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Greek police clash with migrants, block access to border route

Migrant children hold flowers as they stand in front of riot police officers next to a camp in the town of Diavata in northern Greece
Migrant children hold flowers as they stand in front of riot police officers next to a camp in the town of Diavata in northern Greece, April 6, 2019. REUTERS/Alexandros Avramidis

April 6, 2019

By Lefteris Papadimas

DIAVATA, Greece (Reuters) – Greek police clashed on Saturday with groups of migrants and refugees camped in a field close to the country’s northern border hoping to cross to neighboring countries and travel onward to northern Europe, witnesses said.

Hundreds of people including children had arrived at the field next to the migrant camp of Diavata near the border with North Macedonia on Thursday and started setting up tents.

They were prompted by reports on social media of plans for an organized movement to cross Greece’s northwest land border with Albania in early April.

Riot police fired teargas at dozens of people – some with children in their arms – who threw stones and bottles as they tried to break a police cordon and reach a road leading to the border.

About 100 tents were pitched in the field which was heavily guarded by police. People refused to leave despite calls by ministers to return to accommodation centers and warnings that onward travel would be impossible.

“It’s a lie that the borders will open,” Migration Minister Dimitris Vitsas told Greek state television ERT on Friday.

Tens of thousands of refugees and migrants, mainly from Syria, Iraq and Afghanistan, are stuck in Greece from when Balkan countries shut their borders in 2016, closing the main passage towards northern Europe.

(Reporting by Lefteris Papadimas; Editing by David Holmes)

Source: OANN

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Trump tells NYT to ‘get down on their knees & beg for forgiveness’

President Trump declared Tuesday that The New York Times should “get down on their knees & beg for forgiveness” for its negative coverage of his presidency, as part of an early-morning Twitter tear against a range of media outlets.

“I wonder if the New York Times will apologize to me a second tie, as they did after the 2016 Election. But this one will have to be a far bigger & better apology. On this one they will have to get down on their knees & beg for forgiveness—they are truly the Enemy of the People!” Trump tweeted.

MSNBC'S MIKE BRZEZINSKI, CNN'S ALISYN CAMEROTA SUGGEST DEMS NEED TO DO SOMETHING AFTER MUELLER REPORT

The president also blasted Times opinion columnist Paul Krugman, whose latest op-ed says “one of our two parties”—the Republican Party—“no longer believes in American values.” The column criticizes Trump and the results of the Russia investigation, claiming the president was aware of intervention in his campaign by a “hostile foreign power” and, once in office, tried to obstruct any investigation into that fact.

“Paul Krugman of the Fake News New York Times, has lost all credibility, as has the Times itself, with his false and highly inaccurate writings on me. He is obsessed with hated, just as others are obsessed with how stupid he is. He said Market would crash, Only Record Highs!” Trump tweeted.

He added: “The Radical Left Democrats, together with their leaders in the Fake News Media, have gone totally insane! I guess that means that the Republican agenda is working. Stay tuned for more!”

The president went on to tout his administration’s impact on the economy, claiming the mainstream media ignores the positive effect his presidency has had.

DEM LEADERS REJECT IMMEDIATE IMPEACHMENT PROCEEDINGS IN URGENT CONFERENCE CALL

“In the ‘old days’ if you were President and you had a good economy, you were basically immune from criticism. Remember, ‘It’s the economy stupid.’ Today I have, as President, perhaps the greatest economy in history… and to the Mainstream Media, it means NOTHING. But it will!” he tweeted.

The president’s Twitter rampage comes amid mounting criticism from Democrats following the release of Special Counsel Robert Mueller’s nearly 500-page Russia report last week. The special counsel, after a nearly two-year investigation, did not find evidence of collusion between the 2016 Trump campaign and Russia. But the report revealed an array of controversial actions and requests made by the president that were examined as part of Mueller’s investigation’s obstruction inquiry. Despite the findings, Mueller did not come to a conclusion on the matter of whether the president obstructed justice.

Meanwhile, on Tuesday morning, Trump went after CNN’s Chris Cuomo, blasting the network for giving him a primetime show. The president also slammed MSNBC’s Joe Scarborough, saying the host of “Morning Joe” has “nosedived”  and calling him “too Angry, Dumb and Sick.”

The president later added that Twitter, the social media platform itself, is playing "political games."

Source: Fox News Politics

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Vatican upholds sex abuse conviction against Guam archbishop

The Vatican has upheld its conviction of Guam's ousted archbishop for sexually abusing minors and has added a further penalty on appeal.

The Vatican announced the definitive decision against Archbishop Anthony Apuron Thursday. In doing so, it revealed for the first time that he had been originally convicted of sexually abusing minors.

The Vatican confirmed that conviction and the original sentence, which removed Apuron from office and prohibited him from living on the Pacific island. And in an additional penalty, the Vatican has prohibited him for life for using the insignia of a bishop.

Source: Fox News World

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Houston Mass Resistance Breaks News On Drag Queen Story Hour Pedophile

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Source: InfoWars

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Rove: Dems Will Continue to ‘Hammer’ Trump on Obstruction

President Donald Trump has been "vindicated in so many ways" by special counsel Robert Mueller's report on Russia's election interference, but Democrats still have "fodder" to "continue to hammer" him, GOP political consultant Karl Rove said Thursday.

In an interview on Fox News' "The Daily Briefing with Dana Perino," Rove said "the administration has to recognize" Democrat attacks will focus on the 10 items of obstruction in the report.

"I think the dominant feeling [at the White House] is relief," he said, adding, however, "there'll be some apprehension in how they deal with the aftermath. The recognition is this is a great moment. The president has been vindicated in so many ways, but the 10 items of obstruction that are listed in [the Mueller report] will be providing food and fodder for the Democrats on the Hill to continue to hammer the president."

Rove said Rep. Jerrold Nadler, D-N.Y., who heads the House Judiciary Committee, will be leading the charge, though he said he doubted Nadler would move to impeach the president.

Others will, he warned.

"You'll have the hotdogs and lunatics and wannabes like [Democratic Rep.] Eric Swalwell of California say 'impeach,'" he said.

"I think the wise ones will sit back and say, like [Sen.] Bernie Sanders [I-Vt.] on Monday on the Fox Town Hall, [that] 'if we spend too much time trashing Trump, we Democrats will lose,' and not only sounds good but is accurate."

Source: NewsMax America

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Iran says U.S. pressures on Iran, Venezuela making oil market fragile

FILE PHOTO: Iran's Oil Minister Zanganeh arrives for an OPEC meeting in Vienna
FILE PHOTO: Iran's Oil Minister Bijan Zanganeh arrives for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader/File Photo

April 14, 2019

LONDON (Reuters) – Iran’s oil minister said on Sunday that U.S. sanctions on Iran and Venezuela and tensions in Libya have made the supply-demand balance in the global oil market fragile, and warned of consequences for increasing pressures on Tehran.

Oil prices have risen more than 30 percent this year on the back of supply cuts led by the Organization of the Petroleum Exporting Countries and U.S. sanctions on oil exporters Iran and Venezuela, plus escalating conflict in OPEC member Libya.

“Oil prices are increasing every day. That shows the market is worried,” Bijan Zanganeh was quoted as saying by Tasnim news agency.

“Venezuela is in trouble. Russia is also under sanctions. Libya is in turmoil. Part of U.S. oil production has stopped. These show the supply-demand balance is very fragile,” Zanganeh said.

“If they (the Americans) decide to increase pressures on Iran, the fragility will increase in an unpredictable way,” he added.

Zanganeh said one of the consequences of pressure on Iran was a rise in fuel prices in the United States.

“Mr. Trump should choose whether to add more pressure on Iran or keep fuel prices low at gas stations in America,” Zanganeh was quoted as saying by the oil ministry’s news agency SHANA.

The U.S. reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between it and six world powers. The sanctions have already halved Iranian oil exports.

U.S. President Donald Trump eventually aims to halt Iranian oil exports, choking off Tehran’s main source of revenue. Washington is pressuring Iran to curtail its nuclear program and stop backing militant proxies across the Middle East.

OPEC and its allies meet in June to decide whether to continue withholding supply. Though OPEC’s de facto leader, Saudi Arabia, is considered keen to keep cutting, sources within the group said it could raise output from July if disruptions continue elsewhere.

The producer group’s supply cuts have been aimed largely at offsetting record crude production in the United States.

(Reporting by Bozorgmehr Sharafedin; Editing by Jan Harvey)

Source: OANN

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Hong Kong Airlines faces more uncertainty as chairman challenges his removal

FILE PHOTO: A Hong Kong Airlines Airbus A330 passenger plane taxies on the tarmac at the Hong Kong Airport
FILE PHOTO: A Hong Kong Airlines Airbus A330-300 passenger plane taxies on the tarmac at the Hong Kong Airport September 11, 2013. REUTERS/Tyrone Siu/File Photo

April 17, 2019

By Jennifer Hughes and Kane Wu

HONG KONG (Reuters) – Hong Kong Airlines, partially owned by China’s HNA Group, was thrown into deeper uncertainty on Wednesday after Hou Wei disputed a decision that removed him as chairman and said he was still in charge of the struggling carrier.

Former Hong Kong Airlines director Zhong Guosong announced on Tuesday he had been appointed chairman after a shareholder meeting where he and Chinese private equity firm Frontier Investment Partner, who together control about 61 percent of the shares, voted in additional board members, including Zhong as chairman.

Hou Wei joined Hong Kong Airlines in September last year, having previously worked for units of HNA’s Hainan Airlines, China’s fourth-largest carrier.

Referring to himself as chairman of the airline, Hou on Wednesday challenged the decision to remove him. In an internal letter sent to employees and shown to Reuters by Hong Kong Airlines, Hou said the board changes were a result of a shareholder dispute and would not have any impact on the company’s operations.

“I will continue to work hand in hand with our leadership team to take concrete actions to secure Hong Kong Airlines’ future,” Hou said.

Hong Kong Airlines Consultation Service Co., which Zhong controls, and Frontier responded by saying that the April 16 meeting was conducted legitimately under proper procedures supported by multiple legal opinions.

“These steps were taken to secure the financial future of Hong Kong Airlines and stop further related party transactions and any embezzlement of company assets amid a period of significant financial stress and reports of serious financial misappropriation,” said the two.

HNA, which holds about 29 percent of the carrier, declined to comment.

The dispute follows another shareholder meeting earlier this month where Hong Kong Airlines executives told investors the company needed to raise at least HK$2 billion ($255.12 million) or risk losing its operating license.

The shareholders reacted angrily, Reuters reported last week, and questioned Hong Kong Airlines’ dealings with other HNA affiliates, demanding the company provide full 2018 financial figures before they would consider providing fresh capital.

Formerly acquisitive HNA – a planes-to-banking Chinese conglomerate – has been working to improve its finances since China cracked down on aggressive debt-fueled foreign dealmaking in mid-2017.

By that point, a $50 billion spree had netted HNA assets including the single largest stake in Deutsche Bank. It has since been reducing its portfolio and last month sold low-cost carrier Hong Kong Express Airways.

On Tuesday, HNA unit CWT International Ltd said it had defaulted on a HK$1.4 billion ($179 million) loan and had less than 24 hours to pay funds due or lose assets pledged as collateral.

(Reporting by Jennifer Hughes, Kane Wu and Julie Zhu; Editing by Muralikumar Anantharaman and Kirsten Donovan)

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)

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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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