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Wilbur Ross Refuses to Testify on Commerce Department’s 2020 Budget

Commerce Secretary Wilbur Ross refused to testify about his department's 2020 budget before a congressional panel on Wednesday, an act its chairman called one of "stunning disrespect" that left lawmakers facing an empty chair.

Ross, who was invited to testify at a hearing but instead tried to send aides to a speak on his behalf, has been criticized in the Democratic-controlled House of Representatives over his efforts to include a citizenship question on the 2020 census, an issue now before the U.S. Supreme Court.

Ross said in a statement after the hearing of a House subcommittee on Appropriations: "I am disappointed that these Department of Commerce leaders have not been allowed to discuss their respective budgets for 2020."

Ross has said he sought the citizenship question in the census to bolster the Voting Rights Act. But Democrats view it as an attempt to discourage immigrants and Latinos from participating in the census, which could lead to an undercount in Democratic-leaning states.

Non-citizens make up an estimated 7 percent of people living in the United States. The citizenship question has not appeared on the list of questions asked of all households since the 1950 census, but has featured since then on questionnaires sent to a smaller subsection of the population.

The U.S. Constitution requires a census to count all residents, including non-citizens, every 10 years. Results are used to draw political boundaries, allocate seats in Congress and distribute roughly $800 billion of federal funds.

The top Republican on the Appropriations subcommittee, Robert Aderholt, said Ross failed to appear out of "concern that this hearing might focus more on political or legal issues than the budget itself. Some have speculated it might turn into a debate over the 2020 census."

Aderholt noted Ross had sent senior officials to answer questions the panel might have about the Commerce Department's $12 billion budget request, but the panel's Democratic chairman, Jose Serrano, ruled that out.

"That will not be happening. This subcommittee invited Secretary Ross to testify and he's the only one who will be allowed to testify at this hearing," Serrano told the panel as members sat before an empty witness table marked with Ross' name.

"The secretary's actions today show a stunning disrespect for the mechanisms of our democracy," Serrano added.

It is routine for department heads to field questions from lawmakers each year about their budget requests and other matters. A different House panel, the Committee on Oversight and Reform, voted on Tuesday to authorize a subpoena for documents from Ross about his efforts to include the citizenship question.

Source: NewsMax Politics

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Feds: Coast Guard lieutenant compiled hit list of lawmakers

Prosecutors say a Coast Guard lieutenant is a "domestic terrorist" who wrote about biological attacks and had a hit list that included prominent Democrats and media figures.

Christopher Paul Hasson is due in court on Thursday in Maryland. He was arrested on gun and drug charges last week.

Prosecutors say Hasson espoused extremist views for years. Court papers detail a June 2017 draft email in which Hasson described an "interesting idea" that included "biological attacks followed by attack on food supply."

Federal agents found 15 firearms and over 1,000 rounds of ammunition when Hasson was arrested. Prosecutors say he also had compiled a list of prominent congressional Democrats, activists, journalists and media commentators.

Hasson's attorney declined to comment on Wednesday. His arrest was first noted by researchers from George Washington University.

Source: Fox News National

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#TheMagaNetwork Issues the #TrumpChallenge to EVERYONE on the #TrumpTrain to Wear your #MAGA Swag Proudly in Public! By #ComingOutForTrump you can reveal the #LEFT this is OUR #America

@TheMagaNetwork & http://MagaOneRadio.net  Issues the #TrumpChallenge to Everyone on the #TrumpTrain to wear your #MAGA Swag Proudly in Public! By #ComingOutForTrump to show the #Left this is OUR #America & #WeThePeopleAreAwake & #WontBackDown via @peterboykin Since #Liberals Think they can attack “45” #Supporters because @RepMaxineWaters said so. I issue the #TrumpChallenge to Everyone on the […]

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Woman ‘infatuated’ with Columbine shooting puts Colorado schools on edge

Colorado schools are on edge Wednesday after a Miami woman “infatuated” with the 1999 Columbine massacre made threats and traveled to Colorado where she bought firearms earlier this week, according to the Jefferson County Sheriff’s Office and the FBI.

Sol Pais, 18, who has a history of making “concerning” comments, arrived in Colorado from Miami early Monday and bought a pump action shotgun and ammunition, the FBI told reporters Tuesday evening. The FBI’s Miami office had reportedly alerted its Denver counterpart after learning of the potential threat.

Authorities said Pais was last seen in the foothills of Denver and remains at large. The Jefferson County Sheriff’s Office is currently leading multiple agencies in a massive manhunt. While no warrant has been issued for her arrest, the FBI said that district attorneys and the U.S. attorney’s office are discussing appropriate charges.

FLORIDA SCHOOL SHOOTING SUSPECT NIKOLAS CRUZ'S CRYPTIC LOVE LETTERS FROM JAIL TO UK WOMAN REVEALED

The FBI's Rocky Mountain Safe Streets Task Force issued a notice Tuesday describing Pais as "infatuated with (the) Columbine school shooting." The alert said police who come into contact with her should detain her and evaluate her mental health.

More than 20 schools -- including Columbine -- were put on lockouts Tuesday, meaning classes were conducted as usual, but entry and exits were heavily restricted for nearly three hours. Officials have not made a decision about whether to keep schools open on Wednesday, the Denver Channel reported.

“We are holding off on that decision and not announcing now because it is changing by the minute,” Stan Hilke of the Department of Public Safety said.

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Authorities said Pais hasn't singled out a particular school but has an "infatuation" with Columbine and the Columbine shooters. The threat comes just days ahead of the massacre's 20th anniversary.

The Associated Press contributed to this report. 

This is a developing story. Check back for updates.

Source: Fox News National

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Futures slightly higher ahead of inflation data

Traders work on the floor of the NYSE in New York
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 11, 2019. REUTERS/Brendan McDermid

March 12, 2019

By Amy Caren Daniel

(Reuters) – U.S. stock index futures inched higher on Tuesday, taking cues from global stocks which rose after last-minute tweaks to Britain’s deal to leave the European Union that eased some fears of a no-deal Brexit, and as investors waited for inflation data.

European Commission head Jean-Claude Juncker said he agreed to an updated Brexit deal with British Prime Minister Theresa May to make the agreement more palatable to UK lawmakers but warned they would not get a third chance to endorse it.

The S&P 500 index has risen nearly 19 percent off its December lows, when markets were roiled by concerns of Sino-U.S. trade frictions, slowing economic growth and uncertainty about Brexit.

A reduced likelihood of crashing out of the EU with no Brexit deal helped inject some appetite for riskier assets, potentially eliminating one of the three major concerns of global investors.

British lawmakers who rejected May’s withdrawal agreement in January are due to vote on the Brexit deal again at around 3:00 p.m. ET (1900 GMT).

Boeing Co fell 2.1 percent, extending a fall from the previous session after many airlines grounded the company’s best-selling line of jets after a second fatal crash in just five months.

Boeing as well as Coca-Cola Co’s fall in pre-market trading pressured the Dow futures.

The world’s largest planemaker, which is the best performing Dow component this year by a wide margin, fell as much as 13.4 percent on Monday and weighed on the Dow Jones Industrial average.

However the blue-chip Dow pared losses, and all three indexes ended Monday higher boosted by a tech-led rally. Wall Street had posted five straight sessions of declines in the previous week, their biggest fall since 2018-end.

At 6:38 a.m. ET, Dow e-minis were down 29 points, or 0.11 percent. S&P 500 e-minis were up 1.75 points, or 0.06 percent and Nasdaq 100 e-minis were up 12 points, or 0.17 percent.

Coca-Cola dipped 0.3 percent after HSBC downgraded the soda maker’s stock.

On the economic front, the Labor Department is expected to show that the seasonally adjusted consumer price index (CPI) rose 0.2 percent in February, after remaining unchanged for a third straight month in January.

Core CPI is seen increasing 2.2 percent year-on-year, unchanged from January. The report is due at 8:30 a.m. ET.

(Reporting by Amy Caren Daniel and Medha Singh in Bengaluru; Editing by Shounak Dasgupta)

Source: OANN

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Pope Francis prays for peaceful end to Nicaragua crisis

Pope Francis says he is praying for the success of talks underway in Nicaragua aimed at solving a yearlong political crisis in the country.

Francis addressed the crisis in Nicaragua after leading a prayer Sunday to a crowd at St. Peter's Square.

Francis, who is from Argentina, described the talks between President Daniel Ortega's administration and opposition delegations as "important."

He said: "I accompany the initiative with prayer and encourage the parties to find a peaceful solution for the good of all as soon as possible."

The crisis was triggered last April when cuts to social security benefits led to protests that evolved into calls for Ortega's resignation. Security forces responded with violent repression. Human rights groups say at least 325 people died.

The unrest also devastated the economy.

Source: Fox News World

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Trump team readies PR offensive on North America trade deal’s economic effects

FILE PHOTO: FILE PHOTO: G20 leaders summit in Buenos Aires
FILE PHOTO: U.S. President Donald Trump, Canada's Prime Minister Justin Trudeau and Mexico's then-President Enrique Pena Nieto attend the USMCA signing ceremony before the G20 leaders summit in Buenos Aires, Argentina November 30, 2018. REUTERS/Kevin Lamarque/File Photo

April 17, 2019

By David Lawder and David Shepardson

WASHINGTON (Reuters) – The Trump administration is readying a public relations offensive over the economic impact of its new North American trade deal to counter a crucial report expected on Thursday that economists see as likely to show minimal gains at best.

Industry sources familiar with the administration’s plans told Reuters the U.S. International Trade Commission’s analysis of the U.S.-Mexico-Canada Agreement would be met with a rosier forecast from the U.S. Trade Representative’s office.

The three countries agreed last year to the deal to replace the 25-year old North American Free Trade Agreement after President Donald Trump’s relentless criticism of NAFTA, calling it “the worst trade deal ever made” and insisting it be improved or scrapped.

The ITC report has been kept under wraps and is being keenly awaited by U.S. lawmakers to help them decide whether to support USMCA. A report showing little or no gain from the changes would be a setback for the administration and give some Democrats an excuse to deny Trump a major political victory.

The report will measure USMCA’s effects on gross domestic product, income, job creation and specific sectors against a baseline of NAFTA – a trade deal that already has eliminated nearly all tariffs among the three countries.

“You wouldn’t expect big effects compared to the existing NAFTA,” said Laura Baughman, president of Trade Partnership Worldwide LLC, a consulting firm that analyzes the economic impacts of trade actions and policies.

Baughman estimated the overall gain in U.S. GDP in the deal’s 15th year would be barely perceptible at about 0.01 percent and could be negative if the ITC fails to give enough weight to new provisions on digital trade, increased customs efficiency and services.

The ITC report will analyze areas that are more difficult to measure than tariffs, such as new rules of origin, intellectual property protections or elimination of non-scientific food safety barriers.

But people familiar with the matter said the USTR was expected to argue that the ITC analysis fails to adequately capture the full benefits of the trade deal.

The USTR is expected to emphasize how the new rules of origin for autos create incentives for companies to invest in research and development and increase production of auto parts, steel, aluminum and textiles. The trade agency also is expected to emphasize new provisions on digital trade and small parcel shipments, stronger intellectual property protections including those for drug makers, as well as increased dairy and poultry access to Canada.

The deal already faces an uphill battle among Democrats now in control of the House of Representatives, who have voiced concerns about the enforcement of labor rights provisions in Mexico and USMCA’s effect on drug prices. Canada and Mexico are seeking exemption from U.S. tariffs on global metal imports imposed last year.

AUTOS RULES

A major question mark is whether tighter regional content rules for the automotive sector will be a positive or negative in the report.

USMCA requires that 75 percent of a vehicle’s value be made in North America, with 40 to 45 percent produced in high-wage areas paying at least $16 an hour, requiring significant automotive production in the United States and Canada.

The Trump administration had hailed the provision as a centerpiece of USMCA that would stem the flow of automotive jobs to Mexico and incentivize “billions annually in new U.S. vehicle and auto parts production.” Commerce Secretary Wilbur Ross said at one point the deal would bring back “the vast majority” of the 250,000 auto parts jobs lost over the years.

But economists from the International Monetary Fund analyzed the deal using the same economic model used by the ITC and found a negligible impact on U.S. GDP over the medium term, but a slight loss of $794 million in consumption, a broader measure of economic benefit, due to reduced activity in autos and textiles.

“The results show that the tighter rules of origin in the auto sector and the labor value content requirement would not achieve their desired outcomes,” the IMF researchers said in the paper, published in late March. “The new rules lead to a decline in the production of vehicles and parts in all three North-American countries, with shifts toward greater sourcing of both vehicles and parts from outside of the region.”

A spokeswoman for the U.S. Trade Representative’s office declined to comment on a query about plans for an alternative analysis.

SMALL GAINS FOR TPP

In 2016, the ITC’s report on the Trans-Pacific Partnership trade deal showed that by its 15th year, the reduced tariffs and increased trade among the 12 member countries would boost U.S. GDP by 0.15 percent, or $42.3 billion, compared with no deal.

Employment in the TPP analysis would be higher by about 128,000 full-time equivalent jobs. While automotive exports would increase over the long term, auto imports from Japan would rise in the near term. Trump withdrew from the TPP in 2017 in one of his first actions as president.

The U.S. Chamber of Commerce also sought to temper the expected impact of the trade commission’s report on USMCA by pointing out that ITC had traditionally focused just on goods tariff reductions.

“In this case, the USMCA eliminates some remaining Canadian barriers facing U.S. dairy and poultry exports, but the bottom line is that there just aren’t many tariffs left to cut,” John Murphy, the Chamber’s senior vice president for international policy, said in a blog posting on Tuesday.

He said members of Congress should keep in mind the bigger picture of NAFTA’s importance to the U.S. economy, with $1.4 trillion in trade among the three countries last year.

Trump has frequently threatened to withdraw from NAFTA if Congress fails to approve USMCA, a scenario that experts have said would lead to widespread economic damage as tariffs among the three countries snap back to 1994 levels, spiking costs for auto production and crippling U.S. agricultural exports.

“Looking at USMCA against a baseline of no NAFTA, it’s a big gain,” said Gary Hufbauer a senior fellow at the Peterson Institute for International Economics.

(Reporting by David Lawder and David Shepardson; Additional reporting by Chris Prentice in New York; Editing by Peter Cooney)

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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)

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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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