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Nvidia offers bid for Israeli chip firm Mellanox: report

FILE PHOTO - The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei
FILE PHOTO - The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. REUTERS/Tyrone Siu/File Photo

March 10, 2019

TEL AVIV (Reuters) – Nvidia Corp has submitted an offer to buy Israeli chip designer Mellanox, the Calcalist financial news website said on Sunday.

Nvidia is competing for Mellanox with Intel Corp, which has already offered $6 billion for the Israeli company, Calcalist said. It cited estimates that Nvidia would pay at least 10 percent more than the price offered by Intel.

Nvidia’s advantage is that it would have a greater chance of obtaining U.S. and Chinese regulatory approval as Intel and Mellanox control the market for InfiniBand technology, a networking communications standard commonly used in supercomputers, Calcalist said.

Mellanox, which makes chips and other hardware for data center servers that power cloud computing, said it does not comment on rumors or speculation. Officials at Nvidia could not be reached for comment outside of regular U.S. business hours.

Intel has declined to comment on reports that it is seeking to acquire Mellanox.

(Reporting by Tova Cohen; Editing by Steven Scheer)

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Fire services battle moorland fires in northern England

Firefighters tackle a fire on a patch of moorland above the village of Uppermill
Firefighters tackle a fire on a patch of moorland above the village of Uppermill, Britain, April 22, 2019. REUTERS/Phil Noble

April 22, 2019

UPPERMILL, England (Reuters) – Firefighters were battling fires on moorland in northern England on Monday, with one of the biggest blazes likely caused by the careless use of a barbecue during record-breaking hot weather over the weekend, according to the National Trust.

Greater Manchester Fire & Rescue Service said six engines were tackling wildfires on Saddleworth Moor on the border between Oldham and West Yorkshire on Monday evening.

Flames were billowing close to the village of Uppermill, a Reuters eyewitness said.

The fire service, however, said on Twitter that residents should not panic, adding that they were “on top of it”.

The outbreak was near a fire on Marsden Moor in West Yorkshire that started on Sunday and affected around 300 hectares of land.

The National Trust, which owns the site, said it was likely caused by a barbecue, the BBC reported.

(Reporting by Phil Noble; Writing by Paul Sandle; Editing by James Dalgleish)

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If Trump acts against ObamaCare, he could ruin 'best week of his presidency': Chris Stirewalt

On the heels of the Mueller report concluding there was no collusion between the Trump campaign and Russia, President Trump is arguably having his “best week.” But reviving the health-care debate may derail it, Fox News politics editor Chris Stirewalt said Wednesday.

In a sharp policy piviot, the Department of Justice declared it would move forward to eliminate President Obama’s signature legislation, the Affordable Care Act (ACA), after a court deemed it unconstitutional.

During Wednesday's All-Star panel segment on Fox News' "Special Report with Bret Baier," Stirewalt -- along with National Journal politics editor Josh Kraushaar and national security analyst Morgan Ortagus -- weighed in on the political ramifications of Trump’s renewed fight against the ACA, also known as ObamaCare.

CONGRESSIONAL REPUBLICANS RATTLED BY TRUMP'S PIVOT TO OBAMACARE FIGHT AFTER MUELLER SUMMARY

Stirewalt declared that this was a “good week” for the Republican Party and the “best week of Donald Trump’s presidency” because of the positive outcomes of the Mueller report.

“To dive into this in this way is not politically savvy for one simple reason: ObamaCare is popular,” Stirewalt told the panel. “It’s above 50 percent and people are generally satisfied. Quinnipiac polling this week was absolutely clear: People want status quo, don’t take away what we got and that’s exactly what Republicans are talking about.”

Kraushaar agreed, calling a battle over ObamaCare a potentially “self-inflicting wound” for President Trump because health care is the “one issue that has dogged Republicans.”

“Voters, both Republicans and Democrats, are incrementalists. They’re looking at the party that isn’t gonna disrupt the status quo more. And you have a lot of Democrats talking about single payer, talking about a lot of really radical proposals on the presidential campaign trail,” Kraushaar said. “Well, here you have Trump now saying ‘I just want to rip up ObamaCare and I’m gonna support this court ruling.’ So you have a lot of congressional Republicans really scratching their heads.”

CLICK HERE TO GET THE FOX NEWS APP

Meanwhile, Ortagus said Republicans “shouldn’t be running away from health care at all,” pointing to how the 2018 midterms were about that issue and not Mueller's Russia investigation.

“Make this entire election about federalism versus socialism," she added, looking ahead to 2020, "and when you do that, that plays into the broader themes."

Source: Fox News Politics

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Afghan officials: NATO strike kills 9 state-backed forces

Afghan officials say a NATO drone strike has mistakenly killed nine members of a government-backed militia.

Arif Noori, a spokesman for the governor of the eastern Ghazni province, says another three were wounded in the strike Monday night.

NATO did not immediately respond to a request for comment.

The U.S. and NATO formally ended their combat mission in 2014 but still provide air support and other assistance to Afghan forces, who are battling a resurgent Taliban and an Islamic State affiliate.

Source: Fox News World

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One feared dead in Dutch tram shooting, terrorist motive possible: police

The site of a shooting is pictured in Utrecht
The site of a shooting is pictured in Utrecht, Netherlands, March 18, 2019. REUTERS/Piroschka van de Wouw

March 18, 2019

AMSTERDAM (Reuters) – Several people were shot, one possibly fatally, on Monday in a tram in the central Dutch city of Utrecht, in an incident police said may have had a “terrorist motive”.

Police said the suspected gunman was at large and authorities raised the terrorism threat to its highest level in Utrecht province. Schools were told to shut their doors and paramilitary police increased security at airports and other vital infrastructure. Security was stepped up at mosques.

“Several shots were fired in a tram and several people were injured. Helicopters are at the scene and no arrests have been made,” said police spokesman Joost Lanshage. He was not immediately able to provide further details.

Local broadcaster RTV Utrecht quoted a witness as saying he had seen a woman lying on the ground amid some kind of confrontation and several men ran away from the scene.

Prime Minister Mark Rutte said he was deeply concerned about the incident and convened crisis talks.

The incident comes after a lone gunman killed 50 people in mass shootings at two mosques in the city of Christchurch, New Zealand, last Friday.

Utrecht, the Netherlands’ fourth largest city, is known for its picturesque canals and large student population. Gun killings are rare in Utrecht, as elsewhere in the Netherlands.

The Utrecht police said The October 21st square, a tram station stop outside the city center, had been cordoned off as emergency services were at the scene.

(Reporting by Toby Sterling and Anthony Deutsch; Writing by Gareth Jones; Editing by Janet Lawrence)

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Last ISIS enclave a scene of ‘devastation:’ Fox News visits only remaining village ruled by terror group

BAGHOUZ, Syria -- ISIS fighters are standing just 150 feet away and we are crouched on a rooftop in a building that hardly stands, obliterated by the offensive underway. The roof has caved in, just like every other building within miles. Mortar, artillery and machine gun fire have targeted them.

This is the final push against the terror group -- and it’s a devastating scene.

We can see a few terrorists scavenging, milling around closely. We can hear them. Sometimes they shout toward us – they’re driving motorbikes, digging for roots, and carrying AK47s and RPGs. Most of the fighters, however, are out of sight.

BRITISH ACTOR WHO JOINED ANTI-ISIS FIGHT SAYS HE'S HAVING TROUBLE GAINING RE-ENTRY TO ENGLAND, US

Baghouz is the last ISIS-held village left, the last remnants of what was once a territory the size of Indiana, with 8 million people under ISIS' rule. Now, they are down to a sliver of land no more than half a square mile. We’re at the closest point.

A Fox News team in Syria can see terrorists scavenging, milling around closely. Sometimes they shout. They’re moving around, driving motorbikes, digging for roots, and carrying AK47s and RPGs. 

A Fox News team in Syria can see terrorists scavenging, milling around closely. Sometimes they shout. They’re moving around, driving motorbikes, digging for roots, and carrying AK47s and RPGs.  (Fox News)

What is amazing is even though there are only a few left, they don’t seem scared. The remaining ones are true believers, ready to die, and are promised heaven in return. They once ruled millions of people, now they are living in hovels.

President Trump told the military to take off the gloves against this brutal ideology. It’s thanks to that we’re at this point. Soldiers here tell us constantly to thank the president. On Tuesday, defense officials said that ISIS terrorists tied to a January suicide bombing in Syria that killed four Americans were captured by U.S.-backed forces.

UPHILL BATTLE IN SYRIA: US-LED FORCES 'ADMIT' DIFFICULTIES' IN LAST ISIS FIGHT

Around us, gun battles have raged for hours. Our ears are ringing as powerful U.S. airstrikes shake the ground. The women, at least, know they’re safe, knowing the U.S.-backed Syrian Democratic Forces won’t shoot them.

Sometimes, the fighters shout for food. If the bullets don’t kill them, starvation will. The irony is their fighters often appear healthy, well-fed and well-stocked. They have prepared for this final battle for years. They give what’s needed to the men while ignoring the plight of the women.

Fox News correspondent Benjamin Hall in Syria called the scene "devastating."

Fox News correspondent Benjamin Hall in Syria called the scene "devastating." (Fox News)

We move from building to building so snipers can’t see us. Sometimes, bullets fly past us.

All that remains is a tented camp at the edge of the town bordering the Euphrates River, once the ISIS heartland where support was strong. On the other side of the river, just a mile away, Assad forces are in place waiting, a reminder of the complexities of the conflict.

AS ISIS CRUMBLES, SYRIAN KURDS WORRY ABOUT US TROOP WITHDRAWAL

We’re told most ISIS fighters, wives and children are underground underneath the tents. They stay hidden, living a subterranean life in caves and tunnels. Because of that, there is no way to know how many remain. It is believed some of the tunnels are miles long -- and they may still have supply lines. But this belief is highly disputed.

Nobody knows how many ISIS fighters are left. Six weeks ago, authorities estimated 1,500 ISIS fighters remained. Since then, 30,000 have come out, surrendering to U.S.-backed Kurdish forces. The fear is there are many more. 

Nobody knows how many ISIS fighters are left. Six weeks ago, authorities estimated 1,500 ISIS fighters remained. Since then, 30,000 have come out, surrendering to U.S.-backed Kurdish forces. The fear is there are many more.  (Fox News )

Nobody knows how many ISIS fighters are left. We were here six weeks ago and back then, we were told an estimated 1,500 ISIS fighters remained. Since then, 30,000 have come out, surrendering to U.S.-backed Kurdish forces. The fear is there are many more.

Members of U.S. Special Forces monitor them in the desert as they surrender.

CLICK HERE TO GET THE FOX NEWS APP

The number of people left has surprised everyone. It now seems as if every survivor from past battles, every ISIS family member, moved down here months ago and has been living underground since. U.S. drones and satellites overhead were not even aware they were there.

The remaining ISIS fighters in the last remaining enclave are true believers, ready to die, and are promised heaven in return. They once ruled over millions of people, now they are living in hovels.

The remaining ISIS fighters in the last remaining enclave are true believers, ready to die, and are promised heaven in return. They once ruled over millions of people, now they are living in hovels. (Fox News )

The local forces now admit they still have no idea how many remain. They have stopped trying to guess.

Some reports suggest ISIS fighters are now being ordered to surrender, at least the ones who are injured. They know they’ll be treated well and put into camps and can live to fight another day. Camps are bursting with tens of thousands of people.

It’s what to do with them that nobody can figure out.

* For more from Benjamin Hall, watch Fox News Channel. 

Source: Fox News World

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Polish senator says nation should be ‘purged’ of unworthy

Critics of Poland's right-wing ruling party are voicing outrage after one of its senators said Poland should be "purged" of those "not worthy of belonging to our national community."

They say the language Grzegorz Bierecki used recalled that of fascist politicians of the 1930s.

Lech Walesa, the anti-communist leader and former president, was among those speaking out Thursday. He called Bierecki's words "scandalous" and said parliamentary leaders and other state institutions responsible for guarding civil rights "should take appropriate disciplinary and legal steps."

Bierecki said Wednesday: "We will not stop until we have fully purged Poland of people who are not worthy of belonging to our national community."

He spoke at a ceremony for the 9th anniversary of a plane crash that killed the Polish president and 95 others.

Source: Fox News World

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

April 26, 2019

By Hanna Rantala

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 26, 2019

By Joshua Schneyer and M.B. Pell

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Ronnie Greene)

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

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

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

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

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

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

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

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

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

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

Reuters was not immediately able to contact Zhevago.

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

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

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

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

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

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

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

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

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

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

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

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

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

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

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

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

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

FLOOD WARNINGS

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

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

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

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

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

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

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

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

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

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