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Australia’s opposition Labor party woos low-income voters ahead of election

FILE PHOTO: A worker pushes a trolley loaded with goods past a construction site in the central business district of Sydney
FILE PHOTO: A worker pushes a trolley loaded with goods past a construction site in the central business district (CBD) of Sydney in Australia, March 15, 2018. REUTERS/David Gray/File Photo

April 4, 2019

By Colin Packham

CANBERRA (Reuters) – Australia’s opposition Labor party on Thursday promised sweeping tax cuts for low-income workers and more spending on healthcare as it sought to outflank the government on key battleground issues ahead of an election to be held within weeks.

The center-left party is well ahead in the polls after six years of a conservative government that has been riddled with internal ructions that have toppled two prime ministers. An election must be held by mid-May and could be called as soon as this week.

Replying to the government’s pre-election budget unveiled earlier this week, Labor promised to match tax cuts for middle-income Australians, people earning between A$48,000-A$126,000 ($34,123-$89,573).

But Labor said higher earners would receive less benefits than what the government proposed to fund bigger concessions for people on less than A$45,000.

“The Liberals talk so much about being back in the black but the budget papers reveal a much paler shade of grey,” Labor leader Bill Shorten told Australia’s parliament.

“We believe that Australia does best when working class and middle-class Australia gets a fair go.”

The government’s budget promised A$158 billion in tax cuts though the bulk was set to come after 2023 by reducing higher tax brackets. The government also said 94 percent of Australians would pay a flat tax rate of 30 percent by July 1, 2024.

Shorten said Labor will not implement those changes.

Prime Minister Scott Morrison also promised record funding on healthcare and education, but Labor said it will outspend the conservative government in both.

Labor did not reveal specific funding but Shorten promised an extra A$2.3 billion for cancer treatment.

To fund the spending, Shorten committed to scrapping a favorable tax scheme for multiple property owners.

The policy is widely seen as contributing to higher house prices, leaving many younger voters unable to get into the market.

Tapping into concerns about inequality, Shorten rejected calls to defer a Labor plan to restrict the concessions to properties purchased only after Jan 1, 2020.

“A government must be brave enough and decent enough to stop the bias against first home buyers and young Australians and we will be that government,” said Shorten.

(Reporting by Colin Packham; Editing by Kim Coghill)

Source: OANN

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White House’s Kudlow says Jerome Powell can turn into good Fed chairman

FILE PHOTO: FILE PHOTO: U.S. Federal Reserve Chairman Powell holds news conference following two-day policy meeting in Washington
FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell holds a news conference following the two-day Federal Open Market Committee (FOMC) policy meeting in Washington, U.S., March 20, 2019. REUTERS/Jonathan Ernst/File Photo/File Photo

April 11, 2019

WASHINGTON (Reuters) – White House economic adviser Larry Kudlow said on Thursday that he has confidence in Federal Reserve Chairman Jerome Powell and believes he will turn into a good central bank chairman.

At a speaking event, Kudlow also said the White House is sticking by Herman Cain as a candidate for a Federal Reserve Board seat at the moment. President Donald Trump insists that Cain go through the Senate confirmation process but still supports him, said Kudlow.

(Reporting By Jeff Mason; Editing by Chizu Nomiyama)

Source: OANN

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Ex-ICE Chief Rejects Border Closure as Migration Solution

Closing down the U.S. border's ports of entry will just cut off "lawful trade and travel," doing "absolutely nothing" to curb the illegal immigration crisis, according to a former acting director of Immigration and Customs Enforcement on Monday.

"Central Americans . . . their goal is to simply this: get two feet on American soil; the overwhelming majority of them are actually crossing the border illegally, so they're not going through ports of entry," former Obama administration Acting ICE Director John Sandweg told CNN's "Newsroom." 

"Once they get their two feet on American soil, of course, they file their asylum claims. We have a process that has worked for decades to deal with that, we just haven't dedicated the resources necessary to process these numbers of people efficiently or quickly, so it's taking years, thus further incentivizing more to come.

"But what's going on at the ports of entry is just lawful trade and travel."

Sandweg did acknowledge President Donald Trump does gain leverage in pressuring Mexico to close their southern border, but the economic risks are high.

He said: "$650 billion in trade with Mexico threatened, and it's going to do nothing, absolutely nothing to stop the flow of Central Americans into this country." 

The overwhelmed Department of Homeland Security cannot handle the mass migration the United States is now seeing, Sandweg admitted, so migrants know getting two feet on American soil will protect them in claiming asylum under current law.

Source: NewsMax America

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14-year-old says he is Illinois boy who went missing in 2011

A 14-year-old boy who said he escaped from two kidnappers in Ohio told authorities he is from Illinois, where he went missing nearly eight years ago when his mother apparently took her own life.

Police in suburban Cincinnati's Sharonville wrote in a short incident report that the teen said Wednesday morning that he had "just escaped from two kidnappers" he described as white men with body builder-type physiques. They were in a Ford SUV with Wisconsin license plates and had been staying at a Red Roof Inn.

The boy, who identified himself as Timmothy Pitzen, told police that after his escape he "kept running across a bridge into" Kentucky.

Timmothy Pitzen was six when he disappeared in 2011 after authorities said his mother took her own life in a Rockford, Illinois, hotel.

Police in the Chicago suburb of Aurora said Wednesday afternoon that the department is sending two detectives to the Cincinnati area. Aurora police don't know if the boy he has any connection to Pitzen, Aurora Police Sgt. Bill Rowley said.

Police believe Amy Fry-Pitzen, 43, picked up her son from school and took him to the zoo and a Wisconsin water park before she apparently killed herself. Her body was found with her wrists slit on May 15, 2011.

Fry-Pitzen left a note saying her son was fine. Police investigating her death said she took steps that suggest she might have, as she said in her note, dropped her son off with a friend.

At the time, police searched for Pitzen in Illinois, Wisconsin and Iowa.

"We've probably had thousands of tips of him popping up in different areas," Rowley said. "We have no idea what we're driving down there for. It could be Pitzen. It could be a hoax."

The FBI said in a Wednesday afternoon statement that its offices in Louisville and Cincinnati were working on a missing child investigation with Aurora police and police departments in Cincinnati and Newport, Kentucky, and the Hamilton County Sheriff's Office in Ohio. The FBI offered no other details.

Sharonville police said on the department's Facebook page that the information about the boy's reported escape was received by police in Campbell County, Kentucky.

"The City of Sharonville Police Department, like every other police agency in the greater Cincinnati area, was requested to check their Red Roof Inn hotels regarding this incident," the Facebook post read. "To the best of our knowledge, we have no information indicating that the missing juvenile was ever in the City of Sharonville."

Timmothy Pitzen's grandmother, Alana Anderson, told WISN-TV Wednesday that authorities have told the family very little.

"We just know a 14-year-old boy was found and went to the police," Anderson said. "We don't want to get our hopes up and our family's hopes up until we know something. We just don't want to get our hopes up. We've had false reports and false hopes before."

Source: Fox News National

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Solar Storm Alert: Earth To Be Bombarded By Solar Particles In A Few Days

There is an upcoming solar storm expected this weekend. Researchers have noticed a sunspot that will bombard the Earth with solar particles on Monday.

Sunspots are patches of darkness on the Sun which are caused by an underlying magnetism beneath the surface. A solar storm occurs when that magnetism bubbles up and is released in the form of solar flares, which spew cosmic particles into space. Earth is in the path of these particles, so we can expect an exceptional aural display at the poles soon!

Auroras are caused when solar particles hit the atmosphere. These include the northern lights, or aurora borealis and southern lights, or aurora australis. Both are expected to put on incredible shows thanks to this solar storm. The light show will appear when the magnetosphere gets bombarded by solar winds and that layer of the atmosphere deflects the particles.

According to the Express, a cosmic forecasting website called Space Weather said:

“A minor hole in the sun’s atmosphere is turning toward Earth and spewing a stream of solar wind in our direction. The estimated time of arrival is April 22nd. Geomagnetic unrest and polar auroras are possible when the gaseous material arrives.”

Solar particles have been responsible for power grid failures and disruption in communications systems on Earth when they’ve been strong enough. A surge of particles can lead to high currents in the magnetosphere, which can cause a higher than normal level of electricity in power lines. The results could be devastating, especially considering Earth’s magnetic field is weakening. Eventually, as a solar storm could cause electrical transformers and power stations blowouts and a loss of power. Solar storms can also affect satellites in orbit, potentially leading to a lack of GPS navigation, mobile phone signals, and satellite TV.

Earth’s magnetic field is getting significantly weaker, the magnetic north pole is shifting at an accelerating pace, and scientists readily admit that a sudden pole shift could potentially cause “trillions of dollars” in damage. Today, most of us take the protection provided by Earth’s magnetic field completely for granted. It is essentially a colossal force field which surrounds our planet and makes life possible. And even with such protection, a giant solar storm could still potentially hit our planet and completely fry our power grid. But as our magnetic field continues to get weaker and weaker, even much smaller solar storms will have the potential to be cataclysmic. And once the magnetic field gets weak enough, we will be facing much bigger problems. As you will see below, if enough solar radiation starts reaching our planet none of us will survive. -Michael Snyder, The Economic Collapse Blog

The weakening magnetic field could have apocalyptic implications for all of us. Increased cancer rates will occur and there will be increasingly dangerous outcomes of fairly minor solar storms such as the one expected on Monday.



Alex Jones talks over the phone with callers and gauges their reactions to AG Barr discussing the redacted first part of Mueller’s report.

Source: InfoWars

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University of Kansas to offer ‘Angry White Male Studies’ course

University of Kansas students will soon be able to study the rise of the "angry white male."

The college course, called Angry White Male Studies, will dive into "the deeper sources of this emotional state while evaluating recent manifestations of male anger" in the United States and Britain since the 1950s.

The course catalog description states: "Employing interdisciplinary perspectives this course examines how both dominant and subordinate masculinities are represented and experienced in cultures undergoing periods of rapid change connected to modernity as well as to rights-based movements of women, people of color, homosexuals and trans individuals."

SUSPECT HELD IN SHOOTOUT NEAR US-MEXICO BORDER

Although the class can be taken for credit and is being offered in the fall, one Kansas lawmaker is not amused.

Rep. Ron Estes, a Republican, wrote on Twitter that the course "divides the student population" and wondered why the University of Kansas did not offer a class to "unite people and empower women."

Some students said any discussions from the course could be beneficial.

"Creating dialogue which is something that we need to have. Dialogue is important," junior Rianon Wallace-Demby told WFLA.

The course is being taught by Christopher Forth, reports The Hill. Forth, a professor of history and the dean's professor of humanities, has published several books, including "Masculinity in the Modern West: Gender, Civilization and the Body."

A prerequisite for the course is called "Introduction to Women, Gender, and Sexuality Studies."

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Students can also take the course if they get permission from the instructor.

Source: Fox News National

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The Latest: Sudanese want ‘immediate’ move to civilian rule

The Latest on Sudan, where protests forced long-ruling President Omar al-Bashir from power last week (all times local):

11 a.m.

Organizers of the protests in Sudan that forced long-ruling President Omar al-Bashir from power are calling on the military to "immediately and unconditionally" hand power to a transitional civilian government that would rule for four years.

The political parties and movements behind the four months of protests said in a joint statement late Saturday that they will remain in the streets until their demands are met. They say the handover to civilian rule would be the "first step toward the fall of the regime."

The army has appointed a military council that it says will rule for two years or less while elections are being organized. The council met with a delegation of protest organizers on Saturday.

The protesters fear that the military, which is dominated by al-Bashir appointees, will cling to power or appoint one of its own to rule the country.

___

9:30 a.m.

Saudi Araba and the United Arab Emirates have issued statements in support of Sudan's transitional military council after mass protests forced longtime President Omar al-Bashir from power.

Saudi Arabia says it "stands by the Sudanese people" and calls on all Sudanese "to give priority to the national interest" of their country. The UAE called on the Sudanese "to work for protecting legitimacy and ensuring a peaceful transfer of power."

Saudi King Salman ordered an unspecified package of aid for Sudan that includes petroleum products, wheat and medicine.

In separate statements issued late Saturday, Saudi Arabia and the UAE specifically expressed support for Sudan's transitional council formed by the military. The UAE said it welcomed the swearing-in of Gen. Abdel-Fattah Burhan on Friday as head of that council.

Source: Fox News World

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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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