US Open 2018: Naomi Osaka Wins US Open After Serena Williams Meltdown

Osaka, 20, triumphed 6-2, 6-4 in the match marred by Williams' second set outburst.

Naomi Osaka became the first Japanese to win a Grand Slam singles title on Saturday as her idol Serena Williams angrily imploded, calling the chair umpire in the US Open final "a thief". Osaka, 20, triumphed 6-2, 6-4 in the match marred by Williams' second set outburst, the American enraged by umpire Carlos Ramos's warning for receiving coaching from her box. She tearfully accused him of being a "thief" and angrily demanded an apology from the official.

When a second code violation for racquet abuse was handed out to her - along with a point penalty - Williams exploded.

"You're attacking my character," she said. "You will never, ever be on another court of mine. You are the liar," she fumed and Ramos handed her a game penalty that put Osaka one game from victory at 5-3 in the second set.

Williams won the next game and continued her tearful remonstrations with a supervisor on the changeover but Osaka - who displayed not only a stellar game but remarkable poise throughout - held serve to seal a historic win for her country.

Williams, seeking a first Grand Slam title since the birth of her daughter Olympia on September 1 2017, was denied a 24th Grand Slam title that would have matched Margaret Court's all-time record.

As the pro-Williams crowd booed the announcers at the trophy presentation, Osaka was tearing up herself, but Williams urged the spectators to show the young champion respect.

"She played well," Williams said, pausing to compose herself. "This is her first Grand Slam. "I know you guys were here rooting, but let's make this the best moment we can. Let's give everyone the credit where credit is due. Let's not boo anymore. Congratulations Naomi."

When it was Osaka's turn she seemed at a loss.

"I know everyone was cheering for her and I'm sorry it had to end like this," she said.

"It was always my dream to play Serena in the US Open finals," she added, turning to Williams herself. "I'm really grateful I was able to play with you, thank you."

Williams' tantrum overshadowed an outstanding performance from Osaka, who made her second career title a Grand Slam after winning her first at Indian Wells in March.

A match with history at stake for both players got off to a tense start. 

Williams blinked first, double-faulting on break point to give Osaka a 2-1 lead.

After a confident hold punctuated by a 106 mph ace Osaka broke again to lead 4-1, silencing the Arthur Ashe Stadium crowd.

They came to life again as Williams gained her first break chance, which Osaka saved with a 117 mph service winner. Williams squandered one more chance before Osaka sealed the hold with another big serve, offering a Serena-style "C'mon!"

It was in the second game of the second set that Williams was warned for receiving coaching, a charge she vigorously denied.

"I don't cheat to win," she said. "I'd rather lose."

She was up 2-1 on the changeover when she spoke again with Ramos appearing to smooth things over, and she finally found a way to break Osaka for a 3-1 lead.

The tranquility didn't last long. When Osaka broke back with the aid of two double faults and a backhand into the net from Williams, the American smashed her racquet to the court. A second code violation came with a point penalty to start the next game that sent her into orbit.

"I didn't get coaching. I haven't cheated in my life. I stand for what's right," insisted Williams as they headed into the sixth game - in which Osaka held at love.

After Osaka broke for a 4-3 lead Williams continued her verbal assault on Ramos, who docked her a game for a third violation that put Osaka up 5-3.

It's not the first time emotional outbursts have cost Williams at the US Open. Her ugly rant at a line judge marred Kim Clijsters's semi-final win over her in 2009 and she infamously called chair umpire Eva Asderaki "unattractive inside" in a tantrum during her 2011 final loss to Samantha Stosur.

Williams said she didn't know if she would have managed to turn things around if the dispute with Ramos had not occurred.

"I feel like she was playing really well, but I feel like I really needed to do a lot to change in that match to try to come out front, to try to come out on top," she said.

"It's hard to say because I always fight till the end and I always try to come back, no matter what."

India vs England: Virat Kohli Aims To Win, Says "Numbers Are Inconsequential"

India have lost back-to-back Test series in South Africa and England.

Team India skipper Virat Kohli, who is the leading run-scorer in the ongoing five-match Test series against England, has said that numbers are inconsequential for him and what he brings onto the field is of utmost importance. "I didn't start playing to have numbers and they are inconsequential. People remember your attitude and what you brought onto the field," Kohli said during an interview with Michael Holding on Saturday. Having scored nearly 600 runs in four Tests, Kohli once again validated the fact that he is one of the finest batsmen in the world right now. When he was questioned on how he handles the on and off-field pressures, the 29-year-old said that he doesn't care about perceptions. 

"I am more focussed on having a very solid life, being happy with life and doing the right things on a daily basis and then everything else seems to be an enjoyable journey as a part of the larger process," he said.

"For me, the larger picture is always going to be life. If I am solid and doing the right things, then I am much more confident on the field. I don't play for perceptions, for people or for reputation, I only play to make the team win and that's why I started playing the sport."

India have lost back-to-back Test series in South Africa and England, when asked where exactly things went wrong for his team, Kohli pointed out two crucial phases - the second innings chase at the Edgbaston (1st Test) and the first innings at Southampton (fourth Test). 

"Sitting right now, two things - the second innings at Birmingham and first innings at Southampton. Sitting here, I am not thinking of anything else. The key was to make the team win and twice I could have contributed more. "I know Trent Bridge was great but I remember second innings at Birmingham and first innings at Southampton and I am thinking about that. I am thinking so that if I am in the same position once again, I won't let the team down," the Indian captain said.

He also said that as a leader, he is the first one to own up mistakes.    

"I am always focused on where my mistakes are and how I can improve upon them. I am willing to accept mistakes even in the best of times so that I can keep on improving. 

"It's important for the team that my mindset stays good so that I can lead from the front and if I am only thinking about my performances, then I am not doing justice to the responsibility that I am given."    

"It was a competitive series and we have already understood and admitted the things that we haven't done well. That's something we are keen to improve on as to get into competitive positions, you understand that you have the ability. But ability only takes you to a certain extent and then your mental toughness comes into play when you have to win Test series in difficult conditions and difficult countries, something that we aspire to do," he said. 

"When you don't do that being in winning positions, obviously hurts more than anything. Probably, that's frustrating, we have shown skill sets to get into winning positions and not capitalise on them. Try and get better as a team. Provided we are mentally tougher than the opposition in difficult situations." 

Rupee snaps seven-day falling streak, vaults 26 paise to end at 71.73 against the greenback on RBI succour

The rupee on Friday staged a turnaround to close higher by 26 paise at 71.73 against the US dollar, snapping its seven-session losing streak after heavy intervention by the Reserve Bank of India (RBI).

Weighed down by trade concerns and rising crude prices, the Indian currency breached the 72 mark to trade at 72.04 to the dollar in morning trade.

However, heavy intervention by the RBI predominantly resisted the rupee's sharp depreciation and helped it rebound from record low levels.

Some calm returned to forex front with sentiment soothed by positive comments and 

confidence-building measures from the government after what was described as carnage.

Steady crude oil prices and a relief on the trade front as the US did not slap duties on $200 billion of Chinese goods after the passing of a deadline for a public consultation eased pressure on the local currency.

Benchmark Brent crude oil was trading at $76.74 a barrel in early Asian trade.

The battered rupee lost a whopping 189 paise in the last seven trading sessions which resulted in the worst sell-offs in the forex history.

The rupee resumed higher at 71.95 from overnight level of 71.99 at the inter-bank foreign exchange (forex) market on bouts of dollar selling by state-run banks.

However, intense volatility pushed the rupee to break the 72-mark to hit a low of 72.04 on an intraday basis.

But, the local unit quickly bounced back to trade in positive terrain following central bank intervention. It later touched a session high of 71.65 before ending at 71.73, revealing a gain of 26 paise, or 0.36 per cent.

The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 71.9009 and for the euro at 83.6744.

In the cross-currency trade, the rupee recovered against the euro to settle at 83.25 from 83.70 on Thursday.

The home unit, however, remained weak against the Pound sterling to end at 93.19 per pound as compared to 93.08 and also eased against the Japanese yen to close at 64.70 per 100 yens from 64.69.

The 10-year G-Sec yield also softened to end at 8.03 per cent.

The Indian currency stands out as one of the most vulnerable and worst performing currency in Asia this year so far with a steep 13 per cent fall in value against the resurgent dollar bulls

Hardening concerns over slowing capital flows and a wider trade deficit could stretch the funding of India's current account gap due to lower-than-expected goods and services tax collections increased volatility uncertainty in the midst of Trumps geopolitical mess and contagion spreads.

While inflation risks have increased on high oil prices raising the probability of faster hikes in interest rates by the RBI.

Globally, the US dollar traded modestly higher against major trading rivals as investors prepare for the jobs report later in the day.

Against a basket of other currencies, the dollar index was higher at 95.28

In the forward market on Friday, the premium for dollar softened due to sustained receiving from exporters.

The benchmark six-month forward premium payable in January 2019 moved down to 120-122 paise from 122-124 paise and the far-forward July contract also edged lower to 272-274 paise from 275.50-277.50 paise on Thursday.

Forex reserves drop $1.19 bn to $400.10 bn in a week owing to decline in foreign currency assets, gold cache

The country's foreign exchange reserves fell by $1.191 billion to $400.101 billion in the week to 31 August due to a decline in foreign currency assets and gold reserves, according to RBI data.

In the previous week, the forex reserves had increased by $445.4 million to $401.293 billion.

The decline in the country's forex reserves in the past few weeks is on account of the Reserve Bank of India selling US dollars to contain depreciation in the rupee, which touched a lifetime low of 72.11 against the greenback in intra-day trade on Thursday.

It closed at 71.73 on Friday, after opening at 71.95.

In the week ended 31 August, foreign currency assets, a major component of the overall reserves, dipped by $605.1 million to $375.986 billion, as per the RBI data.

Expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and the yen held in the reserves.

Gold reserves fell by $600.9 million to $20.162 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) rose by $5.5 million to $1.477 billion.

The country's reserve position with the IMF also increased by $9.1 million to $2.476 billion, the apex bank said.

Rupee in free fall: A weaker currency may be a temporary setback, but can check Chinese imports

The Indian rupee has crashed past the 72 mark against US dollar and continues to be on a roller coaster ride. The sudden fall has caught the government and the central bank off guard. High volatility in global crude oil prices and a ballooning current account deficit have been blamed for the rupee's free fall. Does rupee at 72 rings alarm bells to the Indian economy or is there an opportunity in the currency crisis as the Narendra Modi government claims? Beginning today, Firstpost will publish a series of articles where experts will examine the economic impact of the rupee fall.

"Look at China," they say, pointing to its highways and the infrastructure at Shanghai.

"Look at China," they say, pointing to its sustained high growth for decades and its huge pile of foreign exchange reserves built by manufacturing exports.

"Look at China," they say, pointing to its emerging geopolitical influence in the Indian Ocean region and Africa.

Strangely, few in India seem to mention that Beijing's economic might was built with a shrewd foreign exchange policy that kept its currency, the renminbi, artificially low for a long period to help its export competitiveness. The Chinese currency is still subject to state controls.

As rupee breached 72 to the US dollar this week, there is a conundrum to solve involving a series of interconnected equations on imports, inflation, fiscal deficit and growth. However, only the naive would think that a strong rupee is necessarily desirable. Shooting off on Twitter to mock a weak rupee has inspired more politics in the social media than sense in the economy.True, there is more to India's trade than its own doings or the exchange rate. A raging trade war between the US and China now threatens world economic growth, that in turn would affect overall export demand for nations including India. Currency shocks in Argentina, Venezuela and Turkey are playing their own role in setting the overall mood for emerging markets in which the rupee has to take a punch on its chin.It is equally true that India's oil imports are high and a weaker currency inflates the import bill, giving a knock-on effect to costs that fuel inflation that in turn can hit interest rates, investments and growth. But, in spite of all that, is there not a  case to be realistic and align the economy with its ground realities when the country is largely committed to market economics?

India's current account deficit (CAD) is in a clear and present danger of widening. Rating service Moody's said last month that the CAD is expected to widen to 2.5 percent in 2018/19 from 1.5 percent in 2016/17, a full percentage point jump over two years.  Net oil imports were as high as 2.6 percent of the GDP in 2017/18 and are expected to grow up further. India's trade deficit in July hit a five-year high.The rupee weakening in such a context should be considered healthy because the exchange rate remains a key instrument of incentive for exports and a disincentive for imports, although that is no silver bullet. Understandably, one person who should know, former RBI governor Raghuram Rajan, has said the rupee's weakness is not a matter for undue concern, although he is a vocal opponent of 'beggar-thy-neighbour' exchange rate policies in world trade.

Rajan took the bull by the horns in 2013, soon after taking charge, when the rupee slid nearly 12 percent against the US dollar in events linked to the beginning of the end of an ultra-cheap monetary policy in the US amid a weak external balance. Things turned around after that, aided both by domestic policies as well as a turn of global events.

Economists may quibble on everything from infrastructure and commodity prices to world economic growth among export drivers. But, as a Bloomberg analysis said this year, a strong currency does hurt exports.A high fiscal deficit and a weak external balance make the currency and the economy vulnerable in the long run, and a weaker currency adjusting to external shocks should be seen as a healthy price signal that can kick in investments to boost exports -- although everything from inflation-linked wages to infrastructure matter in the interconnected flow of things.Also, a weaker rupee can help check reckless import of everything from smartphones to olives and chocolates and can provide a healthy overall macroeconomic protection to local manufacturers including small businesses. Cheap imports from China have hit growth in India in industries ranging from silk to toys and firecrackers.

A parliamentary panel report noted this year that India's trade deficit with China at $63 billion constitutes more than 40 percent of India's trade deficit, with Chinese goods accounting for one-sixth of all imports. The panel even noted that India lost 2,00,000 jobs as a result of Chinese solar panel imports.Consider also the idea that the rupee's weakness may be more contextual than real. The rupee was relatively stronger as a matter of good luck enjoyed by the current NDA government whose arrival coincided with a plunge in oil prices from roughly $100 a barrel levels when it took over to a third of that a year later before resuming a steady climb. Honeymoons do not last forever.

It is only fair that exchange rates reflect domestic inflation that leads to increases in costs for exporters. The US dollar has appreciated by 24 percent to the Indian rupee from its May 2014 level of around Rs 58 to Rs 72 now. This is broadly in line with the growth in the consumer price index over the same period. The Reserve Bank can always step in if there is an irrational pressure on the currency.

China sees its exchange rate regime as a part of a "broad development policy". The least India can do is to at least not artificially keep its rupee strong. A natural, orderly weakening can help the overall economy adjust itself better. It is better to get a jitter now than suffer a shock later.

BJP can be ousted in 2019 election if coalition is stitched: Opposition leaders at Kapil Sibal's book launch

Senior Congress leader P Chidamabaram on Friday predicted a broad alliance of non-BJP parties in at least 25 states in the 2019 Lok Sabha polls that will bring a coalition government, while his colleague Kapil Sibal said there is no way the BJP can retain power if Opposition parties unite.

Speaking at a discussion after the launch of Sibal's book "Shades of Truth", Opposition leaders exuded confidence that a non-BJP government would be in place in 2019 while calling for the need of a coalition of like-minded parties.

Among those present at the launch were former prime minister Manmohan Singh, former vice-president M Hamid Ansari and a host of Opposition leaders. Leaders from the Samajwadi Party, the DMK and the Bahujan Samaj Party were not there.

"I never predict the future. I will predict a step ahead of the election results. I think there is a very very good chance that there will be a broad coalition of non-BJP parties in at least 25 states. That I will predict today. If that happens, then I think night falls day, or day falls night, the result is foretold," Chidambaram said when asked about what will happen in 2019.Sibal, however, said, "I think everything will depend on two key states — Uttar Pradesh and Bihar. And if Gorakhpur, Kairana and Phulpur are any indication, when the Opposition unites, then the BJP cannot win. If we can replicate that in Bihar and in Uttar Pradesh, I think there is no chance for the BJP."

Former JD(U) leader Sharad Yadav said, "It is impossible to get everyone together, but even if there is possible unity, this government will have to go." He said all sections of society are being suppressed and the entire country will defeat the BJP in 2019 and the country's Constitution and its values will be restored after that.

CPM leader Sitaram Yechury, while refusing to predict election result, said "What we will work for is to make sure that this government does not return to power, and we will work to strengthen India through a coalition of all the progressive secular forces."

Trinamool Congress leader Chandan Mitra, formerly a BJP MP, however, struck a discordant note saying while the Opposition is expected to win, there will be a regional leader leading it, as the rules will be changed now.

Yechury said, "The Trinamool Congress will correct the historical blunder committed by the CPM."

Former prime minister Singh, however, refused to make any prediction for the next Lok Sabha polls.

Sibal noted,"I think it is time to understand that India as a nation is a coalition. Only coalitions with compromises can take this country forward. Since 2014, the nature of our polity has changed and the difference between the party and the government has ended. It is the party that runs the government and not the government that runs the country," Sibal said.

Chidambaram, however, said since 1989, the Lok Sabha elections have been a collection of state elections as no longer one leader will sway the elections in the country.

"2019 will not be different and it will be a state-specific election. In every state a non-BJP coalition will be formed defeat the BJP. It is wrong to assume that India's election will be a presidential election," he said.

Asked if Rahul Gandhi was up to the job of taking on prime minister Modi, Sibal said, "The prime minister sold dreams to India in 2014. Has he been up to his job?"

For the first time, Chidambaram also acknowledged publicly that the party was divided and he was against impeachment of Chief Justice of India Dipak Misra, a move that finally failed, while Yechury said the move was delayed and much time was lost in bringing about consensus.

Congress urges Goa governor Mridula Sinha to act against 'sanatani' organisations operating in state

The Goa Congress on Friday urged Governor Mridula Sinha to act against what the party claimed were "sanatani" organisations operating in the state.

The party claimed that several people arrested recently in connection with the murder of rationalists and activists (in Maharashtra and Karnataka) were connected to such right-wing organisations.

"There are sanatani groups which operate in Goa and whose followers have been arrested in connection with the killing of rationalists. We demand that the governor take suo motu action against such organisations," Goa Pradesh Congress Committee president Girish Chodankar said Friday.

A Congress delegation Friday met Governor Sinha here. The Maharashtra and Karnataka police, and the Central Bureau of Investigation, over the past few weeks have arrested several persons who they claim are linked to the killings of rationalists Narendra Dabholkar, MM Kalburgi and Govind Pansare, and journalist Gauri Lankesh.