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Cricket-South Africa spinner Phangiso reported for suspect action

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CAPE TOWN South Africa’s Aaron Phangiso has been reported for a suspected illegal bowling action just weeks before the left-arm spinner will represent the national side at the World Twenty20 in India.

The 32-year-old was reported after helping his domestic Lions side into the final of South Africa’s provincial 50-over competition on Wednesday when he took 2-38 in eight overs.

“Phangiso’s action will now be scrutinised further in accordance with the CSA regulations,” governing body Cricket South Africa said in a statement on Thursday.

“He is required to undergo independent analysis by a member of the ICC panel of human movement specialists and is permitted to continue bowling until the results of the testing are known.”

The spinner will require to undergo testing within 14 days and will hope to be cleared before the March 8-April 3 World Twenty20. South Africa open their campaign at the biennial event on March 18 against England in Mumbai.

It is the latest setback for Phangiso, who was disciplined by CSA late last year after allegedly offending crew and passengers on a flight from India while in an intoxicated state.

He was also forced to apologise after being caught by television cameras imitating snorting cocaine while in his team’s dugout during the second Twenty20 international against England at The Wanderers on Sunday.

Phangiso has played 16 one-day internationals and nine T20 internationals for South Africa.

(Reporting by Nick Said; editing by Sudipto Ganguly;; +27832722948; Reuters Messaging: Reuters Messaging:

Source: R-Csports


Rupee, bonds slump ahead of budget on fiscal deficit concerns

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MUMBAI Indian government bonds slumped on Thursday after New Delhi announced a 21 percent hike in capital spending for the railway budget from a year ago and on market talk about a meeting between the finance ministry and analysts and media this weekend.

The most traded 8.27 percent 2020 bond yield rose to 7.97 percent, its highest since Sept. 8, 2015 and up 6 basis points from before the presentation of the railway budget. It closed at 7.9 percent on Wednesday.

The Indian Railways will spend 1.21 trillion rupees ($17.63 billion) towards capital expenditure for the year starting in April 2016, Railways Minister Suresh Prabhu said while presenting the budget, compared with 1 trillion rupees last year.

The increase comes before the government is due to unveil its fiscal budget for the same year on Monday, amid fears New Delhi will widen its 2016/17 fiscal deficit target of 3.5 percent of gross domestic product to afford higher spending that can help boost economic growth.

Meanwhile, several sources told Reuters that the government would meet economists, bankers and some newspaper editors on Saturday, raising market speculation the meeting was intended to manage expectations ahead of Monday.

“This is sending some signal that the fiscal deficit may be higher than even 3.8 percent and the government wants to proactively manage expectations,” said an economist with a foreign bank, who was not one of those invited to the meeting.

Meanwhile, the benchmark bond 7.59 percent 2026 yield rose to 7.86 percent from the previous close of 7.83 percent, its highest since Feb. 3.

The Indian rupee also weakened to 68.7725 to the dollar, close to its record low of 68.85 touched in August 2013, and compared with the previous close of 68.5650 as foreign investors worried over the government’s fiscal consolidation plan.

($1 = 68.6200 Indian rupees)

(Reporting by Suvashree Dey Choudhury; Editing by Subhranshu Sahu)

Source: R-Business


Sensex falls for third day; railway companies tumble

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MUMBAI The BSE Sensex edged lower on Thursday, set to close down for a third straight session as caution prevailed ahead of the fiscal budget due next week, and as weak crude prices continued to weigh on global sentiment.

Railway stocks such as Kalindee Rail Nirman Engineers (KALI.NS) fell after the government announced a railway budget for the year starting in April that was seen as lacklustre for the sector, including keeping freight rates and passenger fares unchanged.

The railway budget comes before the government unveils its fiscal budget on Monday amid worries it will widen its deficit targets to boost economic growth through increased spending.

The budget this year comes at a time when weak crude prices are hurting global sentiment. China’s economy also remains a concern, with Chinese shares tumbling more than 6 percent as investors booked profits.

The expiry of monthly derivatives contracts also kept investors on toes.

“This year we haven’t seen any pre-budget rally so expectations are running really low and because of the external environment, market is still trading very muted,” said Rikesh Parikh, vice-president of equities at Motilal Oswal Securities.

The broader NSE Nifty was 0.23 percent lower at 7,002.85 by 0821 GMT, while the benchmark BSE Sensex was down 0.27 percent to 23,026.

The Nifty has fallen 7.5 percent in February, poised for the worst month since November 2011.

Railway sector-linked stocks Kalindee Rail Nirman and Titagarh Wagons (TITW.NS) fell over 4 percent each amid lack of any big-bang reforms by the Rail Minister Suresh Prabhu in the budget.

Bucking the trend, power lenders Rural Electrification Corp (RURL.NS) and Power Finance Corp (PWFC.NS) rose between 1 percent and 2 percent after HSBC upgraded both stocks to “buy” from “hold,” citing valuation.

(Reporting by Aastha Agnihotri; Editing by Anand Basu)

Source: R-Business

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