CHENNAI FRIDAY AUGUST 16, 2019 `5.00 PAGES 46 LATE CITY EDITION Global markets meltdown With growing US-China trade tensions threatening to throw global economy under the bus, investors have started dumping risky assets such as stocks and crude oil for safer instruments like bonds and gold US MARKETS The last time such a curve was In what is known as ‘inverted yield curve’, 10-year US Treasury bonds dipped below the yield on the US 2-year bond on Wednesday, signalling a recession round the bend witnessed was just before the Great Recession of 2007 The US stock market plunged following the yield curve inversion, erasing all the gains in stocks from Tuesday after a truce in the trade skirmish led to a massive market rally Wall Street’s main indices slumped by about 3 PER CENT on Wednesday on glum economic news from Germany and from China AFP BONDS MARKETS ON HIGH ALERT CURRENCIES IN FREE FALL In a new sign of the flight into bonds, the 30-year US Treasury bond yield dropped to 1.96%, its lowest level on records that go back to the 1970s and the first time it has fallen below 2% UK 30-yr gilt fell below 1% for the first time. Yields for the bond hit 0.988% at 1139 GMT on Thursday, a new record Germany’s 10-year yield dipped 2 basis points to -0.67% Britain’s 10-year yield declined 3 basis points to 0.448% According to Bloomberg, the Indian rupee has acquired the dubious distinction of Asia’s worst performing currency in August. The rupee’s woes are accentuated by pressure from China’s yuan, worsening trade war and fleeing foreign funds. Analysts say the rupee could plunge to 74-a-dollar level if current dismal mood persists Argentina’s peso closed more than 7% weaker on Wednesday to reach 60.2 per US dollar. The currency has lost a quarter of its value so far this week, while Argentina’s main stock market has fallen nearly 35% in three days 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 Stimulus package buzz as PM gets into a huddle with FM over slowdown EXPRESS NEWS SERVICE @ New Delhi WITH the deepening slowdown hitting where it hurts the most — jobs — PM Narendra Modi on Thursday sat down with finance minister Nirmala Sitharaman and her crack team to take stock of the situation and decide on measures to revive the country’s economy . While officials are tightlipped about the outcome of the meeting, a finance ministry source told TNIE, “The discussion was on the slowdown and future course of action... Some short-term measures could be announced soon.” According to sources, the government may unleash a spending spree on infrastructure to boost growth by frontloading expenditure. The PM’s Independence Day speech talked about `100 lakh crore being invested in building moder n ports, highways, railways, air- ports, hospitals and educational institutions over a five-year period. In his speech, the PM also sought to reassure India Inc saying wealth creators will be respected and looked down upon. “Let us never see wealth creators with suspicion. Only when wealth is cre- ated, wealth will be distributed,” he said. The PM-FM huddle was also in the backdrop of Sitharaman’s meeting with captains of industry last week, where they lobbied for a stimulus package worth `1 lakh crore, besides GST cut. On Wednesday the fi, nance minister had met Chair- The creation of the Chief of Defence Staff, which was suggested 19 years ago, is the biggest takeaway from Prime Minister Narendra Modi’s Independence Day speech on Thursday Defence chief is an idea whose time has come OVER THE YEARS A high-level committee set up to examine the gaps in India’s security system in the wake of the Kargil war in 1999 had recommended the appointment of a Chief of Defence Staff A group of ministers analysing the required reforms had also favoured appointing a Chief of Defence Staff Prime Minister Narendra Modi receives a guard of honour as he arrives at the Red Fort in New Delhi on Thursday, the nation’s 73rd Independence Day | PTI POPULATION BOMB TICKING, WARNS PM M A N I S H A N A N D @ New Delhi IN his address from the rainswept ramparts of the Red Fort on India’s 73rd Independence Day, Prime Minister Narendra Modi stressed that his government does not delay addressing irritant legacy issues, as exemplified by the revocation of special status to Jammu & Kashmir. Bolstering his image of being a decisive leader, Modi announced that the nation would finally have a Chief of Defence Staff (CDS) for integrated command of the three armed services, a proposal by the Kargil Review Committee that had been kept pending for the past 19 years. In the course of his 95-minute speech, Modi, sporting yellow-and-white headgear, called for a coordinated action plan to address population explosion. This comes after long deliberations amongst RSS affiliates, who are concerned that the issue is not being taken seriously by the political leadership. Signalling that his second term in office would be action-packed, the PM, in his sixth Independence Day address, reiterated his call for ‘one nation, one election’ and said simultaneous polls for the Lok Sabha and Assemblies would help the country . In line with the Budget proposals, Modi announced the Jal Jeevan Mission and said more than `3.5 lakh crore would be spent to deal with the emerging challenge of water scarcity. The Centre would work in coordination with state governments, the PM said, and added the mission would include supplying piped water to households and rejuvenation of water CONTINUED ON: P9 bodies. In 2012, the Naresh Chandra Task force had recommended creating the post of a permanent chairman of the Chiefs of Staff Committee Yet, the political establishment dithered for 19 years. They instead created a chairman of the Chiefs of Staff Committee The decision was delayed due to lack of political will. Also, the services feared creation of CDS would mean encroachment on their turf Our government has decided to have a Chief of Defence Staff — CDS. It will help all three services to walk together as the country can no longer afford to work in silos Narendra Modi M AYA N K S I N G H @ New Delhi INDIAN military’s higher defence management got a big push on Thursday with Prime Minister Narendra Modi announcing the creation of the Chief of Defence Staff (CDS) on Independence Day to enhance tri-service synergy . “To further sharpen coordination between the forces, I want to announce a major decision from the Red Fort: India will have a Chief of Defence Staff — CDS,” he said. The CDS will be above the chiefs of the Army , Navy and the Air Force and will be the singlepoint adviser to the government. It is unclear as of now if the CDS will be a five-star or four-star officer. The current chiefs of the three services are four-star officers. “It was overdue. It is going to remove duplication of work. This will make our forces operationally more effective,” said retired General V P Malik, who was the Army chief during the Kargil war and was an integral part of the process that reviewed the military structure. “For example, even small things like missile storage is nibbling resources. These missiles, whether with the Army or the IAF, can be stored at a common place to save financial resources,” he added. The need to create a CDS was first proposed by the K Subrahmanyam committee, which was constituted following the Kargil war in 1999. About 66 countries in the world have a unified chief. The creation of the CDS is expected to be the first step towards restructuring the entire military set-up as plans to create theatres or area commands are in the pipeline. In the theatre system, all formations of the army air force and the , navy in a particular theatre are put under the command of one officer. The theatre commander can be from any of the three services. Experts said the restructuring into theatres would take four to five years. The theatre system is best followed by the US, where the entire military is divided into six operational commands and they are deployed worldwide. “The CDS will help with the theatrisation process and have command of tri-services establishments like the Andaman and Nicobar Command, Strategic Forces Command, Tri-services training institutions,” said ex-Admiral Arun Prakash. The operational doctrine of the defence forces has changed from being defensive to offensive defence. This was witnessed in the Balakot operation. “The government has decided to pursue the strategy of offensive defence,” said former Air Chief S Krishnaswamy “The CDS was a wel. come step. But a lot needs to be done before a fully functional CDS with his support staff and the reorganised defence machinery is up and running,” he said. China bats for Pakistan, UN Security Council to discuss Kashmir today EXPRESS NEWS SERVICE @ New Delhi Chief Minister Edappadi K Palaniswami receives the guard of honour, on Thursday | P JAWAHAR TN will soon become water surplus: EPS EXPRESS NEWS SERVICE @ Chennai CHIEF Minister Edappadi K Palaniswami on Thursday promised that Tamil Nadu, which had become power surplus State during late Chief Minister J Jayalalithaa’s period, would soon also become ‘water resourceful’ due to the recent initiatives of his government. He also called upon the public to extend their cooperation to the Water Resources Conservation and Augmentation Mission. Delivering his Independence Day address after hoisting the Tricolour at the ramparts of Fort St George, Palaniswami underscored the need for water conservation and steps taken to this effect by the State government. “The government is keen on conserving every drop of rainwater, and the water resources conservation mission and the Kudimaramathu scheme will prevent water scarcity in future even if the monsoons fail the State,” he said. Vellore district will be trifurcated, says EPS Palaniswami also announced that Vellore, one of the larger districts in Tamil Nadu, would be trifurcated. Two new districts would be formed with Tirupathur and Ranipet as their headquarters. A new taluk with KV Kuppam would be created in Vellore | P4 V B Chandrasekhar suicide shocks the cricket fraternity @ Chennai TAMIL Nadu and India’s cricket fraternity were in for a shock on Thursday. Early in the evening news broke that former opener and national selector V B Chandrasekhar had died of cardiac arrest. Later in the evening, police said he had committed suicide by hanging himself. The body was taken in custody for post-mortem. Known popularly as VB, Chandrasekhar was five days short of his 58th birthday He . is survived by his wife and two daughters. A dashing opening batsman, he played seven ODIs from 1988-90. After retirement, he wore the different hats of selector, coach and commentator. He also owned the Tamil Nadu Premier League franchise VB Kanchi Veerans. According to police sources, he was last seen having tea with his wife at his residence around 5.45 pm. After that, he went to his room. As he did not come out even after two hours, his wife knocked I am really shocked. He was an outstanding cricketer and a good human being. He also did a good job as a selector. I am sad to have lost a good friend - K Srikkanth, fmr India captain on the door and found no response. She informed neighbours and after breaking the door open, they apparently found him hanging from the ceiling. The Mylapore Police Station has filed a case of suspicious death. C r i cke t e r s f ro m across the country paid tribute to the member of the 1988 tor is facing its worst crisis in two decades and the industry has reported huge job losses. Sales of consumer goods ranging from fridges and TV sets to daily-use items like toothpaste and biscuits saw a decline in volume growth in the first quarter, raising concerns P11 for the economy . 370 FALLOUT FORMER INDIA OPENER EXPRESS NEWS SERVICE man of Prime Minister’s Economic Advisory Council, Bibek Debroy and its member Ratan P Watal to consult them on economic slowdown issues. The slowdown, which started with real estate sector and auto sector, has now spilled over to other areas as well, including consumer goods. The auto sec- Ranji Trophy winning Tamil Nadu team, who was a popular figure. Among those who expressed grief were K Srikkanth, Anil Kumble, W V Raman, Harbhajan Singh and Suresh Raina. “It is shocking. My mind goes back to the times we spent together. He was a lovable guy , health conscious and God fearing. It will take a long time for me to get over the loss of a dear friend,’’ said Raman. P12 AFTER China on Thursday insisted on “closed consultations” to discuss India’s abrogation of special status to J&K, the UN Security Council has decided to hold a rare meeting on Kashmir. The meeting will take place on Friday morning, AFP said citing diplomats. 1965 was the last time a full Security Council meeting on Kashmir was held. Friday’s discussion is not a full security meeting but a closed-door consultation. The move comes on the back of Pakistan Foreign Minister Shah Mahmood Qureshi writing to the UN General Secretary Antonio Guterres last week, demanding intervention over what Pakistan describes as “unilateral and illegal” at- tempts by India to change status quo in the “disputed territory”. India has categorically told the international community that its Article 370 decision was an internal matter and advised Pakistan to “accept the ground reality”. The US, EU and Russia, besides Poland—which currently holds the UNSC’s rotating presidency—had earlier advised Pakistan to resolve the issue bilaterally under the Shimla agreement framework. Last week Qureshi, who was in Beijing to discuss the issue, said China fully supported Islamabad’s decision to approach the UN. Meanwhile, a Supreme Court bench comprising CJI Ranjan Gogoi and Justices S A Bobde and S A Nazeer, will on Friday hear petitions that challenge the Centre’s decision to scrap provisions of Article 370. EXPRESS READ Indians aboard seized Iran oil tanker released Cycling lads script history in Germany Police proceedings against four Indian crew members, including the captain, aboard Iranian oil supertanker ‘Grace 1’ has ended. They were released by authorities in Gibraltar, a British Overseas Territory that is on the Spanish coast, on Thursday | P10 Indian cyclists Ronaldo Singh, Rojit Singh and Esow Alben won the gold in the three-lap sprint at the Junior Track Cycling Worlds in Frankfurt on Wednesday. It is the first-ever gold medal for the country at a cycling World Championship at any level | P13 No ban on usage of caste bands in schools: minister SUSHMITHA RAMAKRISHNAN @ Chennai SCHOOL education minister KA Sengottaiyan said on Thursday that he had asked all education officials not to implement a recent circular issued by the department concerned warning severe action against schools making students wear wrist bands that identify their caste. “Whatever practice exists in Tamil Nadu shall continue the way it is,” he told Express over the phone. The usage of caste bands has been in practice for the last several years, especially in the northern districts of the State. Last year, a few physical education instructors and senior district level officials were ac- c u s e d o f d i s c r i m i n at i n g against students, who wanted to participate in sports events, based on their caste. The students were allegedly profiled based on the colour of the band they wore. There are also allegations about some schools prohibiting Dalit children from using common plates to eat the midday meals. Sengottaiyan, however, said the circular was issued without his knowledge. He termed it as ‘unnecessary’ and said it was passed ‘just to spark a controversy’. Interestingly, BJP leader H Raja was the first one to oppose the circular. “Preventing students from displaying their ‘religious’ symbols is an anti-Hindu move,” Raja had said on the caste band issue. No caste discrimination in schools? Really? It’s the 73rd year of Independence and yet, untouchability continues to be practiced with impunity in this Madurai village. For the last 40 years, children of Arunthathiyar and Pallar communities have not been allowed to study in the Kurayur panchayat school. P5 WITH THIS ISSUE 46 PAGES, INCLUDING 32 OF INDULGE (TABLOID)
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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