No Hajj flights from Mangaluru Airport from 2018?

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.

Dubai, May 12: Free tickets are being offered by philanthropists and businessmen based in the UAE for deserving Indians who want to fly home.

Repatriation ticket prices have been set at around Dh700 to Dh750 per person depending on the destination. But there are many in UAE who cannot afford it, especially people who have lost their jobs or have medical concerns.

Malayalam Communications Ltd and its Malayalam stations (Kairali TV & Kairali News) are giving away 1,000 tickets free. Those who wish to apply can submit their application to [email protected].

Indian businessman Dhananjay Datar, chairman & managing director of Al Adil Trading Company, is also giving away 300 tickets. He is liasing with the Consulate General of India (CGI) for the names. “This is the time we need to rise as a community,” he said.

Besides taking care of airfares, Datar will also bear the cost of COVID-19 testing fees for Indians from the UAE.

“The repatriation efforts undertaken by the government of India is one of the largest initiatives. I am just doing a small bit to help the community. There are many people who are not in a position to meet the airfare and COVID testing costs as they have lost jobs. I will be coordinating with authorised entities handing this to lend my support,” he said.

Pravasi India Forum, a welfare organisation in UAE, is giving away 100 tickets. The NGO on Monday, May 11, uploaded a registration form where people can provide their details. “Tickets will be given to those approved by CGI and for those who are in financial distress,” said Abulaise, president of Pravasi Welfare Forum.

Punnakan Mohammed Ali, general secretary Incas UAE committee, said it is also ready to give away hundreds of free tickets but only to genuine candidates. “We will evaluate each individual and only if they are approved by the consulate, we will give the tickets. But we are ready to help.”

Those who want to register can get more details on www.pravasiwelfareforum.com.They can also call 055-1025611.

Need for more flights

The gesture notwithstanding, many Indians are still waiting to get news on their repatration.

Social worker Shukoorali Kallangal, President, Abu Dhabi Kerala Muslim Cultural Centre (KMCC), urged the government of India to add more flights to accommodate more passengers.

“Emergency repatriation services are the need of the hour. There are several expats with medical, financial distress. For those who came with the hope of a job – that too is a thing of the past now. Right now all they want is to go home and start something afresh there.”

Kallangal said: “Take the case of pregnant women. In many cases, their husbands have lost jobs or have been asked to go on unpaid leave. They are living hand to mouth and cannot afford medical costs. Due consideration should be given to them.”

Sreedharan Prasad, another social worker based in Ras Al Khaimah, said he is currently dealing with several emergency medical cases.

Consul General of India Vipul said plans are afoot to add more flights in the next phase of Indian repatriation. “The number of flights are being decided by India in consultation with state governments. This is not a normal situation we all are in. We are in the middle of a pandemic situation.”

New Delhi, Feb 1: The budget is a little more demanding of the non-resident Indian. Firstly, to be categorized a non-resident, an Indian now has to stay abroad for 240 days, against 182 previously. In other words, an Indian national, to claim the non-resident status, can’t stay in India for 120 days or more in a year.

“We've made changes in Income Tax Act where if an Indian citizen stays out of the country for more than 182 days, he becomes non-resident,” said Revenue Secy Ajay Bhushan Pandey. “Now in order to become non-resident, he has to stay out of the country for 240 days.”

The second rule is more deadly: a non-resident Indian, who is not taxed in the foreign country, will become taxable in India.

“If any Indian citizen is not a resident of any country in the world, he'll be deemed to be a resident of India and his worldwide income will be taxed,” said Pandey.

"It's a very big disadvantage for Indians residing overseas only to save on tax,"  said Dinesh Kanabar of Dhruva Advisors. He expects that many Indians stay abroad in countries, where the income tax is low or nil such as Dubai. Now they will be taxed in India if they are in the income tax bracket.

For Indians, finance minister Nirmala Sitharaman revised income tax rats and proposed new tax slabs.

The new income tax rates will, however, not allow exemptions under Section 80C. Home loan exemption, insurance exemptions, the standard deduction will also not stay under the regime.

"The new tax regime will be optional and the taxpayers will be given the choice to either remain in the old regime with exemptions and deductions or opt for the new reduced tax rate without those exemptions," Sitharaman said while unveiling Budget.