R Ashwin to stay at KXIP, not to be traded with Delhi Capitals

first_img Next Press Trust of India New DelhiOctober 14, 2019UPDATED: October 14, 2019 20:22 IST R Ashwin to represent KXIP in IPL 2020. (Courtesy by BCCI)HIGHLIGHTSKXIP decide not to trade Ravichandran Ashwin with the Delhi CapitalsAnil Kumble was keen to retain Ashwin, who captained the side in the previous two editionsKXIP reached the semifinals in the inaugural IPL edition in 2008 before making the playoffs just once in 2014Kings XI Punjab co-owner Ness Wadia on Monday said the franchise decided not to trade Ravichandran Ashwin with the Delhi Capitals following a “rethink” by the Board.It has been learned that the newly-appointed head coach Anil Kumble was also keen to retain Ashwin, who captained the side in the previous two editions.”The (KXIP) Board had a rethink and it realised that Ashwin is an integral part of the team. There were discussions with Delhi Capitals but those discussions never came to fruition. The way he plays his cricket and his performances speak for him,” Wadia told PTI.Under Ashwin’s leadership, KXIP showed a lot of promise in the first half of the past two seasons before losing momentum in the second half. They finished seventh in 2018 and sixth in 2019.The off-spinner, who only plays one format for India, has been in fine form in the ongoing Test series against South Africa.KXIP reached the semifinals in the inaugural IPL edition in 2008 before making the playoffs just once in 2014 when they finished runners-up. Now with the legendary Kumble on board, the franchise is aiming to end its title drought. The former India captain has been handed a three-year contract.”Anil is really a breath of fresh air. He is so cool, calm and collected. We are fortunate to have a relationship with him. Likewise he sees it as an opportunity to take KXIP into something which it has the potential to be.”Last two seasons, we were the best team in the first half but somehow lost focus and momentum in the second. I really don’t know what happened,” said Wadia.advertisementKumble stepped down as India head coach following the 2017 Champions Trophy final due to serious differences with skipper Virat Kohli. He also held mentorship roles at Mumbai Indians and Royal Challengers Bangalore.”He will bring a lot of calmness to the team and discipline most definitely. He will inspire players to really optimise their own talent without trying too hard. His rich coaching experience will help us tremendously. We have a three-year contract and we hope to work together beyond that,” said the co-owner.KXIP have done a lot of chopping and changing with their support staff in the last five years when the likes of Sanjay Bangar, Virender Sehwag, Brad Hodge and Mike Hesson donned the head coach role.”I have lost count of the coaches we have had. We are looking for stability and stability is good as long as there is performance,” added Wadia.For sports news, updates, live scores and cricket fixtures, log on to indiatoday.in/sports. Like us on Facebook or follow us on Twitter for Sports news, scores and updates.Get real-time alerts and all the news on your phone with the all-new India Today app. Download from Post your comment Do You Like This Story? Awesome! Now share the story Too bad. Tell us what you didn’t like in the comments Posted bySaurabh Kumar Tags :Follow Kings XI PunjabFollow Delhi CapitalsFollow R AshwinFollow Anil Kumble R Ashwin to stay at KXIP, not to be traded with Delhi CapitalsRavichandran Ashwin, who was signed by Kings XI Punjab at the 2018 auction for Rs 7.6 crore, led the franchise in 14 matches in this year’s IPL edition and has been retained by the board.advertisementlast_img read more

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TSX Dow plunge as Fed comments spark selloff

TORONTO — The Toronto stock market tumbled more than 2% and headed for its biggest decline since early April on Thursday following a disappointing read on Chinese manufacturing and the U.S. Federal Reserve’s latest indication it’s preparing to wind down economic stimulus.[np_storybar title=”Gold and silver miners under pressure as prices dive” link=”https://business.financialpost.com/2013/06/20/gold-stocks-canada/”%5DMany miners are already working on razor-thin margins, and if prices do not recover soon, they will be forced to make difficult decisions about their businesses. Read more. [/np_storybar]The Toronto Stock Exchange’s S&P/TSX composite index was down 287.11 points, or 2.34%, at 11,978.90 in mid-afternoon trade. All sectors participating Thursday’s selloff, which followed a 99-point decline on Wednesday.The dismal showing across all sectors pushed the TSX further into negative territory. The main Canadian index is down about 400 points or 3.3% so far this year.The Canadian dollar tumbled 0.98 of a cent to 96.36 cents US. That cam on top of a loss of six-tenths of a cent Wednesday and amid a sharp retracement in commodity prices after data indicated a further contraction this month in China’s manufacturing sector.U.S. indexes also sold off as the Dow Jones industrial average fell 344.05 points, or 2.28%, at 14,768.14. The Standard & Poor’s 500 Index was down 35.15 points, or 2.16%, at 1,593.78. The Nasdaq Composite Index was down 71.48 points, or 2.08%, at 3,371.72.Markets responded negatively after Fed chairman Ben Bernanke confirmed Wednesday that the central bank’s bond purchases will likely slow later this year and end in 2014. The timing depends on economic data. But the fear is that rising interest rates won’t be far behind.The Fed has been buying US$85-billion worth of financial assets each month to keep long-term interest rates low in the hope of boosting borrowing and spending. But the inflows of cash into financial markets have also helped fuel a boom on many stock markets this year, including the Dow industrials which had been up more than 16% for the year.Analysts say that investors weren’t expecting Bernanke to say the program could end so quickly, and are now having to adjust their holdings to anticipate higher U.S. interest rates.“Our U.S. economists now expect the Fed to announce a reduction in the pace of asset purchases to US$70-billion per month at the September meeting and expect asset purchases to be concluded by March 2014,” said a commentary from Barclays Research.Some analysts wondered why markets viewed this as such a negative since higher rates should mean the economy is doing better.“We have got away with murder recently with the low interest rates,” said Ron Meisels, president of Phases & Cycles Inc. in Montreal.“People are naive not to think that interest rates are going to eventually have to move up, which means together that bond prices are coming down (and yields going up). Is it going to happen today? No.”Files In economic news Thursday, there was good news from the housing sector as U.S. sales of previously occupied homes surpassed the five million mark in May, the first time that’s happened in 31/2 years. The National Association of Realtors says home sales rose 4.2% in May to a seasonally adjusted annual rate of 5.18 million, up from April’s pace of 4.97 million.Markets have been volatile since May 22 when Bernanke first mentioned that the central bank could be ready to start tapering those bond purchases.Indications of such a slowdown of bond purchases have also send yields higher, with the benchmark U.S. 10-year Treasury down from early highs but still at 2.38% late Thursday morning, up from 2.25% before the Fed’s announcement Wednesday afternoon. The yield was as low as 1.6% at the beginning of May.Those rising yields have also punished interest sensitive stocks on the TSX such as utilities, telecoms, REITs and pipelines. For example, the utilities sector is down almost eight per cent this month while telcos have fallen about five per cent.Resource stocks have also taken a beating on the TSX, reflecting lower commodity prices and sluggish global growth, with the base metals sector down 12% this month and 27% year to date.Those stocks led decliners Thursday after HSBC said that the preliminary version of its monthly purchasing managers index for China fell to a nine-month low of 48.3 in June, down from 49.6 in May. Numbers below 50 indicate a contraction in the manufacturing sector.Commodities slid as a result of demand concerns following the disappointing Chinese data and the higher U.S. dollar.A higher U.S. dollar pressures commodities because a stronger greenback makes it more expensive for holders of other currencies to buy oil and metals, which are dollar-denominated.The base metals sector lost almost five per cent as July copper on the New York Mercantile Exchange lost eight cents to US$3.06 a pound. Teck Resources (TSX:TCK.B) fell 58 cents to $22.52 while HudBay Minerals (TSX:HBM) dropped 52 cents to $7.07.The gold sector was down almost six per cent while bullion tumbled with the August contract sliding $87.80 to US$1,286.20, falling below $1,300 for the first time in nearly three years. Aggressive monetary stimulus programs by central banks have supported gold prices since the 2008 financial crisis and subsequent recession, partly because of worries about inflation. But prices have eroded as inflation remains tame and the global economic outlook continues to improve.Goldcorp Inc. (TSX:G) faded $1.83 to $25.10 while Barrick Gold Corp. (TSX:ABX) declined $1.24 to $17.31.The July crude contract fell $2.55 to US$95.69 a barrel, pushing the energy sector down 1.8%. Suncor Energy (TSX:SU) gave back 58 cents to $30.93.The utilities sector gave back 3.27% while TransAlta Corp. (TSXL:TA) declined 27 cents to $13.12.The telecom sector shed two per cent and BCE Inc. (TSX:BCE) was down $1.02 to $43.10.Bank stocks also contributed to the dismal showing on the TSX with Royal Bank (TSX:RY) down $1.49 to $59.20.The Canadian Press read more

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