PLUS 12 PAGES MAGAZINE CHENNAI SUNDAY MARCH 08, 2020 `6.00 PAGES 32 LATE CITY EDITION UNIVERSAL NIGHTINGALE BITS AND BOBS Few classical musicians are as successfully versatile as Shubha Mudgal. She opens up about music and more on the sidelines of the second edition of the cultural festival Arth in Delhi. TABLE IN A STATE OF GRAZE From large statement chain necklaces to padded headbands, we list five accessory trends that will turn the heads in 2020 Akin to a large charcuterie, grazing tables are a new food trend that lets you innovate with design and deliciousness. We explain what makes it great COVER STORY BUSINESS CLASS India seems to be entering a decade of celebrity empire. Building on their existing brand is the new craze for celebrities. It gives them a chance to diversify outside their portfolios and do something they are passionate about EXCLUSIVE VOICES Shankkar Aiyar T J S George ■ Valson Thampu ■ ■ 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 SBI lines up Yes Bank rescue plan, prepares K10,000 crore war chest Investment won’t hurt SBI given its size, says chairman Rajnish Kumar; No merger plans yet EXPRESS NEWS SERVICE @ Hyderabad STATE Bank of India on Saturday confirmed that it will pick up 49% stake in Yes Bank for `2,450 crore. If necessary, the country’s largest lender’s investment can go further up to `10,000 crore, SBI Chairman Rajnish Kumar said. SBI will respond to RBI’s offer to reconstruct Yes Bank following due diligence by its legal and investment teams on Monday “We will try to get the . resolution plan approved and implemented much before the set deadline of April 3,” Kumar said. Speaking to reporters, he said 23 potential investors were interested in Yes Bank and the SBI board will decide if it should invest alone or consider co-investing. “We have to hold 26% for three years. But depending on the scenario, if I find co-investors, who are acceptable to RBI, we might consider that,” he explained. Foreign and domestic investors picking up over 5% stake in a bank must comply with RBI’s fit and proper criteria. Anbazhagan’s passing mourned People queue up in front of Yes Bank in Mangaluru on Saturday | RAJESH SHETTY ED expands probe The ED continued to question Yes Bank founder Rana Kapoor for the second day on Saturday. The agency also searched the residential premises of his three daughters in Delhi and Mumbai Stating that Yes Bank’s revised market capitalisation of `2,500 crore doesn’t look overpriced, he said SBI’s proposed investment of `2,450 crore, pri- PhonePe UPI restored PhonePe on Saturday resumed its UPI services after ICICI Bank agreed to act as its payment service provider. Its UPI services were hit for 24 hours after the bank came under moratorium ma facie, was a reasonable bet even for SBI’s shareholders including minority investors. According to him, SBI never lost money so far. Be it in SBI Cards or SBI Mutual Funds, the bank ensured its joint venture partners and subsidiaries don’t get disappointed. As for Yes Bank’s ‘forced investment call’. Kumar said, “There were not many options before RBI and government, which is why they had to go with this proposal.” He assured depositors that despite inconvenience on withdrawals, their money was safe. But maintained that SBI won’t merge Yes Bank with itself. However, it will nominate MD & CEO and two nominee directors, who will steer the company when the RBI-appointed administrator vacates office next month. Given SBI’s size and rate of internal accruals, he believes the proposed investment will neither dent the bank’s capital ratios nor will it knock on the government’s doors for capital. “Our board mandate is that we maintain 0.5% above regulatory minimum capital adequacy . We will continue to do that,” Kumar said. SBI’s capital adequacy ratio stood at 13.73%, including tier-I of 11.59% as of P10, 11, 17 December 2019. A RETURN TO FARMING ROOTS EXPRESS NEWS SERVICE @ Chennai DRAVIDIAN giant, K Anbazhagan was cremated in the city on Saturday, after a short procession led by DMK chief M K Stalin and other party members. General Secretary of the DMK for 43 years, Anbazhagan was 97 and ailing for some time. He was admitted at Apollo Hospital for treatment on February 24 and breathed his last at 1 a m o n Saturday . K ANBAZHAGAN Announc1922-2020 ing his demise, Stalin in a statement, said all party events for the next week were cancelled and the party flag would fly at half-mast as a sign of respect. Anbazhagan, who is survived by two daughters and a son, was a nine-time MLA and a follower of Periyar, close associate of DMK founder CN Annadurai and devoted friend to late DMK chief M P2 Karunanidhi. Chief Minister Edappadi K Palaniswami joins farm labourers in planting paddy seedlings in a field in Tiruvarur district during his visit to the region on Saturday| BY ARRANGEMENT | P4 Chief Minister Edappadi K Palaniswami on Saturday said the State was mulling making Mayiladuthurai a separate district The CM also said the State is considering withdrawing cases against those who protested against hydrocarbon projects DAY OF RECKONING The Indian women’s cricket team is a win away from a first global title. In the T20 World Cup final in Melbourne on Sunday, they take on Australia, the defending champions HEAD TO HEAD India v Australia In T20 World in T20Is Cup Matches: 19 Matches: 4 India: 6 India: 2 Australia: 13 Australia: 2 PRIMER India beat Australia in the group stage in this World Cup have is 4 AustraliaWC fourwon 1 ThisfinalIndia’s first T20 the T20 times WC appearance P18 It’s the first time we’re going to see 90,000 people in a stadium. We’re used to playing with a lot of crowd — Harmanpreet Kaur, India captain India may reap a $22-bn crude oil windfall J O N AT H A N A N A N D A @ New Delhi RUSSIA’s decision to spurn its erstwhile OPEC allies in their renewed attempt to cut crude oil production may turn into a bonanza for India. The failure to form a consensus on supply cuts has sent Brent prices diving over 9% to its lowest since June 2017, closing at $45.27 per barrel on Friday. If prices remain at $50 per barrel, India’s import bill will come down from the estimated $105 billion for FY20 to $83 billion, saving a whopping $22 billion (see graphic). The subsequent decrease in retail fuel rates, provided the Centre and state government choose to pass on the benefit, will also reduce inflationary pressure. Retail inflation had spiked to a 7.6% in January, Import bill estimates* How falling crude oil prices can help India save big on import costs $50 per bbl $83 bn $45 per bbl $75 bn $40 per bbl $66 bn $38 per bbl $63 bn *Assuming demand constant at 2018-19 level of 226.5 million tonnes pushed by rising fuel and food prices. “In a situation where the economy is in a downturn, this is good news,” said Dharmakirti Joshi, chief economist, Crisil. With Russian energy minister Alexander Novak telling reporters that all production cut commitments agreed to by oil suppliers will become ineffec- tive from April 1, market analysts expect prices may fall even further until the advent of summer and rising temperatures. “It is assumed the coronavirus may not survive high temperatures. So until April or May , travel and business activity will continue to fall and so will demand and prices. I believe speculatory forces may even see Brent crude fall to $38-40 per barrel before recovering,” pointed out Gaurav Moda, Energy Industry lead, Accenture. The demand destruction perpetrated by the outbreak is likely to persist for the next few quarters, and economists do not see crude oil rising above $60 a barrel over the course of 2020, including the US Energy Information Administration. CONTINUED ON: P17 It’s good news for consumers For the consumer, the most direct impact is likely to be in the expected decrease in petrol and diesel prices. Petrol has already fallen from `76 a litre in New Delhi at the beginning of January to `71.14 per litre and diesel from `69 per barrel to `63.8 now CORONAVIRUS FIRST COVID-19 CASE IN TN: PATIENT WAS IN OMAN TWO TEST +VE IN LADAKH On Saturday, two people with a travel history to Iran tested positive for the virus in Ladakh. With one case being reported in Tamil Nadu, the total number of confirmed cases in India has now gone up to 34 S I N D U J A J A N E @ Chennai THE first case of Coronavirus in Tamil Nadu was confirmed on Saturday with a 45-year-old man, who recently returned from Oman, testing positive. State Directorate of Public Health officials said the man, a resident of Kancheepuram, was working in Oman as a construction supervisor. He landed at Chennai airport on February 28. On reaching home, he developed a fever and cold. “He saw a local doctor and was taking treatment. However, as he did not get better after three days and started developing breathing difficulties, he was referred to 105,906 3,567 58,625 TOTAL CONFIRMED CASES SHEKHAR YADAV Government Stanley Medical College Hospital in Chennai on March 4. Doctors at Stanley sent him to Coronavirus isolation ward at Rajiv Gandhi Government General Hospital. He was admitted on March 4,” said Dr P Sampath, Joint Director of Public Health. Samples from the patient were sent to King Institute at Guindy for testing on March 5. But as the result was inconclusive, samples were sent to National Institute of Virology in Pune, which on Saturday confirmed he tested positive. “The patient is under treatment and stable. He is a diabetic and on insulin,” the ofP7, 8, 11, 15, 19 ficial added. TOTAL DEATHS RECOVERED CASES Bird flu in Kerala, 16,000 chickens to be culled EXPRESS NEWS SERVICE @ Kozhikode AN outbreak of bird flu in Kerala’s Kozhikode district has prompted state authorities to order the culling of all fowls, including healthy chicken, ducks, goose and pigeons. Over 16,000 chickens are to be culled from Sunday . Confir med cases were found in two places — a chicken farm and a private nursery . The district collector held an emergency meeting on Saturday and local governance bodies were put on high alert. A special rapid response team has been formed to execute control measures.
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08032020 of The New Indian Express-Chennai
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