KOZHIKODE l thursday l may 05, 2022 l `9.00 l PAGES 12 l city EDITION MARADONA’S ‘HAND OF GOD’ SHIRT SETS AUCTION RECORD The shirt worn by Diego Maradona while scoring the infamous ‘Hand of God’ goal was sold for £7.1 mn (K67.61 crore) ‘TANGIBLE REMINDER OF IMPORTANT MOMENT’ OLYMPIC MANIFESTO MARK ERASED The shirt came from the collection of English midfielder Steve Hodge, who had unintentionally flicked the ball to Maradona during the play, with whom he had swapped shirts after the match. ‘This historic shirt is a tangible reminder of an important moment,’ said Brahm Wachter, Sotheby’s Head of Streetwear and Modern Collectables, London ■ The auction record for any sports memorabilia was the original autograph manuscript of the Olympic Manifesto from 1892, which sold for $8.8 mn in December 2019 ■ The previous record for a game worn shirt was held by Babe Ruth’s Yankees road Jersey, which sold for $5.64 million in 2019 £7.1mn the Maradona shirt fetched at the auction CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI RBI suddenly wakes up to inflation Rate at which it lends to commercial banks up by 40 bps, be prepared to pay more as EMI 4.40% 4.40% 5 4.00% 5.40% 5.15% 6.00% 6 R a m S a h g a l @ Mumbai 5.75% 6.50% 6.25% 6.25% 6.25% 6.00% 6.75% 7.50% 7.25% 8.00% 7.75% 7.75% 7.50% 6.50% 7 7.25% 8 6.75% t h e repo rate c u r v e 4 3 2 1 04-May-22 27-Mar-20 22-May-20 07-Aug-19 06-Feb-20 06-Jun-19 04-Apr-19 07-Feb-19 01-Aug-18 06-Jun-18 02-Aug-17 04-Oct-16 05-Apr-16 29-Sep-15 02-Jun-15 04-Mar-15 15-Jan-15 28-Jan-14 29-Oct-13 20-Sep-13 17-Mar-11 03-May-13 0 P ossible fallo u t Retail loan rates Real estate prices Home loan rates Auto sector Personal loans Are linked to repo rates, so they may see immediate increase by 40 basis points. One basis point is onehundredth of a percentage point They have already risen by 5-10% across different markets in India due to raw material inflation. Expect them to go up further Are currently in the range of 6.65%7.15%. Banks will immediately pass on the rate hike to consumers, so expect them to jump 50% of passenger vehicle sales and 90-95% of commercial vehicles are financed by loans. Auto loans are at 7.358.05%. Vehicle sales will now take a bigger hit Used for financing purchase of consumer durables. They are currently available at 10.5-13%. Rate hike will make them pricey In a sudden announcement on Wednesday the Reserve Bank of , India (RBI) increased the repo rate — the rate at which it lends to banks — by 40 basis points one month ahead of its scheduled Monetary Policy Committee (MPC) meeting where such decisions are normally taken. It comes as an acknowledgement of the fact that the RBI has been late in increasing interest rates ignoring tell-tale signs of nontransitory inflation. In what looks like a correction of its February and April policy ‘mistakes’, when it ignored rising inflations and let the policy rates stay unchanged, the Central bank on Wednesday said inflation is rising alarmingly and spreading fast amid a prolonged conflict in Europe. It cited rising crude, fertiliser and other input costs having a direct impact on food prices in India. The MPC also pointed to the rising pace of policy nor malisation across advanced economies and Covid related lockdowns impacting supplies as having “ominous implications for emerging economies, including India.” “In the MPC’s view, monetary policy response at this juncture would help preserve macro-financial stability amidst increasing volatility in financial markets,” governor Shaktikanta Das said. So what changed between April and now that forced the RBI to take such an extreme step? Analysts suggest the April inflation reading was much higher than both the RBI and the market’s expectations. The general consensus is that inflation in April could be around 7.5%, and they are hoping there is no major upside surprises. Also, rising pump prices since the second fortnight of March are feeding into core inflation prints. They are expected to have intensified in April. The second reason could be the RBI has pre-empted a similar move by US Federal Reserve. Some analysts also believe that The risks of unprecedented input cost pressures translating into yet another round of price increases for processed food, non-food products and services are now more potent than before - Shaktikanta Das US Fed set to raise benchmark rate The US Federal Reserve is all set to raise its benchmark rate by a half percentage point and start shrinking the $9 trillion asset portfolio to slow down the economy and ease prices, as inflation is at a four-decade high RBI officials’ recent meetings with World Bank and IMF economists might have led to the decision to hike rates. Their feedback on the stance, the hawkishness of global central bankers and the realisation how much behind the RBI is in its response, could have also caused this sudden move, says Arvind Chari, CIO, Quantum Advisors. In his speech, the governor has specifically quoted the International Monetary Fund (IMF), which in its World Economic Outlook of April 2022, noted that the economic effects of the war are spreading far and wide — like seismic waves that emanate from the epicentre of an earthquake — mainly through commodity markets, trade and financial linkages. The seismic effect of RBI’s move, though was felt across the stock and bond markets. Stocks tumbled and bond yields rose in response to the unexpected timing of the rate hike and expectations that the next policy meet in June would also see the repo rate being raised. “…..the crucial backing for the 40 bps hike came from an understanding that inflation is here to stay said Indranil Pan, ,” chief economist, Yes Bank. “The timing of the hike is important too as it seems to just precede a likely 50-75 bps increase in the policy rate by the US Fed. This is possibly to ensure that the INR is safe from any speculative attacks, notwithstanding the LIC IPO, and especially as the FX reserves are down by around $30 bn from its peak levels. In this financial year alone, India’s FX reserves are down by about USD 6.9 billion,” Pan said. Besides raising the repo rate, the RBI also increased the cash reserve ratio, or the portion of interest-free deposits banks have to park with RBI, by 50 bps to 4.5%. This is part of the MPC’s objective of withdrawing accommodation in a calibrated way It will drain `87,000 . crore of excess liquidity from P10 the banking system. ROLE REVERSAL: CPM GOOFS UP ON BYPOLL CANDIDATE E X P R E S S N E W S S E R V I C E @Kochi In A Role reversal, Cpm goofed up on its candidate selection for the Thrikkakara byelection on Wednesday even as the Congress nominee hit the campaign trail. Left MLA from Kunnathunadu P V Sreenijan welcomed young CPM leader K S Arun Kumar’s candidacy in a social media post that triggered cheerful response from party cadres who lost no time in launching the election work for their comrade. But the jubliations were shortlived as senior leaders, including LDF convenor E P Jayarajan, stated in clear terms that the front has not yet taken a decision on its candidate. CPM workers who were writing Arun Kumar’s name in a graffiti with the front’s bypoll catchline Urappanu 100, Urappanu Thrikkakara (100 for sure, Thrikkakara for sure) were forced to abandon it midway after strict instructions reached them from Lenin Centre, the party’s Ernakulam headquarters. Sreenijan also deleted his post. But the damage was already done. As the TV news channels and news websites started to report the news, Jayarajan met reporters at Lenin Centre. “Our candidate selection is done through a proper process. Today our district committee met and discussed the name of probable candidates. The state committee will have to approve it, and finally, the candidate’s name will have to get the nod at the LDF state committee,” he said. “The media shouldn’t announce the name of our candidate before we do. They should show patience.” CPM Central Committee member P Rajeeve said the decision will be taken on Thursday “The LDF will an. nounce the candidate tomorrow (Thursday),” he said. According to sources, the CPM Er nakulam district committee that met in the morning recommended Arun Kumar’s name to the state committee. But the state leadership instructed Lenin Centre not to reveal the name for a day. Arun Kumar was also directed not to respond to the media, after which he went incommunicado.  ● More on P4 Low pressure: State may get rain till Sunday E xpress N ews S ervice @T’Puram P Chidambaram being heckled by Congress lawyers in Kolkata | special arrangement PC heckled for defence of Didi govt in case brought by Cong E xpress N ews S ervice @ Kolkata Former Union minister and Congress leader P Chidambaram was on Wednesday heckled and chased away by lawyers belonging to his own party after he defended the Trinamool Congress government and a private firm at the Calcutta High Court in a case brought by the state Congress unit. State Congress president Adhir Ranjan Chowdhury had filed the case challenging the decision of the Mamata gov- ernment to sell shares of the state-run Metro Dairy to agroprocessing firm Keventer, alleging corruption worth several crores in the deal. Chidambaram fought the case on behalf of Keventer, triggering protests by lawyers from the Congress’ legal cell. “The former Union minister was shown black robes and called a Trinamool sympathiser by lawyers from the Congress’s legal cell. He was chased away from the court premises,’’ said a police officer. THE state, reeling currently under hot, humid weather, is likely to receive rain till Sunday, the India Meteorological Department (IMD) has said. According to the Met Department, the weather conditions developed in the Andaman Sea have been causing light to moderate rain in the state. A cyclonic circulation is expected to be formed over the South Andaman Sea and its nearby areas. The report added a low pressure area in the region is likely to be formed under the influence of the cyclonic circulation on Friday and intensify gradually into a depression in the subsequent 48 hours. As per the forecast, thunderstorms with lightning accompanied by gusty wind with speed reaching 30-40kmph are very likely at one or two places in the state until Sunday Fish. erman have been advised not to venture into the sea during this period. Anger on Lankan streets Sri Lankan students hold barricades in Colombo during a demonstration against the economic crisis on Wednesday | AFP | P9 EXPRESS READ Food poisoning: HC initiates case suo motu Appeal against George’s bail likely today SC: Argue or will order release of Perarivalan Kochi: The Kerala High Court on Wednesday initiated suo motu proceedings in connection with the death of a 16-year-old student and around 30 others falling sick after allegedly having rotten shawarma from a snacks bar at Cheruvathur in Kasaragod district. The court also sought an explanation from the authorities concerned on the measures taken. P4 T’Puram: The state government is likely to move an appeal on Thursday seeking cancellation of the bail granted by the Judicial First Class Magistrate Court to Kerala Janapaksham leader P C George. He was arrested in connection with the speech he had delivered against the Muslim community during the recently held Ananthapuri Hindu Maha Sammelan. P5 New Delhi: The SC on Wednesday said the Tamil Nadu governor was bound by the decision of the state cabinet on the release of A G Perarivalan, who has served 36 years of his life term in the Rajiv Gandhi assassination case and disapproved of his action sending the mercy plea to the President saying it cannot shut eyes to something against the Constitution. P5 SHO arrested over raping UP gang-rape survivor N a mi ta Ba j pa i @ Lucknow A Station House Officer (SHO) accused of raping a minor in a Uttar Pradesh police station was arrested on Wednesday and the entire staff of his station, comprising 29 police personnel, was attached to the police lines for the horrific crime. The girl had gone to the Pali police station in Lalitpur to record her statement in a gang-rape case filed by her two days earlier. As per Lalitpur Superintendent of Police Nikhil Pathak, four people kidnapped her and took her to Bhopal where they gangraped her on April 22. She later escaped from their captivity and reached the Pali station in Lalitpur district to register a complaint against the four men. Initially SHO Tilakdhari Sa, roj, sent her to a destitute home along with her aunt. However, two days later, he asked her to come back so that he could record her statement. When she arrived, Saroj took her to a room inside the police station and raped her. The survivor narrated her ordeals to Lalitpur SP, who suspended Saroj. After an initial investigation, five people, including Saroj, were booked under Sections 363, 376, 376B, 120B of the IPC and the Protection of Children from Sexual Offences Act (POCSO) and 3(2)5 of the SC/ST Act. “Taking cognizance of the issue, Additional Director General Kanpur Zone has ordered to attach the entire staff, comprising 29 police personnel, of Pali police station to the police lines,” ADG (Law and Order) Prashant Kumar said. The Uttar Pradesh Director General of Police has directed DIG (Jhansi Range) to conduct an inquiry and submit a report on the conditions under which the SHO committed the crime. The DIG has also been asked to probe the role of supervisory officer. Four have so far been arrested in the case. Hema panel content not to be made public: Min E xpress N ews S ervice @T’Puram THE government does not intend to publicise the details of the Justice K Hema Commission report on issues faced by women in the film industry and those who insist on doing it may be driven by ‘vested interests’, Cultural Affairs Minister Saji Cherian has said. He was speaking after chairing the first meeting of stakeholders of the film industry here on Wednesday to discuss a summary report prepared on the basis of the Hema panel recommendations. The minister said it was for the gover nment to decide KEY RECOMMENDATIONS Equal wage for men & women in various spheres of filmmaking Written contracts for engaging women actors and technicians Impose curbs on use of liquor and other intoxicants on film sets, ban persons with criminal antecedents whether the report should be publicised or not. “What is important is the enactment of a legislation on the basis of the commission’s rec- Discourage acts that lead to denial of opportunities in cinema Ban the use of vulgar language and words with double meanings on cinema sets Ensure safe travel and boarding facilities for women ommendations,” said Cherian, who added Justice Hema herself had insisted on not making the contents of the report public. The panel was formed to look into the issues faced by women in the Malayalam film industry in the wake of the actor abduction case. The minister said the government has appointed a committee to hold further discussions with associations representing various stakeholders of the film industry and collate their recommendations. The committee comprises state women’s commission chairperson P Sathidevi, Kerala State Film Development Corporation chair man Shaji N Karun, Chalachitra Academy chairman Renjith, actor Madhupal and the government law secre● More on P4 tary  .