Mangaluru: Coffee tycoon Siddhartha goes missing from Netravati Bridge; massive search underway

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, Jul 19: Senior JDS leader H D Kumaraswamy on Sunday advised the Karnataka government to utilise the services of private medical colleges in treating Covid-19 patients, by taking them into confidence, instead of threatening them with license cancellation for not complying with directives.

He also said a concentrated effort should be taken in the fight against coronavirus. "It was wrong for any hospital to deny treatment. It is also not correct on part of the government to threaten the private medical colleges with cancellation of their licence for that reason. It won't be of any help at this time of medical emergency.

Remember that MCI has the authority to cancel licenses, not government," Kumaraswamy tweeted. "Instead of showing fury on private medical colleges at such a time, concentrate on taking their service by taking them into confidence. Look into their needs. I urge for a concentrated fight against coronavirus," he added.

Chief Minister B S Yediyurappa had on Saturday convened a meeting with Private Medical College Hospitals regarding Covid management and directed them to provide 50 per cent of the beds as promised.

In another tweet, Kumaraswamy said the notice being put out by local administrations in front of coronavirus patient's house is leading to new age social discrimination and untouchability.

To ensure that infected patients and his family leads a respectable life, such a practice has to be dropped immediately. "..... instead health workers should be sent to their houses to educate and instill confidence in them," the former CM added.

Mangaluru/Kasaragod, Jun 30: In what appears to be an ego clash between the officers of Karnataka and Kerala, around 150 Mangalureans including 12 pregnant women were evicted from the lodges in Kasaragod in the middle of the night and sent to Mangaluru.

Expressing shock over the incident, Mangaluru MLA U T Khader hit out at the authorities concerned for the lack of concern towards the stranded passengers. “If IAS officers don’t have humanity, what is the use of the IAS tag. Officers in the two states should learn to speak to one another and solve people’s problems,” he said apparently addressing DCs of Kasaragod and Dakshina Kannada. 

The 150 passengers had arrived on Saturday from Dubai in a chartered flight arranged by the Karnataka Cultural Foundation. The flight landed in Kannur after it was denied permission to land in Mangaluru.

But Karnataka’s nodal officer for stranded persons outside India C N Meena Nagaraj, an IAS officer, called up Kerala officials and questioned why the flight was allowed to land in Kannur, Khader said. She reportedly told Kerala officials that the passengers should be quarantined in the cities of arrival and that Karnataka would not take them in.

In the meantime, the Karnataka Cultural Foundation arranged seven buses to take the passengers to Mangaluru. By the time it was conveyed to them that they would not be allowed to enter Mangaluru, the buses had reached Kasaragod district. The representatives of the organisation made frantic calls to several political leaders. Congress leader and district panchayat standing committee chairperson Harshad Vorkady said he got a call for help around 10pm on Saturday. He spoke to owners of three lodges to accommodate them. The lodges were used by the district administration as quarantine centres. 

The lodge owners said they would take the passengers in only if the Kasaragod tahsildar gave permission. “So I called up the tahsildar. He only wanted to know who will pay for the lodging and food. When I told him that the passengers will pay, he gave permission. By midnight, all the passengers were put up in the three lodges,” he said. The police were also at the spot, he said.

According to the Covid protocol, those arriving from abroad should be in institutional quarantine for seven days and in room quarantine for another seven days. But by 4pm on Sunday, the police returned to the lodges and asked the passengers to vacate. They said it was the order of the collector. They produced the order to the lodge owners. The office-bearers of the Karnataka Cultural Foundation said they sought time from the Kasaragod police to arrange rooms in Mangaluru. But Kasaragod police denied it. 

On Sunday, there were Covid deaths in Mangaluru and the Mangaluru deputy commissioner was tied up as residents were objecting to the funeral of one of the victims. “By night, the police started threatening the lodge owners. The members of the Foundation said they would shift the passengers by Monday morning. But the collector would not listen,” said Harshad.

Around 11pm, the Kasaragod district administration brought in four KSRTC buses and sent all the 150 passengers to Mangaluru, he said. By 1am the buses crossed the Thalapdy border and Khader took over from there. But the MLA was livid with how officials treated the people. Collector Sajith Babu in a statement said his enquiry found that the tahsildar did not give permission to accommodate the passengers in Kasaragod lodges.