Time for movement to fight divisive forces: Siddaramiah

Bengaluru, Apr 29: Karnataka government on Tuesday ordered organisations and NGOs in the state to distribute food to people in plastic boxes and not in polythene bags.

"The state government has ordered the distribution of food and meals in plastic boxes instead of in polythene bags," said the Information and Public Relations Department of the state government.

According to the government, during Covid-19, not only government departments and agencies but also various organisations and NGOs are providing meals to workers in polythene covers.

"However, in order to protect the health of the workers, the government has ordered the supply of food or meals in plastic boxes instead of polythene covers," it added.

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.

Bengaluru, Feb 24: Raising questions about the situation in Kashmir, senior Congress leader and former Karnataka chief minister Sidddaramaiah on Monday asked the BJP heading the union government to prove 'normalcy' by hosting US President Donald Trump's event in the valley.

If @BJP4India feels Kashmir has returned to Normalcy, & If @BJP4India feels that there is no govt orchestrated violence. Now is the time to prove the same by hosting @realDonaldTrump's event at Kashmir, Siddaramaiah tweeted.

Amid concerns raised by opposition parties, the government has said efforts have been made to restore normalcy in Jammu and Kashmir which faced months of restrictions after its special status under Article 370 was scrapped in August last year.

Siddaramaiah, who is Leader of Opposition in Karnataka Assembly, in another tweet hit out at Prime Minister Narendra Modi on the long wall built near the airport in Ahmedabad allegedly to block the view of a slum, ahead of Trump's visit.

It is time for @realDonaldTrump to get inspired from @narendramodi. Inspiration to build decorative walls to hide not so decorative life!! he tweeted. The opposition Congress in Gujarat had accused the BJP- ruled civic body in Ahmedabad of building the 500-meter long wall to block the view of a slum colony. Refuting the allegations, AMC officials had said the construction of the wall, around four feet in height, was approved much before Trump's Gujarat visit was finalised.

Trump, accompanied by First Lady Melania Trump and a high-level delegation, arrived in Ahmedabad around noon on Monday for a little less than a 36-hour-long trip.