Once the ‘war’ starts, we are all one: Shobha on dissidence in Udupi BJP

United Nations, Jul 25: UN report on terrorism has warned that there are “significant numbers” of ISIS terrorists in Kerala and Karnataka, noting that the al-Qaida in the Indian Subcontinent terror group, which reportedly has between 150 and 200 militants from India, Pakistan, Bangladesh and Myanmar, is planning attacks in the region.

The 26th report of the Analytical Support and Sanctions Monitoring Team concerning ISIS, al-Qaida and associated individuals and entities said that the al-Qaida in the Indian Subcontinent (AQIS) operates under the Taliban umbrella from Nimruz, Helmand and Kandahar provinces of Afghanistan.

“The group reportedly has between 150 and 200 members from Bangladesh, India, Myanmar and Pakistan. The current leader of AQIS is Osama Mahmood…, who succeeded the late Asim Umar… AQIS is reportedly planning retaliation operations in the region to avenge the death of its former leader,” it said.

According to the report, “One member state reported that the ISIL Indian affiliate (Hind Wilayah), which was announced on May 10, 2019, has between 180 and 200 members”.

It said that there are “significant numbers of ISIL operatives in Kerala and Karnataka states.”

In May last year, the Islamic State (also known as ISIS, ISIL or Daesh) terror group claimed to have established a new "province" in India, the first of its kind announcement that came after clashes between militants and security forces in Kashmir.

The dreaded terror outfit, through its Amaq News Agency, had said that the Arabic name of the new branch is "Wilayah of Hind" (India Province).

A senior Jammu and Kashmir police officer had rejected the claim.

Previously, ISIS attacks in Kashmir were linked to its so-called Khorasan Province branch, which was set up in 2015 to cover "Afghanistan, Pakistan and nearby lands". 

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.