‘Modi wave’ sweeping Karnataka, says Yeddyurappa

Agencies
April 30, 2018

Bengaluru, Apr 30: Riding a ‘Modi wave’, the BJP will form the next government in Karnataka with absolute majority, its chief ministerial candidate B S Yeddyurappa said on Monday, and ruled out a post-poll alliance with the JD(S) “as of now”.

Pollsters have predicted a hung Assembly in Karnataka, with neither the ruling Congress nor the BJP attaining a majority. They have said the JD(S), of former prime minister H D Deve Gowda, would emerge as the kingmaker.

Yeddyurappa, a Lingayat strongman who had supported the demand for religious minority status for the community when he headed the Karnataka Janata Paksha (KJP) that he had formed after breaking away from BJP, said the issue would not hurt the electoral prospects of the saffron party and instead “backfire” on the ruling Congress.

The state BJP chief also said the saffron party was campaigning as a “united force” to achieve the mission of winning 150 seats in the May 12 Assembly polls.

“The Lingayat issue is not going to affect us. This will backfire on Congress,” Yeddyurappa told PTI in an interview.

The Siddaramaiah government had recently recommended to the Centre religious minority status for Lingayats and its sub-caste Veerashaiva Lingayats, in an apparent move to cut into the solid vote base of the BJP which has traditionally backed the party.

The Lingayats, who account for about 17 per cent of the state’s population, have a large presence in north and central Karnataka, especially in Shivamogga, Davanagere and Chitradurga, where their votes can be critical to the electoral outcome.

The BJP has reacted cautiously to the contentious issue, while the Congress, unsure of the consequences it may have for the party in the elections, has also kept it on the back burner.

The 75-year-old Yeddyurappa, who has won seven times from Shikaripura, said he would triumph with a huge margin from his home seat, as the Lingayats would not let him down.

He rejected the Congress’ allegation that the BJP was stoking caste and communal sentiments to win the elections. “Not at all,” he said.

“Had the Congress been secular, Chief Minister Siddaramaiah would not have been contesting from a second place, Badami, a constituency with a sizeable population of Kuruba,” he said. Siddaramaiah hails from the Kuruba community.

Siddaramaiah is “scared” of losing his traditional Chamundeshwari seat, from where he has won five times since 1983, he added.

The BJP has fielded its resourceful Ballari MP B Sriramulu against Siddaramaiah in Badami in North Karnataka.

“We are confident that Sriramulu will win that seat,” Yeddyurappa said.

Asked if the BJP’s alleged “communal politics” would work for it in coastal Karnataka, Yeddyurappa said, “There is no such thing out there. Congress is spreading lies. There is only Modi wave and we are going to sweep not only the coastal region but the entire state.”

He said the party would secure a majority and form the government. “There is no question of post-poll alliance with JD(S) as of now,” Yeddyurappa said.

JD(S)’s chief ministerial nominee H D Kumaraswamy, a son of Dewe Gowda, had told PTI yesterday that he would emerge as the “king” and not a “kingmaker” after the elections.

The JD(S) and BJP had cobbled together a coalition and formed the government headed by Kumaraswamy in 2006.

It collapsed in October 2007, after the JD(S) backtracked on its promise and refused to hand over the reins of power to Yeddyurappa under the agreement the two parties had entered into over rotational chief ministership.

This paved the way for polls which saw the saffron party form its first government in the south in 2008.

Replying to a query on whether Siddaramaiah’s repeated reference to his incarceration for alleged corruption at election meetings was harming his image, Yeddyurappa said, “He is confusing and misleading public because all corruption charges against me have been set aside by the court.”

Yeddyurappa was the first chief minister of Karnataka to have been jailed over allegations of corruption, and had spent 25 days behind bars.

Karnataka will go to polls on May 12 to elect the 224- member assembly. The results will be declared on May 15.

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Tuesday, 1 May 2018

Modi Wave is sweeping under carpet in Karnataka

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News Network
April 21,2020

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.

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News Network
February 2,2020

New Delhi, Feb 2: Budget 2020 announcement that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.

Finance Minister Nirmala Sitharaman on Saturday said Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.

A "highlight of the budget is the LIC IPO, which is akin to the Saudi Aramco listing for Indian capital markets, and will be IPO of the decade," Vijay Bhushan, President, Association of National Exchanges Members of India (ANMI) said.

According to Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, the LIC IPO will be a big positive for corporate governance and transparency and will open up one more avenue for fund raising for the government over the years.

Metropolitan Stock Exchange, Interim CEO, Balu Nair said: "The LIC listing will be eagerly awaited by investors and will provide huge fillip to capital raising through the primary market." The government proposes to sell a part of its holding in LIC through an initial public offer, Sitharaman said while presenting Budget 2020-21.

"The government will sell part of LIC through its listing in the stock market which is also a positive trigger for the market," Amit Gupta, CO-Founder and CEO, TradingBells.

Jaideep Hansraj, MD and CEO of Kotak Securities said listing of LIC would help bridge a gap in the Fiscal Deficit for FY21.

Currently, the government owns the entire 100 per cent stake in LIC.

Saudi Aramco shares were listed in December last year.

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News Network
May 16,2020

Bengaluru, May 16: The Karnataka government is expected to take a call on Monday on holding the Secondary Level School Certificate (SSLC) or class 10 examination, which were postponed due to COVID-19 lockdown.

Minister for Primary and Secondary Education S Suresh Kumar said there was a possibility that the state government may come out with a timetable on Monday. "We are holding a meeting regarding the SSLC examination," he told reporters here.

He also said there would be discussions on how to conduct the exams and precautionary measures to be taken in view of COVID-19.

"We have to make arrangements for masks, sanitisers and thermal scanners. We will set up a thermal scanner for a health check-up. We have to make separate seating arrangements for those having health issues. All these issues will be discussed on Monday," Kumar said.

The SSLC exams were supposed to commence from May 27 but due to the lockdown, it was postponed for an indefinite period.

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