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Thousands rally in Serbia against populist leader Vucic

Thousands of people have gathered for a protest rally against Serbia's populist President Aleksandar Vucic. Authorities deployed riot police inside the parliament, saying they wanted to prevent the opposition from storming the building.

The protest Saturday in central Belgrade, the capital, comes after months of anti-government demonstrations accusing Vucic of being autocratic and demanding that his government allow more democracy and media freedom in the Balkan country.

Tensions have mounted ahead of Saturday's rally, as pro-government media and officials alleged the opposition wants to storm the state institutions and take over power by force. Opposition leaders say the authorities have sought to prevent their supporters from coming into Belgrade for the rally.

The anti-government protests started after masked thugs beat up an opposition politician last November. Vucic denies accusations that he's an autocrat.

Source: Fox News World

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California man accused of ‘intentionally’ burning partner: police

Authorities in California on Monday said they apprehended a man who they claim purposefully burned his partner, leaving her “severely injured.”

Richard R. Frederiksen, 48, was taken into custody following the encounter on Saturday that drew officers to a home in Roseville, the city’s police department said on Facebook Monday.

PARENTS ARRESTED IN CALIFORNIA AFTER TODDLER SONS FOUND IN CAGES

Police were called to the scene around 10:55 p.m., where they discovered the wounded woman, officials said.

“The initial investigation uncovered that the victim’s partner had intentionally burned the victim,” officials said. The woman sustained life-threatening injuries and was brought to the hospital. She “remains in critical condition.”

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Frederiksen had allegedly abandoned the area but he was “eventually” found and apprehended, police said. He was located on Sunday, Fox 40 reported.

The suspect was booked into the South Placer Jail “without the possibility of bail” on multiple charges, including attempted murder and inflicting corporal injury, police said.

Source: Fox News National

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Jewish voters are furious at Dems’ defense of Ilhan Omar

Jewish voters furious at Democrats’ defense of Rep. Ilhan Omar say they’re done with the party that has held their support for generations.

“We felt we had a home there,” said Mark Schwartz, the Democratic deputy mayor of solidly blue Teaneck, NJ. “And now we feel like we have to check our passports.”

Jordan Manor of Manhattan, who calls himself a “gay Jewish Israeli-American,” laments, “The party I thought cared about me seems to disregard me when it comes to my Jewish identity.”

ILHAN OMAR DENIES EQUATING OBAMA AND TRUMP, SAYS ONLY ONE IS 'HUMAN'

Mark Dunec, a consultant in Livingston, NJ who ran for Congress as a Democrat in 2014, says, “I’m physically afraid for myself and for my family,” adding, “I see my own party contributing to the rise of anti-Semitism in the United States.”

Omar, a freshman congresswoman from Minnesota, sparked the firestorm in February for using anti-Jewish tropes: saying that support for Israel was “all about the Benjamins” and accusing Jewish-American legislators of “dual loyalty.”

Many, including some fellow Democrats, deemed her comments anti-Semitic — but the party’s lefty activists pushed back.

“No one seeks this level of reprimand when members make statements about Latinx + other communities,” complained Rep. Alexandria Ocasio-Cortez in a March 5 tweet.

Omar issued only a partial apology.

In response, the House passed a resolution condemning all “hateful expressions of intolerance” with kitchen-sink language that named nearly a dozen different groups.

“I feel confident that [Omar’s] words were not based on any anti-Semitic attitude,” House Speaker Nancy Pelosi said.

Many Jewish Dems in the city aren’t buying it.

“The fake defense she doesn’t know what she’s saying? I don’t believe it,” said Sara, a Queens teacher who asked not to be fully identified. “This is a grown woman and a member of Congress. Trying to excuse this as naivete is inexcusable.”

“The fake defense she doesn’t know what she’s saying? I don’t believe it. This is a grown woman and a member of Congress. Trying to excuse this as naivete is inexcusable.”

— Sara, a teacher from Queens, N.Y.

For her and others, anger is sparking immediate action.

“The watered-down resolution triggered my decision to walk away from the Democratic Party,” said Allison Gangi of Manhattan.

“I never dreamed anti-Semitism would have become mainstream on the left, but it has.”

“I never dreamed anti-Semitism would have become mainstream on the left, but it has.”

— Allison Gangi of Manhattan

Sara said she is “not comfortable anymore being a Democrat” and will register as an independent.

Among his Teaneck neighbors, Schwartz said, “Our only question now is, do we start voting Republican, or do we become Republicans?”

Others say they feel like the wandering Jew of legend.

“I’m homeless. I don’t think I can vote for Trump, even though he’s great for Israel,” said Jason, a start-up owner from Long Island who asked that his surname not be used. “But as a Jew, I can’t see a way to support the Democratic Party. It’s supporting your own destruction.”

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Last week, President Trump issued two tweets boosting “Jexodus,” a new advocacy group — advised by a prominent GOP strategist — that encourages moderate and conservative Jews to find a new political home. More than 4,000 people have signed on, organizers said.

“Since launching this, the anti-Semitism we are seeing is so blatant and obvious it’s terrifying,” said Elizabeth Pipko, the group’s spokeswoman and a volunteer on Trump’s 2016 campaign.

The organization’s Instagram and Facebook pages are regularly targeted with hateful messages, she said.

“I leave them up, because people have got to see it,” Pipko said.

Source: Fox News Politics

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Show up drunk: Indictments spotlight prison rehab scams

It's a tip that has been passed onto convicts for years: On your way to federal prison, say you have a substance abuse problem, and you could qualify for a treatment program that knocks up to a year off your sentence.

Federal prosecutors have long suspected abuses in the program, which has enrolled a deep list of high-profile convicts. Recently, a grand jury in Connecticut indicted three people accused of coaching ineligible convicts on how to get into the Residential Drug Abuse Program, or RDAP, by telling them to show up to prison intoxicated and fake withdrawal symptoms. The charges are among the first filed against prison consultants involving the program.

The case has put a spotlight on the unregulated world of prison consulting, in which some ex-convicts and former prison employees charge thousands of dollars for their inside knowledge to help people prepare for life behind bars. Some consultants say there has been wrongdoing in the industry for decades, including encouraging clients to scam their way into the rehab program.

The small industry now is "totally the Wild West," said Jack Donson, president of New York-based My Federal Prison Consultant and a retired federal Bureau of Prisons employee.

"I hope it brings light to things," he said, referring to the Connecticut case. "I hope it gives people ... pause to not cross that line to illegality and unethical conduct."

Completing the nine-month, 500-hour treatment program for nonviolent offenders is one of only a few ways inmates can get their sentences reduced. About 15,600 inmates — nearly 10 percent of the current federal prison population — participated in the program last year, and thousands more are on waiting lists. To get in, convicts must present evidence they had substance abuse or addiction problems during the year prior to their arrest. Upon completion, their sentences can be reduced and they can spend the last six months of their sentences in a halfway house.

Christopher Mattei, a former federal prosecutor in Connecticut, said the U.S. attorney's office increasingly saw white-collar convicts make use of the program.

"It undermines the public's confidence that all people when they go before a court for sentencing will be treated fairly. People who know how to game the system know how to get the benefits, whereas people who are struggling with addiction don't know all the angles to play," Mattei said.

Mattei helped send Bridgeport Mayor Joseph Ganim to prison for nearly seven years for corruption. Ganim took part in the drug treatment program, got released early in 2010 and made a stunning comeback by winning back the mayor's seat in the 2015 election.

That Ganim even had a substance abuse problem surprised both Mattei and the federal judge who sentenced him, since there had been no indication of such a problem. After his release, Ganim himself worked as a prison consultant and touted his knowledge of the drug program. He did not return messages from the AP seeking comment.

Questions have been raised about other prominent convicts' admittance to the program.

Former Atlanta Mayor Bill Campbell, sentenced to 30 months for tax evasion, completed the program, but the four-month early release he received was revoked in 2008 after prosecutors raised questions about whether he really had an alcohol problem.

Former Enron Treasurer Ben Glisan Jr. was sentenced to five years in prison after pleading guilty in 2003 in the Enron fraud scandal, but he shaved 18 months off the sentence through good behavior and the drug treatment program.

While testifying at the fraud and conspiracy trial in 2006, Glisan appeared to joke about the program on the witness stand while being questioned by Daniel Petrocelli, the lawyer for former Enron Chief Executive Officer Jeffrey Skilling, the AP reported at the time. Glisan said his pre-prison drinking "problem" was consuming two glasses of wine upon returning home and sometimes a bottle when out with colleagues.

"You said one or two drinks. If you have a drinking problem, then I'm in serious trouble," Petrocelli joked.

"You'll get a year off," Glisan replied with a laugh.

Bureau of Prisons officials said they cannot comment on specific inmates who participated in the program or on legal proceedings, including indictments.

"However, we can share that the BOP is committed to the integrity of the Residential Drug Abuse Program," the agency said in a statement.

The criminal indictments in Connecticut are believed to be among the first criminal charges filed against prison consultants in connection with the treatment program.

Arrested were Michigan residents Tony Pham, 49, and Samuel Copenhaver, 47, both of Grand Rapids; and Constance Moerland, 33, of Hudsonville. The three were managing partners in RDAP Law Consultants, authorities said.

Prosecutors said the three told clients over the past six years to falsely inform Bureau of Prisons officials that they had drug and alcohol problems, taught them how to fake withdrawal symptoms and how to fraudulently obtain medication to treat withdrawal symptoms, so they could show prescriptions to qualify for the program. The partners also told their clients to begin drinking alcohol daily before going to prison and to show up drunk, the indictments said.

Messages were left at phone listings for Pham and Moerland. Copenhaver did not address the allegations in emails with the AP, saying he was too busy to comment. Lawyers for Copenhaver and Moerland declined to comment. A message was left for Pham's public defender.

"The fraudsters not only undermined the authority of the judicial system to administer fair and impactful sentences, but they diverted vital substance abuse treatment from inmates who really needed it," said Kristina O'Connell, an Internal Revenue Service agent in charge of New England investigations.

Last year in New York City, a lawyer and three other people were charged with defrauding the government and making false statements. They allegedly submitted bogus information to prison officials, claiming that a convicted drug dealer had a history of addiction, in an effort to get the client into the drug treatment program so he could be released early. The case remains pending.

Other consultants coach people on how to lie to get into the program, according to Donson, who said some also claim they can get convicts sent to prisons that have the RDAP program when only federal prison officials have that authority. He said he sees potential for fraud also as consultants rush to offer help related to a new law that allows federal prisoners sentenced for crack cocaine offenses before late 2010 the opportunity to petition for a lighter penalty.

Donson and other consultants say more monitoring of the industry and prosecutions would help deter misconduct.

"It's an unregulated industry, so something like this hopefully brings some attention to it," said Dan Wise, an ex-con who completed the RDAP program and now runs a prison consultant business based in Spokane, Washington.

Source: Fox News National

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Acting Pentagon chief makes renewed pitch for Space Force

The acting defense secretary is making a renewed pitch to Congress for authority to create a Space Force as a separate branch of the military.

Patrick Shanahan, who's been heading the Pentagon on an interim basis since Jan. 1, is testifying before the Senate Armed Services Committee. Some committee members have expressed skepticism about the need to establish a Space Force as a separate military service.

In his prepared remarks, Shanahan says a Space Force is required to maintain what he calls America's "margin of dominance" in space. He also says China and Russia are — in his words — "weaponizing" space.

The Trump administration's proposal is part of a broader plan intended to accelerate the development of U.S. space defenses.

Source: Fox News National

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Ilhan Omar Gaslights America On 9/11 Terror Attacks

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Slack demand, car woes cause Germany’s industry share to slip

FILE PHOTO: Minister for Economic Affairs and Energy Peter Altmaier delivers a statement after the weekly cabinet meeting in Berlin
FILE PHOTO: Minister for Economic Affairs and Energy Peter Altmaier delivers a statement after the weekly cabinet meeting in Berlin, Germany June 6, 2018. REUTERS/Axel Schmidt/File Photo

February 20, 2019

By Rene Wagner

BERLIN (Reuters) – Slackening international demand for German goods and its car industry’s difficulties meeting new emissions standards have led to the share of manufacturing in Germany’s economic value creation falling in 2018 for the first time since 2013.

Numbers from the German statistical office reviewed by Reuters highlight the challenge Economy Minister Peter Altmaier faces if he is to succeed in his goal of raising the industry share of gross value added to 25 percent by 2030.

The share fell to 23.2 percent in 2018, from 23.4 percent the previous year.

Germany, whose advanced manufacturing sector has fueled a decade-long boom in Europe’s largest economy, also faces a stiff challenge from Chinese manufacturers and from Silicon Valley, which have advantages in emerging digital technologies where Germany has less of a tradition.

Other temporary factors contributing to the poor results included low water levels on the Rhine river, a major shipping artery, which caused supply chains to snag, triggering an industry recession in the second half of 2018.

Industry is especially important for Germany, whose export-oriented economy is especially dependent on its commanding lead in the export of high-value engineering goods to the wider world.

(Writing by Thomas Escritt; Editing by Alison Williams and Raissa Kasolowsky)

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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)

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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)

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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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