Degree colleges to reopen in Karnataka after lockdown is lifted: DyCM

Mar 30: the UAE Cabinet approved a series of new initiatives, foremost among which was the automatic extension of residence permits expiring from March 1.

The residence visas would be extended for a renewable period of three months without any fees to ease the economic impact of the Covid-19 crisis on residents, official news agency WAM reported.

The Cabinet has also waived the administrative fines associated with infractions on the services provided by the Federal Authority of Identity and Citizenship, starting April 1 and lasting for a renewable period of three months.

The initiatives also entail granting a temporary license to use digital solutions for remotely notarising and completing judicial transactions.

Government services expiring from March 1 will also be extended from April 1 for a renewable period of three months. The decision applies to all federal government services, including documents, permits, licenses and commercial registers.

The UAE has introduced a slew of initiatives to control the spread of the Covid-19 virus, including the online renewal of driving licences and vehicle’s registration cards.

The country’s telecom regulator, Telecommunications Regulatory Authority (TRA), also issued a directive that no mobile service with expired ID documents will be disconnected or suspended in the UAE.

The UAE has reported a total of 611 Covid-19 infections and five related deaths in the country.

A national sterilisation programme is underway that will continue until Saturday April 4, concluding on the morning of Sunday, April 5.

Carried out daily from 8pm until 6am the following morning, the programme will include the disinfection of private and public facilities.

Mangaluru, Feb 6: A 40-day old child with cardiac condition was shifted to Bengaluru’s Jayadev Hospital from Father Muller Hospital in Mangaluru through a green corridor traffic.

Hospital sources said the ambulance carrying the 40-day old patient was provided Green Corridor by police department throughout the way.

Saiful Azhman, who is just 40-days old has been diagnosed with heart-related ailment. Doctors at FMMC hospital provided basic treatment to Saiful and advised that he be taken to Jayadeva hospital for advanced treatment.

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.