20 special flights from Saudi to India announced; 3 and a half to Bengaluru; Sorry Mangaluru

Bengaluru, May 12: In a scathing attack on the ruling BJP in Karnataka and warning the Chief Minister B S Yediyurappa government against any move to amend the Labour laws and APMC through an ordinance, former chief minister and JDS leader H D Kumaraswamy on Tuesday asked Mr Yediyurappa to work in the interest of the people and not to budge under any pressure from the Centre or to please party bosses.

Speaking to media here on Tuesday he questioned the urgency to bring forward such ordinances on important subjects and asked the government to have a public debate on it and also discuss it in the assembly.

“I'm warning the government… I have been watching everything silently till now, I have not caused any embarrassment to the government. I want to tell the government, don’t push us to do it,” Kumaraswamy said

Mangaluru, Jan 15: Popular Front of India leader Mohammed Saqib came down heavily on Mangaluru City Police Commissioner Dr P S Harsha for justifying the Dec 19 firing which claimed two Muslim lives in the city.  

He was addressing a mammoth crowd of around two lakh people, mostly Muslims, who had gathered at Shah Garden at Adyar in Mangaluru today to register their protest against CAA, NRP, NRC, besides police atrocities on Muslims in Mangaluru.

Criticising the way the commissioner handled the situation on December 19, he said the people have all the right to agitate when their citizenship is endangered. 

“Two men lost their lives. Then Commissioner started releasing misleading videos (to justify the killing),” he said questioning the top cop: “Who are you? Are you a British?” 

“What kind of doctor you are? You are a doctor in creating false stories,” he said whiling taking on the top cop for claiming that protesters had tried to storm the Mangaluru North Police Station.

Also Read: 

#MangaluruAgainstNRC | Sea of protesters converge at Adyar ground to assert their identity

#MangaluruAgainstNRC | Undeclared bandh in parts of Dakshina Kannada

Global oil markets remained under intense pressure on Tuesday, with Brent crude dropping below $20 per barrel for the first time in 18 years while other major benchmarks across the world tumbled. 

Brent, the international crude marker, slipped to $18.10, indicating that markets see no immediate let-up to the collapse in oil demand that sent some US oil benchmarks plunging under $0 for the first time on Monday, leaving producers paying for buyers to take their oil away while available storage is scarce.

Coronavirus has sent the oil sector into a state of crisis, with lockdowns implemented by authorities to smother the outbreak slashing demand for crude by as much as a third.

Contracts for the US benchmark West Texas Intermediate for delivery next month tumbled as low as minus $40 a barrel on Monday. Analysts at Citi warned that “if global storage worsens more quickly, Brent could chase WTI down to the bottom”.

The collapse in the May WTI contract was partly a technical product of the fact that it expires on Tuesday, meaning trading volumes were low and making the contract for June delivery more noteworthy, analysts said. That contract held above $20 a barrel on Monday but slid as much as 42 per cent on Tuesday to trade at lows of $11.79, suggesting the blowout in the May contract was more than a blip and that the entire global oil market faced challenges.

Goldman Sachs analysts said the June contact was likely to face downward pressure in the coming weeks, pointing to the “still unresolved market surplus”.

“As storage becomes saturated, price volatility will remain exceptionally high in coming weeks,” they said. “But with ultimately a finite amount of storage left to fill, production will soon need to fall sizeably to bring the market into balance, finally setting the stage for higher prices once demand gradually recovers.”

Warren Patterson, head of commodities strategy at ING, said it was likely that “storage this time next month will be even more of an issue, given the surplus environment”.

“And so in the absence of a meaningful demand recovery, negative prices could return for June,” he added.

European equities traded lower, partly dragged down by weaker energy stocks. The continent-wide Stoxx 600 was down 1.9 per cent, with its oil and gas sub-index dropping 3.3 per cent. In London the FTSE shed 1.7 per cent, while Frankfurt’s Dax slid 2.3 per cent. 

Equities were also broadly lower in Asia, with futures tipping US stocks to fall 1 per cent when trading in New York begins later.

On Wall Street overnight, the S&P 500 closed down 1.8 per cent, partly because of weakness in energy shares, but also due to increased pessimism over the time it will take for countries to emerge from lockdowns.

In fixed income, the yield on the 10-year US Treasury fell 0.03 percentage points to 0.585 per cent as investors retreated to the safety of the debt.