Pampa award for poet KS Nissar Ahmed

Belthangady, Jul 26: The forest department officials on Sunday banned traffic in Charmadi ghat section as a precautionary measure following information that landslide and uprooting of trees may take place due to heavy rain which has been lashing the ghat section since last one week.

The officials said that a tree was likely to be uprooted in the 6th and 7th cross of the ghat section therefore the entry of vehicles were banned and this has resulted in a traffic jam.

It is said that despite lockdown many vehicles have been playing in the Ghat section.

Mangaluru, Mar 8: A cruise ship with a Panama flag has been turned back at the New Mangalore Port here following the Centre's advisory in the wake of the coronavirus outbreak, officials said.

The vessel 'MSC Lirica' was sent back on Saturday as the Union Ministry of Shipping had directed all ports not to allow any cruise ship from foreign destinations to call on Indian ports.

No further details about the ship were disclosed.

New Mangaluru Port Trust chairman A V Ramana said the ministry has directed all ports to deny entry to cruise ships till March 31 in the wake of the coronavirus scare.

Around 25 vessels were expected to call on the port here during the cruise season.

Meanwhile, the National Disaster Response Force (NDRF) conducted an awareness programme on prevention of coronavirus COVID-19 at Mangaluru International Airport.

The stakeholders were sensitised on handling passengers affected with covid-19 and precautions to be taken for dealing with affected passengers.

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.