Three militant attacks in 12 hours in J&K; 11 security men killed

December 5, 2014

Srinagar, Dec 5: In multiple attacks two days ahead of the Prime Minister's visit to Jammu and Kashmir, militants stormed an Army camp in Uri in Baramulla district, killing 11 security personnel, including a Lt Col, and targeted a police party in Shopian while a top LeT commander was killed in an encounter.jk firing

In a daring pre-dawn attack ahead of third phase of elections in Jammu and Kashmir on December 9, heavily armed militants killed 8 Army men and three policemen around 3.10 AM at the camp in Mohra in Uri tehsil of north Kashmir's Baramulla district.

Six militants were also killed in the attack at the Army camp which is 20 km from the Line of Control (LoC), official sources said.

A Lt Colonel and seven Army personnel were among the dead. While bodies of four army personnel were charred, one had burn injuries and the other three had bullet injuries, the sources said.

Uri is about 100 km northwest of Srinagar, where Prime Minister Narendra Modi is due to campaign on Monday.

In Delhi, Defence Minister Manohar Parrikar said, "It is possible that this has happened because of elections... We will eliminate the remaining militants who are trapped."

Jammu and Kashmir Chief Minister Omar Abdullah said the attack was a "desperate attempt" to disrupt peace and normalcy.

"Once again shows the desperate levels militants will go to disrupt peace and normalcy," he tweeted.

Police said at least six militants had infiltrated into the Valley from Pakistan-occupied Kashmir recently.

In Soura in the outskirts of the city, top Lashkar-e- Taiba commander Qari Israr was killed by security personnel when he was trying to enter the city, police said.

Police said at least two militants travelling in a car tried to speed away from a check point at Ahmadnagar in Soura area this afternoon.The policemen chased the car and in the ensuing gun battle, Israr was gunned down. One AK-47 rifle was recovered from him.

The area has been cordoned off as another militant had taken refuge in a house in the same locality, it said.

Director General of Jammu and Kashmir Police K Rajendra said it was a big catch as the militant, a Pakistani national, was wanted in many cases.

Police have intensified random search of vehicles following intelligence inputs that militants might carry out a suicide attack in the city ahead of the elections and the scheduled rally of the Prime Minister on Monday.

In the third attack, militants hurled a grenade at a police ambush party in Shopian in south Kashmir but there were no reports of any casualty.

Shopian area has been vulnerable as militants coming from Doda region through Peer Panjal Range have been using this area as a transit spot.

On December 2, Army foiled an infiltration bid in Handwara area of Kupwara district killing six militants while one army personnel was also killed. The infiltration bid was foiled even as people in Kupwara district were voting to elect their representatives.

Militants also struck in Pulwama district of south Kashmir where one person was killed and six others injured today in a grenade attack at crowded bus stand.

Police said that unidentified militants lobbed the grenade on a security patrol at Tral bus stand, 35-km from Srinagar, killing Ghulam Hasan Mir (60) and injuring six others.

The injured have been admitted in hospital while the area was cordoned off immediately after the strike as a hunt was launched to nab the militants, police added. No militant outfit has so far claimed responsibility for the Tral attack.

Meanwhile, security forces succeeded in eliminating the second militant who had tried to infiltrate into Srinagar along with top LeT commander Qari Israr, who was killed in the initial exchanges after the duo tried to escape when intercepted at a checkpoint.

The operation took place in the Soura area of the summer capital. The two slain militants were part of a module tasked with carrying out a big strike in the coming days, police said.

In Uri, the encounter between troops and the group of militants lasted just over six hours, army said giving details of the attack.

"During the initial part of the operation, one terrorist opened fire on the vehicles of the quick reaction teams (QRT) of the neighbouring unit rushing to the site, in which one (vehicle) went off the road and overturned, leading to casualties among the security forces.

"The terrorist was immediately eliminated by the troops of the QRT and his body recovered," army said in a statement.

A barracks also caught fire during the operation with some soldiers getting trapped inside. Army said that the fire was caused by the toppling of a kerosene heater.

"The operation continued relentlessly and by 9.30 A.M. the terrorists were eliminated. During the deliberate clearing-up operations which commenced thereafter, the bodies of five more terrorists were recovered, bringing the number of terrorists eliminated to six," it said.

One officer and seven soldiers of the army lost their lives in the attack along with one ASI and two constables of police, army said.

"Six AK rifles with 55 magazines, two shotguns, two night vision binoculars, four radio sets, 32 unused grenades, one medical kit and a large quantity of miscellaneous warlike stores were recovered from the slain terrorists," it added.

Army is continuing the operation in the surrounding areas to search for any terrorists who may still be hiding or trying to escape, the statement said.

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News Network
June 10,2020

Chennai, Jun 10: DMK MLA J Anbazhagan who had tested positive for coronavirus and was on ventilator support from June 3 passed away at a hospital in Chennai on Wednesday.

Coincidently, today is the 62nd birthday of the MLA.

"Anbazhagan J, who has been fighting for his life with severe COVID 19 pneumonia rapidly deteriorated early this morning. In spite of full medical support including mechanical ventilation at our COVID facility, he succumbed to his illness. He was declared dead at 08:05 hours on the 10th of June 2020," the hospital said in a statement.

In 2001, Anbazhagan was elected from T Nagar Assembly constituency. He served for five years.

Later in 2011, he was elected to Tamil Nadu Assembly from Chepauk-Thiruvallikeni seat. The DMK leader was re-elected from the same constituency in 2016.

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News Network
April 21,2020

New Delhi, Apr 21: The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet.

With storage capacity already overflowing amid coronavirus-induced demand collapse, traders rushed to to get rid of unwanted stocks triggering the collapse of US West Texas Intermediate (WTI) crude for May delivery.

Indian Oil Corp (IOC) Chairman Sanjiv Singh said the collapse was triggered by traders unable to take deliveries of crude they had previously booked because of a demand collapse. And so they paid the seller to keep oil in their storage.

"If you look at June futures, it is trading in positive territory... around USD 20 per barrel," he said.

Low oil prices may seem good in short-term but in the long run it will hurt the oil economy as producers will have no surplus to invest in exploration and production which will lead to a drop in production, he said.

He did not comment on retail fuel prices that have been static since March 16.

Oil companies have not changed rates despite a fall in international prices as they first adjusted them against the increase that was warranted from a Rs 3 per litre hike in excise duty and close to Re 1 per litre additional cost of switching over to cleaner BS-VI grade fuel from April 1.

Petrol in Delhi is priced at Rs 69.59 a litre and diesel comes for Rs 62.29 per litre.

"The negative price has no direct impact on India or Indian oil prices, as this has taken place due to crude oil produced and traded within the US. India's prices are driven partly by another benchmark, the Brent, which is still trading at USD 25/barrel. Therefore, the retail price of fuels in India are unlikely to fall," said Amit Bhandari, Fellow, Energy and Environment Studies, Gateway House.

Also, Indian refineries are already overflowing as fuel demand has evaporated due to the unprecedented nationwide lockdown imposed to curb spread of COVID-19. So, they can't rush to buy US crude.

The refineries have already cut operating rate to half because the fuel they produce has not been sold yet.

India imports 4 million barrels/day (1.4 billion barrels/year) of oil. The country has been benefitting from the falling prices of oil for the last five years, when oil dropped from a peak of USD 110/barrel to USD 50-60/barrel last year, enabling India to invest in public service programmes.

"However, the additional USD 30 fall of this week is good for India - but there is also a downside. If oil prices are too low, the economies of oil-rich gulf countries will be hurt, threatening the job prospects of the 8 million Indians working in the Gulf countries. India is the largest recipient of foreign remittances due to these workers – very low oil prices will hurt this cash stream," Bhandari said.

He said the negative price of oil shows how much oil oversupply exists in international markets today. "Global oil consumption has fallen due to the COVID-19 pandemic that traders are willing to pay customers to get rid of the barrels they can't store. The world does not have enough storage capacity, and dumping the oil is an environmental crime."

The first half of April saw Brent crude oil prices plummet 63.6 per cent to USD 26.9 per barrel. Prices of Western Texas Intermediate (WTI), the American oil, had also fallen similarly by 63.1 per cent.

But on April 20, WTI prices turned rapidly negative because traders on the Nymex exchange rushed to offload their May futures positions a day before expiry of contracts (on April 21).

Such WTI futures are traded on the Nymex exchange with contracts settled in physical crude oil. Problem is, those who had gone long are unable to find storage facilities for the oil and had to liquidate their contracts before expiry. This caused the plunge in WTI prices.

Contrast to this, June WTI Nymex futures prices is hovering around USD 21, while Brent for June delivery is at USD 25.

Miren Lodha, Director, CRISIL Research said the demand for crude oil was declining already because of economic slowdown when the COVID-19 pandemic-driven lockdowns crushed it further.

Consequently, oil demand is expected to contract by 8-10 million barrels per day (mbpd) in 2020 assuming demand recovery begins from the third quarter of the year, he said, adding if recovery doesn't happen by then, further demand destruction could occur.

On the supply side, producers reining in output following a strategic deal between OPEC members, Russia and the US.

Under this agreement, OPEC+ would reduce oil production by 9.7 mbpd for May and June, but gradually ease the curb to 7.7 mbpd between July and December 2020, and to 5.8 mbpd till April 2022 to stabilise prices.

"This is expected to reduce some surplus in the market by the end of 2020," Lodha said.

Crude oil demand is expected to decline by over 20 mbpd in April alone. Typically, monthly global demand is about 100 mbpd. Given this scenario, supply curbs would have limited influence.

Consequently, Brent oil prices is expected to be in the USD 25-30 range for the second quarter while increasing marginally in the last 2 quarters of 2020.

"The gigantic inventory build-ups and lack of storage facilities would also put pressure on prices," he said, adding overall Brent could average USD 30-35 in 2020, with a strong downward bias.

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Agencies
May 26,2020

The Shopping Centres Association of India (SCAI) on Monday said the sector has lost over Rs 90,000 crore in the last two months, owing to the lockdown, and market players need much more than the repo rate cut and the loan moratorium extended by the RBI.

In a statement, the industry body said that the Reserve Bank of India's (RBI) relief measures are not adequate to support the liquidity needs of the industry.

According to the SCAI, there is a common misconception that the shopping centres' industry is centred around metros and large cities with investments only from large developers, private equity players and foreign investors.

"However, the fact is that most malls are part of the SMEs or standalone developers. i.e. more than 550 are single owned by standalone developers out of the 650-odd organised shopping centres across the country and there are 1,000+ small centres in smaller cities," it said.

Amitabh Taneja, Chairman of SCAI said: "The organised retail industry is in distress and has not earned anything since the lockdown and their survival is at stake. While the extension of the loan moratorium talks about some relief on repayment but won't help the industry in liquidity."

He said that a long term beneficial plan from the government is much required to revive the sector.

"Being the most safe, accountable, and controlled environment, unfortunately, malls have not been permitted to open which will lead to job losses and might even shut shops for a lot of mall developers," Taneja said.

In its representations to the Centre and the Reserve Bank of India, the association has also pointed out that, in absence of financial package and stimulus from the RBI, over 500 shopping centres may go bankrupt, that may lead to the banking industry staring at NPAs of Rs 25,000 crore.

The industry body has put forward its recommendations and requests to the government. It had sought moratorium till March 2021 at the least in terms of repayment of bank loans, interest, EMI and so on, without levy of any penalties or penal interest.

It has also sought a one-time loan restructuring with lower rates of interest, permitted for shopping centres and a facilitative and forward-looking support provision of short-term financing options for a period of six to 12 months, at lower interest rates, to meet the increased working capital requirements.

Among other relaxations, it had also appealed for GST rebates to offset the losses on account of and for the period of closure of business.

It also said that interest rates should be brought down to "manageable levels" of 5-6% in view of the precarious financial situation.

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