At midnight, Riyadh erupts in cheers for a woman in car

Agencies
June 24, 2018

Riyadh, Jun 24: Every few metres someone -- a newlywed couple, a group of young girls with balloons -- stops Samar Almogren to cheer her on or flash her a thumbs-up.

It's midnight in Riyadh, and she's making her way across the city she was born and raised in, finally in the driver's seat of her own car.

Saudi Arabia's notorious ban on women driving ended today. After drinking tea and counting down the minutes, at midnight, Samar -- a TV anchor and mother-of-three -- went upstairs to kiss her four-year-old son Salloum goodnight.

She then put on a flowing white abaya, strode out of her front door, accompanied by her best friend, and walked towards a white GMC parked outside her house in the Narjiss neighbourhood in northern Riyadh.

Across the street, her neighbour had just arrived home with two bags of groceries. He paused, placed his shopping on the hood of his car, and watched her closely.

In her cateye glasses, wedge sandals and nose ring, she did not skip a beat. She smiled, climbed in, started the ignition and pulled out of her parking spot.

"I have goosebumps," she says as she turns onto the King Fahd highway, the main road in the Saudi capital.

She drives in silence for a few minutes, glancing up at the moon, then adds: "I never in my life imagined I would be driving here. On this road. Driving."

The question of whether Saudi Arabian society is "ready" for women to drive has been hotly debated in the kingdom.

In 2013, Sheikh Saleh al-Luhaidan, a notable Saudi cleric, announced driving could damage a woman's ovaries and push the pelvis up, thus leading to birth defects.

Resistance to the end of the driving ban still resonates across some segments of society, with songs titled "You will not drive" and "No woman no drive" popping up on social media in recent weeks.

But as she drives across Riyadh, men and women stopped Samar's SUV to congratulate her and voice their support.

A group of men in their 20s, waiting for the police assessment of a minor accident, spot Samar driving by. They smile and cheer. The policeman, too, looks up and smiles.

A man in a suit, smoking on a sidewalk, applauds her loudly. A young couple walking hand-in-hand -- him in a t-shirt and jeans, her in head-to-toe black abaya and niqab -- stop to flash her a thumbs-up and a victory sign.

"I'm proud, proud, proud," says one man driving by the scene. "It feels like a holiday".

"This is the society they say is not ready for women to drive," Samar says, visibly moved.

Samar, whose youngest son was born with Down's syndrome, has already decided where she will drive the next day.

"My first trip, tomorrow, is to take Salloumi to my mother's house," she says. "And then to take my mother wherever she wants."

For many, the end of Saudi Arabia's driving ban for women is a welcome step, but far from enough in a country that still has a guardianship system in 2018.

Under the system, women need the permission of their closest male relative -- husband, father, brother or even son -- for most facets of life, including travelling, enrolling in school and in certain cases receiving medical attention.

Samar says she is fully aware that her newfound freedom to drive was not the fruit of activists who have long fought Saudi Arabia's repressive gender policies -- some of whom were arrested just this month.

Decades of campaigning by activists failed to achieve what one stroke of the king's pen ended in a royal decree signed last year.

"This was a political decision," she says.

But the will for women to drive in Saudi Arabia -- like the will to dismantle the guardianship system -- goes back nearly two decades.

On November 6, 1990, 47 women drove themselves through the streets of Riyadh in an act of protest against, and in defiance of, the ban, stopping only when they were arrested.

Some lost their jobs. Others lost the support of their families. What was not lost was their cause.

One of the women, Faiza al-Bakr, now works with Samar at the national paper where she runs a twice-weekly column.

"It was them," Samar says of Bakr and the 46 others. "They're the ones who started it all for us. They're the ones who cut the yellow tape."

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News Network
January 8,2020

Howrah, Jan 8: Following the 'Bharat Bandh' called by trade unions, protesters blocked railway tracks in Howrah and Kanchrapara in North 24 Parganas on Wednesday.

They raised anti-government slogans and criticised the Center for its policies. They were holding placards, posters and banners against the government.

Commuters faced difficulties as bus services were also affected. CPI (M) protesters also stopped the operation of state transport buses. In Odisha, the public agitation started around 6 am at Talcher, Bhubaneswar, Brahmapur, Bhadrak and Kendujhargarh.

Due to the protests, the following trains are detained enroute at different stations --Bhadrak-Brahmapur passenger at Bhadrak, Kendujhargarh-Bhubaneswar passenger at Kendujhargarh, Bhubaneswar-Balangir InterCity at Bhubaneswar, Howrah-Yesvantpur Express at Brahmapur, Ichhapur-Cuttack MEMU at

Brahmapur and Puri-Rourkela passenger at Bhubaneswar.

The ten central trade unions including Centre of Indian Trade Unions (CITU), Indian National Trade Union Congress (INTUC), among others have given the call for strike with a 12-point charter of demand. Trade union Bharatiya Mazdoor Sangh (BMS) is not taking part in the strike.

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News Network
March 6,2020

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.

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News Network
June 8,2020

New Delhi, Jun 8: Places of worship on Monday across the country reopened after staying shut since March due to the COVID-19 induced lockdown.

Scores of temples, mosques and gurudwaras were seen opening up keeping in view the Standard Operating Procedure (SOP) issued by Union Home Ministry to prevent coronavirus spread.

As per Ministry of Health guidelines, touching of idols/holy books, choir/singing groups, etc are not allowed.

In Delhi, people gathered at Gauri Shankar Temple in Chandni Chowk to offer prayers. With national capital seeing a rise in coronavirus cases, the devotees were seen wearing masks and taking precautions. People were also seen offering prayers at Kalka Ji Temple.

Several people arrived at Sri Bangla Sahib Gurudwara to offer prayers. Devotees were made to pass through the disinfectant tunnel before entering the Gurdwara in order to prevent the virus.

In Uttar Pradesh, Chief Minister Yogi Adityanath offered prayers at Gorakhnath Temple after state government allowed re-opening of places of worship from today.

Devotees were seen offering prayers at Eidgah Mosque in Lucknow.

Devotees also offered prayers at Shree Dodda Ganapathi Temple in Basavanagudi, Bengaluru.

Hanuman Garhi Temple in Ayodhya also reopened on Monday.

Prayers were offered at Durga Mata Mandir near Jagraon Bridge in Ludhiana, as the government has allowed reopening of places of worship.

Although religious places have opened in most of the states, however, there are some states which are yet to do so.

Preparations related to Yatra of Char Dhams including Badrinath have been completed, however, local representative of the areas from where the routes of this yatra pass have requested the government to not allow the commencement of the Yatra.

Based on the assessment of the situation, the Odisha Government ordered that all religious places/places of worship for the public will continue to remain closed till June 30.

Earlier, the Union Ministry of Home Affairs (MHA) said that religious places and places of worship for public, hotels, restaurants and other hospitality services along with shopping malls will be permitted to open from June 8.

However, these facilities will not be able to resume operations inside containment zones designated by authorities in states.

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