California Fire | 9K homes, buildings burnt; 60 killed, 130 missing

Agencies
November 15, 2018

Paradise/ Calif, Nov 15: National Guard troops joined the grim search on Wednesday for more victims in the ruins of an incinerated northern California town while the death toll climbed to 56 in the most deadly and destructive wildfire in the state's history.

The latest fatality count was announced as authorities released a revised list of 130 people reported missing by loved ones after flames largely obliterated the Sierra foothills town of Paradise, about 175 miles (280 km) north of San Francisco, last Thursday.

The majority on the list were over the age of 65. Nearly 230 people were initially reported as missing in the killer blaze, dubbed the Camp Fire. Most of those who remain unaccounted for are from Paradise, once home to 27,000 people.

More than 8,900 homes and other buildings burned to the ground in and around Paradise, and an estimated 50,000 people remained under evacuation orders in the area. Adding to the misery of some survivors was an outbreak of norovirus, a highly contagious gastrointestinal illness, at a shelter housing about 200 evacuees in the nearby city of Chico.

Public health agency spokeswoman Lisa Almaguer said at least 20 people may have caught the virus. The footprint of the six-day-old fire grew to 135,000 acres (55,000 hectares) as of Wednesday, even as diminished winds and rising humidity helped firefighters shore up containment lines around more than a third of the perimeter.

Still, the ghostly expanse of empty lots covered in ash and strewn with twisted wreckage and debris made a strong impression on Governor Jerry Brown, U.S. Interior Secretary Ryan Zinke and other officials who toured the devastation on Wednesday. “This is one of the worst disasters I've seen in my career, hands down,” Brock Long, head of the Federal Emergency Management Agency, told reporters in Chico. “It looks like a war zone. It is a war zone,” Brown said.

No finger pointing

After visiting some of California's earlier wildfire zones in August, Zinke blamed “gross mismanagement of forests” because of timber harvest restrictions that he said were supported by ”environmental terrorist groups.” But pressed by reporters on Wednesday, Zinke demurred. “Now is really not the time to point fingers,” he said. “It is a time for America to stand together.”

The blaze, fueled by thick, drought-desiccated scrub, has capped two back-to-back catastrophic wildfire seasons in California that scientists largely attribute to prolonged drought they say is symptomatic of climate change. Lawyers for some of the victims claimed in a lawsuit filed on Wednesday that lax equipment maintenance by an electric utility was the proximate cause of the fire, which officially remains under investigation.

The Butte County disaster coincided with a flurry of blazes in Southern California, most notably the Woolsey Fire, which has killed at least two people, destroyed more than 500 structures and displaced about 200,000 people in the mountains and foothills near the Malibu coast west of Los Angeles.

On Wednesday, the Los Angeles County Sheriff's Department said the body of a possible third victim was found there in a burned-out dwelling. Cal Fire officials said that blaze was 52 percent contained as of Wednesday night.

In Butte County, the search for more human remains kicked into high gear as a National Guard contingent of 50 military police officers joined dozens of search-and-recovery workers and at least 22 cadaver dogs, Sheriff Kory Honea said.

The remains of eight more fire victims were found on Wednesday, raising the official number of fatalities to 56 - far exceeding the previous record from a single wildfire in California history - 29 people killed by the Griffith Park fire in Los Angeles in 1933. The Camp Fire also stands as one of the deadliest US wildfires since the turn of the last century. More than 80 people perished in the Big Burn firestorm that swept the Northern Rockies in August of 1910.

Tracking the missing

Butte County Sheriff's spokeswoman Megan McMann said the list of 130 missing would fluctuate from day to day as more names are added and others are removed, either because they turn up safe or end up identified among the dead.

Sheriff Honea invited relatives of the missing to provide DNA samples to compare against samples taken from newly recovered remains in hopes of speeding up identification of the dead. But he acknowledged it was possible some of the missing might never be found.

Authorities attributed the magnitude of casualties to the staggering speed with which the fire struck Paradise. Wind-driven flames roared through town so swiftly that residents were forced to flee for their lives. Some victims were found in or around the burned-out wreckage of their vehicles.

Anna Dise, a resident of Butte Creek Canyon west of Paradise, told KRCR TV her father, Gordon Dise, 66, died when he ran back inside to gather belongings and their house collapsed on him. Dise said she could not flee in her car because the tires had melted. To survive, she hid overnight in a neighbor's pond with her dogs. “It was so fast,” Dise recounted of the fire. “I didn't expect it to move so fast.”

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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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News Network
January 19,2020

New Delhi, Jan 19: Reacting to a tweet by ace lawyer Indira Jaising urging her to forgive the four men on death row for brutally raping that finally took her life, Nirbhaya's mother said on Saturday: "Even if God asks me, I won't forgive them."

Speaking to news agency, over the phone, the mother who had been fighting for seven long years to send her daughter's killers to the gallows, said, "...even if god comes and asks me to forgive them, I will not. People like these (Jaising) are a blot on the society."

Commenting on Jaising's tweet, she said: "Who is she to tell or suggest to me to forgive them. What relation does she have with me. I have nothing to do with such people. She can be a relative of those (the convicts) that she is having a soft corner for."

"She is an insult to women. She is running a business in the name of human rights. She is a veteran, she should give a message to the society. But she instead will go against her own kind," she added.

Earlier in the day, Jaising had requested Nirbhaya's mother to follow the example of Congress president Sonia Gandhi, who had moved for the clemency of a woman, Nalini Murugan convicted for the assassination of her husband and former Prime Minister Rajiv Gandhi.

"While I fully identify with the pain of Nirbhaya's mother I urge her to follow the example of Sonia Gandhi who forgave Nalini and said she didn't want the death penalty for her. We are with you but against death penalty," Jaising tweeted on Friday.

A Delhi Court on Friday issued fresh death warrants against the four convicts -- Akshay, Pawan, Mukesh and Vinay in the Nirbhaya gang rape and murder case.

Additional Sessions Judge (ASJ) Satish Kumar Arora fixed 1 February as the date of execution of the four death row convicts. They will be hanged at 6am.

The move came after the prosecution moved an application seeking issuance of fresh death warrants following the rejection of the mercy plea of one of the convicts Mukesh by President Ram Nath Kovind.

The 23-year-old victim was brutally gang-raped and tortured on December 16, 2012, which later led to her death.

All the six accused were arrested and charged with sexual assault and murder. One of the accused was a minor and appeared before a juvenile justice court, while another accused committed suicide in Tihar Jail.

Four of the convicts were sentenced to death by a trial court in September 2013, and the verdict was confirmed by the Delhi High Court in March 2014 and upheld by the Supreme Court in May 2017, which also dismissed their review petitions.

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News Network
February 24,2020

Kuala Lumpur, Feb 24: Malaysian Prime Minister Mahathir Mohamad has submitted his resignation to the king, two sources with direct knowledge of the matter told Reuters on Monday, amid talks of forming a new coalition to govern the country.

Mahathir, 94, assumed office in May 2018 for his second stint as prime minister.

A spokesman from the prime minister's office declined to comment, saying only that a statement will be issued soon.

The sources declined to be named as they were not authorised to talk to the media.

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