Modi govt creates history by spending Rs 3,755 crore on publicity in over 3 years

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, Apr 5: Opening of Karnataka's borders to Kerala at this point in time will be like "embracing death," chief minister B S Yediyurappa said on Saturday making clear his government's stand not opening the state border.

The chief minister repeatedly said that for his government interest of the people of the state was supreme.

Yediyurappa made his stand clear in a letter to former prime minister and JD(S) patriarch H D Deve Gowda.

Gowda had recently written to the chief minister on March 31 seeking relaxation of the border restrictions on "humanitarian" grounds.

He had also written to Kerala chief minister Pinarayi Vijayan expressing his anguish against Karnataka authorities for imposing restriction and promising to raise the matter with prime minister Narendra Modi.

Stating the decision to close the border was not sudden, Yediyurappa said, it was a conscious decision after analysing the health situation in the area following the spread of COVID-19.

The chief minister cited the Indian Medical Association, Mangaluru branch data regarding the spread of Covid-19 in Kasargod of Kerala and surrounding areas which was alarming.

Noting that the region has nearly 106 positive coronaviruscases, he said, "this is the region with most number of infections in the country."

If this restriction is removed, it puts the health of the people of Karnataka in to risk and create a situation of "embracing death", so we will not be able to open the border, Yediyurappa said.

He also clarified that there was no prejudice behind his government's decision, and the interest of the people of the state was of utmost importance.

"...There is also no political maliciousness. We want to have good and brotherly relationship with neighbouring states," he said, adding that opening the border will open a pandora's box that will be disastrous for the state.

Yediyurappa also thanked opposition parties for their support to his government in its fight against COVID-19.

The Department of Preuniversity Education, Karnataka has declared the board exams or pre university I exam results. To get results online, the students need to log on to result.bspucpa.com and have to provide their registration number and date of birth. 
Apart from the online portal, the students will get the results via mail or SMS.

“The results of the first year Pre-University Examinations will be announced on May 5. The results will be sent directly to students. Hence, colleges will not be displaying the results,” said S Suresh Kumar, Primary and Secondary Education Minister. 

The pre-university course of PUC is a two-year course including class 11 and class 12 called PUC I and PUC II. It is based on PUC score that candidates can get admission to varsities.

Earlier, the Karnataka PUC 1 result was to be announced on March 27 which was postponed and hence the revised dates are announced now.

The board exam results have been put on halt due to the nation-wide lockdown imposed after the coronavirus pandemic gripped India. As of May 3, the number of people infected by the coronavirus in India had crossed over 40,000.

The HRD Minister Ramesh Pokhriyal Nishank had in a meeting asked state and central boards to resume their evaluation process and declare the results to curb any further delay in the academic cycle. The academic cycle has been delayed by over a month due to the coronavirus. Now, the colleges will start by September instead of July.