Siddu govt to develop minority colonies, modernise madrasas

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.

Bengaluru, Jan 22: The Bengaluru Police on Wednesday said that the procedure is being followed to hand-over to the Mangaluru Police a suspect who surrendered before it two days after planting an improvised explosive device (IED) at the Mangaluru International Airport.

"He [the suspect] surrendered before police claiming to be responsible for the Mangaluru airport incident. He is being medically examined and we are preparing procedure to hand him over to the Mangaluru team which is already on their way," Bengaluru Deputy Commissioner of Police (DCP), Chetan Singh Rathore told the media persons.

Aditya Rao surrendered before Bengaluru Police today, days after a bag of IED was recovered from Mangaluru airport. He hails from Udupi and has engineering and MBA degrees.

An investigation team of Mangaluru police is flying to Bengaluru to question him. "Mangaluru city police investigation team is flying to Bengaluru shortly to investigate the developments in connection with MIA case..the team will question the suspect and will initiate further necessary legal action," Commissioner of Police, Mangaluru City, tweeted.

According to the police, the IED was recovered from a bag at Mangaluru airport on January 20. It was later defused in an open field by the personnel of the bomb disposal squad.

Mangaluru, June 16: A youth has been arrested by the sleuths of Ullal police station on charge of sexually assaulting a minor girl and impregnating her on the outskirts of the city. 

The arrested has been identified as Lavakumar alias Shravan, a resident of Valacchil, who was working in a fast-food outlet at Thokkottu. 

According to the police, the accused had sexually assaulted his owner’s minor daughter. The incident came to light when the girl’s mother came to know that former was pregnant.

It is said that the girl’s mother, who had employed the accused, allowed him to stay in their house. The accused befriended the minor girl and sexually used her.

Based on a complaint filed by the girl’s mother, a case was registered at Ullal police station under Pocso Act. The police arrested him yesterday and produced him before a local court.