Karnataka polls: JDS announces candidates for 126 seats. Here’s the list

Mumbai, Feb 3: Maharashtra Chief Minister Uddhav Thackeray has accused the BJP-led central government of siding with Karnataka in the Supreme Court over the Belgaum border dispute between Karnataka and Maharashtra.

"I am committed toward a unified Maharashtra... Whatever is happening in Belgaum is shocking. I will meet the committee looking after this matter. The central government is a guardian of all states and is expected to be unbiased towards all states, but it is shocking that Centre is taking sides with Karnataka in Supreme Court for last the five years. This is really shocking," Thackeray said in an interview with Shiv Sena mouthpiece Saamana.

On December 7 last year, Maharashtra Chief Minister Uddhav Thackeray had chaired a high-level meeting over the border dispute between the two states.

It was decided in the meeting that attempts will be made to get fast track hearing on the border issue in the Supreme Court.

Earlier on January 19, Shiv Sena leader Sanjay Raut had said that Belgaum border dispute between Karnataka and Maharashtra is a long-pending dispute but can be resolved if Union Home Minister wants.

"If Home Ministry can resolve Kashmir issue and abrogate Article 370 then I think this border issue can be resolved too if Amit Shah wants. The matter comes under the Home Ministry. It is a long-pending issue. He should pay attention to this too," he said while speaking to ANI in Belagavi.

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, May 9: The Karnataka government may not extend the daily working hours from 8 to 12, with Labour Minister A Shivaram Hebbar saying on Saturday that the move would neither benefit the industries nor workers.

Hebbar said that the proposal has not been discussed and it may come for final deliberations next week. He also noted that some States have already extended the working hours. More than extending working hours, there should be employment to be given. If there are no jobs what can be done by extending working hours? If it is done (working hours extended to 12 hours), it would neither benefit workers nor industries. Let's see what happens, he said.

Asked if the government was in favour of the extension, he said, "I don't think it will be ready for the (12 hour) proposal." Meanwhile, the Minister also said that their top priority now was to see that all MSMEs start operating again, salaries are paid to employees and there are no job losses for any reason. If industries don't reopen, how can workers get their employment? We should think in parallel, Hebbar said adding, the government was keeping the interests of both MSMEs and workers in mind.

He urged the Centre to offer a relief package to the MSME sector, saying it is facing very difficult times due to the adverse impact of the COVID-19-induced lockdown, and also noting its role in generating large-scale employment and feeding large industries.

The BJP-led government has done whatever within its limitations to help the MSMEs, he said. Earlier this week, the Chief Minister B S Yediyurappa announced that the monthly fixed charges of electricity bills of MSMEs would be waived for two months. MSMEs have suffered huge production losses due to the lockdown. It takes some time for them to revive, Yediyurappa had said. The Chief Minister had also said payment of fixed charges in the electricity bills of the large industries will be deferred without penalty and interest for a period of two months.