Steve Smith called to give up captaincy as probe launched into ball tampering

Agencies
March 25, 2018

Melbourne, Mar 25: Cricket Australia will not rule on Steve Smith's future as captain until it completes a probe into stunning ball-tampering revelations that have plunged the test team in crisis, CEO James Sutherland said on Sunday.

Sutherland's comments came as a shocked nation digested reports from South Africa that Smith and senior players conspired to change the condition of the ball using sticky tape and grit from the pitch during the third Test in Cape Town.

Former players and pundits have called on Smith to step down immediately, describing his position as “untenable”.

Sutherland, however, said the 28-year-old would continue to lead the side while the investigation played out.

“Steve Smith is currently the captain of the Australian team,” Sutherland told reporters in front of a huge media scrum outside the Melbourne offices of Cricket Australia (CA).

“We are working through a process and once we have a clearer picture of the facts and understand things once [CA head of integrity] Iain [Roy] submits his report we will be in a better position to make further comment.”

Smith, who has led the team since 2015 and is the team's best batsman, confessed to reporters in Cape Town on Saturday that the ball-tampering had been orchestrated by himself and senior players.

Opening batsman Cameron Bancroft, the most junior member in the side at 25, was tasked with implementing the plan and was duly caught on camera using the tape.

He has been charged by the International Cricket Council (ICC), which could lead to a one-match ban and a 100% fine of his match fee.

The cost to Australia's reputation is immeasurably higher, however, with former players across the globe branding the team as cheats and fans castigating the players on social media.

Michael Clarke, Smith's predecessor as captain, said the revelations were “disgraceful” and that he had no doubt that the skipper would be “crying in his hotel room”.

“I can't believe the senior players have made a decision to do that,” he told Australian television. “It's disgraceful and it's not accepted by anyone.”

Australian former Test bowler Rodney Hogg said Smith could not continue in his role.

“Unfortunately this is blatant cheating and Steve Smith will have to step down as Australian captain,” Hogg said on Twitter.

Former England captain Michael Vaughan hit out at the decision to use Bancroft to carry out the plan.

“What I find appalling in all this is the youngster got given the job,” he tweeted.

“Was it because someone in the team had been accused of using Hand tape for a similar affect !!!!!!! So they wanted someone else to take the mantle.... Disgraceful behaviour by senior pros.”

Careful wording

Sutherland described it as a “very sad for Australian cricket” and said fans had “every reason to wake up and not be proud of the Australian cricket team”.

However, the long-serving CEO declined to call the ball-tampering “cheating” and steered studiously clear of using the word.

“Look, I think it's pretty clear that ICC match referee has made a charge,” Sutherland said.

“A player [Bancroft] has admitted to that... I'll make a judgment on that in the next couple of days.”

Prominent Australian cricket writer Gideon Haigh dismissed Sutherland's response as one from a “quintessential bureaucrat”.

“It doesn't ring true, it doesn't resonate with the public,” Haigh told local broadcaster ABC.

“We actually expect of Australian cricketers behaviour that we do not expect of players in other [sporting] codes.”

Australian newspapers described the scandal as the worst captaincy crisis since 1981 when skipper Greg Chappell instructed younger brother Trevor to bowl underarm with the last ball in a one-day match against New Zealand to secure a victory.

“What took place at the foot of Table Mountain was dumb and deplorable in equal measure,” wrote Fairfax Media's Chris Barrett.

“In the case of Smith, he should have known better... The mistake may cost him very dearly.”

Former captain Allan Border said it was “a bad look for Australian cricket”.

“Certainly, it will go all the way through to Cricket Australia,” he said commentating on broadcaster Supersport.

“The directors will get involved. It's that serious.”

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Agencies
January 11,2020

New Delhi, Jan 11: Assets worth Rs 78 crore have been attached by the ED in connection with a money laundering probe against former ICICI Bank Chairman Chanda Kochhar and others, officials said on Friday.

A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued for attachment of the properties that includes Kochhar's Mumbai-based house and some other assets belonging to a company linked to her, they said.

The book value of the attached assets is Rs 78 crore, they said.

The Enforcement Directorate (ED) is probing Kochhar, her husband Deepak Kochhar and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group.

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News Network
January 18,2020

New Delhi, Jan 18: Lieutenant Governor (LG) Anil Baijal has granted the power of detaining authority to the Delhi Police Commissioner under the National Security Act (NSA), according to a notification. The NSA allows preventive detention of an individual for months if the authorities feel that the individual is a threat to the national security, and law and order, sources said.

In exercise of the powers conferred by sub-section (3) of section 3, read with clause (c) of Section 2 of the National Security Act, 1980, the Lt Governor is pleased to direct that during the period January 19 to April 18, the Delhi Police Commissioner may also exercise the powers of detaining authority under sub-section (2) of the section 3 of the aforesaid Act, the notification stated.

The notification has been issued on January 10 following the approval of the LG.

It comes at a time when the national capital has been witnessing a number of protests against the Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC).

However, the Delhi Police said it is a routine order that has been issued in every quarter and has nothing to do with the current situation.

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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