US objects to Pakistan's nuke threats against India

Amsterdam, Jun 18: A statue of Mahatma Gandhi has been vandalised here in the capital of Netherlands by unknown miscreants with graffiti and spray painting, amid a wave of attacks on controversial figures following the protests around the world after the custodial killing of African-American George Floyd, according to media reports.

The statue of Gandhi on the Churchilllaan in Amsterdam was covered with red paint and the pedestal has 'racist' and an abbreviation for an expletive against the police chalked on it, Metro, the Dutch newspaper, reported.

According to alderman Rutger Groot Wassink, the municipality will file a declaration for daubing.

"Obviously, we are opposed to any form of vandalism and daubing of these things is completely unacceptable," the city official was quoted as saying by the AD.nl.

"It is logical that we will file a declaration, the image will be cleaned," Wassink said.

It is not yet known who is behind the daubing. An employee of the Kunstwacht, who provides maintenance and repairs, says that the cleaning work can take hours.

A 75-year-old man saw the daubs on Wednesday and called the municipality. “I have lived here for forty years and I have never experienced this. I have been watching the statue for years," the man said.

Since the death of 46-year-old Floyd on May 25 in Minneapolis, US, and subsequent worldwide Black Lives Matter protests, there has been much debate about street names and statues of people with a colonial past. All over the world, statues of controversial historical figures are brought down or defaced.

Recently, images and buildings have been defaced in various places that refer to the colonial past of the Netherlands, including the Tropenmuseum in Amsterdam and the statue of Piet Hein in Rotterdam. These are anti-racist expressions that follow the death of Floyd through a white police officer, Metro reported.

Gandhi was known as a champion of human rights and non-violence. But in his twenties, which he spent in South Africa, he still called black people “troublesome, very dirty and they live like beasts” and found that the white people were the “dominant race”. Later he renounced those ideas, the report added.

The statue was unveiled on the Churchillaan on October 2, 1990 in honour of Gandhi's 121st birthday.

The design was made by the sculptor Karel Gomes, who died in 2016. At the time, the plan for the statue came from the Hindu organisation Triveda.

Gandhi is depicted walking, featuring robes around the body, slippers on the feet, a book in one hand and a stick in the other.

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.

Brussels/Amsterdam, Apr 16: As the novel coronavirus continues to wreak havoc in the western world since its outbreak in Wuhan last December, researchers believe that the Chinese leadership is trying to absolve President Xi Jinping by using a section of the western media to influence public opinion globally.

"There are clear indications that China is conducting activities in a persistent and systematic manner to influence public opinion-making, academia, think tanks and political decision-making among the member states of the Belt and Road Initiative (BRI) in general and western capital cities in particular," Siegfried O Wolf, Director of Research at Brussels-based think tank South Asia Democratic Front, said.

Some western media say some Chinese officials were secretly aware that they were facing a pandemic from the new coronavirus but allowed Wuhan to host a mass banquet for tens of thousands of people and millions began their annual trip home for the Lunar New Year celebrations.

The pandemic has since then affected 210 countries and territories around the world. Over 2 million people have been declared positive in which over 134,000 lost their lives.

"The frequency and extra-ordinary large scale of Chinese sponsored events in European political hubs, like in Brussels, and the subsequent media coverage can be seen as evidence for Beijing's public diplomacy efforts. However, the rising skepticism within the EU regarding Xi Jinping's development projects and the emerging questioning of Chinese sources funding Free Universities, like the one in Berlin, shows that this strategy produced mixed results so far," Wolf said.

He added, "However, one must also state that these efforts helped China to gain certain leverage among many non-Chinese media, western as well as non-western ones. Today, we can observe that China's political leadership tries to instrumentalise this influence for a major image campaign to distract from the fact that it carries the initial responsibility for the dramatic spread of COVID-19 by holding back key information."

Wolf also said that the current internal dynamics in China, like the shirking of responsibilities by the local authorities, are most-likely part of a twofold strategy. Firstly, there is the strategic component - namely, to reaffirm to the general public that the Communist Party of China is still in full control of the situation. The second strategic pillar is one of 'whitewashing'.

"Concretely, Beijing's obvious aim is to distract the domestic and international attention from the real, but hidden causes of the Coronavirus outbreak and its potential reputational and political consequences for Xi Jinping and his BRI," he stated.

Yoana Barakova, a Research Analyst at European Foundation for South Asian Studies (EFSAS), an Amsterdam-based think-tank, said, "The death of Dr. Li Wenliang, one of the very few medical professionals who tried to warn the world in December 2019 about the looming threat, sparked widespread condemnation around the international community in early February. Yet, little did he know that his legacy would continue much later after his demise, with the emboldened Chinese government trying to cover up its missteps through hardcore censorship after being exposed for undermining and underestimating the initial danger."

The researchers believe that the deterioration in press freedom under Jinping's regime has become more evident in recent days, with local authorities trying to control the state narrative by cosmetically placing media's focus on government's superficial attempts to tackle the crisis.