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Million-dollar birdie: Belgian pigeon smashes price record

FILE PHOTO: Racing pigeons are displayed for sale at the Pigeon Olympiad 2017 in Brussels
FILE PHOTO: Racing pigeons are displayed for sale at the Pigeon Olympiad 2017 in Brussels, Belgium January 29, 2017. REUTERS/Francois Lenoir/File Photo

March 18, 2019

BRUSSELS (Reuters) – A Belgian racing pigeon called Armando has sold at auction for nearly $1.5 million, more than three times the world record, the online saleroom said on Monday after a bidding war between two Chinese fanciers.

“Nobody expected this. No one,” Jorge Ferrari from the Pigeon Paradise auction site told Reuters.

Chinese enthusiasm for the long-distance racing of homing pigeons has driven prices up sharply, with birds from the traditional heartland of the sport in Belgium being particularly prized. (https://reut.rs/2Ji22LF)

However, until the furious bidding that lasted throughout Sunday evening, the record price stood at 376,000 euros ($426,422). Armando, a record-breaking long-distance racing champion owned by Joel Verschoot, was eventually sold to an anonymous buyer in China for 1,252,000 euros ($1.42 million).

In an indication of how the buyer may hope to recoup the investment, not only can race prize money in China reach seven figures but seven of Armando’s offspring were also auctioned for an average price of 21,500 euros each; the five-year-old Flemish flier may have highly profitable breeding years ahead of him.

(Reporting by Clare Roth; Editing by Alastair Macdonald and Andrew Heavens)

Source: OANN

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Acting Pentagon chief makes renewed pitch for Space Force

The acting defense secretary is making a renewed pitch to Congress for authority to create a Space Force as a separate branch of the military.

Patrick Shanahan, who's been heading the Pentagon on an interim basis since Jan. 1, is testifying before the Senate Armed Services Committee. Some committee members have expressed skepticism about the need to establish a Space Force as a separate military service.

In his prepared remarks, Shanahan says a Space Force is required to maintain what he calls America's "margin of dominance" in space. He also says China and Russia are — in his words — "weaponizing" space.

The Trump administration's proposal is part of a broader plan intended to accelerate the development of U.S. space defenses.

Source: Fox News National

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Parscale: ‘Joke’ That 2016 Trump Campaign Got Help From Russia

President Donald Trump’s 2020 campaign manager says the 2016 campaign never got any help from Russia, calling those claims a "joke."

In an interview Wednesday on ABC affiliate WJLA, Brad Parscale was asked if the Trump campaign would accept aid from the Kremlin in the 2020 election.

"It's a joke," Parscale responded. "There was never any help from the Russians."

According to special counsel Robert Mueller’s report, the Russian Internet Research Agency spent $200,000 to release about 3,500 Facebook ads. Facebook estimated the ads reached at least 146 million people.

Mueller didn’t uncover evidence to conclude that a conspiracy between the Trump campaign and the Kremlin took place. But the report noted the Russian government worked to secure a Trump presidency and the Trump campaign expected it would benefit from Russia's illegal efforts to influence the election. 

Parscale said Trump's win was a matter of strategy, arguing the campaign got out more online ads than the Russians or Hillary Clinton combined.

"What we were spending per minute is what they spent in the entire election," Parscale said. "Hillary Clinton made 66,000 ads, I think the Russians made 3,500 ads. We made 5.9 million ads...It's not even the same ballpark."

He added the 2020 Trump campaign expects to spend at least $1 billion in its effort to get Trump re-elected. 

Source: NewsMax Politics

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DOJ Asks SCOTUS to Hear Case on Census Citizenship Question

The Department of Justice has asked the Supreme Court to hear a case involving whether a question about citizenship on the U.S. Census violates the Constitution, Talking Points Memo reports.

Solicitor General Noel Francisco sent a letter to the Supreme Court on Monday asking the court to weigh in on an appeal of a New York case following a California judge's ruling the question is unconstitutional.

"In light of that finding, only if the Court addresses respondents' Enumeration Clause claim can its decision definitively resolve whether the Secretary may reinstate a question about citizenship to the 2020 decennial census," Francisco wrote.

The Supreme Court already is scheduled to hear oral arguments about a New York case involving the citizenship question, in which a federal judge ruled the Trump administration violated the Administrative Procedure Act, but did not rule on whether the question itself is allowed by the Constitution.

"In the alternative, if the Court has any concerns about addressing respondents' Enumeration Clause claim in this case, it should grant the government's petition in the California case and consolidate that case with this one for oral argument," Francisco wrote.

Source: NewsMax America

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NBA roundup: Simmons shoots Sixers past Nets

NBA: Playoffs-Philadelphia 76ers at Brooklyn Nets
Apr 18, 2019; Brooklyn, NY, USA; Brooklyn Nets center Jarrett Allen (31) shoots against Philadelphia 76ers forward Greg Monroe (55) in the third quarter in game three of the first round of the 2019 NBA Playoffs at Barclays Center. Mandatory Credit: Wendell Cruz-USA TODAY Sports

April 19, 2019

Ben Simmons scored a playoff-career-high 31 points and handed out nine assists to lead the visiting Philadelphia 76ers past the Brooklyn Nets 131-115 on Thursday in New York for a 2-1 lead in an Eastern Conference opening-round playoff series.

Simmons, whose wayward shooting was the subject of a “Missing” poster outside of Barclays Center pregame, made 11 of 13 attempts from the field and 9 of 11 from the foul line.

Tobias Harris also scored a playoff-career-high, adding 29 points to go along with 16 rebounds, and JJ Redick added 26 points for Philadelphia.

Sixers center Joel Embiid was scratched before the game due to left knee soreness. Greg Monroe, who signed late in the regular season, received the emergency start in place of Embiid and contributed nine points and 13 boards.

Warriors 132, Clippers 105

Kevin Durant exploded for 38 points, and Golden State never let up after building an early lead, cruising to a win at Los Angeles to take a 2-1 edge in their Western Conference first-round playoff series.

The Warriors, who blew a 31-point, second-half lead in Game 3, ran up 41 first-quarter points, building as much as a 19-point advantage in the first 12 minutes.

Stephen Curry, who battled foul trouble most of the night, complemented Durant with 21 points in 20 minutes for the Warriors. Ivica Zubac had a team-high 18 points to go with a game-high 15 rebounds for the Clippers.

Spurs 118, Nuggets 108

Derrick White poured in a career-high 36 points on 15-of-21 shooting to lift San Antonio to a win over visiting Denver in Game 3 of a Western Conference first-round playoff series.

San Antonio, the seventh seed in the West, grabbed a 2-1 lead in the best-of-seven series. The Spurs led just 89-87 in the first minute of the fourth quarter before they pulled away, forging a 19-4 run that was capped by a White 3-pointer with 5:57 left that gave San Antonio a 108-91 advantage.

DeMar DeRozan added 25 points, 21 of those in the second half, while LaMarcus Aldridge contributed 18 points and 11 rebounds for the Spurs. Nikola Jokic paced Denver with 22 points, and Malik Beasley added 20.

–Field Level Media

Source: OANN

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War Room – 2019-April 25, Thursday – Trump’s War Against The Deep State Has Only Just Begun

Criminal indictments for Deep State operatives involved in the Russia witch hunt are coming soon. Will Johnson is joined by special guest Aynaz Anni Cyrus to discuss Islam and more on this Thursday, April 25 edition of War Room, LIVE from 3-6PM CT!

Source: The War Room

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Explosions in Afghan capital Kabul kill 6 during new year festival

A man removes broken glass from a window after multiple explosions in Kabul
A man removes broken glass from a window after multiple explosions in Kabul, Afghanistan, March 21, 2019. REUTERS/Parwiz

March 21, 2019

By Akram Walizada and Hameed Farzad

KABUL (Reuters) – Several explosions in the Afghan capital of Kabul on Thursday killed six people and wounded 23 in an attack during celebrations to mark the Persian new year, government spokesmen said.

The attacks came on Nowruz, an ancient Persian festival to mark the start of spring that is widely celebrated in Afghanistan but has also faced opposition from some hardline Islamists, who say it is un-Islamic.

There were conflicting reports about of the cause of the blasts near the Kart-e Sakhi shrine, in a heavily Shi’ite Muslim area in the west of Kabul.

An interior ministry spokesman said mortar bombs had been fired. The defense ministry said in a post on twitter that three rockets were fired at civilian homes and Nowruz gatherings.

There was no immediate claim of responsibility.

Broken windows and collapsed walls were visible on homes and shops near the blast site. Blood stained the side of the road.

“It was terrible,” said Sayed Samim Sadit, a shopkeeper, who said he and his family were unhurt. “We were all sitting in our home and all the glass blew in on us.”

Elderly resident Haji Rajab Ali said he saw two explosions in front of him and later awoke to find himself in hospital.

Afghanistan’s defense ministry said police had arrested Thursday’s attacker and secured the area.

The attack happened two weeks after a mortar attack on a Shi’ite Muslim gathering in Kabul that killed 11 people. Islamic State claimed responsibility for that attack.

Shi’ites are a minority group in Afghanistan and they have been repeatedly attacked by Sunni Muslim militant groups.

Violence has been relentless in Afghanistan even though Taliban militants are in talks with U.S. officials.

The latest round of talks wrapped up this month, with both sides citing progress, but no agreement to end the 17-year war.

The Taliban are fighting to expel foreign forces and to oust the Western-backed government of President Ashraf Ghani.

(Additional reporting by Rod Nickel and Hamid Shalizi in Kabul; Editing by Robert Birsel)

Source: OANN

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

Source: OANN

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

April 26, 2019

By Joshua Schneyer and M.B. Pell

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Ronnie Greene)

Source: OANN

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

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

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

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

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

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

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

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

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

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

Reuters was not immediately able to contact Zhevago.

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

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

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

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

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

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

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

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

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

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

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

FLOOD WARNINGS

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

Source: OANN

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