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Valerie Plame Running for Senate in NM

Former CIA spy Valerie Plame will be seeking the U.S. Senate seat being vacated by Democrat Tom Udall of New Mexico, The Washington Examiner reported Friday.

But the 55-year-old, who plans to run as a Democrat, will have to answer questions of past tweets linked to an anti-Semitic group, the Examiner noted.

In 2017 Plame retweeted and UNZ Review article tited "America's Jews Are Driving America's Wars," which said that Jews "own the media," stated they should wear labels while appearing on national television and that their beliefs are as dangerous as "a bottle of rat poison."

Plame initially played down the issue, saying, "First of all, calm down. Re-tweets don't imply endorsement. Yes, very provocative, but thoughtful. Many neocon hawks ARE Jewish." Later, however, she admitted, "OK folks, look, I messed up. I skimmed this piece, zeroed in on the neocon criticism, and shared it without seeing and considering the rest."

The Examiner noted that Plame later apologized and resigned from the board of the the anti-nuclear weapons group, the Ploughshares Fund. Still, the website noted, Plame over three-year period had posted nine UNZ articles, one titled "Why I Still Dislike Israel" and one on "Dancing Israelis" on 9/11.

Plame was outed as a spy in 2003 by conservative columnist Robert Novak. Novak attributed the leak to "two senior administration officials" in the George W. Bush White House. Plame says the outing was payback for her husband Ambassador Joseph Wilson, writing an opinion piece questioning the intelligence used to justify the Iraq War.


 

Source: NewsMax America

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Blast injures 3 at top military school in Russia

Russia's Defense Ministry says three people have been injured in an explosion inside an elite military academy in Russia's second-largest city.

The ministry said in a statement on Tuesday that an unidentified "object" went off early afternoon inside the prestigious Mozhaisky Academy in St. Petersburg, which trains officers for the army's missile defense unit. Three people suffered non-life-threatening injuries.

Live footage from outside the academy showed dozens of cadets being led out of the gated compound.

No other details were immediately available.

Source: Fox News World

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Kentucky edges Houston, sets up all-SEC regional final

NCAA Basketball: NCAA Tournament-Midwest Regional-Houston vs Kentucky
Mar 29, 2019; Kansas City, MO, United States; Kentucky Wildcats guard Tyler Herro (14) shoots for three over Houston Cougars guard Dejon Jarreau (13) during the second half in the semifinals of the midwest regional of the 2019 NCAA Tournament at Sprint Center. Mandatory Credit: Denny Medley-USA TODAY Sports

March 30, 2019

KANSAS CITY, Mo. — Tyler Herro was the hero as second-seeded Kentucky escaped with a 62-58 victory over third-seeded Houston in the second Midwest Region semifinal Friday night at Sprint Center.

The Wildcats next will face fifth-seeded Auburn, which used a strong second half to defeat top-seeded North Carolina 97-80 in the first semifinal.

Herro hit a go-ahead 3-pointer with 25.8 seconds left, then drained a pair of free throws with 13.7 seconds remaining to ice the victory. Herro led the Wildcats with 19 points.

Asked about Herro’s willingness to take shots at crucial times, Kentucky coach John Calipari said, “He wants to take them, but here’s the thing that he’s getting. He took one bad 3 in the game at the top with about six seconds (left on the shot clock). We’re trying to get away from being the team that dances, dances, dances, and shoots the 3 on a late shot clock.”

Kentucky (30-6) opened the second half with a bucket for its largest lead of the game, 39-26, but the Cougars (33-4) chipped away, eventually tying the score at 49-all with 4:24 left. When Corey Davis Jr. hit a layup with 3:39 remaining, Houston had its first lead since 3-2.

“I believed we would win even when we were down 11 at the half. We’ve been down more,” Houston senior forward Breaon Brady said. “So it’s tough not to finish and win. But now, it’s up to the younger guys to carry on what we’ve built: 33-4.”

After Kentucky’s PJ Washington sank a pair of free throws to tie the score, Houston’s Armoni Brooks hit a long 3-pointer. Four consecutive free throws gave the Wildcats the lead with just over two minutes left.

Back-to-back buckets pushed the Cougars to a three-point lead as the clock clicked under a minute.

Washington was fouled as made a bucket inside, but he missed the free throw that would have tied it. He redeemed himself with a block on a layup attempt by Davis. Herro then drained his trey, putting the Wildcats on top 60-58.

The Wildcats took it in stride when the Cougars began to hit their shots, sometimes in the face of tight defense, according to Washington.

“I mean, that happened to us a lot in this whole season,” Washington said. “We’re pretty used to it. We just had to stay confident in ourselves on both ends of the floor and just try to contest and then come back and try to get a bucket and keep the game close. And we felt like if we did that we had a good chance of winning.”

Davis missed a contested layup before Herro hit the final two free throws.

Kentucky will now face SEC rival Auburn. The Wildcats have beaten the Tigers twice this season, 82-80 on Jan. 19 in Alabama and 80-53 in Lexington, Ky., on Feb. 23, Auburn’s last loss.

“(Auburn is) playing great right now,” Calipari said. “They went through our conference tournament, like nine wins in a row? What is it? Eleven in a row. They’re playing and shooting it. They’re playing defense, getting their hands on balls.”

The defensive struggle was expected, as Houston ranked seventh in the country in scoring defense at 61.0 points allowed per game. Kentucky was 28th at 64.5. In their first two NCAA Tournament games, Kentucky allowed an average of 50 points while Houston allowed an average of 57.

“I think they played great defense,” Herro said of the Cougars. “I think that’s kind of their identity is just being a hard-nosed defensive team. Credit to them. They played great defense and made it hard on me.”

Houston was led by Brooks with 20 points. Davis added 14 and Galen Robinson had 10. Davis was shooting 42 percent from long range this season, but he was just 1-for-7 from beyond the arc against Kentucky.

“Kentucky is a great team,” Houston guard DeJon Jarreau said. “They outplayed us in the first half, but in the second half, we played Cougar basketball. We brought our all, but everything comes to an end.”

Washington, who missed Kentucky’s first two NCAA Tournament games with a foot sprain, did not start. He entered the game with 15:41 left in the first half. He scored his first points of the tournament at the 15:06 mark on a baseline jumper and finished with 16 points.

“It’s good to have PJ back,” Calipari said. “We don’t win the game today without him. We don’t.”

The postgame message from Houston coach Kelvin Sampson to his team was “to remember this feeling,” Brady said.

“That was the message to the younger guys. It’s their time now, for the incoming freshmen and the underclassmen,” Brady said.

–Field Level Media

Source: OANN

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Democrats prepare resolution against Trump's declaration

House Democrats are preparing to take a defiant stance against President Donald Trump's national emergency declaration seeking to fund his Southwest border wall without congressional approval.

A resolution to block Trump's emergency declaration is expected to be filed on Friday, and the measure will put some House Republicans from swing districts and states on the spot.

A vote isn't likely until mid-March because of a timeline set by law.

House Speaker Nancy Pelosi told colleagues in a letter Wednesday that the House will "move swiftly" to pass the resolution and that it will be referred to the Senate and then sent to Trump.

Passage in the GOP-controlled Senate is not certain, but a veto by Trump is - one unlikely to be overridden by Congress.

Source: Fox News National

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WATCH: Confessed Parkland Shooter Nikolas Cruz Talks About ‘Voices & Demons’ During His Arrest

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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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BOJ’s Harada says QQE has helped boost productivity

Newly-appointed Bank of Japan board member Harada leaves a news conference at the BOJ headquarters in Tokyo
Newly-appointed Bank of Japan (BOJ) board member Yutaka Harada leaves a news conference at the BOJ headquarters in Tokyo March 26, 2015. REUTERS/Yuya Shino

March 25, 2019

TOKYO (Reuters) – Bank of Japan board member Yutaka Harada on Monday defended the central bank’s massive asset-buying program dubbed quantitative and qualitative easing (QQE), saying the policy has helped create jobs and boost productivity.

“The biggest contribution QQE has made to Japan’s economy was to boost its productivity,” Harada said in a speech at a seminar.

“Without QQE, Japan’s jobless rate would not have fallen below 2.5 percent,” said Harada, known as a vocal advocate of aggressive monetary easing on the nine-member BOJ board.

(Reporting by Leika Kihara; Editing by Chris Gallagher)

Source: OANN

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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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