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Uruguayans turn tough on crime to tackle growing violence

Long famed for being a peaceful haven in South America, Uruguay is experiencing what some analysts and international organizations call an "epidemic" of violence.

Homicides in Uruguay increased by 46 percent last year, reaching an official rate of 11.8 per 100,000 people. The figure is far below the alarming homicide rates, often fed by drug wars and gang violence, in countries like Brazil, Colombia and Venezuela. But Uruguay's homicide rate is now higher than most South American nations and is at a record high for the country of 3.5 million people.

Many Uruguayans have decided that drastic measures are in order. In less than a year, some 407,000 people — about a sixth of eligible voters — have signed a petition calling for a referendum on tough policies against crime.

Source: Fox News World

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Australia’s former foreign minister Bishop to retire from parliament

Australian Minister for Foreign Affairs Julie Bishop arrives for a party meeting in Canberra
FILE PHOTO - Australian Minister for Foreign Affairs Julie Bishop arrives for a party meeting in Canberra, Australia August 24, 2018. REUTERS/David Gray/Pool

February 21, 2019

SYDNEY (Reuters) – Australia’s former foreign minister, Julie Bishop, will retire from politics at the next election, she said on Thursday.

Australians will return to the polls by May. Bishop, a former deputy leader of the ruling Liberal Party, was foreign minister from September 2013 to August 2018.

(Reporting by Colin Packham; Editing by Clarence Fernandez)

Source: OANN

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Trump: Brazil 'Ideal Launch Location' for US Rocket Companies

President Donald Trump says a site near Brazil's Atlantic coast is the "ideal launch location" for U.S. rocket companies, reports CNBC.

Trump made the comments after signing a deal with Brazil's new right-wing president Jair Bolsonaro that allows the U.S. to use Brazil's Alcantara Aerospace Launch base for its satellites.

"After 20 years of talks we are finalizing a technology safeguards agreement to allow U.S. companies to conduct space launches from Brazil," Trump said at a press conference with Bolsonaro. "Because of the location, tremendous amounts of money would be saved."

Air Force officers told Reuters that launches from Brazil burn 30 percent less fuel and rockets can carry larger payloads because of the country's location close to the equator.

Brazil is hoping to get a piece of the $300 billion-a-year space launch business by drawing U.S. companies interested in launching small satellites at a lower cost from the Alcantara base run by the Brazilian Air Force on the South American country's north coast.

The deal with the U.S. still needs to be approved by the Brazilian Congress.

The Alcantara site has already drawn interest from U.S. space companies, including Boeing, Lockheed Martin, SpaceX, Vector and Microcosm, but is not ready for rocket launches yet.

Information from Reuters was used in this report.

Source: NewsMax Politics

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China struggles to ease concerns over Silk Road project as summit looms

FILE PHOTO: Workers inspect railway tracks, which serve as a part of the Belt and Road freight rail route linking Chongqing to Duisburg, at the Dazhou railway station
FILE PHOTO: Workers inspect railway tracks, which serve as a part of the Belt and Road freight rail route linking Chongqing to Duisburg, at the Dazhou railway station in Sichuan province, China March 14, 2019. REUTERS/Stringer/File Photo

April 4, 2019

By Ben Blanchard and Robin Emmott

BEIJING/BRUSSELS (Reuters) – China is struggling to ease worries about President Xi Jinping’s signature plan to build a new Silk Road as it readies for a major summit in late April, especially among Western nations wary about debt, transparency and Chinese influence.

While China gained a major victory by convincing Italy to become the first G7 nation to formally sign on to the plan last month during Xi’s visit to Rome, others in the West have been less keen to jump onboard, though many have kept an open mind.

The Belt and Road Initiative, as it is formally called, is aimed at building a vast network of infrastructure connecting China to Central Asia, Southeast Asia, Europe and beyond, much like the ancient Silk Road.

Following the first Belt and Road summit two years ago, in a luxuriously appointed convention center in hills north of Beijing, the second one is scheduled for the same location in late April. China is billing it as the country’s most important diplomatic event of the year.

The country’s top diplomat, Yang Jiechi, said on Saturday that almost 40 foreign leaders would come, and also took a swipe at “prejudiced” critics of the program who seek to besmirch it with concerns like “debt traps”.

“The Belt and Road is open, inclusive and transparent. It does not play little geopolitical games,” Yang, who runs the ruling Communist Party’s foreign affairs committee, told the official People’s Daily.

The United States, locked in a bitter trade war with China, has been a particular critic of the Belt and Road, calling it an “infrastructure vanity project” when Italy signed on.

Jonathan Cohen, acting permanent representative of the United States at the United Nations, last month slammed China’s attempt to get Belt and Road language into a resolution on Afghanistan, saying it had “known problems with corruption, debt distress, environmental damage, and lack of transparency”.

Wu Haitao, chargé d’affaires of China’s Permanent Mission to the United Nations, said the rebuke was “contrary to the facts and fraught with prejudice”.

In 2017, the United States sent White House National Security Council senior director for Asian affairs Matt Pottinger to the summit. This time, Washington said it will not dispatch high-level officials due to its concerns about the project.

Lower-level staffers, possibly from the U.S. embassy in Beijing, might go to the summit to observe and take notes, sources familiar with the matter said, though a final decision has yet to be made.

China says it always welcomes “like-minded countries” to take part in the project.

It has not disclosed a full list of the leaders planning to attend the event. But some of Beijing’s closest friends have confirmed they will go, including Russian President Vladimir Putin and Pakistan Prime Minister Imran Khan.

EU WARINESS

The European Union, China’s largest trading partner, has also been in a bind about how to respond.

Last week, Europe’s top leaders told Xi they wanted a fairer trading relationship with China, signaling an openness to engage with the project if it meant more access to the Chinese market.

German Chancellor Angela Merkel, speaking at the EU summit in March, grumbled about Italian Prime Minister Giuseppe Conte’s decision to join the project, although she said Germany will play in active role in the Belt and Road and called for reciprocity.

Conte is due to attend the summit. Rome says signing onto the Belt and Road will bring much-needed investment and boost trade and has pointed to the fact that a dozen EU countries have already signed memoranda of understanding (MOUs) with China, including Hungary, Poland, Greece and Portugal.

SAFEGUARDING INTERESTS

The EU last year proposed its own infrastructure scheme, but it has denied it is trying to counter China’s ambitions.

“For China it is a question of power projection. China is corrupting what should be a level playing field by offering loans that send country debts soaring and create a culture of economic dependency on Beijing,” one EU official said.

German Economy Minister Peter Altmaier, a Merkel confidant, is attending the summit, along with French Foreign Minister Jean-Yves Le Drian, with Altmaier saying they wanted to “safeguard European interests in co-operation with China there”.

Several EU officials said the European Commission was still looking at who to send as a replacement for Vice President Jyrki Katainen, who attended 2017’s Belt and Road summit and has cited a calendar clash with the EU-Japan summit for not being able to go this time.

China has been on a push to show that the Belt and Road remains popular, despite cooling enthusiasm from governments including in Pakistan, Sri Lanka, Malaysia and the Maldives, where new administrations are wary of deals struck with China by their predecessors.

The Chinese government’s top diplomat, State Councillor Wang Yi, who ranks below Yang, last month touted the success of the $57-billion China-Pakistan Economic Corridor, a major Belt and Road scheme.

Wang said after meeting Pakistan’s foreign minister that less than 20 percent of funding for the China-Pakistan Economic Corridor came from Chinese loans, with the rest made up of direct Chinese investment and free grants.

The corridor focuses on the interests of ordinary people, Wang said, citing as an example women truck drivers trained to work at a coal mine connected to the project, which he described as a “touching story”.

Wang told reporters at March’s annual meeting of parliament that the Belt and Road was about high quality, sustainable, green development.

“As President Xi has said, the Belt and Road initiative comes from China, but the achievements belong to the world,” Wang said.

(Additional reporting by Michael Martina in Beijing, Andreas Rinke and Michael Nienaber in Berlin, Richard Lough in Paris, David Brunnstrom in Washington and Michelle Nichols at the United Nations; editing by Neil Fullick)

Source: OANN

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Florida agency probes video of Maryland man tackling bird

The Florida Fish and Wildlife Conservation Commission is working to determine what charges might be appropriate to bring against a Maryland man who was videotaped tackling a federally protected pelican.

The Baltimore Sun reports Hunter Hardesty, of Davidsonville, posted the video of the apparent attack online on Thursday. Commission officer and spokesman Bobby Dube says Hardesty enticed the pelican and then jumped on it. He says authorities are considering possible animal cruelty charges.

The video shows Hardesty learning over the water near the edge of a harbor that's geotagged to the Florida Keys. It shows him then jumping off the harbor and landing on top of the pelican, launching a scuffle punctuated by the laughter of onlookers.

The bird then slapped Hardesty across the face with its beak and fled.

___

Information from: The Baltimore Sun, http://www.baltimoresun.com

Source: Fox News National

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Poll shows more Brazilians rejecting Bolsonaro: CNI/Ibope

FILE PHOTO: Brazil's President Jair Bolsonaro reacts during a ceremony marking his first 100 days in office at the Planalto Palace in Brasilia
FILE PHOTO: Brazil's President Jair Bolsonaro reacts during a ceremony marking his first 100 days in office at the Planalto Palace in Brasilia, Brazil April 11, 2019. REUTERS/Adriano Machado/File Photo

April 24, 2019

SAO PAULO (Reuters) – The number of Brazilians rejecting the government of President Jair Bolsonaro continued to rise this month, according to an opinion poll released on Wednesday, underscoring his early struggles after easily winning an October election.

Pollster Ibope said 27 percent of those surveyed found the government doing a “bad” or “terrible” job, according to a survey commissioned by industry group CNI, up from 24 percent in March and 11 percent in January. The government’s “good/great” rating was 35 percent, little changed from 34 percent in March, but down from 49 percent in January.

Ibope surveyed 2,000 people between April 12-15 across Brazil. The poll’s margin of error is 2 percentage points.

(Reporting by Anthony Boadle; Editing by Chizu Nomiyama)

Source: OANN

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Global economic slowdown might trigger new financial crisis: Italy’s finance minister

Italian Economy Minister Tria holds a news conference after a Euro zone finance ministers meeting in Brussels
Italian Economy Minister Giovanni Tria holds a news conference after a Euro zone finance ministers meeting in Brussels, Belgium November 19, 2018. REUTERS/Eric Vidal

March 27, 2019

MILAN (Reuters) – Italy’s Economy Minister Giovanni Tria said on Wednesday he feared the ongoing economic slowdown at a global level could trigger a new financial crisis.

“Everybody fears a financial crisis can translate into a global economic crisis […] My opinion is … that the economic slowdown, especially if it were to worsen, could lead to a global financial crisis,” Tria said at an event in China.

(Writing by Alessia Pe, editing by Silvia Aloisi)

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)

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2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston
2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston, Texas, U.S. April 24, 2019. REUTERS/Loren Elliott

April 26, 2019

By Joshua Schneyer and M.B. Pell

NEW YORK (Reuters) – Senator Elizabeth Warren will introduce a bill Friday that offers new protections for U.S. military families facing unsafe housing, following a series of Reuters reports revealing squalid conditions in privately managed base homes.

The Reuters reports and later Congressional hearings detailed widespread hazards including lead paint exposure, vermin infestations, collapsing ceilings, mold and maintenance lapses in privatized base housing communities that serve some 700,000 U.S. military family members.

(View Warren’s military housing bill here. https://tmsnrt.rs/2Dy5aht)

(Read Reuters’ Ambushed at Home series on military housing here. https://www.reuters.com/investigates/section/usa-military)

The Massachusetts Democrat’s bill would mandate both regular and unannounced spot inspections of base homes by certified, independent inspectors, holding landlords accountable for quickly fixing hazards. The military’s privatization program for years allowed real estate firms to operate base housing with scant oversight, Reuters found, leaving some tenants in unsafe homes with little recourse against landlords.

The bill would also require the Department of Defense and its private housing operators to publish reports annually detailing housing conditions, tenant complaints, maintenance response times and the financial incentives companies receive at each base. The provisions aim to enhance transparency of housing deals whose finances and operations the military had allowed to remain largely confidential under a privatization program since the late 1990s.

The measure would also require private landlords to cover moving costs for at-risk families, and healthcare costs for people with medical conditions resulting from unsafe base housing, ensuring they receive continuing coverage even after they leave the homes or the military.

“This bill will eliminate the kind of corner-cutting and neglect the Defense Department should never have let these private housing partners get away with in the first place,” Warren said in a statement Friday.

The proposed legislation comes after February Senate hearings where Warren, a member of the Senate Armed Services Committee who is seeking the Democratic nomination for the 2020 U.S. presidential election, slammed private real estate firms for endangering service families, and sought answers about why military branches weren’t providing more oversight.

Her legislation would direct the Defense Department to allow local housing code enforcers onto federal bases, following concerns they were sometimes denied access. Warren’s office said a companion bill in the House of Representatives would be introduced by Rep. Deb Haaland, Democrat of New Mexico.

In response to the housing crisis, military branches are developing a tenant bill of rights and hiring hundreds of new housing staff. The branches recently dispatched commanders to survey base housing worldwide for safety hazards, resulting in thousands of work orders and hundreds of tenants being moved. The Defense Department has pledged to renegotiate its 50-year contracts with private real estate firms.

Congress has been quick to take its own measures. Earlier legislation proposed by senators Dianne Feinstein and Kamala Harris of California, along with Mark Warner and Tim Kaine of Virginia, would compel base commanders to withhold rent payments and incentive fees from the private ventures if they allow home hazards to persist.

(Editing by Ronnie Greene)

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FILE PHOTO: Offices of Deloitte are seen in London
FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

(Reuters) – Deloitte quit as Ferrexpo’s auditor on Friday, knocking its shares by more than 20 percent, days after saying it was unable to conclude whether the iron ore miner’s CEO controlled a charity being investigated over its use of company donations.

Blooming Land, which coordinates Ferrexpo’s Corporate Social Responsibility (CSR) program, came under scrutiny after auditors found holes in the charity’s statements.

Ferrexpo on Tuesday said findings of an ongoing independent investigation launched in February indicated some Blooming Land funds could have been “misappropriated”. It did not provide any details or publish its findings.

Shares in Ferrexpo, the third largest exporter of pellets to the global steel industry, were 23.4 percent lower at 206.1 pence at 1022 GMT following news of Deloitte’s resignation.

“Ferrexpo’s shares are deeply discounted vs peers … following the resignation of Deloitte, we expect downside risks to dominate Ferrexpo’s shares near term.” JP Morgan analyst Dominic O’Kane said in a note on Friday.

Swiss-headquartered Ferrexpo did not provide a reason for the resignation of Deloitte, which declined to comment, while Blooming Land did not respond to a request for comment.

Funding for Blooming Land’s CSR activities is provided by one of Ferrexpo’s units in Ukraine and Khimreaktiv LLC, an entity ultimately controlled by Ferrexpo’s CEO and majority owner Kostyantin Zhevago, Ferrexpo said on Tuesday.

Ferrexpo’s board has found that Zhevago did not have significant influence or control over the charity, but Deloitte said it was unable reach a conclusion on this.

Reuters was not immediately able to contact Zhevago.

In a qualified opinion, a statement addressing an incomplete audit, Deloitte said it had been unable to conclude whether $33.5 million of CSR donations to Blooming Land between 2017 and 2018 was used for “legitimate business payments for charitable purposes”.

Deloitte said on Tuesday that total CSR payments made to Blooming Land by Ferrexpo since 2013 total about $110 million.

Ferrexpo, whose major mines are in Ukraine, has said that the investigation was ongoing and new evidence pointed to potential discrepancies.

Zhevago, 45, who ranked 1,511 on Forbes magazine’s list of billionaires for 2019 with a net worth of $1.4 billion, owns the FC Vorskla soccer club and has been a member of Ukraine’s parliament since 1998.

(Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru and additional reporting by Pavel Polityuk in Kiev; editing by Gopakumar Warrier, Bernard Orr)

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Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba, Mozambique April 26, 2019 in this still image obtained from social media. SolidarMed via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

JOHANNESBURG/LUANDA (Reuters) – Cyclone Kenneth killed at least one person and left a trail of destruction in northern Mozambique, destroying houses, ripping up trees and knocking out power, authorities said on Friday.

The cyclone brought storm surges and wind gusts of up to 280 km per hour (174 mph) when it made landfall on Thursday evening, after killing three people in the island nation of Comoros.

It was the most powerful storm on record to hit Mozambique’s northern coast and came just six weeks after Cyclone Idai battered the impoverished nation, causing devastating floods and killing more than 1,000 people across a swathe of southern Africa.

The World Food Programme warned that Kenneth could dump as much as 600 millimeters of rain on the region over the next 10 days – twice that brought by Cyclone Idai.

One woman in the port town of Pemba died after being hit by a falling tree, the Emergency Operations Committee for Cabo Delgado (COE) said in a statement, while another person was injured.

In rural areas outside Pemba, many homes are made of mud. In the main town on the island of Ibo, 90 percent of the houses were destroyed, officials said. Around 15,000 people were out in the open or in “overcrowded” shelters and there was a need for tents, food and water, they said.

There were also reports of a large number of homes and some infrastructure destroyed in Macomia district, a mainland district adjacent to Ibo.

A local group, the Friends of Pemba Association, had earlier reported that they could not reach people in Muidumbe, a district further inland.

Mark Lowcock, United Nations under-secretary-general for humanitarian affairs, warned the storm could require another major humanitarian operation in Mozambique.

“Cyclone Kenneth marks the first time two cyclones have made landfall in Mozambique during the same season, further stressing the government’s limited resources,” he said in a statement.

FLOOD WARNINGS

Shaquila Alberto, owner of the beach-front Messano Flower Lodge in Macomia, said there were many fallen trees there, and in rural areas people’s homes had been damaged. Some areas of nearby Pemba had no power.

“Even my workers, they said the roof and all the things fell down,” she said by phone.

Further south, in Pemba, Elton Ernesto, a receptionist at Raphael’s Hotel, said there were fallen trees but not too much damage. The hotel had power and water, he said, while phones rang in the background. “The rain has stopped,” he added.

However Michael Charles, an official for the International Federation of the Red Cross and Red Crescent Societies (IFRC), said heavy rains over the next few days were likely to bring a “second wave of destruction” in the form of flooding.

“The houses are not all solid, and the topography is very sandy,” Charles said.

In the days after Cyclone Idai, heavy inland rains prompted rivers to burst their banks, submerging entire villages, cutting areas off from aid and ruining crops. There were concerns the same could happen again in northern Mozambique.

Before Kenneth hit, the government and aid workers moved around 30,000 people to safer buildings such as schools, however authorities said that around 680,000 people were in the path of the storm.

(Reporting by Emma Rumney and Stephen Eisenhammer; Writing by Emma Rumney; Editing by Janet Lawrence and Alexandra Zavis)

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

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