Trudeau wins Canada vote, to form minority government

Agencies
October 22, 2019

Ottawa, Oct 22: Prime Minister Justin Trudeau's Liberal Party held onto power in a nail-biter of a Canadian general election on Monday, but as a weakened minority government.

Television projections declared the Liberals winners or leading in 157 of the nation's 338 electoral districts, versus 121 for his main rival Andrew Scheer and the Conservatives, after polling stations across six time zones closed.

As early as Tuesday, Trudeau will have to form an alliance or formal coalition with one or more smaller parties in order to govern.

The first test of his future government will follow in the subsequent weeks with a speech to parliament outlining his legislative priorities and a confidence vote.

The 47-year-old former school teacher dominated Canadian politics over the four years of his first term but faced a grilling during the 40-day election campaign, which was described as one of the nastiest in Canadian history.

His golden boy image has been damaged by ethics lapses in the handling of the bribery prosecution of engineering giant SNC-Lavalin, while the emergence of old photographs of him in blackface makeup rocked his campaign.

Scheer, meanwhile, only two years after winning the leadership of his party, struggled to win over Canadians with his bland minivan-driving dad persona and a throwback to the thrifty policies of past Tory administrations.

His Conservatives had stood alone among all of the parties in pledging austerity measures to return to a balanced budget within five years.

Surging social democrats and resuscitated Quebec separatists also appeared to have chipped away at Liberal support.

The Bloc Quebecois came back from a ruinous 2015 election result, tapping into lingering Quebec nationalism to take 32 seats, while the New Democratic Party (NDP) won 25 seats, according to projections.

"Trudeau has really lost his halo. It's pretty tarnished," commented Lois Welsh, 77, in Regina, disappointed over the Liberal win.

Michel Mercer in Montreal said he voted for the Liberals, but only to keep the Tories at bay.

"I would have voted NDP but I didn't want to see the Conservatives in power," he told agency.

Some 27.4 million Canadians were eligible to vote in the election, and a large turnout was expected but that won't be confirmed until Tuesday morning.

During the campaign, Trudeau evoked the bogeymen of past and current Tory parties fostering "politics of fear and division" while Scheer called the prime minister a "compulsive liar," "a phony and a fraud."

Outside polling stations, Canadians told AFP they had wished for a more positive campaign focused on issues.

"I deplored the cheap shots during the campaign. I think we're better than that," said Andree Legault in Montreal.

Trudeau had warned against Scheer's pledged rollback of environmental protections, including a federal carbon tax that discourages the use of large amounts of fossil fuels.

The pair exchanged barbs while attack ads and misinformation multiplied.

At one rally, the prime minister wore a bulletproof vest due to security fears.

Scheer had lamented that Canadians "cannot afford" a Liberal government propped up by the third-place New Democratic Party (NDP).

NDP leader Jagmeet Singh, a leftist former criminal defence lawyer, is the first non-white leader of a federal political party in Canada, and will likely emerge as kingmaker.

Late in the campaign, Scheer was shaken over revelations of his US dual citizenship and allegations that his party hired a communications firm to "destroy" the upstart People's Party, led by former Conservative foreign minister Maxime Bernier.

The Green Party, hopeful for a breakout, managed to add only one seat, bringing its tally to three.

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Agencies
February 26,2020

Tokyo, Feb 26: Two more Indians onboard quarantined cruise ship -- Diamond Princess -- were tested positive for novel coronavirus, the Indian embassy here said on Tuesday, adding that those Indians not infected by the virus will be repatriated to the homeland on February 26.

A total of 16 Indian nationals onboard the luxury ship -- quarantined off the coast of Japan since February 5 -- have been tested positive for coronavirus so far, the embassy informed.

"A chartered flight is being arranged to repatriate Indian nationals onboard #DiamondPrincess, provided they have (a) consented; (b) not tested positive for #COVID19; (c) cleared by the medical team. An email advisory to this effect, with details, has been sent to them," the embassy tweeted.

The repatriation of the Indian nationals will be facilitated by the Indian government.

"PCR test results for ALL Indian nationals declared-02 more Indians tested positive to #COVID19, taking the total to 16. Those fulfilling conditions and consenting to repatriation to India on 26 Feb being facilitated by the Indian Government. Details shared with them," the following tweet read.

A total of 138 Indians, including 132 crew and 6 passengers, were among the 3,711 people on board the luxury cruise ship which was quarantine off Japan on February 5 after it emerged that a former passenger had tested positive for the virus.

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News Network
January 8,2020

New Delhi, Jan 8: Iran will welcome any peace initiative by India for de-escalating its tensions with the US after the killing of Iranian military commander Qasem Soleimani, the Iranian envoy here said on Wednesday.

His comments come hours after Iran launched missile strikes against two US military bases in Iraq in retaliation to the killing of its top commander General Qassem Soleimani.

"India usually plays a very good role in (maintaining) peace in the world. At the same time, India belongs to this region. We welcome all initiatives from all countries, especially India as a good friend for us, to not allow escalation (of tensions)," Iranian Ambassador to India Ali Chegeni told reporters after a condolence meeting for Solemani at the country's embassy here.

"We are not for war, we are looking for peace and prosperity for everybody in this region. We welcome any Indian initiative or any project that can help peace and prosperity in this world," he said.

On the Iranian attack on US targets in Iraq, Chegeni said his country retaliated under its right to defend.

Amid spiralling US-Iran tensions over the killing of Soleimani, External Affairs Minister S Jaishankar on Sunday had a conversation with his Iranian counterpart Javad Zarif and US Secretary of State Mike Pompeo, voicing India's concerns over the escalation of tensions.

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News Network
April 21,2020

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

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