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Fox News Poll: Half of voters favor military action against North Korea

Just over half of voters perceive North Korea as a “major” threat to U.S. national security, and about the same number support taking military action to stop the country’s nuclear weapons program.

In addition, more approve than disapprove of how President Trump is handling North Korea, according to the latest Fox News Poll.  Forty-six percent approve, up from 45 percent in April 2018 and marking a new high.  Forty-one percent disapprove.

Forty-nine percent favor military action to prevent North Korea from continuing to develop its nuclear weapons program (37 percent oppose).  That is down a touch from 53 percent in April 2017 -- around the same time North Korea displayed new long-range missiles at a military parade and test fired a ballistic missile ahead of a U.S.-China summit.

CLICK TO READ THE COMPLETE POLL RESULTS.

The four-point decline comes entirely from a shift among Republicans:  73 percent favored military action in April 2017 compared to 63 percent today.  They are joined by 36 percent of Democrats and 50 percent of independents.

Overall, 52 percent see North Korea as a “major” threat to national security.

That puts it on the higher end of perceived threats.  By comparison, more voters consider foreign cyberattacks (72 percent) and ISIS (62 percent) as “major” threats, while far fewer say the same about the migrant caravan (35 percent) and instability in Venezuela (22 percent).

Despite being less likely to favor military intervention, Democrats (58 percent) are 12 points more likely than Republicans (46 percent) to consider North Korea a “major” threat.

“Unlike many domestic issues, foreign policy attitudes are highly dependent on who is president,” says Republican pollster Daron Shaw, who conducts the Fox Poll with Democrat Chris Anderson. “Here we see that Democrats are more attuned to the possibility of a run-in with North Korea because they don’t trust President Trump to handle the issue competently.”

A summit between President Trump and North Korean leader Kim Jong Un is set for February 27-28 in Vietnam.

Trump declared during the State of the Union, "If I had not been elected president of the United States, we would right now, in my opinion, be in a major war with North Korea with potentially millions of people killed."

One-third of voters (32 percent) think military conflict with North Korea is less likely than it was two years ago, while 21 percent say more likely.  The largest share, 41 percent, believes the threat is about the same as it was around the time Trump took office.

Republicans (53 percent) are nearly four times as likely as Democrats are (14 percent) to think a conflict is less likely now.

The Fox News poll is based on landline and cellphone interviews with 1,004 randomly chosen registered voters nationwide and was conducted under the joint direction of Beacon Research (D) (formerly named Anderson Robbins Research) and Shaw & Company Research (R) from February 10-12, 2019.  The poll has a margin of sampling error of plus or minus three percentage points for all registered voters.

Source: Fox News Politics

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Obama team didn’t do ‘enough’ to combat Russian meddling: Democratic strategist

Former President Barack Obama should have done more to combat Russian meddling, even if Senate leadership refused to cooperate, Democratic strategist Mary Anne Marsh said on Friday's broadcast of "The Daily Briefing."

Marsh, who served as a senior adviser to former Sen. John Kerry, D-Mass., told Fox News host Dana Perino that she didn't "believe the Obama team and President Obama did enough."

Her comments came just after the release of Special Counsel Robert Mueller's report on Russian attempts to interfere during the 2016 elections. The report brought a renewed focus on how the Obama administration confronted meddling, an issue President Trump highlighted on Thursday.

"Anything the Russians did concerning the 2016 Election was done while Obama was President," Trump tweeted. "He was told about it and did nothing! Most importantly, the vote was not affected."

Earlier on "The Daily Briefing," former interim Democratic National Committee chair Donna Brazile defended the former president. Obama, she said, could only do so much, given that additional efforts on his part could have been seen as attempts to help former Democratic presidential nominee Hillary Clinton during the election.

TRUMP RAILS AGAINST ASSOCIATES WHO SPOKE TO MUELLER, CLAIMS 'TOTAL BULL---T'

The former administration also tried getting Congress to release a bipartisan statement on Russian interference in September of 2016 but Senate Majority Leader Mitch McConnell, R-Ky., rejected the opportunity, saying he doubted the intelligence behind that claim.

For Marsh, however, that didn't excuse the former president from taking further action. "Just because Mitch McConnell refused to sign into a statement — ultimately, any president is the commander in chief and you have to protect our country and our national security," she said.

"To have Russia, a foreign country, interfere in our election — possibly hacking machines — is unacceptable. You can't care what anybody thinks about [why] you're doing it," Marsh added.

The Obama administration did attempt to address Russian interference when it surveilled the Trump campaign during the election.

CLICK HERE TO GET THE FOX NEWS APP

That earned the administration intense criticism from conservatives, although Rep. Eric Swalwell, D-Calif., one of the leading figures in Congress' Russia investigation, told Fox News earlier that the Obama team shouldn't apologize.

Swalwell pointed to the Mueller report which he said "certainly" showed evidence of collusion and "laid out a multiplicity of contacts between the Trump campaign and Russians."

Source: Fox News Politics

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Exclusive: Canadian regulator failed to make checks on risky mortgage brokers

A sign for the Financial Services Commission of Ontario is seen in Toronto
A sign for the Financial Services Commission of Ontario is seen in Toronto, Ontario, Canada September 5, 2017. REUTERS/Mark Blinch

February 26, 2019

By Matt Scuffham and Allison Martell

TORONTO (Reuters) – The financial services regulator in Canada’s biggest province failed to make planned checks on mortgage brokers it had identified as risky because its resources were stretched, according to documents obtained by Reuters under freedom of information laws and information provided by the regulator.

The Financial Services Commission of Ontario (FSCO) planned to complete five on-site examinations of mortgage brokerages identified as risky this fiscal year, which ends March 31. But as of Dec. 31, 2018, nine months into the year, it had not finished any of them, according to data provided to Reuters.

During the same period, FSCO staff carried out only four of 50 planned “desk reviews,” which are similar to on-site examinations but less detailed.

The findings call into question whether mortgage brokers, which originate 30 percent to 40 percent of new loans in Canada’s C$1.5 trillion ($1.1 trillion) mortgage market, are being adequately supervised as record household debt and rising interest rates make it harder for borrowers to make repayments.

Mortgage underwriting standards came under scrutiny in Canada after the country’s biggest nonbank lender, Home Capital Group Inc, accepted responsibility for misleading investors about problems with its procedures in 2017.

The FSCO plays a particularly important role because it supervises brokerages in Toronto, Canada’s biggest housing market. It is due to be replaced by a new regulatory body, the Financial Services Regulatory Authority (FSRA), in the spring of this year but it is currently unclear whether FSRA will have significantly more resources than its predecessor.

In a statement, FSCO said it conducts a thorough investigation where individuals or entities are identified as presenting an elevated risk.

“This investigative process, which makes the best use of finite resources to address the most significant risks, may include, but does not require, a site visit,” it said. “As a result, planned examinations may not take place, but other regulatory and supervisory activities would occur, based on the resources available.”

The on-site examinations involve FSCO staff visiting mortgage brokerages that initial reviews have flagged as having “elevated risk levels,” warranting further investigation, according to a June 2018 government audit of FSCO’s market regulation branch which Reuters obtained through a freedom of information request. They are meant to catch problems early, before they escalate, the report said.

The checks can stop problems such as mortgage brokers failing to make proper checks to prevent borrowers’ lying about their income in order to obtain a loan. According to credit bureau Equifax, suspected fraudulent mortgage applications have increased by 52 percent in Canada since 2013, with Ontario seeing the majority. Other types of fraud include brokers charging unlawful fees, FSCO says on its website.

TIGHT BUDGET

The audit stated FSCO was “operating in a challenging regulatory environment with limited resource to carry out its supervisory activities”.

Asked if FSCO’s successor will have more resources, Ontario’s finance ministry said FSRA is consulting with the department over its planned budget and business plan for 2019-20 and is also working on establishing a fee rule enabling it to recover some costs from the sectors it regulates, potentially enhancing its overall budget.

According to its 2017/18 annual report, FSCO had 382 staff and an annual budget of C$56.5 million. Its annual budget has declined by 40 percent since 2015/16, partly reflecting the transfer of its dispute resolution services activities to another Ontario government department.

The data from FSCO shows that the regulator completed fewer reviews in the first three quarters of this fiscal year than it did last year, when it also missed its targets.

The June 2018 audit showed that, in the nine months to Dec. 31, 2017, FSCO completed one of 25 planned on-site examinations, while eight of 15 planned desk reviews went ahead.

In its statement, FSCO said it eventually completed three on-site examinations and 11 desk reviews in its fiscal year to Mar. 31, 2018.

(Reporting by Matt Scuffham and Allison Martell; Editing by Jonathan Oatis)

Source: OANN

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Austrian prison escapee returns, fed up of life in the sun

A man who says he fled an Austrian prison over a decade ago has turned himself in to police in Salzburg, telling them he was fed up with living in Spain's Canary Islands.

Police said the 64-year-old, carrying two suitcases, went to police at Salzburg's railway station Saturday night and told them he was a fugitive prisoner who had just arrived from Munich Airport.

They said in a statement Monday that he told officers he had spent the past 10 ½ years on Tenerife, a popular vacation island, and wanted to return home because "Tenerife is not as nice as it used to be and he had lived there long enough."

Police verified that he had fled a prison in eastern Austria. He was taken to a Salzburg jail.

Source: Fox News World

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2016 Lies All Over Again! Biden Launches Campaign With Fake Polls Showing Him 8 Points Ahead Against Trump

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Source: InfoWars

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Report: Apple Investor Buffett Uses Vintage Flip Phone

His multinational holding company owns a chunk of Apple, but Berkshire Hathaway's billionaire founder Warren Buffett still uses a $20 flip phone.

The Oracle of Omaha showed off his vintage technology Thursday during a talk at The Gatehouse's Hands Up for Success luncheon, CNBC reported.

"Here's my phone, incidentally. Alexander Graham Bell lent it to me, and I forgot to return it," Buffett joked about his Samsung SCH-U320, which sells for between $20-$30 on Ebay, the news outlet reported.

Although Apple is Berkshire's largest investment — it holds 5.5 percent of the tech company — Buffett does not have hands-on experience with its product line, and has yet to set up an iPhone X, CNBC reported.

He does use an iPad to poke around for stock prices and research, the news outlet reported.

"A fellow sent me a '10' the other day, but I'm not using it yet," Buffett said, CNBC reported. 

"Very nice fellow. He even explained it. I think he pretended he was writing to a 3-year-old child. He wrote me this very nice letter and explained what to do with it — how it wouldn't bite me or anything like that. I'm kind of screwing up my courage here and one of these days, I'll move."

Source: NewsMax America

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Man surrenders in death of teen daughter shaken in infancy

A Pennsylvania man has turned himself in to face a criminal homicide charge after the death of a teenage daughter he injured when she was an infant.

Authorities say 37-year-old Ariden Jackson surrendered around noon Thursday to Allegheny County detectives. It's not clear whether he has an attorney to speak for him.

Authorities say Jackson told police in May 2005 that he shook 4-week-old Janiya in an apartment in the community of McKees Rocks, near Pittsburgh, because she would not stop crying.

Police say doctors called the injuries life-threatening and "likely to cause long-term developmental disability." Court documents indicate Jackson pleaded guilty to aggravated assault and child and reckless endangerment.

Police say that the now-13-year-old girl died in February of "complications of a seizure disorder resulting from remote abusive head trauma." The death was ruled homicide.

Source: Fox News National

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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)

Source: OANN

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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)

Source: OANN

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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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