Congress suffers blow in Devadurga as BJP candidate Shivanagowda Naik wins

Dubai, Mar 3: Abu Dhabi-based Indian retail tycoon MA Yusuff Ali has become the first Indian to receive Saudi Arabia's premium residency, his office said in a statement on Monday.

Yusuff Ali, 64, is the chairman of the LuLu Group, who was ranked the richest expat in the UAE by the Forbes magazine last year.

The permit, informally known as Saudi Green Card, grants expatriates the right to live, work and own business and property in the Kingdom without need for a sponsor, the LULU group said in a statement.

The introduction of the Premium Residency comes as a part of Saudi Arabia's Vision 2030 reform plan, which was announced by Crown Prince Mohammed bin Salman to boost the Saudi economy, the statement said.

Yusuff Ali said "obviously a very proud and humbling moment in my life. This is a great honour not only for me but for the entire Indian expat community and I sincerely thank the HM the King Salman, HRH Crown Prince Mohamed bin Salman and the government of Saudi Arabia."

"@Yusuffali_MA , an investor from India, after obtaining Premium Residency in Saudi Arabia: ''The Kingdom became an attractive investment destination due to the remarkable growth in economy," Premium Residency tweeted on Monday.

Yusuff Ali said he was sure that this new permanent residency initiative will further boost Saudi Arabia's image as one of the key investments and business hubs of the region as well as attract and retain new investors.

This initiative is targeting key investors and prominent personalities from various fields, including sports, arts & culture, who have played a defining role in the nation building process.

The Lulu Group owns and operates more than 35 hypermarkets and supermarkets in Saudi Arabia, which includes ARAMCO Commissaries and National Guards super stores.

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.

Newsroom, June 5: The union health ministry has announced new rules for shopping malls which have been permitted to open from June 8, except those falling in containment zones.

The guidelines will come into effect from Monday and cinema halls, gaming arcades and children play areas in these establishments will remain closed.

Here is the complete list of standard operating procedures issued by the ministry to be followed in shopping malls to contain the spread of COVID-19.

•   Thermal screening of all visitors mandatory at entry point, along with compulsory hand hygiene. Only asymptomatic visitors will be allowed to enter the shopping mall .

•  It will be mandatory for all visitors as well as workers to wear face masks at all times inside the mall. 

•  Posters and audio-visual media on preventive measures about COVID-19 should be displayed prominently.

•  Visitor entry to shopping malls should be allowed in a staggered manner and adequate manpower be deployed by mall management for ensuring social distancing norms.

•  All employees who are at higher risk like elderly, pregnant women and those having underlying medical conditions should take extra precautions. They should preferably not be exposed to any front-line work requiring direct contact with the public.

•   Proper crowd management in the parking lots and outside the premises – duly following social distancing norms shall be ensured. Preferably, separate entry and exits for visitors, workers and goods/supplies shall be organised.

•   The staff for home deliveries should be screened thermally by the shopping mall authorities prior to allowing home deliveries and required precautions while handling supplies, inventories and goods in the shopping mall must be ensured.

•   Physical distancing of a minimum of 6 feet, when queuing up for entry and inside the shopping mall should be maintained as far as feasible while the number of customers inside the shop should be kept at a minimum, so as to maintain the physical distancing norms.

•   The number of people in the elevators should be restricted and use of escalators with one person on alternate steps should be encouraged.

•   Number of people in the elevators shall be restricted, duly maintaining social distancing norms. Use of escalators with one person on alternate steps may be encouraged.

•   Effective and frequent sanitation within the premises shall be maintained with particular focus on lavatories, drinking and hand washing stations/areas

•   Cleaning and regular disinfection of frequently touched surfaces  to be made mandatory in all malls in common areas as well as inside shops, elevators, escalators etc.

•   In the food-courts, adequate crowd and queue management is to be ensured and not more than 50 per cent of seating capacity should be permitted.

•   Food court staff should wear mask and hand gloves and take other required precautionary measures, the seating arrangement should ensure adequate social distancing between patrons as far as feasible and tables should be sanitized each time a customer leaves.

•   Gaming arcades, children play areas and cinema halls inside shopping malls shall remain closed.

•   Spitting should be strictly prohibited and installation and use of Aarogya Setu App shall be advised to all.

•   The ministry advised persons aged above 65, those having comorbidities, pregnant women and children below the age of 10  to stay at home, except for essential and health purposes.