COIMBATORE THURSDAY AUGUST 08, 2019 `5.00 PAGES 18 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 as central bank has maintained its ‘accommodative’ stance 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. The 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 RBI’s way of saying economic slowdown is getting worse. What Governor Shaktikanta Das did not elaborate was how the little extra of 10 bps would make up for the inadequacy of a traditional 25-bp cut, or for the excessivenes of 50 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 demand. The real deal lies with banks and unless they lower interest rates, credit growth will continue to slump. SBI was 2 die at Aththi Varadar temple EPS drops Manikandan from Cabinet IT minister M Manikandan was dropped from the TN Cabinet on Wednesday, hours after he criticised another minister. He is the first to be dropped since CM Edappadi K Palaniswami took office in 2017. P5 NO TRIALS BUT MARY MAKES IT TO TEAM Boxing officials select MC Mary Kom to Worlds team without trials. Nikhat Zareen, who also fights in 51kg category, cries foul. P17 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, it is the government’s turn now to pursue a countercyclical fiscal policy by increasing expenditure and reducing taxes to arrest the deepening slowdown. P10, 15 The Reserve Bank 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 the BBPS — which is an interoperable platform REPO RATE CUT 0.35% 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 `2 lakh Pak expels Indian envoy, lowers diplomatic ties EXPRESS READ Two elderly people died, allegedly of suffocation, while visiting the Aththi Varadar temple on Wednesday. They were identified as Lakshmanan (70) from Pollachi and Rathinam (65) from Nilgiris. quick to lower MCLR (interest rate below which the bank can’t lend) by 15 bps soon after RBI’s policy review, but that 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 ultra-easy 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 to lend, and classified NBFC credit to agriculture, MSMEs and housing as priority sector lending. Other decisions EXPRESS NEWS SERVICE DMK chief M K Stalin and West Bengal CM Mamata Banerjee at a public meeting in Chennai on Wednesday | ASHWIN PRASATH MAMATA & STALIN TARGET BJP ON KASHMIR E X P R E S S N E W S S E R V I C E @ Chennai ANY decision pertaining to any State should be taken only after taking the people of the State into confidence, West Bengal Chief Minister Mamata Banerjee said in Chennai on Wednesday The . TMC supremo was speaking at a public meeting marking the first death anniversary of late DMK chief M Karunanidhi when she made the oblique reference to the BJP-led Union government’s moves on Jammu & Kashmir. Hailing Karunanidhi, Banerjee said, “He had a history of fighting for DMK will always state autonomy and prooppose BJP’s tection of federal strucefforts to spread ture.” She expressed communal hate concern over the wherein the name of abouts of former J&K nationalism CM Farooq Abdullah M K Stalin, who had been invited to DMK president the event. She urged people to prepare to protect their motherland and mother tongue as that was their identity . Karunanidhi’s son and DMK chief M K Stalin reiterated the party’s opposition to abrogation of Article 370, noting that Abdullah was under house arrest and former J&K CMs Omar Abdullah and Mehbooba Mufti were in custody. “None needs to give the DMK lessons in patriotism,” he said. “DMK will always oppose BJP’s efforts to spread communal hate in the name of nationalism.” 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 J&K. “We will call back our high commissioner from Delhi and send back their envoy,” foreign minister Shah Mehmood Qureshi announced, though Pakistan’s high commissionerdesignate to India, Moinul Haq is yet to take charge in Delhi. Prime Minister Imran Khan, after chairing a meeting of the National Security Committee, said it was decided to review bilateral arrangements with India while taking the Kashmir matter to the United Nations, including the Security Council. A statement later issued by Pakistan’s foreign office said: “Pursuant to the decision of the National Security Committee today the Government of India , has been told to withdraw its High Commissioner to Pakistan.” It did not specify a timeline. Pakistan will also observe its Independence Day on August 14 in solidarity with the Kashmiris, another statement said, adding “August 15 will be observed as Black Day .” The size of the bilateral trade in 2018-19 was $2.56 bn. In India, officials claimed Pakistan has also closed three of its nine air corridors to Indian flights. Confirming it, an Air India official said it would “require a maximum of 12 mins diversion. It will not really affecting our fights.” On Tuesday, airports in India were asked to step up security “Civil aviation . has emerged as a soft target for terrorist attacks,” the advisory said. Menawhile, a senior US official in Washington said India did not consult or inform the US before revoking J&K’s special constitutional status. There is urgent need for dialogue among all actors to reduce tensions and to avoid the potential for military escalation - Senior US official ONE KILLED, MANY HURT DESPITE J&K CLAMPDOWN Stone attack incidents in the Valley The Ministry of Home Affairs said there was no confirmation of any death. Also, CRPF spokesman Mosses Dinakaran denied reports of violence in the Valley But sources in the government said incidents of stone throwing and civilians getting injured during protests have been reported from several parts from North and South Kashmir National Security Advisor Ajit Doval with locals in Shopian on Wednesday E X P R E S S N E W S S E R V I C E @ New Delhi AT least four protestors have been injured in firing by the authorities in Srinagar since Monday TNIE can , confirm, with the international media reporting the death of another youth due to drowning because of violence. It was on Monday that Home Minister Amit Shah disclosed the decision to revoke J&K’s special status and its bifurcation. A report accessed by TNIE from the Sher-I-Kashmir Institute of Medical Sciences in Srinagar lists four patients admitted with firearm injuries, one on Monday (Malla Threen Altaf, 15) and three on Tuesday (Burhan, 16; Khan Asrar, 18; and Zahoor Ahmad Yatoo, 40). In Srinagar’s Palpora area, Osaib Altaf (17) died of drowning in the Jhelum after being chased by CRPF personnel, the Huffington Post reported. The report quoting 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 sudden, ly cornered by CRPF personnel near a footbridge. Attempts to independently verify it proved futile because of the complete information blackout in J&K. According to HuffPost, 13 other people had undergone treatment for pellet injuries at the Maharaja Hari Singh Hospital in Srinagar. News agency AFP quoted a police official to confirm the death of a protestor. The official, speaking on condition of anonymity, said in one incident a youth being chased by police “jumped into the Jhelum River and died”. A source told AFP that at least six persons have been admitted to hospital in Srinagar with gunshot wounds and other injuries from protests. A state government official told this newspaper he, too, had heard of a death of a young boy after being harassed by security forces. MINI TRUCKS ON WATERBODY Entire lake replaced by parking lot near Chennai N I R U PA M A V I S W A N AT H A N @ Chennai TEARFUL FAREWELL Prime Minister Narendra Modi pays his last respects during the funeral ceremony of former external affairs minister Sushma Swaraj, at Lodhi crematorium in New Delhi on Wednesday | PTI | P9, 10 LIFE-STYLE VIOLATION Church expels Kerala nun A N UJA SUSA N VA RG H ES E @ Kochi SISTER Lucy Kalapura, who protested against rape-accused Catholic Bishop Franco Mulakkal, has been dismissed from her congregation for allegedly not adhering to its lifestyle norms. The congregation’s superior general Sr Ann Joseph issued the decree on Monday based on the General Council’s decision on May 11. “You were given the required 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 Congregation (FCC),” the memo read. It also cited a letter from Vatican granting confirmation of Sr Lucy’s dismissal. Sr Lucy, who cur- rently stays at a convent in Wayanad, is given the option to recourse against the decree within 10 days from Wednesday If Sr Lucy accepts the let. ter, she is entitled to leave the congregation within 10 days. Sr Lucy said she would f i g h t i t l e g a l l y. “ T h e y (Church) can’t make me move out of my home. I will make an appeal to the Vatican and move legally against FCC,” Sr Lucy said. AN entire lake, originally spread across 2.5 acres, has gone missing in the village of Adayalampattu near Vanagaram, in the Western suburbs of Chennai. In its place now is a neatly-fenced parking lot for mini trucks and private buses. The lake, which was connected to the Ayanambakkam and Maduravoyal lakes, had served as the primary source of water to the village. Until a decade ago, the village, known for having copious groundwater, had a large area of cultivated land, including mango groves. When Express visited the spot on Wednesday rows of mini trucks and buses were parked behind a seven-foot gated compound wall on the land where the lake was. The parking lot had a small building with five rooms. According to documents accessed by Express, the survey number 52/1 where the parking lot stands, has been marked as a tank, spanning 46.64 grounds. The documents show that the survey number 52/2 has been classified as ‘Natham’ (poramboke). “The encroachers somehow got a patta for 52/2 which is a small piece of land and expanded occupancy to DEBADATTA MALLICK From copious groundwater to dry borewells Adayalampattu has 1,800 families. A resident of VNR Milford apartments said their building had three borewells with water usually available at 30ft. This year they went dry. 52/1 which is the waterbody said ,” Arockiasekar D, president of the Millenium town plot and flat owners association of Adayalampattu. He pegged the current value of the encroached land at around `50 crores. A local revenue official admitted the waterbody had been encroached and said action would be taken soon.
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.
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