Bajrang Dal holds arms training camp in Ayodhya, other sensitive areas

Bengaluru, Jun 2:  With easing of COVID-19 lockdown curbs, the Karnataka excise department has accorded permission for fresh brewing or production of beer and to sell it in microbreweries as takeaways.

"Permission is hereby accorded to microbreweries for fresh brewing/production and sale of beer as takeaway in glass, ceramic or stainless steel container (up to 2 litre) till 30-06-2020, or until further orders, whichever is earlier," the Excise Commissioner in a letter dated June 1 to Deputy Excise Commissioners of all districts said.

The opening and closing hours of the microbreweries shall be from 9 am to 9 pm, it said, adding that all other conditions as laid down will remain unaltered.

Earlier, in a letter dated May 12, the Excise Commissioner had "conditionally" granted permission for microbreweries to sell their beer stock as takeaway on experimental basis for the period from May 14 to June 30 or until exhaustion of existing beer stock, whichever is earlier.

It had called for measures like social distancing, cleanliness, usage of masks and sanitizers, among others, and had said, microbreweries situated in containment zones are not allowed to function.

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, Jun 29: Former Karnataka Chief Minister Siddaramaiah along with Congress leaders on Monday rode a bicycle from his residence to Minsk Square to protest against the hike in fuel prices.

KPCC President DK Shivakumar was also seen riding a bicycle along with other members of the Congress party to Minsk Square where the party staged the protest.

During the protest, Siddaramaiah and Shivakumar along with party leaders carried a bike on their shoulders.

"We are carrying out our duty today. At the time of the UPA government's rule, when there was any hike in fuel prices, several BJP leaders had made bold statements. It is ironic that today, at the time of this COVID-19 pandemic, even despite the price of barrels falling, they have increased fuel prices," said Shivakumar.

"In Delhi, diesel prices have exceeded petrol prices. We must protest against this. The DCP can file whatever case he wants to. Despite several cases against us, we have never been shaken up. They are inconveniencing people and causing the people to burn in hell. These people must be protected," he added.

With the hike in fuel prices, the petrol prices stand at Rs 83.04/litre (increase by Rs 0.05), and the diesel prices stand at Rs 76.58/litre (increase by Rs 0.13) in Bengaluru, according to a price notification of state oil marketing companies.

The Congress has termed the increase in the prices of petrol and diesel as "unjust" and "thoughtless", and urged the Central government to roll back the increase with immediate effect and pass on the benefit of low oil prices directly to the people.