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Arizona police release graphic video of deadly officer-involved shooting

Arizona police released a video Wednesday that showed a man throwing a wrench at deputies before they shot him to death while responding to a call from family members concerned for the man’s mental health on Friday.

Juan Torres, 39, could be seen wielding a wrench in one hand and a hammer in another in a body camera video released by the Maricopa County Sheriff's Office.

Officers, who were called to the home by the man’s sister, told him to drop his weapons before Torres threw a wrench at one of them. Officers then open fired at Torres who was rushed to a nearby hospital where he died from his injuries.

PHOENIX MAN WHO SUSPECTED WIFE OF AN AFFAIR KILLS HER AND 2 KIDS, SPARES YOUNGEST: POLICE

Maricopa County Sheriff Paul Penzone defended the actions of his officers who he said were forced to deploy deadly force when Torres escalated the situation. Penzone refuted claims that officers could have used tasers instead of drawing their guns.

“What you don’t want is one of the deputies actually leaving their partners behind knowing that an escalation and the likelihood of an engagement is high,” Penzone said.

Torres’ sister, Irma, said the family called 911 so that officers could take their brother to an institution to be evaluated for his mental health issues. The family claims deputies could have used other methods to stop Torres and plans to file a lawsuit against the sheriff’s department, CBS 5 reported.

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"I just wish the sheriff's department, and all police, get more training in situations like this to help people instead of going to this extreme," Rick Torres, Juan Torres' father, told CBS 5. "It just shouldn't have happened, plain and simple, overkill, too much. My son didn't have to die like that."

Source: Fox News National

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Central American migrant numbers are not Mexico’s fault: minister

Mexico's Interior Minister Olga Sanchez Cordero delivers speech during a news conference in Mexico City
Mexico's Interior Minister Olga Sanchez Cordero delivers speech during a news conference in Mexico City, Mexico December 19, 2018. REUTERS/Edgard Garrido

April 23, 2019

MEXICO CITY (Reuters) – Mexico is not to blame for a recent increase in the number of Central American migrants entering the country, Interior Minister Olga Sanchez said on Tuesday.

Speaking at a news conference with other government officials, Sanchez also said migrants entering the country must respect Mexican laws and register with authorities.

(Reporting by Anthony Esposito; Editing by Dave Graham)

Source: OANN

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Assertive EU to face resistant China at trade-focused summit

FILE PHOTO: Chinese Premier Li Keqiang speaks at a news conference following the closing session of the National People's Congress (NPC) at the Great Hall of the People in Beijing
FILE PHOTO: Chinese Premier Li Keqiang speaks at a news conference following the closing session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China March 15, 2019. REUTERS/Jason Lee/File Photo

April 9, 2019

By Philip Blenkinsop and Robin Emmott

BRUSSELS (Reuters) – Chinese Premier Li Keqiang and EU institution leaders meet in Brussels on Tuesday for an annual EU-China summit set to be overshadowed by differences over trade and investment.

After years of offering free access to its markets, the European Union has said it is losing patience with Beijing over the pace of liberalizing reforms. It also has growing concerns over state-led Chinese companies’ dominance of some EU markets and acquisitions of strategic industries.

Like the United States, many EU countries want to crack down on industrial subsidies and forced technology transfers, although prefer dialogue to the trade war Washington has triggered.

The European Commission set out a 10-point action plan last month, seeing scope for greater cooperation in fields such as climate change, but demanding greater reciprocity, such as access for EU firms to Chinese public tenders.

“The old narrative is absolutely obsolete,” Commission Vice President Jyrki Katainen told Reuters.

Beijing and Brussels have been wrestling for weeks over the text of a joint declaration to be presented as the fruit of Tuesday’s summit between Li and Commission President Jean-Claude Juncker and European Council chief Donald Tusk.

“China aims to have a feel-good summit, whereas we aim to have a meaningful summit, with a meaningful outcome,” Peter Berz, acting Asia director at the Commission’s trade section, told the European Parliament last week.

EU diplomats said on Monday negotiators had made some progress, but were still short of an agreed text. Talks would continue until the summit, due to start at 1 p.m. (1100 GMT).

China points to a new foreign investment law due to take effect at the start of 2020. It includes provisions to ban forced technology transfers and ensure foreign companies have access to public tenders.

EU officials say the law lacks detail and question how effective it will be in reality in protecting foreign firms.

Li wrote in a German newspaper on Monday that China wanted to work with the European Union on issues including trade and denied Beijing was trying to split the bloc by investing in eastern European states.

(Reporting by Philip Blenkinsop; Editing by Alison Williams)

Source: OANN

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As Mueller findings released, 2020 Dems demand to see 'whole damn report'

The 2020 Democratic presidential candidates may have faced a setback after Special Counsel Robert Mueller's investigation found no evidence of Trump-Russia collusion, but made clear that they're not giving up the hunt for incriminating details against the president.

Sen. Bernie Sanders of Vermont, campaigning in San Francisco on Sunday, told the large crowd that, “I don't want a summary of the report! I want the whole damn report because nobody, especially this president, is above the law.”

READ THE MUELLER REPORT SUMMARY DELIVERED TO CONGRESS

And on Saturday, one day before Attorney General William Barr released a short summary of Mueller’s findings, former Texas Rep. Beto O’Rourke charged on the campaign trail in South Carolina that you “have a president, who in my opinion beyond the shadow of a doubt, sought to, however ham-handedly, collude with the Russian government ― a foreign power ― to undermine and influence our elections.”

He did not comment at length on Sunday, but did say at a campaign stop in Las Vegas that Trump is “one of the most racist and uncivil presidents we have ever had.”

Mueller’s nearly two-year-long investigation did not establish that members of Trump’s 2016 presidential campaign conspired or coordinated with the Russian government to interfere in the election in favor of Trump and at the expense of Democratic nominee Hillary Clinton.

Mueller’s long-awaited findings also did not take a clear position on whether Trump obstructed justice, with no conclusions that the president committed a crime but also not exonerating Trump. Barr and Deputy Attorney General Rod Rosenstein on Sunday concluded, though, that Mueller’s report did not contain sufficient evidence to establish that Trump committed obstruction of justice.

STORIES THAT FELL FLAT DURING MUELLER PROBE

America Rising, a pro-Republican opposition research group, took aim at O’Rourke, saying on Sunday after Barr’s announcement that the candidate made “brazen and incorrect claims on the campaign trail.”

Barr is expected to make public more of the report, but 2020 Democrats are demanding the full report be released.

“The Mueller report needs to be made public, the underlying investigative materials should be handed over to Congress, and Barr must testify. That is what transparency looks like. A short letter from Trump's hand-picked Attorney General is not sufficient,” Sen. Kamala Harris of California wrote on Twitter Sunday.

Rourke demanded Barr “release the full Mueller report to the American people and their representatives."

Sen. Elizabeth Warren of Massachusetts pointed to a recent unanimous vote by Democrats and Republicans in the House of Representatives to urge the release of the report.

“Congress didn’t ask for a 'summary,' Attorney General Barr. Members of the House voted 420-0 to release the report. The American people deserve to see the full report. #ReleaseTheFullReport,” she wrote on Twitter.

Sen. Cory Booker of New Jersey wrote that the “American public deserves the full report and findings from the Mueller investigation immediately—not just the in-house summary from a Trump Administration official.”

It was a similar call from Sen. Amy Klobuchar of Minnesota, who tweeted that “AG Barr's summary 4-pg letter of Special Counsel Mueller's investigation underscores that the ENTIRE report & documentation-including all information re Russia’s attempts to influence our election-need to be made public. The public deserves answers now-our democracy depends on it."

And Sen. Kirsten Gillibrand of New York also chimed in, demanding that the “Mueller report must be made public. Not just a letter from someone appointed by Trump to protect himself—all of it. The President works for the people, and he is not above the law.”

South Bend, Ind., Mayor Pete Buttigieg, who’s seen his campaign surge in recent days, also called for the entire report to be released. And in an interview on MSNBC, he pointed to the 2020 presidential election as the best way to oust Trump from the White House, saying, “I think this is further evidence that it would be a mistake for Democrats to think that the way for the Trump presidency to end is by way of investigation.”

Former Rep. John Delaney of Maryland called for the report to be made public, but also urged that it was time to move on. He told Fox News Sunday night that “whether you're a Democrat, Republican or independent, you should want to see this report, and we should want to move on from this."

Fox News' Dan Gallo contributed to this report. 

Source: Fox News Politics

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Study: Britons in Every Demographic Group Want Immigration Reduced

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US orders staffers out of Comoros amid vote-related unrest

The United States government has ordered its personnel to depart the Indian Ocean island nation of Comoros as the country experiences "gunfire, political unrest, and infrastructure disruptions."

The State Department alert on Thursday gives no further details on the situation.

An alert a week ago warned of possible demonstrations related to the presidential election on March 24.

President Azali Assoumani has been declared re-elected but the opposition claims the vote was fraudulent.

The country's electoral commission has said Assoumani won with more than 60 percent of the vote, with 13 candidates in the running. It said turnout was more than 53 percent.

Source: Fox News World

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AP Sources: Trump Considers Adding ‘Immigration Czar’

As he threatens to shut down the southern border, President Donald Trump is considering bringing on a "border" or "immigration czar" to coordinate immigration policies across various federal agencies, according to four people familiar with the discussions.

Trump is weighing at least two potential candidates for the post: Former Kansas Secretary of State Kris Kobach and former Virginia Attorney General Ken Cuccinelli — two far-right conservatives with strong views on immigration, according to the people, who spoke to The Associated Press on condition of anonymity because they were not authorized to discuss the conversations publicly.

The planning comes as Trump is threatening anew to close the U.S.-Mexico border as soon as this week if Mexico does not completely halt illegal immigration into the U.S. And it serves as the latest sign that the president plans to continue to hammer his hardline immigration rhetoric and policies as he moves past the special counsel's Russia investigation and works to rally his base heading into his 2020 re-election campaign.

Aides hope the potential appointment, which they caution is still in the planning stages, would be the administration's new "face" of the immigration issue and would placate both the president and his supporters, showing he is serious about the issue and taking action.

White House press aides, Kobach and Cuccinelli did not immediately respond Monday to requests for comment. Kobach previously served as vice chair of the president's short-lived election fraud commission, which was disbanded after finding little evidence of widespread fraud.

Trump has often complained, both publicly and privately, about how he has not been able to do more to stop the tide of illegal immigration, which he has likened to an "invasion" and labeled a national security crisis. Arrests along the southern border have skyrocketed in recent months and border agents are now on track to make 100,000 arrests or denials of entry there this month. More than half are families with children.

Trump in December forced a government shutdown to try to pressure Congress to provide more money for his long-promised border wall and eventually signed an emergency declaration to circumvent them. He also moved Saturday to cut direct aid to El Salvador, Guatemala and Honduras, where citizens are fleeing north and overwhelming U.S. resources at the southern border.

That focus on immigration has touched on numerous government agencies, including the departments of Homeland Security, Health and Human Services, State, Defense and Justice. But not all of those departments are always on the same page.

One of the most glaring examples came last summer, when former Attorney General Jeff Sessions instituted a "zero tolerance" policy at the border without consulting others that caused a spike in the number of migrant children separated from their families.

The separated children were placed in HHS custody, but there was no tracking system in place to link parents with their children until a federal judge ordered one, causing widespread fear and concern about whether families would ever see each other again. Homeland Security also has to coordinate with the Pentagon on space to detain migrants as well as on wall funding.

It has yet to be decided whether the czar position, if Trump goes through with the plan, would be housed within Homeland Security or within the White House, which would not require Senate confirmation.

A person positioned within the White House could coordinate immigration policy across various agencies, working closely with aides who are deeply involved in immigration policy, including Stephen Miller, Jared Kushner, national security adviser John Bolton and Kirstjen Nielsen, the Homeland Security secretary.

Appointing a person who is based within Homeland Security could be trickier because the department's agency heads are all Senate-confirmed positions and, in the case of Immigration and Customs Enforcement and U.S. Customs and Border Protection, are longtime immigration officials with decades of experience dealing with the border.

While immigration officials would welcome an adviser focused specifically on policy across the varying agencies, the names being floated are likely to spark backlash and criticism.

Kobach, an immigration hardliner, ran a failed bid for governor promising to drive immigrants living in the U.S. illegally out of the country and has recently been working for a nonprofit corporation, WeBuildtheWall Inc., which has been raising private money to build Trump's wall. Cuccinelli, meanwhile, has advocated for denying citizenship to American-born children of parents living in the U.S. illegally, limiting in-state tuition at public universities only to those who are citizens or legal residents, and allowing workers to file lawsuits when an employer knowingly hires someone living in the country illegally for taking a job from a "law abiding competitor."

Thomas Homan, the former acting ICE director, has also been mentioned as a potential pick, according to one of the people familiar with the talks.

Source: NewsMax Politics

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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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