BJP MLA inaugurates Tipu Jayanti, says people are important than party

Mangaluru, Mar 1: A youth lost his life in a lift crash at a wedding hall at Kallapu near Thokkottu on the outskirts of the city today. 

The deceased has been identified as Hamzah (30), a resident near Thumbay, who was part of the catering team hired for the marriage ceremony. 

The tragedy occurred at around 2 p.m. when Hamzah was getting ready to bring utensils and other things by lift from the third floor of the hall. All of a sudden, the lift’s ropes came loose and Hamzah lost his balance and got trapped inside.

He was pulled out and rushed to a hospital in Deralakatte, but he breathed his last on the way. He is survived by his wife and three children.

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, May 18: Karnataka Chief Minister BS Yediyurappa on Monday said that people from Gujarat, Maharashtra, Kerala and Tamil Nadu will not be allowed in the state till May 31.

"We have decided not to allow entry of people from Gujarat, Maharashtra, Kerala and Tamil Nadu till May 31," Yediyurappa said after a meeting with state ministers and senior government officers to discuss the guidelines issued by the Centre regarding the fourth phase of nationwide lockdown.

"State road transport corporation buses in Karnataka and private buses will run. Strict lockdown measures in containment zones and economic activities will be permitted in other areas. Sundays will be total lockdown across the state. Home quarantine will be strengthened," he added.

The Chief Minister further said that all shops will be allowed to open and all trains running within the state will be permitted.

The central government on Sunday extended the ongoing COVID-19 induced nationwide lockdown till May 31, but with a set of new relaxations commencing from Monday. The Union Home Ministry has also given powers to States/UTs demarcate areas in Green, Orange and Red zones, which will allow them to start activities except in containment zones.

According to the guidelines, "all other activities will be permitted except those which are specifically prohibited under these guidelines. However, in containment zones, only essential activities shall be allowed, as mentioned earlier."