Kashmiri woman Iram Habib gives wings to her aspirations

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.

Chamrajnagar, May 30: Karnataka Cabinet Minister Ramesh Jarakiholi said on Friday that over22 Congress MLAs were in touch with him and he can bring five of them.

"More than 22 Congress MLAs are in contact with me and if the high commands wants, I can bring five of them tomorrow," Jarakiholi told reporters.

Replying on speculation that some MLAs in BJP are not happy and want to join the Congress, he said, "Congress is a sinking boat and nobody wants to go to Congress now."

Meanwhile, sources in BJP have said that some party leaders are not happy including Basangouda Ramangouda Patil Yatnal.

Basvanagowda Patil said earlier this week that "BS Yediyurappa is not his CM, he is the CM of Karnataka. My leaders are Narendra Modi and JP Nadda."

The sources also said that other close aides of Yeddyurappa like Umesh Katti and Murugesh Nirani are no longer happy with him as they are yet to be included in the state cabinet.

The sources said Nirani has stood with Yeddyurappa but has not been included in the cabinet. There is speculation that several MLAs are in touch with Nirani.

Sources said Nirani, Umesh Katti, Basvanagowda Patil and several other leaders held a meeting in an undisclosed location.

Congress leader DK Suresh said the Congress has no role in the developments in BJP. "Yeddyurappa government will be brought down by their own MLAs. Congress has no role in it," he said.

Remember social media memes of Chinese companies exporting #BoycottChina hats and t-shirts to India? This time India’s sensational and saffronite TV anchor Arnab Goswami vindicated those memes by hosting an anti-China debate show which was sponsored by Chinese companies!

While the last night's debate was all about boycotting Chinese products in the wake of massacre of over 20 Indian soldiers by their Chinese counterparts in eastern Ladakh, the show was brazenly promoting Chinese products through advertisement placements. 

During the debate, amongst the flashy headlines, there were two brand sponsorships that appeared: VIVO and Xiaomi. Both companies are giant Chinese multinational corporations. 

Twitter user Nirmala Tai, who was among those who spotted this irony, highlighted two instances during the debate where the logo of one of the brands popped up, and one where Xiaomi was found promoting the Mi 10. 

Many Twitterati used Goswami’s some of the favourite words such as ‘hypocrite’ and ‘anti-national’ to target him. They hit out at his channel for accepting sponsorship deals from Chinese brands at a time when anti-China sentiment is strong in the country.

Boycott China powered by Mi10 and Vivo. pic.twitter.com/TAb6Fn1tWx

— Nirmala Tai (@vishj05) June 17, 2020