Mangaluru: Man gets 7 years jail for raping 17-year-old daughter

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.

Mangaluru, Jun 3: Cyclone Nisarga did not land in Karnataka and has passed its border with heavy rains and strong winds, said an official on Wednesday.

However rains continued to lash parts of coastal Karnataka. There was no report of any casualty, the official added.

"It has already passed. We have not got any reports of fatalities. A heavy rain was expected and the deputy commissioners were alerted. Fishermen too were warned," said Karnataka State Disaster Management Authority (KSDMA) Principal Secretary T K Anil Kumar.

Kumar said Nisarga's actual landing is in Maharashtra and the warning was given for that state and Gujarat.

"In the fringe proportion (of Karnataka), high winds were expected and fishermen were warned not to venture into the sea," he said.

Kumar said the department interacted with the deputy commissioners of Belagavi, Uttara Kannada, Udupi, Dakshina Kannada, Chikkamagaluru and Shivamogga and alerted them about heavy rains.

Karnataka State Natural Disaster Monitoring Centre Director Srinivas Reddy said the department has kept four National Disaster Relief Force (NDRF) teams on standby in Mangaluru and Kodagu for any eventuality.

The teams have been mobilized from Guntur in Andhra Pradesh.

"More rain is predicted in coastal districts. Wind speed too will be more in coastal areas," said Reddy.

According to a Met Department official, the track of Nisarga is expected to be 200-400km off Karnataka coast.

"Sudden wind speed had been reported along the coast. We had issued port warnings," said the official.

Bengaluru, Jan 25: The local police will provide security for Sri Nijagunananda Swami and his Kittur Nishkal Mantapa Mutt following a letter containing a threat to his life that was received on Friday.

The letter, containing the names of 15 liberal thinkers and activists, was circulated widely on social media and shown on some Kannada TV channels. The letter is addressed to the seer, and it condemns his lectures where he speaks in favour of liberal values.

“The decision to eliminate you will be taken on January 21. You will be eliminated, along with 15 of your followers and people who think like you,” the letter said. 

Among those threatened are Nidumamidi Channammalla Swami, Jnyana Prakash Swami, the former Chief Minister H.D. Kumaraswamy, actors Prakash Raj and Chetan Kumar, writer Chandrashekar Patil, Brinda Karat of the CPI(M) and writer K.S. Bhagavan.

It is not the first time that the seer is getting such threats. Two years ago, Belagavi Police had provided security to the seer following threats to his life. Last year, he got a phone call from a person from Shivamogga district. But the seer did not bother to complain.

This time, the district police will seek a written complaint from the seer. “We will assess the threat perception and the security levels. Adequate security will be provided,” the police said.

The seer is now camping in Jewargi in Kalaburagi district. “We have intimated the Kalaburagi Superintendent of Police of the need for immediate security arrangements. We will take steps to provide adequate security to him once he arrives in Belagavi district,” Superintendent of Police Lakshman Nimbaragi said.