Man sets bike on fire after being issued Rs 16K challan for traffic rules violation

Beijing, Jun 11: Floods and mudslides in south China have uprooted hundreds of thousands of people and left dozens dead or missing, state media reported Thursday.

The bad weather has wreaked havoc on popular tourist areas that had already been battered by months of travel restrictions during the coronavirus outbreak.

Torrential downpours unleashed floods and mudslides that caused nearly 230,000 people to be relocated and destroyed more than 1,300 houses, official state news agency Xinhua reported, citing the Ministry of Emergency Management.

In southern Guangxi Zhuang Autonomous Region, six people were reported dead and one missing, Xinhua said.

Streets were waterlogged in popular tourist destination Yangshuo, forcing residents and visitors to evacuate on bamboo rafts.

The local government said more than 1,000 hotels had been flooded and more than 30 tourist sites damaged.

One owner of a family-run hotel told Xinhua that the guest rooms were submerged in one metre (three feet) of rainwater.

The extreme weather has dealt a hefty blow to the region's tourism sector, which is still reeling from the COVID-19 epidemic.

The emergency management ministry said there were direct economic losses of over 4 billion yuan (more than $550 million) from the flooding, Xinhua reported.

In Hunan Province, at least 13 people were killed in rain-triggered disasters, and another eight people are missing or killed in southwestern Guizhou province, according to the local emergency response departments, Xinhua said.

The heavy downpours began at the beginning of June and have led to "dangerously high water levels" in 110 rivers, Xinhua reported.

Further rainstorms are expected in the next few days across the south.

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.

Washington, May 15: A top US senator has unveiled an 18-point plan, including enhancing military ties with India, to hold the Chinese government accountable for its "lies, deception, and cover-ups" that ultimately led to the global COVID-19 pandemic.

The prominent suggestions are moving manufacturing chain from China and deepening military-strategic ties with India, Vietnam and Taiwan.

"The Chinese government maliciously covered up and enabled a global pandemic that has caused misery for so many Americans. This is the same regime that locks up its own citizens in labour camps, steals America's technology and jobs, and threatens the sovereignty of our allies,” said Senator Thom Tillis, presenting his detailed, 18-point plan on Thursday.

"This is a major wake-up call to the United States and the rest of the free world. My plan of action will hold the Chinese government accountable for lying about COVID-19; sanctioning the Chinese government while protecting America's economy, public health, and national security," he said.

The plan seeking to create a Pacific Deterrence Initiative and immediately approve the military's request for USD 20 billion in funding. It also calls for deepening military ties with regional allies and expand equipment sales to India, Taiwan and Vietnam.

Encourage Japan to rebuild its military and offer Japan and South Korea sales of offensive military equipment, it said.

"Move manufacturing back to the US from China and gradually eliminate our supply chain dependency on China. Stop China from stealing our technology and provide incentives to American companies to regain our technological advantage. Strengthen cybersecurity against Chinese hacks and sabotage," the plan stated.

"Prevent American taxpayer money from being used by the Chinese government to pay off their debt. Implement the US ban on (Chinese technology company) Huawei and coordinate with our allies to implement similar bans,” it added.

The plan seeks restitution from the Chinese government and imposition of sanctions for lying about the virus. It further said China should be sanctioned for their atrocious human rights record.

Senator Tillis' plan urges the Trump Administration to formally request the International Olympic Committee to withdraw the 2022 Winter Olympics from Beijing.

"Stop China's propaganda campaign inside the United States. Treat Chinese government-run media outlets as the propaganda proxies that they are," the plan stated.

Urging the government to investigate the Chinese government's cover-up of the spread of COVID-19, the plan also seeks to investigate America's reliance on China's supply chains and threats to public safety and national security.

"Ensure the independence of the WHO through investigations and reform. Expose and counter China's predatory debt-trap diplomacy targeting developing countries. Increase intelligence sharing on potential pandemics and lead the creation of a watchdog organization to monitor foreign governments' handling of deadly viruses," Tillis said in his suggestions.

The coronavirus, which first emerged in China's Wuhan city in December last, has killed over 3,00,000 people with 4.3 million confirmed cases across the world. More than a quarter of all confirmed COVID-19 cases are from the US.

There has been increasing pressure on the President Trump, in the last several weeks, to take action against China as lawmakers and opinion-makers feel that the COVID-19 spread across the world from Wuhan because of Chinese inaction.

Meanwhile, Senator John Barrasso, in a speech on the Senate floor on Thursday, highlighted the need to update the Foreign Intelligence Surveillance Act (FISA) legislation that was put on hold by the coronavirus pandemic.

"The virus could have been contained had it not been for the Chinese Government's unscrupulous cover-up. China knew the risk months before the rest of the world; yet Chinese communist leaders destroyed key evidence, they under-reported the number of coronavirus cases, and they misled the world about its deadly, rapid spread," he said.

Asserting that the virus should have been contained in Wuhan, he said tens and tens of thousands of Americans and hundreds of thousands of people worldwide have died as a result of China's failure.

Barrasso said the US should encourage its companies to create American and western supply chains. "That way our frontline workers have what they need in the time of crisis," he said.

"Not again, not ever will we be exclusively sourced for critical drugs from China. We should diversify supply and bring home as much of our supply chain as possible," he added.

Congressman Troy Balderson introduced bicameral legislation with Congressman Doug Collins and Senator Lindsey Graham that will hold China accountable for deceptive actions taken by its leaders that led to the spread and subsequent global pandemic.

The COVID-19 Accountability Act authorises president Donald Trump to impose sanctions on China if it fails to cooperate with a full investigation led by the US or its allies into the events that lead to the COVID-19 outbreak.

"The number of Ohioan lives needlessly claimed by this pandemic could have been significantly reduced had China taken appropriate measures to control the virus' spread and disclose its severity," said Balderson.

"The United States can't look the other way when China so recklessly compromised worldwide health and the global economy. China and its Communist Party leadership must be held accountable," he said.