
AP PHOTOS: In cricket-crazy India, the Indian Premier League is a reason to celebrate
The world's richest franchise cricket league is ongoing in India, a cricket- crazy country of 1.4 billion. The Indian Premier League features top players from around the world and attracts hundreds of millions of TV viewers.
While the format leads to high-tempo action on the field, Twenty20 cricket has also sparked an evolution in off-field entertainment in cricket. Cheerleaders dancing on podiums, DJs sitting behind decks spinning tunes, and fancy dress themes are all part of the T20 game for crowds, bringing a colorful new twist for those at the stadium and broadcast viewers.
This year, 65 international cricketers from Australia, New Zealand, South Africa, Sri Lanka, West Indies, England and Afghanistan have joined India's high-profile players in the tournament.
The tournament started March 23 and the final is set for June 3 at Ahmedabad. The championship decider will be played at Narendra Modi Stadium, the world's largest cricket venue with a seating capacity of 132,000.
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This is a photo gallery curated by AP photo editors.
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Reuters
31 minutes ago
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Weak dollar reprises its role as 'carry' trade funder
MUMBAI, June 2 (Reuters) - The U.S. dollar's weakness since the start of Donald Trump's presidency has made it the preferred funding currency for popular "carry" trades, fuelling heavy flows into higher-yielding emerging market currencies. Dollar-funded carry trades in the Indonesian rupiah , Indian rupee , Brazilian real , Turkish lira among other currencies, are back in vogue, fund managers said. In a typical currency carry trade, investors use cheap-to-borrow currencies to fund investments in those with better yields. Returns are boosted if the borrowed currency weakens. The dollar, traditionally less favoured than the Japanese yen or Swiss franc for such trades, has become the funding currency of choice as Trump's trade war stokes recession worries and an investor retreat from U.S. Treasuries. Carl Vermassen, a portfolio manager at Zurich-based asset manager Vontobel, has added to carry trades on the rupee and rupiah. "Emerging market local currency was basically shunned for the simple reason: to avoid local currency risk at a time of an almighty dollar," he said. "But, given most investors deem U.S. exceptionalism to have ended, things are changing." Claudia Calich, head of emerging market debt at M&G Investments, also expects dollar weakness to persist and support carry trades. The London-headquartered fund oversees more than 312 billion pounds ($423.5 billion) and favours the rupee and Philippine peso for carry positions within Asia and the Brazilian real and Mexican peso in Latin America. The more investors rush back into dollar carry trades, the deeper the dollar's losses are likely to be, analysts said. The dollar index has fallen 8.5% so far this year, dropping below the critical 100 mark in mid-April for the first time in nearly two years. It was last seen at 99.30. That means investors are finding good carry not just in the likes of the rupee and rupiah, whose yields are above those in the United States, but even those with low interest rates such as the South Korean won . The won has led gains in Asian currencies this year with a 6.7% rally against the dollar. The yield advantage over dollars, or the "carry", measured by the three-month tenure is 2% on the Indian rupee and 1.2% for Indonesia's rupiah. Brazil's real gives a much higher carry at 9% but is far more volatile, meaning the trade could go horribly wrong if the currency depreciates, instead of appreciating. The future expected 3-month volatility, also called implied volatility, for the real is 8.1% compared with 4.7% for the rupee. Goldman Sachs said carry trades were "a big theme" in recent meetings with its New York clients, with interest growing in Latin American and European markets. "If volatility settles some more, we will start to hear more about dollar-funded carry trades," ING Bank said. "This could be a story for this summer." Since "FX carry trades" typically involve investments in bond or money markets in these destinations, analysts expect to see heavy flows into emerging markets. Data for April shows investors bought bonds worth $8.92 billion, the highest for any month since last August, in South Korea, India, Indonesia, Thailand and Malaysia. While some of those flows could have been straight real-money investments into these markets, analysts say carry trades also boomed. In South Korea, foreign investors bought $7.91 billion in bonds, the most since May 2023. Tom Nakamura, vice-president and head of fixed income & currencies at Canadian fund AGF Investments, finds carry trades in Turkey attractive since the central bank's adoption of more orthodox monetary policy. Turkey's benchmark rates are at 46%(TRINT=ECI), opens new tab.


Reuters
an hour ago
- Reuters
India's top miner tests local iron ore pricing; shift from global index, source says
NEW DELHI, June 2 (Reuters) - India's key iron ore producer NMDC ( opens new tab is testing a new pricing formula for its output to shield its profits from the volatilities reflected in global benchmarks, a source with direct knowledge of the matter told Reuters. State-run NMDC, which sells its output locally, currently releases monthly iron ore prices linked to inventories, international prices and domestic market dynamics. The company plans to launch the new formula after initial trials, the source said, declining to be identified as the plan is not public yet. "We are taking baby steps," the source added. The new formula will not link prices to any international index or exchange, the source said. With the launch of the new mechanism, NMDC will gradually move to a more frequent disclosure of iron ore prices, the source said, adding the intervals had not been finalised yet. "Going forward, we will try to do it more frequently so that there is no lag in whatever is happening in the market and our prices," the source said. The miner will also collect pricing information from different stockyards across cities, compared to the existing mechanism of gathering information from mines, the source said. NMDC did not respond to a Reuters email seeking comments. India's JSW Steel ( opens new tab, the country's biggest steelmaker by capacity, primarily sources its iron ore from NMDC. NMDC reported a fall in fourth-quarter profit, hurt by lower product prices. India is also in the process of overhauling the average sale price of iron ore to garner higher revenues for the government, as the mines ministry believes some miners try to depress prices artificially in order to pay lower royalties to the government.


The Independent
an hour ago
- The Independent
Two-time World Cup winner Glenn Maxwell calls time on ODI career
Australia all-rounder Glenn Maxwell has retired from one-day internationals to focus on next year's T20 World Cup. Maxwell took the decision to prioritise his preparation for the T20 World Cup, to be held in India and Sri Lanka, and his commitment to franchise leagues, Cricket Australia (CA) said in a statement. "I think back to right at the start I was picked ahead of my time and out of the blue. I was just proud just to be playing a couple of games for Australia. I thought I was just going to have that," the two-time World Cup winner said in the statement. "Since then, I have been able to go through the up and downs of being dropped, being brought back, playing in a few World Cups and being a part of some great teams." The 36-year-old has played 149 ODIs for Australia, scoring 3,990 runs at a strike rate of 126.7 - second only to Andre Russell's 130.22. Maxwell's 201 not out from 128 balls while battling cramps in a 2023 World Cup match against Afghanistan is considered the greatest knock in this format. Maxwell, who played the last of his seven tests in 2017, told the Final Word Podcast that the toll of 50-overs cricket, especially after a leg injury he suffered in 2022, affected his fielding ability during the Champions Trophy earlier this year. "I felt like I was letting the team down a little bit with how (the) body was reacting to the conditions," he said. "I had a good chat with [chairman of selectors] George Bailey and I asked him what his thoughts were going forward. "We talked about the 2027 World Cup and I said to him 'I don't think I am going to make that, it's time to start planning for people in my position to have a crack at it and make the position their own'." CA chief executive Todd Greenberg congratulated Maxwell for "one of the most exciting and influential one day international careers in the format's history". "Glenn's ballistic batting has lit up the cricket world and been one of the cornerstones of Australia's continued success in the 50 over game, including his heroic role in the 2023 World Cup triumph," Greenberg said.