Month: March 2023

Two trains collide in Greece, 26 killed, at least 85 injured | VISUALS

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

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Twenty-six people were killed and at least 85 injured after two trains collided head-on in Greece late on Tuesday, the fire brigade said, while the circumstances of the crash remained unclear.

A passenger train travelling from Athens to the northern city of Thessaloniki collided with a cargo train outside the city of Larissa in central Greece, said the governor of the Thessaly region.

“The collision was very strong,” governor Konstantinos Agorastos told SKAI TV, adding the first four carriages of the passenger train had derailed.

The first two carriages, which caught fire after the collision, were “almost completely destroyed,” said Agorastos.

❗️ Two trains collide in northern #Greece, killing at least 16 people and 85 were injured

Rescuers have been working to save passengers and extinguish a fire caused by the crash. There were about 350 people on the train.

It is not yet known what caused the collision. pic.twitter.com/QEyU5K91wG

— NEXTA (@nexta_tv) March 1, 2023

About 250 passengers were evacuated safely to Thessaloniki on buses. One passenger told state broadcaster ERT he managed to escape after breaking the train window with his suitcase.

“There was panic in the carriage, people were screaming,” a young man who was evacuated to a nearby bridge told SKAI TV.

“It was like an earthquake,” Angelos Tsiamouras, another passenger, told ERT.

Broadcaster SKAI showed footage of derailed carriages, badly damaged with broken windows and thick plumes of smoke, as well as debris strewn across the road. Rescue workers were seen carrying torches in carriages looking for trapped passengers.

“The evacuation of passengers is under way in very difficult conditions given the severity of the collision of the two trains,” fire brigade spokesperson Vassilis Varthakogiannis said in a televised address.

In the early hours of Wednesday, footage from state broadcaster ERT showed rescue workers with headlights searching the surrounding fields for survivors.

Local media reported about 350 people were travelling on the passenger train.

The cargo train had been travelling from Thessaloniki to Larissa.

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

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

Stock Market Highlights: Sensex and Nifty 50 end near day’s high led by Adani Enterprises, Hindalco, Axis Bank

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

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Share Market Highlights: Indian equity benchmarks NSE Nifty 50 and BSE Sensex ended Wednesday’s session higher, breaking a eight day losing streak. Financial and IT shares led the headline indices higher. All Nifty sectoral indices ended in the trading in the green. Adani Group stocks ended in the green, with Adani Enterprises being the top Nifty gainer.

Catch highlights of the March 1 session here:

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

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

Indian national shot dead in Sydney by Australian police

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

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A 32-year-old Indian national was shot dead by the Australian police on Tuesday after he allegedly stabbed a cleaner at a railway station in Sydney and threatened law enforcement officers, media reports said.

Mohamed Rahmathullah Syed Ahmed, who hails from Tamil Nadu, was identified by the Consulate General of India in Sydney, as the man who was fatally shot by the police.

Ahmed allegedly attacked a 28-year-old cleaner at the Auburn train station in Sydney on Tuesday before arriving at Auburn police station, Sydney Morning Herald newspaper quoted police officials as saying.

Two police officers were leaving the police station, when they were confronted by Ahmed, who tried to attack them, the report said.

A police officer fired three shots, two of which hit Ahmed in the chest. A probationary constable also used her Taser on him, it said.

Ahmed was immediately treated at the scene by paramedics and was rushed to a local hospital. But he was pronounced dead, the report said.

Police officers are investigating whether mental health played a part in Ahmed stabbing the cleaner and threatening the police officers, it said.

Ahmed had five previous interactions with the police, all of which were non-criminal and COVID-19 related, the report said.

He was living in Australia on a bridging visa.

“The incident is extremely disturbing and unfortunate. We have formally taken up the matter with the Department of Foreign Affairs and Trade, New South Wales Office as well as state police authorities,” the Consulate said.

At a press conference on Tuesday, New South Wales Police Assistant Commissioner Stuart Smith said the officers had just seconds to respond and were left with no choice but to shoot Ahmed.

“I fully support these officers. It’s traumatic. It’s a significant incident at one of our police stations,” he said.

“There just isn’t an impending time. It is immediate. He launches through the glass doors at the officers; they had very little time to react,” he said.

Smith said the counter-terrorism unit would be brought in to help in the investigation, the report added.

Meanwhile, police have spoken to the cleaner, who was admitted to local hospital here and is said to be in a stable condition.

Smith said he suffered a puncture wound to his left forearm before the attacker continued to “slash” him in a frenzied attack after he fell to the ground.

The two men were not known to each other, the report said, quoting police officials.

“We’re working through him and his family in getting his version and it will be part of the critical incident,” he said.

The Consulate General of India said Ahmed was identified as a suspect in the stabbing incident at Auburn Railway Station, and it was providing all possible assistance to the police.

“We ask for a complete report on the circumstances of the shooting of an Indian national,” the consulate added.

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

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

Commercial and Domestic LPG cylinder prices in Delhi hiked by Rs 350.5 and Rs 50 — check new rates here

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

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Commercial (19 kg) LPG cylinder prices in Delhi hiked by Rs 350.50 to Rs 2119.50 in Delhi on Wednesday. Meanwhile, Domestic LPG cylinder (14.2 kg) prices also increased by Rs 50 to Rs 1,103 in Delhi. New rates are effective from March 1, 2023.

Check non-subsidised prices of (Domestic cylinder) Indane in other cities:

Check non-subsidised prices of (Commercial cylinder) Indane in other cities:

(Info credit: IOC)

This is the second biggest one time hike in LPG prices. Last time, the hike of more than Rs 350 was seen in January 2014. The Commercial PLG cylinder is back above Rs 2,100 for the first time since June 2022.

The LPG Commercial cylinder price was last revised on January 1, 2023 at Rs 1,769.

Oil Marketing Companies (OMC) generally absorb higher price variations for domestic cooking gas . There is an implicit subsidy in the domestic LPG cylinder pricing

The OMCs had incurred losses worth Rs 28,000 crore on domestic cooking gas. The government compensated OMCs domestic cooking gas losses by Rs 22,000 crore last October.

LPG pricing in India is done on the basis of a formula — Import Parity Price (IPP). The IPP is determined based on LPG prices in the international market, assuming that the fuel is imported into the country. International LPG prices tend to move in tandem with the price of crude oil, the key raw material.

The European natural gas prices fell to 18 month low, while US gas prices were around $2-3/mmbtu vs $9/mmbtu in August 2022.

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

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

Wall Street slips marginally as investors wrap up a losing February

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

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Wall Street indexes and global equities slid further on Tuesday, and bonds wrapped up a difficult month by holding their elevated yields, as more evidence of stubborn inflation added to expectations that central banks will keep rates high.

The optimism that drove shares up and global bond yields down in January has ebbed this month, as data from around the world has pointed to economies and labour markets facing little in the way of strain from high inflation.

The concern now is less about a global recession and more over the prospect of little respite any time soon from higher interest rates.

“Markets will need to adjust to the Federal Reserve’s message that interest rates may need to go to higher levels and stay there for a longer period of time,” Wells Fargo Investment Institute’s Douglas Beath wrote in a note on Tuesday, adding that stock market volatility is likely in the near term.

In mixed trading on Tuesday, the Dow Jones Industrial Average ended down 0.71 percent at 32,656.7, the S&P 500 lost 0.30 percent to 3,970.15 and the Nasdaq Composite dropped 0.1 percent to 11,455.54.

US consumer confidence declined again in February, according to the Conference Board, while US single-family home prices in December increased at their slowest pace since the summer of 2020, per the S&P CoreLogic Case Shiller national home price index.

Earlier on Tuesday, data showed France’s European Union-harmonised consumer prices rose to a record 7.2 percent in February, while Spain’s EU-harmonised 12-month inflation stood at 6.1 percent, up from 5.9 percent in January.

The pan-European STOXX 600 index fell 0.3 percent, although it finished February up 1.74 percent, its fourth positive month in five.

MSCI’s All-World index of global shares edged down about 0.2 percent on Tuesday, ending the month down around 3 percent and erasing a large chunk of January’s 7 percent gain, when shares rose on expectations that major central banks were close to the end of their tightening cycle.

Since then, a slew of US and euro area economic data has reinforced the view that interest rates will rise further and stay high for longer.

US two-year Treasury yields, the most sensitive to shifts in expectations for interest rates, have risen this month to almost 5 percent, up another 2.5 basis points on Tuesday. This is their largest monthly rise for February since 1981, according to Refinitiv data.

INFLATION BATTLE

BofA Global Research said in a note on Monday that the Fed may hike interest rates to nearly 6 percent, as strong US consumer demand and a tight labour market would force the central bank to battle inflation for longer.

Fed funds futures are fully pricing in a 25-bps rate rise from the Fed next month, with a chance of around 20 percent of a larger 50-bps hike.

It is not just US markets that are reflecting a more sobering rate outlook. Euro-denominated money markets on Tuesday predicted an ECB deposit rate of 3.97 percent by year-end, from 3.77 percent on Thursday last week.

ECB Chief Economist Philip Lane told Reuters that euro zone inflation pressures have begun to ease, but the European Central Bank will not end rate hikes until it is confident price growth is heading back towards 2 percent.

Preliminary euro area wide consumer price inflation data for February is due on Thursday, while investors will get more information on the state of the US economy with US ISM manufacturing and services survey data for February due on Wednesday and Friday, respectively.

“Fed officials are waiting for prior tightening of financial conditions to slow the US economy, but it is increasingly possible that the maximum drag from tighter financial conditions is behind us,” Citi strategists said in a note.

The US 10-year yield ticked up 1 bp to 3.93 percent, up more than 50 bps in February, its biggest monthly jump since September. Germany’s 10-year yield, the benchmark for the euro area, was virtually flat at 2.63 percent, its highest level since July 2011.

In the currency market, sterling last traded at $1.20, down 0.3 percent, having jumped 1 percent on Monday after Britain struck a new trade deal with the European Union, brightening the outlook for the post-Brexit UK economy.

The euro was down 0.3 percent at $1.05, after rising 0.6 percent on Monday.

The dollar index, which measures the US currency against a basket of peers, ticked up 0.24 percent, snapping a four-month losing streak, having risen 2.7 percent in February.

Oil prices rose more than 1.5 percent on Tuesday, erasing the previous session’s losses, as hopes for a strong economic rebound in China offset worries about US interest rate hikes dragging down consumption in the world’s biggest economy. US crude rose 1.68 percent to $76.95 per barrel and Brent was at $83.87, up 1.72 percent on the day.

Elsewhere, Chicago wheat futures were hovering near a 17-month low due to rain in parts of the US winter wheat belt and optimism over a Russia-Ukraine export deal.

Gold added 0.5 percent to $1,827 an ounce.

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

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

Zero Discrimination Day 2023: History, theme and significance

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

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Zero Discrimination Day is celebrated on March 1 every year by the United Nations and other international organisations. The aim is to promote equality and fairness before the law and to fight systemic and cultural discrimination against people with HIV/AIDS.

Zero Discrimination Day 2023 Theme

This year, the theme for Zero Discrimination Day is “Save lives: Decriminalise”. The theme highlights how the decriminalisation of key populations and people living with HIV saves lives and helps advance the end of the AIDS pandemic.

Criminal laws which target key populations and people living with HIV violate people’s human rights and exacerbate the stigma. They also put them in danger by creating barriers to the support and services they need to protect their health. Thus, the theme aims to spread awareness of the decriminalisation of such population groups for them to live healthy and respectful life.

ALSO READ | National Science Day 2022: Remembering Raman Effect & the man behind it

History

The day was first celebrated on March 1, 2014, by UNAIDS, the organisation which works towards the cause of dismantling systems of oppression against people suffering from HIV/AIDS in UN member countries.

The day started out as a campaign in December 2013 and then-Executive Director Michel Sidibé launched the day with a major event in Beijing.

Significance

Several countries have flawed systems of justice and legal codes that lead to the historical exclusion of a few communities or sections of people from essential services and cause social marginalisation. This discrimination may pertain to faith, sexual orientation, income level, gender and race of a person as well.

ALSO READ | World NGO Day 2023: History, significance and theme

Through Zero Discrimination Day, the UNAIDS seeks to promote awareness about prejudicial laws and policies that deprive people of dignity.

The day fuels movements against laws that choose and make people culpable for simply who they are, and bring like-minded, indiscriminate mentalities together to trump discrimination.

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

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

World Civil Defence Day 2023: Date, theme, history and significance

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

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World Civil Defence Day is observed on March 1 to raise awareness about the importance of civil defence measures in protecting people and their property from natural disasters, accidents, and other emergencies. The day honours the work of several civil defence organisations. The day also recognises the efforts put in by the organisations in protecting communities and saving lives.

World Civil Defence Day was first celebrated in the year 1990 by the International Civil Defence Organisation (ICDO).

World Civil Defence Day 2023: Theme

The theme for this year is – “The role of information technology in risk assessment”. The theme was announced by the ICDO Secretary General via an official video. The theme is based on the interest and importance of the role of technical systems, technological applications, and artificial intelligence techniques in determining risks related to civil protection and civil defence.

Furthermore, the theme also highlights the importance of civil defence measures in responding to health emergencies, such as the COVID-19 pandemic, and other disasters that have significant health impacts.

World Civil Defence Day: History

In 1931, French Surgeon-General George Saint-Paul founded the Association of Geneva Zones. He was badly affected by the horrors of the First World War and thus aimed to create safety zones where people could seek protection in times of war.

World Civil Defence Day: Significance

World Civil Defence Day highlights the importance of civil defence measures undertaken in protecting people and communities from emergencies. It provides an opportunity for governments, civil society organisations, and individuals to review and assess their preparedness plans and identify areas for improvement.

The day also recognises the contribution of civil defence personnel, who work tirelessly to ensure the safety and well-being of their communities.

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

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

Nitish Kumar’s 72nd Birthday: Political journey of Bihar’s alliance king

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

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Nitish Kumar is among the seasoned politicians of India. The Janata Dal (United) chief was first sworn in as the chief minister of Bihar in 2000. He took oath as Bihar CM for the eighth time in 2022.

Political pundits have often been dumbfounded by how Nitish manages to stay relevant in politics, despite switching parties and alliances every few years. The 72-year-old is also among the most prominent leaders of the JP Movement of 1974-75.

Also read: Manish Sisodia, Satyendar Jain resign as Delhi ministers

On his 72nd birthday today, let us take a look at Nitish Kumar’s political journey

1. Born in 1951, Nitish Kumar studied electrical engineering at the Bihar College of Engineering (now NIT Patna). Nitish got involved in student politics during those days.
2. Nitish took part in the anti-Emergency movement led by Jayaprakash Narayan and even served a 19-month jail term.
3. The JD(U) chief’s first electoral success came in the 1985 assembly elections when he was first elected to the Bihar assembly from the Harnaut constituency. He had contested from the same seat in 1977 as well.
4. He was first sworn in as the Bihar CM in 2000. Although Nitish had the support of the BJP at the time, he was forced to step down in seven days as he could not cobble up a majority. In 2003, Nitish split the Samata Party and formed JD(U).
5. He also served as the railways, transport and agriculture minister in the Atal Bihari Vajpayee-led NDA government.
6. Nitish shares a love-hate relationship with Prime Minister Narendra Modi. Nitish famously broke ties with BJP in 2013 to oppose Narendra Modi before the 2014 Lok Sabha elections.
7. In 2015, Nitish formed a Grand Alliance with Lalu Prasad Yadav’s RJD, Congress and other regional outfits. The alliance won the elections in a landslide. But Nitish switched his alliance in 2017 and formed a new alliance with the BJP.
8. Nitish Kumar surprised political observers again when he dumped the BJP and returned to the Grand Alliance in 2022. He formed a new government with RJD’s Tejashwi Yadav.

Also read: Shah, Nadda hold deliberations with BJP leaders to plan out strategies for Telangana polls

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

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

Top 5 things to watch out for at the Tesla’s Investor Day event

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

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US-based electric vehicle maker Tesla will hold its Investor Day on Wednesday 1 from its Gigafactory in Austin, Texas. Tesla’s ‘Investor Day’ event will be live-streamed from the company’s Texas Gigafactory and will showcase its most advanced production line as well as discuss long-term expansion plans, generation 3 platform and capital allocation.

Here are the top 5 things to watch as the event unfolds:

Long-term expansion plans: Tesla CEO Elon Musk recently said his long-term goal for Tesla is to produce 20 million cars annually by 2030. With the company delivering 1.31 million vehicles in 2022, it has a long way to go to achieve that goal.

The ramp-ups at Tesla’s Giga factory in the US, Germany and China will help, but the company would need more Gigafactory to achieve its target. As of 2022, Tesla stated that it has an installed annual capacity of manufacturing around 1.9 million vehicles a year, and Musk has suggested that Tesla would need 12 Gigafactory to produce 20 million vehicles annually.

Tesla’s ‘generation 3 platform’: A key part of the Investor Day event, Tesla is also expected to reveal its generation 3 platform. This generation 3 platform will likely be Tesla’s cheaper car as Musk has called it, and will be key to the mass volume expansion of Tesla’s cars.

An EV costing around $25,000-$30,000 will open up a wide swath of potential customers looking for a cheap EV alternative. Tesla’s upcoming entry-level car is also touted to be based on the company’s next-generation EV platform, which will allow Tesla to cut production costs by half.

New entry-level EV: Tesla is likely to introduce an all-new electric hatchback at the brand’s upcoming event. The electric carmaker reportedly released a promo video for its upcoming investor day event showcasing sketches of the facelifted Model 3 and Model Y, alongside a side profile view of a hatchback.

This new entry-level car has been rumoured to be in the works for quite a while now and is expected to be the company’s most affordable model and would be positioned below the Model 3. Tesla is expected to price the upcoming hatchback EV around $20,000.

Master Plan 3: Musk has already confirmed that he would indeed reveal his upcoming Master Plan 3 at Tesla’s upcoming event.

Musk, while hinting at his Master Plan 3 in March 2022, said that it would deal with topics like “scaling [production] to extreme size, which is needed to shift humanity away from fossil fuels, and AI.”

Robotaxi: Musk, during the company’s recent earnings call, said Tesla has “made a lot of progress” on its much-anticipated robotaxi and predicted that mass production of the new autonomous EV would begin in 2024.

However, considering the company’s past announcements and failures to execute its past plans, it is likely that this could be delayed too. Musk, while announcing Tesla’s second master plan, promised that “all Tesla vehicles will have the hardware necessary to be fully self-driving with fail-operational capability.”

Also Read: Tesla likely to unveil new entry-level hatchback at its Investors Day event

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

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