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Creepy Joe Biden Laughs At His Accusers

Super Male Vitality

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Source: InfoWars

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OU regents chair: President didn't initiate personnel probe

The chair of the University of Oklahoma regents said an ongoing personnel investigation was not initiated by the current president, but declined to elaborate further following a closed-door meeting Wednesday with attorneys to discuss the probe.

The two-hour meeting comes a week after The Oklahoman newspaper, citing unnamed sources, reported that former University of Oklahoma President David Boren was the target of an investigation. The Associated Press has not confirmed that information.

"Our goal is to ensure the investigation's integrity, and any comment would be highly inappropriate at this time," Board of Regents Chairwoman Leslie Rainbolt-Forbes told reporters after the meeting. "What I can do ... is that I want to affirm this board's complete support for Jim Gallogly as president of this university and to also make it completely clear that he did not initiate, nor is he involved with, this investigation, which is being conducted by an independent third party."

The investigation is being conducted by Jones Day, one of the world's largest law firms. The university has said only that it received "allegations of serious misconduct that it was legally obligated to investigate," but has not confirmed Boren is a target.

Boren, 77, is one of the most prominent politicians in Oklahoma. The Democrat served as a governor and U.S. senator before being named OU's president in 1994, a post he held until stepping down last year amid health concerns. Boren's father, Lyle Boren, and son, Dan Boren, both served in the U.S. House.

Boren's attorney, Bob Burke, declined to comment Wednesday, but has previously described the probe as a "character assassination" and suggested it stems from strained relations between Boren and Gallogly. Gallogly has been critical of university spending and debt levels under Boren's tenure, and on his first day on the job he fired about one-third of the top-level executives who reported directly to the president.

Burke has said that, even though he's not aware of any formal complaint against Boren, the former president denies any inappropriate behavior or unlawful activity.

___

Follow Sean Murphy at www.twitter.com/apseanmurphy

Source: Fox News National

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Town calls 'Flintstone House' a public nuisance, sues owner

A San Francisco Bay Area town is suing the owner of the quirky Flintstone House, alleging she violated local codes when she put dinosaur sculptures in the backyard and made other landscaping changes that caused local officials to declare it a public nuisance.

The town of Hillsborough filed a complaint this week against Florence Fang, a media mogul who purchased the colorful, bulbous-shaped house in 2017.

In October, a code enforcement panel found the metal sculptures, a driveway sign that reads "Yabba Dabba Doo," and other landscaping additions created "a highly visible eyesore."

The complaint was filed after she failed to comply with the panel's order to remove the features.

Fang's grandson told KPIX-TV that his grandmother "will fight to save the Flintstone House."

Source: Fox News National

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StanChart extends U.S. deferred prosecution agreement by 10 days

FILE PHOTO: FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong
FILE PHOTO: FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong, China August 1, 2017. REUTERS/Bobby Yip/File Photo

April 1, 2019

By Lawrence White

LONDON (Reuters) – Standard Chartered has agreed a 10-day extension of its deferred prosecution agreement (DPA) with United States authorities over Iranian sanctions violations, suggesting the conclusion of a probe into its behavior may be near.

The bank said on Monday the short extension will run until April 10, implying it could soon reach a settlement with U.S. authorities over whether it continued to violate sanctions after 2007 when it said it would no longer do business with Iran.

“This brief extension will allow additional time to resolve the outstanding investigation into our historical U.S. sanctions compliance,” a StanChart spokeswoman said.

The bank has already paid $667 million for sanctions violations prior to 2007, and has warned in its most recent annual report that resolving the U.S. probe could mean “substantial monetary penalties.”

The lender said that the fresh agreement does not include the independent monitor installed in the bank and tasked with checking on its efforts to improve sanctions compliance, meaning the monitor’s term ended on March 31.

StanChart has been subject to the DPA with the United States since 2012, when it promised to end dealings with clients linked to Iran and to improve its compliance systems to prevent such activity happening again.

The DPA, which carries the threat of a bigger penalty if Standard Chartered breaks the terms of the settlement, had been due to expire on March 31 after it was extended in 2014, 2017 and 2018.

(Reporting by Lawrence White; Editing by David Goodman and David Evans)

Source: OANN

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Oregon K-9 officer stuck with more than 200 porcupine quills while pursuing suspect, police say

A police K-9 in Oregon was in pursuit of a suspect when a porcupine crossed the dog's path and pierced him with more than 200 quills, authorities said Monday.

Odin, the K-9 officer, was on the trail of a fleeing suspect — identified as 29-year-old Devin J. Wilson — on Saturday when he got in a tangle with the porcupine, the Coos County Sheriff's Office said. Several of the 200 quills went into the dog’s mouth and two stuck close to his eye.

EXOTIC CAT ON THE LOOSE IN VIRGINIA, ANIMAL CONTROL WORKING WITH OWNER TO CAPTURE IT

Police said they immediately suspended the search and rushed Odin to a veterinarian at Hanson-Meekins Animal Hospital in Coos Bay. The K-9 officer was sedated and treated for more than two hours.

K-9 officer Odin received a face-full of porcupine quills while pursuing a suspect over the weekend. Both the suspect and the porcupine remain at large, police said.

K-9 officer Odin received a face-full of porcupine quills while pursuing a suspect over the weekend. Both the suspect and the porcupine remain at large, police said. (Coos County Sheriff's Office)

“The sheriff’s office would like to offer thanks to the staff at Hanson-Meekins for their dedication and professional care, as well as to the public for the outpouring of support for K9 Odin,” a news release said.

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Dozens of people wished Odin a "speedy recovery" online. Deputies told FOX12 Oregon Odin was doing well as he rested at home, but his porcupine assailant “remains at large.”

Police said they are still seeking Wilson, who has several felony warrants.

Source: Fox News National

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Top strategists split from Bernie Sanders for his 2020 White House run

FILE PHOTO: Senator Bernie Sanders speaks during a news conference on Yemen resolution
FILE PHOTO: U.S. Senator Bernie Sanders speaks during a news conference on Yemen resolution on Capitol Hill in Washington, U.S., January 30, 2019. REUTERS/Yuri Gripas/File Photo

February 26, 2019

By John Whitesides

WASHINGTON (Reuters) – Three of the top media strategists for Democratic presidential contender Bernie Sanders stepped away from his 2020 campaign on Tuesday, citing creative differences over their vision for his fledgling White House run.

Prominent consultants Tad Devine, Mark Longabaugh and Julian Mulvey, who played leading roles in Sanders’ insurgent 2016 presidential campaign, said they would not work on the Vermont senator’s 2020 bid for the Democratic nomination, which was launched last week.

“We are leaving because we believe that Senator Sanders deserves to have media consultants who share his creative vision for the campaign,” the three said in a joint statement.

The three are partners in a media consulting firm that produced 275 television, radio and digital ads for the Sanders campaign in the 2016 race. It also put together the video that Sanders used to launch his 2020 campaign, and advised Sanders on his announcement schedule and rollout, Longabaugh said.

In 2016, Devine also served as a top political strategist and frequent spokesman for Sanders, while Longabaugh was a senior adviser and Mulvey was creative director for the ad campaigns. Many of the firm’s 2016 ads drew wide notice and critical acclaim during the campaign.

“We are grateful for the opportunity to have worked for Senator Sanders in his historic 2016 campaign for president,” the strategists said in their statement.

According to Federal Election Commission records, the Sanders campaign paid the firm about $5.3 million during the 2016 cycle for its services.

“The campaign appreciates all the good work DML has done and wishes them well,” Sanders’ new campaign manager, Faiz Shakir, said in a statement, using an acronym for the firm run by the three.

As he launches his second run, Sanders has been under pressure to bring in a more diverse set of advisers than the largely white inner circle that ran his 2016 bid.

Sanders has already proven to be a fundraising juggernaut in the first week of his presidential run. His campaign said on Tuesday he had raised about $10 million from nearly 360,000 donors in the first week.

He will make his first campaign trail appearances this weekend with rallies in Brooklyn, where he was born and raised, and Chicago.

The split comes after Devine drew attention last year for his connections to former Trump campaign Chairman Paul Manafort. Devine worked with Manafort to help elect pro-Russian Victor Yanukovich president of Ukraine in 2010.

Manafort has been convicted of multiple felony counts by Special Counsel Robert Mueller related to his investigation into Russian interference in the 2016 presidential election. Devine testified at Manafort’s trial, but was not accused of wrongdoing.

Russia has denied meddling in the election. Republican President Donald Trump has called Mueller’s investigation a witch hunt.

(Reporting by John Whitesides; editing by Jonathan Oatis)

Source: OANN

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Q-Poll: Most Are Optimistic About Financial Future

Seventy-five percent of Americans are optimistic about their financial future, compared to 19 percent who are pessimistic, reveals a new Quinnipiac University poll.

Here are the survey's highlights:

  • 50 percent believe they will have enough savings when they retire to live comfortably, while 33 percent think they will not.
  • 69 percent say they can afford to pay an unexpected $500 bill, compared to 29 percent who cannot.
  • 60 percent say they have retirement savings, while 37 percent do not.
  • 45 percent believe the Social Security system will be able to pay a benefit once they are eligible to collect it, compared to 32 percent who do not.
  • 17 percent regret taking student loans to get through college, while 28 percent do not regret it.

"This high level of optimism reflects the constant economic growth and decreasing levels of unemployment over the last decade," said Osman Kilic, chair of the Department of Finance at the School of Business at Quinnipiac University. "It also shows, however, the lack of savings, especially for retirement."

The poll, conducted Mary 21-25, surveyed, 1,590 people. It has a margin of error of plus or minus 3 percentage points.

Source: NewsMax America

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

Source: OANN

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2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston
2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston, Texas, U.S. April 24, 2019. REUTERS/Loren Elliott

April 26, 2019

By Joshua Schneyer and M.B. Pell

NEW YORK (Reuters) – Senator Elizabeth Warren will introduce a bill Friday that offers new protections for U.S. military families facing unsafe housing, following a series of Reuters reports revealing squalid conditions in privately managed base homes.

The Reuters reports and later Congressional hearings detailed widespread hazards including lead paint exposure, vermin infestations, collapsing ceilings, mold and maintenance lapses in privatized base housing communities that serve some 700,000 U.S. military family members.

(View Warren’s military housing bill here. https://tmsnrt.rs/2Dy5aht)

(Read Reuters’ Ambushed at Home series on military housing here. https://www.reuters.com/investigates/section/usa-military)

The Massachusetts Democrat’s bill would mandate both regular and unannounced spot inspections of base homes by certified, independent inspectors, holding landlords accountable for quickly fixing hazards. The military’s privatization program for years allowed real estate firms to operate base housing with scant oversight, Reuters found, leaving some tenants in unsafe homes with little recourse against landlords.

The bill would also require the Department of Defense and its private housing operators to publish reports annually detailing housing conditions, tenant complaints, maintenance response times and the financial incentives companies receive at each base. The provisions aim to enhance transparency of housing deals whose finances and operations the military had allowed to remain largely confidential under a privatization program since the late 1990s.

The measure would also require private landlords to cover moving costs for at-risk families, and healthcare costs for people with medical conditions resulting from unsafe base housing, ensuring they receive continuing coverage even after they leave the homes or the military.

“This bill will eliminate the kind of corner-cutting and neglect the Defense Department should never have let these private housing partners get away with in the first place,” Warren said in a statement Friday.

The proposed legislation comes after February Senate hearings where Warren, a member of the Senate Armed Services Committee who is seeking the Democratic nomination for the 2020 U.S. presidential election, slammed private real estate firms for endangering service families, and sought answers about why military branches weren’t providing more oversight.

Her legislation would direct the Defense Department to allow local housing code enforcers onto federal bases, following concerns they were sometimes denied access. Warren’s office said a companion bill in the House of Representatives would be introduced by Rep. Deb Haaland, Democrat of New Mexico.

In response to the housing crisis, military branches are developing a tenant bill of rights and hiring hundreds of new housing staff. The branches recently dispatched commanders to survey base housing worldwide for safety hazards, resulting in thousands of work orders and hundreds of tenants being moved. The Defense Department has pledged to renegotiate its 50-year contracts with private real estate firms.

Congress has been quick to take its own measures. Earlier legislation proposed by senators Dianne Feinstein and Kamala Harris of California, along with Mark Warner and Tim Kaine of Virginia, would compel base commanders to withhold rent payments and incentive fees from the private ventures if they allow home hazards to persist.

(Editing by Ronnie Greene)

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FILE PHOTO: Offices of Deloitte are seen in London
FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

(Reuters) – Deloitte quit as Ferrexpo’s auditor on Friday, knocking its shares by more than 20 percent, days after saying it was unable to conclude whether the iron ore miner’s CEO controlled a charity being investigated over its use of company donations.

Blooming Land, which coordinates Ferrexpo’s Corporate Social Responsibility (CSR) program, came under scrutiny after auditors found holes in the charity’s statements.

Ferrexpo on Tuesday said findings of an ongoing independent investigation launched in February indicated some Blooming Land funds could have been “misappropriated”. It did not provide any details or publish its findings.

Shares in Ferrexpo, the third largest exporter of pellets to the global steel industry, were 23.4 percent lower at 206.1 pence at 1022 GMT following news of Deloitte’s resignation.

“Ferrexpo’s shares are deeply discounted vs peers … following the resignation of Deloitte, we expect downside risks to dominate Ferrexpo’s shares near term.” JP Morgan analyst Dominic O’Kane said in a note on Friday.

Swiss-headquartered Ferrexpo did not provide a reason for the resignation of Deloitte, which declined to comment, while Blooming Land did not respond to a request for comment.

Funding for Blooming Land’s CSR activities is provided by one of Ferrexpo’s units in Ukraine and Khimreaktiv LLC, an entity ultimately controlled by Ferrexpo’s CEO and majority owner Kostyantin Zhevago, Ferrexpo said on Tuesday.

Ferrexpo’s board has found that Zhevago did not have significant influence or control over the charity, but Deloitte said it was unable reach a conclusion on this.

Reuters was not immediately able to contact Zhevago.

In a qualified opinion, a statement addressing an incomplete audit, Deloitte said it had been unable to conclude whether $33.5 million of CSR donations to Blooming Land between 2017 and 2018 was used for “legitimate business payments for charitable purposes”.

Deloitte said on Tuesday that total CSR payments made to Blooming Land by Ferrexpo since 2013 total about $110 million.

Ferrexpo, whose major mines are in Ukraine, has said that the investigation was ongoing and new evidence pointed to potential discrepancies.

Zhevago, 45, who ranked 1,511 on Forbes magazine’s list of billionaires for 2019 with a net worth of $1.4 billion, owns the FC Vorskla soccer club and has been a member of Ukraine’s parliament since 1998.

(Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru and additional reporting by Pavel Polityuk in Kiev; editing by Gopakumar Warrier, Bernard Orr)

Source: OANN

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Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba, Mozambique April 26, 2019 in this still image obtained from social media. SolidarMed via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

JOHANNESBURG/LUANDA (Reuters) – Cyclone Kenneth killed at least one person and left a trail of destruction in northern Mozambique, destroying houses, ripping up trees and knocking out power, authorities said on Friday.

The cyclone brought storm surges and wind gusts of up to 280 km per hour (174 mph) when it made landfall on Thursday evening, after killing three people in the island nation of Comoros.

It was the most powerful storm on record to hit Mozambique’s northern coast and came just six weeks after Cyclone Idai battered the impoverished nation, causing devastating floods and killing more than 1,000 people across a swathe of southern Africa.

The World Food Programme warned that Kenneth could dump as much as 600 millimeters of rain on the region over the next 10 days – twice that brought by Cyclone Idai.

One woman in the port town of Pemba died after being hit by a falling tree, the Emergency Operations Committee for Cabo Delgado (COE) said in a statement, while another person was injured.

In rural areas outside Pemba, many homes are made of mud. In the main town on the island of Ibo, 90 percent of the houses were destroyed, officials said. Around 15,000 people were out in the open or in “overcrowded” shelters and there was a need for tents, food and water, they said.

There were also reports of a large number of homes and some infrastructure destroyed in Macomia district, a mainland district adjacent to Ibo.

A local group, the Friends of Pemba Association, had earlier reported that they could not reach people in Muidumbe, a district further inland.

Mark Lowcock, United Nations under-secretary-general for humanitarian affairs, warned the storm could require another major humanitarian operation in Mozambique.

“Cyclone Kenneth marks the first time two cyclones have made landfall in Mozambique during the same season, further stressing the government’s limited resources,” he said in a statement.

FLOOD WARNINGS

Shaquila Alberto, owner of the beach-front Messano Flower Lodge in Macomia, said there were many fallen trees there, and in rural areas people’s homes had been damaged. Some areas of nearby Pemba had no power.

“Even my workers, they said the roof and all the things fell down,” she said by phone.

Further south, in Pemba, Elton Ernesto, a receptionist at Raphael’s Hotel, said there were fallen trees but not too much damage. The hotel had power and water, he said, while phones rang in the background. “The rain has stopped,” he added.

However Michael Charles, an official for the International Federation of the Red Cross and Red Crescent Societies (IFRC), said heavy rains over the next few days were likely to bring a “second wave of destruction” in the form of flooding.

“The houses are not all solid, and the topography is very sandy,” Charles said.

In the days after Cyclone Idai, heavy inland rains prompted rivers to burst their banks, submerging entire villages, cutting areas off from aid and ruining crops. There were concerns the same could happen again in northern Mozambique.

Before Kenneth hit, the government and aid workers moved around 30,000 people to safer buildings such as schools, however authorities said that around 680,000 people were in the path of the storm.

(Reporting by Emma Rumney and Stephen Eisenhammer; Writing by Emma Rumney; Editing by Janet Lawrence and Alexandra Zavis)

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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