COVID-19: How the first 354 passengers to be repatriated to Kerala from UAE were selected

News Network
May 7, 2020

Dubai, May 7: As India begins the world’s largest evacuation mission by repatriating its overseas citizens stranded due to COVID-19, as many as 354 of them from the UAE will fly into their home country in the first two flights to Kerala today.

An Air India Express flight, which is scheduled to take off from Abu Dhabi to Kochi at 4.15 pm is the first flight, which will be followed by a Dubai-Kozhikode flight of the same airline at 5.10pm. The Indian missions in the UAE finalised the list of passengers, who were chosen based on the compelling reasons they submitted while registering their names.

Selection criteria

These include pregnant women and their accompanying family members in some instances, people with medical emergencies, workers and housemaids in distress, families with cancelled visas, bereaved family members who couldn’t attend funerals back home, a few students and stranded visitors and tourists including two brothers who got stranded in Dubai International Airport for 50 days, the missions said.

Short-listing the first passengers from among a database of more than 200,000 applicants, who include around 6,500 pregnant women, has been a mammoth task which posed several challenges for the missions, Neeraj Agrawal, Consul Press, Information and Culture at the Indian Consulate in Dubai told Gulf News.

He said the consulate set up an operations room in a tie-up with community volunteers from Kerala Muslim Cultural Centre, Indian Association Ajman, AKCAF Task Force, the BAPS Mandir, Indian People’s Forum, and Tamil Ladies’ Sangam.

 “We are trying to accommodate as many deserving people as possible. We expect the understanding of the people. It has been very difficult to sort out everyone’s urgency.”

“We cannot do a lottery system in this and we had to make sub- categories to ensure there is a mix of people with different types of urgencies.”

“Though we want to give priority to pregnant women, it is practically not possible and not good for the health and safety of the applicants to allot a lot of them on the same flight.”

He said 11 pregnant women have been issued tickets on the Dubai-Kozhikode flight.

“That is the threshold we can allow on a flight.”

Volunteer support

The consul appreciated the support of the volunteers in finalising the flight manifest.

“But our response ratio was very less. Many people whose names came up on top of the list were not willing to go on the first flights.”

Due to various constraints like this and sometimes the details of accompanying persons not readily being available, he said the mission was not able to quickly reach out to who might be really in need.

“However, we have given due consideration to people who got in touch with us with their emergency needs. At the time of issuing tickets, we had about 20 such cases.”

He said the Consul General of India in Dubai Vipul led the entire operation and Pankaj Bodkhe, consul, education, was in charge of the Dubai flight.

A big challenge

“It has been a big challenge. Our only concern is that despite our best efforts, sometimes people with more compelling reasons might have got left out on the first flights because of the volume of people who have reached out to us.”

Since there is a chance that some passengers with tickets might not be allowed to fly if they fail the medical screening including blood tests to check antibodies for COVID-19, he said some applicants in the waiting list have been asked to be on standby at the airport.

People with emergencies wishing to fly to other destinations also could not be included, he pointed out.

“We had to ask them to wait. We are unable to send them to other destinations. We can see their desperation. We feel sorry and desperate.”

He said the government is trying to add more flights to un-chartered destinations and a new flight from Dubai to Kannur has been added on May 12.

Passengers of today’s flights have been urged to reach the airport four to five hours prior to departure to facilitate the medical screening.

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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
February 3,2020

Bengaluru, Feb 3: India's manufacturing activity expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, a private survey showed on Monday, suggesting the economy may be getting back on firmer footing.

In response to the jump in sales, factories hired new workers at the fastest rate in more than seven years.

If sustained, the improvement in business conditions could point to a gradual economic recovery in coming months, as forecast by analysts in a Reuters poll last month, after growth slowed to a more than six-year low in the July-September quarter.

The Nikkei Manufacturing Purchasing Managers' Index , compiled by IHS Markit, jumped to 55.3 last month from 52.7 in December. It was the highest reading since February 2012 and above the 50-mark separating growth from contraction for the 30th straight month.

"The PMI results show that a notable rebound in demand boosted growth of sales, input buying, production and employment as firms focused on rebuilding their inventories and expanding their capacities in anticipation of further increases in new business," Pollyanna De Lima, principal economist at IHS Markit, said in a news release.

A new orders sub-index that tracks overall demand hit its highest level since December 2014 and output grew at its fastest pace in over seven and a half years, pushing manufacturers to hire at the strongest rate since August 2012.

Meanwhile, both input costs and output prices rose at a slower pace, indicating overall inflation may have eased after hitting a more than five year high of 7.35% in December, although probably not below the Reserve Bank of India's medium-term target of 4%.

That might keep the central bank, which cut its key interest rate by a cumulative 135 basis points last year, on the sidelines over the coming months.

"To complete the good news, there was also an uptick in business confidence as survey participants expect buoyant demand, new client wins, advertising and product diversification to boost output in the year ahead," added De Lima.

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Agencies
June 14,2020

Kashmir, Jun 14: An Army personnel was killed and two others were injured as Pakistani troops opened fire and shelled areas along the Line of Control in Poonch district of Jammu and Kashmir, officials said on Sunday.

This is the third fatality in the Pakistani firing and shelling on forward posts and villages in the twin districts of Poonch and Rajouri this month.

The officials said the latest firing and shelling from across the border took place in Shahpur-Kerni sector on Saturday night, drawing strong retaliation by the Indian Army.

Three Indian Army personnel were injured in the Pakistani firing and were immediately evacuated to hospital, where one of them succumbed to injuries, the officials said.

They said the casualties suffered by the Pakistani Army in the retaliatory action were not known immediately.

On June 4, havaldar P Mathiazhagan fell to Pakistani firing in Sunderbani sector of Rajouri district, while on June 10, Naik Gurcharan Singh lost his life in a similar incident in Rajouri sector.

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