Now On Air

Liberty #MAGAOne Mix

Via MAGA One Mix

6:00 am 8:00 am


Upcoming shows
Real News

NOW ON AIR
Now On Air

Liberty #MAGAOne Mix

Via MAGA One Mix

6:00 am 8:00 am



Maga First News

Upcoming Shows

Join The MAGA Network on Discord

0 0

UK businesses see a no-deal Brexit as unlikely to happen: report

A demonstrator holds EU and Union flags during an anti-Brexit protest opposite the Houses of Parliament in London
FILE PHOTO: A demonstrator holds EU and Union flags during an anti-Brexit protest opposite the Houses of Parliament in London, Britain, December 17, 2018. REUTERS/Toby Melville

February 26, 2019

By Andy Bruce

LONDON (Reuters) – Most British businesses and individuals have not prepared for a no-deal Brexit because they do not see it as likely to happen, the government said in a long-awaited analysis published on Tuesday.

But that attitude could heighten the disruption if it does take place, it added.

Lawmakers in London have yet to approve a deal that would smoothe Britain’s divorce with the EU, due on March 29, leaving open the prospect of a disorderly departure.

On Tuesday, Prime Minister Theresa May offered lawmakers the chance to vote next month in favor of a delay.

“Despite communications from the government, there is little evidence that businesses are preparing in earnest for a no-deal scenario, and evidence indicates that readiness of small and medium-sized enterprises in particular is low,” the government analysis said.

“(The) government judges that the reason for this lack of action is often because a no-deal scenario is not seen as a sufficiently credible outcome to take action or outlay expenditure,” it added.

The short time remaining before March 29 would not allow the government to fully compensate for the effects of a no-deal Brexit, it added.

“Even where it can take unilateral action, the lack of preparation by businesses and individuals is likely to add to the disruption experienced in a no-deal scenario,” the report said.

Economists polled by Reuters put the risk of a no-deal Brexit at one-in-four.

In November, the Bank of England published a worst-case no-deal Brexit scenario that showed Britain risks suffering an even bigger economic hit than during the global financial crisis 10 years ago.

Tuesday’s paper focused on the risks to particular industries, individuals and regions from a no-deal Brexit. Northern Ireland would be hit harder and for longer than the rest of the United Kingdom, it concluded.

Proponents of Brexit dismissed the analysis.

“Good progress being made on WTO Brexit arrangements yet deceitful UK (government) refuses to stop the scaremongering,” Richard Tice, co-chairman of the campaign group Leave Means Leave, tweeted.

Chuka Umunna, a lawmaker from parliament’s newly formed Independent Group that had campaigned for publication of the analysis, said the analysis painted a “disastrous picture”.

(Reporting by Andy Bruce and Alistair Smout; editing by Stephen Addison)

Source: OANN

0 0

Rouhani says Iran and U.S. tensions are at ‘a maximum’: IRIB broadcaster

FILE PHOTO: Iranian President Hassan Rouhani attends talks with Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan, during their meeting in the Black sea resort of Sochi
FILE PHOTO: Iranian President Hassan Rouhani attends talks with Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan, during their meeting in the Black sea resort of Sochi, Russia, 14 February 2019. Sergei Chirikov/File Photo

February 20, 2019

LONDON (Reuters) – Iranian President Hassan Rouhani said on Wednesday that Tehran and Washington tensions were at “a maximum”, state broadcaster IRIB reported.

Rouhani also said that a conference on the Middle East and Iran organised by the United States in Polish capital Warsaw this month was a “failure”.

“The struggle between Iran and America is currently at a maximum. America has employed all its power against us,” Rouhani said in a cabinet meeting.

(Reporting by Bozorgmehr Sharafedin; Editing by Alison Williams)

Source: OANN

0 0

California woman bitten by shark in Hawaii after knocked from kayak

A woman from California visiting Hawaii was bitten by a shark on Tuesday after being knocked from her kayak as her husband watched from a standup paddleboard nearby.

The incident happened around 8:30 a.m. in Anaehoomalu Bay near Waikoloa on Hawaii island as Kimberly Bishop and her husband, Kim, were out on the water.

"The water was really clear so I could see in front of me," Bishop told KHON. "There was nothing in front of me. We could see all the way down."

But her morning on the water quickly turned into anything but peaceful when something bumped her kayak.

"Something came from behind knocked over the kayak and bit my leg," Bishop told KHON.

LARGE TIGER SHARK CIRCLES, PULLS DOWN HUMAN BODY IN WATER OFF HAWAII ISLAND COAST, THWARTING RESCUE EFFORTS

Bishop then began to yell to her husband, who was about 100 feet away.

Shark warning signs have been posted on beaches near Waikoloa, Hawaii after a woman was bitten by a shark on Tuesday.

Shark warning signs have been posted on beaches near Waikoloa, Hawaii after a woman was bitten by a shark on Tuesday. (KHON)

"The first thing that I knew I heard her yell 'shark, shark' and I turned and she was in the water...I saw the fins in the water and I immediately paddled as fast as I could to get over to her," he told KHON.

Her husband was about to get the 65-year-old back into her kayak and yelled out to some nearby people on a canoe for help. Bishop was eventually brought back to shore, and airlifted to a hospital, the Honolulu Star-Advertiser reported.

NORTH CAROLINA GIRL FINDS MEGALODON SHARK TOOTH BURIED ON BEACH: 'IS THIS A DREAM?'

Officials from the Hawaii Department of Land and Natural Resources told KHON that Bishop may have been attacked by a 5-foot-long blacktip reef shark. The incident caused shark warning signs to be posted warning beachgoers to look out.

"The blacktip reef shark prefers shallow, inshore areas where it is less vulnerable to larger species of sharks in the open ocean," according to the Maui Ocean Center, which notes that "very few incidents" involving blacktip reef sharks have been reported.

CLICK HERE FOR THE FOX NEWS APP

Authorities are still investigating to determine what kind of shark bit Bishop. The couple, who live in California but have a home in Waikoloa, said the incident was frightening but not keeping them out of the water.

"Sharks live in the water," she told KHON. "It's their home and we understand that. I will go kayaking again."

Source: Fox News National

0 0

Trump Campaign Adviser: FBI Tried To Frame Me With Russian Informant

In a bombshell interview, former Trump campaign advisor Michael Caputo revealed that in 2016 he was approached by a Russian FBI informant, who attempted to entrap him by offering compromising information on Hillary Clinton.

“I was approached by a Russian national FBI informant in late May of 2016. He wanted to give me some dirt on Hillary Clinton. I turned it down,” Caputo told Fox Business.

Caputo explained that he only realized the full extent of what had happened when he was interrogated by the Mueller investigative team.

“When they asked me about him, I told them what I knew. By their faces I knew that it was someone that had been sent to me.” Caputo said.

“It was after my interrogation with the Mueller team that I went out, hired private investigators and found out the guy had used a fake name, Henry Greenberg, and that he had been working with the FBI for 17 years.” he continued.

See below for video of the interview:

Caputo says that he passed on the information to the Justice Department. According to the New York Times, DoJ Inspector General Michael Horowitz is investigating contact between FBI informants and the Trump campaign.

The Attorney General, William Barr, dropped another bombshell Wednesday when he testified before Congress that he believes “spying did occur” on the Trump campaign in 2016. Barr said that he will review the role of the FBI on the matter.

President Trump responded to Barr’s assertion that the Obama administration spied on his campaign, claiming that it was part of an “attempted coup.”

Source: InfoWars

0 0

DOJ Official: Mueller Said 3 Weeks Ago He Wouldn't Decide on Obstruction

Special Counsel Robert Mueller informed top U.S. Justice Department officials three weeks ago that he would not be reaching a conclusion on whether President Donald Trump had obstructed justice during the probe into Russian interference in the 2016 election, a U.S. Justice official said Monday.

The decision by Mueller not to reach a determination was "unexpected," the person added, speaking anonymously in order to discuss private conversations involving U.S. Attorney General William Barr and Deputy Attorney General Rod Rosenstein, who received the news.

Source: NewsMax Politics

0 0

China charges former Interpol chief with bribery

China has formally arrested former Interpol President Meng Hongwei on suspicion of accepting bribes.

The Supreme People's Procuratorate announced the indictment on Wednesday.

Meng was elected president of the international police organization in 2016, but his four-year term was cut short when he was detained by Chinese authorities last October.

At the time, he was also one of China's vice ministers of public security.

The ruling Communist Party's disciplinary committee said last month that an investigation found Meng was guilty of serious legal violations. He was expelled from the party and from public office.

A party statement accused Meng of abusing his power to satisfy his family's "extravagant lifestyle."

Source: Fox News World

0 0

Pet deer kills man and injures wife in rural Australia

Police say a man has been killed and his wife critically injured when they were attacked by their pet deer on a rural Australian property.

Police Sergeant Paul Pursell says the 46-year-old man entered the stag's enclosure on Wednesday morning at Moyhu in Victoria state.

Pursell says the wife also entered the enclosure after hearing a commotion and was also attacked.

Police shot the deer before a paramedic treated the couple.

The husband died at the scene and his wife was flown by helicopter to the Alfred Hospital in Melbourne where she condition was described as critical.

Pursell says the stag was a cross between a red deer and an elk.

Source: Fox News World

NOW ON AIR
Now On Air

Liberty #MAGAOne Mix

Via MAGA One Mix

6:00 am 8:00 am



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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
Current track

Title

Artist