Cong, BJP in war of words on Amit Shah’s claim on Central funds to Karnataka

Bengaluru, Jan 6: JD(S) leader H D Kumaraswamy on Monday said he would not get involved in any 'wicked act' of bringing down the B S Yediyurappa-led government in Karnataka, amid claims that 15 to 20 BJP MLAs were ready to come out.

Clarifying that he would not disturb the government, the former Chief Minister said for him, the development of the state was important. "With great difficulty, you (Yediyurappa) have become Chief Minister for the fourth time, (I am) happy, I have nowhere said that I will disturb your government. Even now some people come and ask why I'm sitting silent when 15-20 people are ready to come out of BJP and why don't I make an attempt (to poach them), Kumaraswamy said. Speaking to reporters in Hassan, he sought to know why he should get entangled in that 'sludge' and he was not in a hurry.

"I will not get involved in a wicked act of removing a responsible government like Yediyurappa did. For me the development of the state is important," he said.

Though Kumaraswamy had raised questions about the longevity of the BJP government ahead of the December 5 bypolls, he had even then given clear indications that he would not attempt to pull down the administration as it would affect the development of the state.

The ruling BJP had swept the by-elections by winning 12 of the total 15 seats, helping the Yediyurappa government retain the majority in the Assembly.

With BJP winning 12 of the 15 assembly constituencies, it's numbers went up from 105 (including an independent) to 117, which is well ahead of the halfway mark of 111 in a 223-member Assembly (two seats-- Maski and R R Nagar-- are vacant due to pending litigation in the High Court).

The BJP came to power after the Kumaraswamy-led Congress-JD(S) coalition government collapsed as 17 MLAs had rebelled against the alliance leadership and resigned as legislators, to later favour the saffron party.

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.

Mysuru, Feb 29: Tension prevailed at Tandavaput Industrial Area in Nanjangud taluk, Mysuru when a paper factory received a bomb threat call, which later turned out to be a hoax call.

The police said that the authorities of Rajshil Papers received a bomb threat call in the morning. After getting the information, the bomb detection squad rushed to the spot and inspected the factory premises and declared that it was a hoax call.

According to the police, an unidentified person called from his mobile, which is now switched off.