Emphasising on the plight of migrants and the money being charged from them for ferrying them back to their home, Congress interim chief Sonia Gandhi on Monday said that the party will bear the cost of their rail tickets.

In a statement, Sonia Gandhi said, our workers and labourers form the "backbone" of our economy and their hard work and sacrifice are the foundation of our nation.

She said that as the Central government barely gave a four-hour notice of the lockdown, workers and migrant labourers were denied the opportunity to return to their homes. Post the partition of 1947, this is the first time India witnessed a tragedy with such a massive human cost as thousands of migrant workers and labourers were forced to walk home several hundred kilometres on foot - without food, without medicines, without money, without transportation, without anything except for the desire to return to their families and loved ones.

"The very thought of their plight is enough to break our hearts as there was also the outpouring of support from fellow Indians for their inspiring resolve," she said.

The Congress leader lamenting at the government said, "What is the responsibility of our government? Even today, lakhs of workers and migrant labourers are languishing in different parts of the country and wish to return to their homes and families but there is neither adequate money nor provision for free transport."

"What is particularly disturbing is that the Central government and the rail ministry are charging them for train tickets in this hour of crisis," she said.

Sonia Gandhi said, "The Congress has, therefore, taken a decision that every Pradesh Congress Committee (state unit) shall bear the cost for the rail travel of every needy worker and migrant labourer and shall take necessary steps in this regard."

"This will be the Congress' humble contribution in service of our compatriots and to stand shoulder to shoulder in solidarity with them," she said.

Her remarks came amid the reports that the migrants were being charged for their travel by trains to their respective states.

The railways has earlier said that it was charging the state governments for the Shramik special train tickets.

The railways also clarified that the Shramik Special trains are meant for "nominated people" identified and registered by state governments and the railways will not issue any tickets to any individual or entertain any request from any groups.

The railways has started to run the Shramik Special trains for transporting the labourers from May 1, almost 40 days after the passenger, mail and Express trains services were suspended.

Till now the national transporter has run over a dozen of Shramik Special trains on the request of the state governments to ferry the migrant labourers.

Emphasising on the role of labourers in country's growth she said that they are the ambassadors of our nation's growth.

Attacking the government, she further said that when our government can recognise its responsibility by arranging free air travel for our citizens stranded abroad, when the government can spend nearly Rs 100 crore on transport and food, etc. for just one public programme in Gujarat, when the Rail Ministry has the largesse to donate Rs 151 crore to the PM's corona fund, then why can't these essential members of our nation's fabric be given a fraction of the same courtesy, especially free rail travel, at this hour of acute distress?

She said that Congress has been raising the issue of transporting the migrants from the outset of the lockdown.

"There needs to be provisions for the safe and free rail travel of migrant workers and labourers to their home-towns. However, despite our repeated demands, the Central government and the Rail Ministry have chosen to completely ignore the same," she said.

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Union Health Minister Dr Harsh Vardhan on Wednesday said that he will hold a meeting with the Maharashtra Chief Minister to discuss the worsening COVID-19 situation in the state, as 34 out of its 36 districts are affected by the infection.

"The situation in Maharashtra is certainly a matter of concern right now as 34 out of 36 districts are affected by COVID-19. I will hold a meeting with the Chief Minister as well to discuss further course of action to control spread of the virus in the state," the Minister said at a press conference here.

The situation in Maharashtra is certainly a matter of concern right now as 34 out of 36 districts are affected by #COVID19. I will hold a meeting with CM as well to discuss further course of action to control spread of the virus in state: Union Health Minister Dr Harsh Vardhan pic.twitter.com/g2Ez09pNLM

— ANI (@ANI) May 6, 2020

"Mumbai, Pune, Thane, Nagpur, Nashik, Aurangabad, Solapur, among the 34 districts are a cause of concern for us," he added. The Union Health Minister further said the Centre's aim was to ensure that no new cases come up from districts in Maharashtra and assured all help to the state in the coming days.

"There are 1,026 containment zones in Maharashtra right now, as per my knowledge. The team from Centre and doctors are stationed there and we will give further help to Maharashtra as per the need," the Minister said.

According to the Union Ministry of Health and Family Welfare, Maharashtra had 15,525 COVID-19 cases as of Wednesday morning, including 617 deaths. However, 2,819 patients have been cured and discharged after receiving treatment for the disease.

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Remember when you used to sit in front of the television with your family to watch your favourite shows? Fighting for the remote and almost crying when you miss the first 5 minutes because of that? Quarantine comes with a lot of free time in our hands. While ongoing shows going on hiatus indefinitely, bring back memories with these shows from the past to keep you company.
Here are 6 on-air shows that will surely bring back all the delightful memories:

Two and a Half Men:

Two and a Half Men follows the life of a hedonistic jingle writer, Charlie Harper, his uptight brother, Alan and Alan's growing son, Jake. Charlie's free-wheeling life is complicated when his brother gets divorced and moves, along with his son, into Charlie's beach-front Malibu house. Aptly named, the series is humorous and entertaining to the T. Watch this eccentric family get through their lives only on Colors Infinity at 7 pm from Monday to Friday.

FRIENDS:

Who doesn't know about this bunch of unconventional friends break all norms to relate the best bond ever? We've all dreamed of having such friends, haven't we? The story follows the life of 6 friends struggling yet having fun as they cope with adulting. Prepare yourself to fall in love with every single one of them only on Comedy Central, Monday to Friday at 7 pm.

The Walking Dead:

Escaping grave danger and trying to stay alive under near-constant threat of attacks from the mindless zombies, colloquially known as "walkers", a group of survivors led by police officer Rick Grimes travel in search of a safe and secure home. Follow their difficult and tedious journey through the trials only on Starworld.

Mike and Molly:

Michael Biggs, an overweight police officer, meets Molly Flynn, a school teacher, at a Chicago Overeater's Anonymous group. Attempting to lose weight, both find themselves developing feelings for the other. Catch their sweet romance and hilarious moments only on Comedy Central, Monday to Friday at 10 pm.

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Work from home is not ending any time sooner, and nor is boredom! Online meetings, Skype calls, turning your bedroom into a conference room, everything has been done now. As the lockdown extends, we are here to share some good shows which highlight workplace fun. While some are still running successfully to tickle our funny bone, and a few are long forgotten. So, let's take a look at them right away!

The Office:

 

 

 

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A post shared by The Office (@theofficeus) onOct 29, 2014 at 6:09am PDT

How can anyone miss out on this one? Dark humour, mockery on people who work together, same place, same people, for numerous years, The Office was not only loved and appreciated by many that time but is still considered as one of the classics. Steve Carell's over-the-top behaviour, John Krasinski's witty responses, everything in The Office is outright hilarious. It is currently streaming on Amazon Prime Video.

Grey's Anatomy:

This medical drama is extremely relatable? Courtesy, the doctors are always in the hospital. Working nonstop for god-only-knows how many hours. Do they get some sleep? Yes, in-between, on the stretcher! People who are workaholics will surely relate to the world Meredith Grey and her 'people' belongs too. 

Ugly Betty:

For all the Indians, this one might be a familiar show but with a different name. Do you remember Mona Singh's 'Jassie Jaisi Koi Nahi?' Yes, it was a remake of the popular American show, Ugly Betty. Do we need to say anymore?

Silicon Valley:

 

 

 

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A post shared by Silicon Valley (@siliconhbo) onNov 12, 2019 at 7:39am PST

Available on Disney+ Hotstar, Silicon Valley shares the story of a few geeks, living in Silicon Valley and cracking a big deal out in their startup. The entire journey to make it big in the world filled with some great brains and massive competitors, Silicon Valley has to share its struggles in the world of successful people.

Superstore:

Have you ever imagined the life of the store-runners? Exactly! It's not easy. They have to handle the crowd, look after the supplies, arrange, rearrange and reorganize everything in every single aisle. It is difficult! Yes! And that is what Superstore is all about.

Fun, isn't it? The workplace is fun!

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Hollywood star Bruce Willis' family is finally all together, after his wife Emma Heming Willis and their daughters moved in with his former wife Demi Moore. The 65-year-old actor has been spending the last four weeks separated from Emma and their two girls, Mabel and Evelyn, due to the coronavirus lockdown.

 

 

 

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It’s Bruce’s birthday today! 🎉🎈🎂 And where I could use this space to write endlessly about him, let’s be real, he’s never going to see this post because he’s not on social media. So instead I’ll take this moment to ask everyone to please follow the @cdcgov guidelines closely so that we’re all safe and can move through this quickly and effectively so we can get back to some kind of normalcy, please. Look after yourselves and especially our elderly! 🙏🏽 #publicserviceannouncement #covid_19 #flattenthecurve #staywell #birthdayappreciation #brucewillis

A post shared by Emma Heming Willis (@emmahemingwillis) onMar 19, 2020 at 9:56am PDT

Bruce has been staying with first wife Demi, their daughters Scout, Rumer and Tallulah Willis, as well as Tallulah's boyfriend Dillon Buss. Bruce and Emma were in touch over Instagram till now, reports mirror.co.uk. The family reunion happened just ahead of Evelyn's sixth birthday on Tuesday.

Emma has shared several pictures of the ranch in Sun Valley, Idaho, where Bruce and Demi raised their now-adult daughters while they were still married. Emma even filmed Bruce pushing Evelyn on a swing.

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"The Transporter" franchise director Louis Leterrier might direct the sequel of Will Smith's "Bright". Streaming giant Netflix is in talks with Leterrier, also known for "Now You See Me", "Clash Of The Titans" and "Unleashed", to lend his touch to the fantasy actioner "Bright 2", in which Smith along with Joel Edgerton will be reprising their roles, reports variety.com.

The report also claimed that Netflix is "planning to begin shooting the sequel once it's able to start production" after the coronavirus pandemic. The script for "Bright 2" is written by David Ayer and Evan Spiliotopoulos, with a rewrite by TS Nowlin. Ayer directed the first part, which released in 2017.

"Bright" was an action-thriller that takes place in an alternate present-day south Los Angeles. For "Bright", Ayer picked up a story with modern day sensibilities set in the present day, but added mythological characters to give a fantastical touch to the story while addressing real issues.

Despite getting mixed response, "Bright" became one of Netflix's most streamed films thanks to its star cast. The streaming platform in 2018 announced plans to make a sequel but Ayer, best known for directing the 2014 war drama "Fury", opted out of helming "Bright 2".

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If you are a budding entrepreneur and an avid watcher of TV shows, you must be certainly thinking of which product to launch post the lockdown and if there are any shows out there that can help you better assess the target audience, risks, financial aspect amongst other facts that are involved with launching your own business.

While business markets and sectors are certainly a tough place to be in with a humongous competition, here are a few shows that will give you a glimpse of the entrepreneurial world with a few lessons that will help you through your journey.

Silicon Valley

Created by Mike Judge, Silicon Valley is a critically-acclaimed sitcom that follows the struggle of a group of young software programmers and developers trying to succeed in Silicon Valley. The show features the challenges new entrepreneurs face to make an impact in the competitive environment of Silicon Valley, despite having a game-changing product. Silicon Valley recently completed its 6th season and can be viewed in the country on Disney+Hotstar

Shark Tank

Shark Tank, the critically acclaimed and multi-Emmy Award-winning reality show that has reinvigorated entrepreneurship around the world, recently returned with its dynamic eleventh season. The Sharks – tough, self-made, multi-millionaire and billionaire tycoons – continue their search to invest in the best businesses and products that America has to offer. Watching this show will give you an insight of all aspects of the business world as you will develop the insight of a venture capitalist mind. Season 11 of Shark Tank is exclusively streaming on Voot Select while its television premier on 18th May 2020 on Colors Infinity

Billions

Think of Billions as the high-finance counterpart to House of Cards and you will not be far off the mark. Damian Lewis and Paul Giamatti are superb as, respectively, the win-at-all-costs head of a massive hedge fund and the win-at-all-costs district attorney determined to put him behind bars, although both are thoroughly upstaged by the even better Maggie Siff as the woman who keeps both at the top of their game. This show emphasizes on the importance of being street smart and ahead of the game. The latest season of Billions is streaming in the country on Disney+Hotstar

Empire

Created by Lee Daniels and Danny Strong, Empire is a drama series that tells the story of Empire Entertainment, a fictional hip hop music and entertainment company, and the drama that unfolds among the members of the founders’ family as they fight for control of it. The show will familiarize you with the importance of always staying on top of your game, the show is streaming in the country on Disney+Hotstar

Startup

StartUp follows the emergence of GenCoin, a brilliant yet controversial tech idea centred on a digital currency — an idea that gets incubated on the wrong side of the tracks by three strangers who don’t necessarily fit the mould of 'tech entrepreneurs' and a crooked FBI agent who will go to any lengths to take them down. The series is available to watch in the country on Amazon Prime India.

Tune-in to these compelling entrepreneurial shows for all the inspiration you need to begin your journey towards your dreams.

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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

England football star Jesse Lingard's model friend Laura Bragato is hoping the Manchester United player likes her latest pictures from a shoot for Playboy magazine.

Italian Laura, who shot topless for the magazine's Croatian edition before the global lockdown, told British newspaper Daily Star: "I haven't shown him [Jesse] the pictures yet but for sure he will appreciate them like all my friends."

Jesse Lingard

Laura met Jesse during the 2018 FIFA World Cup in Russia and the pair have since kept in touch via text messaging. "I spoke to Jesse recently, and he is staying home like the rest of us. He is safe," Laura added.

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Putting on weight is a common fear during this Coronavirus-caused lockdown. However, England football star Jamie Vardy's wife Rebekah prefers to deal with the issue in a lighter vein. While most celebs are posting pictures and videos of their workouts and chiselled frames, Rebekah uploaded this picture (right) on social media, showing off her flabs, a term she coined for her flabby abs.

Former model Rebakah, a mother of five, admitted that her weight-gain is because of excessive eating which included eating cookies and drinking wine.

"I've seen a lot of pics of people's amazing abs in lockdown so thought I'd share my cute little [FL]abs with you as well," Rebekah, 38, wrote on Instagram, going on to explain her daily diet. "For anyone interested in following my lockdown eating plan, it involves three quite healthy meals per day with my family, then I top up with a consistent intake of three cookies in between meals and after meals. Then, I make sure I'm keeping myself well hydrated with wine in the evenings," added Rebekah, concluding with a cheeky line: "I also do yoga."

 

 

 

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I’ve seen a lot of pics of people’s amazing abs in lockdown so thought I’d share my cute little (FL)abs with you as well. For anyone interested in following my lockdown eating plan it involves 3 quite healthy meals per day with my family, then I top up with a consistent intake of 🍪🍪🍪 in between meals and after meals & then I make sure I’m keeping myself well hydrated with 🍷🍷🍷 in the evenings. I also do yoga 🧘‍♀️ #keepitreal #nofilter #freetheflabs #loveyourbody ❤️

A post shared by Becky Vardy (@beckyvardy) onApr 29, 2020 at 10:30am PDT

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Manchester City midfielder Kevin De Bruyne believes the Premier League season will be finished despite the coronavirus pandemic "because the financial aspect is far too important". "My feeling is that we may be able to train again within two weeks. The government wants to restart football as soon as possible to give people something. I think this season will be finished," De Bruyne told Belgian daily Het Laatste Nieuws.

"The financial aspect is far too important in the Premier League. If the season is not finished, it will cause serious problems," he added. Clubs were presented with the league's "Project Restart" plans at a meeting on Friday and were told the remaining 92 matches of the 2019-2020 season must be played at neutral venues. De Bruyne also said he was optimistic about City's participation in next season's Champions League. UEFA has banned the club from European competition for the next two years for "serious breaches" of financial fair-play rules.

"The club told us they're going to appeal and that they're almost certain to get their way. I'm waiting to see what happens, but I trust my club," said De Bruyne. The 28-year-old Belgium international admitted he would be forced to consider his City future if the ban was upheld. "Once we know more, I will make a decision. Two years without playing in Europe would be long but in the case of one year I might see," he said. bnl/jr/mw/nr

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Liverpool striker Divock Origi said it will be painful if they don't win the Premier League title despite being 25 points ahead at the top when the season was stopped abruptly in the wake of coronavirus pandemic.

The Belgian, however, agreed that safety of players and fans is the most important thing in these unprecedented times and there are things in life which just cannot be controlled.

"It would be painful if we can't get that title now. But there are things in life you cannot control. Safety is the most important thing now," Origi told Het Laatste Nieuws as per Daily Mail.

The Reds were on course for their first-ever Premier League title before the season was stopped on March 13. The last time Liverpool lifted the league trophy was 30 years ago, before the Premier League era.

Jurgen Klopp's troops lead the way with 82 points in 29 games while second-placed Manchester City remain 25 points behind with one game in hand.

Former Liverpool defender Fabio Aurelio had earlier said that the Reds should be declared champions if the current season cannot be finished.

"Even if the title is not officially recognised, everyone knows that the title belongs to Liverpool," the 40-year-old said in an interview to Globo Esporte news portal.

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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.

Last month, SEBI had asked credit rating agencies not to consider any delay in payment of interest or principal loan amount arisen solely due to the nationwide lockdown conditions as a default.

The stress in the Indian mutual fund industry due to the pandemic impact deepened after Franklin Templeton MF decided to wind down six of its debt schemes. The lack of liquidity and redemption pressure compelled FTMF to take the extreme step.

In this economic environment, Mutual Fund houses are concerned about companies that are likely to delay and default in payments. Many companies have sought deferment/rescheduling of payment due to COVID-19 related disruptions. In order to minimize the resultant damage, market regulator SEBI recently provided temporary relaxation in valuation norms for instruments mutual funds hold.

SEBI has asked valuation agencies to avoid treating delays in payment of interest/principal or extension of maturity of a security as default for the purpose of valuation of money market or debt securities held by Mutual Funds, if it has been caused solely due to COVID-19 pandemic lockdown and/or in light of the moratorium permitted by RBI.

[Read: Will Mutual Fund Houses Act Against Companies Approaching Courts To Prevent Rating Downgrade Amidst COVID-19?]

"In view of the nationwide lockdown and the three-month moratorium/ deferment on payment permitted by RBI, a differentiation in treatment of default, on a case to case basis, needs to be made as to whether such default occurred solely due to the lockdown or loan moratorium", SEBI circular said.

SEBI has stated that in the above mentioned scenario, if there is any difference in the valuation of securities provided by two valuation agencies, the conservative valuation shall be accepted. This revised norm will be in effect until the RBI's period of moratorium.

However, AMCs shall continue to be responsible for true and fairness of valuation of securities.

Mutual fund houses have to mark the value of their assets based on valuations provided by valuation agencies appointed by AMFI.

At present, a debt or money market security is classified as 'Default' if the interest and/or principal amount has not been received on the day such amount was due; or when such security has been downgraded to 'Default' grade by a credit rating agency. Default denoted that the security is below investment grade.

This leads to mark down of the respective security and thereby impacts NAV of the scheme.

SEBI's move provides some relief in this regard. It will ensure that all fund houses follow a uniform approach while dealing with defaults/delay due to COVID-19.

Will it make investment in debt fund safe?

SEBI has not yet provided any moratorium on commercial paper and corporate bond repayment. According to a report published in Livemint, Rs 1.5 trillion worth of commercial paper and corporate bonds will be maturing in the first quarter.

As mentioned earlier, AMCs shall continue to be responsible for true and fairness of valuation of securities. But in the absence of rating downgrade from valuation agencies, fund houses cannot side-pocket their exposure to a defaulting company. Therefore, we may still see some write-offs if the AMC finds recovery to be difficult even after the relaxation period.

COVID-19 has impacted businesses across sectors. Some sectors such as NBFCs were under stress even before the pandemic. The default risk has thus amplified.

The relaxation of valuation would delay the issue, but downgrades would arise subsequently. Spike in number of side pockets (by fund houses) may thus become imminent.

My colleague, Rounaq, rightly mentioned yesterday, losses the investors suffer will be directly proportionate to the stress, pressure mutual fund houses and their investors will face. Eventually retail and High Net-worth Individuals, particularly, will lose confidence and may not be keen to invest in debt funds.

What should investors do?

In these uncertain times, it would be wise sticking to liquid funds and overnight funds for the fixed-income part of your portfolio and avoid funds that take higher credit risk. Alternatively, if you prefer safety of capital, invest in Bank fixed deposits.

Choose a fund house that follows prudent investment process and stringent risk-management system.

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.

SEBI has time and again taken steps to tighten norms for debt funds. As an investor, if you take portfolio risks, align it with your own risk appetite and financial objective.

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.

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

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.

Last week the mutual fund industry was jolted by the news of Franklin Templeton MF winding down six of its debt schemes. The fund houses cited high redemption pressure and lack of liquidity due to COVID-19 as the reason behind the move.

There has been a rush of redemption in the debt market due to high volatility and uncertainty caused by the outbreak of pandemic. The stress is more evident in high-risk category of securities where liquidity has dried up. Notably, the schemes that were wound up belonged to the high credit risk category.

The recent FTMF fiasco led RBI to take note of the situation and step up to build confidence in the capital market.

On April 27, 2020, RBI announced the opening of a special liquidity facility (SLF-MF) worth Rs 50,000 crore to ease liquidity pressure on mutual funds.

Under SLF-MF, RBI will conduct repo operation of 90 days tenor at the fixed repo rate. Banks can avail funds under this facility between April 27, 2020 and May 11, 2020 or up to utilization of the allocated amount, whichever is earlier. RBI will review the timeline and amount, depending upon market conditions.

Banks have to utilise the funds availed under this exclusively for meeting the liquidity requirements of MFs by:

• Extending loans, and
• Undertaking outright purchase of and/or repos against the collateral of investment grade corporate bonds, commercial papers (CPs), debentures and certificates of Deposit (CDs) held by MFs.

The liquidity support under this would be eligible to be classified as held to maturity (HTM) even if it goes beyond the 25% limit of total investment in the HTM portfolio.

Will banks come to the aid?

For banks, availing funds at a lower rate (repo rate) and using it to purchase investment grade, which generally carry higher interest, and holding them till maturity seems like a good opportunity, but they may not be as enthusiastic to come to the aid of MFs.

You may recall that few days ago, RBI came out with a similar liquidity window worth Rs 50,000 for NBFCs. Of these, 50% of funds had to be dedicated towards investment in investment grade bonds, commercial paper, and non-convertible debentures small and mid-sized NBFCs and MFIs.

NBFCs who have been dealing with liquidity crunch for quite some time now is one of the worst affected sectors with rising risk of bad loans amid the COVID-19 outbreak.

As a result, the first tranche of the operation worth Rs 25,000 crore conducted few days ago received bids for just Rs 12,850 crore.

Similarly, the stress in debt mutual fund segment is not new - some categories of debt funds have been facing redemption pressure ever since the IL&FS debacle came to light. Banks may be reluctant to lend to mutual funds with higher exposure to lower quality papers, which have been lacking in liquidity.

If banks do lend to MFs it may be limited to those with good quality papers. This will not serve the intended purpose of the facility.

Many mutual funds investing in credit-risk grade securities may have offloaded good quality papers to meet the high redemption and may be now left with only lower quality papers. Risk aversion in banks has magnified due to rising fear of bad loan pile up. Hence, banks may not be keen to accept lower quality papers as collateral.

Besides, some mutual funds may already have high borrowing rate availed to fund redemptions and further borrowing may not be a viable option for them.

Thus, if redemption pressure continues, liquidity strain will continue in schemes carrying higher exposure to lower rated securities. Hence, RBI may have to come out with alternative steps to deal with issue that would infuse liquidity directly to mutual funds rather than relying on banks.

Word of caution for investors in debt funds

RBI and AMFI have assured investors that stress in capital market is confined to the high-risk debt MF segment at this stage; the larger industry remains liquid.

In the current market volatile and uncertain environment, it would be advisable to stay away from credit risk schemes. However, do not resort to panic selling. Doing that will have an exponentially negative effect on funds, primarily those having exposure to moderate and low rated assets.

Redemption pressure may force the fund managers to sell good quality papers in the portfolio in the secondary market and pile up exposure to low rated assets because it will be difficult to liquidate at fair value.

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.

Moreover, choose a fund house that follows prudent investment process and stringent risk-management systems.

In these uncertain times, it would be wise to stick with liquid funds and overnight funds for the debt part of your portfolio as they are highly liquid and carry lower risk.

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.

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.

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

Author: Divya Grover

This article first appeared on PersonalFN here.

Join Now: PersonalFN is now on Telegram. Join FREE Today to get 'Daily Wealth Letter' and Exclusive Updates on Mutual Funds

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.

While sports stars across the globe are trying their hands at doing things they never got to do thanks to the Coronavirus lockdown, Bulgarian tennis star Grigor Dimitrov has revealed he will be taking up a course at the Harvard Business School soon.

In a column for the ATP Tour website, Grigor wrote: "I'm starting a course at Harvard Business School in a few weeks. It's something I've always wanted to do. I loved being in school, but haven't had the chance to experience it to the extent that I would have wanted to. Now I have the time to do something new and different."

Grigor, who is currently in California, USA, during quarantine, added: "I decided to stay on the west coast of the US once it was announced that Indian Wells was cancelled. Tennis players are creatures of habit, so I still make sure to structure my day. Go to bed on time, wake up early, be productive in the morning. I'm a crazy fanatic when it comes to laundry and have been doing that twice a day."

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It is said that a friend in need is a friend indeed, and tennis champion Serena Williams is happy to be just that. Recently, when she was asked in an online interview by model Naomi Campbell to speak about good friend Meghan Markle (wife of Prince Harry), Serena sidestepped a question to protect her friend from any possible negative publicity.

In February, Meghan and Harry parted ways with the British Royal family and moved to USA, making global headlines. "Are you happy that your girlfriend Meghan Markle has moved to America," Naomi asked Serena. "Don't know what you're talking about," Serena replied. Naomi persisted: "They're on the West Coast. It's a big deal!" But Serena stuck to her stand: "Never heard of her, don't know her."

Serena and Meghan's friendship dates baack to 2010 when they first met at a Super Bowl party. She also attended her royal wedding in 2018 and even hosted Meghan's baby shower. However, the tennis champ has always worried about the negative press surrounding Meghan.

At a Wimbledon press conference last year, Serena had said: "There's negative media out there. Any time I see her [Meghan] name attached to anything, I don't read it. She couldn't be a better friend to me. Low moments, high moments, she's always there, and that's all I want to be to her."

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Tennis stars like Serena Williams, Maria Sharapova, Naomi Osaka, Kei Nishikori and others will participate in a virtual charity tennis tournament. IMG is the company coordinating the tournament titled "Stay at Home Slam" and it will be streamed on Sunday on Facebook Gaming and on the tennis Facebook page of IMG. Two-person teams will compete using the Mario Tennis Aces game on Nintendo Switch.

Competitors will play the video game from their homes across the country, and each will receive $25,000 donated to the charity of their choice, with the winner of the tournament receiving an additional $1 million in donation. "I am proud our IMG tennis clients came together so quickly to support a multitude of great causes," said Max Eisenbud, SVP of tennis clients at IMG as per the official website. "It is a testament to the people we work with across all our divisions that we were able to bring this to life in such a short amount of time."

"It's been incredible to see the creative ways athletes are using social media to support people during this difficult time," said Evan Shugerman, Facebook Athlete Partnerships Lead. "We're excited to be partnering with IMG to contribute to those efforts, which will bring some of the world's top athletes together on Facebook for an entertaining and impactful competition."

Legendary tennis player John McEnroe and popular YouTube personality iJustine (Justine Ezarik) will be commentating the matches.

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This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

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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When we meet them on a windy November afternoon, the quartet that calls itself Sanam (named after lead singer/composer Sanam Puri) is comfortable taking questions on, and dealing with fame. They could be the biggest band in India, say insiders. Their YouTube channel has 208 million subscribers and enjoys 14 million views per month. And they have fans across South Africa, Trinidad, Netherlands, Bangladesh, England, Nigeria, and even Suriname. "We just realised the other day that there isn't a country in the world that hasn't visited our channel," says Keshav Dhanraj, drummer. Thank God Indians are everywhere, we say, and he laughs, "Yes! Bangladesh is the biggest consumer of our music!" And they admit that they are drawing in more women than men. "It's quite a tough fight," says bass guitarist Venkat Subramaniyam, who is scrolling through figures as we talk over watermelon juice at the clubhouse of their plush residential complex in Madh-Marve. "It's 50:50," he adds, "women are more active on social media, I mean they comment more, but otherwise the gender ratio is roughly equal."

Pic/Nimesh Dave

It has taken them a while to get here. Brothers Sanam and guitarist Samar Puri, from Delhi, Subramaniyam, from Bengaluru and Dhanraj, from Chennai won a contest called SUPASTARS hosted by a recording label in 2010. Free gigs, great for exposure, but not of particular value, followed, until they met their manager Ben Thomas. "Under Ben's guidance, we started making videos and music of all types [originals and Hindi, English covers], says Dhanraj. Their first song, Hawa Hawa, saw a decent traction. But then, a cover of Lata Mangeshkar's Lag Jaa Gale got them almost 36 million views (and counting).

But their success is also a product of consistency. The first-time visitors on their channel often discover other songs, which they may not have done as well when they released, but gradually gained popularity. "So, our song, Dua [23 million views] which is an original, got popular after people had already discovered us through perhaps a cover version of some song, and wanted to listen to other stuff," says Sanam. They do remember the time that they tried first to get their songs heard. "I have been banned by Facebook so many times because I have spammed so many people [in an attempt to get them to hear our music]!" laughs Dhanraj. "I remember tagging people in the comments section of our videos. Facebook only allows 10 mentions per comment. So, you can imagine how many comments I posted!" smiles Sanam.

Today, they have the numbers, but they won't take their success for granted. They try and put up at least one new video every month (original or cover), update their social media accounts every few hours, and tour the country and outside. They now have a team that handles the logistics, including mixing and editing of videos, so they can "concentrate on the music". "We used to do it all ourselves. Now, it's about making music we are proud of so that you, the listener, likes it."

Ask them if they will ever ditch covers for originals only, and they have a smart, sorted reply. "In India, originals are respected more. We get that, and we aim to make more and more of them. But in many countries we visit, our fans are into the classics, like Mohammed Rafi's songs, and we want to give them what they want. They are our unique versions, they carry our stamp, in any case," says Subramaniyam.

As we leave them, they tell us about their musical influences, and there are some surprising answers. Sanam doesn't listen to much else because he doesn't wish to influenced, but if he must, he will pick, "strings and background music". Subramaniyam loves funk and blues, and Dhanraj and Samar like Arabic tunes. As Samar says, "We sing in all languages, and with our success and fan base, we now get that music really does have no language."

So far, 70 Indian words have made their entry into the Oxford dictionary, including jugaad, natak and chup along with desi delicacies such as gulab jamun and keema. Last month, the Oxford Dictionaries decided to go ahead and announce its decision to include another Hindi word, this time something that resonates with 2017. It can be a word or a phrase that reflects the mood and preoccupations of the year. It called on Hindi speakers across the country to help in the task. Following suggestions from the people, the word will be chosen by the Hindi Dictionaries team at Oxford University Press (OUP) along with an advisory panel of language experts, next month. We, at Sunday mid-day, decided to do our bit, by reaching out to people connected to the language to share their top nominations.

AADHAAR
Picked by: Varun Grover,
comedian and writer of Masaan
A word that was supposed to instill faith in the citizens, has become an irritant at best, given the constant threats by banks and phone companies [to link bankc accounts,etc. to Aadhaar]. It gets worse because of the impending invasion of privacy it so arrogantly wants. What's left is us waiting for it to be linked to the atmosphere so that oxygen supply to non-complying citizens can also be cut off.

MAST
Picked by: Ishita Moitra,
dialogue writer for Noor, Half Girlfriend
I looked up the meaning of 'mast' in the Oxford dictionary and it said, a tall upright post, spar, or other structure on a ship or boat, in sailing vessels generally carrying a sail or sails. Certainly not, what Akshay Kumar had in mind when he sang to Raveena Tandon in Mohra. So I decided that mast would be my submission. It's an pan-India word. It simultaneously means cool, awesome, sexy, entertaining, and indicates a state of happiness and ecstasy. It can also be used to describe everything from Virat Kohli's shot, to the new Varun Dhawan film or a spirited aunty at a sangeet function. Originally a Persian word that means intoxicated, mast was usually used to denote a state of spiritual euphoria. Now, it is often used to signify someone who is high on life. The slowdown of the economy, censorship, the rise of extremism - 2017 has been dark, and we are in dire need of some mast-ness.

DHAAKAD
Picked by: Ian Ibex,
Hindi rapper
Dhaakad is used for someone who is powerful and strong, someone people are afraid of even. This year we have seen hordes of women take on sexual offenders. Whether it was through a Facebook or Twitter post or the #metoo campaign, there was a certain fearlessness associated with responding to sexual harassment. This bravado was the highlight of 2017.

SAAL GAYA EK, SHABD GAYE ANEK
Picked by: Dr Madan Meena,
folklorist and editor of The People's Linguistic Survey of India
I pick this phrase because I believe language dies gradually with the death of its vocabulary. Due to the imposition of dominant languages of commercial or political importance, minor languages die a lonely death. This year has witnessed growing support for Hindi to be scheduled as a national language. In contrast, I remember people like Shamshuddin Neelgar of Sawai Madhopur (Rajasthan), the dyer who passed away this year at the age of 95. With him, the names of more than two dozen colour shades and the technical words associated with his profession, in the Talheti language, are gone forever. Neither Hindi, nor any other dominant language can substitute them.

GST
Picked by: Kumud Chaware,
former political editor
Nobody, not even Hindi publications and regional newspapers, refer to it as 'vastu evam seva kar' which is the Hindi word for GST. If I look back, GST set the mood for 2017, and people began talking about it like it was a hurricane set to rip us apart. For instance, it was common to hear people say, “GST aane wala hai, yeh khareed lo; GST aane wala hai, wahan chale jao”, irrespective of whether you were aware of what it entailed. Funnily, most of us still haven't been able to wrap our head around whether this tax is beneficial or not.

TANASHAHI, ZULM AUR MANMANI
Picked by: Nadira Babbar,
theatre actor and producer of Hindi theatre This year, we saw so many arbitrary decisions taken by the government. While demonestisation was announced at the end of 2016, its effects were experienced right until now. If that wasn't enough, they rolled out GST which has disrupted the common man's life. Milk, which you earlier got for Rs 17, now costs Rs 28. We are suffering, because somebody in power has taken decisions without thinking through their consequences. This amounts to tanashahi, manmani.

JHUNJNA
Picked by: Qais Jaunpuri,
Writer and man behind popular storytelling show Aao Kahein Dil Ki Baat
The people of this country were already facing trouble because of the effects of demonetisation, but like a cherry on the cake, the government launched GST. It disrupted our lives. Moroever, cow politics took its worst form. We continue to see innocent people live in fear of violence. You never know what is coming your way, so you have be prepared for the worse and we must all be prepared to 'tackle'.

JUNOON
Picked by: Prateek Kuhad,
singer-songwriter known for bilingual lyrics
People around the world are uniting to fight racial segregation, gender inequality and support refugee rehabilitation. We still have a long way to go to entirely uproot these problems, and we find enough people on the other side of the fence disagreeing with what we say. Yet, it's inspiring to see a sizeable section of the people, of various genders, cultures, nationalities and race, come together to voice their opinion, and strive for a more evolved value system. These people are not driven by individual leaders, but by mass empathy for a cause. So, I pick the word junoon.

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

Fast bowler Josh Hazlewood is a "bit" surprised that Cricket Australia is struggling financially due to the COVID-19 pandemic but said players will work together with the governing body to overcome the crisis. With the coronavirus outbreak halting all cricketing action, Cricket Australia (CA) has laid off 80 per cent of its staff for the rest of the financial year which ends on June 30. Reports suggest that CA will run out of cash by August. "I was a bit surprised there but there has to be some impact, no doubt," Hazlewood was quoted as saying by 'Sydney Morning Herald'. Hazlewood said the financial crisis will hit cricketers too and they are ready for a reduced salary.

"We are no different from any other sport. It just depends how long it hangs around as to how much it is going to affect us, I guess. If it leads into next summer, it will be quite serious," Hazlewood said. "We're obviously partners in the game and we've always said that. We have ridden the highs and now its probably time to ride the lows, a little bit." CA and Australian Cricketers' Association (ACA) had an ugly pay dispute in 2017 but Hazlewood said relations have improved since and hoped this crisis will be handled better this time. "I think the relationship is a lot better now, between the ACA and CA. It's developed a long way in the last 18 months to two years, probably," he said. "... so that will go a long way towards having this episode (handled) a lot better than last time. It's all positive from our end and I think, from both ends. "Hopefully it's a lot better communication this time and I think you will see that in the coming weeks and the coming months. As long as they show a lot of transparency on all the numbers, all the players will be pretty happy with that."

According to the MOU signed in 2017, CA has to provide ACA with revenue estimates and a national contract list for the upcoming summer by April 30 and Hazlewood expects the deadline to be met so that players can be better prepared for the financial fallout. "April 30 is what the players want and it's in the MOU but I guess these are strange times. Anything can happen," Hazlewood said. "The ideal (situation) is that they're put out before April 30 and obviously then we will know, financially, what we can get ready for and how much of a percentage is lost and how much of our contracts are affected. "The sooner we know that, the more we can plan for the next 12 months." The global health crisis, which has killed more than 1.6 lakh worldwide, has put this year's T20 World Cup and India's tour of Australia under threat.

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Former South Africa captain Graeme Smith on Tuesday said his country will welcome back former Kolpak players willing to be part of the domestic structure as he sees it as a possible way to provide more depth to the national team. Kolpak registrations, which give sportsmen from countries with associate trade agreements with the European Union the same rights as EU workers, are set to be terminated at end of 2020 following the UK's exit from the EU.

Dozens of South African cricketers have signed lucrative contracts with county cricket sides over the years but this automatically disqualifies them from playing for the national team. "With Kolpak coming to an end, I guess the willingness is always to have our best players in the system. It is up to the players to come back into the system and to make decisions on their careers," Smith, who was recently appointed as Director of Cricket by his Board, said. "From our perspective, we want to encourage all our best players to play here domestically, and then give themselves the opportunity to be selected for the national side," he was quoted as saying in 'Sky Sports'.

Kyle Abbott, Wayne Parnell, Rilee Roussow and Duanne Olivier are among the more prominent names to have taken Kolpak deals over the years, while Dane Paterson, who played two Tests against England in January, is the latest to do so. "We don't ever want to exclude players from being part of our system and we understand that the landscape of the world game is very different now to what it was," Smith said. "Open minds and how we look at these things is going to be key to how we keep our best players ¿ how we keep them motivated and in our game."

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Swashbuckling India opener Rohit Sharma believes the presence of David Warner and Steve Smith will make the tour of Australia later this year a "different ball game" for the his side, which is also at its best right now. India won the 2018-19 Test series 2-1, their first in 71 years of touring Down Under, but it came against a depleted Australian team which didn't have Warner and Smith, who were both serving a one year ball-tampering suspension.

"I was looking forward to the New Zealand series but unfortunately, injury (calf muscle) happened at the wrong time," Rohit told 'India Today' on Wednesday. "I can't wait to go to Australia and play the Test matches there. Australia in Australia with those two guys will be a different ball game," India's white ball vice-captain said.

For him, opening is a challenge that he has relished and a testimony to that was his stupendous start against South Africa at home. However, he has been ready for the job since the 2018 Australia tour when the team management gave him enough hints. "I was told you might be opening in Tests as well. It was two years ago. I was preparing myself from then onwards," he said.

For him, watching the game from the dressing room is no fun. "You wanted opportunity, everybody wants to be out there in the middle. I wanted to play and not watch the game. "When the chance came along, I was ready. There were some technical aspects, I needed to be aware of," he said. Rohit said the Australia series will be an exciting one as this Indian team is currently playing its best cricket.

"As a team, we are playing best cricket right now, everybody wants to take the game back to the opposition. If it happens (amid the COVID-19 pandemic), it will be a great series to be part of," he said. The tour is planned between October and January but there is speculation on whether it can be conducted smoothly amid the global heath crisis which hasn't shown any signs of being under control as of now.

Indian cricket legend Sachin Tendulkar, who will turn 47 on Friday, will not celebrate his birthday due to the ongoing coronavirus crisis in the country.

A source close to Tendulkar revealed cricketer's decision to ANI.

The whole country is currently dealing with the COVID-19 crisis which has claimed more than 600 deaths so far in India. In an attempt to contain coronavirus, Prime Minister Narendra Modi on April 14 extended the nationwide lockdown until May 3.

Several sports personalities have come forward to contribute to PM-CARES Fund to help the country combat coronavirus.

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Indian fast bowler S Sreesanth has heaped praise on legendary cricketer Sachin Tendulkar's son Arjun and said that the 20-year-old will definitely play for India.

The speedster also said that Arjun has a brilliant action and a great rhythm.

In 2019, Arjun was picked for Rs five lakhs, after an intense bidding process, by Akash Tigers Mumbai Western Suburb for the second season of the Mumbai T20 League.

The all-rounder was one of the favorite players as almost every team had bid for him which led to an intense bidding session.

Sreesanth first wished Sachin Tendulkar a happy birthday on Twitter and the batting legend replied to the former pacer on social media as well. 

Thanks for the wishes Sree! My best wishes to you and everyone at home. Stay healthy Stay safe.

— Sachin Tendulkar (@sachin_rt) April 27, 2020

"Thanks a lot Sachin Paaji..u made my day, great to hear from you..love and warm regds to all at home..nd great to c Arjun doing well ..he is got a brilliant action nd great rhythm..he will surly play for India," Sreesanth said while replying to Sachin in a tweet.

Thanks a lot Sachin Paaji..u made my day, great to hear from you..love and warm regds to all at home..nd great to c Arjun doing well ..he is got a brilliant action nd great rhythm..he will surly play for 🇮🇳✌🏻🤗🤗🤗

— Sreesanth (@sreesanth36) April 27, 2020

Sreesanth has played 27 Tests and 53 ODIs for India. He has also played 10 T20Is and was a key cog in the bowling wheel of team India during ICC T20 cup 2007 in South Africa.

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The Board of Control for Cricket in India (BCCI) president and former skipper Sourav Ganguly on Thursday expressed grief over the demise of the two Bollywood legendary actors Rishi Kapoor and Irrfan Khan and said that he will miss them.

Taking to Twitter Ganguly wrote, "One life .. live to the fullest and happiest .. nothing else matters .. just a reminder. Will miss u both."

One life .. live to the fullest and happiest .. nothing else matters .. just a reminder . Will miss u both pic.twitter.com/BgpruQOy02

— Sourav Ganguly (@SGanguly99) April 30, 2020

India Test vice-captain Ajinkya Rahane also extended condolences over the passing away of the two great actors of the cinema industry.

"First Irrfan Khan ji and now Rishi Kapoor ji. Feel really sad about this huge loss for all of us. May their soul rest in peace," Rahane tweeted.

Actor Rishi Kapoor's family on Thursday issued a statement on his demise detailing how the veteran remained jovial and determined to live to the fullest right through two years of cancer treatment. He passed away at 8:45 am IST, the Kapoor family said.

In September 2019, Rishi and wife Neetu returned to India after almost a year in New York for his cancer treatment. During this time, the couple was visited by scores of celebrities from Deepika Padukone to Priyanka Chopra and many others.

Rishi Kapoor was admitted to the Sir HN Reliance Foundation Hospital in Mumbai on Wednesday. In September 2019, the veteran actor returned to Mumbai after staying in New York for almost a year for cancer treatment. He was last seen in the 2019 film 'The Body' alongside Emraan Hashmi and Shobita Sobhita Dhulipala.

This has been a terrible week for the Indian film industry. On Wednesday, ace actor Irrfan Khan had also passed away, aged 53. The internationally renowned actor passed away at Mumbai's Kokilaben Hospital while battling rare cancer.

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With the world coming to a standstill due to the coronavirus pandemic, former and current sportspersons have been interacting on social media to keep fans engaged and former Pakistan fast bowler Shoaib Akhtar has said that he would love to take up an offer to coach the Indian fast bowlers.

In an interview on social networking app Helo, Akhtar said that he has never stepped back from sharing his knowledge and he would be more than happy to do the same with Indian bowlers.

Asked if he was open to coach the Indian team if such an offer came, he said: "I will definitely. My job is to spread knowledge. What I have learned is (ilm) knowledge and I will spread it. I will produce more aggressive, fast and more talkative bowlers than the current ones who will tell-off the batsmen in a way that you will enjoy a lot."

Earlier, Akhtar had proposed a series between India and Pakistan to help raise funds to fight the pandemic. While former India skipper Kapil Dev was against the idea, Akhtar found the support of former captain Shahid Afridi.

"The entire world is fighting against coronavirus and we need unity in our region to defeat this common enemy. Such negative comments don't help at all. I don't see anything wrong with Shoaib Akhtar's suggestion for Pakistan and India to play cricket.

"Kapil's reaction has surprised me. I expected better from him and feel one should not talk like this in these crisis times. Sport is supposed to bring people together and build bridges. It is pretty disappointing," he said.

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England star all-rounder Ben Stokes will run his first ever half marathon on Tuesday 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 who admitted that the longest he had ever run was 8 km, will be running a half marathon near his home. "A half marathon is always been something that I've thought about doing a but never really got around to overdoing it. Obviously we have been in lockdown so I thought what a great option to go out and if I'm going to do it I might as well try and raise some funds for a good cause," Stokes said in an Instagram video.

Stokes got inspired by the efforts of three men who ran full marathons in their back gardens over the weekend. "I will be hopefully inspiring people to make some donations towards the Cricket Garden Marathon, I'm just trying to add some more funds to what they've managed to do for the great cause," said Stokes. "I've done absolutely no training, the longest distance that I've ever run is 8 kilometres. So, I don't even know I'm going to be able to complete it but hopefully, I can," he added.

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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India skipper Virat Kohli on Tuesday teased ace batsman Cheteshwar Pujara by sharing a throwback picture from a Test match against Australia.

In the photograph, the skipper can be seen taking a one-handed blinder at second slip while Pujara glances at Kohli from a fair distance.

First session after lockdown be like 👀 @cheteshwar1 I hope you will go for the ball pujji 😜😜 pic.twitter.com/5DAGgpzbbw

— Virat Kohli (@imVkohli) May 5, 2020

The Indian captain wanted Pujara to be fit before the first practice session of the team once the coronavirus enforced nationwide lockdown is lifted.

"First session after lockdown be like ?? @cheteshwar1 I hope you will go for the ball pujji," Kohli tweeted.

Pujara who has played 77 Test matches came up with a witty response and said," Yes captain, and I shall catch it with both hands @virat.kohli."

Indian skipper Kohli is widely hailed as the run-machine and has many records under his belt.

In 86 Test matches, he had 7,240 runs studded with 27 centuries and 22 half-centuries. In 248 ODIs, he has amassed 11,867 runs with an average of 59.33.

In the shortest format of the game, he has played 82 games in which he slammed 2,794 runs at an average of 50.80 with the help of 24 fifties.

On the other, Pujara has been a key cog in the batting wheel of team India in the longest format of the game. He has amassed 5840 runs at an average of 48.66.

Both cricketers are currently spending time with their families as the COVID-19 pandemic as brought all sporting action across the world to a grinding halt.

Kohli would have been in action for Royal Challengers Banglore (RCB) had the Indian Premier League (IPL) commenced from March 29.

However, the tournament has been suspended indefinitely due to the coronavirus pandemic.

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India captain Virat Kohli recently took to Twitter to share his views on playing behind closed doors exclusively on Star Sports show cricket connected, "It’s quite a possible situation, it might happen, I honestly don’t know how everyone is going to take that because we all are used to playing in front of so many passionate fans, I know it will be played at a very good intensity but that feeling of the crowd connecting with the players and the tension of the game where everyone goes through it in the stadium, those emotions are very difficult to recreate."

Wondering what 🏏 would be like inside an empty stadium?

Catch #KingKohli's take on this possibility on #CricketConnected:

⌛: Every Saturday & Sunday, 7 PM & 9 PM
📺: Star Sports & Disney + Hotstar pic.twitter.com/5thch2J6Bu

— Star Sports (@StarSportsIndia) May 8, 2020

Virat Kohli went on to add, "Things will still go on, but I doubt that one will feel that magic happening inside because of the atmosphere that was created. We will play sports how it is supposed to be played, but those magical moments will be difficult to come by."

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India's limited-over vice-captain Rohit Sharma in an Instagram Live with Australian opener David Warner said India's tour of Australia, which is scheduled after the T20 World Cup, will be a "great way" to restart international calendar.

'Love playing Australia'

"I love playing against Australia. When we won last time [in 2019], it was great for us. You guys [Warner and Steve Smith] were missing [due to ball-tampering bans]. "What our bowlers and batters did there was amazing. I am looking forward to the upcoming tour already. Hope both boards manage to get the series underway. Will be a great way to kick off cricket in the world," Rohit said.

India won their first Test series in Australia, and Warner said he was feeling helpless watching his team lose. "Watching that series was hard as you can't do anything from the outside. But I want to say that India has the best pace attack against left-handers. They zero in one spot and keep bowling there. "Mentally, it was great for Indian cricket but it was hard to watch. I felt helpless," said Warner.

The southpaw said it is unlikely that the T20 World Cup will be staged in his country in October-November because of the COVID-19 pandemic. "The ICC World Cup will not go ahead here by the looks of it. It will be difficult to get everyone (16 teams) together," he said. Warner is also not enthused by the idea of playing in front of empty stands, like Australia did against New Zealand in Sydney in March before the ODI series was called off.

Bizarre experience

"It was a bizarre experience. You could only hear echo of the cricket ball. It was bizarre. We are used to calling 'yes and no' while running between wickets but we did not need to do that. It was literally like playing a warm-up game."

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The novel Coronavirus outbreak has created an atmosphere of uncertainty but everybody has been trying to create hope in some way or the other.

This picture is of two fairy penguins standing side by side and comforting each other which watching the Melbourne skyline.

The Twitter user captioned the images, "Couldn't stop thinking about these penguins enjoying the Melbourne skyline together. So I found the original photographer and apparently they're both widowed. I can't handle it."

 

 

 

View this post on Instagram

Pinguins Part 2. “... Love is the only game in which we win even when we lose” The way that these two lovebirds were caring for one another stood out from the entire colony. While all the other penguins were sleeping or running around, those two seemed to just stand there and enjoy every second they had together, holding each other in their flippers and talking about penguin stuff. Pain has brought them together (see PART 1). I guess sometimes you find love when you least expect it. It’s a privilege to truly love someone, paradisiacal when they love you back. 📸 @tobiasvisuals • (Even though it is very similar to the previous image I thought it’d be a pity to not share it with you guys)

A post shared by Tobias Baumgaertner (@tobiasvisuals) onApr 13, 2020 at 5:01pm PDT

He also explained that the penguins had been standing on the rock for hours. He clicked the pictures about a year ago but shared them once again so that people could enjoy the heartwarming moment during such times.

According to him, it was a volunteer who revealed that the white penguin was an "elderly lady" who lost her partner and the one to the left was a "younger male", who lost its partner too.

"During times like this, the truly lucky ones are those that can be with the person/people they love most. I captured this moment about a year ago. These two fairy penguins poised upon a rock, overlooking the Melbourne skyline and were standing there for hours, flipper in flipper, watching the sparkling lights of the skyline and ocean. A volunteer approached me and told me that the white one was an elderly lady who had lost her partner and so did the younger male to the left. Since then they meet regularly comforting each other and standing together for hours watching the dancing lights of the nearby city. I spent 3 full nights with this penguin colony until I was able to get this picture. Between not being able or allowed to use any lights and the tiny penguins continuously moving, rubbing their flippers on each other's backs and cleaning one another, it was really hard to get a shot but I got lucky during one beautiful moment. I hope you enjoy this moment as much as I did. #lovewillalwayswin." (sic)

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As Europe and the US loosen their lockdowns against the Coronavirus, health experts are expressing growing dread over what they say is an all-but-certain second wave of deaths and infections that could force governments to clamp back down.

'Risking a backslide'

"We are risking a backslide that will be intolerable," said Dr Ian Lipkin of Columbia University's Centre for Infection and Immunity. Around the world, German authorities began drawing up plans in case of a resurgence of the virus. Experts in Italy urged intensified efforts to identify new victims and trace their contacts. And France, which has not yet eased its lockdown, has already worked up a "re-confinement plan" in the event of a new wave.

"Typically pandemics occur in waves across different places, so people shouldn't think we are getting out of the woods just yet," the Guardian quoted Irwin Redlener, a physician and director of the National Centre for Disaster Preparedness, as saying.

US health officials worried

In the US, with about half of the states easing their shutdowns, public health authorities are worried. "If we relax these measures without having the proper public health safeguards in place, we can expect many more cases and, unfortunately, more deaths," said Josh Michaud, associate director of global health policy with the Kaiser Family Foundation in Washington.

Trump admin shelves CDC guide to reopen

A detailed report by the top Centers for Disease Control and Prevention investigators meant to give step-by-step advice to local leaders deciding when and how to reopen public places such as day care centers and restaurants during the still-raging pandemic has been shelved by the Trump administration. The report was supposed to be published last Friday, but agency scientists were told the guidance "would never see the light of day," said a CDC official.

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With most auto-stocks down by nearly 40-70% since February 2020, the post-COVID-19 scenario might see consumers move away from all forms of shared mobility to more personal forms of transport

Once the menace of COVID-19 pandemic is over, a new ecopolitical order will emerge which will be more focussed on human development, infrastructure around health and education, climate preservation and most importantly on people

Franklin Templeton: The fund house has not given any clear indication about the possible timeline within which it will liquidate all its investments and return investors' money

Besides lending against securities held by MFs, banks have been allowed by the RBI to do outright purchase of more than 25 per cent of Hold Till Maturity (HTM) securities in mutual funds portfolios in the absence of liquidity in the secondary market

UC Davis researchers have designed a plug-in interface which will usher in the new generation of compact medical devices. "We think there is a huge

Canada's auditors general have published a collaborative report on the country's response to climate change, which raises concerns about the success of the action taken by governments.

China plans to actively expand imports and open up to foreign investment by reducing tariffs and taxes, according to a work report released by the Government ahead of the annual parliamentary session.

Kanpur administration has directed all pharmacies to register the name, address and contact number of people buying paracetamol or medicines for cough, cold and fever or breathing problems.

During a February 13, 2020, webcast, the OECD presented economic analysis on the potential impact of what it has proposed on international tax reform to address the digitalization of the economy.

The OECD has recently launched a new program – the International Compliance Assurance Programme – being spearhead by the Forum on Tax Administration that is aimed at providing assurance to multinationals with regards to their transfer pricing affairs.

On April 25, 2020, German Chancellor Angela Merkel said that Germany would attempt to seek agreement on a financial transaction tax and a minimum corporate tax when it assumes the presidency of the European Union in July 2020.

New mobile connected device can transform data collection say experts.

The Pyawt Ywar pump irrigation scheme, on which the project focused, was established in 2004 by Myanmar’s Irrigation and Water Utilisation Management Department. Designed to increase agricultural production and achieve food

The International Water Management Institute is promoting the Solar Irrigation for Agricultural Resilience (SoLAR) initiative to expand the use of solar irrigation systems throughout Bangladesh, India, Nepal, and Pakistan.

The International Water Management Institute is promoting the Solar Irrigation for Agricultural Resilience (SoLAR) initiative to expand the use of solar irrigation systems throughout Bangladesh, India, Nepal, and Pakistan.