U T Khader registers fourth straight victory in Mangaluru, knocks down BJP, JD(S), MEP

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 28: Historian S. Shettar, 85, breathed his last early on February 28 in Bengaluru. He was suffering from respiratory problems and was hospitalised for over a week.

Shettar was known for his multi-disciplinary work, encompassing linguistics, epigraphy, anthropology, the study of religions and art history. He had extensively worked on the Jain practice of ritual death in Karnataka and Asoka edicts. He had studied and compiled early edicts in Kannada and worked extensively on the growth of Kannada language down the ages.

Born in 1935 at Hampasagara, Ballari district, he went on to study at Cambridge University and started his career as a Professor of History at Karnatak University, Dharwad, his alma mater. He later headed the National Museum Institute of the History of Art, Conservation and Museology in 1978 and Indian Council for Historical Research in 1996. He was also a visiting professor at the National Institute of Advanced Studies, Bengaluru.

He was a bilingual historian who wrote in English for most of his career, but started writing in Kannada in later years. In the last two decades, he developed a keen interest in linguistics and wrote multiple books on classical Kannada and Prakrit. His 2007 book “Shangam Tamilagam” is considered a seminal work in the study of the early period of Dravidian languages. It won him Bhasha Samman from Central Sahitya Akademi. He later wrote two works on Halegannada, classical Kannada. His most recent work was “Prakrita Jagadvalaya” in 2018.

Bengaluru, Jul 11: Karantaka Congress chief DK Shivakumar on Friday raised questions over claims that Rewa Ultra Mega Solar Power Project Madhya Pradesh was "largest in Asia" and said a 2000 MW had been built in the state.

"BJP central government is claiming today that it inaugurated Asia's largest solar plant of 750 MW at Rewa, MP. What then is the 2000 MW Solar Plant in Pavagada, Karnataka which was built in just 3 years by Karnataka Congress government and has been operational since 2018?" Shivakumar said in a tweet.

The Congress leader further said that the most unique thing about the solar project set up in Karnataka was that the farmers were being paid yearly rents for the land upon which it was constructed as it had been leased and not purchased from them, helping them retain ownership.

"The unique thing about the 2000 MW Pavagada Mega Solar Park was that not a single acre of land was acquired from the farmers. All 13,000 acres have been leased from the farmers who are being given yearly rent. Karnataka model of renewable energy was accepted as the best in India," he said.

"Union power minister must answer as to how the Central Government can claim that the Rewa Solar Park (750 MW) opened today is Asia's largest when clearly the Pavagada Park in Karnataka is much larger (2000 MW) and was opened two years back!" he said.

Prime Minister Narendra Modi dedicated Rewa Ultra Mega Solar Power Project to the nation on Friday.