Amit Shah to introduce Citizenship Amendment bill in Lok Sabha today

Idukki, Aug 7: Several people lost their lives and dozens of tea estate workers are feared trapped under soil in Kerala’s Munnar after torrential rains triggered a massive landslide on today. 

As many as five bodies have been recovered and rescue workers are fighting inclement weather to remove the debris.

According to rescue workers, four lanes of quarters and a church are buried under mud and around 80 people are feared trapped.

Seven people have been rescued so far and shifted to the hospital.

Sources said a portion of Pettimudi came crashing down on the workers colony with a deafening roar in the wee hours of Friday.

As people were sleeping in the quarters, there was little time to escape.

Further, with the Periyavara bridge being washed away, it became all the more difficult for rescue workers to reach the spot.

The construction of a new temporary Periyavara bridge however, is underway.

The bridge was previously destructed during the deluge of August 2018. Later during the north west monsoons and the south west monsoon of 2019, it suffered damage again.

The present bridge, which got damaged on Thursday after Kannimala river levels rose, was constructed under the leadership of Coir fed.

Although a new concrete bridge has been constructed near the temporary bridge in Periyavara, vehicle  movement has not been possible because the authorities are yet to build its approach via road.

The new bridge is to be constructed at a cost of Rs 4.75 crore from Devikulam MLA S Rajendran's fund.

The entire area has been cut off from outside world and communication networks have also crashed.

Teams of Fire and Rescue personnel, NDRF, revenue officials, estate workers and police are struggling to conduct rescue operations.

Meanwhile, District collector H Dhineshan said a team of rescue personnel was sent to Pettymudy after he was briefed about the mishap and search operations to locate and rescue people are underway.

Facilities have been arranged at the hospitals nearby to provide necessary treatment facilities to the people being rescued.

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.