Modi has been under fire ever since relinquishing office and has hit back hard this time.
Modi has been under fire ever since relinquishing office and has hit back hard this time.

Sri Lanka League row prompts Modi to expose BCCI's errant ways



Gone out of favour with the powerful Indian cricket board (BCCI), the former Indian Premier League chairman Lalit Modi went into an overdrive today to expose what he called the corrupt ways of his former bosses on the social networking platform of Twitter.

The barrage came after it was reported that the BCCI had reneged on their promise to allow players to play in Sri Lanka's version of the IPL because they merely suspected that Modi was behind the organisation and operations of the inaugural Sri Lanka Premier League (SLPL).

That prompted Modi to not just laugh it off, describing the allegations as 'amazing', but also tweeted: "It just shows that Mandarins at Bcci have no clue what is happening in the cricket world. They can't see beyond there own shadow."

A series of tweets followed mainly revealing how he and the BCCI mandarins had similarly victimised the Indian Cricket League (ICL), which could lay claim to the first tournament to promote the now immensely popular Twenty20 format of cricket.

"It seems best way to scuttle any plans is to say Lalit Modi is behind it. Good to know that just mentioning my name can send a shiver down there spines. Guess they are a bunch of spineless people running the show. Who have no clue as to what to do. Not that they ever had. I had to do it for them.

"When I was at BCCI - the mandate given then was to scuttle ICL. BCCI arm twisted every cricket board and ICC to change there constitution.

"Yes I was part of the Bcci when we scuttled ICL. That was the mandate of the organization. It was not my personal agenda.

"Yes I admit it was a mistake to have systematically used everything in Bcci's arsenal to finish ICL.

"Yes we as Bcci called all and Sundry to oppose ICL. Cricket associations were told not to give there grounds or fear loosing matches.

"Advertisers were called and told if you advertise on ICL than you will be barred from all bcci cricket...

"Players were told do not play for ICL or we will black list you. This then Bcci had to implement thru change of constitution.

"The final Straw was to offer ICL players an amnesty Scheme so that they would desert ICL and join IPL.

"Bcci than called every member of icc to ensure that they all help in changing the icc constitution to outlaw ICL.

"Bcci even went to the extent of black listing suppliers like Tv Production cos, Event Managers who worked with ICL.

"Bcci used Champions League to induce other ICC members to Vote on the resolution to outlaw ICL, that way they get part of the earnings. England resisted. Thus lost right to be a shareholder of CL. Eventually capitulated as the money was too big to ignore

"Why am I revealing all this now - I always said I will reveal everything one day. So what better day to start then Today."

Modi followed it up by using the television medium next to repeat his admissions and insisted that he is not hiding anywhere and will make a comeback.

Modi has been away from the limelight after the Indian government agencies started probing financial irregularities that he allegedly committed during his IPL days but was the subject of probing after his fall from office.

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Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

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