Miguel Azevedo of Citi discusses the coronavirus pandemic's impact on Middle Eastern nations, mergers and acquisitions, and economic activity in the Muslim holy month of Ramadan.

Given the "strong profitability" of banks in the Gulf Cooperation Council countries, the oil price shock and the coronavirus pandemic are unlikely to deplete their capital base, says Mohamed Damak of S&P Global Ratings.

The initial upside target for the Nikkei 225 is the historical resistance level near 23,000, according to Daryl Guppy.

Kelly Grovier at BBC Culture writes a piece that perfectly illustrates the pitfalls of the popular belief that earliest attestation is the same thing as word creation. Her thesis is that “it was often female writers who sculpted the fresh coinages that kept language rippling with poignancy and power.” She illustrates it by combing the […]

Two weeks of coronavirus shutdown were enough to hit Air France-KLM with an 815 million-euro ($880 million) first-quarter operating loss, the airline group said on Thursday - predicting demand could take "several years" to recover.

The goons of BYOB take on an all-time classic dungeon with a slightly adjusted equipment list. What's the CR adjustment on a bulldozer anyway? So the boss should have *scribbles* 2d6+6 slimes now, hmm... with +1 hardhats, yeah! *scribbles*.

Experts tell the BBC that euphoria over success models runs the risk of people becoming complacent.

The CEO of Methodist Homes says a secure supply chain from government would mean avoiding inflated prices.

Former World no.1 badminton player Kidambi Srikanth has said that he was not happy with the unexpected break from the sport activities due to the lockdown amid the COVID-19 pandemic.

Srikanth last played at the All England Championships in March, where he lost to China's Chen Long in the first round. "I am not really happy with this forced break. We, as players, usually would like a break from the regular stretch of tournaments, training and then playing tournaments again," Srikanth said in his column on Hindustan Times.

"Having said that, this is not exactly the kind of break we want to take. You do not want to be in a position where you cannot even train. Hence, this period is really very frustrating as neither can you go out, train or pretty much do anything." Srikanth said that most of his time went in sleeping and he spends about 15 minutes every day working out.

"With so much time available and nothing much to do, I have been sleeping mostly; that is where most of my time goes. I sleep for 12 to 14 hours every day, after which there is little time left anyway," he said.

Srikanth had been in the middle of a race against time to seal qualification to the Tokyo Olympics when the coronavirus pandemic exploded on a global scale. It ultimately led to an unprecedented postponement of the Olympics itself to 2021.

Catch up on all the latest sports news and updates here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

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

Innovation Driven Approach and Creative Content Soars Radio City’s Share% to 12.4% (Source: RAM, Delhi, 12+ All)
Mumbai : May 08, 2018: Radio City 91.1FM, India’s leading radio network, backed by its innovative and enriching content has yet again dominated the capital city of India, emerging as a strong no.2 radio station as per the RAM (Radio Audience Measurement) ratings in Delhi for the week 12-15, 2018. Pioneering unique 360-degree intellectual properties spread across entertainment genres and superiority in programming content helped, Radio City secure a remarkable Share% of 12.4% over the past four weeks.
Radio City is #2 based on Share % in Delhi. (Source: RAM, Markets: Delhi, Demographic: 12+ All, Statistic: % Share, Daypart: Mon-Sun 12 am - 12 am, Place of Listening: All, Week 12-15 2018).

Commenting on the performance, Mr. Abraham Thomas, CEO, Radio City said, "We are very excited to see growth in reach for Radio City in Delhi over the past few weeks. These ratings reinforce the loyalty conferred by our listeners in the city and encourages us to continue our effort in providing them with enriching content. Our innovation first approach has truly paid off as we can see that our station has emerged No.2 in Delhi amongst listeners and advertiser. Truly Dilli ki Rag Rag Mein Daude Radio City”

Radio City has also emerged as the No.1 player as per the latest RAM ratings In Bangalore with Share % of 25.4% Source: RAM, Market: Bangalore, Demographic: 12+ All, Statistic: % Share, Daypart: Mon-Sun 12 am - 12 am, Place of Listening: All, Week 12-15 2018). Radio City ranks No 1 in Mumbai with Share % of 16.5% Source: RAM, Market: Mumbai, Demographic: 25-44 Sec AB, Statistic: % Share, Daypart: Mon-Sun 12 am - 12 am, Place of Listening: All, Week 12-15 2018).

Radio City’s consistent top rating once again proves its popularity in one of the most competitive and prominent markets by providing its listeners with innovative and clutter breaking content

About Radio City 91.1FM:

Radio City, a part of Music Broadcast Limited (MBL) is a subsidiary of Jagran Prakashan Ltd. Radio City was the first FM radio broadcaster in India and brings with it over 16 years of expertise in the radio industry. as on March 31, 2017, Radio City reached out to over 52.5 million listeners in 23 cities covered by AZ Research (Source: AZ Research Report).

Music Broadcast Limited currently has 39 stations, including 11 newly acquired stations in Phase III auctions. Radio City in its third phase expands to Kanpur Ajmer, Kota, Bikaner, Udaipur, Patiala, Patna, Jamshedpur, Nasik, Kolhapur and Madurai.

Radio City has spearheaded the evolution of FM radio programming by offering content that is unique and path-breaking. The network introduced humor and the concept of agony aunt on radio with Baber Sher and Love Guru respectively. It also initiated the Radio City Freedom Awards and provided a launch pad to budding singers with Radio City Super Singer, the first-of-its-kind radio talent show in India. Through its ‘Rag Mein Daude City’ philosophy, the network has adopted a local approach that resonates with the listeners while inculcating a sense of city pride and infusing local culture and flavour on-air. The network provides terrestrial programming along with 51 other web-stations, through its digital interface, www.radiocity.in.

Radio City has been featured consistently in ‘India’s Best Companies to Work For’ study conducted by Great Place to Work Institute. The network has repeatedly been called out as amongst the best in the media industry. In 2017, the company was included in the list for the 6th time.

For further details, log on to www.radiocity.in

Sonali Bendre is one of the Cancer survivors in Bollywood, akin to Manisha Koirala and Lisa Ray. These women have some very inspiring journeys and are likely to become role models in the future. And now, speaking about her journey to SpotboyE, Bendre spilled the beans on almost everything, right from her treatment to her husband Goldie Behl's unshakable support to how she feels today. It could leave you teary-eyed.

The first question was about her current health and she said, "I'm doing well right now. I'm feeling good. Also, I would say it hasn't been much of a shift for me because the last 2 years have been sort of a quarantine for me anyway. So it's not too much of a change at this point, but I would have a lot of visitors coming and going then. That's the part that I miss the most." She also said how she has been missing her parents due to the lockdown and can't meet them.

"Above all, I'm missing my parents right now in this because I can't really meet them. But other than that, we have lots to be thankful for. I always count my blessings," stated Bendre. When she posted her bald picture on Instagram, it was welcomed by one and all, and the actress earned the respect from everyone for the same. She even spoke about her decision to do it and how it made her feel.

She said, "Frankly, how long are you going to hide? Just get on with life, man. I felt I was getting distracted trying to hide my falling hair, so just putting it out there fully bald was more to help myself than anything else. It was quite liberating, actually." And do you know Goldie Behl didn't want the actress to grow her hair back? This reveal was also made by Bendre.

She stated, "He used to say I need to own it and that I look fabulous without my hair as well. Today, he tells me that 'you should not grow your hair back, the short hair suits you very much'. My husband has been an amazing support." As we stated above, Bendre has been an inspiring figure and we all need to respect her for the way she has handled her life and been such a sport and a spirited lady!

Catch up on all the latest entertainment news and gossip here. Also, download the new mid-day Android and iOS apps.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

May the Fourth Be with You! Every year, the 4th of May is celebrated as Star Wars Day as a take on the pun around the catchphrase "May the force be with you". If you've ever watched The Big Bang Theory, you'd know that Sheldon, Lenard, Raj and Howard are some of the biggest Star Wars Fans and everything related to Star Wars gets them super excited.

Throughout the series, the four of them have constantly paid homage to Star Wars through catchphrase dialogues and special episodes. It's always more fun to celebrate something when you celebrate it with other fans especially loyal ones like our four physicists.

Here are 5 times 'The Big Bang Theory' paid homage to Star Wars that you must watch this Star Wars Day:

The Star Wars Gaming Marathon:

"Movies or Video Games? Or Board Games? Or trade-card games? Or Legos? Or dress-up? Or comic books? Or dramatic readings of novelizations? Yes, to All!" That's how excited Sheldon is in the episode "The Weekend Vortex" when he hears his friends want to have a 'Star Wars Marathon'. Showing their passion for Star Wars and the excitement for anything remotely related to it, the show intrigued all the fans of the series.

What to watch out for: Raj's diet plan when in a 48-hour lockdown

Force Awakens Audition

The episode features a special case scenario when Penny couldn't get her BIG Break and Lenard goes an extra mile to get her an ultimate Star Wars movie, which has him excited but makes Penny a little hesitant. Creating a joke around how Howard too applied for the role online, Lenard tries to make Penny feel better.

What to watch out for Howard's audition tape or more like embarrassment tape

James Earl Jones guest stars:

The episode features a special appearance by Mr. James Earl Jones who played the voice of the Darth Vader in Star Wars movies. Sheldon meets Mr. Earl Jones in a restaurant where he takes a liking to Sheldon and the two ends up embarking on a jam-packed night filled with ice cream, karaoke, and even a strip club. Don't we wish the same!

What to watch out for: Sheldon's wild ride on the giant wheel with James Earl Jones aka Mufasa

The opening night of the Star Wars movie, The Force Awakens:

With a special episode for the release of the new Star Wars movie, The Force Awakens, the show takes an important twist in the romantic life of Amy and Sheldon. Simultaneously, Lenard, Raj and Howard have an extra ticket to the opening night of one of the biggest sequels in pop culture history. The excitement and the loyalty for the movie is something that will want you to join in the fun too!

What to watch out for: Sheldon's birthday present for Amy

Leonard and Sheldon drop by Skywalker Ranch to meet George Lucas:

Lenard and Sheldon are on their way to give a lecture at UC Berkeley and decide to make a pit spot in Star Wars director George Lucas' headquarters. Upon arrival, the security guard won't let them in – but, because only Star Wars can throw Sheldon into an illogical frenzy, that doesn't stop him from attempting to run in. The sheer determination with which they want to meet George Lucas will win your hearts.

What to watch out for: Penny vs Amy vs Raj in Ping-Pong competition for Howard's collector's 'Doctor Who Tardis'

That's not all Folks! Watch "The Proton Transmogrification" where Sheldon has an in-dream counselling session with Arthur Jeffries (Bob Newhart) aka Prof. Proton. Also, do not miss out on "The Bow Tie Asymmetry" where Amy's dream wedding becomes Sheldon's dream wedding when Mark Hamill aka Luke Skywalker officiates their wedding.

Tune in to Comedy Central on the 4th of May from 4 pm to 7 pm to watch 7 back to back episodes of The Big Bang Theory and Celebrate Star Wars Day with your favourite Geniuses.

Catch up on all the latest entertainment news and gossip here. Also, download the new mid-day Android and iOS apps.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

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.

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

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.

Every month, PersonalFN's FundSelect service will provide you with insightful and practical guidance on equity mutual funds and debt schemes - the ones to Buy, Hold, or Sell.

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

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

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.

A high 'star rating' for a mobile medical app doesn't necessarily reflect medical accuracy or value, observe Johns Hopkins researchers. The research

Better understanding of where stillbirth rates are higher and what the social causes underlying stillbirths are, not just taking into account the medical factors as most studies do.

Incredible platinum farming is one thing you're able to do all on your own without having to pay somebody else to do it for you. You just need a great Wow cataclysm release precious metal guidebook and also helpful pointers so...

Economic recovery is picking up in the Slovak Republic, but regional disparities and high unemployment must be addressed to ensure balanced inclusive growth over the long-term, according to the latest OECD Economic Survey of the Slovak Republic.

Fitch warned India's sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to steer the country through the coronavirus crisis.

In order to ensure that you have right to adequate loan at best rates, make sure that you have good credit rating. You past record of payment will effect on your future...