Ethiopian army chief, regional president killed

Agencies
June 23, 2019

Addis Ababa, Jun 23: Ethiopia's army chief and the president of a key region have been shot dead in a wave of violence highlighting the political instability in the country as Prime Minister Abiy Ahmed tries to push through reforms.

The latest unrest in the Horn of Africa nation flared on Saturday afternoon in Amhara, one of nine autonomous regions, when a "hit squad" attacked a meeting of top officials, Abiy's office said Sunday.

Spokeswoman Billene Seyoum told journalists the attack was led by Amhara's security chief Asaminew Tsige, and resulted in regional president Ambachew Mekonnen and another top official being shot.

The men were "gravely injured in the attack and later died of their wounds," she said.

"Several hours later in what seems like a coordinated attack, the chief of the staff of the national security forces Seare Mekonnen was killed in his home by his bodyguard" in the capital Addis Ababa, she added.

Also shot dead was a retired general who had been visiting him, Billene added.

The bodyguard has been apprehended while Asaminew is still on the loose, sources said.

The link between the two attacks was not immediately clear.

The internet has been cut nationwide since Saturday evening, after being severed for much of the previous week.

A journalist in the regional capital Bahir Dar told AFP shooting had begun shortly after sunset and continued for several hours before ceasing.

The United States embassy issued alerts about reported gunfire in the capital Addis Ababa, and violence around Amhara's main city Bahir Dar.

An analyst said Saturday's incident showed the seriousness of the political crisis in Ethiopia, where efforts by Abiy to loosen the iron-fisted grip of his predecessors and push through reforms have unleashed a wave of unrest.

"These tragic incidents, unfortunately, demonstrate the depth of Ethiopia's political crisis," said International Crisis Group analyst William Davison.

"It is now critical that actors across the country do not worsen the instability by reacting violently or trying to exploit this unfolding situation for their own political ends," the expert said.

Amhara in Ethiopia's northern highlands is the homeland of the ethnic group by the same name and is the birthplace of many of its emperors as well as the national language Amharic.

The Amhara are the second-largest ethnic grouping after the Oromo, and both spearheaded two years of anti-government protests which led to the resignation of former prime minister Hailemariam Desalegn.

Abiy, an Oromo, took power in April 2018 and has been lauded for a string of efforts to reform a nation which has known only the authoritarian rule of emperors and strongmen.

He has embarked on economic reforms, allowed dissident groups back into the country, sought to crack down on rights abuses and arrested dozens of top military and intelligence officials He also sealed a peace deal with neighbouring Eritrea, a longtime foe.

However, the loosening of the reins has also unleashed a wave of unrest.

Ethiopia's 1995 constitution, written by the Ethiopian People's Revolutionary Democratic Front (EPRDF) after it unseated the Derg military junta in 1991, partitioned the country into nine autonomous regions with borders following ethnic lines.

The EPRDF itself is a coalition of four parties from Oromia, Amhara, Tigray and the Southern Nations, Nationalities, and Peoples' Region.

Observers say that Abiy's plans to hold an election in 2020 have stirred up resentment in local politics, with other regional parties contesting the hold of those within the EPRDF, and seen a rise in ethnonationalism.

At the same time, longstanding tensions in a country of more than 80 ethnic groups have burst into the open, often over land and resources in Africa's second-most-populous nation.

Over a million people have been displaced by ethnic clashes, which analysts attribute to multiple causes, such as the weakening of the once all-powerful ruling EPRDF and different groups trying to take advantage of opportunities presented by the political transition.

In other regions, dozens of people have been killed in the last few months in clashes between residents of northern Benishangul Gumuz and Amhara states.

The security chief Asaminew, accused of being behind the attack in Amhara, was in 2018 released from prison after being held over a 2009 coup plot by the armed opposition group Ginbot 7 and Davison described him as an Amhara hardliner.

The coup attempt comes a year after a grenade explosion at a rally Abiy was addressing left two people dead.

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News Network
June 2,2020

London/Milan, Jun 2: World Health Organization experts and a range of other scientists said on Monday there was no evidence to support an assertion by a high profile Italian doctor that the coronavirus causing the COVID-19 pandemic has been losing potency.

Professor Alberto Zangrillo, head of intensive care at Italy's San Raffaele Hospital in Lombardy, which bore the brunt of Italy's COVID-19 epidemic, on Sunday told state television that the new coronavirus "clinically no longer exists".

But WHO epidemiologist Maria Van Kerkhove, as well as several other experts on viruses and infectious diseases, said Zangrillo's comments were not supported by scientific evidence.

There is no data to show the new coronavirus is changing significantly, either in its form of transmission or in the severity of the disease it causes, they said.

"In terms of transmissibility, that has not changed, in terms of severity, that has not changed," Van Kerkhove told reporters.

It is not unusual for viruses to mutate and adapt as they spread, and the debate on Monday highlights how scientists are monitoring and tracking the new virus. The COVID-19 pandemic has so far killed more than 370,000 people and infected more than 6 million.

Martin Hibberd, a professor of emerging infectious disease at the London School of Hygiene & Tropical Medicine, said major studies looking at genetic changes in the SARS-CoV-2 virus that causes COVID-19 did not support the idea that it was becoming less potent, or weakening in any way.

"With data from more than 35,000 whole virus genomes, there is currently no evidence that there is any significant difference relating to severity," he said in an emailed comment.

Zangrillo, well known in Italy as the personal doctor of former Prime Minister Silvio Berlusconi, said his comments were backed up by a study conducted by a fellow scientist, Massimo Clementi, which Zangrillo said would be published next week.

Zangrillo told Reuters: "We have never said that the virus has changed, we said that the interaction between the virus and the host has definitely changed."

He said this could be due either to different characteristics of the virus, which he said they had not yet identified, or different characteristics in those infected.

The study by Clementi, who is director of the microbiology and virology laboratory of San Raffaele, compared virus samples from COVID-19 patients at the Milan-based hospital in March with samples from patients with the disease in May.

"The result was unambiguous: an extremely significant difference between the viral load of patients admitted in March compared to" those admitted last month, Zangrillo said.

Oscar MacLean, an expert at the University of Glasgow's Centre for Virus Research, said suggestions that the virus was weakening were "not supported by anything in the scientific literature and also seem fairly implausible on genetic grounds."

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Agencies
February 14,2020

Lucknow, Feb 14: Uttar Pradesh doctor Kafeel Khan was on Friday booked under the National Security Act (NSA) over his alleged anti-CAA speech at Aligarh Muslim University on December 12, 2019.

The Uttar Pradesh slapped NSA on Kafeel Khan on Friday even as the doctor waited to be released from jail despite being granted bail on Monday in connection with his alleged inflammatory speech.

SP Crime Dr Arvind said that there were sufficient grounds to book the doctor under NSA.

The suspended pediatrician, Kafeel Khan, was arrested for allegedly delivering a controversial speech during Anti-CAA protests on December 12 at the Aligarh Muslim University or AMU. While he was granted bail on Monday, his family members claimed on Thursday that he was yet to be released.

Dr Kafeel Khan's brother Adeel Ahmed Khan had issued a statement saying that despite being granted bail Mathura jail authorities had not honoured the court's order.

Dr Kafeel Khan was arrested by the UP Special Task Force from Mumbai on January 29 for participating anti-CAA protest at AMU. A case was registered against him at the Civil Lines police station here for promoting enmity between different religions.

After his arrest in Mumbai, Dr Khan was brought to Aligarh, from where he was shifted to the district jail in neighbouring Mathura.

According to police, this was done as a precautionary measure in view of the anti-CAA protests on the AMU campus and at the Eidgah grounds in the old city. Police had said that the Dr Khan's presence in the Aligarh jail could have aggravated the law and order situation in the city.

The doctor was earlier arrested for his alleged role in the death of over 60 children in one week at the BRD Medical College in Gorakhpur in August 2017. Short supply of oxygen at the children's ward was blamed at that time for the deaths.

About two years later, a state government probe cleared Khan of all major charges, prompting him to seek an apology from the Yogi Adityanath government.

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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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