94 killed, mostly women and children, after ferry capsizes in Tigris river

Agencies
March 22, 2019

Mosul, Mar 22: Almost 100 people, mostly women and children, died Thursday as a ferry packed with families celebrating Kurdish New Year sank in a swollen river in the former Daesh stronghold of Mosul, in Iraq’s worst accident in years.

There was an outpouring of grief among residents who only this year resumed the annual festivities on the banks of the Tigris after the northern city’s recapture from the Daesh group.

Prime Minister Adel Abdel Mahdi decreed three days of national mourning as he visited the site of the tragedy. He ordered a swift investigation “to determine responsibilities.”

The vessel was crammed with men, women and children crossing the Tigris to go to a popular picnic area to celebrate Nowruz, the Kurdish New Year and a holiday across Iraq marking the start of spring.

The accident, which struck as the overloaded vessel turned back, also coincided with Mother’s Day in Iraq.

The interior ministry, issuing a fresh toll, said 94 people had died and 55 were rescued, after its spokesman Saad Maan said at least 19 children were among the dead.

The premier said 61 women had died in the accident.

While war and extremist attacks have claimed hundreds of thousands of lives in Iraq in recent years, such accidents are relatively rare.

“It’s a disaster, no one expected that,” said a young man who had just managed to reach the shore.

“There were a lot of people on the boat, especially women and children,” he told AFP.

A Mosul security source said the high water levels and overcrowding on the boat, with well over 100 people on board, had been to blame for the disaster.

“The boat sank because there were too many passengers on board,” another security official based in Mosul told AFP.

Iraq’s justice ministry said it had ordered the arrest of nine ferry company officials and banned the owners of the vessel and the tourist site from leaving the country.

The authorities had warned people to be cautious after several days of heavy rains led to water being released through the Mosul dam, causing the river level to rise.

Videos shared on social media showed a fast-flowing, bloated river and dozens of people floating in the water or trying to swim around the partly submerged boat.

Search operations stretched far downstream from the site where the boat sank, according to an AFP journalist.

Hundreds of people who had flocked to the forested area for the first days of spring gathered on the river banks as the disaster unfolded.

Ambulances and police vehicles transported the dead and wounded to hospitals in the city of nearly two million people.

Photos of victims, many of them women and children, were posted on the walls of a morgue for families unable to enter because of the large crowd who had gathered to identify their relatives.

One man, scanning over the pictures, stopped abruptly at the image of a woman.

In shock, he gasped: “It’s my wife,” before collapsing in tears.

IS turned Mosul into their de facto Iraqi capital after the jihadists swept across much of the country’s north in 2014.

The city spent three years under the group’s iron-fisted rule until it was recaptured by Iraqi troops backed by a US-led coalition in 2017.

Nawar, who had been aboard the craft, said it had capsized in mid-stream.

“It was carrying too many passengers, so the water began to rush onboard and the ferry became heavier and overturned,” he said. “With my own eyes I saw dead children in the water.”

As ambulances shuttled back and forth to the morgue, three young girls and a boy were huddled together in a blanket, in tears, waiting for news of their missing parents.

“All we wanted was to celebrate the New Year and it turned into a catastrophe,” a man passing the scene protested.

Iraq’s last major boat disaster was in March 2013 when a floating restaurant sank in Baghdad, killing five people.

Several political leaders denounced the lack of safety at dilapidated leisure facilities in a country where the dismal state of public services was one of the triggers for widespread protests last year.

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News Network
March 13,2020

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.

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Agencies
May 17,2020

Abu Dhabi, May 17: Another 731 people have tested positive for coronavirus in the UAE, pushing the total number of COVID-19 infections to 23,358, the Ministry of Health and Prevention announced on Sunday.

Six more deaths from the novel coronavirus have been also confirmed, taking the country’s death toll to 220.

The ministry also announced the full recovery of 581 new cases after receiving the necessary treatment, taking that number up to 8,512 of total recovered patients.

New tests conducted

The latest coronavirus patients, all of whom are in a stable condition and receiving the necessary care, were identified after conducting more than 40,000 additional COVID-19 tests among UAE citizens and residents over the past few days, the ministry said.

It expressed its sincere condolences to the families of the deceased and wished a speedy recovery to all patients, calling on the public to cooperate with health authorities and comply with all precautionary measures, particularly social distancing protocols, to ensure the safety and protection of the public.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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