Declare PFI as anti-national terror outfit, arrest its leaders: VHP

Bengaluru, Jan 10: Barely 24 hours after the standoff between BJP workers and students of Jyoti Nivas College (JNC) in Bengaluru over CAA became breaking news, it took political hues with the saffron party and the Congress locking horns over the issue.

Taking the battle to the anti-CAA camp on Thursday, the BJP aggressively defended its party workers, who on Wednesday erected a pro-CAA banner on the college compound wall and allegedly forced students to sign on it as a mark of support.

With one of the workers who had locked horns with JNC students by his side, deputy chief minister CN Ashwath Narayan, at his official residence, questioned students’ right to protest party cadre erecting a pro-CAA banner on their college compound wall.

“How can you tell people not to create awareness about a law that has been passed in this country? Who gave students the right to question political workers? If there was anything wrong, let them report to the police,” retorted the minister, who also holds the higher education department portfolio.

On the other hand, the Congress, cashing in on simmering anger over the assault on JNU students in Delhi, used the JNC standoff to project the ruling party as prime culprits in stifling the voice of students. BTM Layout MLA and seasoned politician R Ramalinga Reddy even warned the BJP against “allowing JNC to become another JNU”.

Reddy met with the JNC administration and extended his support against any “threats” to students. It is being alleged that Reddy was the first to “leak” the video of Wednesday’s row to the media. The college falls in his assembly constituency.

Taking a cue from his colleague’s stand, former CM and opposition leader Siddaramaiah also leaned into the matter and sent a strong message “backing” students in the standoff. “BJP goons are threatening students of Jyotinivas College to support CAA. MrYediyurappa, I am strictly warning you to control hooligans from your party. Don't subvert knowledge & institutions for your selfish motives. We won't let Ktaka to be victim of your Hitler rule!” said Siddaramaiah in a tweet.

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Bengaluru, Feb 14: In order to bring down the accident rates, Karnataka government is planning to increase the penalty for road offences, state Transport Minister Laxman Savadi announced here on Thursday.

Addressing media persons here, he said, ''The Centre had brought an amendment to increase the penalty amount. We too have a similar proposal, which we will discuss, post the budget session.

''Before bringing in the amendment, we will create awareness among the road users. By increasing the penalty amount, the number of offences and accidents will come down,'' Mr Savadi added.