professional tennis tours, the international governing bodies of world tennis can confirm they are in discussions to create a Player Relief Programme to provide much-needed assistance to the players who are particularly affected during this time of the coronavirus (COVID-19) crisis," ITF said in a statement on Tuesday.

"These discussions have been progressing well and details are being finalised with an announcement expected in the near future. Already agreed is that the ATP and the WTA will administer the Player Relief Programme and all seven stakeholders will make a significant contribution," the statement added. IFT further said: "We know that for our players, as well as for so many people worldwide, there is the need for financial support for those who need it most and we look forward to finalising and sharing the further details of a plan in due course."

The London-based governing body has also announced the creation of player panels for those competing on its World Tennis Tour. "The panel will provide a forum for players to provide their input and have their say on how the tour is run and will be a further opportunity for the ITF to engage with the player community," ITF said. The men's and women's players will each elect a panel of seven current player members, who will have voting rights.

Men's players with an ATP ranking of below 350 and women's tennis players with a WTA ranking not higher than 151 will be allowed to nominate a fellow player or stand in the election.

All professional tennis activities remain suspended till July 13 due to coronavirus outbreak which has so far claimed more 1.7 lives across the world.

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The U.S. Tennis Association is warning folks: "No Bryan Brothers chest bumps." That was among the suggestions from the USTA on Wednesday, when it offered return-to-play guidelines to help players and people running tennis facilities know when " and how " the sport should resume at the amateur level as coronavirus lockdown restrictions ease.

The USTA thinks it will be safe to again play tennis "in some cities and states sooner than in others." One of the recommendations is to maintain social distancing by staying 6 feet apart from other people " and, therefore, to avoiding playing doubles, because it "could lead to incidental contact and unwanted proximity." The group that runs the U.S. Open went on to add: "If you do play doubles, avoid all incidental contact, no Bryan Brothers chest bumps and no whispering to each other from a close distance to strategize."

American twins Bob and Mike Bryan have won 16 Grand Slam titles in men's doubles together and celebrate wins by jumping simultaneously and bumping chests. All professional tennis has been suspended at least until mid-July. The U.S. Open is still scheduled to begin main-draw play in New York on Aug. 31.

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Rafael Nadal said on Sunday that he was "very pessimistic" over a full resumption of the professional tennis circuit which has been halted by the coronavirus pandemic. "From my point of view, I'm very pessimistic that the circuit can resume a normal activity," said the world number two in a virtual chat origanized by the Spanish Federation of Tennis (RFET) involving the team that won last year's Davis Cup.

"In tennis, you need to travel every week, stay in hotels, go to different countries," Nadal said. "Even if it we play without an audience, to organise any event you need a lot of people involved, which cannot be ignored. At an international level I see a serious problem." Nadal said he hoped that restrictions can be relaxed gradually, but added that he was aware that the global health situation is serious. "We have had a very tough month and a half, with many irreparable losses as well as others that are less important that will still bring great suffering to society, I hope only for a few months, at the economic level," he said.

"Many people are going to lose their jobs." "These are sad moments when you see so many people dying," he said. Nadal had already told Spanish radio that he thought it would be "difficult" to stage one of the majors "in the short or medium term." Nadal has been working with his friend Pau Gasol, the Spanish basketball player, to raise funds in the fight the coronavirus. Along with other leading tennis players such as Roger Federer and Novak Djokovic, Nadal is one of the promoters of a plan to create a fund to help low-ranked players who are suffering financially.

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American tennis ace Serena Williams, a successful entrepreneur with fashion labels, handbags and jewelry lines to her name, believes her daughter Alexis Olympia, two, could grow up to be a good businesswoman.

Serena, currently in lockdown due to the COVID-19 pandemic, is busy working from home with her little girl by her side throughout—even during online meetings.

"I love being a full-time mom and not having the responsibilities to travel and play. I love to spend so much time with her but it's interesting. She's in every single call that I have, every single meeting. I feel like she's getting a little bit of it, so she's going to be a really good businesswoman when this is all over," the 23-time Grand Slam champion told USA's People magazine.

The former World No. 1 offered some valuable parental advice too. "You should schedule your day well, and always include your kids. They are the voice of the future.

It's like we're living a future history lesson and that's rare. My advice to parents is to always bring your kids in. You never know what they're going to pick up," added Serena, 38.

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Lakshadweep

Lakshadweep is a group of islands, 200–440 km off the southwest coast of India. These islands form the smallest union territory of the country. The Lakshadweep region has about 600 species of fish, 78 species of coral and over 100 species of other marine invertebrates. This is the perfect opportunity to explore the fascinating marine life underwater.

This year BNHS will be visiting the Tinnakara Island; The charming isolated Thinnakara Island is situated just opposite side of Bangaram island and share the same lagoon and are part of the Bangaram atoll. You need not worry if you do not know swimming; you can still enjoy the deep blue sea and move among the amazing corals, fishes, shells, shrimps and crabs. Most of the snorkeling will be in waist-deep coral lagoons.

Batch I: 3rd – 7th March, 2018
Batch II: 10th – 14th March, 2018
Batch Size: 15 participants only
Accommodation: Twin sharing in furnished Non Ac beach tents house on the Tinakara Island.
Camp fees: Rs. 47,500/- for members and Rs. 49,000/- for others (ex Aggati).
Cost Includes: Stay and food, Pick-up and drop from/to Aggati one snorkeling session per day on the island.
Cost excludes: Flight/rail tickets, all expenses of personal nature like laundry, tips beverages, camera fees, extra water activities, SCUBA, any cost not specified above.
Reporting: Participants to meet on Day One morning at Aggati Airport Lakshadweep 10.10 a.m. (as per the flight schedule) drop on last day at Aggati Airport at 10 a.m. (as per the flight schedule).

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She's sizzled on lists featuring the world's hottest women. So, when South African model-designer Gabriella Demetriades walks into The Daily, it's easy to figure why. There's no discernable make-up on her face; her slip dress is perfect to take her from day to evening. It's impossible to ignore Nikhil Thampi too, with his tall build and sunglasses in place. "You always wear amazing boots," he tells Demetriades. The two designers, known for their sexy western creations, slip into comfortable chatter.

Fashion designers Gabriella Demetriades (left) and Nikhil Thampi at The Daily Bar & Kitchen in Bandra. Pics/Sneha Kharabe

Sabhnani: What made you enter menswear?
Demetriades: Because no one's doing it! I am doing more of a casual daywear line that is unisex — jeans, tees and jackets.
Thampi: Menswear has evolved from what it was five years ago. Men are more experimental. I remember I had done cowl kurtas in my GenNext show; it wasn't big back then. Every top designer today is doing drapes for menswear. I thought, let's revisit it. Although, it is mostly Indian, nobody is doing predominantly western clothes. We thought of doing a small collection of eight looks to check the market. We have been flooded with offers. I never believed in celebrity showstoppers till today [Hrithik Roshan walked for his show].
Demetriades: It's amazing when they wear them as it goes viral. But then it depends on the celebrity too. As a foreigner, it was interesting to see that.
Thampi: We both owe a lot to celebrities; my career graph accelerated because of it. But it's important only if it translates into sales. A Deepika Padukone wearing an outfit is not as aspirational as Sonakshi Sinha or Kareena Kapoor wearing it, as they are full-bodied. Fashion weeks should focus only on design, not showstoppers.

Sabhnani: Speaking of model sizing, how did you shift from modeling to designing?
Demetriades: My family business involves textiles and haberdashery. My grandmother started it 50 years ago. My mother owns a small knitwear label in South Africa. The production capability there isn't amazing and we always thought of moving to India. We first came to India to look at production possibilities.
Thampi: Production is a nightmare in Mumbai. It costs half in Delhi or Kolkata. I cry every day due to bills and production issues.

Sabhnani: We have a long way to go, right?
Demetriades: It's very young. The Indian sensibility is conservative, so you have to tone it down. But it's a growing economy and there are risk-takers too.
Thampi: To survive, you have to be an all-rounder, especially a PR maestro.
Demetriades: Exactly. What's in the public eye becomes the identity of the brand. There's a big gap between lounge and high-end Indian wear — I can't buy a four-lakh gown for every occasion. There are no sexy/fun labels. The price point between $100 to $700 is massive in the West, and you can buy something beautiful.

The food arrives; Quinoa Salad and Champagne Mushroom Fricassee for Demetriades; Pollo Funghi e Jalapeno, Drunken Prawns and Banana Peanut Butter smoothie for Thampi.
Demetriades: This looks good! Avocuddle sounds cute [we ordered a blueberry avocado shake called Avocuddle].
Thampi: Food is my happy space. I eat everything; I can eat a human being!
Demetriades: That's mean! I gave up meat three months ago. But my family is Greek, so everything has lamb. They asked me, 'What are you going to eat!' When I watched the film Okja, I was in tears. And I was hosting people for dinner that day. When a pork dish was served, I thought, 'Oh god, I can't do it.' Since then I haven't had red meat or chicken.

Sabhnani: So, do you eat before shows?
Thampi: I can't eat anything, but I compensate after the show.
Demetriades: French fries. When I am stressed, I eat. When I am super happy, I don't. When I was in South Africa, I was 10 kilos lighter. It's very hardcore there. When I came to India, it was the opposite. People liked that I was curvy.
Thampi: She's so thin! It's a profession; you need to maintain yourself. But none of us would want to project our clothes on an extremely thin model.

Sabhnani: What do you like and hate about the industry?
Thampi: Nepotism. You pick up any magazine, and you'll spot the same five people, all over again. The same people are given awards every time. Move on!
Demetriades: Fashion and celebrities are a single entity in India. I don't think that just because you are a celebrity (Bollywood or cricket), you are fashionable. Also, there is hierarchy and power play in the industry, which is scary for newcomers and outsiders or foreigners like me.

Studies in Form-Akbar Bhavan-20 from a series of cyanotype prints by artist Seher Shah and photographer Randhir Singh

A Summit can be anything you want it to mean, and we re-define it every time. Just when you think you have figured it out, we alter our course. You might think you know what the 2020 Dhaka Art Summit might look like, but we hope to add further surprise," says Diana Campbell Betancourt. At the age of 33, Betancourt is the third time artistic director of one of Asia's most important art events, the Dhaka Art Summit, set to open on February 2. Betancourt, who used to be based out of Mumbai, has been at the fore of bringing contemporary voices in art from Asia to the biennial event, which is now in its fourth edition. Joined by guest curators, Betancourt has brought over 300 artists across 10 curated exhibitions. We ask her what's different this time. Edited excerpts from the interview:

Bangladesh as centre
2017 was an important year as it marked 70 years of independence for both India and Pakistan. In 1947, however, what is now Bangladesh was still effectively a colony of Pakistan. Usually viewed as the poorer younger brother of these two countries, we saw the need to put Bangladesh back at the centre of its cartography. We want to shift the narrative away from India-Pakistan. We are looking at the trade and cultural connections that Bangladesh had with the Middle East and Southeast Asia, rather than only looking at South Asia. There are fewer Indian artists this time around, and we have more artists from Thailand and Myanmar and Singapore as we've shifted our focus further east. The Summit is not a nationalist exercise, so we are able to address the slippages across borders. We are also exhibiting one of Mrinalini Mukherjee's hemp sculptures in Bangladesh for the first time, through the support of the Kiran Nadar Museum of Art and the Mrinalini Mukherjee Foundation, which draws connections to Bangladesh via the jute and textile trades which interlink its history with the rest of the world.

Diana Campbell Betancourt. Pic/Noor Photoface

Making more room
This time we have extended the Summit from four days to nine. There was a lot of local demand the last time. We saw 1,38,000 visitors in 2016. This year, we have split the weekends for different kinds of crowds.

Special focus on Sri Lanka
We believe that just as Bangladesh is left out of global dialogue, Sri Lanka is even more excluded. The show, titled One Hundred Thousand Small Tales, is curated by Sharmini Pereira, and has 40 artists right from the 1940s to the present.

Headed in the right direction
The Solo Projects section, which used to invite commissions from leading artists in the region, is replaced by Bearing Points. I felt that the Solo Projects didn't intellectually tie together everything we do in the Summit. The exhibition is curated by me, and the title refers to a compass, to a map that helps you orient yourself to lesser explored transcultural histories of the region.

Going back to school
The Summit has always been known for its workshops. This edition will have a free art school, with sessions conducted by artists such as Rashid Rana and Dayanita Singh, among others. It will be right at the middle of the summit, emphasising that culture is a key part to keeping people secular.

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Representational picture

Washington D.C.: When eating an apple can save you from a doctor then consuming an egg will significantly reduce the risk of cardiovascular diseases. Cardiovascular disease (CVD) is the leading cause of death and disability worldwide, including China, mostly due to ischaemic heart disease and stroke (including both haemorrhagic and ischaemic stroke).

Unlike ischaemic heart disease, which is the leading cause of premature death in most Western countries, stroke is the most responsible cause in China, followed by heart disease.

Eggs are a prominent source of dietary cholesterol, but they also contain high-quality protein, many vitamins and bioactive components such as phospholipids and carotenoids.

Previous studies looking at associations between eating eggs and impact on health have been inconsistent, and most of them found insignificant associations between egg consumption and coronary heart disease or stroke.

Therefore, a team of researchers from China and the UK led by Professor Liming Li and Dr Canqing Yu from the School of Public Health, Peking University Health Science Center, set out to examine the associations between egg consumption and cardiovascular disease, ischaemic heart disease, major coronary events, haemorrhagic stroke and ischaemic stroke.

They used data from the China Kadoorie Biobank (CKB) study, an ongoing prospective study of around half a million (512,891) adults aged 30 to 79 from 10 different geographical areas in China.

The participants were recruited between 2004-2008 and were asked about the frequency of their egg consumption. They were followed up to determine their morbidity and mortality.

For the new study, the researchers focused on 416,213 participants who were free of prior cancer, cardiovascular disease (CVD) and diabetes.

From that group at a median follow-up of 8.9 years, a total of 83,977 cases of CVD and 9,985 CVD deaths were documented, as well as 5,103 major coronary events.

At the start of the study period, 13.1 percent of participants reported daily consumption (usual amount 0.76 egg/day) and 9.1 percent reported never or very rare consumption (usual amount 0.29 egg/day) of eggs.

Analysis of the results showed that compared with people not consuming eggs, daily egg consumption was associated with a lower risk of CVD overall.

In particular, daily egg consumers (up to one egg/day) had a 26 percent lower risk of haemorrhagic stroke - the type of stroke with a higher prevalence rate in China than in high-income countries - a 28 percent lower risk of haemorrhagic stroke death and an 18 percent lower risk of CVD death.

In addition, there was a 12 percent reduction in risk of ischaemic heart disease observed for people consuming eggs daily (estimated amount 5.32 eggs/week), when compared with the 'never/rarely' consumption category (2.03 eggs/week).

This was an observational study, so no firm conclusions can be drawn about cause and effect, but the authors said their study had a large sample size and took into account established and potential risk factors for CVD.

This study was published in the journal Heart.

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A German team practises mallakhamb with coach Uday Deshpande

In a TEDx Gateway talk held in 2017, 65-year-old Uday Deshpande talks of how he started learning mallakhamb at Shivaji Park's Samarth Vyayam Mandir (SVM) at the age of three. The passion for the sport, which has its origins in Maharashtra, gripped him so much, he says, that he even stuck to his daily regime on the day of his wedding. As the audience laughs, Deshpande moves on to talk about what he returned to the sport — spreading its awareness not just to other Indian cities across 29 states, but globally as well. He rattles off a statistic: in the last 25 years more than 2,500 foreigners from 52 countries have learnt mallakhamb.

His passport — which thanks to the several added visa pages has increasing so much in girth that it is a candidate for bariatric surgery — bears signs of his visits to countries like USA, Singapore, Nepal, Germany, France, Austria, Hong Kong. And now, says Deshpande, the director at SVM who also coaches there, all this effort is going to culminate into the first mallakhamb world championship to be held at Shivaji Park, next February. Speaking to mid-day from his Shivaji Park office, keeping a stern eye on the practice sessions on the grounds, Deshpande announces proudly," Mallakhamb is ready to go the next mile. France and Germany in fact, have mallakhamb federations in their countries. We need to now harness that exposure into a competition." The championships — to be held under the auspices of the newly-formed Vishwa Mallakhamb Federation (VMF) — will be held between February 16-17 2019. Deshpande, the secretary of VFM, says all the details of the organisation of the event are being taken care of by SVM officials.

Uday Deshpande

And 15 countries have already announced their participation. Dr (PhD) Neeta Tatke, administrative secretary, SVM, whose thesis was on the mental benefits of the sport, says, "A competition is one way to kindle curiosity, sustain the sport and watch it grow. We also need to increase participation at home." For Tatke, GenNext will take a shine to the rope and pole, "if we have national and world champions here, nurtured and made in our backyard. For instance, see the boost tennis and badminton got in India. This is because with the Saina Nehwals, Sania Mirzas and P V Sindhus, young Indians have role models to look up to. We need to create that in mallakhamb. Competition is one way to do so."

A couple of years ago, when Deutschland came to Dadar, the German mallakhamb team given an Indian experience by Samarth volunteers. After their morning mallakhamb practice, Samarth members taught the Germans, Lezim (a Maharashtrian folk) dance, they learnt to play the flute and even dabbled in Warli painting. This time, organisers say that at the World Championships, there will be a food court at the venue and an exhibition centre outlining the history of mallakhamb.

Ruth Azenberger, German mallakhamb coach — who started learning mallakhamb when she was eight years old, in 2004, and then received the Mallakhamb Trainers Certificate in 2012 from the University of Mumbai and Mallakhamb Federation of India — says, "We are thrilled to be a part of the competition and show what we have learned for the last 15 years." Azenberger adds that the final mallakhamb team will be selected in September.

Shreyas Mhaskar, trustee, SVM and former national Mallakhamb champion adds, "Mallakhamb's origins are Indian, so it is natural that India hosts the debut World Championship." Officials say that, "we also have plans of how to make this a more equitable field for all nations. We are going to negate the obvious advantage India will have, with its long tradition of mallakhamb with a few surprises in rules that we will not divulge now." Ambition is expensive. The committee says they are earmarking R2 crore expense overall and are now hunting for sponsors. Yet, to zero in on that elusive one with deep pockets, the organizers are holding on to their dream because they have the courage of conviction, or when it comes to mallakhamb, like the practitioners that should be courage of their contortions.

Russia has requested World Trade Organisation dispute consultations with the EU in a case involving EU anti-dumping duties on certain steel products.

The Minerals Council of Australia has published a report it says confirms that the country's high company tax rate is damaging mining firms' ability to compete internationally for capital investment.

China has made a number of announcements on anti-dumping duty orders, including to launch an investigation into US, Korean, and Taiwanese exports of styrene, which is used to manufacture plastics and resins.

The European Commission has announced the imposition of new anti-dumping duties on imports of hot rolled flat steel products from four countries.

The use of technology by business and government in tax compliance is driving continued simplification and reduction in the burden of tax compliance on businesses, says Paying Taxes 2018, a report by The World Bank Group and PwC.

New EU trade defence legislation entered into force on December 20, changing the way the EU deals with dumped and subsidized imports.

In a letter dated August 8, 2019, the Russian Federal Tax Service amended the rules for non-resident holding companies to be considered as the beneficial owner of Russia-sourced income.

I request you to kindly give me your advise on GST which is going to be implemented very shortly. Thanks and Regards, Varadarajan Kasturi..

To the team of Equitymaster , I became a member in January 2016 and am very impressed by your website and the ideals you stand for. Making profit or loss is a different issue altogether. Taking calculated risks and playing Russian Roulette are two differe..

Can I Open account with zero brokerage company for share buy/sell.Whether it is safe? Please clarify..

With stock prices gyrating every day to coronavirus related developments, the weekend must come as a relief.

Here's a look at how deep the impact has been felt in the global financial markets:

1. Stock markets worldwide saw sharp losses on Thursday, with the benchmark indices on Wall Street and London saw their steepest daily falls since the Black Monday in 1987.
2. In the US, stocks witnessed a sharp sell-off on Thursday.
   • Thursday's dive follows the intense fall on Wall Street seen throughout the week. The S&P 500 triggered the first circuit breaker of the week on Monday after falling 7%. This fall came after the crash in crude oil prices.
   • The markets bounced back Tuesday, only to retreat on Wednesday after the World Health Organization (WHO) declared the coronavirus a pandemic.
   • At the closing bell, the Dow Jones Industrial Average finished down around 2,350 points (down 10%). The S&P 500 plunged 9.5%, while the Nasdaq Composite Index tumbled 9.4%.
   • Stocks were deep in the red the entire session, which was paused for 15 minutes early in the day. Automatic suspension was triggered after the S&P 500's losses hit 7%.
   • On Thursday, equities erased their losses briefly after the US Federal Reserve announced measures to inject an additional US$ 1.5 trillion in cash into financial markets. The announcement, which came after European markets had closed, sent shares higher, but they dropped back by the end of the day.
3. Coming to the European markets now, the main UK index dropped more than 10% yesterday in its worst day crash since 1987. Losses on the UK's FTSE 100 wiped some 160.4 billion pounds in wealth from the market.
4. Frankfurt had its worst day since 1989, the year the Berlin Wall fell, while Paris suffered its biggest one-day loss on record.
5. However, European stock markets rallied this morning. The signs of a US stimulus package helped soothe fears about an economic shock. At the time of writing, European indices were trading mixed. Shares in London were up 4.1%, while the Paris CAC gained 3.5%. However, the Frankfurt DAX crashed 9.3%.
6. Stocks in Asia also saw consistent sharp falls throughout the week. Japan's benchmark Nikkei 225 index closed 6.1% lower today.
7. Shanghai was down around 1% as the number of new cases in China shrunk and people slowly returned to work in the worst-hit areas.
8. In Asia, circuit breakers were also triggered in many exchanges including India, Japan, South Korea, Indonesia, Thailand, and the Philippines this week.
9. Indian share markets saw their biggest ever single day fall this week. The indices today hit their lower circuit limits within 15 minutes of the opening session. This was seen the first time in 12 years that trading in Indian markets had to be halted. The carnage didn't continue, however, as Indian indices recovered after major free-fall as trading resumed after 45-minute halt.
   
   From there on, it was an upward rally as markets went on to witness buying interest and saw their biggest intraday recovery ever.
10. On a year-to-date (YTD) basis, the worst fall has been witnessed by European markets. Here's a view on how the world markets have performed since January 2020.

US Markets			European Markets			Asian Markets
The Dow	Nasdaq	S&P 500	London	Paris	Germany	Hang Seng	Nikkei 225	Shanghai	Sensex
-27%	-21%	-24%	-31%	-33%	-32%	-16%	-25%	-6%	-17%

This worldwide crash has put March 2020 into the history books. Now, how markets perform in the coming days will be something to watch out.



This article (Worst Week for Global Stock Markets: Coronavirus Impact in 10 Points) is authored by Equitymaster.

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Former Australia captain Allan Border has given a thumbs down to the concept of Australia hosting the ICC WorldT20 in empty stadiums in the wake of the COVID-19 pandemic. Currently, the Australian government has sealed its border for six months till September 30 to deal with the global health crisis which has claimed 61 lives and infected 6400 in the country. With the flagship event starting October 18, there are speculations that Cricket Australia might be forced to conduct matches in empty stadiums, something that is not acceptable to the World Cup winning former skipper.

"I just can't imagine playing at empty stadiums ... it defies belief," he told Fox Sports News. In fact, Border said that he doesn't see the World T20 happening if spectators are not allowed inside the stadiums as the purpose of the sport is lost. "Having teams, support staff and everyone else associated with the game wandering around the country, playing games of cricket, but you can't let people into the grounds. I just can't see it happening," Border said.

For him, it's an either-or situation for Cricket Australia. "It's either you play it and everyone just gets on with the job and we're past this pandemic or it just has to be cancelled and you try to fit it in somewhere else," said the 64-year-old Border.

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The International Cricket Council (ICC) is 'exploring all options available' to them to complete the World Test Championship amid the coronavirus pandemic. "We are continuing planning for ICC events as they are but given the rapidly evolving situation as a prudent and responsible measure we are also undertaking a comprehensive business contingency planning exercise," a source within ICC told ANI. "This includes exploring all options available to us based on a range of scenarios connected to the pandemic," the source added.

The source further added that as of now, no decision has been taken. The coronavirus pandemic has taken a huge toll on sports all across the globe and cricket also had to bear the brunt of the deadly virus as several series have been postponed owing to COVID-19. In the ongoing World Test Championship, a total of 71 Test matches will be played across 27 series over two years. The championship began on August 1 last year when Australia faced England in Ashes.

The top two teams will then contest in the ICC World Test Championship final in June 2021 in the UK. Currently, India hold the top spot on the World Test Championship table with 360 points followed by Australia and New Zealand with 296 and 180 points respectively.

The second ICC World Test Championship will run from July 2021 to June 2023.

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Binge watching has become the most common activity in the Coronavirus-forced lockdown. Mumbai's India all-rounder Shivam Dube is no different than the rest but his choice is rather unusual.

Dube, 26, who was drafted in the Indian team in place of injured Hardik Pandya (India v Bangladesh T20I series in November 2019), has been watching India's World Cup title campaigns spearheaded by MS Dhoni, for motivation.

India lifted the inaugural World T20 trophy in 2007 and the 50-over World Cup in 2011. "To keep my mindset healthy, I am watching India's two World Cup titles. They inspire me and provide me a pathway for what I can do for my country in the future. It keeps me motivated," Dube told Sunday mid-day on Saturday.

All-rounder Shivam Dube (right) with father Rajesh, mother Madhuri and sister Pooja at their Andheri East residence on Saturday

"I watched the 2011 ODI World Cup final many times because I am confident India can do it again [in 2023]. I also watched the T20 World Cup games several times. I think India are the best team in any format. I am sure we can win these two World Cups again," said Dube, who has featured in 13 T20Is and one ODI. Dube is working hard on his fitness at his Andheri East home. He was part of the Royal Challengers Bangalore team in the last IPL, where he scored 40 runs in four games. He was looking forward to playing the IPL again but it has been indefinitely suspended.

"I am missing everything of the IPL. It's difficult but we don't have a choice. We have to stay home and fight the virus," remarked Dube. But there are positives: "I am with my family after a long time, so I am helping my mother, father and sister as much as I can with household chores. I sometimes help my mother with cooking and cleaning. This also helps in bonding."

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The current crop of players cannot be compared to the likes of Rahul Dravid, Sachin Tendulkar and other past stars, according to former Pakistan batsman Mohammad Yousuf.

Yousuf, who faced the Indian team a number of times in bilateral series across formats and in the World Cup in his playing days, said that in the past, all teams had a few players who were of high quality.

"In the past, teams, such as India, Australia and South Africa, had three-four quality players in the side. India, for example, had players like (Rahul) Dravid, Sachin (Tendulkar), (Virender) Sehwag, (Sourav) Ganguly, (VVS) Laxman and Yuvraj Singh. These six batsmen were playing in a single team," said Yousuf during a TV show as quoted by Cricket Pakistan.

"The current Indian team does not have such batsmen. You can't compare the current players (such as Virat Kohli and Rohit Sharma) with the class of Sachin and Dravid," he said.

Kohli is constantly rated as the best batsman in the world. In ODIs, he is the second highest run-scorer for India of all time with 11,867 runs in 248 matches at an average of 59.33. He is only behind Sachin Tendulkar who scored 18426 runs in 463 ODIs and is ahead of the likes of Dravid, Sourav Ganguly and Yuvraj Singh despite having played far lesser ODIs than them.

Rohit Sharma has scored 9115 runs at an average of 49.27. In Tests, Kohli is the sixth highest run-scorer of all time with 7240 runs at an average of 53.62 in 86 matches.

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West Indies cricketers haven't received their match fees since January as Cricket West Indies (CWI) seem to be struggling to generate funds amid coronavirus pandemic which has stalled the game.

According to a report published in ESPNcricinfo, international West Indies men players have not been paid their match fee for the Ireland series at home and the subsequent tour of Sri Lanka in February-March.

Meanwhile, international women players of the country are owed match fees for the four matches they played in the Women's T20 World Cup held in February-March.

"Cricket West Indies is facing a tough time financially," CWI chief executive officer Johnny Grave told ESPNcricinfo. "Whilst all of our contracted players have received their salaries and allowances, and some players have received prize money and match fees, there is still money that is outstanding and we are trying to settle these player payments as a priority."

"We are two months behind making match fee payments," he added.

West Indies players' association secretary Wayne Lewis revealed players have been receiving their allowance salaries but not their match fees.

"The players who are contracted, their monthly salary (and allowances) are up-to-date," Lewis said. "The problem we are having is the retained players in the regional first-class competition have not been paid their match fees for the eight rounds that have been played so far."

Former Pakistan captain Ramiz Raja has also pointed out that it will become increasingly difficult for cricket board across the world to continue giving salaries to players and staff if matches are not held in the near future.

"Cricket fans are starved now and the coronavirus pandemic has brought life to a standstill but I don't think cricket boards can survive for long like this. They can't continue to pay out salaries and expenses without having cricket activities it would be disastrous for them," Raja said in a video uploaded on his Youtube channel.

"I would also urge the Pakistan Cricket Board to think on these lines and hold talks with other boards to see how cricket activities can be resumed even behind closed doors."

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The usage of artificial substances to polish the cricket ball, which effectively means ball tampering, could be considered for legalisation when the game resumes after the COVID-19 pandemic that has made bowlers wary of applying saliva on the red cherry. 'ESPNCricinfo' reported that administrators are "open to the option of allowing for the use of an agreed artificial substance to polish the ball under the supervision of the umpires", which amounts to ball-tampering as per the current rules governing the sport.

However, an ICC CEC member, who PTI spoke with, refused to say whether such a discussion will happen and only revealed that "saliva on the ball is something they will consider but at a later date when it looks like we will have a return to cricket." The matter of saliva being unsafe was raised by the ICC's medical committee and it would be addressed before cricket resumes. All sports activities have come to a halt after the coronavirus outbreak. Shining the ball is an integral part of Test cricket as it helps the bowlers swing the ball, both conventional and reverse.

If the move gets the go ahead, it would be quite ironic for the game's administrators after the 2018 ball-tampering controversy which led to one-year bans on Steve Smith and David Warner for conspiring to use sandpaper to alter the ball. Following the chief executives meeting of the ICC on Thursday, its medical committee, headed by Peter Harcourt, had issued an update.

"Our next step is to create a roadmap for the resumption of international cricket which will include a criteria for decision making and a checklist for what needs to happen. "This will consider everything from player preparation to government restrictions and advisories and bio-bubbles. The scale and complexity of getting cricket started again cannot be underestimated particularly with respect to a global event," Harcourt said. Australian pacer Josh Hazlewood recently said that Test cricket will become harder if the bowlers did not have enough means to move the ball.

"I think the white ball would be fine, (but) Test cricket would be very hard. Bowlers rely on any sort of sideways movement in the air," said Hazlewood. "If you didn't maintain the ball at all for 80 overs it would be quite easy to bat after that initial shine has gone. Whether you use saliva or sweat, maybe one person can do it.

Former India pacer Venkatesh Prasad supports the idea of not using saliva on the ball. "When the action resumes, they should use only sweat for some time as safety of the players is paramount," former pacer Prasad, who played 33 Tests and 161 ODIs for India, told PTI. However, he reckons it will be tough for the bowlers to stop all of a sudden.

"When you are in the thick of things, you tend to forget it. You have to get the upper hand over the batsmen as you can't use anything else besides sweat and saliva. "The question is what do you do when the batsman is pulping you? You need to swing the ball and what helps swing the ball is the aerodynamics," the 50-year-old explained.

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Michael Holding feels legalising ball tampering in the post COVID-19 world is a bit "self contradictory" while Proteas great Allan Donald is completely on the opposite end of the spectrum on a subject that has divided opinions. The International Cricket Council (ICC), during its recent CEC meeting, considered the use of artificial substances on the ball instead of saliva.

"I have read that ICC is contemplating preventing people from using saliva on the ball due to COVID-19 and allowing them to use foreign substances on the ball to keep the shine on but in front of the umpire. I don't understand the logic behind that," Holding told ESPNCricinfo. The West Indies great also questioned the ICC for shifting its stand on the issue by allowing foreign substance instead of saliva or sweat. "Before they got to that point they said if they restart cricket it has to be played in a bio-secure environment.

"They were saying cricketers for instance would have to isolate themselves for two weeks to make sure that everything was fine for when they got to the venue before the match started. And everyone involved (with the match) will have to do the same thing," he said. What Holding can't fathom is that if people quarantine themselves and then start playing, why saliva can't be used then.

"Now, if you are saying everyone is in the bio-secure environment, you are staying in the same hotel, you are not moving for the length of time you are playing the matches, if that is the case why are you worried about someone's saliva? "That person according to what you are doing should be free of Covid-19. If the ICC thinks that the two-week period to prove that you are free of Covid-19 is not foolproof, then that means you are putting everyone in that environment in jeopardy?

"Why would you want to play cricket under those circumstances? It's either safe or it's not. No guessing, please," one of the most respected voices in world cricket said. Pakistan legend Waqar Younis made it clear that use of saliva is a must and can't be done away with when competitive cricket resumes. "As a fast bowler, I reject this because this (using saliva and sweat) is a natural process. A ball exchanges hands all day, you run in, huffing and puffing, you sweat and using saliva is natural rather than on intent. It's a habit and you just can't control this aspect," Waqar said.

He felt that all these kind of ideas show desperation to start proceedings. "I don't know how this discussion came up but I feel people who want the game to be played are frustrated with the lockdown. They are overthinking about it. I doubt this new idea of using (artificial) substance instead of saliva is a solution.

"You can make a bowler use a predefined substance on the ball, but at the same time practically it's not possible to prevent a bowler using his sweat or saliva," Pakistan's current bowling coach said. Donald, however, is open to the idea. "I absolutely agree with legalising ball-tampering. I said so in an article sometime in the 2000s. It happens anyway, we see guys throwing the ball on the ground and umpires say to throw it up and it's pretty obvious what they are doing. It could work if it is well-monitored."

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Veteran batsman David Warner believes Australia's upcoming limited-overs tour of England will be scrapped because of the coronavirus pandemic. The Australians were scheduled to play three one-dayers and three Twenty20 matches against England in July. But last week the England and Wales Cricket Board delayed the start of their season until July 1 at the earliest and players may need some warm-up cricket before returning to the international arena.

There has been speculation the tour could be delayed until September, but Warner was doubtful if it would go ahead. "At the moment it's highly unlikely we're going to go over there given what's happened in England," Warner told cricket.com.au. He said the fact British Prime Minister Boris Johnson had been hospitalised with COVID-19 showed the gravity of the problem in the host nation.

"He's back up on his feet now and that's fantastic news, but there's a lot more to this than just sport being played," Warner added. Australia have already cancelled a two-Test tour of Bangladesh in June, and a limited-overs home series against Zimbabwe is also in doubt. Australia are due to host the Twenty20 World Cup in October-November, for which the International Cricket Council has said it is "exploring all options".

Cricket Australia is particularly keen to go ahead with a Test series against India due to be played after the T20 tournament, warning this month it could lose hundreds of millions of dollars if it were scrapped.

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Former India opener Gautam Gambhir feels that Rohit Sharma has made of an impact in white ball cricket as compared to Virat Kohli despite the Indian skipper's staggering statistics in shorter formats. Gambhir however, believes that Kohli will end up scoring more runs than Rohit. "For me, white ball cricket is all about impact. Kohli will end up getting many more runs than Rohit, and Kohli is among the greatest right now but Rohit has an edge over Kohli because of the impact he has," Gambhir said on Sports Tak, according to the India Today website.

Record-breaking stuff
"I think Rohit is the best white ball cricketer in the world right now. He is not the greatest overall but at the moment he is the best. He is the only player to have hit three ODI double hundreds, five World Cup hundreds [in one edition] and he is also the only player, who if he gets past the 100-run mark, makes people feel that he missed a double century [if he gets out]." Comparing Kohli and Rohit further, the 2011 World Cup winner said, "It is very difficult to compare them. Virat is unbelievable. His stats prove that. But when your reputation is such that when you get out after a hundred, people say he has missed out on a double hundred, that speaks volumes about you."

Virat Kohli. Pics/AFP

Rohit, 33, has 9115 runs from 224 ODIs at an average of 49.27 at a strike rate of 88.92. He has 29 hundreds and 43 fifties. In T20Is, Rohit has 2273 runs from 108 matches at an average of 32.62 and a strike rate of 138.78. Kohli, 31, meanwhile, has 11,867 runs from 248 ODIs at 59.33 and a strike rate of 93.25. He has scored 43 centuries and 58 half centuries. Kohli has 2794 runs from 82 T20Is at an average of 50.80 and a strike rate of 138.24.Gambhir felt that former India captain Mahendra Singh Dhoni had a key role to play in supporting Rohit and now it was time for Kohli and Rohit should groom youngsters in the current Indiah team in the same way.

'Groom youngsters now'
"Rohit is the prime example of how a player's fortunes can turn around if he is nurtured by the seniors. I hope the young cricketers in the current generation, be it Shubman Gill or Sanju Samson, they also get the similar kind of support. And now when Rohit is a senior, I expect him to back youngsters."

Gautam Gambhir

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Australia can deal with the challenge of getting teams into the country for the T20 World Cup but whether it is worth having the tournament in empty stadiums is the main point for consideration, feels sports minister Richard Colbeck. Travel restrictions and question marks over how long it would take to contain the COVID-19 pandemic has put the future of T20 World Cup and India's tour of Australia in doubt. Cricket Australia is staring at a staggering loss of 300 million Australian dollars if things don't go ahead as planned.

"I'd love to see an Australia-India Test series this summer and I'd really like to be able to see the World Cup go ahead "... the issue is not so much the teams as the crowds and that's probably one of the hurdles we really have to consider and probably one that world cricket will look at pretty closely as well," Colbeck told SEN Radio on Monday. He said logistics of hosting the event in the post COVID-19 world can be dealt with. "We all know the difference in atmosphere ... but in a team sense I'd like to think that we can build some protocols with the cooperation of the sport and the players, that's going to be extremely important, with appropriate quarantine and bio-security protocols to see if we can make the competition go ahead."

While T20 World Cup is scheduled for an October 18 start, India's tour of Australia will begin with a T20 tri-series in October and end with a four-match Test series in December. The legendary Allan Border has said it would defy belief to host a World Cup without spectators, while Australian all-rounder Glenn Maxwell and some other cricketers have also expressed similar sentiments. The International Cricket Council recenly said that preparations were still on for the 16-team tournament and a final decision will be taken by August.

Australia is considering making travel exemptions for the Indian team's tour Down Under to save the cricket board for the financial loss but Colbeck said they need to be careful in expanding exemptions to other nations for the T20 World Cup. "Those conversations are being had, discussions about what the protocols might look like," Colbeck said. "They will be difficult because one of the things that has been a key part of our success is that we limited access to Australia from areas where there were significant outbreaks of Covid-19 and that's contributed to the low rate of spread we have now. "But we would have to be prepared to consider appropriate plans put forward by the various codes."

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Australian spin legend Shane Warne has offered a unique answer to the question of how to swing the ball without using saliva or resorting to tampering in a post COVID-19 world -- make one side of it heavier to ensure that it doesn't need any shining. Warne feels it can help fast bowlers generate swing even on flat wickets and permanently eradicate ball-tampering. "Why can't the ball be weighted on one side so it always swings? It would be like a taped tennis ball or like with the lawn bowls," Warne told the Sky Sports Cricket Podcast.

There is speculation that the use of saliva to shine the ball will be stopped to cut down the risk of the highly contagious. Responding to the extraordinary situation, Australian manufacturer Kookaburra has started developing a wax applicator -- which could be ready in a month -- as an alternative to saliva and sweat to help bowlers shine cricket balls in the post COVID-19 world.

"I'm not sure you'd want it to hoop around corners like Wasim (Akram) and Waqar (Younis) but it could swing and give the seamer something on flat wickets when it's hot and the pitch is at its flattest on day two, day three," Warne said. "It would actually be a really good way to move forward, as you know no one needs to do anything to the ball.

"You wouldn't have to worry about anyone tampering with it with bottle tops, sandpaper, or whatever. It would be a good competition between bat and ball," he added. The iconic spinner said while bats have become bigger and lighter, the ball has not evolved over the years and his suggestion can bring about a balance. "Have a look at how the bats have evolved. If you pick up one of the bats you started with in the 80s, and then one you used at the end of your career, it's like four of your old ones stuck together - but the thing is lighter!

"So why has the ball not evolved? If anything, it has got worse," added Warne, who is currently in the middle of shooting a documentary on his life for Amazon.

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England star all-rounder Ben Stokes on Tuesday ran his first half marathon to raise funds for the National Health Services (NHS) Charities Together and national children's cricket charity Chance to Shine. The 28-year-old all-rounder completed the run in the one hour 39 minutes and 41 seconds. Stokes who has played 63 Test and 95 ODIs for England completed the marathon near his home and made an appeal to fans to donate towards the foundation.

"Please donate! That was so hard! it's all for a great cause: the NHS Charities Together and Chance to Shine foundation if you can please go and donate," said Stokes in a video posted on Instagram. "Guys please check my story if you are able to help out and donate towards @NHSCharities and @Chance2Shine ..I've just competed a half marathon to support the 3 guys with their efforts to raise money who did a full marathon in their back gardens," wrote Stokes on Instagram.

The left-handed Stokes on April 8 became the first English cricketer since 2005 to be named as Wisden's Leading Cricketer in the World. In 2005, Andrew Flintoff was named as Wisden's Leading Cricketer of the Year. The year 2019 proved as an instrumental year for Stokes as he played a key role in England's first 50-over World Cup win and then he went on to play a memorable inning against Australia during the third Ashes at Headingley.

Also, the English all-rounder was named as ICC's cricketer of the year in January 2020.

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Help continues to flow for virtually out-of-work cricket groundsmen in the city knocked down by the Coronavirus-caused lockdown.

Former Mumbai left-arm spinner and current Mumbai under-19 coach Rajesh Pawar, a product of maidan cricket, was at Shivaji Park on Thursday, distributing grocery packets to 16 groundsmen. "I spoke to a few of them over the phone, learnt about their situation and decided to do something about it. It's a small help from my side," Pawar told mid-day.

"I got a lot of calls after my friend Mandar Phadke [ex-Mumbai batsman] posted a picture of me distributing the packets on social media. Some said they are willing to help and I think we should all come forward to help the groundsmen and needy persons in this crisis," remarked Pawar. Each groundsman got four kilos of rice, a kilo of tur dal, two kilos of sugar, one litre of cooking oil and 250 gms of tea powder.

Mumbai Cricket Association (MCA) Apex Council member Nadim Memon also distributed groceries to groundsmen at Dadkar Maidan in Matunga, Azad Maidan, Cross Maidan and Oval Maidan. He also provided them financial assistance. Memon handed out cooking oil, wheat and other essentials that will last the groundsmen a month.

Meanwhile, a group of match officials headed by former Mumbai Cricket Association (MCA) managing committee member and BCCI umpire, Ganesh Iyer, who has been providing financial assistance to umpires and scorers ever since the lockdown began, helped a further 32 officials with Rs 1,500 each. Last month, 62 needy individuals (47 umpires and 15 scorers) were given Rs 3,000 each. Financial help in two more installments were granted to needy umpires and scorers apart from groceries. According to Iyer, the total expenditure towards this cause is around R4,78,000. "We thank all our contributors. Without their benevolence and support, we could not have done our bit," said Iyer.

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China has reported 99 new Coronavirus cases, the highest in a single day in recent weeks, and 63 fresh asymptomatic infections, taking the total number of patients in the country to 82,052, health officials said here on Saturday, amid concerns about a second wave of the pandemic.

According to China's National Health Commission, as of Saturday, a total of 1,280 imported cases were reported in China. Of them, 481 had been discharged from hospitals after recovery, and 799 were being treated with 36 in severe condition.

It said 99 new confirmed COVID-19 cases were reported on the Chinese mainland on Saturday, of which 97 were from people returning from abroad. Also on Saturday, 63 new asymptomatic cases, including 12 from abroad, were reported on the mainland. The NHC said 1,086 asymptomatic cases, including 332 from abroad, were still under medical observation.

Asymptomatic cases refer to people who are tested positive for the coronavirus but develop no symptoms such as fever, cough or sore throat. They are infectious and pose a risk of spreading to others.

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Nations around the world reacted with alarm Wednesday after President Donald Trump announced a halt to the sizable funding the US sends to the World Health Organisation. Health experts warned the move could jeopardize global efforts to stop the Coronavirus pandemic.

Trump said he was instructing his administration to halt funding for WHO pending a review of its role "in severely mismanaging and covering up the spread of the coronavirus." The United States is WHO's largest single donor, contributing between $400 million and $500 million annually to the Geneva-based agency in recent years. He has repeatedly labelled COVID-19 the "Chinese virus" and criticised the UN health agency for being too lenient on China, where the novel virus first emerged late last year.

EU 'deeply regrets' move
An investigation by The Associated Press has found that s ix days of delays between when Chinese officials k new about the virus and when they warned the public allowed the pandemic to bloom into an enormous public health disaster. The European Union said Trump has "no reason" to freeze WHO funding at this critical stage and called for measures to promote unity instead of division. EU foreign policy chief Josep Borrell said the bloc "deeply" regrets the suspension of funds and added that the WHO is now "needed more than ever" to combat the pandemic.

Stand with WHO: Oz
Australian Prime Minister Scott Morrison said he sympathised with some of Trump's criticisms of WHO and China but that Australia would continue to fund the UN health agency. Germany's foreign minister, Heiko Maas, pushed back at Trump's announcement. Devi Sridhar, chair of global public health at the University of Edinburgh, called said. "This is the agency that's looking out for other countries and leading efforts to stop the pandemic. This is exactly the time when they need more funding, not less. Trump is angry, but his anger is being directed in a way that is going to ultimately hurt US interests."

A selfish decision: Russia
Russia's Deputy Foreign Minister Sergei Ryabkov told state news agency TASS, "I's a sign of the very selfish approach of the US authorities to what is happening in the world." Chinese foreign ministry spokesman Zhao Lijian said the country is "seriously concerned" about the US government's decision to suspend funding and hinted at stepping up its monetary contribution to WHO. The WHO did not respond to repeated requests from The Associated Press for comment, but its but Director-General Tedros Adhanom Ghebreyesus tweeted, "There is no time to waste".

Now, Trump says states to decide on reopening economy

A day after claiming "total authority" in decision-making, Donald Trump on Tuesday said he would leave it to individual governors to decide on the reopening of the economy in their respective states, which in some cases could be even before May 1. COVID-19 has so far infected over two million people worldwide. In the US, over 25,000 have lost their lives and more than 6 lakhs have tested positive. Over 95 per cent of the 330 million population in the US are under stay-at-home order.

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The Treasury Department has ordered President Donald Trump's name to be printed on all stimulus checks being sent to millions of Americans struggling financially because of coronavirus. The unprecedented decision announced by the Treasury Department on late Monday, states that when recipients open the USD 1,200 paper checks, which the Internal Revenue Service (IRS) is scheduled to begin sending to 70 million Americans in coming days, "President Donald J. Trump" will appear on the left side of the payment, The Washington Post reported.

It will be the first time when a president's name appears on an IRS disbursement, whether a routine refund or one of the handful of checks the government has issued to taxpayers in recent decades either to stimulate a down economy or share the dividends of a strong one. The checks are the centerpiece of the US government's USD 2 trillion stimulus economic relief package to stave of the effects of the coronavirus pandemic. The package was passed by a bipartisan vote in Congress and signed by the President.

The Post reported that the decision is another sign of the president's effort to cast his response to the pandemic in political terms. Three administration officials, who spoke on the condition of anonymity, told the newspaper that Trump had privately suggested to Treasury Secretary Steven Mnuchin, who oversees the IRS, to formally sign the checks. However, the president is not an authorised signer for legal disbursements by the US Treasury. It is standard practice for a civil servant to sign checks issued by the Treasury Department to ensure that government payments are nonpartisan, the media reported.

Computer code must be changed to include the president's name and the system must be tested, these officials said. "Any last-minute request like this will create a downstream snarl that will result in a delay," said Chad Hooper, a quality-control manager who serves as national president of the IRS's Professional Managers Association. A Treasury Department spokeswoman, meanwhile, denied any delay and said the plan all along was to issue the checks next week.

Since the beginning, Trump has repeatedly called the legislation "a Trump administration initiative" and placed himself singularly at the center of what the government is doing to help Americans during the coronavirus response. About 150 million Americans and others are expected to receive the one-time payment. The first wave of recipients includes mainly people who filed a 2018 or 2019 tax return and gave the IRS their direct-deposit information.

Under the stimulus plan, single filers earning up to USD 75,000 a year will receive a payment of USD 1,200. Married couples earning up to USD 150,000 a year will receive a payment of USD 2,400. Parents will receive an additional USD 500 for each child under 17, the media reported.

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US President Donald Trump has warned China that it should face consequences if it was "knowingly responsible" for the spread of COVID-19, upping the ante on Beijing over its handling of the COVID-19 pandemic.

Trump, who has expressed disappointment over China's handling of the disease, alleged non-transparency and initial non-cooperation with the US on dealing with the crisis. "If they were knowingly responsible, yeah, then there should be consequences. You're talking about, you know, potentially lives like nobody's seen since 1917," he said on Saturday.

Trump said his relationship with China was very good till the time the deadly COVID-19 swept across the world. He said there was a big difference between a mistake that got out of control and something done deliberately. He also expressed his doubts over the official Chinese figures on the number of deaths in their country, claiming that the fatalities were way ahead of the US.

A premier Chinese virology laboratory in Wuhan, which is in the eye of the storm for allegedly being the source of Coronavirus, has for the first time refuted the charge that the deadly virus originated from his lab before it spread across the world and wreaked havoc.

Hungry, jobless turn to food banks in US

Thousands of families hit by the pandemic are turning to food banks to get by, waiting hours for donations in lines of cars stretching as far as the eye can see. And with 22 million people out of work seemingly overnight, the charities feeding homeless and scared people fear the day will come when they cannot cope with the tsunami of demand.

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A man disguised as a police officer went on a shooting rampage in Canada's Nova Scotia province, killing 16 people, in the deadliest such attack in the country's history, officials said, adding that the suspected gunman was also dead.

On Sunday, several bodies were found inside and outside a residence in the small town of Portapique, about 100 km north of Halifax, what police called the first scene, the Canadian Broadcasting Corporation (CBC) said in a news report.

Bodies were also found at other locations.

Overnight, police began advising residents of the town, already on lockdown because of the coronavirus pandemic, to lock their doors and stay in their basements.

Several homes in the area were set on fire as well.

Police identified the man believed to be the shooter as Gabriel Wortman, 51, who was thought to live part-time in Portapique.

Authorities said he wore a police uniform at one point and made his car look like a Royal Canadian Mounted Police (RCMP) officer.

Police first announced that they had arrested Wortman at a gas station in Enfield, outside Halifax, but later said he had died. It was not clear how, and they did not explain further.

RCMP spokesman Daniel Brien confirmed that 16 people had been killed in addition to the suspect, the CBC reported.

While they believe the attack did not begin as random, police did not say what the initial motive was.

RCMP Chief Superintendent Chris Leather said many of the victims did not know the shooter.

"That fact that this individual had a uniform and a police car at his disposal certainly speaks to it not being a random act," Leather was quoted as saying in the CBC news report.

He added that police believe he acted alone, adding that gunfire was exchanged between police and the suspect at one point.

In an update on Sunday evening, RCMP Commissioner Brenda Lucki said the incident was not being considered terror-related at this time.

Lucki said she believed the shooter had an initial "motivation" at the beginning that "turned to randomness".

"This is one of the most senseless acts of violence in our province's history," the CBC report quoted Nova Scotia Premier Stephen McNeil as saying.

In a statement, Prime Minister Justin Trudeau said: "As a country, in moments like these, we come together to support one another. Together we will mourn with the families of the victims, and help them get through this difficult time."

The number of victims in the Sunday rampage exceeds the shooting at Montreal's Ecole Polytechnique in 1989, which killed 14 women and injured 14 others in 1989.

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President Donald Trump has said he will sign an executive order to temporarily suspend all immigration to the US to "protect" the jobs of Americans and to fight the "invisible attack" on the country by the novel Coronavirus, a move that was widely criticised by the Democrats, including Indian-origin Senator Kamala Harris.
The outbreak has killed more than 42,094 people in the US, the country with the most fatalities in the pandemic, according to Johns Hopkins University, and more than 7,50,000 cases have been confirmed.

Details of Trump's executive order were not immediately known. He also did not indicate when he would sign such an order. His announcement comes as his administration seeks to reopen parts of the US from the crippling COVID-19 shutdown.

Donald Trump

However, the NBC News reported that the move "had been under consideration for a while," a senior administration official was quoted as saying by the report. The official said the details about how the plan would be implemented and how many countries would be affected "will be forthcoming," the report added.

Immigration has long been an issue of President Trump. He has been calling for a merit-based immigration system. Since the pandemic began, the administration had already restricted foreign visitors from China, Europe, Canada and Mexico. And also suspended all routine visa services, both immigrant and non-immigrant, around the world. "Trump failed to take this crisis seriously from day 1. His abandonment of his role as president has cost lives. And now, he's shamelessly politicising this pandemic to double down on his anti-immigrant agenda," Harris tweeted.

"It is about the message the president wants to send. He wants people to turn against 'the other.' And, regardless of the valuable contributions immigrants are making to the response and recovery, he sees immigrants as the easiest to blame," Ali Noorani, the executive director of the National Immigration Forum, was quoted as saying by CNN.

42,094
COVID-19 deaths in the US

Don't rush to ease restrictions, warns WHO

A couple gets ice cream in Ludwigsburg as Germany relaxes curbs. Pic/AFP

The World Health Organisation said on Tuesday that rushing to ease Coronavirus restrictions will likely lead to a resurgence of the illness, a warning that comes as governments start rolling out plans to get their economies up and running again. "This is not the time to be lax. Instead, we need to ready ourselves for a new way of living for the foreseeable future," said Dr. Takeshi Kasai, the WHO regional director for the Western Pacific.

Around the world, step-by-step reopenings were underway in Europe, where the crisis has begun to ebb in places such as Italy, Spain and Germany. The pandemic has killed over 1,70,000 people globally, close to two thirds of them in hardest-hit Europe, according to an AFP tally Tuesday at 0935 GMT. In total, 1,70,226 people have died worldwide, including 106,737 in Europe, and there are 2,483,086 recorded cases. Singapore Prime Minister Lee Hsien Loong on Tuesday extended the lockdown till June 1 and urged citizens to "persevere" with the strict restrictions, as the city-state reported 1,111 new cases, a majority them foreign workers living in dormitories, taking the total infections to 9,125.

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Sunlight kills COVID-19 while warmer temperatures and humid weather significantly damage the virus, measured in terms of the virus' half-life or the time it takes to cut its potency in half, according to the latest breakthrough research from the US Department of Homeland Security's most advanced biocontainment lab, released at the White House on Thursday.

The coronavirus outbreak in the US has killed nearly 50,000 Americans and infected more than 860,000 till date. Research around the effect of temperature and humidity has been gaining traction for weeks, these are the most downloaded papers on research websites but this is the first time the US government has put an official stamp on initial results of temperature tests on COVID-19.

"Our most striking observation to date is the powerful effect that solar light appears to have on killing the virus, both on surfaces and in the air. We've seen a similar effect with both temperature and humidity as well. Increasing the temperature and humidity or both is generally less favourable to the virus," Bill Bryan, chief of the science and technology directorate at the US Department of Homeland Security, said.

In a room at 70-75F temperature with 20 per cent humidity, the half-life of the virus is about an hour, according to Bryan. "But you get outside and it cuts down to a minute and a half, very significant difference when it when it gets hit with UV rays," he said.

According to the same research, the virus' half-life on surfaces reduces dramatically with a combination increase of temperature and humidity. When the temperate is kept constant at 70-75F and only the humidity is cranked up from 20 per cent to 80 per cent, the virus' half-life is shown to crash from 18 hours to 6 hours. If the temperature is increased to 95F, the half-life sinks to barely 60 minutes.

Bryan said this testing was done at DHS' advanced biocontainment lab in Maryland, just outside the national capital. Pointing to charts with data from experiments on the COVID-19 virus, Bryan said the virus half-life plunges "drastically" with exposure to higher temperatures and even minimal exposure to humidity.

Bryan said the DHS biocontainment lab is the only one in America that has the capability to do the kind of testing that has led to the research on the virus' UV and temperature tolerance.

Bryan explained the mechanics of the COVID-19 temperature tolerance experiment in simple terms. He said the virus was first locked into a 5-gallon bucket and suspended in the air inside. "We're able to take a particle of a virus and suspend it in the air inside of this drum and hit it with various temperatures, various humidity levels, multiple different kinds of environmental conditions to include sunlight. And we're able to measure the decay of that virus while it's suspended in the air. This is how we do our aerosol testing."

"While there are many unknown links in the COVID-19 transmission chain, we believe these trends can support practical decision making to lower the risks associated with the virus," Bryan said. The DHS team has also tested the effect of bleach and isopropyl alcohol on the virus, "specifically in saliva and respiratory fluids".

"And I can tell you that bleach will kill the virus in five minutes, isopropyl alcohol will kill the virus in 30 seconds, and that's with no manipulation. No rubbing."

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