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Serial stowaway pleads guilty to sneaking aboard flight

A woman who's been dubbed a serial stowaway was sentenced Tuesday to 18 months of probation after pleading guilty to sneaking past Chicago airport security last year, boarding a plane and flying to London without a ticket.

As part of her plea deal, Marilyn Hartman, 67, can't go to Chicago's O'Hare or Midway airports without a ticket. She entered the plea to a criminal trespassing charge but had originally faced counts of felony theft, burglary and other charges.

"I do apologize for the airport and ... causing problems for them," Hartman told Cook County Judge Peggy Chiampas.

The plea is the latest chapter in a story that's played ou t over the past decade in Chicago, Hawaii, San Francisco, Florida and elsewhere. Hartman has been nabbed in and near airports dozens of times and made it onto planes maybe a half-dozen times.

Authorities have said she boarded the flight to London by walking past two British Airlines ticket agents who were checking other passengers. Hartman darted into a small room off to the side and walked quickly past customs and a Border Patrol agent who was looking at passports of people entering the ramp.

Hartman was arrested after her London trip and free on bond in January 2018 when she was again discovered wandering at O'Hare. This time, a judge ordered her held without bond and she was later found unfit for trial. Hartman spent time at a state mental institution and in July she was moved to a halfway-house style mental health center in Chicago called A Safe Haven.

The judge Tuesday praised Hartman for receiving a glowing progress report from the center's staff.

"A Safe Haven has been your safe haven, and I am really proud of the progress you have made," Chiampas told Hartman.

The facility has agreed to help Hartman find permanent housing.

Source: Fox News National

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Reports: Stackhouse, Vanderbilt discussing coaching job

FILE PHOTO: NBA: Memphis Grizzlies at Toronto Raptors
FILE PHOTO: Jan 19, 2019; Toronto, Ontario, CAN; Memphis Grizzlies assistant coach Jerry Stackhouse talks during a timeout against the Toronto Raptors at Scotiabank Arena. The Raptors beat the Grizzlies 119-90. Mandatory Credit: Tom Szczerbowski-USA TODAY Sports

April 2, 2019

Former NBA All-Star Jerry Stackhouse has had discussions with Vanderbilt officials to become the program’s next men’s basketball coach, according to multiple reports.

On Monday, Jon Rothstein of CBS Sports wrote on Twitter that Stackhouse was in “contract negotiations” with Vanderbilt, and that he “emerged as a primary candidate in the last 24 hours.”

Currently an assistant coach with the Memphis Grizzlies, Stackhouse’s only previous experience as a head coach came in the NBA G League with the Raptors 905 team from 2016-18.

He led the team to the title in 2017 and was named coach of the year in the G League, where he also got to know Vanderbilt athletic director Malcolm Turner, the former president of the G League.

The third overall pick of the Philadelphia 76ers in 1995 out of North Carolina, Stackhouse averaged 16.9 points, 3.2 rebounds and 3.3 assists during an NBA career from 1995-2013, and was an All-Star with the Detroit Pistons in 2000 and 2001.

On March 22, Vanderbilt fired coach Bryce Drew after a 9-23 season punctuated by a 0-18 record in the Southeastern Conference.

Drew was halfway into a six-year contract. In three years coaching the Commodores, Drew compiled a 40-59 record.

His tenure started with a promising season in 2016-17 that ended in a 19-16 record and an NCAA Tournament berth, but it was followed by a pair of sub-.500 seasons.

This season, the Commodores were the first team without a win in SEC play in 65 years.

–Field Level Media

Source: OANN

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As bumper harvest nears, Argentina’s soy farmers stall deals waiting for trade war’s end

FILE PHOTO: Soy beans are seen at storage plant in Carlos Casares
FILE PHOTO: Soy beans are seen at a storage plant in Carlos Casares, Argentina, April 16, 2018. REUTERS/Agustin Marcarian/File Photo

March 20, 2019

By Hugh Bronstein and Karl Plume

PERGAMINO, Argentina/CHICAGO (Reuters) – Francisco Santillan, 55, a grains farmer from the heart of Argentina’s soybean country, has two things on his mind: the rains and twists and turns in a bitter trade war between the United States and China that has hurt prices.

The weather-worn farmer, who rides a Harley-Davidson around the 4,500 hectares of farmland he manages, is expecting a bumper soybean crop when he begins harvesting this month, but he and his neighbors are holding off from sealing deals with buyers in the hope a trade war breakthrough will bolster prices.

The United States and China, the world’s top soybean producer and importer respectively, have slapped import duties on hundreds of billions of dollars worth of each other’s products in their dispute. Tariffs made U.S. soybeans too expensive so Beijing stopped buying them, resulting in a glut that has hit soybean contracts in Chicago, the reference price for the global trade.

Trump said on Wednesday that a trade deal with Beijing was coming along nicely, with U.S. negotiators poised to head to China next week for another round of talks. Negotiations to resolve the dispute have been turbulent – Trump also said on Wednesday tariffs would remain in place for a long time and last week that he was in no rush to reach a deal.

Benchmark Chicago Board of Trade soybean futures are hovering near $9 per bushel, only about 90 cents above decade lows posted in September.

“I am waiting for a better price,” said Santillan, one of a group of farmers who spoke to Reuters among fields of green, knee-high soy plants in the country’s fertile Pampas, where the ground was damp from heavy rains.

“The season is coming along very well. The harvest will be above 55 million tonnes and that will have a huge impact on the economy,” Santillan said. “But with news about the U.S.-China trade war determining Chicago reference prices, rather than supply and demand, it’s like we are flying without instruments.”

CASH CROP

Much in Argentina, the world’s No. 3 soybean producer and the top exporter of soyoil and the soymeal livestock feed that is fuelling Asia’s shift in diet from rice to pork and poultry, hangs on the soy crop.

A severe drought last year dragged the economy into recession, while bumper tax revenues this year could help support government spending and prop up President Mauricio Macri’s bid for re-election.

Delayed sales could hamper that. Just 16.2 percent of this season’s expected crop was sold by early March versus 30.5 percent at the same point a year earlier, government data show.

The uncertainty over prices – and the delays to deals – could also rattle the global trade as major buyers look to lock in supply, namely Archer Daniels Midland Co, Bunge Ltd, Cargill Inc and Louis Dreyfus Co.

The “ABCD” quartet, which dominates global grain trade, rely on a steady flow of grain to turn a profit in a typically thin-margin business. Farmers’ reluctance to sell at low prices has stung the grains merchants recently, particularly Bunge, which blamed limited farmer selling in Brazil for earnings misses last year.

Bunge’s acting Chief Executive Gregory Heckman called Argentina “one of the larger wild cards” for the firm’s oilseeds business in 2019, and said the firm anticipated farmers would hold more of their soybeans as a hedge against inflation and currency fluctuations.

“Soybean sales are happening slower this season than at any point over the last 10 years,” said a Buenos Aires-based grains broker. “Farmers are saying ‘I don’t like the price and I don’t need the money now because I was able to make cash with wheat and corn. So I’ll wait’.”

The uncertainty for the soy harvest comes at a complex time for President Macri too, who is battling to revive the economy while fending of challenges from political rivals ahead of national elections in October.

“For Argentina, the trade war between the United States and China is piling uncertainty on a country that is already full of uncertainty,” said Jorge Bianciotto, who manages a 2,300-hectare farm called La Lucila in Pergamino.

“This generates risks in terms of next year’s planting and investment decisions.”

His neighbor, Juan Girado, who manages a 500-hectare plantation, shared his concern.

“When they say the conflict is likely to end, prices rise. When the conflict looks like it’s deepening, prices fall,” he said. “So with a big crop on the way, and with prices as low as they are, it would be good for us for the trade war to end.”

(Reporting by Hugh Bronstein and Karl Plume; Editing by Adam Jourdan and Susan Thomas)

Source: OANN

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Officer accused of making hit list pleads not guilty

A Coast Guard officer accused of stockpiling guns and compiling a hit list of prominent Democrats and network TV journalists has pleaded not guilty to drug and firearms charges.

A lawyer for 49-year-old Christopher Paul Hasson entered the plea on his behalf Monday at an arraignment on charges of illegal possession of firearm silencers, possession of firearms by a drug addict and unlawful user, and possession of a controlled substance. Defense attorney Liz Oyer didn't ask for bond.

Federal prosecutors say Hasson is a self-described white nationalist and "domestic terrorist" who "intends to murder innocent civilians on a scale rarely seen in this country."

Hasson has been detained since his Feb. 15 arrest. Prosecutors say investigators found 15 firearms and over 1,000 rounds of ammunition at Hasson's Silver Spring apartment.

Source: Fox News National

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Ana Navarro: Republicans Who Don't Condemn Trump 'Spineless'

Meghan McCain's co-host on ABC's "The View" on Thursday called President Donald Trump a "pathological liar" and criticized GOP lawmakers who have yet to condemn his attacks on McCain's father, the late Sen. John McCain.

"The reason they are not speaking is because they are spineless, and they are afraid of [Trump]," Ana Navarro said Thursday during the show's opening segment. "Because they think he is like Lord Voldemort and if they mention his name, he will come down and strike them dead politically."

Navarro made her comments after producers played a clip of the president saying, "I gave him the kind of funeral that he wanted. I didn't get a thank you, but that's OK."

Navarro responded: "First of all, John McCain didn't get the funeral that he wanted. He got the funeral that he deserved. He got the funeral that he earned through more than 60 years of service and sacrifice and pain for this country, something that Donald Trump would know nothing about because for more than 70 years it's been all about Trump for him."

Trump and McCain's feud goes back to the 2016 presidential election, but the president has stepped up his attacks on the former Arizona lawmaker over the last week.

Few Republican lawmakers have condemned the president, though Rep. Dan Crenshaw, R-Texas, did urge Trump to stop talking about McCain.

"There is just no reason to be talking about Sen. McCain after he has passed. He is not your political enemy Mr. President," he said.

Source: NewsMax Politics

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1.5 Million Illegal Immigrants Expected This Calendar Year

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Bristol-Myers says Starboard nominated five directors, bought shares

FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured on the blouse of an employee in Le Passage
FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured on the blouse of an employee in Le Passage, near Agen, France March 29, 2018. REUTERS/Regis Duvignau/File Photo

February 20, 2019

BOSTON (Reuters) – Bristol-Myers Squibb Co. said on Wednesday that activist hedge fund Starboard Value LP wants to add five directors to its board and bought one million shares after the pharmaceutical company said it plans to buy biotech company Celgene Corp.

“Starboard Value sent Bristol-Myers Squibb a notice of nomination in connection with Bristol-Myers Squibb’s 2019 Annual Meeting of Stockholders,” the company said in a regulatory filing on Wednesday, adding that the hedge fund proposed five directors, including the firm’s co-founder, Jeffrey Smith. The company did not say when Starboard sent its notice.

(Reporting by Svea Herbst-Bayliss and Greg Roumeliotis)

Source: OANN

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

April 26, 2019

By Hanna Rantala

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Joshua Schneyer and M.B. Pell

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Ronnie Greene)

Source: OANN

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

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

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

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

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

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

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

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

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

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

Reuters was not immediately able to contact Zhevago.

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

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

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

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

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

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

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

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

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

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

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

FLOOD WARNINGS

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

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

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

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

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

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

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

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

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

Source: OANN

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