Equality, cooperation must in India; friction will not work: RSS chief

Bengaluru, Jan 29: Ramesh Jarkiholi on Tuesday demanded that he and all the newly elected MLAs, who won the bypolls after defecting from the Congress and JD(S), be inducted into the cabinet — likely on January 31 — as promised by chief minister BS Yediyurappa.

"We are hoping all 11 MLAs will be made ministers," Jarkiholi said. "That is what the BJP and the CM promised us and we hope they will keep their promise." This is the first time Jarkiholi has spoken in public on cabinet berths, ever since reports surfaced of the party high command not being in favour of inducting all the turncoats into the council of ministers.

Jarkiholi also said fellow rebel AH Vishwanath should be given a ministerial berth.

Vishwanath, formerly of the JD(S), had lost the bypolls. Jarkiholi said the rebellion would not have succeeded had it not been for Vishwanath.

"Those of us who rebelled against the JD(S)-Congress coalition government got a shot in the arm when Vishwanath supported us," Jarkiholi said. "It is imperative that we support him," he said, even as he sought to distance himself from comments made by newly-elected MLAs ST Somashekar and D Sudhakar, who said Vishwanath cannot demand a ministerial post.

Meanwhile, the BJP issued another deadline — January 31 — to expand the cabinet. "In all likelihood, cabinet expansion will take place on Friday," said an aspirant for a berth. But several BJP functionaries are skeptical of meeting the new deadline.

"Till now, the CM has not been given the green signal by the high command. This is all I can say," said a senior minister in Yediyurappa’s cabinet, while insisting he wouldn’t be surprised if the exercise was postponed till the Delhi elections are over.

Former minister and independent R Shankar, who along with Mahesh Kumatalli and Shrimant Patil accompanied Jarkiholi to a trip to Nanjangud, Mysuru district, has upped the pressure on Yediyurappa to field him in the bypoll to the lone vacant council seat. "I am confident the CM and the BJP will honour promises made to me," Shankar said.

The former minister had joined the BJP during the rebellion, but was not given a ticket to contest the bypolls.

In Chikkamagaluru, deputy chief minister Govind M Karjol insisted he is prepared to step down if needed to enable new entrants into the cabinet. "I’m a disciplined solider of the party. If the BJP directs me to submit my resignation, I will do so and return my official car and take a bus to Bengaluru," Karjol said. He said anyone who doesn’t respect the party line will not grow. "It is imperative to toe the party line," he said.

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, Jan 8: The Karnataka high court on Tuesday directed the government to submit steps taken in respect of the order of Lokyukta in relation to the Kethaganahalli landgrab case involving former chief minister HD Kumaraswamy, his relatives and former minister DC Thammanna.

A division bench headed by Chief Justice Abhay Shreeniwas Oka gave the direction on a PIL filed by Samaj Parivartan Samudaya (SPS), an NGO. The petitioner said despite an order from the Lokayukta on August 5, 2014, to take action within 15 days, no action has been initiated till date in respect of encroachment of a huge tract of land in Kethaganahalli along Bengaluru-Mysuru highway.

SPS says the land was purchased in 1979 contrary to norms of Karnataka Land Revenue Act. It claims Kumaraswamy and others paid only Rs 5,000 per acre, although the prevailing market rate was Rs 25,000 to Rs 30,000 per acre.