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

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

 

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

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

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

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

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

Across the EU, many people are worried about the novel coronavirus and its rapid spread. The EU project PREPARE, which began in 2014, is responding to COVID-19 by rapidly assessing Europe’s preparedness and deploying vital clinical research.

An EU-funded knowledge-sharing project has made cutting-edge non-invasive prenatal testing techniques available to couples undergoing IVF in Estonia, boosting chances of pregnancy for those struggling with infertility there.

EU-funded researchers hope a greater understanding of interactions between pertussis bacteria and the immune system, together with a toolkit for testing new vaccines, will help prevent whooping cough disease and deaths in babies worldwide.

Metasurfaces can manipulate electromagnetic energy far beyond the limits of natural materials. An EU-funded project has developed a multifunctional and more accessible version that could enable easily programmable, smarter environments.

An EU-funded project is enabling efficient intra-chip and chip-to-chip communication via a new type of silicon capable of emitting light. It is demonstrating a technological breakthrough that could revolutionise the electronics industry and make devices faster and much more energy efficient.

By failing to properly take gender interactions into account in research we are limit-ing today's science. EU-funded research is revealing how economic trends affect genders differently, as for example in the COVID-19 crisis. It is also looking at how the interaction between genders impacts macroeconomic trends.

Around 40% of EU energy consumption and 36 % of its CO2 emissions come from buildings. EU-funded researchers have developed easy-to-install eco-panels to place on the outside of the buildings to dramatically cut both.

The fashion industry has been linked to pollution, waste, and modern slavery. In light of this, an EU-funded project led a series of successful experiments designed to spark radical, sustainable change while, at the same time, uniting Europe's textile and clothing businesses.

Indian football team striker Jeje Lalpekhlua has come to the rescue of people in dire need of blood when it is not readily available in Mizoram due to the extraordinary situation arising out of the COVID-19 pandemic. India is under a lockdown enforced to contain the Coronavirus.

"Due to the lockdown blood units are not readily available nowadays. So the hospital connected with the Young Mizo Association is seeking help. The news reached me and I knew immediately what I needed to do," he stated. "You cannot keep quiet and sit idle during such circumstances." He immediately rushed to the Synod Hospital in Durtlang, Mizoram to donate blood.

"Upon receiving the information, we chalked out our plan. We headed to the hospital from the Durtlang branch of YMA. Out of 33 who had reported, 27 were deemed fit to donate," Jeje informed. "It's not about me or someone else, it's about the human race that needs to fight together now, more than ever." The Young Mizo Association (YMA) is the largest non-governmental voluntary organisation which operates primarily in Mizoram and some parts of the other north-eastern states as well.

"It is so satisfying that I have been able to play a minor role. I thank the Almighty for giving me the strength." This is not the first time that Jeje has been involved in philanthropic activities. He has time and again rose to the cause in Mizoram whenever the situation has demanded. "Someone had to stand by them. If a hospital is falling short of blood units, we need to help. We all need to play our part during the crisis. The most difficult part, I understand is to stay at home. But it's very necessary. The longer we stay at home, the faster will India heal," added Jeje.

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South African model Anna Modler has given clear indication that she is in lockdown with Chilean footballer Alexis Sanchez.

Rumours of Anna dating the footballer emerged after she shared a picture of her posing next to Alexis's Golden Retrievers, Atom and Humber last month.

Last week, she shared another picture on Instagram with the canines and wrote: "Thank you for stopping me from working out. I agree, it's definitely time to eat."

Commenting on the picture, one of her model friends, Morgan Shelly wrote in South African slang: "Lekker man. Nice to see you're hanging out with your family," to which, she replied: "Thank you Morgan."

Meanwhile, a follower commented: "Isn't love beautiful!! You made Alexis happy. Stay with him."

Another wrote: "Come on!! We all know you Alexis girlfriend. Post a photo with him already."

Interestingly, neither Alexis, 31, nor Anna, 22, follow each other on social media, but Anna does follow the Instagram account of the footballer's pets.

Alexis and Anna were first pictured together at a train station in Wilmslow, United Kingdom, last August before the former Arsenal star left Manchester United.

However, her identity was a mystery then.

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Real Sociedad said Saturday they were cutting players' wages by up to 20 percent in an attempt to stabilise the club's budget during the coronavirus crisis. "An agreement has been reached with the first team for the reduction of their wages by 20% in case the league does not resume this season, and by 5% in case the season can start again," said a club statement. "This decision, taken with all of the parties concerned, helps us avoid traumatic measures for the rest of our employees and helps to balance the club's economic objectives in the face of a drop in income suffered after the suspension of competition."

Real Sociedad also announced a 20% refund on season tickets for its supporters. At the time of the La Liga suspension last month, Real Sociedad were in fourth place in the championship. They had also qualified for the Copa del Rey final against Athletic Bilbao in Seville on a date still to be decided. Real Madrid had already announced wage cuts, estimated by Spanish media to be 10% if the season resumes and 20% if the league is abandoned. Barcelona and Atletico Madrid have cut salaries by 70%. Spain is one of the worst-hit nations by the virus which has already claimed more than 16,300 lives in the country. bur/dr/dep/clv/dj/mwt again," said a club statement.

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Liverpool legend Kenny Dalglish thanked fans for their support on Sunday after leaving hospital following a positive test for the coronavirus. Dalglish, 69, found he had the virus after being admitted to hospital on Wednesday for treatment for a separate infection which required intravenous antibiotics. He was discharged on Saturday night. "Thank you for all of your well wishes over the last few days," said Dalglish in a Liverpool statement issued Sunday. "I'm delighted to be back home with the family after receiving brilliant care from the NHS (Britain's National Health Service), which we appreciate now more than ever. "Marina (Dalglish's wife) and I would like to express our immense gratitude to the medical staff who cared for me and who continue to treat countless others throughout the country during an incredibly challenging period."

Dalglish confirmed the couple would be in "full lockdown for the recommended amount of time in order to protect the lives of others". There are fears that the warm weather across Britain over the Easter weekend will see the public flout government guidelines on social distancing instead of only going out to maintain health and purchase essential supplies. But a concerned Dalglish said: "I know the sun is shining for many of you, but I urge you to stay home and follow the government guidelines to the letter." Earlier the Scotland great, in an interview with the Sunday Post, praised the "absolutely brilliant" hospital staff, adding: "People may think my name got me the best of care but every patient in the NHS gets the best of care." On Friday, Dalglish's family said he had tested positive for COVID-19 despite having previously displayed no symptoms of the illness.

'Humbling messages'
Saturday saw two of Dalglish's children take to Twitter to thank the public for their support. Paul Dalglish, also a former player, said: "Truly humbling messages from supporters of all teams," with Dalglish's daughter, Sky Sports presenter Kelly Cates, saying: "Thank you so much for your lovely messages and I'm really sorry I can't reply to them all." Liverpool goalkeeper Alisson Becker said on Twitter: "Love from Becker family to Sir Kenny Dalglish!!" Ian Rush formed a prolific partnership with Dalglish during their playing days at Liverpool and the Welshman took to Twitter to give his old team-mate his best wishes.

"Wishing a speedy recovery to the best...Sir Kenny Dalglish. Get well soon," he wrote. Dalglish won the Scottish league title with Celtic as a player on four occasions before signing for Liverpool in 1977. At Anfield, he captured eight English league titles, two FA Cups, five League Cups and three European Cups as a player and in two managerial spells. In his Liverpool playing career, Dalglish scored 172 goals in 515 games. As well as his role in Liverpool's golden era in the 1970s and 1980s, Dalglish received plaudits for supporting victims' families after 96 fans died in the 1989 Hillsborough stadium disaster. He also coached Blackburn to the 1995 Premier League title. Almost 10,000 people in Britain have so far died as a result of the coronavirus.

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If it is CK Vineeth responding to the COVID-19 helpline in Kerala, his Indian teammate Subhashish Bose has taken it upon himself to feed the homeless and jobless in his home town Subhasgram in South 24 parganas. Amid the nationwide lockdown, a long queue could be seen every morning at Subhasgram comprising of local rickshaw pullers, daily wage earners or small time hawkers who come to collect their daily ration. Bose, a member of the 'Blue Tigers' would be at the other end, happily distributing packets containing rice, pulses, potatoes, onions and other staple food items. This is his way of paying back to the society. "The rickshaw pullers who have so many times offered me free rides to-and-fro to local matches, that local vendor and shopkeeper who had gifted me so many free packets of food after heart-warming performances -- I felt I needed to pay them back," the India left-back told PTI of his daily regime since Friday.

"It was such a satisfaction to hand over some food items to lot many known faces whom I have known in my locality over my upbringing." India had imposed a nationwide lockdown since March 24 to curb the spread of COVID-19 pandemic and the worst-hit were people from the lower strata of the society whose life revolve around their daily wages. One fine morning, the 24-year-old felt restless and was awakened by the Swami Vivekananda's soul-stirring words 'Arise, Awake, And Stop Not Till the Goal is Reached!' "It kept on reverberating between my ears. My conscience did not allow me to shy away -- rather it kept on pushing me to give it back to the society where I have grown up."

"Somewhere down the line, however, I felt restless. It's understandable that even as we need to Stay Home Stay Safe, there have been so many brave hearts who have cared less for their lives, and are out to serve the country in this troubled time -- the doctors, nurses, cleaners, police, journalists, etc. It's not only the frontline workers, who are put their lives on line but citizens need to do their bit, reckons Bose. "But are they enough? Can we all just sit back on our cosy rooms, and expect the privilege of others keeping us safe? Don't we need more volunteers? And eventually, I had to move out -- not for fun, not to have a roam, but try to lend a helping hand," he said. He is thankfu to GOd that he has made a decent living as a footballer playing in the cash-ruch Indian Super League and for the Indian team. "God is kind, that today I am able to help them. Thank you, Lord for providing me with the strength. All of that was done by maintaining social distancing, and proper protection.

"All of them whom I handed over packets wanted to hug me but couldn't because of the social distancing. "Some of them had tears in their eyes. Their hugs can wait as we need nrmalcy to return. Till then stay home, and stay safe," he added. The Mumbai City FC defender was looking forward to the Indian camp when the pandemic halted all sporting activities. "A longer camp for the national team was planned and we were forward to it. But under current circumstances all sporting action around the world has been postponed." Asked whether he's missing the game, he replied: "Human lives are of utmost importance, and like everyone around us, I look forward for normalcy to return soon." The defender however regrets that he's not able to go out for runs so he's making the best use of the time at his private gym. "I cannot go out for my runs. So I am trying to keep myself as much fit as possible indoors. I try to sweat out at least two hours a day in my personal gym so that I stay in proper shape when the season resumes. "There is also monitoring from the medical staff, and we need to strict to the regimes provided," he concluded.

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Former Manchester United star Marouane Fellaini was discharged on Tuesday after spending more than three weeks in a Chinese hospital being treated for coronavirus. The 32-year-old midfielder, the only player known to have contracted the disease in the Chinese Super League (CSL), will now spend 14 days in quarantine for further observation, his club Shandong Luneng said.

The Belgium international said on March 22 that he had tested positive for the virus, having just returned to China, but assured fans that he was feeling fine. Fellaini posted videos of himself on Instagram exercising in his room while in hospital in the eastern city of Jinan. In an Instagram update on Tuesday, he wrote: "The time has come for me to thank from the bottom of my heart the medical staff of the hospital, their nursing staff as well as my club and its medical staff for taking such good care of me with so much kindness and for ensuring my comfort whilst there. "The hardest part is behind me! Let's keep fighting, it's important."

China, where the outbreak emerged in December, says it has curbed the illness at home but is now worried about a second wave of infections from overseas. Fellaini's positive test dealt a blow to the CSL's hopes of beginning the season any time soon, after its February 22 start date was indefinitely postponed. Fellaini, also formerly of Everton, joined Shandong from Manchester United in February last year for a reported 7.2 million euros.

He enjoyed a productive first season in China, scoring 12 goals in 34 matches and providing five assists.

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Most international football might not be played until 2021 due to Coronavirus pandemic travel restrictions and the need to give club competitions the chance to resume, a FIFA vice president has said. Victor Montagliani, a Canadian, who is president of the governing body for North and Central America and the Caribbean, has been heading a FIFA working group formulating plans to deal with the implications of the world's biggest sport being largely shut down since last month.

FIFA already has called off matches between countries that were due to be played in March and June. Montagliani, CONCACAF's president, believes the September, October and November windows for national team matches could be scrapped. "I personally think that might be a bit of a challenge, not so much because of just the health issues around the world and the various degrees of preparedness, but also committing to international travel as soon as we come back," Montagliani told The Associated Press.

Montagliani

"I think that domestic football is a priority. September is still in the books, but I would garner to say that I'm not sure it's there on solid ground the way things are trending right now." The return of fans into packed stadiums could be dependent on a vaccine for the COVID-19 disease being ready—and that might not be until 2021. "If we get the green light to play a football match. I highly doubt that first football match will be with fans. I just can't see that. I think that would be taken a massive risk," he said in a video interview from Vancouver, British Columbia.

"I'm pretty sure it'll be a phased in approach, just like the rest of society is going to be is then in terms of us trying to get back to normal here."

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The Real Madrid superstar is one of the best players in the world and his talent is clear for all to see. But, these five facts about the Belgian aren’t as well-known.

Hazard was scoring goals before he was even born
Eden Hazard comes from a footballing family, with his younger brothers Thorgan, Kylian and Ethan all playing currently and with his father Thierry and mother Carine both playing football too when they were younger. Carine played in the Belgian women’s first division and stopped when she was three months pregnant with Eden, meaning that he was sort of a part of some of his mother’s final goals before he was born.

Zidane was Hazard's idol as he grew up
Zinedine Zidane is now Hazard’s boss and this must feel surreal every day the Belgian goes to work. As a kid, he grew up admiring Zizou and even possessed a France national team shirt with Zidane’s name and number on the back. Zidane has long been fond of Hazard too, expressing his love of the playmaker’s game long before he was signed by Real Madrid.

Hazard is the youngest Ligue 1 Player of the Year
The Ligue 1 Player of the Year prize is given out at the end of every season to the star of France’s top league and Eden Hazard won this award twice during his time with Lille, claiming it in back-to-back years for his displays in the 2010/11 and 2011/12 seasons. He was just 20 years of age when he won the first one, making him the youngest ever player to claim this award.

Hazard is a New York Knicks fan
As well as his love for football, Hazard is also a big basketball fan. He enjoys the NBA and attends matches in North America when he can. The Belgian even has a team that he supports, having declared himself a New York Knicks fan.

San Diego 1904 FC is partly owned by Hazard
Hazard still has many years of playing at the top level ahead of him, but he has already stepped into the world of football club ownership, doing so with NISA side San Diego 1904 FC. He co-founded it in 2016 along with Demba Ba and other business partners.

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Former FC Barcelona captain Xavi Hernandez admits that one day he would like to return to coach the Catalan giants. Xavi is currently in charge of Qatari club Al-Sadd and in January rejected the chance to replace the sacked Ernesto Valverde at the club. However, in an interview on YouTube, he admitted that his ambition is to coach in the Camp Nou, Xinhua news reports."

"Now I have tried as a coach, I think I'm able to do it and it is a dream to be able to return to Barcelona." "I have said it many times, that I consider Barcelona to be my home and my life," he said.

"I am learning a lot here in Qatar and although saying I want to coach Barca is a big statement and you have to be properly prepared in order to do so, it is a process and I hope one day to get there," commented Xavi, who added that for the moment he was content living in Qatar.

Earlier, six FC Barcelona board members stepped down and told president Josep Maria Bartomeu they are not pleased at how the club is being managed.

According to a BBC report, the six board members expressed their concern over the financial implications in a joint letter amid the coronavirus crisis.

"We have arrived at this point because we cannot reverse the way the club is managed in the face of important challenges in the future, especially in the post-pandemic era," the six said in their letter as quoted by BBC.

"We also want to show our displeasure over the unfortunate episode about the social media accounts, known as 'Barcagate', which we learned about through the press.

"As our last act of service to the club, we recommend that elections are called as soon as circumstances permit so that the club can be managed in the best way possible and deal with the important challenges of the immediate future."

In response to the resignations, Barca said they have come about "due to a reorganisation of the board put forward by Bartomeu and which will be completed in the next few days".

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

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

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

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

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

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Football coach Priya PV, who guided Gokulam Kerala FC to the Indian Women's League title, is currently assisting relief operations in the Coronavirus-caused lockdown through a helpline centre which provides medicine and food to the needy. Priya has joined the same helpline centre in Kannur, where India and Jamshedpur FC attacker CK Vineeth has been working. The biggest challenge for them at the centre is to make sure that all requests for medicines are met.

"We have been getting around 150-200 calls every day. Most of these are for medicines. We make sure that whenever we get any requests for medicines, they are duly sent to those in need," said Priya, who had earlier coached India U-19. "No requests for medicines are ever turned down. We try to do the same for grocery and food items as well. But sometimes we have to keep in mind that we have to distribute such items among a lot of people. So we try to divide it for everyone to get some amount," she added. The call centre also attends to requests from students and other professionals from around the area.

Kannur being the headquarters of the helpline centre, Priya and Vineeth also get a number of calls from the nearby districts, where tertiary networks have been set up to help the people. "We are working from the headquarters in Kannur. There are tertiary helpline centres in different districts as well who have their own network of pharmacists, grocers, and delivery executives," said Priya, who won the IWL 2019-20 title as head coach of local club Gokulam Kerala FC.

"My ancestral home is a bit far from the call centre, so I am staying at a place that is close by. Initially, I wanted to go to my ancestral home every weekend, in order to make sure that my parents have all they need during the lockdown," she said.

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Leeds United legend Norman Hunter died on Friday at the age of 76 after testing positive for coronavirus. "Leeds United are devastated to learn of the passing of club icon Norman Hunter at the age of 76," the club said in a statement. "Norman was taken to hospital last week after being diagnosed with COVID-19 and despite continuing to battle and the best efforts of NHS staff, he sadly lost his fight earlier this morning," the statement added.

Hunter made his Leeds debut in 1962 when he was just 18 years old. Hunter amassed a huge 726 appearances for Leeds United over a 14 year period, the club's most successful to date, earning the infamous nickname "Bites Yer Legs".

He won a total of 28 caps for England and was in the 1966 World Cup-winning squad, whilst was also the first winner of the PFA Players' Player of the Year in 1974.

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Kevin De Bruyne is recovering from an illness, but the Manchester City star says he is not sure if he had coronavirus. De Bruyne and his family felt ill for around two weeks, but the Belgian international did not find out whether or not it was the virus. "I am doing well, to be honest," De Bruyne told Sky Sports on Friday. "The first two weeks my family was sick so it was a little bit like up and down, but now they are all healthy.

"We don't know if we had it (coronavirus) or not but I think we're doing well now." With De Bruyne recovered, the midfielder is trying to keep as fit as he can while adhering to social distancing rules. The Premier League is suspended indefinitely because of the pandemic, but there remains a chance play will resume this season. "Well, the first two weeks was a little bit weird because I don't know what's going on," De Bruyne said.

"Then I managed to get a treadmill. I was swimming a little bit because I'm lucky to have a pool downstairs. "I was doing a couple of lengths but now mostly I'm doing a run and I would say every other day I would choose between swimming and doing some exercise, so I'm keeping fairly good for what we can on our own, I guess." Asked if City are sending through information and drills, he said: "They send us like a fairly big programme. "I think at the beginning of lockdown some of the gym physios went to the club and made videos of what we can do, different types of exercises.

"But there's a few things that I like to do, obviously it's more the running and the swimming exercise. "I do a little bit in-between but I'm not one for sitting like an hour or two hours in a gym. "I get bored of doing stuff on my own anyway so I prefer to do running, where I keep busy for myself and listen to some podcasts and all that stuff."

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Liverpool's star footballer Mohamed Salah, 25, has donated a huge amount of money besides food to families in his hometown of Nagrig, a village in the Egyptian city of Basyoun, to help in the battle against the Coronavirus pandemic.

According to a report in British tabloid, The Sun, the Egyptian footballer sent supplies to poverty-hit residents along with some advice on how to stay safe from the virus.

Salah Ghaly, the Liverpool striker's father, said that the village has been sanitised and residents have been given facemasks to prevent the spread of the virus, which has already killed 205 people in the North African country. It is believed that the total amount donated by the Liverpool star is around £405,000 (R3.8 crore).
Mohamed is currently in lockdown like the rest of the UK, where the death toll has crossed 15,000.

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Wayne Rooney may be Manchester United and England's record goalscorer but he still believes he should have found the back of the net more often during his career, even though he was not a natural finisher. Rooney, a teenage sensation at Everton, joined United in 2004 and went on to score 253 goals in 559 appearances during a 13-year spell for the Old Trafford club that saw the Red Devils pile up the trophies. Rooney surpassed 1966 World Cup-winner Bobby Charlton as United's all-time leading scorer, just as he did for England with a tally of 53 goals from 120 caps.

Despite those figures Rooney, writing in his Sunday Times column, insisted: "I'm going to be honest -- and this might surprise you -- but I'm not a natural goalscorer." The 34-year-old, now a player-coach at second-tier Derby County, added: "I was never a Gary Lineker or a Ruud van Nistelrooy; I never looked at myself that way. "I hold the goal records for Manchester United and England and am very proud about that -- yet there have been better No 9s than me. "How did I become a record-breaker if I wasn't a natural scorer? Time," Rooney explained. "I played for United for 13 years, England for 15 years. I had time to break those records -- and looking back I should have scored more."

Rooney backed Harry Kane to break his England record, although he would like the Tottenham Hotspur striker "to stay high as that No 9" after seeing him drop deeper in during the past two seasons. "I don't think it will take long for Harry Kane to claim my England record and it would be a proud moment for me," Rooney said. "I've never been a selfish player and it would be great for England for Harry to get there. Bobby Charlton had to wait 50 years (for Rooney to break his England record) -- I hope it's not so long for me. "The United record might last longer simply because players don't stay at clubs as long as they used to. "Mind you, if (Lionel) Messi or (Cristiano) Ronaldo came to Old Trafford for a swansong they'd probably break it in three or four years."

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Italian football legend Francesco Totti has revealed that he nearly ended his marriage with TV presenter Ilary Blasi when she decided to bring home a sphinx cat, a hairless breed.

FIFA World Cup winner Francesco, who married Blasi in 2005, two years after they began dating, told former teammate Christian Vieri in an Instagram Live chat: "I was furious with my wife…she bought a hairless cat and called it Donna Paola. At night, the cat insists on sleeping in our bed, next to our legs. She's a very affectionate cat but almost caused us to break up."

Ilary got the cat home against Francesco's wishes. "She wanted a cat at all cost. I was adamant we shouldn't. One day, she brought it home because ultimately she makes all the decisions in this family," he added. The couple did not talk to each other thereafter before Francesco started liking the feline. "We didn't speak for days, but in the end, I fell in love with the cat too," said Francesco, who retired from football in 2017 after spending 15 years at Italian club Roma, where he scored 307 goals from 785 matches.

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Indian Super League (ISL) side Kerala Blasters on Wednesday appointed Mohun Bagan's I-League winning coach Kibu Vicuna as their head coach for the upcoming season. This came hours after the franchise announced that it has parted ways with Eelco Schattorie after one season at the helm of affairs. "We are happy to announce that Kibu Vicuna will take over as head coach for the upcoming season!" Kerala Blasters said in a tweet. Spain's Vicuna oversaw Mohun Bagan win the title with four rounds to spare. The league was suspended midway due to the COVID-19 pandemic and later had to be called off with Mohun Bagan declared champions.

Mohun Bagan have merged with ATK to enter the ISL from next season with Antonio Lopez Habas, who coached ATK to their record third title, in charge of the combined outfit. Dutchman Schattorie was in charge of the Kochi-based outfit in the ISL 2019-20 and could only guide the club to a poor seventh-place finish. "Kerala Blasters FC have parted ways with the Head Coach, Eelco Schattorie. We'd like to thank Eelco for his efforts and services during his tenure and wish him the best for the future," Kerala Blasters had tweeted earlier in the day.

The 48-year-old first landed on Indian shores when he took over Kolkata-based Prayag United back in 2012. He went on to win the IFA Shield and guided the team to a fourth-placed finish in the I-League. After serving as the head coach for Kolkata giants East Bengal for the 2015 season, he joined Avram Grant's NorthEast United setup for parts of the 2016 ISL season, before taking over as head coach for the 2018-19 campaign.

In his very first season as a head coach in the ISL, Schattorie showcased immense tactical guile and took Guwahati-based NorthEast United to the semi-finals for the first time since the club's inception, before being knocked out by eventual champions Bengaluru FC. After leading the NorthEast United to their best-ever campaign in the club's history, Schattorie replaced Nelo Vingada as the Kerala Blasters head coach heading into ISL 2019-20.

The Dutchman, however, could not replicate the same success in Kerala which he had achieved with the NorthEast United as several factors came into play. A host of recurring injuries to key players, including a season-long one to stopper Sandesh Jhingan, severely handicapped Kerala's campaign as they finished seventh on the table with 19 points from 18 matches.

Despite not making the top four, Schattorie's Kerala side found a lot of admirers for their free-flowing attacking style of football.

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Wales attacker Gareth Bale has said that he had donated ?500,000 ($615,000) to the hospital where he was born to help in the fight against the coronavirus pandemic. Real Madrid's Bale, 30, who has won four Champions League titles since joining the Spanish giants in 2013, made the announcement in a Twitter post by the Cardiff and Vale Health Board.

"I just wanted to make this video to thank everybody in the NHS for their hard work and sacrifice during this COVID-19 crisis," he said "The University Hospital of Wales holds a special place in my heart, it's where I was born and it's provided great support to my friends, my family and the wider community. "Me and my family we'd like to show our support. Keep up the good work, you're doing an amazing job and thank you very much," he added.

As of Wednesday 624 people had died from the illness in Wales with more than 8,000 cases recorded. Spain's La Liga has been suspended since March 12 due to the outbreak but football authorities in the country have agreed on a return to protocol for professional players.

League president Javier Tebas last week said play could restart as early as next month, although a fortnight extension of the nationwide lockdown until May 9 announced on Saturday appears to have scuppered those plans.

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A chance to play with him, have lunch and watch a game of football from the owners box. David Beckham, part owner of the Major League Soccer club Inter Miami, is auctioning off all that stuff. Former England captain and Manchester United legend Beckham is doing this as part of the league's participation in the All In Challenge, which raises money for organisations that are helping feed the hungry during the coronavirus pandemic, including Meals on Wheels, No Kid Hungry, America's Food Fund, World Central Kitchen and Feeding America.

The MLS season is suspended from March 12 with the deadly virus causing havoc in the United States. Earlier this month, Beckham had expressed gratitude towards all the frontline workers who are risking their lives in the fight against the coronavirus pandemic, saying it was "another week of hard work". Beckham had taken to Instagram to post a video story in which he was seen clapping along with his family.

"Managed to set the phone up this week to get the whole family showing our appreciation for all the frontline workers and our brilliant NHS. Thank you for another week of hard work. #ClapForOurCarers," Beckham had written in his Instagram story.

The entire world has come to a standstill amid the ongoing coronavirus outbreak. Sports activities have also taken a big hit and almost all the events have been postponed or cancelled, including the Olympics.

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Arsenal's squad will be allowed back to their training ground from next week, although the club stressed they would still have to maintain British government guidelines designed to combat the spread of the coronavirus. The Premier League side's players will have access to training pitches but on a strict rotational basis that will see them uphold social distancing measures. "Players will be permitted access to our London Colney training grounds next week," said a club spokesperson. "Access will be limited, carefully managed and social distancing will be maintained at all times.

"All Colney buildings remain closed. Players will travel alone, do their individual workout and return home." This week saw Arsenal become the first Premier League club to agree a coronavirus pay cut with their players as manager Mikel Arteta and his stars slashed their wages by 12.5 percent. There are reports Arsenal, whose yearly wage bill is around £230 million ($286 million), will give players their money back in the event that they bridge an eight-point gap and qualify for the Champions League when football restarts. Football is currently suspended indefinitely in England, with the UK under lockdown.

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João Félix exploded onto the scene at Benfica in 2018 before a huge summer move to LaLiga with Atlético de Madrid. Here are five things you may not know about the Portuguese superstar...

1. His idol while growing up was Kaká
The similarities between the two are clear, both in playing style and appearance… brothers, anyone? But what isn’t so known is that Kaka was actually one of Joao Felix’s biggest idols growing up: the young Felix has spoken of watching YouTube video after YouTube video of the former World Player of the Year. The 20-year-old has also named Portuguese legend Rui Costa among his other inspirations while growing up.

2. Both his parents are teachers
Carlos and Carla, Joao’s parents, are both physical education teachers and he credits them with keeping him centred growing up. He has explained in interviews that his father would give him pep talks before matches and helped him stay focused during his teenage years; at the age of just 13 years he moved away from home to FC Porto’s academy, before later making the move to the capital with Benfica.

3. His first hat-trick in the Europa League was record-breaking
In April 2019, Joao hit the headlines across Europe with a stunning performance for Benfica in a Europa League match against Eintracht Frankfurt. By scoring three times in a 4-2 victory, he became the youngest ever player to score a hat-trick in the Europa League, doing so at the age of just 19 years and 152 days. That broke the previous record set by Marko Pjaca in 2014.

4. Diego Costa has taken him under his wing
From the start of pre-season, Joao and Diego Costa have forged a strong relationship. Costa is known to be a leader in the Atlético de Madrid dressing room and he quickly took the new arrival from Benfica under his wing, spending a lot of time with him and partnering with him in various drills. Both players are native Portuguese speakers, and this has helped the youngster settle in. Perhaps it’s no coincidence that it was Costa who assisted Joao’s first official goal for Atleti, against Eibar back in September.

5. His brother Hugo is also a highly rated prospect
Hugo Felix, João’s 16-year-old brother, is also highly rated and is doing well at Benfica’s academy. João was even able to celebrate goals with his brother last season, as Hugo was a ball boy at the Estádio da Luz on some matchdays. One particular goal that he scored against Vitória Setúbal ended with an emotional embrace between the siblings.

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Argentina footballer Paulo Dybala has tested coronavirus positive for the fourth time in the last six weeks, according to media reports. This could come as a big blow for Juventus as Serie A had allowed players to return to individual training from May 4. "Spanish programme El Chiringuito stated Dybala has had four tests across the last six weeks and the latest one was positive again," the report in The Sun stated. Dybala was one of the first footballers to contract the virus along side Juventus teammate Daniele Rugani. In March, Dybala had taken to instagram to reveal he and his girlfriend both had tested positive.

Italy has been one of the worst hit countries in the world due to coronavirus pandemic as more than 200,000 people have been infected while in excess of 27,000 individuals have lost their lives so far. Italian sports minister Vincenzo Spadafora had earlier suggested that it would be easier to end the football season and if indeed the leagues do start, it should be a gradual process.

"It would be much easier to end the season immediately and the scientific community would agree," he wrote on his Facebook page. "Carrying on the world of football is a very important thing for our country, but we must do it safely. Remember when Serie A didn't stop? How many teams have gone into quarantine? The [Italian Football Federation] FIGC submitted a protocol and it was considered.

"Today we're at the end of April, we can't know for sure how the virus will evolve and how the rules will be respected, therefore we can't know when the season will resume.

"We've been working to resume training from May 18, but that doesn't mean the leagues will start up again," he added.

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Derby County have thanked captain Wayne Rooney for the leading role he played in the club agreeing a wage deferral with players to help the English Championship club survive the coronavirus crisis. Manager Phillip Cocu, his coaching staff, executives and non-playing staff have also deferred part of their salary. "First team players have voluntarily agreed a substantial deferral that is considerably more than has been reported in the media, while Phillip Cocu and his coaching team, and Chief Executive Officer Stephen Pearce and his staff have also agreed significant deferrals," Derby said in a statement.

"Talks across the club have been held in the spirit of unity and co-operation, and everyone has been fully committed to help and play their part. "The club would specifically like to thank Wayne Rooney, the team captain, and Curtis Davies, the Professional Footballers Association's club representative, for their help and support."

Derby seem set for another season in the second tier as they lay 12th in the table when the COVID-19 outbreak brought football to a halt last month. A failure to finish the season is forecast to cost Premier League clubs an estimated ?1 billion ($1.2 billion).

However, the effects of the economic crisis could be even more severe further down the football pyramid as many clubs face a battle to survive.

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Manchester City's Brazilian footballer Gabriel Jesus is doing his best to help his country during the COVID-19 pandemic. Gabriel has donated three tonnes of food to the poor in Brazil's notorious favelas from where he emerged as a footballer. He recently arranged for 400 food baskets to be delivered to Sao Paulo's Jardim Peri neighbourhood where he grew up.

The player has also got together with famous Brazilian singer Beto for a song that has been uploaded on YouTube to raise funds.

Gabriel, 23, has reportedly helped raised £370,000 (approx Rs 3.7 crore) alongwith fellow footballers to help some 32,000 families with relief material. Back in Brazil, when he played for Palmeiras as a teenager, Gabriel, then 17, earned around £3,500 a year (approx R3 lakh) before he went on to bag a whopping £75,000-a-week (approx Rs 67 lakh) contract with Manchester City in 2016.

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Argentine football legend Diego Maradona has asked the "Hand of God" to deliver the world from COVID-19 pandemic and allow normal life to resume. The World Cup winner referred to his hand-assisted goal in the 1986 World Cup after Argentine football chiefs voted to end the current season as well as suspend relegation, saving Diego-managed bottom club Gimnasia from the drop.

"Today this happened to us and many people say it is a new Hand of God," said Diego, alluding to his infamous goal against England. "But today I'm asking for that hand to end this pandemic so people can go back to living their lives, healthy and happy." Then-Argentine captain Diego responded to the controversy over his goal at the World Cup in Mexico by saying "it was the Hand of God!"

Argentina went on to beat England 2-1 in the quarter-final. On being thrown a lifeline by the suspension of the season, he told Argentine daily Clarin: "It's not the ending we had wanted, we were convinced we could save ourselves on the pitch."

Argentina has been in lockdown since March 20 against the Coronavirus, which by early Wednesday had infected 4,114 people with 207 deaths.

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Argentine footballer Paulo Dybala has tested positive for Coronavirus for the fourth time recently. His pop-star girlfriend Oriana Sabatini has also contracted the virus.

However, the couple have continued to keep their spirits high despite the setback. The Argentine pair have been constantly posting pictures and videos on social media to keep themselves and their fans entertained.

In one such post, the Juventus star and Oriana are seen honing their PlayStation skills.
In another video, the Argentine football star is seen working out in his home gym and simultaneously joining in a TikTok dance routine with Oriana.

In yet another video, Paulo is playing the piano while Oriana is singing. Some of Paulo's football pals like Douglas Costa, Claudio Marchisio and Nicolas Tagliafico have been impressed with his musical ability and even commented on the video.

Paulo and Oriana, the niece of Argentine tennis legend Gabriela Sabatini, first met in 2017 but announced their relationship only after the 2018 FIFA World Cup in Russia.

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The virtual war between WAGs Rebekah Vardy, 38, and Coleen Rooney, 34, is far from over. It is learnt that Rebekah, wife of Leicester City footballer Jamie Vardy, wants a public apology from Coleen, the wife of former England captain Wayne Rooney, for accusing her in October of leaking fake stories to the press via social media.

While both ladies are currently locked in a legal battle, it is learnt that they will have an arbitration meeting on Zoom this week in a bid to avoid a costly court case, reported British tabloid, The Sun.

"Becky [Rebekah] is adamant she's done nothing wrong and has told her team she wants a public apology," an insider told the newspaper. "She was hurt that Coleen went straight on social media to lay the blame at her door, rather than speaking to her privately. She has maintained her innocence throughout and doesn't want this to be brushed under the carpet without Coleen publicly apologising," added the source.

The two used to be good friends before Coleen claimed in October that Rebekah's Instagram account had been leaking false stories to the press. Subsequently, Rebekah endured a lot of abuse on social media.

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There’s many former LaLiga stars currently using the experience and skills picked during their time in Spanish football in managerial and coaching careers all around the world. The list is almost unrivalled: Pep Guardiola (Manchester City), Zinedine Zidane (Real Madrid), Diego Simeone (Atletico de Madrid), Mikel Arteta (Arsenal), Rafa Benítez (Dalian Pro), Xavi Hernández (Al Sadd), Míchel (Pumas UNAM), ‘Guti’ (UD Almeria), Raúl González (Real Madrid Castilla), Van Nistelrooy (PSV U19), Unai Emery, Mauricio Pochettino, Quique Sánchez Flores, Laurent Blanc, Ernesto Valverde, Mark van Bommel, Aitor Karanka, Clarence Seedorf… but here are five more with very special stories.

1. Giovanni Van Bronckhorst – FC Barcelona to Feyenoord

All the lessons learned winning two LaLiga titles with FC Barcelona in the early 2000s as an attack-minded left back have definitely proved useful for Giovanni Van Bronckhorst’s coaching career. The former Netherlands international became first team coach in summer 2015 at Feyenoord, the Rotterdam club where he started and finished his playing career. His first season brought the KNVB Cup trophy, while the following year he led the club to its first Eredivisie title in 18 years, a historic achievement. Last January he was announced as manager of Chinese club Guangzhou R&F.

2. Jonathan Woodgate - Real Madrid to Middlesbrough

Jonathan Woodgate’s spell at Real Madrid famously did not get off to a great start, with an own goal and red card on his LaLiga debut. However, when fit and available the classy defender made a valuable contribution to Los Blancos 2005/06 campaign, with the team keeping seven clean sheets in his eight other games. The following summer he joined hometown club Middlesbrough, where he also returned after hanging up his boots to begin his coaching career in 2017. Last summer, Woodgate was named first team manager at Boro, and he took December’s Championship Manager of the Month award.

3. Jordi Cruyff - Camp Nou to Ecuador

Son of Barcelona legend Johan Cruyff, Jordi made his LaLiga debut in September 1994 against R. Sporting. The winger or attacking midfielder scored 22 LaLiga goals across spells at FC Barcelona, RC Celta, RCD Espanyol and most successfully D. Alaves, where he helped the Basque club reach the 2001 UEFA Cup final only to lose 5-4 in agonizing fashion to Liverpool. Cruyff also represented Manchester United, Metallurg Donetsk and the Netherlands national team [nine senior caps] during his playing career. He has since worked in Malta, Cyprus, China and Israel, where he oversaw three consecutive league titles as sporting director at Maccabi Tel Aviv. In January 2020 he was appointed Ecuador senior international manager.

4. Diego Forlan - Pichichi to Peñarol
One of the very few players in history to have won LaLiga’s Pichichi top scorer prize with two different clubs, Diego Forlan clinched it at Villarreal CF in 2004/05 and Atletico de Madrid in 2008/09. A strike rate of 128 goals in 240 LaLiga games counts among the very best. A long playing career also brought goals scored in England, Italy, Brazil, Japan and Hong Kong, and appearing at three World Cups and a 2011 Copa America triumph during 112 caps for Uruguay’s senior team. In December 2019, Forlan returned to his former Uruguayan club Peñarol to start his managerial career.

5. Fabio Cannavaro – Santiago Bernabeu to China

2006 was quite a year for Italian defender Fabio Cannavaro, who won the World Cup in Germany, signed for Real Madrid and was then awarded the Ballon D’Or. Cannavaro won two LaLiga titles during his three years in the Spanish capital, where he continued a strong relationship with mentor Fabio Capello. His first managerial job was at Dubai club Al-Ahli, where he won UAE Pro League and UAE League Cup titles. He also won the China League One title with Tianjin Quanjian, guided Guangzhou Evergrande to the Chinese Superleague title last year, and even took charge of the China national team for a time in 2019.

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

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

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

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

Jose Antonio Cachaza

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

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

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German professional football is going to return to action on May 16 to 18 with its first and second tier getting back underway. League association CEO Christian Seifert announced the permitted re-start is planned without games on Friday evening but contains two rounds of matches during the week. "We wanted to follow the wording in the orders of politics strictly," the 50-year-old commented, reports Xinhua news agency. All games will be run behind closed doors.

The season was interrupted mid-March due to the coronavirus crisis. Nine rounds remain plus one postponed match. German Chancellor Angela Merkel and the 16 federal state prime ministers gave the green light for a restart on Wednesday based on a comprehensive hygiene concept. Most of the 36 clubs voted for the earliest possible start. At least two sides, such as Werder Bremen and FSV Mainz 05, demanded a start one week later to gain time for additional training.

Seifert announced the season is to be continued with matchday 26, which contains the delicate derby of Borussia Dortmund against the FC Schalke 04 on Saturday. Six games are notified for Saturday, two on Sunday and one on Monday evening. All match-days contain a so-called late-game in the evening. The table leaders Bayern Munich face an away game against league newcomer Union Berlin Saturday evening.

The season's last games are planned to take place on June 27 to 28. Seifert indicated the Champions League final could be run around the end of August. The German Cup has to be rescheduled. To address parts of the demands of Bremen, their game against Bayern Leverkusen is scheduled for Monday on May 18. The federal state of Bremen was one of the last spots allowing training in smaller groups.

All 36 clubs took up full team training this Thursday. From Saturday on, all clubs attend an obligated seven-day-long quarantine. Players, staff, and family members will undergo a diverting number of tests. Referees are going to be tested by next week. Seifert said football concept could be a blueprint for other team-sports, fighting sports and athletics as well as for orchestras and theaters.

Clubs and association are in close contact with fan groups to avoid gatherings around the arenas. Therefore, negotiations take place with pay-tv broadcasters to provide certain games on free tv.

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Vidyut Jammwal has carved a niche for himself thanks to his death-defying stunts and his films which are mostly of the action genre. He’s popularly known as the ‘Commando’ actor as he been a part of both the COMMANDO films. And now he’s back with COMMANDO 3, which like its predecessor promises lot of action, entertainment and patriotism. So does COMMANDO 3 manage to give the audiences a <em>paisa-vasool</em> time? Or does it fail to impress? Let’s analyse. <img class="aligncenter wp-image-1045975 size-full" title="Movie Review: Commando 3" src="https://www.bollywoodhungama.com/wp-content/uploads/2019/11/Movie-Review-Commando-3.jpg" alt="Movie Review: Commando 3" width="720" height="450" /> COMMANDO 3 is the story of a secret agent in a race against time to save his country. In Mumbai, two young kids – Usman and Omar – are arrested along with their mentor, Subhan after a tip-off. It is revealed that Umar and Omar’s real names were Rakesh and Amit respectively and they converted to Islam after watching provocative propaganda videos of Buraq Ansari (Gulshan Devaiah). Buraq is someone with no record and even his face is covered in his videos. Hence, the Indian intelligence is unaware about his identity and name. Realizing that he’s planning a major terrorist attack in India and that the festival period is coming up, the senior intelligence official Roy (Rajesh Tailang) asks his most trusted and brave officer, Karanveer Singh Dogra (Vidyut Jammwal), to handle the case. Karanveer finds out that the video and currency notes found in the houses of Usman, Omar and Subhan were sourced from London. Roy meanwhile realizes that Subhan talked about 9/11 attack repeatedly and it means that the attack in India will take place on November 9 or 9/11 in other words and incidentally, it’s the day of Diwali. With only 33 days to go for Diwali, Karanveer is urgently sent to London to track down Buraq. He’s helped in this mission by Bhavana Reddy (Adah Sharma) who is now no longer corrupt but still in love with Karanveer. In London, they are provided local help by two British Intelligence agents, Mallika Sood (Angira Dhar) and Armaan Akhtar (Sumeet Thakur). After carefully going through a lot of suspects, the foursome finally manage to find out Buraq’s identity and also that he runs a restaurant. Not just that, they also discover that he is divorced from his wife, Zahira (Feryna Wazheir) and that he loves his son Abeer (Atharva Vishwakarma) immensely. Karanveer hence goes after his son and takes him in his custody, along with Zahira, who is aware of Buraq’s activities and hence agrees to be a witness. Buraq is so enraged by these turn of events that he decides to advance the date of attack to catch the Indians unawares. What happens next forms the rest of the film. Darius Yarmil and Junaid Wasi's story is clichéd and ordinary. But Darius Yarmil and Junaid Wasi's screenplay is where they bring some novelty in terms of character sketch, twists and turns etc. that keeps the interest going. However, it should have been consistently entertaining from start to finish for a better impact. Darius Yarmil and Junaid Wasi's dialogues are poor. A film like this ought to have one-liners that should have ideally packed a punch. Sadly, the dialogues here are strictly okay and even quite poor at places. Aditya Datt's direction is neat and he handles it in such a way that the masses will be able to enjoy and more importantly, comprehend what’s going on. A few of the scenes are deftly handled. The sequence where Karanveer and his colleagues are tracking down Buraq while in a parallel sequence, Buraq is hunting down Karanveer is very nicely done. The romantic track is hardly there and that’s good as no time is wasted with the focus being firmly on the story. On the flipside, the beginning portions are not at all interesting and even in the second half, it takes time for the film to pick up. Many developments are too unconvincing and difficult to digest. Some questions remained unanswered till the very end. No back story of Buraq is given and audiences never come to know how he became such a dreaded terrorist, that too by escaping the radar of the intelligence. It also remained unclear what exactly did Buraq tell in his videos that the youth got brainwashed to the extent that some Hindus turned towards Islam. A few snippets of this is shown but it hardly makes for a convincing watch. <span style="text-decoration: underline;"><strong>Commando 3 | Public Review | Vidyut Jammwal | Adah Sharma | Angira Dhar | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/commando-3-public-review-vidyut-jammwal-adah-sharma-angira-dhar-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> COMMANDO 3 doesn’t start on a great note. The beginning portions seem a bit slow and not that engaging. Vidyut Jammwal’s entry brings the much-needed action in the film. The interrogation scene, though nice, again slows down the film. It’s only when the drama shifts to London that the film gets really interesting. The manner in which Karanveer and his colleagues manage to track down Buraq is interesting. A scene to watch out for is when Buraq is watching Karanveer’s video on a news channel and gets a sudden jolt! The intermission point, though filmy and beaten to death, arrests attention. Post-interval portions are when the film again slides down. The interest level drops and an important sequence is inspired from the classic Hollywood film THE DARK KNIGHT [2008]. Thankfully, the last 30 minutes is quite entertaining and massy. It is also very convenient but the target audience – the single screen viewers – will surely lap it up since the makers give a great message here on Hindu-Muslim unity. COMMANDO 3 belongs to Vidyut Jammwal – no two doubts on that! His acting is nothing great as such but he manages to handle the film on his shoulders. And he does action in adequate doses and that’s what audiences will be expecting the most from him. His act in the finale will be greeted with whistles and claps! Adah Sharma repeats her act from COMMANDO 2 and is quite likeable. Her humour quotient is less this time as compared to the second part but fans of Bhavana Reddy won’t be disappointed. Angira Dhar is great as the no-nonsense cop and underplays her part. Both the heroines get to do their share of action and it looks authentic. Gulshan Devaiah is menacing and scary as the villain. Watch out for how his eyes convey so much! Special mention should also go to his British accent – it’s quite nicely done! Anil George (Momin) is wasted and it’s amusing to see him doing similar roles repeatedly. His character disappears suddenly which is quite weird. Rajesh Tailang is dependable. Sumeet Thakur has a fine screen presence. Feryna Wazheir gets to play a lovely character and does justice. Atharva Vishwakarma makes his presence felt with his expressions and he makes sure he doesn’t go overboard. Virendra Saxena (Subhan’s father) and the actors playing Subhan, Omar/Amit, Usman/Rakesh, Inspector Tambe and Zaytun are fine. Music has no scope. <em>'Tera Baap Aaya'</em> is relegated in the background and works well in the film. <em>'Main Woh Raat Hoon'</em> too plays in the background but doesn’t register. <em>'Akhiyaan Milavanga'</em> and<em> 'Iraade Kar Buland'</em> are missing from the film. Saurabh Bhalerao's background score is racy and exhilarating. Mark Hamilton's cinematography is captivating, especially in the action scenes. Andy Long Stunt Team Ltd, Allan Amin and K Ravi Verma's action is quite hardcore and violent. But the stunts by the actors make for a fine watch. Juhi Talmaki's production design is neat. Sandeep Kurup's editing could have been tighter in some scenes. On the whole, COMMANDO 3 is a decent action entertainer that works because of the action sequences, social message and some paisa-vasool scenes. It arrives sans any competition and hence, has chances to work in the mass centres.

Gold has indeed proven itself as an effective hedge against any downside risk. It has seen a sharp rise in the price rally since the first case of Novel Coronavirus was reported in November 2019.

In the beginning of March, gold prices fell marginally, however it is on the upswing and has retained its level above Rs 40,000 per 10 grams.

Graph: Gold's rising uptrend

Gold started to ascend last year when the US and China trade talks began and escalated in trade war, followed by similar trade wars of the US with other nations.

These events have proved to be favourable for the momentum of the price of Gold. It played its role of a crucial hedge and store of value when other asset classes had witnessed high volatility and posted marginal returns.

Some of the other factors that have supported gold are...

• The outbreak of COVID-19 with no evident containment yet
• Economic uncertainty and fears of a virus-led global recession
• Global GDP growth revised downwards and for across regions
• Easy monetary policy action (of reduction in interest rates and stimulus packages) and an accommodative stance adopted by the central banks across the world to support growth
• A crash in the oil markets due to lack of demand and excess supply with storage problems
• A record-high global debt-to-GDP of nearly US$ 255 trillion (over 322% of global GDP) - 40 percentage points higher than at the onset of 2008 global financial crisis according to the Institute of International Finance (IIF), as the world is fighting the COVID-19 pandemic
• The US Presidential elections later this year, in November 2020
• Increased stock market volatility
• The potential risk to the inflation trajectory.

[Read: Coronavirus Has No Antidote. Your Bad Investments Could Have.]

Besides, the lockdown brought upon due to COVID-19 pandemic is going to hurt the economy for a couple of quarters badly which will amplify the credit risk. The economic activity will slow grind to full capacity, prompting furloughs and pay cuts, and job losses across sectors, which will affect the credit line as the number of defaulters will rise because cash strapping will be seen.

Recognising the risk stemming from the bottom hit economy, where the growth projections by the IMF are almost 1.9% due to the CoVID-19, the NPAs of banks and NBFCs are expected to increase.

[Read: How the COVID-19 Extended Lockdown Has Made Investments in 'Banking Funds' Very Risky]

Until the COVID-19 pandemic is contained and economic uncertainty prevails, the spotlight will continue to be on gold owing to the financial uncertainty it brings along. Even the IMF Global Financial Stability report highlights an increase in the level of risk among multiple global metrics and, therefore, the importance of owning gold in one's portfolio.

Hence, in my view, in the current situation consider allocating some portion of your investment portfolio to gold and its equivalents. This year buying gold in a physical form from your preferred jeweller or gold merchant may not be possible amidst the COVID-19 extended lockdown. But you can always consider Gold Exchange Traded Funds, Gold Saving Funds, Sovereign Gold Bonds, and/or Digital Gold, which are smart and unconventional ways of investing in gold.

Recently the Government of India, in consultation with the Reserve Bank of India, decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in six tranches from April 2020 to September 2020 as per the calendar specified below:

Each of the tranche is offered for a limited subscription period, having a maturity tenure of 8 years and a lock-in period of 5 years

With an initial investment amount of Rs 20,000, resident individuals, Hindu Undivided Families (HUFs), Trusts, Universities and Charitable Institutions can subscribe to SGBs. The application can be also made by the guardian on behalf of the minor. One can purchase units from the secondary market as well.

The issue price of the SGB will be Rs 50 per gram less than the nominal value when applied online and the payment against the application is made through digital mode.

On maturity, the Gold Bonds shall be redeemed in Indian Rupees and the redemption price shall be based on a simple average of the closing price of gold of 999 purity of previous 3 business days from the date of repayment, published by the India Bullion and Jewellers Association Limited.

In order to encourage passive but direct gold investment, as an alternative to purchasing physical gold, Modi led Government sanctioned a Sovereign Gold Bond Scheme in November 2015. Under this scheme, investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by the Reserve Bank on behalf of Government of India.

With the Sovereign Gold Bond Scheme, the risks and costs of physical storage are eliminated. Plus, it is free from issues like the costs of making charges and purity, as in the case of gold in jewellery form. But these bonds are held in the books of the RBI, or in demat form to eliminate even the risk of loss of scrip, etc.

Sovereign Gold Bonds will generate market returns linked to the price of gold, so there may be a risk of capital loss if the market price of gold declines. Moreover, these bonds will provide interest income at the rate of 2.50 per cent (fixed rate) per annum on the amount of initial investment to investors and will be redeemable.

The minimum investment allowed is 1 gram, while the maximum buying limit is a subscription of 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF), and 20 kg for trusts and similar entities notified by the government from time to time per fiscal year (April - March).

These bonds are sold through offices or branches of Nationalised Banks, Scheduled Private Banks, Scheduled Foreign Banks, designated Post Offices, Stock Holding Corporation of India Ltd. (SHCIL), and the authorised stock exchanges, either directly or through their agents.

Do note, that the interest on the bonds is taxed as per the provisions of the Income-tax Act, 1961. If you hold the SGB till maturity the capital gains tax on redemption of SGB is exempted. But if you sold the bond in the secondary market after three years, long term capital gains (LTCGs) tax is applicable and it will be taxed at 20 per cent with indexation. And if sold before three years, a short-term capital gains (STCGs) tax will be applicable according to the income tax slab.

What should the investors do?

Defeating the Coronavirus and surviving is everyone's core focus and having liquidity, those who have an adequate contingency fund are looking for investments.

Equity and debt markets are yet to see any signs of revival despite the stimulating relief measures provided to uplift the slowing of economy but investing in gold can prove to be worthy for your portfolio.

[Read: What Could Be the Potential Impact of a Lockdown on Your Mutual Fund Portfolio? Know Here...]

Even the bond prices were at all-time lows, which are inversely proportional to gold as well. In my view allocate at least 10-15% of your entire investment portfolio to gold and hold it with a long-term investment horizon.

Remember gold offers an effective hedge during global uncertainty and a shield against inflation. Most importantly in your portfolio, it serves as a diversifier.

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.

During the COVID-19 lockdown, individuals are losing patience -- moving freely and not following the necessary social distancing. This lack of civic sense and maturity on their part is weakening our fight against the deadly contagion pathogen.

The capital markets, as a result, also has witnessed intense volatility and bears are running lose. Certain sections of investors, however, have shown tremendous maturity during these challenging times.

At a time when Foreign Portfolio Investors (FIIs) have net sold or dumped Indian equities (owing to markets worldwide falling sharply and margin calls being hit), domestic fund managers are looking for value-buying opportunities in the carnage of the markets.

It is also heartening to see retail and High Net-worth Individuals (HNIs) buying into various equity-oriented mutual funds in a lump sum as well as the SIP (Systematic Investment Plan) mode. Monthly SIP inflows have touched a record high in March 2020 and the SIP folios, too, surged to 3.12 crore.

However, in debt-oriented schemes, investors seem to be pressing the panic button. The mutual fund industry recorded a net outflow of Rs 1.95 trillion in March 2020. Barring Overnight Funds and Gilt Funds, all other sub-categories of debt mutual funds have reported an outflow in March 2020.

Advance tax payment obligations, deterioration in asset quality, potential risk of defaults in the COVID-19 lockdown, and heightened volatility in the Indian debt market are some of the key reasons for outflows from debt-oriented mutual schemes.

[Read: Why Investors Pulled Out Money from Debt Mutual Fund Schemes in March]

The massive outflows were also seen from the Liquid Funds and Arbitrage Funds.

Table 1: Action in March 2020

Unprecedented redemptions in the Arbitrage Funds and Liquid Funds, as well as the net inflows recorded by the overnight funds, suggest that investors preferred safety over returns. As you know, liquidity is a key concern as the world continues to fight the COVID-19 pandemic.

Some arbitrage schemes such as Tata Arbitrage Fund and ICICI Prudential Equity-Arbitrage Fund had stopped taking in fresh subscriptions in the third week of March 2020 for the lack of arbitrage opportunities as markets faced broad-based selling.

But now markets are finding some sort of stability and bouncing back -- rallied over 20% from March lows - although the bears continue to run loose.

So, is it a time to consider arbitrage funds again?

Yes, I think so.

Arbitrage Funds aims to exploit the price differential in two different segments (spot and futures or cash and derivatives) of the equity market. They buy stocks in the spot market and sell in the future market simultaneously thereby making gains with the price differential (called the spread).

The differential usually is in sync with the prevailing interest rates in the economy; but depending on the market volatility, it could sometimes be higher as well. That being said, these are short-term opportunities that spring up due to lack of information to a set of market participants in one of the markets.

The capital market regulator's mutual fund categorisation and rationalisation mandates that an Arbitrage Fund must strictly follow the arbitrage strategy and invest at least 65% of its total assets in equity & equity related instruments.

Since the transactions are in either direction, the positions are completely hedged. And the remaining 35% of the total asset is deployed in debt and money market instruments.

In March 2020, when the stock futures started quoting at a discount to the spot prices in the cash market, it was a concern. But now that we have seen some sharp up-moves in the Indian equity markets as the government has done relatively well in containing the spread of the deadly virus (compared to other nations) and thanks to the prompt fiscal measures also have been taken -- both by the Ministry of Finance (the Rs 1.75 trillion package) and the Reserve Bank of India (by reducing policy rates sharply, keeping monetary policy stance 'accommodative as long as it is necessary', and ensuring enough liquidity in the system) -- in my view, it would be perceived positively by the markets in times to come and enough arbitrage opportunities would be available. It is possible that Arbitrage Funds may even perform a tad better vis-a-vis Liquid Funds.

Table 2: Report Card of Arbitrage Fund, Liquid Funds and Short Duration Funds

Over the last one year, the returns generated by Arbitrage Funds have been quite satisfactory. In fact, these funds have outperformed those clocked by Liquid Funds. The 3-month returns clocked by Arbitrage Funds have been almost at par with Liquid Funds.

Do note that an Arbitrage Fund carries low risk and the returns depend on the market conditions and fund manager's ability to reap rewards from arbitrage opportunities.

Short-Term Capital Gains (i.e. realised profits within a year) on arbitrage funds are taxed at 15%, while the Long-Term Capital Gains (i.e. gains made after staying invested for more than a year) are taxed at 10% for gains above Rs 1 lakh in a financial year.

To park money for the short-term for an investment time horizon up to 1-year, you may consider investing in an Arbitrage Fund.

And if you have an extreme short-term time horizon (of 3 to 6 months), consider a Liquid Fund with high-quality debt papers, which does not have high exposure to Commercial Papers (issued by private entities).

Alternatively, if you wish to park in a much safer category, you would be better off investing in an Overnight Funds.

Happy Investing!

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!

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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.

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

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

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

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

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

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

The schemes that are wound up are:

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

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

What led to the move?

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

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

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

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

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

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

Table: Details of schemes being wound up

What does it mean for investors of these schemes?

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

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

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

What should investors in debt funds do?

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

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

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

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

The way ahead...

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

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

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

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

Author: Divya Grover

This article first appeared on PersonalFN here.

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

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

Unnerving movements for debt mutual funds investors!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

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

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

Coronavirus or Covid-19 is showing no signs of receding. On the contrary, the number of cases is increasing by the day and the situation is rather depressing, as almost every region of the world and country is infected.

Sadly, there is no antidote or a vaccine conclusively developed to fight this deadly pathogen yet. And according to the World Health Organisation (WHO), Coronavirus will be with us for a long time. Most cases are still in the early phase of the epidemic and some countries which were affected early in the pandemic, are now seeing a resurgence in the number of cases, said the WHO Chief.

COVID-19 is truly playing havoc and may be followed with a financial crisis owing to the lockdowns imposed to contain the spread. The risk of global recession undeniably looms large. "This crisis is like no other", as what the International Monetary Fund's (IMF), Chief Economist, Ms Gita Gopinath wrote in the foreword to the World Economic Outlook, April 2020.

Graph 1: The virus has spread even to Indian equities

The graph above depicts the S&P BSE Sensex falling off the cliff and investors' wealth being eroded. Since the all-time high of the S&P BSE Sensex (42,273.87 points made on January 20, 2020), we have fallen more than -25% and overall sentiments seem downbeat and volatility has heightened.

On a year-to-date basis, Indian equity is down nearly -23.2% (as of April 27, 2020), while gold -- with uncertainty looming around the world -- has exhibited its sheen and demonstrated its trait of safe haven and an effective portfolio diversifier, clocking nearly +5.0% absolute return as of April 27, 2020.

Graph 2: YTD Performance of key asset classes

The graph above validates the importance of tactical asset allocation. The key lesson here is: all asset classes will not necessarily move in the same direction (up or down) always - over the long-term; some may even move in the opposite direction as what we have seen in the recent past (in the case of equities and gold).

As we (the world) continue to fighting COVID-19 and the aftereffects of it are conceivable, a further correction cannot be ruled out and the bottom is unknown. COVID-19 is likely to impact corporate earnings amidst a time when India is already facing slowdown blues. As people are quarantined, demand would remain muted and inflation risk will begin to surface, particularly in food prices.

So, although the current levels offer a decent value-buying opportunity, skewing your portfolio completely to equity as an asset class could endanger wealth creation. In such times you, as an investor, need to follow tactical asset allocation while you aim to generate wealth.

Tactical Asset Allocation with Quantum Multi Asset Fund of Funds

To invest sensibly in the current times, you need a Multi-Asset Fund that invests in mainly three asset classes: equity, debt and gold; and is truly balanced.

Among the plethora of Multi-Asset Funds, the Quantum Multi Asset Fund of Funds (QMAFOF) incepted on July 11, 2012, is truly balanced and holds well-diversified portfolio (across the three key asset classes: equity, debt and gold) at all the times -- unlikely many of its peers who swayed by the excess exuberance in equities, lost sense, and eroded investors wealth.

Table 1: Asset Allocation of Quantum Multi Asset Fund of Funds

The Scheme predominantly invests in the units of Equity, Debt / Money Markets and Gold schemes of Quantum Mutual Fund. Currently, the following schemes are used to gain exposure to a particular asset class:

For equity - Quantum Long Term Equity Value Fund, Quantum Nifty ETF

For debt & money market instruments - Quantum Liquid Fund, Quantum Dynamic Bond Fund

For Gold - Quantum Gold Fund (ETF)

The Units of any other Equity and Debt / Money Markets scheme launched by Quantum Mutual Fund from time to time would be eligible to be part of the above asset allocation components.

Although QMAFOF aims to invest predominantly only in the schemes launched by Quantum Mutual Fund, QMAFOF may seek to invest in the units of similar schemes of other mutual fund houses in case of any investment and regulatory constraints that arise that prevent the Scheme from increasing investments in the schemes of Quantum Mutual Fund.

The investment objective of Quantum Multi Asset Fund of Funds is, "to generate modest capital appreciation while trying to reduce risk (by diversifying risks across asset classes) from a combined portfolio of equity, debt/money markets and gold schemes of Quantum Mutual Fund"

QMAFOF benchmarks it against the Crisil Composite Bond Fund Index (40%) + S&P BSE Sensex Total Return Index (40%) + Domestic price of Gold (20%).

Being a fund of fund, this benchmark is most suitable to compare QMAFOF's performance. The unique combination clubs together the relatively risky assets with other stable asset classes in the portfolio.

Backed by an astute investment strategy, taking the relative valuations between asset classes into consideration such as Price-to-Earnings relative to historical averages; the relationship between earning yield to bond yield relative to historical averages; and macroeconomic factors prevailing globally and within India, the two fund managers of QMAFOF, namely Mr Chirag Mehta (MMS - Finance, M.Com, and CAIA with over 13 years' experience in research and investments) and Mr Nilesh Shetty (B.Com, MMS -Finance, and CFA with collectively 16 years in equity markets), have generated respectable returns for investors.

Table 2: Report card of QMAFOF versus some of its peers

Even as the equity market is panting for breath attributable to COVID-19 and volatility has intensified, QMAFOF due to its sensible asset allocation to equity, debt and gold through its underlying portfolio, has fared relatively better than some of the peers.

ICICI Prudential Multi-Asset Fund, Axis Triple Advantage Fund, HDFC Multi-Asset Fund, and UTI Multi-Asset Fund, on the other hand, have all eroded investors wealth posting double-digit negative returns (see Table 2) in this downturn. Some of these schemes have fared well during upswings by keeping to the allocation to equities high, but on the downside, they have not managed the risk very sensibly. Investors, as a result, have experienced a roller-coaster ride in the journey of wealth creation.

A multi-asset fund, ideally, is expected to be truly balanced and sensibly allocate its assets whereby the downside risk of one asset class is compensated by the positive returns of the other asset classes.

Here are five good reasons to invest in Quantum Multi Asset Fund of Funds

1. You gain from a diversified portfolio across asset class which, in turn, reduces risk and optimizes returns.
2. You do not have to worry about portfolio rebalancing; the fund manager will astutely do it for you at regular intervals in the endeavour to achieve the set-out investment objective of the fund.
3. Portfolio tracking will be easy for you instead of tracking 10 different schemes
4. You will benefit from the lowest expense ratio in the category
5. And above all, Quantum Mutual Fund's strong research capabilities across various asset markets - equity, debt and gold, -- with robust investment processes & systems followed at the fund house.

Suitability of Quantum Multi Asset Fund of Funds

QMAFOF is a perfect fund for investors looking to tactically diversify the portfolio with a single fund across equity, debt and gold, plus leave the aspect of rebalancing to the discretion and expertise of the fund manager.

Furthermore, the fund is appropriate for investors seeking long term capital appreciation, who have a moderately high-risk appetite, and an investment time horizon of 3 to 5 years.

It is the best time to invest in the Quantum Multi Asset Fund of Funds. Valuation-wise, Indian equities look attractive and there appears to be a decent margin of safety (with a high return potential if the equity markets ascend).

Similarly, given the uncertainty surrounding the world, gold is expected to display its lustre. The economic uncertainty surrounded by the COVID-19, GDP growth rates being revised downwards, easy monetary policy action and stance followed by central bank across the world, geopolitical tensions, trade tension, and increased stock market volatility are likely to keep spotlights on gold.

Likewise, with credit risk getting amplified, it makes sense to have exposure to a pure Liquid Fund (that does not take exposure to Commercial Papers issued by private entities). Now that policy rates are already lowered by RBI to address growth concerns, it does not make much sense to take exposure to the longer end of the yield curve; it could prove less rewarding and risky (may encounter high volatility) in the foreseeable future. Deploying your hard-earned money is short-end of the maturity curve, would be far better.

By investing in Quantum Multi Asset Fund of Funds, you will be able to balance the risk better with a sensible investment strategy in place.

Just as an excess drug dosage cannot treat COVID-19, your investment portfolio, too, needs just a fair amount of diversification to clock optimal risk-adjusted returns in the journey of wealth creation.

Go ahead and consider investing in Quantum Multi Asset Fund of Funds.

Happy Investing!

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

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

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

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

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

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

Here is what you should know first...

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

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

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

Table 1: Maturity profile of wound up FTMF schemes

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

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

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

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

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

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

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

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

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

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

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

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

Way ahead for debt fund investors

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

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

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

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

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.

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

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

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

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

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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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With the world coming to a standstill due to the coronavirus outbreak, sporting events across the globe have either been cancelled or suspended and Indias star tennis player Sania Mirza cannot wait to go back to the tennis court.

Taking to Twitter, she wrote: "Waiting to play tennis again like." Earlier, Sania had made her displeasure known as there has been a rise in the number of 'cooking' posts that celebrities are putting out on social media as they stay indoors to fight the coronavirus outbreak. Sania feels posting such pictures in these times is unwanted.

Waiting to play tennis again like 🎾 ⏳
📸- @avigowariker pic.twitter.com/RUZaNRjHHf

— Sania Mirza (@MirzaSania) April 14, 2020

Taking to Twitter, she wrote: "Aren't we done with posting cooking videos and food pictures yet ? Just spare a thought - there are hundreds of thousands of ppl, specially in our side of the world starving to death and struggling to find food once a day if they are lucky."

After giving birth to her child in October 2018, Sania returned to the court in January this year. She clinched the women's doubles title at Hobart International, pairing up with Nadiia Kichenok, in her comeback competition.

Sania recently shared a photo of her son with a tennis racquet in hand, looking confused. "I am pretty sure he's thinking what the fuss is all about? #IzhaanMirzaMalik". Sania said in her Twitter post.

Sania last played at the Qatar Open in February. She has helped raise Rs 1.25 crore in one week which will help close to 1 lakh people in need during the 21-day lockdown to fight the coronavirus pandemic.

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Wimbledon champion Simona Halep, 28, is pretty shocked to see a global lockdown due to the Coronavirus pandemic. "Not even in my worst nightmares could I think that the globe can stop in such a way. For me, it's a shock because I'm pretty young and haven't gone through too many tough times. This is something that belongs to a fantastic realm. They have stopped travelling, flight in order to avoid affecting our health and well-being. Maybe it's the best interdiction," Simona, 28, told Romanian TV show Garantat 100%.

The former World No. 1, who is currently in isolation at her Bucharest home, is taking "maximum care" to avoid contracting the virus, fearing it could affect her lungs.

"In the beginning, I had this fear but then analysed the situation and figured out that if you protect yourself, everything will be OK but I'm afraid for those with health issues. I fear this virus because even if we are healthy and have good immunity–we may resist it–but it [the virus] will leave us with a serious lung affection. That's why I have decided to take maximum care of myself. That's why I have decided to take maximum care of myself," added Simona.

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