VILLUPURAM WEDNESDAY SEPTEMBER 18, 2019 `4.00 PAGES 16 CITY EDITION INDIA WILL TAKE CONTROL OVER PoK, SAYS S JAISHANKAR “PoK is a part of India and we expect one day we will have physical jurisdiction over it,” the external affairs minister said NATIONAL SECURITY MEETS FOREIGN POLICY HOUSTON RALLY A MESSAGE TO PAKISTAN Addressing his first press conference after taking over as minister in May, Jaishankar said one of the key achievements of the Modi 2.0 government in its first 100 days has been a strong connection between national security and foreign policy goals. He said India’s ability and appetite to shape the foreign agenda today is much more than before ■ ■ “In big debates like G20, BRICS, Indian views are now heard more clearly,” the external affairs minister said On US President Donald Trump attending PM Modi’s event in Houston, Jaishankar said, “There are multiple messages there. Obviously, it is for Pakistanis to read what they read into it” 1972 SINCE THEN, INDIA’S STAND ON KASHMIR HAS BEEN CONSISTENT 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 Uncertainty over the oil situation following drone attack on Saudi Aramco spooks bourses, forces foreign institutional investors to pull out `800 crore in a single day, drags the value of rupee against the dollar, retail fuel prices inching up Hot oil spills over to stock markets E X P R E S S N E W S S E R V I C E @ New Delhi THE uncertainty over oil prices due to the war-like situation in West Asia dragged the stock markets Tuesday with the Sensex falling 642.22 points and the Nifty dropping 185.9 points. The day also saw foreign institutional investors pull out `800 crore from Indian markets, displaying lack of confidence on the Indian bourses. There was a broad-based selling in the markets, and among the 30 bluechip stocks in the Sensex only Hindustan Unilever, Asian Paints and Infosys stayed in the green. Global markets are now weighing on reaction from the US and other oil-producing countries on how to fill the Saudi oil shortfall caused by a drone attack over the weekend on Saudi-Aramco facilities. The spike in crude oil prices because of the attack and statements by the US, Iran and Saudi Arabia, saw Indian oil companies effect the largest hike in retail petrol and diesel prices since Budget day on July 5. Petrol prices rose 14 paise and diesel by 15 paise a litre in Delhi, standing at `72.17 and `65.58 a litre, respectively . The rupee, too, fell sharply against the dollar for the second day running. Opening at 71.83 per dollar, the rupee fell to a low of 71.97. The fall was caused by the FII pullout. “Weaker currency tends to trigger FII outflow and vice-versa, too,” said Sanjay Bhattacahryya, former MD of SBI. This means the two are often a cause and effect of each other. It can also create a vicious circle, where investors will sell out because of global or domestic reasons causing a fall in the currency value, which could then result in further sales by foreign investors in India’s stock markets. It is not just foreigners who are taking their money elsewhere. RBI data on the liberalised remittance scheme for resident Indians showed the highest ever monthly outflow of $1.69 billion in July . Meanwhile, global crude oil prices began cooling Tuesday evening after some reports said Saudi would restore production sooner than expected. Most companies are now hoping that the festive season would bring some cheer back to their revenue streams. Consumer mood surveys suggest people will loosen their purse strings during the upcoming festive season as they have in previous years. Discounts and other enticing offers both online as well as in bricks-andmortar retail space could lure customers open their wallets. “We are hopeful this year’s festive offers will provide a huge boost to buyers’ morale,” said S N Barman, vice president, Tata Motors. TILL OCT 16 THREE days ahead of the scheduled hanging of a death row convict — for gang raping a minor girl and killing her along with her brother in Coimbatore in 2010 — the Supreme Court on Tuesday stayed his execution till October 16. A bench, headed by justice RF Nariman, agreed to hear the plea filed by convict Manoharan, seeking a review of the apex court order confirming his death penalty, on October 16. During the open court hearing on the review petition, the bench, also comprising justices Sanjiv Khanna and Surya Kant, said it was granting a last opportunity to the counsel representing the convict to argue the case since it was a matter of death sentence. The counsel told the bench that a death warrant had been issued and he was scheduled to be executed on September 20. “List the matter on October 16, 2019, at 3 pm, as a last opportunity for oral arguments in terms of our judgment. Meanwhile, there shall be stay of execution of the death sentence,” the bench said in its order. The top court had on August 1 sent Manoharan to gallows for “horribly” gang-raping a 10-year-old girl along with a co-accused and killing her and her seven-year-old brother by throwing them in a canal with their hands tied. Earlier, a threejudge bench of the SC upheld the lower courts’ verdicts in the case. P5 SILVER LINING Global oil prices cool 5% after fresh reports said Saudi will restore Sep 17 of production in three weeks FESTIVAL BOOST 70 per cent Sep 13 $60.22 B I G L O S S BSE Sensex crashes 642.22 points to 36,481.09; Nifty below 11k-level Rupee down 18 paise to settle at 71.78 against the dollar Investor wealth shrinks `2.72 lakh crore in two days of market fall T H E B I G D R O P Drop in average consumer spend Fall in mobiles Drop in fashion items 21% 17% 16% SHAH’S POSER: MULTI-PARTY SYSTEM FAILED TO DELIVER? meet our goals? They are disappointed,” Shah said while addressIN what could trigger a new debate, ing an event of the All India ManUnion Home Minister Amit Shah agement Association. on Tuesday raised questions over The BJP secured a thumping victhe multi-party system in democ- tory this year, becoming the first racy, saying people were single party in three decwondering whether the viades to win majority in the sion of the founding faLok Sabha. Over the last thers of the Constitution decade, political parties Has the multihad really been realised. have broadly aligned themparty democratic selves with either the UPA The makers of the Consystem failed to stitution, he said, had enor the NDA. Efforts to crefulfil the visaged an “equal, prosate a third front have failed aspirations of perous India”. They had the stability test. the citizens? adopted the multi-party Taking a dig at the sucAmit Shah, Union democratic system after cessive governments led by home minister studying various democthe Congress, Shah said racies across the world so during their tenure, there that all sections of society have was policy paralysis. “Some govrepresentation. ernments work for 30 years and But “70 years after Independence, take one big decision, but our govpeople were wondering if the multi- ernment worked for five years and party parliamentary democratic took over 50 major decisions,” he system had failed. Will it be able to claimed. E X P R E S S N E W S S E R V I C E @ New Delhi EXPRESS READ World’s migrant population now at 272 million: UN ED attaches Bikaner fort in Moin Qureshi case Europe and North America have absorbed the largest share of the world’s 272 million migrants, a population that has grown by 23 per cent over the past decade, according to a UN report published Tuesday The ED said it has attached a Delhi farmhouse and an old fort in the border town of Bikaner in Rajasthan as part of a money laundering probe case against controversial meat exporter Moin Qureshi and others ONE MORE DEATH EB pole crumbles, Chennai man electrocuted E X P R E S S N E W S S E R V I C E @ Chennai A day after a teenage boy was electrocuted to death by an electric cable left exposed by Corporation workers, a 42-year-old man was killed in a similar fashion on Monday night after a dilapidated electric pole came crashing down. The deceased, identified as Sethuraj of Kalyanasundaram Nagar in Chitlapakkam, was a mini-van driver. “Every night, Sethuraj used to feed the stray dogs in his locality On . Monday, when he was feeding the dogs, the pole crumbled and the live wires supported by it fell on Sethuraj,” said a police officer. He was electrocuted and flung away from the spot by the shock. His wife and neighbours rushed him to a nearby private hospital, but was declared brought dead. The electric pole in the area, made of cement, has been lying damaged for a long time now, according to local residents. CONSUMERS TURN SPENDTHRIFT Once considered ‘recession-proof’, online shopping experienced a dip in first half of 2019, according to research firm Kantar $69.02 REALITY CHECK Kovai gangrape convict’s death sentence stayed E X P R E S S N E W S S E R V I C E @ New Delhi Sep 16 OIL’S NOT WELL “We have filed several complaints with officials about the dilapidated electric pole till date. However, no action was taken,” said the residents. They engaged in an argument with the police over ‘official apathy’ on the matter, following Sethuraj’s death. The body of the deceased has been sent to Chromepet GH and a case has been registered. Sethuraj is survived by wife and two children. $63.96 Average ticket price also dropped, which means consumers are spending less on each purchase occasion Amazon lines up 5 lakh sellers for the upcoming season, against 3.8L sellers onboarded last year Dues from PSUs blamed for stress in HCC E X P R E S S N E W S S E R V I C E @ New Delhi IN a sign of the huge liquidity crisis facing the economy Hindustan Con, struction Company Ltd, a Mumbaibased public-private entity, is struggling to get a whopping `6,070 crore in dues from top public sector undertakings (PSUs) as arbitration awards. The PSUs that were yet to pay up include the National Highway Authority of India, National Hydro Power Corporation, National Thermal Power Corporation, Ircon International and the National Institution for Transforming India. In a petition filed in the Supreme Court, HCC said because of the non- payment of the dues, the company was facing a financial crisis that “could destroy the shareholders value and (making the company) face insolvency proceedings”. As against `6070 crore dues, “the total loans taken by HCC from banks and financial instruments apart from bank guarantees (BGs) issues by various banks is around `3,948 crore,” HCC said. It also challenged the Insolvency and Bankruptcy Code (IBC) saying it was violative of fundamental rights. HCC said the 2016 law created a non-level playing field and an artificial financial stress due to non- payment of arbitration awards by government bodies and PSUs. Since PSUs were defaulters, IBC should not apply to HCC, it reasoned. Arbitration awards are deemed to be dues under the Arbitration Act. “However, the actual receipts of such amounts are locked in litigation for years together due to mechanical and casual challenge in one or the other court by way of abusing the process of law,” the plea pointed out. A bench headed by Justice Rohinton Nariman issued notices to various ministries and the PSUs and sought their response in two weeks.
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