23 Killed, Cars Melt, Power Down as Wildfire Turns California Town Into 'Burning Hell'

Agencies
November 11, 2018

Paraside, Nov 11: The death toll from the most destructive fire to hit California rose to 23 on Saturday as rescue workers recovered more bodies of people killed by the devastating blaze.

Firefighters are battling raging fires at both ends of the state, but there is little hope of containing the flames anytime soon.

"Today, 14 additional bodies were located, which brings our total number to 23," Sheriff Kory Honea told a news conference.

Ten of the bodies were found in the town of Paradise while four were discovered in the Concow area, both in Butte County, Honea said.

Rescuers could be seen removing remains over a period of several hours in Paradise and placing them in a black hearse. Pieces of bodies were transported by bucket, while intact remains were carried in body bags.

So far, a total of 19 of the people killed in what authorities have dubbed the "Camp Fire" have been reported in Paradise, where more than 6,700 buildings -- most of them residences -- have been consumed by the late-season inferno.

From miles around, acrid smoke could be seen in the sky around Paradise, the sun barely visible. On the ground, cars were reduced to metal carcasses, while power lines were also gnawed by the flames.

Locals fled the danger, but police told AFP some farmers returned to check on their cattle.

"The magnitude of destruction we have seen is really unbelievable and heartbreaking, and our hearts go to everybody who has been affected by this," said Mark Ghilarducci, the director of the California Office of Emergency Services.

Governor-elect Gavin Newsom declared a state of emergency to provide assistance to the hardest-hit areas in the fire-prone state.

The fast-moving Camp Fire blaze in the north broke out early Thursday.

Fanned by strong winds, it has so far scorched 100,000 acres (40,500 hectares) and is 20 percent contained, the California Department of Forestry and Fire Protection (Cal Fire) said Saturday. So far, three of the more than 3,200 firefighters deployed have been injured.

They estimate they will need three weeks to fully contain the blaze.

Local power authorities have told state officials an outage occurred near the spot where the fire erupted, The Sacramento Bee reported, but there is still no official cause of the Camp Fire blaze.

Trump, who was in France for World War I commemorations, drew criticism online for his somewhat unsympathetic reaction to the devastation earlier on Saturday.

"There is no reason for these massive, deadly and costly forest fires in California except that forest management is so poor," Trump tweeted.

"Billions of dollars are given each year, with so many lives lost, all because of gross mismanagement of the forests. Remedy now, or no more Fed payments!"

Malibu mansions in flames

In southern California, more wildfires burned, including one just north of Los Angeles and another in Ventura County near Thousand Oaks, where a Marine Corps veteran shot dead 12 people in a country music bar on Wednesday.

Authorities said some 200,000 people are under mandatory evacuation orders, including the entire city of Malibu.

The "Woolsey Fire" had consumed around 69,000 acres, destroyed at least 150 homes and was so far not contained, the Ventura County Fire Department said, adding that evacuation orders were issued for some 88,000 homes in the county and neighboring Los Angeles County.

"We heard this was coming so we set up the sprinklers and we hosed the whole house down," said Malibu resident Patrick Henry. "We pretty much had enough time to get the dogs in the trunk."

Malibu is one of the most in-demand locations in California for stars seeking privacy and luxury.

Reality TV star Kim Kardashian West, who lives just north of coastal Malibu, revealed she was forced to flee her home.

"I heard the flames have hit our property at our home in Hidden Hills but now are more contained and have stopped at the moment," she said on Twitter. "I just pray the winds are in our favor."

Actor Martin Sheen, briefly reported missing by his actor son Charlie, was also forced to evacuate.

"We're fine, we're at Zuma Beach and we're probably going to sleep in the car tonight," Martin Sheen told Fox News 11, adding that it was the worst fire he had seen in 48 years of living in Malibu.

The wildfire reached Paramount Ranch, destroying the Western Town sets used for hundreds of productions including HBO'S sci-fi western "Westworld," officials and the network said.

Director Guillermo del Toro tweeted that Bleak House, his museum of horror movie memorabilia, was also in the path of the flames.

Utter devastation

In Paradise, the flames destroyed hundreds of homes, a hospital, a gas station, several restaurants and numerous vehicles, officials said.

Mandatory evacuation orders were issued for more than 52,000 people in the scenic area in the foothills of the Sierra Nevada mountains.

The National Weather Service said Saturday that strong winds and dry conditions were to continue through the weekend.

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News Network
March 6,2020

New Delhi, Mar 6: As panicky depositors rushed to withdraw money from Yes Bank whose control was seized by the RBI in a dramatic late-night move, Finance Minister Nirmala Sitharaman on Friday assured depositors that their money is safe and said the central bank was working for an early resolution of the crisis.

The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 for the next one month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed.

"I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution," Sitharaman said here.

She said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap.

"I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development."

She was talking to reporters after meeting State Bank of India (SBI) Chairman Rajnish Kumar. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"So I repeat, the depositors can be assured that their money is safe," she said.

Soon after the RBI takeover, depositors thronged Yes Bank ATMs to withdraw money and police had to be deployed in some places to control the crowds.

Yes Bank has 1,000 branches across the country.

Refusing to elaborate on her meeting with the SBI chairman, the minister said that "was on a completely different matter".

"RBI governor has given me assurance that there will be an appropriate resolution soon. No depositor will lose (money)," she said. "Reserve Bank has taken cognizance of the problem."

The central bank, she said, has gone through the "process over and over again to find out an amicable solution".

"And that has been over the last couple of months. So it is not as if they have come in suddenly now. We have been monitoring the situation," she said adding the RBI has appointed an administrator who previously was with the SBI.

"Both the RBI and the government are looking at this with all the details before them, not just today. I have personally monitored the situation over the last couple of months with the RBI. Therefore we have taken a course which will be in everybody's interest," she added.

Yes Bank had been seeking new capital since last year to bolster its ratios and quell questions about its stability due to its exposure to the non-banking finance industry entangled in a prolonged crunch in the local credit market.

The SBI chairman said the resolution to the Yes Bank crisis will come "very shortly".

"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."

On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.

"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.

Commenting on the crisis at Yes Bank, Alka Anbarasu, Vice President – Senior Credit Officer, Financial Institutions, Moody's Investors Service, said: "RBI's moratorium on Yes Bank is credit negative as it affects timely repayment of bank depositors and creditors."

"While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India," she said.

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News Network
July 2,2020

Jul 2: Democratic presidential candidate and former US vice-president Joe Biden has said that if he wins the November elections, strengthening the relationship with India which is America’s "natural partner", will be a high priority for his administration.

"India needs to be a partner in the region for our safety's sake and quite frankly for theirs," he said in response to a question on India-US relationship during a virtual fundraiser event on Wednesday.

At the fundraiser hosted by Chairman and CEO of Beacon Capital Partners Alan Leventhal, the former vice president said that India and the United States were natural partners.

"That partnership, a strategic partnership, is necessary and important in our security," Biden said when asked by an attendee whether India is critical to the US' national security.

Referring to his eight years as the vice president, he said, "In our administration, I was proud to play a role more than a decade ago in securing Congressional approval for the US-India Civil Nuclear Agreement, which is a big deal".

"Helping open the door to great progress in our relationship and strengthening our strategic partnership with India was a high priority in the Obama-Biden administration and will be a high priority if I'm elected president,” Biden said.

Both as the vice president and a senator from Delaware, he was a big supporter of India-US relationship.

About the November polls, Biden said that the character of the country is on the ballot. The upcoming election is the most important poll of a lifetime and that the country is currently engaged in a battle for its soul, he claimed.

Biden also slammed President Donald Trump and his administration over the handling of the coronavirus pandemic.

"Trump ignored warnings from the very beginning, refused to prepare and failed to protect the country. Not just now but throughout his presidency, undermining the very core pillars of ours, what I would argue, moral and economic strength.

"I really do believe that our country is crying out for leadership and maybe even more important, some healing. Today, we have an enormous opportunity not only to rebuild but to build back better than before. To build a better future. That's what America does," he added.

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News Network
January 6,2020

Jan 6: India’s Finance Ministry has delivered a challenge to its revenue collectors: meet tax targets despite $20 billion of corporate tax cuts.

Through a video conference on Dec. 16, officials were exhorted to meet the direct tax mop-up target of 13.4 trillion rupees ($187 billion), a government official told reporters. Collection in the eight months to November grew at 5% from a year earlier, against the desired 17%.

The missive shows Prime Minister Narendra Modi’s urgent need to buoy public finances in a slowing economy where April-November tax collections were half the amount budgeted. Authorities withheld some payments to states and have capped ministries’ expenditure as the fiscal deficit ballooned beyond the target.

The government’s efforts to maintain its deficit goal goes against advice from some quarters, including central bank Governor Shaktikanta Das, who urged more spending to spur economic growth.

It’s uncertain though how much room Modi’s administration has to boost expenditure, given that it may already be borrowing as much as 540 billion rupees through state-run companies, a figure that isn’t reflected on the federal balance sheet. Uncertainty about public finances pushed up sovereign yields in November and December, compelling Das to announce unconventional policies to keep costs in check.

“This is not a time to conceal the fiscal deficit by off-budget borrowing or deferring payments,” said Indira Rajaraman, an economist and a former member of the Reserve Bank of India’s board. “If they were to stick to the target, that would be catastrophic because there is so much pump-priming that is needed right now.”

GDP grew 4.5% in the quarter ended September, the slowest pace in more than six years as both consumption and investments cooled in Asia’s third-largest economy. Only government spending supported the expansion, piling pressure on Modi to keep stimulating.

S&P Global Ratings warned in December it may downgrade India’s sovereign ratings if economic growth doesn’t recover. Government support seems to be waning now, with ministries asked to cap spending in the final quarter of the financial year at 25% of the amount budgeted rather than 33% allowed earlier. This new rule will hamstring sectors including agriculture, aviation and coal, where not even half of annual targets have been disbursed.

As the federal government runs short of money, it’s been delaying payouts to state administrations.

Private hospitals have threatened to suspend cash-less services to government employees over non-payment of dues, while a builder informed the stock exchange about delayed rental payments from no less than the tax office itself.

India is considering a litigation-settlement plan that will allow companies to exit lingering tax disputes by paying a portion of the money demanded by the government, the Economic Times newspaper reported Saturday.

The move will help improve the ease of doing business besides unlocking a part of the almost 8 trillion rupees ($111 billion) caught up in these disputes. The step, which is being considered as part of the annual budget, could also bridge India’s fiscal gap.

Finance Minister Nirmala Sitharaman has refused to comment on the deficit goal before the official budget presentation due Feb. 1.

A deviation from target, if any, “will need to be balanced with a credible consolidation plan further-out,” said Radhika Rao, an economist at DBS Group Holdings Ltd. in Singapore.

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