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Biden Drops out of Race, Endorses Kamala Harris
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election following a disastrous debate with Donald Trump that raised doubts about his fitness for office under four months before the election. Mr. Biden said he was endorsing Vice-President Kamala Harris as the Democratic nominee for the 2024 election.
Mr. Biden plans to serve out the remainder of his term in office, which ends on January 20, 2025.
The announcement is the latest jolt to a campaign for the White House that both political parties see as the most consequential election in generations, coming just days after the attempted assassination of Mr. Trump at a Pennsylvania rally.
India's Capital
Delhi govt. releases ₹100 crore to fully-funded twelve DU colleges
he Aam Aadmi Party (AAP) government has released the second instalment of ₹100 crore to the 12 Delhi University (DU) colleges fully funded by it, amid allegations of financial mismanagement at the institutions.
The Delhi government had allocated ₹400 crore to the colleges in its budget for 2024-25. So far, it has released ₹200 crore in the first two instalments.
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Police advisory warns of traffic congestion during Kanwar Yatra
The Delhi police on Sunday issued a traffic advisory on the arrangements made for the Kanwar Yatra, and cautioned residents of traffic congestion at several places.
The Kanwar Yatra will commence on Monday, the first day of the Hindu month of Shravan, and culminate on August 2 with devotees offering the Ganga water to Lord Shiva at temples back home.
Over 15 lakh devotees are expected to pass through the Capital on their way to Uttarakhand’s Haridwar.
raffic violations during the yatra will be checked by on-the-spot prosecution, the advisory said.
States
Jharkhand CM offers ₹2-crore aid to flood-affected Assam
Assam Chief Minister Himanta Biswa Sarma said on Sunday that Jharkhand Chief Minister Hemant Soren has offered ₹2 crore as aid to the flood-affected people of this northeastern State. Mr. Sarma thanked Mr. Soren and the people of Jharkhand for the gesture. “Hon’ble CM of Jharkhand, @HemantSorenJMM Ji has graciously offered ₹2 crore to the Chief Minister’s Relief Fund of Assam to aid flood-affected people,” Mr. Sarma posted on X. “On behalf of the people of Assam, I deeply appreciate the generosity of the kind-hearted people of Jharkhand and the Hon’ble Chief Minister,” he added. At least 113 people have been killed in the flood, landslides, lightning and storms in the State so far. More than 1.30 lakh people in 10 districts continued to remain affected. PTI
BJP using probe agencies to silence Cong. leaders
Holding a padyatra in parts of south Haryana on Sunday as part of the Congress’s ‘Haryana Maange Hisaab’ campaign ahead of the Assembly election, the party’s Rohtak Lok Sabha member, Deepender Hooda, accused the Bharatiya Janata Party (BJP) government of unleashing the Central investigating agencies on Congress leaders to silence them.
Walking through the streets in Rewari’s Bawal, Mr. Hooda, accompanied by local Congress leaders, including Raj Babbar and Rewari MLA Chiranjeev Rao, said the investigating agencies such as Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) had launched a parallel drive against the Congress leaders at the behest of the BJP government ever since his party had kicked-off the account-taking campaign in Haryana. “The BJP government should not be under the misconception that the Congress will stop asking questions,” he stated.
Karnataka Cabinet to discuss draft Bill on local quota today
The Karnataka Cabinet meeting on Monday is likely to again discuss the proposed legislation to reserve jobs for local people in the private sector.
There was a backlash from industry leaders and bodies after a draft Bill on job reservation for locals was approved, forcing the government to put it on hold.
Chief Minister Siddaramaiah, while maintaining that the draft Bill was being kept on hold, had said it would be discussed in the Cabinet again before a final decision was taken.
The Karnataka State Employment of Local Candidates in the Industries, Factories and Other Establishments Bill, 2024, mandating 70% of jobs in non-management cadre and 50% of jobs in management cadre for local candidates, had been discussed in the Cabinet before being put on hold.
News Capsule
PPF returns still languishing lower than formula-based rates, says RBI
The Public Provident Fund and five-year recurring deposits — continue to languish below the rates they should have earned as per a formula-based system adopted since April 2016, the Reserve Bank of India (RBI) has indicated.
The PPF rate has been static at 7.1% since April 2020. The return on the five-year recurring deposit (RD), which had been frozen at 5.8% from April 2020 to March 2023, had been hiked gradually over the first three quarters of 2023-24, taking it to 6.7% by last October
At the time, the RBI had reckoned that the returns on the PPF were 41 basis points (bps) lower than their formula-based rates, while the five-year RD rate was 21 bps lower, for the October to December 2023 quarter. One basis point equals 0.01%.
Mamata’s speech was a bundle of lies: CPI(M), BJP
The Communist Party of India (Marxist) and the BJP said on Sunday that the Trinamool Congress leadership’s claim at the Kolkata event that it was working to restrain party workers was a bundle of lies.
Reacting to remarks by the West Bengal Chief Minister Mamata Banerjee at the Martyrs’ Day rally, the CPI(M) leadership said that Ms. Banerjee was misleading her party workers with her lies. CPI(M) State Secretary Mohammad Salim said that what was prevailing in the State was far from the rule of law.
NEET case hearing today; aspirants file more pleas
After the National Testing Agency (NTA) made public scores of over 23 lakh candidates who appeared for the NEET-UG medical entrance exam, an intervention application has been filed in the Supreme Court, requesting a retest for the nearly 3.5 lakh top scorers in the test. The court is slated to hear the matter on Monday.
The application, filed by student-petitioners in the NEET paper leak case, said they have scored fairly high marks in the exam, ranging from 650 to 680 out of 720.
“Of the 24 lakh who appeared in the examination, 13 lakh have qualified. The total number of medical seats available is 1,08,915.
“The NEET-UG 2024 Examination which is wholly vitiated can be treated as NEET 2024 Preliminary Examination.
Indian Economics
S&P 500’s 7 shooting stars
A well-seasoned investor generally correlates historically high interest rates with poor stock performance. A higher interest rate typically signals higher borrowing costs and lower business profits. As the risk-free rate of return rises due to higher interest rates, the expected return on equities rises as it is a riskier asset, commanding greater returns and adding greater downward pressure on prices to account for this expectation.
when the interest rate in the U.S. had been raised to 5.5%, the highest it had been in over 20 years, the assumption was that the returns on equities should remain muted at best and reflect a decline at worst. The S&P 500 initially posted poor performance in comparison with its 2021 highs
International
Russia says it intercepted U.S. bomber planes over the Arctic
Sports
Russia said on Sunday that it scrambled fighter jets to prevent two U.S. strategic bomber planes from crossing its border over the Barents Sea in the Arctic. “The crews of the Russian fighters identified the aerial target as a pair of United States Air Force B-52H strategic bombers,” it said. AFP
Harmanpreet, Richa fifties help India dominate UAE
Contrasting fifties from skipper Harmanpreet Kaur and Richa Ghosh were complemented nicely by the bowlers as India notched up a massive 78-run win over UAE in its second match of the women’s Asia Cup T20 tournament here on Sunday.
Harmanpreet played the anchor’s role to perfection with a 47-ball 66, while Richa produced a late charge with an unbeaten 29-ball-64 to power defending champion India to 201 for five, its first-ever 200-plus score in T20Is.
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