Indonesia: Death toll from earthquake, tsunami rises to 832

Agencies
September 30, 2018

Jakarta, Sept 30: The death toll from an earthquake and tsunami on the Indonesian island of Sulawesi rose to 832 on Sunday, the national disaster mitigation agency said, adding it assessed the affected area to be bigger than initially thought.

Many people were reported trapped in the rubble of buildings brought down in the 7.5 magnitude earthquake which struck on Friday and triggered tsunami waves as high as six metres (20 feet), agency spokesman Sutopo Purwo Nugroho told a news conference.

Rescuers Search for Survivors

Rescue teams in Indonesia struggled on Sunday to reach communities feared devastated by a major earthquake and tsunami on Sulawesi island. Dozens of people were reported to be trapped in the rubble of two hotels and a mall in the city of Palu, which was hit by waves as high as six metres (20 feet) following the 7.5 magnitude earthquake on Friday.

A young woman was pulled alive from the rubble of the Roa Roa Hotel, the news website Detik.com reported. Hotel owner Ko Jefry told Metro TV on Saturday that up to 60 people were believed trapped. Hundreds of people gathered at the mall searching for loved ones. "We've got information from people that their relatives are still inside, so we're focusing on that, especially to find survivors," a rescuer identified as Yusuf, working at the ruins of the mall, told Metro TV.

With confirmed deaths only from Palu, authorities are bracing for much worse as reports filter in from outlying areas, in particular, Donggala, a region of 300,000 people north of Palu and closer to the epicentre of the quake.

A disaster official said the tsunami travelled across the sea at speeds of 800 kph (500 mph) before striking the shore and casualties could have been caused along a 300 km (200 miles) stretch of coast, north and south of Palu.

Donggala town has been extensively damaged, with houses swept into the sea and bodies trapped in debris, according to a Metro TV reporter on the scene.

The Red Cross said it had heard nothing from the Donggala region.

"This is extremely worrying," it said in a statement. "This is already a tragedy, but it could get much worse." National search and rescue agency chief Muhammad Syaugi told Reuters rescuers were flying to Donggala by helicopter.

Questions about Warnings

Indonesia is all too familiar with deadly earthquakes and tsunamis. In 2004, a quake off Sumatra island triggered a tsunami across the Indian Ocean, killing 226,000 people in 13 countries, including more than 120,000 in Indonesia.

Questions are sure to be asked why warning systems set up around the country after that disaster appear to have failed on Friday.

The meteorological and geophysics agency BMKG issued a tsunami warning after the Friday quake but lifted it 34 minutes later, drawing criticism it had withdrawn it too quickly. But officials said they estimated the waves had hit while the warning was in force.

Hundreds of people had gathered for a festival on Palu's beach when the water smashed onshore at dusk.

Palu is at the head of a narrow bay, about 10 km long and 2 km wide, which had "amplified" the force of the wave as it was funnelled toward the city, a geophysics agency official said.

Questions have been raised about what caused the tsunami, with speculation an underwater landslide was to blame.

The BMKG said its closest sensor, about 200 km (125 miles) from Palu, had only recorded an "insignificant", six-cm (2.5 inches) wave, while researchers said it was surprising the quake, which was recorded as a "strike-slip" event, when tectonic plates move horizontally against each other rather than vertically, had generated a tsunami.

"It may be that the shock of the quake triggered a landslide underwater, but we don’t have any proof yet,” Abdul Muhari, who heads a tsunami research team that advises the government, told Reuters.

Video footage on social media showed a man on the upper floor of a building shouting warnings of the approaching tsunami to people on the street below moments before the wave crashed ashore. Reuters was not able to authenticate the footage.

The Head of the National Disaster Management Agency, Willem Rampangilei, told reporters in Sulawesi late on Saturday rescuers were struggling in their hunt for more victims.

"We are having difficulty deploying heavy equipment ... because many of the roads leading to Palu city are damaged," he was quoted by the Kompas newspaper as saying.

About 10,000 displaced people were scattered at 50 different places in Palu, he said.

Dozens of injured people were being treated in tents set up in the open.

‘Horrifying’

Photos confirmed by authorities showed bodies lined up on a street on Saturday, some in bags and some with their faces covered by clothes.

President Joko Widodo was scheduled to visit evacuation centres on Sunday.

Australian Prime Minister Scott Morrison said Indonesia had not asked for help but he had contacted President Widodo overnight to offer support and deep sympathies.

“It is horrifying ... If he needs our help, he’ll have it,” he told ABC TV’s Insiders programme.

The military has started sending in aircraft with aid from Jakarta and other cities, authorities said.

Palu's airport was damaged in the quake, but had reopened for limited commercial flights, authorities said.

Indonesia sits on the Pacific Ring of Fire and is regularly hit by earthquakes.

In August, a series of quakes killed more than 500 people on the tourist island of Lombok, hundreds of kilometres southwest of Sulawesi.

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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
March 2,2020

New Delhi, Mar 2: The Supreme Court on Monday dismissed a curative petition filed by convict Pawan Kumar Gupta who was sentenced to death in the 2012 Nirbhaya gang rape and murder case.

A five-judge bench headed by Justice N V Ramana said that no case is made out for re-examining the conviction and the punishment of the convict.

Other members of the bench were justices Arun Mishra, R F Nariman, R Banumathi and Ashok Bhushan.

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Agencies
July 30,2020

Mumbai, Jul 30: Counterfeiting incidents have increased 24 per cent in the country in 2019 over the previous year, creating an over Rs 1 lakh crore hole in the economy, according to a report.

The report also said counterfeiters are having a free run due to the pandemic-driven disruptions to organised supply chains and the resultant spike in consumer demand.

According to the report by ASPA, a self-regulated industry body of anti-counterfeiting and traceability solutions providers, counterfeiting has risen steadily in the last few years, and exploiting the pandemic as a cover for their activities.

Between February and April 2020, over 150 incidents of counterfeiting cases were reported, mostly about fake PPE kits, sanitisers and masks taking advantage of the high demand for these products, it noted.

"There was a 24 per cent increase in counterfeiting in 2019 over 2018, leading to the loss of more than Rs 1 lakh crore to the overall economy," said Nakul Pasricha, president of Authentication Solution Providers Association.

The association works with global authorities like the International Hologram Manufacturers Association, Counterfeit Intelligence Bureau of the Interpol, and domestic industry lobbies like Ficci, he said.

Counterfeiting is a universal issue and is 3.3 per cent of global trade, according to the OECD data, impacting social and economic development across the world.

The report lists the currency, FMCG, alcohol, pharma, documents, agriculture, infrastructure, automotive, tobacco, lifestyle and apparel, as the 10 sectors impacted most by counterfeiting.

Among these, currency, alcohol and FMCG continue to be the top three sectors with the highest counterfeiting in the last two years. The FMCG sector is most vulnerable, as counterfeit incidents rose 63 per cent between 2018 (79) and 2019 when the reported cases jumped to 129.

Within the states, the fakers have a free run in Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh, Bengal, Punjab, Jharkhand, Delhi, Gujarat, and Uttarakhand, calling for urgent actions to frame anti-counterfeiting policy measures.

According to the report, UP continues to be on top followed by Bihar, Rajasthan, and together these three states represent almost 45 per cent of all counterfeiting reported in the last two years.

What is more alarming is that counterfeiting is not limited to high-end luxury items today, as common everyday items as fake cumin seeds, mustard cooking oil, ghee, hair oils, soaps, baby care vaccines and medicines are aplenty in the markets.

"There is an urgent need for building and nurturing authentication ecosystems in the country with the active involvement and active participation of all stakeholders," said Pasricha.

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