K Jayaprakash Hegde releases BJP’s manifesto for Udupi constituency

Bengaluru, July 23: The Janta Dal (Secular) and Congress that had joined hands together in Karnataka ‘to keep communal forces at bay, have once again turned archrivals. The development comes a year after the collapse of JD(S)-Congress coalition government in the state.

Recently, Leader of the Opposition Siddaramaiah claimed that the Congress would have won at least 10 seats in the Lok Sabha elections had it not been for the alliance with the JD(S). In response, former chief minister H D Kumaraswamy of the JD(S), who headed the coalition government, blamed the Congress for its many 'conspiracies'.

In a series of tweets on Wednesday, Kumaraswamy said he was prompted by Siddarmaiah's claims to recall what transpired during the coalition government. 

"There will never be a future alliance with Congress," Kumaraswamy declared, in a letter to his party colleagues on Wednesday. He claimed that there were many conspiracies on part of Congress, which led to the fall of the coalition government.

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, Mar 7: Karnataka on Friday announced that there are no positive cases of the novel coronavirus, COVID-19 in the state till date.

"To date, 717 persons have been identified for observation, of them, 236 persons have completed 28 days of observation and 469 persons are continuing under home quarantine. 8 persons are admitted to selected isolation hospitals, " the state government said in a release today.

"Around 343 samples of symptomatic persons are sent for testing and 296 samples are reported as negative. No positive cases of Coronavirus in the state to date," it said.

Karnataka Chief Minister BS Yediyurappa earlier in the week assured people in state about the preparedness to tackle coronavirus.

He said, "We have issued instructions to all hospitals. We have made all the arrangements. People in Karnataka should not worry."

Union Health Minister Harsh Vardhan earlier today held a review meeting with states over preparedness for coronavirus. State governments have been asked to keep the testing and quarantine facilities, isolation wards and labs in active readiness.

The country's total number of positive cases of coronavirus touched 31 today. COVID-19 has so far killed more than 3200 people globally.