IPL-2024 to kick-start 2-month spending boom in poll-bound India

News Network
March 22, 2024

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The start of the world’s most lucrative cricket tournament in India is presenting investors with another big opportunity to cash in on the sport, months after the world’s most populous nation hosted the Cricket World Cup.

The eight-week long Indian Premier League begins March 22 for its 17th season. Since its inception, the fast-paced cricket tournament has become a corporate juggernaut to rival the National Football League in the US and the English Premier League in value.

Just as October’s Cricket World Cup boosted consumption in India for months, fans are expected to flock to restaurants, pubs and food delivery platforms over the duration of the tournament. This year’s IPL also coincides with general elections that will last for six weeks starting April 19, a period when companies are expecting higher food and drink sales as people flock to rallies and other events.

“There’s going to be a lot of spending,” said Madan Sabnavis, chief economist at Bank of Baroda. “IPL, as well as the election, gives a three-month corridor with enhanced economic activity.”

Stocks in India such as McDonald’s franchise operator Westlife Foodworld Ltd. and peer Sapphire Foods India Ltd. gained ahead of the first match on Friday, as well as hotels and beverage makers. Packaged-food companies could also stand to benefit from the IPL craze, said Sachil Bobade, an analyst at investment firm Dolat Capital Market.

The IPL ecosystem was valued at $11 billion (Rs 91,721 crores) in 2023, including the value of media rights and sponsorships, according to Indian valuation consulting firm D&P Advisory.

The league is also attracting record sums of money from sponsors and broadcasters. Conglomerate Tata Group won the title sponsorship rights of the tournament in January for a record 25 billion rupees ($300 million). Billionaire Mukesh Ambani’s media venture secured the digital streaming rights in 2022 for five years for $2.7 billion, while Walt Disney Co. paid roughly the same for TV rights.

“There was a serious amount of bidding even this year,” said Vinit Karnik, head of entertainment, esports and sports at media agency GroupM South Asia. “I see growth in IPL in double digits year-on-year,” he adds.

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News Network
October 16,2024

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Mysuru: K. Marigowda, Chairman of the Mysuru Urban Development Authority (MUDA), resigned on Wednesday, citing health issues and directions from Chief Minister Siddaramaiah.

Marigowda, once considered a close confidant of the Chief Minister, met with Siddaramaiah earlier in the day before submitting his resignation to the Principal Secretary for Urban Development in Bengaluru. While he was unavailable for direct comment, he informed the media that the CM had instructed him to step down. "My health is not good. I’ve suffered two strokes and am unable to carry out my duties effectively," Marigowda said.

His resignation follows an incident on September 27, when he was confronted by Congress party members at Mysuru Airport in Mandakalli during Siddaramaiah's visit. Supporters of the CM, who had gathered in large numbers, accused Marigowda of being responsible for the CM’s recent difficulties. Despite his attempts to explain, they demanded he leave the premises, forcing him to depart under pressure. Marigowda had previously served as president of the Mysuru Zilla Panchayat.

The resignation also comes amid ongoing investigations by the Lokayukta Police. A case was filed on September 27 against Siddaramaiah, his wife B.M. Parvathi, brother-in-law B.M. Mallikarjuna Swamy, and J. Devaraju, following a special court directive to investigate a complaint by Mysuru-based RTI activist Snehamayi Krishna.

The case involves a 3.16-acre plot of land in Kesare (Survey No. 464) in Mysuru taluk, which Mallikarjuna Swamy gifted to Parvathi. Parvathi had requested alternative land for this Kesare property, which was developed by MUDA without acquiring it. In return, she received 14 sites in the Third and Fourth Stages of Vijayanagar.

Following the court's order, the Lokayukta Police formed four special teams on September 28. An inspection of both the original Kesare land and the 14 alternative sites in Vijayanagar was conducted in the presence of the petitioner. Mallikarjuna Swamy and Devaraju were questioned on October 10.

Additionally, an Enforcement Case Information Report (ECIR) was filed on September 30 under the Prevention of Money Laundering Act (PMLA) against Siddaramaiah and others, based on the Lokayukta FIR.

Subsequently, Parvathi requested MUDA to reclaim the 14 sites. The process began on October 1, when MUDA received a letter from Parvathi via her son, MLC Dr. Yathindra. The sites were officially returned by October 3. The Lokayukta Police investigation continues.

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News Network
October 10,2024

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Foreign Minister Abbas Araghchi warns Saudi Arabia’s Crown Prince Mohammed bin Salman about the dire consequences of the Israeli regime’s ongoing deadly aggression against the regional countries.

“The Israeli regime is dragging the entire region into a catastrophe,” the top diplomat told the Saudi royal in the Arab country’s capital Riyadh on Wednesday.

Araghchi was referring to the regime’s October 7, 2023-present genocidal war on the Gaza Strip that has so far killed nearly 42,000 Palestinians, mostly women and children, as well as its escalated attacks on Lebanon, which have claimed thousands of other lives.

“Insight, wisdom, courage, and cooperation are what the region needs to overcome this challenging time,” he added.

Araghchi said he had held “very important” discussions with bin Salman concerning “vital issues of common concern.”

He also commented on an earlier meeting with his Saudi counterpart Prince Faisal bin Farhan, noting that the countries would always be bonded as a result of geographical contiguity and stay each other’s brothers through faith.

“Together, the Islamic Republic and Saudi Arabia can award the region with security and stability,” he said, adding, “This requires a higher level of political will.”

“I am glad to have taken the first steps down a long path alongside my Saudi counterpart today.”

Araghchi left Tehran for the kingdom on Wednesday on a regional tour that took him to the Qatari capital of Doha next.

He had visited Lebanon’s capital Beirut on October 4 as part of a two-day tour, holding talks with Lebanese officials before visiting the Syrian capital of Damascus the following day to meet with Syrian leaders.

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News Network
October 12,2024

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The Palestinian Civil Defense in the Gaza Strip says at least 30 people were killed by Israeli strikes in the northern Gaza Strip city of Jabalia and its refugee camp Friday.

The agency’s spokesman Mahmud Bassal said the Israeli regime targeted Jabalia before 9:40 p.m. local time (1840 GMT) and left “12 dead, including women and children” in the city.

Bassal added that 14 people were still missing and likely trapped under the rubble.

Before that incident, Ahmad al-Kahlut, the director of the agency in northern Gaza, said 18 people had been killed by several Israeli strikes, including hits on “eight schools” in the camp that were serving as shelters for displaced Palestinian people.

The day’s aggression left at least 110 injured, according to figures provided by Bassal and Kahlut.

Human rights organizations have repeatedly warned against Israel’s fresh round of aggression on the Gaza Strip’s northern areas, home to hundreds of thousands of Palestinians having sought refuge from the regime’s year-long genocide in the south.

The Israeli regime announced earlier in the week that one of its largest forced displacement orders since October last year, calling for the expulsion of 37 neighborhoods across northern Gaza, which targets over 400,000 Palestinians in the entirety of the blockaded area.

In a statement, the medical humanitarian organization Doctors Without Borders, also known as MSF, said the Israeli regime’s forced expulsion orders in the northern Gaza Strip were turning the war-ravaged besieged area into a “lifeless desert.”

The Geneva-based Euro-Mediterranean Human Rights Monitor also warned earlier that the Israeli regime was subjecting the northern part of the Gaza Strip to “one of the most violent campaigns of genocide.”

The aggression comes as part of the regime’s October 7, 2023-present war on the coastal sliver, which has so far claimed the lives of more than 42,000 people and wounded over 97,500 others, most of them women and children.

Most of Gaza’s 2.3 million people have since been displaced and humanitarian conditions have deteriorated sharply.

Israel’s expulsion plan ‘could last several months’

An Israeli report based on conversations with military officials said the regime is enacting a plan that will effectively ethnically cleanse the Palestinian population in northern Gaza after a siege that could last months.

Conceived by retired Major-General Giora Eiland, the plan aims to empty northern Gaza of its 400,000 residents to make way for a “closed military zone.”

“The general’s plan,” which was launched in an Israeli TV campaign in September, called for the ethnic cleansing of northern Gaza, warning that those that remain will face starvation.

“The right thing to do is to inform the approximately 300,000 residents who remained in the northern Gaza Strip… we are ordering you to leave,” Eiland said last month.

“In a week, the entire territory of the northern Gaza Strip will become military territory.”

According to a report published on Friday in the Israeli daily newspaper Yedioth Ahronoth, the occupation is now implementing a “scaled-down” version of the plan in the Jabalia refugee camp.

Even though the “general’s plan” aims to create conditions to force the population in Jabalia and nearby Beit Hanoun and Beit Lahia to flee south, most people have refused to leave their homes so far, the report added.

Hamas ‘remains steadfast’ in face of Jabalia aggression

Hamas political bureau member Izzat al-Rishq said on Friday that the Gaza-based resistance movement “remains steadfast” in the face of the Israeli aggression on the Jabalia refugee camp, which has continued for the past six days.

“Our people’s choice will always remain … steadfastness on the ground, resilience, and resistance against the occupation’s aggression,” Rishq said in a statement.

He characterized the Israeli actions as akin to “Nazi terrorism,” highlighting that “since Oct. 7 of last year, the Israeli army has engaged in various forms of aggression against Palestinians in Gaza, the occupied West Bank, and [al-Quds] without achieving any of its violent objectives.”

“Those who hold firmly to their land and defend their rights will have the final word, while this fascist enemy will only reap further disappointment, failure, and defeat, despite international silence and complicity,” he added.

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