'Rising Kashmir' hits stands with black pic of Shujaat Bukhari

Agencies
June 15, 2018

Srinagar, Jun 15: English newspaper 'Rising Kashmir' published its daily edition today even after losing its editor-in-chief Shujaat Bukhari yesterday in an assassination which also left two of his two personal security officers (PSOs) dead.

Bukhari and his two PSOs were shot dead by unidentified gunmen outside Rising Kashmir office in Press Enclave near the city centre Lal Chowk here in Srinagar shortly before the 'Iftaar' yesterday evening.

Bukhari is survived by his wife and one son and a daughter.

Rising Kashmir hit the stands this morning with its front page carrying the full-page photograph of its late editor-in-chief in black background.

The page also carried the message that the paper would not be cowed down.

“You left all too sudden but you will always be our leading light with your professional conviction and exemplary courage. We won't be cowed down by the cowards who snatched you from us. We will uphold your principle of telling the truth howsoever unpleasant it may be...Rest in peace!” the paper said.

Former Jammu and Kashmir chief minister Omar Abdullah said publishing the daily despite Bukhari's killing is the most fitting tribute to him as it was what the late journalist would have wanted to.

“The show must go on. As Shujaat would have wanted it to. This is today's @RisingKashmir issue. That Shujaat's colleagues were able to bring out the paper in the face of insurmountable grief is a testament to their professionalism & the most fitting tribute to their late boss,” Omar wrote on Twitter while sharing a picture of the front page of the paper.

Bukhari's killing has evoked widespread condemnations in Jammu and Kashmir and from across the country.

Jammu and Kashmir Governor N N Vohra has conveyed shock and grief on the gruesome killing of  Bukhari. Recalling Bukhari's standing as a veteran journalist, the Governor described his murder as a big loss to the media fraternity.

In a message, Vohra has prayed for peace to the departed soul and strength to the bereaved family to bear this irreparable loss. The Governor also called Bukhari's brother and Cabinet Minister Basharat Ahmed Bukhari to convey his heartfelt sympathy.

Chief Minister Mehbooba Mufti has also strongly condemned the killing of the veteran journalist. In a condolence message, the chief minister described the killing of Bukhari as highly barbaric, deplorable and condemnable.

“His killing has only established that violence cannot stand the scrutiny of logic and rationality. The whole state stands in unanimity in condemning this inhuman act of savagery,” Mehbooba said in the statement.

She said the role and contribution rendered by Bukhari in the institutionalisation of the media here has become part of the journalistic history of the state.

“One would always see him raising issues of common cause concerning people. He would often fight for the issues of people through his columns and various discussions but alas this voice of people stands silenced today brutally,” Mehbooba said.

The chief minister visited the hospital where Bukhari was taken after the attack and paid her respects to the departed soul. She also conveyed her heartfelt sympathies with the bereaved family particularly his parents, wife and two kids.

The separatists have also condemned his killing terming it barbaric and unpardonable.

Bukhari will be laid to rest in his ancestral village in Kreeri in north Kashmir's Baramulla district today. His funeral prayers will be held at 11 am.

Bukhari is the fourth journalist to be killed by militants in the nearly three-decade-long violence in Kashmir. In 1991, the editor of 'Alsafa', Mohammed Shaban Vakil, was killed by militants of Hizbul Mujahideen.

Former BBC correspondent Yussuf Jameel escaped with injuries when a bomb exploded in his office in 1995, but ANI cameramen Mushtaq Ali lost his life in the incident.

Later, on January 31, 2003, Parvaz Mohammed Sultan, editor of NAFA, was shot dead by Hizbul Mujahideen at his Press Enclave office.

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News Network
January 9,2020

New Delhi, Jan 9: The Union government has removed the central security cover of Tamil Nadu Deputy Chief Minister O Paneerselvam and DMK leader M K Stalin, officials said on Thursday.

They said while Paneerselvam had a smaller 'Y+' cover of central paramilitary commandos, Stalin had a larger 'Z+' protection.

The security cover of these two politicians has been taken off from the central security list after a threat assessment review was made by central security agencies and approved by the Union home ministry, they said.

Central Reserve Police Force (CRPF) commandos were protecting these two leaders of Tamil Nadu.

However, they said, the central security cover will be formally taken off after the state police takes over their security task, they added.

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News Network
June 29,2020

New Delhi, Jun 29: India recorded 19,459 new coronavirus cases and 380 deaths in the last 24 hours.

According to the Ministry of Health and Family Welfare on Monday, the total coronavirus cases in the country stands at 5,48,318 including 2,10,120 active cases, 3,21,723 cured/discharged/migrated and 16,475 deaths.

Maharashtra's COVID-19 count touched 1,64,626 and cases in Delhi have reached 83,077.

The total number of samples tested up to 28 June is 83,98,362 of which 1,70,560 samples were tested yesterday, as per the data provided by the Indian Council of Medical Research (ICMR). 

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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