Seat sharing deal for LS polls in Karnataka: Cong likely to field 18-20 candidates; JD(S) 8-10

Kasaragod, Jul 8: The meeting of Kasaragod district-level corona control core committee has resolved to make pass mandatory for vehicles to bring vegetables and fruits to Kasaragod from Dakshina Kannada and other parts of Karnataka.

Pass will be issued by RTO. Employees, including the driver of the vehicle, must visit the nearest primary health facility once in seven days and undergo a health check and submit a medical officer's certificate.

District Collector Dr D Sajith Babu, who presided over the meeting, said that only those vegetable and fruit vehicles that produce medical officer's certificate and RTO's passes will be allowed to cross the border.

Meeting, the RTO has decided to convene an emergency meeting of vegetable and fruit merchants.

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.

Kalaburagi, May 16: Former Karnataka Minister Dr Sharanprakash Patil, who was booked for violating COVID-19 imposed lockdown guidelines said on Friday that it was "politically motivated".

"It's politically motivated, the officer who filed the case was forced by MLA or some other people. As elected representatives, we're going in the constituencies, listening to people as they're apprehensive about the return of migrants. We had not conducted any meeting. Wherever we have gone we have followed social distancing," Patil said.

Patil said, "When I had gone there people came to discuss about a local problem and I was talking to an official concerned. In the meantime, some officer gave a complaint that we have violated the lockdown or something."

"They are trying to curb the voice of opposition because there are a lot of lacunae. We hear complaints about quarantine centres that there is no proper facility for food, or stay, or bathrooms," the Congress leader said.

The FIR was registered on Thursday against 23 persons, including the former MLA and 21 local Congress leaders, under Section 188 (disobedience to order duly promulgated by a public servant) of the Indian Penal Code (IPC).

Congress leader Patil and his followers had conducted a meeting at a convention hall in Sulpeth town on May 13, following which sectoral magistrate Muneer Ahmed lodged a complaint.