Somali Pirates Hijack Indian Commercial Ship: Report

Hong Kong, Apr 20: Oil prices collapsed to more than two-decade lows Monday as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States.

US crude benchmark West Texas Intermediate briefly plunged almost 20 percent to below 15 -- its lowest since 1999 -- as stockpiles continue to build owing to a crash in demand caused by the COVID-19 pandemic.

Analysts said this month's agreement between top producers to slash output by 10 million barrels a day was having little impact on the oil crisis because of lockdowns and travel restrictions that are keeping billions of people at home.

WTI was hit particularly hard as its main US storage facilities in Cushing, Oklahoma, were filling up.

ANZ said "crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment".

"Despite the OPEC+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil," it said, referring to the Organization of the Petroleum Exporting Countries and non-OPEC partners.

And AxiCorp's Stephen Innes added: "It's a dump at all cost as no one... wants delivery of oil, with Cushing storage facilities filling by the minute.

"It hasn't taken long for the market to recognise that the OPEC+ deal will not, in its present form, be enough to balance oil markets." Stock traders were in slightly more buoyant mood as governments start to consider how and when to ease lockdowns that have crippled the global economy.

Italy, Spain, France and Britain reported drops in daily death tolls and slowing infection rates.

"We are scoring points against the epidemic," said Prime Minister Edouard Philippe, while insisting "we are not out of the health crisis yet".

Meanwhile, in the US, Andrew Cuomo, governor of badly hit New York state, said the disease was "on the descent", though he cautioned it was "no time to get cocky".

Mounting evidence suggests that the lockdowns and social distancing are slowing the spread of the virus.

That has intensified planning in many countries to begin loosening curbs on movement and easing the crushing pressure on national economies.

Adding to the sense of hope was a report indicating promising research on a drug to treat coronavirus.

Hong Kong, Shanghai and Seoul were each up 0.1 percent, while Wellington added 0.4 percent.

However, Tokyo went into the break 0.9 percent lower, while Sydney and Manila dropped one percent apiece. There were also losses in Taipei, Singapore and Jakarta.

"The longer investors have to contemplate future economic issues while they wait for more countries to be on the downward slope of the pandemic curve, the more scope there is of risk assets pricing in a difficult future," Chris Iggo, of AXA Investment Managers UK, said.

Investors are keeping an eye on Washington, where Congress and the White House are working towards a 450 billion economic relief plan for small business to add to the trillions already pledged to support the economy.

Big-name companies including IBM, Netflix and Coca-Cola are due to deliver their earnings reports.

New York, Mar 6: A 23-year-old Indian with a student visa in the US has pleaded guilty to sexual enticement of a minor girl, prosecutors have said.

Sachin Aji Bhaskar faces a maximum penalty of life in prison.

He pleaded guilty before Senior US District Judge William M Skretny to sexual enticement of a minor.

The charge carries a minimum penalty of 10 years in prison, a maximum penalty of life in prison, a fine of USD 250,000 or both, US Attorney James P Kennedy said.

Prosecutors alleged that Bhaskar communicated by text and email with an 11-year-old girl for the purpose of engaging in sexual activity.

Through those communications, Bhaskar enticed the victim to engage in a sexual activity with him in August, 2018, they said.

The sentencing in the case is scheduled for June 17.

Washington, Feb 6: U.S. president Donald Trump drew on staunch Republican support to defeat the gravest threat yet to his three-year-old presidency on Wednesday, winning acquittal in the Senate on impeachment charges of abuse of power and obstruction of Congress.

Only the third U.S. leader ever placed on trial, Trump readily defeated the Democratic-led effort to expel him from office for having illicitly sought help from Ukraine to bolster his 2020 re-election effort.

Trump immediately claimed "victory" while the White House declared it a full "exoneration" for the president -- even as Democrats rejected the acquittal as the "valueless" outcome of an unfair trial.

Despite being confronted with strong evidence, Republicans stayed loyal and mustered a majority of votes to clear the president of both charges -- by 52 to 48 on abuse of power and 53 to 47 on obstruction of Congress -- falling far short of the two-thirds supermajority required for conviction.

"Two thirds of the senators present not having found him guilty of the charges contained therein, it is therefore ordered and adjudged that the said Donald John Trump be, and he is hereby, acquitted," said Supreme Court chief justice John Roberts, who presided over the trial.

The months-long impeachment of the 45th US leader shone a harsh light on America's political divide, with Trump's core support base united behind him in rejecting it as a "hoax."

One Republican, senator Mitt Romney, a longtime Trump foe, risked White House wrath to vote alongside Democrats on the first count, saying Trump was "guilty of an appalling abuse of public trust." He voted not guilty on the second charge.

But the verdict was never truly in question since the House of Representatives formally impeached Trump in December, and has now cleared out a major hurdle for the president to fully plunge into his campaign for re-election in November.

Trump to speak Thursday

Responding to the verdict, Trump announced he would deliver a formal statement Thursday from the White House "to discuss our Country's VICTORY on the Impeachment Hoax!"

Shortly before, the president tweeted a montage depicting a fake cover of Time magazine declaring him president for all eternity.

The White House declared that Trump had obtained "full vindication and exoneration."

But Nancy Pelosi, the House Speaker and top Democrat in Congress, said that by clearing Trump, the Republicans had "normalized lawlessness."

"There can be no acquittal without a trial, and there is no trial without witnesses, documents and evidence," she said.

"Sadly, because of the Republican Senate's betrayal of the Constitution, the president remains an ongoing threat to American democracy, with his insistence that he is above the law and that he can corrupt the elections if he wants to."

Senate minority leader Chuck Schumer said the acquittal was "virtually valueless" since Republicans refused witnesses at his trial.

'Forever impeached'

The Democrats' intense 78-day House investigation faced public doubts and high-pressure stonewalling from the White House.

Concerned about the political risk for the party, Pelosi rejected a call early last year to impeach Trump on evidence compiled by then-special counsel Robert Mueller that he had obstructed the Russia election meddling investigation.

But her concerns melted after new allegations surfaced in August that Trump had pressured Ukraine for help for his 2020 campaign.

Though doubtful from the outset that they would win support from Republicans, an investigation amassed with surprising speed strong evidence to support the allegations.

The evidence showed that from early in 2019, Trump's private lawyer Rudy Giuliani and a close political ally, Ambassador to the European Union Gordon Sondland, were scheming to pressure Kiev to help smear Democrats, including Trump's potential 2020 rival Joe Biden, by opening investigations into them.

"We must say enough -- enough! He has betrayed our national security, and he will do so again," Adam Schiff, who led the House investigation, argued on the Senate floor this week.

"He has compromised our elections, and he will do so again," Schiff said.

'Colossal' mistake

In the trial, Trump's defence was not seen as having undermined the facts compiled by Schiff's probe, and several Republican senators acknowledged he did wrong.

But his lawyers and Senate defenders argued, essentially, that Trump's behaviour was not egregious enough for impeachment and removal.

And, pointing to the December House impeachment vote, starkly along party lines, they painted it as a political effort to "destroy the president" in an election year and insisted voters should be allowed to decide Trump's fate.

Senate majority leader Mitch McConnell said impeachment will benefit Republicans.

"Right now this is a political loser for them. They initiated it. They thought this was a great idea. At least for the short term, it has been a colossal political mistake."