Mangaluru: Tipper kills Engg student; body lies on road for half an hour

Bengaluru, Feb 27: Chief minister BS Yediyurappa has again kindled hope for several ministerial aspirants by suggesting he will expand his council of ministers in April. A dozen senior BJP legislators are aspiring for ministerial berths, but there are only six vacancies in Yediyurappa’s cabinet.

However, Yediyurappa suggested on Tuesday he will fill only three spots, one of which would go to Hukkeri legislator Umesh Katti. With this, lobbying has intensified for the two remaining berths as the expansion exercise is expected soon after the budget session that ends on March 29.

The aspirants include Murugesh Nirani, S Angara, Appachhu Ranjan, SA Ramdas, Aravind Limbavali, Narasimha Nayak and GH Thippareddy besides others.

Yediyurappa, it is being said, is keen on inducting Katti and Limbavali since they are close to him. He will leave the decision on choosing legislators for the remaining two berths to the party’s central leadership.

On more than one occasion in the past, Yediyurappa has publicly stated that his wish is to induct Katti, a former minister, into the cabinet. In fact, the CM had wanted to induct Katti in the previous expansion that took place last month, but dropped the idea at the last minute due to pressure from party bosses.

The CM is also under pressure to induct Athani legislator Mahesh Kumatalli, who was among 17 Congress-JD(S) MLAs who resigned to help the saffron party form the government. Several BJP MLAs and Lingayat seers have been piling pressure on Yediyurappa to make Kumatalli a minister as promised.

Kumatalli was denied a cabinet berth only to accommodate Katti. Both are Lingayats and from Belagavi district. As the Lingayat community already has a lion’s share in cabinet berths, the CM cannot afford to induct both.

Nirani, who has been leaving no stone unturned to secure a spot, reiterated his wish to become minister, but insisted he will not lobby for the post.

Yediyurappa has been upset with Nirani for lobbying for a berth through Panchamasali Mutt seer Vachananand Swami. The former minister was also part of the team of alleged disgruntled MLAs which met Jagadish Shettar at his residence to put pressure on the CM for cabinet berths.

However, while expressing confidence of being made minister when Yediyurappa’s expands his cabinet next, Nirani said, “Yediyurappa is not upset with me. My relationship with him is that of father and son. He knows me and what I am.”

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.