Jockey Patrick Cosgrave will be allowed to ride in Great Britain pending his appeal to the BHA on the Emirates Racing Authority's ban on the jockey. Satish Kumar / The National
Jockey Patrick Cosgrave will be allowed to ride in Great Britain pending his appeal to the BHA on the Emirates Racing Authority's ban on the jockey. Satish Kumar / The National

Pat Cosgrave cleared to ride in UK during his appeal to the BHA



Pat Cosgrave has been cleared to return to the saddle pending his appeal to the British Horseracing Authority not to reciprocate the four-month ban handed out by the Emirates Racing Authoriy.

Cosgrave was found guilty of a blatant breach of the rule regarding improper riding which has a detrimental image to racing following his performance on the Mike de Kock-trained Anaerobio at Meydan in March.

The jockey was found to have moved his mount off the rail in the straight to allow stablemate Vercingetorix through on the inside to win the Group One Jebel Hatta, with Anaerobio eventually third.

Cosgrave was initially banned for six months by the ERA but that was reduced to four months following an appeal.

However, Cosgrave has asked the BHA not to impose the suspension in this country and will be free to ride until his appeal is heard.

The BHA tweeted: “The Disciplinary Panel have directed that the penalty imposed on Pat Cosgrave by ERA should not apply in Britain for two weeks, or until non-reciprocation application is heard, whichever is first.

“Cosgrave is subsequently free to ride in Britain as of [Wednesday]. If hearing cannot be arranged within two weeks [May 20] then it will be necessary to decide if further stay of ERA penalty is justified.”

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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

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How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

Sri Lanka squad

Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.


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