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U.S. economy ‘healthy’ from a monetary policy perspective: Fed’s Williams

FILE PHOTO: John C. Williams, president and CEO of the Federal Reserve Bank of New York speaks to the Economic Club of New York in the Manhattan borough of New York
FILE PHOTO: John C. Williams, president and CEO of the Federal Reserve Bank of New York speaks to the Economic Club of New York in the Manhattan borough of New York, U.S., March 6, 2019. REUTERS/Lucas Jackson/File Photo

April 11, 2019

NEW YORK (Reuters) – The U.S. economy is in a healthy place “from a pure monetary policy perspective,” but there is more work policymakers can do to make sure growth is widely shared, a top Federal Reserve official said on Thursday.

“We’re closing in on the longest economic expansion on record, unemployment is at historically low levels, and inflation is close to our 2 percent target,” Federal Reserve Bank of New York President John Williams said in remarks prepared for delivery at a Association for Neighborhood and Housing Development conference in New York.

“From a pure monetary policy perspective, this is a healthy economy. But I’m acutely aware that not everyone is feeling the benefits of the economy’s good performance.”

Williams said the regional central bank he runs can provide research to local community development organizations as well as push initiatives that target wage and housing inequality. The speech did not deal at length with Williams’ views on monetary policy.

(Reporting by Richard Leong; Writing by Trevor Hunnicutt; Editing by Chizu Nomiyama)

Source: OANN

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Jimmy Carter says Trump called him to discuss US-China relations

Former President Jimmy Carter reportedly said Sunday that President Trump had given him a call the previous night to discuss relations with China.

Speaking during a church service in Georgia on Sunday, Carter – the longest living president in United States history – did not go into detail about his Saturday night conversation with Trump, but said that the current president was "rightly" concerned that "China is getting ahead of us," as NPR reported.

The White House Monday confirmed that Trump and Carter spoke.

"President Jimmy Carter wrote President Trump a beautiful letter about the current negotiations with China and on Saturday they had a very good telephone conversation about President Trump’s stance on trade with China and numerous other topics," the White House said in a statement. "The President has always liked President Carter and First Lady Rosalynn Carter, and extended his best wishes to them on behalf of the American people."

Former president Jimmy Carter, seen here in September 2018, reportedly said President Trump had called him to discuss China. (Scott Cunningham/Getty Images, File)

Former president Jimmy Carter, seen here in September 2018, reportedly said President Trump had called him to discuss China. (Scott Cunningham/Getty Images, File)

Carter, who in 1979 signed the accords that helped normalize relations with China, has been a strong voice in urging Washington and Beijing to find common ground and improve relations. Carter also has warned that the current trade conflict with China has distracted the two world powers.

JIMMY CARTER SMOOCHES WIFE ROSALYNN ON KISS CAM AT ATLANTA HAWKS GAME

China and the U.S. said recently they achieved new progress in talks aimed at ending a tariff standoff over Beijing's industrial and technology policies. A conclusion to the dispute, which has shaken financial markets, remained uncertain.

The two issues at the center of China-U.S. trade frictions have been forced technology transfer and intellectual property.

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The trade dispute between the two countries escalated last year after the U.S. made several complaints, including that China was stealing U.S. trade secrets and was forcing companies to give them technology to access its market. Trump imposed tariffs on $250 billion of Chinese imports. China retaliated with tariffs on about $110 billion of U.S. items.

The Associated Press contributed to this report. 

Source: Fox News Politics

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US Navy Defies China By Passing Through Taiwan Strait

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Source: InfoWars

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Barcelona schools remove classic fairytales ‘Little Red Riding Hood,’ ‘Sleeping Beauty’ for being sexist

Schools in Barcelona have reportedly removed 200 children’s books from an infant school library including classic fairytales like “Little Red Riding Hood” and “Sleeping Beauty” after determining they perpetuated sexist stereotypes.

The Tàber school, which is under the responsibility of the Catalan government, found that 30 percent of the books in its library for children up to the age of six were “toxic” while only 10 percent were written from a “gender perspective.”

The school said 60 percent of their books had less-serious problems, Spanish newspaper El Pais reported.

FULHAM SOCCER FAN SUES CALIFORNIA DMV OVER ‘COME ON YOU WHITES’ VANITY PLATE

Anna Tutzo, one of the mothers who reviewed the books, told reporters that they were not targeting specific books, but instead looking at a broader problem with sexism.”

“Society is changing and is more aware of the issue of gender but this is not being reflected in stories,” she added.

Tutzo said the most common problem they found in the books is the idea of masculinity being about competitiveness and courage.

“Also in violent situations, even though they are just small pranks, it is the boy who acts against the girl. This sends a message about who can be violent and against whom,” she said. “Kids are like sponges and absorb everything around them, which allows sexist stereotypes to be normalized.”

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El Pais reported that other schools in the Catalan capital are also revising the books in their libraries.

Source: Fox News World

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California man challenges federal law refusing ‘immoral’ trademark for clothing brand ‘FUCT’

A California man whose company carries a provocative name is hoping that the U.S. Supreme Court will rule against a trademark law that he says restricts his First Amendment rights.

A lawyer for Erik Brunetti, owner of the “FUCT” clothing brand, will appear before the Supreme Court on Monday to challenge a federal trademarking law that allows officials to refuse trademarks that they deem “scandalous” or “immoral.”

Brunetti called the provision an unconstitutional restriction of speech that should be struck down. He also said that the underlying process is arbitrary, and that trademarks more offensive than his could be approved depending on who handles the case.

John R. Sommer, Brunetti’s lawyer, makes the argument that an attorney from the South might find something “not nice” that wouldn’t faze a lawyer from the Bronx.

That means “you can register profanity if you’re lucky” and you get assigned a lawyer who allows it, he continued.

OLIVIA JADE’S TRADEMARK APPLICATION WAS REJECTED FOR PUNCTUATION BEFORE COLLEGE ADMISSIONS SCANDAL

The Los Angeles-based clothing brand at issue, which started in 1991, can still operate under Brunetti’s chosen name without a trademark, but doing so could be costly. For instance, Brunetti wouldn't be able to go after counterfeiters who knock off his designs.

The government is defending the century-old trademarking provision, arguing in court documents that the law encourages trademarks that are appropriate for all audiences. The U.S. position is that the measure isn’t restricting speech, but rather declining to promote it.

But there have been workarounds in the past that could help Brunetti’s case.

Two years ago, the justices unanimously invalidated a related provision of federal law that told officials not to register disparaging trademarks. In that case, an Asian-American rock band sued after the government refused to register its band name, “The Slants,” because it was seen as offensive to Asians.

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The office, which also refuses to trademark something too similar to existing ones, refused to register “FUK!T” for being scandalous and immoral -- but also confusingly similar to the already-registered “PHUKIT.” ″MIDDLEFINGER” was denied after “JONNY MIDDLEFINGER” was registered, and “Ko Kane” was rejected after “Kokanee” was registered.

If Brunetti wins, the public is unlikely to notice a whole lot of change, his lawyer said. Retailers will decide what products are appropriate for their customers, and Target and Walmart aren’t going to carry Brunetti’s brand, Sommer said.

The Associated Press contributed to this report.

Source: Fox News National

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San Francisco to pay $13.1 million to man framed for murder

San Francisco plans to pay $13.1 million to a man who spent more than six years in prison after city police framed him for murder.

The San Francisco Board of Supervisors on Tuesday is expected to approve the payment to settle a civil rights lawsuit filed by Jamal Trulove.

Trulove was an aspiring actor and hip-hop artist when a jury convicted him of murder in 2010.

An appeals court overturned the conviction and he was acquitted in a 2015 retrial.

A federal jury last year determined two homicide detectives fabricated evidence, coerced a key eyewitness and withheld vital information that may have exonerated Trulove. The jury awarded Trulove and his attorney $14.5 million.

As part of the settlement, the city is dropping its appeal.

The two detectives have retired.

Source: Fox News National

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American journalist detained by Venezuelan officers then freed talks about detention

The American journalist who was detained in Venezuela Wednesday spoke exclusively to Fox News about his detention and release.

Cody Weddle, 29, told David Asman on “Cavuto Live” Saturday about the chain of events that included his arrest and aftermath. He recalled being detained on early Wednesday before being freed several hours later then deported. He heard the doorbell to his apartment ring but thought it was somebody delivering water to his residence.

“And when I opened that door I saw three armed men. They had rifles, they had handguns and then there was also a woman there as well and they gave me an order that said I was under investigation for espionage for extracting military equipment and also for treason to Venezuela and they ended up raiding my apartment,” Weddle told Fox News.

When asked what he thought triggered the arrest, Weddle said he was asked about some reporting he did regarding the “current state of Venezuela security forces.”

AMERICAN JOURNALIST DETAINED IN VENEZUELA RELEASED, MOTHER SAYS

“I did reporting that showed the rank-and-file members of Venezuela security forces are suffering from the effects of this economic crisis of the humanitarian crisis,” Weddle said. “They are paid measly salaries and I spoke to a few members of the security forces, anonymously and they all said that the rank and file are ready to see change in the country but that they can’t rise up in any way because the top generals remain with [President Nicolas Maduro] and there is intense surveillance by people like these counterintelligence services so they started asking the context I had in the military, contacts I had with all types of security forces so I think, although they never said explicitly, I think that was perhaps the reason this all happened.”

When asked if he gave up any specific names, Weddle said he did not. He said authorities went through his phone and computer but he did not give them extra information.

The journalist said, when he got to the Miami airport, he was asked if the accents of those who detained him were Cuban or Venezuelan. Asman asked him if there was “any indication that the Cubans were involved” in his detention.

“I didn’t run into any Cubans there or hear any Cuban accents and where I was arrested, but certainly that we know that Cuba has been involved in the security especially of President Maduro, but it’s something that is very vague and we don’t have a lot of information about that or to what extent that exists in the country,” Weddle said.

AMERICAN JOURNALIST BASED IN CARACAS DETAINED BY GOVERNMENT OFFICIALS AMID VENEZUELA UNREST

The Virginia native said it was hard to tell if Maduro’s government could last but said he expected a transition to be coming.

Weddle has lived in Caracas, the Venezuelan capital city, since 2014, and has worked as a freelancer for multiple news stations and newspapers, including the Miami Herald.

Weddle’s detainment comes after Univision journalist Jorge Ramos and five others were briefly detained after they interviewed Maduro at the Miraflores Palace.

Fox News’ Nicole Darrah contributed to this report.

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)

Source: OANN

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

April 26, 2019

By Joshua Schneyer and M.B. Pell

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Ronnie Greene)

Source: OANN

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

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

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

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

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

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

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

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

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

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

Reuters was not immediately able to contact Zhevago.

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

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

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

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

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

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

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

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

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

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

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

FLOOD WARNINGS

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

Source: OANN

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