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

Report: Pence Talked Dan Coats out of Resigning

Vice President Mike Pence convinced Director of Intelligence Dan Coats not to resign from the Trump administration, NBC News is reporting.

Frustrated by President Donald Trump, Coats was on the verge of quitting at the end of 2018, the network news said. But officials told NBC News that Pence talked him out of it until at least this summer.

Pushing Coats to the brink was Trump’s decision to withdraw U.S. troops from Syria and the departure of former Defense Secretary James Mattis, according to NBC News. But Coats had already grown frustrated by a number of other actions by the president, including the push to find evidence that former President Barack Obama wiretapped him

Pence is reportedly Coats’ closest ally in the administration. And NBC News reported the relationship between Coats and the president has stabilized for now.

Pence is said to have convinced Coats that leaving the administration so soon after Mattis would be viewed as a major upheaval in the Trump team. The network news attributed its information to current and former senior administration officials.

Asked for comment, Coats said: "I am focused on doing my job, and it is frustrating to repeatedly be asked to respond to anonymous sources and unsubstantiated, often false rumors that undercut the critical work of the intelligence community and its relationship with the president."

Last month, Sen. Angus King, I-Maine, warned Trump not to fire Coats The warning came after Coats contradicted Trump on ISIS, North Korea and Iran during congressional testimony.

Source: NewsMax Politics

0 0

Senior U.S. House Republican questions Trump plan to cut Central American aid

FILE PHOTO - U.S. Representative Michael McCaul (R-TX) is escorted by Madeleine Westerhout as he arrives at Trump Tower to meet with U.S. President-elect Donald Trump
FILE PHOTO - U.S. Representative Michael McCaul (R-TX) is escorted by Madeleine Westerhout (R) as he arrives at Trump Tower to meet with U.S. President-elect Donald Trump in New York, U.S., November 29, 2016. REUTERS/Mike Segar

April 1, 2019

WASHINGTON (Reuters) – The top Republican on the U.S. House of Representatives Foreign Affairs Committee said on Monday President Donald Trump’s plan to cut aid to El Salvador, Guatemala and Honduras would make the situation there worse, not better.

“If we cut all this funding, and a lot of it, quite honestly, is seriously law enforcement that we’re doing down there… I think it’s going to make things tragically worse, not better,” Representative Michael McCaul said in a presentation at the Wilson Center think tank in Washington.

(Reporting by Patricia Zengerle; Editing by Chizu Nomiyama)

Source: OANN

0 0

U.S.-China trade optimism to help yuan overcome concerns over weakening economy: Reuters poll

FILE PHOTO: Chinese 100 yuan banknotes in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing
FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, in this March 30, 2016 file picture. REUTERS/Kim Kyung-Hoon/File Photo

April 4, 2019

By Vivek Mishra

BENGALURU (Reuters) – The Chinese yuan will hold on to its recent gains against the dollar, and likely make a modest push forward from current levels over the coming year, as optimism about a U.S.-China trade deal offsets anxiety over weak domestic economic growth, a Reuters poll showed.

Having slumped about 6 percent versus the dollar in 2018, with analysts wagering in early January of a move toward 7 per dollar by mid-year, the yuan has defied pressure and gained around 2.5 percent this year.

That rebound was largely driven by progress in trade talks between Washington and Beijing and the People’s Bank of China (PBoC) setting consistently higher mid-point reference rates.

The yuan was expected to gain 0.6 percent to 6.66 per dollar in a year, from about 6.70 on Wednesday, according to the latest poll of over 60 foreign exchange strategists taken over the past week.

That is a modest upgrade to last month’s forecast.

“Trump’s backing away from tariff escalation, previously implicit in our forecasts, means our USD/CNY projections have to be lower,” noted Cliff Tan, East Asian head of global markets research at MUFG.

Market watchers have shifted their attention to the latest round of negotiations being held in Washington after both sides cited progress in discussions in Beijing last week.

“There will be a currency component in any ultimate U.S.-China trade deal and FX markets initially took that to mean USD/CNY has become a one-way bet – stronger yuan. But too strong a yuan may also make for awkward future currency diplomacy,” Tan said.

Expectations for a stronger yuan are also partly driven by changing fortunes for the dollar.

The dollar’s outlook darkened after the Federal Reserve last month abandoned projections for further interest rate hikes this year on signs of an economic slowdown.

That could help unwind last year’s slide in emerging market currencies.

“The end of the Fed’s tightening cycle now appears to be more clearly in sight, and indeed there is some risk it has already been reached. Overall, evolving Fed policy should become an increasing headwind for the U.S. dollar, and an increasing tailwind for the renminbi,” said Erik Nelson, currency strategist at Wells Fargo.

Forecasts in the latest poll showed a complete shift from a January survey when a majority of strategists had predicted the yuan to have breached or to trade at 7 per dollar by mid-year.

In the latest poll analysts were mostly optimistic on the yuan and only four respondents still forecast it to reach 7 per dollar or weaker over the coming year, attributing that pessimism to an economic slowdown and more policy easing.

“We are extremely concerned about the ability of the Chinese economy to keep stimulating growth without a significant weakness in the value of the exchange rate,” said Jane Foley, head of FX strategy at Rabobank who predicted the yuan to hit 7 per dollar rate by end-Sept.

“Trade deal might give some short-term celebration, but again in order to keep the economy growing at the sort of rate, that the government wants it to, then it is reasonable to assume that the yuan will slide below 7,” said Foley, who was the most accurate foreign exchange forecaster on major currencies in Reuters polls last year.

(Polling by Khushboo Mittal; Editing by Shri Navaratnam)

Source: OANN

0 0

Gun makers at defense fair seek opening of Brazil market

Gun makers and military industry companies from all over the world gathered in Rio de Janeiro for Latin America's largest defense and security fair Tuesday, hoping to benefit from Brazil's new far-right administration and President Jair Bolsonaro's vow to loosen gun laws.

Brazil, whose gun market remains mostly closed to foreign firms, was expecting some 450 companies and nearly 200 delegations from 80 countries during the four-day expo, organizers said.

"This industry is very relevant for our economic growth," Brazilian defense minister Fernando Azevedo e Silva said in his opening speech.

Brazil is the world's third-largest gun manufacturer after the United States and China, according to Brazilian think tank Igarape.

Source: Fox News World

0 0

“Spying On a Political Campaign is a Big Deal”

Speaking to the Senate Appropriations Committee on Wednesday, Attorney General Barr said he would investigate the origins of the Mueller probe and that he believes "spying did occur" on the Trump campaign in 2016.

ATTORNEY GENERAL BILL BARR: As I said in my confirmation hearing, I am going to be reviewing both the genesis and the conduct of intelligence activities directed at the Trump campaign during 2016. And a lot of this has already been investigated, and a substantial portion of it has been investigated and is being investigated by the office of the Inspector General, but one of the things I want to do is pull everything together from the various investigations that have gone on, including on the Hill and in the [Justice] Department, and see if there are any remaining questions to be addressed.

SEN. JEANNE SHAHEEN: And can you share with us why you feel a need to do that?

BARR: Well, you know, for the same reason we're worried about foreign influence in elections, we want to make sure that during elections -- I think spying on a political campaign is a big deal. It's a big deal.

The generation I grew up in, which is the Vietnam War period, people were all concerned about spying on anti-war people and so forth by the government, and there were a lot of rules put in place to make sure that there's an adequate basis before our law enforcement agencies get involved in political surveillance. I'm not suggesting that those rules were violated but I think it's important to look at that. and I'm not talking about the FBI necessarily, but intelligence agencies more broadly.

SHAHEEN: So you're not suggesting, though, that spying occurred?

BARR: Well, I guess -- I think spying did occur, yes. I think spying did occur.

SHAHEEN: Well --

BARR: The question was whether it was adequately predicated. And I'm not suggesting it wasn't adequately predicated. I need to explore that. I think it's my obligation. Congress is usually very concerned about intelligence agencies and law enforcement agencies staying in their proper lane. I want to make sure that happened. We have a lot of rules about that.

I want to say that I've said I'm reviewing this. I haven't set up a team yet, but I have in mind having some colleagues help me pull all this information together and letting me know whether there are some areas that should be looked at. I also want to make clear. I also want to make clear, this is not launching an investigation of the FBI. Frankly, to the extent there were any issues at the FBI, I do not view it as a problem that's endemic to the FBI.

I think there was probably a failure among a group of leaders there, at the upper echelon. So I don't like to hear attacks about the FBI because I think the FBI is an outstanding organization and I think Chris Wray is a great partner for me. I'm very pleased he's there as the director. If it becomes necessary to look over some former officials' activities, I expect I'll be relying heavily on Chris and work closely with him in looking at that information. But that's what I'm doing. I feel I have an obligation to make sure that government power is not abused. I think that's one of the principal roles of the attorney general.

0 0

Mississippi agency has spent $18,000 defending $200 fine

A state agency in Mississippi has spent nearly $18,000 challenging another agency's $200 fine.

The Clarion Ledger of Jackson reports that the dispute involves the Department of Public Safety's response to a lawmaker's public document request.

Rep. Joel Bomgar asked John Dowdy with the Mississippi Bureau of Narcotics some questions about the state's drug policy. Dowdy sent his answers to Public Safety Commissioner Marshall Fisher, who told Dowdy not to send the letter.

Bomgar complained to the Mississippi Ethics Commission, which fined two Public Safety Department attorneys $100 each. The agency eventually gave Bomgar the letter, but is still challenging the fines in court, saying it could set a precedent for when a draft document becomes a public record.

___

Information from: The Clarion Ledger, http://www.clarionledger.com

Source: Fox News National

0 0

Australia central bank holds rates at 1.5 percent

Two women walk next to the Reserve Bank of Australia headquarters in central Sydney
Two women walk next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz

April 2, 2019

SYDNEY (Reuters) – Australia’s central bank left its cash rate at 1.5 percent on Tuesday, a widely expected decision given policy makers have signalled a steady outlook for the near-term.

The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting. A Reuters poll of 22 analysts had found all saw a steady outcome this week.

(Reporting by Wayne Cole; Editing by Sam Holmes)

Source: OANN

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