Oil prices fall as US economic package crashes

News Network
March 23, 2020

Singapore, Mar 23: Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.

US benchmark West Texas Intermediate initially tumbled more than three percent but then pulled back some ground to trade 1.5 percent lower, at $22 a barrel.

Brent crude, the international benchmark, fell 4.9 percent to $25 a barrel.

Prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war.

The latest drop came after a trillion-dollar Senate proposal to rescue the US economy was defeated after receiving zero support from Democrats, and with five Republicans absent from the chamber because of virus-related quarantines.

The bill had proposed funding for American families, thousands of shuttered or suffering businesses and the nation's critically under-equipped hospitals.

Coronavirus deaths soared across Europe and the United States at the weekend despite heightened restrictions.

The death toll from the virus -- which has upended lives and closed businesses and schools across the planet -- surged to more than 14,300 Sunday, according to an AFP tally.

AxiCorp chief markets strategist Stephen Innes said that "total demand devastation" had set it.

"Oil markets collapsed out of the gate this morning as prices react... to stringent containment lockdown measures," he said.

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News Network
May 11,2020

May 11: Congress leader Rahul Gandhi on Monday said many states were amending labour laws, but the fight against the novel coronavirus pandemic cannot be an excuse to exploit workers, suppress their voice and crush their human rights.

Gandhi said there cannot be any compromise on the basic principles by allowing unsafe workplaces.

"Many states are amending labour laws. We are together fighting against corona, but this cannot be an excuse to crush human rights, allow unsafe workplaces, exploit workers and suppress their voice," he said.

"There cannot be any compromise on these basic principles," he added.

Congress leader Jairam Ramesh also said it would be dangerous and disastrous to loosen labour, land and environment laws in the name of economic revival and stimulus.

"In the name of economic revival and stimulus, it will be dangerous and disastrous to loosen labour, land and environmental laws and regulations as the Modi govt is planning.

"The first steps have already been taken. This is a quack remedy like demonetisation," Ramesh tweeted.

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Agencies
June 14,2020

Kashmir, Jun 14: An Army personnel was killed and two others were injured as Pakistani troops opened fire and shelled areas along the Line of Control in Poonch district of Jammu and Kashmir, officials said on Sunday.

This is the third fatality in the Pakistani firing and shelling on forward posts and villages in the twin districts of Poonch and Rajouri this month.

The officials said the latest firing and shelling from across the border took place in Shahpur-Kerni sector on Saturday night, drawing strong retaliation by the Indian Army.

Three Indian Army personnel were injured in the Pakistani firing and were immediately evacuated to hospital, where one of them succumbed to injuries, the officials said.

They said the casualties suffered by the Pakistani Army in the retaliatory action were not known immediately.

On June 4, havaldar P Mathiazhagan fell to Pakistani firing in Sunderbani sector of Rajouri district, while on June 10, Naik Gurcharan Singh lost his life in a similar incident in Rajouri sector.

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Agencies
July 9,2020

The new visa regulations requiring international students in the US with an F-1 visa to take at least one in-person course or face the prospect of deportation is likely to "cause uncertainties and difficulties" for some students, the Indian Embassy has said.

"These new modifications at a time when many of the US universities and colleges are yet to announce their plans for the new academic year are likely to cause uncertainties and difficulties for some Indian students wishing to pursue their studies in the US," said a spokesperson of the Indian Embassy.

Responding to media queries, the spokesperson said the Indian government has taken up the matter with concerned US officials.

At the India US Foreign Office Consultations held on July 7, Foreign Secretary Harsh Vardhan Shringla conveyed India's concerns on the matter to Under Secretary of State for Political Affairs David Hale.

According to a recent report of Student and Exchange Visitor Program (SEVP), there were 1,94,556 Indian students enrolled in various academic institutions of the US in January this year. Of these 1,26,132 were males and 68,405 were females.

Noting that partnership in higher education is a key component of the strong people-to-people ties between India and the US, the spokesperson said in the last two decades Indian students in American universities and colleges have been the harbingers of a strong partnership between technology and innovation sectors between the two countries.

The spokesperson hoped that the US authorities would provide adequate flexibility in their visa rule, keeping in mind the extraordinary circumstances created by the COVID-19 pandemic for the Indian students community.

We continue to engage all the stakeholders in the matters, including the US administration officials, Congressional leaders, universities and colleges as well as the Indian students community in the US as we move forward towards the 2020-21 academic year to further strengthen our bilateral partnership in higher education, the spokesperson said.

Announced by the SEVP on July 6, the new rules provide temporary exemptions for nonimmigrant students on F-1 and M-1 visas taking online classes due to the COVID-19 pandemic for the fall semester of the 2020 academic year.

While these modifications do provide some flexibility for US universities and colleges to adopt a hybrid model -- that is a mixture of online and in person classes -- they also restrict international students on F-1 and M-1 visas from taking courses entirely online, the spokesperson said.

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