KOCHI l THURSDAY l AUGUST 08, 2019 l `7.00 l PAGES 20 l LATE CITY EDITION GOLD PRICES SURGE `1,000 IN A SINGLE DAY, HIT RECORD HIGHS TRADE WAR ADDS TO RALLYING HIGHEST PRICE TILL DATE While gold prices have been going up for many days now on the back of Fed rate cut, sell-off in equities and central bank buying, fresh trade tensions between the US and China have prompted investors to move Ten grams of the precious metal quoted `37,920 Wednesday towards gold as a safe haven asset, reports said. Silver also rose `650 to on sustained buying from jewellers amid strong trend overseas `43,670 per kg on increased offtake by industrial units and coin makers ■ ■ Globally, gold was trading up at $1,487.20 an ounce in New York, while silver was quoting at $16.81 an ounce “Gold price of `37,920 per 10 gram (24 k) is the highest in the domestic market till date,” Surendra Jain, vice-president of the All India Sarafa Association, was quoted as saying 618 tonnes RBI’S GOLD RESERVES ACCORDING TO THE LATEST AVAILABLE DATA CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI RBI’s rate cut underlines slowdown pain More rate cuts could be expected in the coming days as the central bank has maintained its ‘accommodative’ stance Other decisions RBI plans to create a central payments fraud information registry BBPS to cover all repetitive bill payments RBI has decided to cover all repetitive bill payments under the Bharat Bill Payment System (BBPS). The guidelines will be issued in September. Currently, repetitive bill payments cover DTH, electricity, gas, telecom and water bills under BBPS REPO RATE CUT 0.35% HC questions govt’s inaction in Sriram case EXPRESS NEWS SERVICE @ Kochi CONSIDERING a petition filed by the state government seeking to cancel the bail granted to Sriram Venkataraman, the High Court asked, “What was the justification in not conducting a medical test according to the law when a person was booked for drunken driving?” The court also criticised the police for the delay in taking blood sample. The Judicial First Class Magistrate granted bail to Sriram, who is accused of fatally knocking down journalist K M Basheer with a car allegedly under the influence of alcohol last week. CM Pinarayi Vijayan said the offence committed by the IAS officer was serious as he was very well aware of the P5 consequences. Shaktikanta Das reasoned that the traditional 25 bps was too low and 50 bps excessive, and hence the mid-range of 35 bps. Economic growth is squeezed due to global and domestic factors, but Das is rather sanguine, lowering FY20 GDP forecast by a mere 10 bps to 6.9%. Analysts, however, are doubtful. “While there are positive near-term data to buttress RBI’s assessment, the system is experiencing a remarkable lack of growth drivers in an uncertain world. Hence, we think there’s scope for significant disappointment to RBI’s current forecast for growth,” said Suyash Choudhary, head – fixed income, IDFC AMC. Also, repo rate reduction alone will not fundamentally boost de- S U N I T H A N AT T I RBI on Wednesday summoned all its monetary policy prowess to cut repo rate by an unconventional 35 basis points, or 0.35%. Coming soon after the abrogation of Article 35A, the 35-bp cut left policy watchers slack-jawed. T h e repo rate, at which banks borrow from RBI, now stands at a 9-year-low of 5.4%, but isn’t reason enough to rejoice. For, Wednesday’s policy action is the central bank’s way of saying that economic slowdown is getting worse. RBI Governor A cop sent Pranav answers as SMSes @ T’Puram THE Kerala Public Service Commission’s vigilance wing has found that a civil police officer helped an SFI leader accused in the police constable examination fraud. The person, identified as Gokul attached to t h e S A P c a m p, Peroorkada, is reported to have sent scores of SMSes to P P Pranav, who is among the jailed SFI leaders of University College. While R Sivarenjith, the first-rank holder in the PSC examination and first accused in the University College stabbing case, received 96 SMSes, Pranav, the secondrank holder and another accused, got 78 messages from EXPRESS NEWS SERVICE three mobile numbers between 2pm and 3.15pm on July 22, 2018. The SMSes are believed to be answers to examination questions. One of the numbers was identified as that of Praveen’s friend Gokul, who joined the service in 2017. The vigilance wing, in association with the cyber police, is investigating the modus operandi of the accused. Officers said they suspect the accused might have used modern gadgets for the fraud. “A SIM card-supported smart watch is a possibility It . has the facility to scan and send documents. Since it can’t receive images, the answers could’ve been sent as SMS,” said an investigating officer. ● More on P6 EXPRESS READ Heavy rain: Holiday declared in 5 districts Idukki: Following heavy rain, the district collectors of Idukki, Kozhikode, Malappuram, Kannur and Wayanad have declared holiday for all educational institutions. Boy chokes to death shooting TikTok video TEARFUL FAREWELL PM Narendra Modi pays his last respects during the funeral ceremony of former external affairs minister Sushma Swaraj in New Delhi on Wednesday | PTI to lend, and classified NBFC credit to agriculture, MSMEs and housing as priority sector lending. But whether RBI can ease the slowdown pain by itself is open to question, as views are divided if the downturn is cyclical or structural. While the former can drag growth for a few quarters, the latter persists longer. Das admitted it ‘needs deeper analysis’. The dominant view is that real interest rates are steep, which is why Finance Minister Nirmala Sitharaman sought “significant rate cuts”. With the banking regulator doing its bit, now it is the government’s turn now to pursue a countercyclical fiscal policy by increasing expenditure and reducing taxes. Thrissur: A Class X student choked to death on Tuesday at his residence in Methala while shooting a TikTok video with a shawl tied around his neck. Advaith, 15, son of Kishore and Sreeja, was found hanging from staircase handrail. P5 20 PAGES, INCLUDING 4 PAGES OF KOCHI EXPRESS PAKISTAN on Wednesday expelled the Indian High Commissioner to Islamabad Ajay Bisaria, downgraded diplomatic ties and suspended bilateral trade to protest the abrogation of special rights and reorganisation of Jammu and Kashmir. “We will call back our high commissioner from Delhi and send back their envoy foreign minister Shah Mehmood ,” Qureshi announced in televised comments, though Pakistan’s high commissioner-designate to India, Moinul Haq is yet to take charge in Delhi. Prime Minister Imran Khan, after chairing a meeting of the National Security Committee (NSC), said it was decided to review bilateral arrangements with India while taking the Kashmir matter to the UN, including the Security Council. This was the second NSC meeting he convened within three days. State govt decides to regularise illegal buildings in Idukki E X P R E S S N E W S S E R V I C E @ T’Puram THE state government has decided to regularise illegal constructions in Idukki with certain conditions, heeding to the long-pending demand of farmers and small-scale traders in the hilly district. Buildings with an area of up to 1,500 sq ft, situated in up to 15 cents of land with title deed, would be validated, Chief Minister Pinarayi Vijayan told reporters during his briefing on Cabinet decisions. The Kerala Land Assignment Rules, 1964, will be amended for the purpose, he added. Owners of commercial buildings with area of more than 1,500 sq ft, and located in land below 15 cents with title deed, should prove that it is their only source of livelihood. The District Collector will examine such cases and prepare a report, which will be sent to the government for approval on case-by● More on P6 case basis. RECOURSE OR LEAVE Church expels Sr Lucy. Reason: Lifestyle violation A N U J A S U S A N V A R G H E S E @ Kochi SR LUCY Kalapura, who protested against rape-accused Catholic Bishop Franco Mulakkal, has been dismissed from her congregation for not adhering to its lifestyle norms. The congregation’s superior general Sr Ann Joseph issued the decree on Monday based on the decision by General Council on May 11. “You were given the re- quired canonical warnings. However, you did not show the needed remorse and you failed to give a satisfactory explanation for your lifestyle in violation of the proper law of the Franciscan Clarist Cong re gation (FCC),” said Sr Ann. Sr Ann also cited the relevant part of the letter from Vatican granting confirmation of Sr Lucy’s dismissal. Sr Lucy, who stays at Karakkamala convent of Mananthavady Diocese in Wayanad, has been given an option to recourse against the decree within 10 days from Wednesday . If Sr Lucy accepts the letter, she will have to leave the congregation within 10 days. “In case you accept this decree of dismissal without any recourse, as per the canon law NEFT WILL BE AVAILABLE 24X7 FROM DEC RBI has decided to allow round-the-clock fund transfers through NEFT from December in order to promote digital transactions. Currently, the National Electronic Funds Transfer, operated by the central bank, is available from 8 am to 7 pm on working days. The NEFT system is used for fund transfers up to I2 lakh Pak expels Indian envoy, lowers diplomatic ties PSC EXAMINATION FRAUD EXPRESS NEWS SERVICE mand. The real deal lies with banks and unless they lower interest rates, credit growth will continue to slump. Public sector bank SBI was quick to lower MCLR (interest rate below which the bank can’t lend) by 15 bps minutes after RBI’s policy review, but that actually amounts to nothing. Since February, repo rate fell by 110 bps (1.1%), while SBI’s lending rates corrected by just 30 bps. It means, despite the lower cost of money, RBI’s ultraeasy monetary policy failed to revive demand and investment. Sensing that Wednesday’s 35-bp transmission may not come in time for festive season buying, Das walked an extra mile easing banks’ risk weights on unsecured personal loans freeing up capital and decree of confirmation, you are to leave the community within 10 days from the reception of this communication, after having handed over your religious habit to the superior of your local community said Sr Ann. ,” Sr Lucy was banned from church activities last September and relieved of her duties for taking part in the protest of nuns demanding the arrest of Bishop Franco in the rape ● More on P5 case. I’ll file appeal, says the nun Sr Lucy said she would fight the battle legally and send a letter to the Vatican showing her innocence. “They can’t make me move out of my home. I’ll make an appeal to the Vatican,” said Sr Lucy. 17-yr-old 1st victim of post-370 violence National Security Advisor Ajit Doval with locals in Shopian on Wednesday EXPRESS NEWS SERVICE @ New Delhi A 17-year-old boy became the first victim of violence in the Valley after the Centre’s decision to nullify Article 370 and bifurcate Jammu and Kashmir, the international media re- ported on Wednesday . Osaib Altaf from Srinagar’s Palpora area died of drowning in the Jhelum River after being chased by CRPF personnel, the Huffington Post reported. Attempts to independently verify it proved futile because of infor mation blackout in J&K. The report citing family members of the victim, said Altaf had gone out with a group of friends to play cricket at a local playground on Monday, when they were suddenly cornered by CRPF personnel near a footbridge. The government had imposed Section 144 in the state in the wee hours of Monday. Hours later, Union home minister Amit Shah announced plans to withdraw the special status accorded to J&K under Article 370 and break up the state.
Express Publications (Madurai) Limited publishes the prestigious English language newspaper The New Indian Express from 21 centres in Tamil Nadu, Karnataka, Andhra Pradesh, Kerala and Orissa.
Express Publications (Madurai) Ltd. also publishes the Tamil daily Dinamani, Cinema Express (Tamil) and Malayalam Vaarika (Malayalam). Through a sister company, Kannada Prabha Publications Ltd., it publishes the Kannada daily Kannada Prabha.
This volume has been archived. It is available to read on request only.
You are logged-in with following email:
We have sent the confirmation email
You will receive the acknowledgement with link to read this volume in your email shortly.