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Yeddyurappa announces waiver of farm loans of up to Rs 1 lakh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The decision taken during the meet that included the CM along with the Chief secretary and secretaries from other departments comes in tow with the manifesto put forward by the party prior to the elections in which it guaranteed waiver for loans taken from nationalized banks and co-operatives.

Newly elected Karnataka CM, BS Yeddyurappa has announced farm loan waiver for 1 lakh farmers. The Chief Minister announced his decision following the first cabinet meet that was held after his swearing-in ceremony.

Primarily focusing on agriculture, Yeddyurappa, while releasing the party manifesto, had promised a crop loan waiver of upto 1 lakh both, from PSU and co-op banks on the oath taking day.

However, the decision is likely to hit PSUs including the SBI, Canara Bank and Corporation Bank hard.

Bankers have claimed that the practice impacts adversely the credit discipline of the economy. They had further stated that the practice would create the expectation of further concessions even in the future.

Yeddyurappa had also announced that the party was planning to allot 1.5 lakh crore for irrigation.

In what looks like a push to PM Modi’s Digital India programme, the party even decided to give away smartphones to women under BPL cards.

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index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
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Yeddyurappa: The clerk who made it big in corridors of power

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

He has been controversy’s favourite child. And controversy did not leave him alone even during his ascent to the throne of Karnataka amid a murky legal battle in the country’s top-most court. From the humdrum existence as a government clerk and a hardware store owner to becoming the chief minister of Karnataka for a second …

He has been controversy’s favourite child. And controversy did not leave him alone even during his ascent to the throne of Karnataka amid a murky legal battle in the country’s top-most court.

From the humdrum existence as a government clerk and a hardware store owner to becoming the chief minister of Karnataka for a second time, BS Yeddyurappa has navigated the choppy waters of politics with the consummate ease of a seasoned oarsman, defying tidal waves of adversity.

A hardboiled RSS Swayamsevak, 75-year-old Bookanakere Siddalingappa Yeddyurappa, joined the Hindu right organisation when he was barely 15, and cut his political teeth in the Jana Sangh, the BJP’s forerunner, in his hometown Shikaripurain Shivamogga district.

He became the Jana Sangh’s Shikaripura taluka chief in the early 1970s.

Currently a Lok Sabha member from Shivamogga, he was first elected to the Legislative Assembly from Shikaripura in 1983 and went on to win it five more times.

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The Lingayat strongman is known to have espoused the cause of farmers, something which was repeately referred to by Prime Minister Narendra Modi in his election speeches.

A Bachelor of Arts, Yeddurappa, who was jailed during Emergency, worked as a clerk in the social welfare department before taking up a similar job at a rice mill in his native Shikaripura. Later, he set up his own hardware shop in Shivamogga.

Yeddyurappa may have landed in the hot seat in 2004 itself when the BJP emerged as the single largest party, but the Congress and JD(S) of former prime minister H D Deve Gowda cobbled together an alliance, and a government was formed under Dharam Singh.

Known for his political sagacity, Yeddyurappa joined hands with H D Kumaraswamy, Deve Gowda’s son, in 2006 and brought down the Dharam Singh government after the chief minister was indicted by Lokayukta in an alleged mining scam.

Under a rotational chief ministership arrangement, Kumaraswamy became the chief minister and Yeddyurappa his deputy. However, the coalition government collapsed as the JD (S) reneged on the power sharing deal after 20 months, paving the way for elections.

In the 2008 polls, the Lingayat heavyweight led the party to victory, and the first BJP government in the south was formed under him.

Soon controversies swirled around Yeddyurappa over alleged abuse of office to favour his sons in allotment of land in Bengaluru. The indictment by Lokayukta in an illegal mining scam was the last straw that broke the camel’s back, and he was forced to resign on July 31, 2011.

On October 15 that year, he surrendered before the Lokayukta court, after it issued a warrant against him in connection with alleged land scams, and was in jail for a week, dealing a body blow to the BJP’s claim of being a party with a difference.

Sulking after having been made to quit, Yeddyurappa broke his decades-long association with the saffron party and formed the Karnataka Janata Paksha.

However, ploughing a lonely furrow, he failed to make the KJP a force to reckon with in Karnataka politics but wrecked the BJP’s chances of retaining power in the 2013 polls, winning six seats and polling about 10 per cent votes.

As Yeddyurppa faced an uncertain future and the BJP looked for a leader with a formidable reputation to lend its campaign the required heft ahead of the 2014 Lok Sabha polls, the two cosied up to each other.

On January 9, 2014, Yeddyurappa merged his KJP with the BJP.

In the Lok Sabha elections that followed, the BJP won 19 of the state’s 28 seats, a remarkable turnaround for the party which had secured a measly 19.9 percent votes in the Assembly polls just a year ago leading to the fall of its first government.

Notwithstanding the taint of corruption, Yeddyurappa’s status and clout grew in the BJP.

On October 26, 2016, he got a huge relief when a special CBI court acquitted him, his two sons and son-in-law in a Rs 40 crore illegal mining case, which had cost him the chief ministership in 2011.

In January 2016, the Karnataka High Court quashed all 15 FIRs against Yeddyurappa lodged by the Lokayukta police under the Prevention of Corruption Act.

In April that year, he was appointed the state BJP chief for the fourth time.
The Lingayat leader, however, continued to be dogged by controversies, with the anti-corruption bureau launching proceedings against him in an alleged illegal land denotification case. He petitioned the high court, which stayed the ACB proceedings against him.

The taint of alleged corruption notwithstanding, the BJP declared him its chief ministerial candidate, ignoring the taunts by the Congress.

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Yeddyurappa takes oath as Karnataka chief minister

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

BS Yeddyurappa, BJP’s legislature party leader, took oath as the Karnataka chief minister on Thursday hours after the Supreme Court declined to stay his swearing-in ceremony. Governor Vajubhai Vala administered the oath of office and secrecy to Yeddyurappa at 9 am at the Raj Bhavan amid tight security. Yeddyurappa, 75, took the oath in Kannada …

BS Yeddyurappa, BJP’s legislature party leader, took oath as the Karnataka chief minister on Thursday hours after the Supreme Court declined to stay his swearing-in ceremony.

Governor Vajubhai Vala administered the oath of office and secrecy to Yeddyurappa at 9 am at the Raj Bhavan amid tight security.

Yeddyurappa, 75, took the oath in Kannada in the presence of party’s central and state leaders and its newly-elected legislators and senior officials.

Earlier, a three-judge bench of the apex court rejected a joint writ petition of the Congress and the Janata Dal-Secular (JD-S) to stall the swearing-in of Yeddyurappa as the Chief Minister at a special pre-dawn hearing.

The top court, however, said the swearing-in of Yeddyurappa was subject to the final outcome of the matter before it and posted the case for further hearing at 10.30 a.m. on Friday.

The bench, headed by Justice AK Sikri, also sought the letter Yeddyurappa wrote to the Governor on Wednesday informing him his election as the Bharatiya Janata Party’s legislature party leader in Karnataka.

He was elected for the eighth time from the Shikaripura assembly segment in Shivamogga district of the Malnad region on May 12 when polling was held in 222 constituencies across the state and results were declared on Tuesday.

This is the third time Yeddyurappa took oath as the Karnataka Chief Minister, a decade after he became the BJP’s first Chief Minister in south India in May 2008 when the party came to power for the first time in Karnataka.

He was sworn-in for the first time as the chief minister in October 2007 as the party’s leader in the JD-S-BJP coalition government that lasted for over a month, resulting in President’s rule from November to April and mid-term assembly elections in May 2008.

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Politicians and citizens react to the ongoing political drama in Karnataka

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

With the Supreme Court refusing to stay BJP leaders Yeddyurappa’s swearing in as Karnataka CM, the stage is all set for BJP taking power in Karnataka. However, many, particularly in the opposition ranks felt undone by the development and took to twitter to vent their anger, particularly against the governor.   Once more an occupant …

With the Supreme Court refusing to stay BJP leaders Yeddyurappa’s swearing in as Karnataka CM, the stage is all set for BJP taking power in Karnataka. However, many, particularly in the opposition ranks felt undone by the development and took to twitter to vent their anger, particularly against the governor.

 

Former CM of Jammu & Kashmir, Omar Abdullah was one among the many who hit out against Governor Vajubhai Vala. “Once more an occupant of a Raj Bhavan allows himself to be used as a rubber stamp. BJP announces (& then deletes) the details of #Yeddyurappa swearing in slated for tomorrow before it can be officially communicated,” said the tweet posted by the leader on his twitter account.

 

BJP’s actor-turned-politician Shatrughan Sinha, who recently has shown signs of disgruntlement against the Modi-Shah leadership hit against the double standards shown by authorities in Karnataka as compared to Meghalaya, Manipur and Goa.

Veteran Congress leader P Chidambaram took a jibe at BJP. “Governor invites Mr Yeddyurappa to manufacture a majority in 15 days. Governor gives Mr Yeddyurappa 15 days to convert the number 104 into 111,” he posted on his account.

 

However it was not just the prominent leaders who made the best out of the situation. While some took shot against the BJP leader and the double standards that aided the saffron party.

 

Others  used their accounts to take a dig on the alleged role of money in the Karnataka power game.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Here is the full text of Supreme Court order refusing to stay swearing-in of Yeddyurappa

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The Supreme Court on Thursday, after a midnight hearing, refused to stall the swearing-in of BJP leader BS Yeddyurappa as Karnataka’s new Chief Minister. The court, however, sought the communications which Yeddyurappa had written to Karnataka governor informing him his election as BJP legislature party. After Karnataka Governor Vajubhai Vala on Wednesday invited BJP legislative …

The Supreme Court on Thursday, after a midnight hearing, refused to stall the swearing-in of BJP leader BS Yeddyurappa as Karnataka’s new Chief Minister.

The court, however, sought the communications which Yeddyurappa had written to Karnataka governor informing him his election as BJP legislature party.

After Karnataka Governor Vajubhai Vala on Wednesday invited BJP legislative party leader BS Yeddyurappa to form the new government in the state, the Congress approached Supreme Court Chief Justice Dipak Misra for an urgent hearing on the matter.

The court said that the swearing-in is subject to the final outcome of the matter before it.

During the hearing, that commenced at 2.20 a.m. and concluded with the court passing order at 5.30 in the morning, Attorney General K.K. Venugopal was asked to produce the letters which the court was told are with the Karnataka governor.

Here is the full text of Supreme Court’s order

The petitioners have filed this petition challenging the validity of Communication No.GS 41 GOB 2018 dated 16th May, 2018, addressed by the Governor of Karnataka to Shri B.S. Yeddyurappa (respondent No.3 herein) inviting him to form the government and be sworn in as the Chief Minister of the State of Karnataka.

This Bench was specially convened at odd hours to hear the matter as, on the basis of the said letter, respondent No.3 has decided to take oath at 9.30 a.m. on 17th May, 2018. We have heard Dr. Abhishek Manu Singhvi, learned senior counsel appearing for the petitioners. On behalf of the Union of India, Mr. K.K. Venugopal, learned Attorney General has appeared, Mr. Mukul Rohatgi, learned senior counsel, has also made submissions, though he has stated that he has instructions from three M.L.As, viz. Mr. Govind M.Karjol, C.M. Udasi and Mr. Basavaraj Bommai, of the BJP party to represent. The petitioners have impleaded three respondents.

Respondent No.1 is the Union of India, and as mentioned above learned Attorney General has appeared on its behalf. Since respondent Nos.2 and 3 are not represented, we issue formal notice to them. In addition, respondent No.2 shall be served through the Standing Counsel for the State. After hearing the parties, we are of the opinion that it is necessary to peruse the letters dated 15th May,2018 and 16th May, 2018 submitted by the respondent No.3 to the Governor which find a mention in the communication dated 16th May, 2018 of the Hon’ble Governor. We request the learned Attorney General and/or respondent No.3 to produce these letters on the next date of hearing.

This Court is not passing any order staying the oath taking ceremony of respondent No.3. In case, he is given oath in the meantime, that shall be subject to further orders of this Court and final outcome of the writ petition. List the matter for further hearing at 10.30 a.m. on 18th May, 2018. The respondents may file their response in the meantime.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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No stay on Yeddyurappa swearing-in after midnight battle in Supreme Court

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Amid jockeying for power in Karnataka, the Supreme Court early on Thursday after a midnight hearing refused to stall the swearing-in of BJP leader B.S. Yeddyurappa as Karnataka’s new Chief Minister. The court, however, sought the communications which Yeddyurappa had written to Karnataka Governor informing him his election as BJP legislature party. Yeddyurappa would take …

Amid jockeying for power in Karnataka, the Supreme Court early on Thursday after a midnight hearing refused to stall the swearing-in of BJP leader B.S. Yeddyurappa as Karnataka’s new Chief Minister.

The court, however, sought the communications which Yeddyurappa had written to Karnataka Governor informing him his election as BJP legislature party.

Yeddyurappa would take the oath as the Chief Minister of Karnataka on Thursday at 9.30 a.m. at Raj Bhavan.

The court said that the swearing-in is subject to the final outcome of the matter before it.

The bench headed by Justice A.K. Sikri, while seeking Yeddyurappa’s response on the petition by Congress and Janata Dal-Secular (JD-S) seeking to stall his swearing-in, has directed further hearing of the matter at 10.30 a.m. on Friday.

During the hearing, that commenced at 2.20 a.m. and concluded with the court passing order at 5.30 in the morning, Attorney General K.K. Venugopal was asked to produce the letters which the court was told are with the Karnataka Governor.

The top court heard a joint petition by the Congress and JD-S challenging Governor Vajubhai Vala’s decision inviting Yeddyurappa to form a new government in the state despite having 104 MLAs — eight short of simple majority.

The court also issued a notice to Yeddyurappa, asking them file a reply even former Attorney General Mukul Rohatgi, who appeared for the BJP said how long Yeddyurappa should be given to prove majority could be debated after two days.

The petition was filed late on Wednesday night after Governor Vala invited Yeddyurappa for an oath taking ceremony on Thursday at 9 a.m. and gave him days to prove his majority in the legislative assembly.

The Congress and the JD-S, who formed a hurriedly stitched post-poll alliance after a hung assembly verdict to claim a majority of 116 members in the new assembly, called the Governor’s decision “unconstitutional”.

“The BJP has only 104 MLAs, the Governor invited Yeddyurappa to form government in an unconstitutional manner,” senior counsel Abhishek Manu Singhvi, who appeared for the Congress, told the three-member bench of Justices A.K. Sikri, S.A. Bobde and Ashok Bhushan.

Chief Justice Dipak Misra constituted the bench shortly after midnight on Wednesday to hear the matter in court number six of the Supreme Court.

Singhvi argued in the full pack court room and talked about occasions when post-poll alliances have been called despite single largest party.

He cited the instances of Goa and Manipur where the Congress had emerged as the single largest party sans majority but post-alliances were invited to form governments.

He said in the case of Karnataka, it was unheard of a Chief Minister who does not have a majority was given 15 days to conduct floor test.

“There is only one way a party which got 104 will get 113… I heard he asked for seven days, but the Governor gave 15 days. Elementary common sense and arithmetic against this kind of giving of time,” Singhvi said.

He said in Jharkhand in 2005, Goa in 2017 and in the Jagadambika Pal case in Uttar Pradesh, the court advanced the date of floor test from seven days to 48 hours.

“It is biggest license to poaching if Governor gives 15 days to the BJP to prove majority,” he said.

To this, the Justices Sikri, Bobde and Bhushan said they were wondering whether the Supreme Court can restrain a Governor that might lead to constitutional vacuum in a state.

They said that the general trend of the past Supreme Court judgements was not to issue injunction to Governor or to restrain Governor.

Singhvi responded: “It is not like restraining the Governor, who only acted in pursuance of the BJP letter. Act of swearing-in is less than they make it out to be.

“If President’s rule under Article 356 can be stayed by a court, why not this (decision to invite BJP and give 15 days for floor test) in which a Governor has exercised his discretion without the aid and advice of the Cabinet?”

Attorney General K.K. Venugopal, appearing for the Centre, in his argument said everything was in the realm of “speculation” as the entire matter was still “a grey area”.

Former AG Mukul Rohatgi who appeared for the BJP questioned the urgency of the matter to hear it at midnight.

“Will heavens fall if a person is sworn in in the morning?” he said.

Justice Sikri asked him to submit before the court how his side was claiming a majority in the House.

Venugopal intervened and said, “Everything is reversible. What is the great loss by waiting for 15 days.”

Justice Bobde countered: “That is the other point. Why wait for 15 days?”

Venugopal said it was the Governor’s decision and it was an area of darkness how Yeddyurappa was claiming to form the government.

“But let the swearing-in go on. This is a purely reversible situation.”

The court observed that it was “preposterous” to argue that before MLAs take oath they were not amenable to anti-defection law. “It means open invitation to horse-trading.”

“In a case like this where the opposite side is showing 117 MLAs support, how will you have 112?,” Justice Sikri asked Venugopal.

The case was still being heard till early morning on Thursday.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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China has ‘much to give’ in trade negotiations, tweets Trump

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

US President Donald Trump said in tweets on Wednesday that “nothing has happened” with China’s ZTE Corp and that Beijing has “much to give” Washington on trade, denying suggestions that his administration was “folding” in negotiations with Beijing. Trump on Monday had defended his decision to revisit penalties on ZTE for flouting US sanctions on …

US President Donald Trump said in tweets on Wednesday that “nothing has happened” with China’s ZTE Corp and that Beijing has “much to give” Washington on trade, denying suggestions that his administration was “folding” in negotiations with Beijing.

Trump on Monday had defended his decision to revisit penalties on ZTE for flouting US sanctions on trade with Iran, in part by saying it was reflective of the larger trade deal the United States is negotiating with China.

“Nothing has happened with ZTE except as it pertains to the larger trade deal,” Trump said on Twitter.

“We have not seen China’s demands yet, which should be few in that previous US Administrations have done so poorly in negotiating. The US has very little to give, because it has given so much over the years. China has much to give!”

The Trump administration has yet to reveal any details of trade talks expected this week between a delegation led by China’s Vice Premier Liu He, the top economic adviser to President Xi Jinping, and senior Trump administration officials.

Liu is due on Capitol Hill on Wednesday afternoon for meetings with members of the trade-focused House Ways and Means Committee as well as with Senate Finance Committee Chairman Orrin Hatch, congressional aides said.

US lawmakers on Tuesday rejected any plan by Trump to ease restrictions on ZTE, calling the telecommunications firm a security threat and vowing not to abandon a Commerce Department ruling that bans sales of American components and software to the company for violating terms of a sanctions settlement deal.

The ban has caused ZTE to cease operations, and Trump on Sunday tweeted that he had instructed the US Commerce Department to take steps that would restore ZTE’s ability to operate.

A group of 33 Democratic senators signed a letter urging Trump to instead focus on strategies to change China’s trade practices, such as eliminating market-distorting subsidies and forced technology transfers.

“Offering to trade American sanctions enforcement to promote jobs in China is plainly a bad deal for American workers and for the security of all Americans,” wrote the senators, led by Senate Democratic Leader Chuck Schumer. “America’s policies toward China should put American workers, farmers and businesses first, not China’s.”

Trump tweeted on Wednesday: “There has been no folding as the media would love people to believe, the meetings haven’t even started yet!”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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North Korea threatens to cancel Trump-Kim summit over drills

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

North Korea on Wednesday threatened to scrap a historic summit next month between its leader, Kim Jong Un, and US President Donald Trump, saying it has no interest in a “one-sided” affair meant to pressure the North to abandon its nuclear weapons. The warning by North Korea’s first vice foreign minister came hours after the …

North Korea on Wednesday threatened to scrap a historic summit next month between its leader, Kim Jong Un, and US President Donald Trump, saying it has no interest in a “one-sided” affair meant to pressure the North to abandon its nuclear weapons.

The warning by North Korea’s first vice foreign minister came hours after the country abruptly cancelled a high-level meeting with South Korea to protest US-South Korean military exercises that the North has long claimed are an invasion rehearsal.

The surprise moves appear to cool what had been an unusual flurry of outreach from a country that last year conducted a provocative series of weapons tests that had many fearing the region was on the edge of war. Analysts said it’s unlikely that North Korea intends to scuttle all diplomacy. More likely, they said, is that it wants to gain leverage ahead of the talks between Kim and Trump, scheduled for June 12 in Singapore.

In Washington, Trump said the US hasn’t been notified about the North Korean threat.

“We haven’t seen anything. We haven’t heard anything. We will see what happens,” he said as he welcomed the president of Uzbekistan to the White House.

White House spokeswoman Sarah Huckabee Sanders said the administration is “still hopeful” that the summit will take place, and that threats from North Korea to scrap the meeting were “something that we fully expected.”
She said Trump is “ready for very tough negotiations,” adding that “if they want to meet, we’ll be ready and if they don’t that’s OK.” She said if there is no meeting, the US would “continue with the campaign of maximum pressure” against the North.

North Korean first vice foreign minister Kim Kye Gwan said in a statement carried by state media that “we are no longer interested in a negotiation that will be all about driving us into a corner and making a one-sided demand for us to give up our nukes and this would force us to reconsider whether we would accept the North Korea-US summit meeting.”

He criticised recent comments by Trump’s top security adviser, John Bolton, and other US officials who have said the North should follow the “Libyan model” of nuclear disarmament and provide a “complete, verifiable and irreversible dismantlement.” He also took issue with US views that the North should fully relinquish its biological and chemical weapons.

Some analysts say bringing up Libya, which dismantled its rudimentary nuclear program in the 2000s in exchange for sanctions relief, jeopardizes progress in negotiations with the North. Kim Jong Un took power weeks after former Libyan leader Moammar Gadhafi’s gruesome death at the hands of rebel forces amid a popular uprising in October 2011. The North has frequently used Gadhafi’s death to justify its own nuclear development in the face of perceived US threats.

The North’s warning Wednesday fits a past North Korean pattern of raising tensions to bolster its positions ahead of negotiations with Washington and Seoul. But the country also has a long history of scrapping deals with its rivals at the last minute.

In 2013, North Korea abruptly cancelled reunions for families separated by the 1950-53 Korean War just days before they were scheduled to begin to protest what it called rising animosities ahead of joint drills between Seoul and Washington. In 2012, the North conducted a prohibited long-range rocket launch weeks after it agreed to suspend weapons tests in return for food assistance.

On Wednesday, senior officials from the two Koreas were to sit down at a border village to discuss how to implement their leaders’ recent agreements to reduce military tensions along their heavily fortified border and improve overall ties. But hours before the meeting was to start, the North informed the South that it would “indefinitely suspend” the talks, according to Seoul’s Unification Ministry.

In a pre-dawn dispatch, the North’s official Korean Central News Agency, or KCNA, called the two-week Max Thunder drills, which began Monday and reportedly include about 100 aircraft, an “intended military provocation” and an “apparent challenge” to last month’s summit between Kim Jong Un and South Korean President Moon Jae-in, when the leaders met at the border in their countries’ third summit talks since their formal division in 1948.

“The United States must carefully contemplate the fate of the planned North Korea-US summit amid the provocative military ruckus that it’s causing with South Korean authorities,” the North said. “We’ll keenly monitor how the United States and South Korean authorities will react.”

Kim Dong-yub, a North Korea expert at Seoul’s Institute for Far Eastern Studies, said the North isn’t trying to undermine the Trump-Kim talks. The North’s reaction is more like a “complaint over Trump’s way of playing the good cop and bad cop game with (Secretary of State Mike) Pompeo and Bolton,” he said.

Seoul’s Unification Ministry, which is responsible for inter-Korean affairs, called North Korea’s move “regrettable” and urged a quick return to talks. The Defense Ministry said the drills with the United States would go on as planned.

Annual military drills between Washington and Seoul have long been a major source of contention between the Koreas, and analysts have wondered whether their continuation would hurt the detente that, since an outreach by Kim in January, has replaced the insults and threats of war. Much larger springtime drills took place last month without the North’s typically fiery condemnation or accompanying weapons tests, though Washington and Seoul toned down those exercises.

The KCNA dispatch said the US aircraft mobilised for the drills include nuclear-capable B-52 bombers and stealth F-22 fighter jets, two of the US military assets it has previously said are aimed at launching nuclear strikes on the North. Seoul has said F-22s are involved in the drills, but has not confirmed whether B-52s are taking part.

In Washington, the US State Department emphasised that Kim had previously indicated he understood the need and purpose of the US continuing its long-planned exercises with South Korea. State Department spokeswoman Heather Nauert said the US had not heard anything directly from North or South Korea that would change that.

“We will continue to go ahead and plan the meeting between President Trump and Kim Jong Un,” Nauert said.

US Army Col. Rob Manning said the current exercise is part of the U.S. and South Korea’s “routine, annual training program to maintain a foundation of military readiness.” Manning, a Pentagon spokesman, said the purpose of Max Thunder and exercise Foal Eagle — another training event — is to enhance the two nations’ abilities to operate together to defend South Korea.

“The defensive nature of these combined exercises has been clear for many decades and has not changed,” Manning said.

Washington and Seoul delayed the earlier round of springtime drills because of the North-South diplomacy surrounding February’s Pyeongchang Winter Olympics in the South, which saw Kim send his sister to the opening ceremonies.

Kim told visiting South Korean officials in March that he “understands” the drills would take place and expressed hope that they’ll be modified once the situation on the peninsula stabilizes, according to the South Korean government.

Despite Kim’s outreach, some experts were skeptical about whether he would completely give up a nuclear program that he had pushed so hard to build. The North previously vowed to continue nuclear development unless the United States pulls its 28,500 troops out of South Korea and withdraws its so-called “nuclear umbrella” security guarantee to South Korea and Japan as a condition for its nuclear disarmament.

Wednesday’s threat could also be targeted at showing a domestic audience that Kim is willing to stand up to Washington. Kim has repeatedly told his people that his nukes are a “powerful treasured sword” that can smash U.S. hostility.

On Tuesday, South Korea’s military said North Korea was moving ahead with plans to close its nuclear test site next week, an assessment backed by U.S. researchers who say satellite images show the North has begun dismantling facilities at the site.

The site’s closure was set to come before the Kim-Trump summit, which had been shaping up as a crucial moment in the decades-long push to resolve the nuclear standoff with the North, which is closing in on the ability to viably target the mainland United States with its long-range nuclear-armed missiles.

The UN ambassador from the Netherlands, which currently chairs the Security Council’s North Korea sanctions committee, said he remained hopeful.

“Anyone who has had anything to do with DPRK in the past 20, 30, 40 years has seen that engaging in political contact with DPRK is complex,”

Ambassador Karel van Oosterom told reporters at the UN, using the initials of North Korea’s formal name, the Democratic People’s Republic of Korea. “To say it very simply, the road ahead will have bumps, and I think we are hitting one of the bumps at the moment. I think we are hopeful that the road will lead to the solution we all hope for.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Kumaraswamy flays governor’s invite to Yeddyurappa to form government

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Slamming Governor Vajubhai Vala’s invite to B S Yeddyurappa to form the government, JDS leader H D Kumaraswamy accused the Narendra Modi government of misusing Constitutional institutions. “We will not let it go easily…”, a furious Kumaraswamy told reporters shortly after the governor wrote to Yeddyurappa asking him to take oath as chief minister tomorrow …

Slamming Governor Vajubhai Vala’s invite to B S Yeddyurappa to form the government, JDS leader H D Kumaraswamy accused the Narendra Modi government of misusing Constitutional institutions.

“We will not let it go easily…”, a furious Kumaraswamy told reporters shortly after the governor wrote to Yeddyurappa asking him to take oath as chief minister tomorrow and to prove majority in the assembly in 15 days.

Kumaraswamy said the governor should have given three or four days time for Yeddyurappa to prove his majority.

“He (Yeddyurappa) has no majority,” Kumaraswamy said.

The JDS leader, who has also staked claim to form the government with the support of Congress, alleged that various allurements were being offerd to the MLAs to switch sides.

“It will be a repeat of 2008…they will loot the state,” he said, referring to the then BJP rule and citing the mining baron Reddy brothers.

Asked about the next step, he said, “wait and see.”

BJP General Secretary Muralidhar Rao has said Yeddyurappa will take oath tomorrow at 9 AM.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Congress approaches CJI for urgent hearing on Karnataka issue

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

After Karnataka Governor Vajubhai Vala on Wednesday invited BJP legislative party leader BS Yeddyurappa to form the new government in the state, the Congress approached Supreme Court Chief Justice Dipak Misra for an urgent hearing on the matter. The Congress urged Misra to hold an urgent hearing Wednesday night itself since Yeddyurappa is slated to take …

After Karnataka Governor Vajubhai Vala on Wednesday invited BJP legislative party leader BS Yeddyurappa to form the new government in the state, the Congress approached Supreme Court Chief Justice Dipak Misra for an urgent hearing on the matter.

The Congress urged Misra to hold an urgent hearing Wednesday night itself since Yeddyurappa is slated to take oath as chief minister at 9 am tomorrow.

Congress leader Abhishek Singhvi is the leading his party’s challenge.

“We have filed a petition before the Supreme Court and have urged the registrar to allow hearing on it tonight itself,” Singhvi told PTI, adding that immediate hearing has been sought as the matter is very serious.

The Congress termed the governor’s decision as “murder of democracy and trampling of Constitution”.

“We hope Governor will take the correct decision according to Constitution. If Congress-JD(S) combine is not called, it will be illegal. We hope politics will not trump legality and morality. If it does, we have no option but to move court,” Singhvi  told CNN News18.

The Congress said the Governor denigrated his office, trampled the Constitution and acted as a BJP puppet.

Karnataka Governor Vajubhai Vala has invited Yeddyurappa to take oath as Chief Minister on Thursday morning at the Raj Bhavan in Bengaluru.

With inputs from agencies.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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