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Texas police seek author of mystery letter in girl’s cold case murder 45 years ago

A Texas cold case squad on Friday released an old handwritten letter that could solve a 17-year-old girl’s brutal murder 45 years ago.

The short letter refers to the Carla Walker homicide in February 1974 in Fort Worth. Police said the girl was beaten, raped, strangled and tortured after being abducted from a bowling alley parking lot. Detectives found her body three days after the abduction.

“(Blank) kild (sic) Carla Walker in Benbrook,” says the undated note to a homicide detective with the Fort Worth Police Department.

CALIFORNIA COLD CASE RAPE, KILLINGS OF 2 WOMEN LINKED TO DEAD INMATE IN WASHINGTON

It also says, “P.S. It is hard to say but it is true.”

Before and after the postscript, the letter says “Sign 10100,” which investigators believe is police code for dead body, the Dallas Morning News reports.

“The author of this letter is encouraged to come forward and speak with detectives about his or her knowledge of the murder,” police said in a news release announcing the disclosure of the letter. “It is the hope of the Fort Worth Police Department that this person will provide valuable information that may bring peace and closure to Carla’s family after 45 long years.”

PENNSYLVANIA MAN, 76, CHARGED WITH KILLING WIFE WHO VANISHED IN 1981

It’s unclear when the letter was written but the letter’s recipient retired in 1976, according to reports.

Carla’s boyfriend was knocked unconscious when she was abducted, the paper reported.

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"She was such a sweet girl," Rodney McCoy told a local news station last year, according to the paper. "I remember we were in the front seat of the car. Her back was against the passenger door. She was falling out. I went to grab her, and he started beating me over the head with a pistol."

Source: Fox News National

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Brexit still pushing financial jobs from UK to EU: think tank

FILE PHOTO: The financial district can be seen as a person runs in the sunshine on London's south bank
FILE PHOTO: The financial district can be seen as a person runs in the sunshine on London's south bank, Britain February 23, 2019. REUTERS/Henry Nicholls/File Photo

April 3, 2019

By Huw Jones

LONDON (Reuters) – Financial firms in Britain continue to shift business to new European Union hubs and won’t stop unless Brexit is canceled, a think tank told British lawmakers on Wednesday.

William Wright, head of New Financial, said its study published on March 11 showed that 275 financial firms were moving some of their business, staff or assets from Britain to hubs in the EU to avoid Brexit disruption.

“Since the report was published we have found another 14 firms have set up new entities,” Wright told a House of Lords committee.

Moves out of Britain would continue under any Brexit outcome that fell short of cancelling Britain’s departure from the bloc as firms sought to end trading uncertainty, Wright said.

Andrew Pilgrim, an associate partner at consultants EY told lawmakers there was no going back for the big banks that have spent millions of euros setting up and staffing new EU hubs.

“For most people, they are beyond the point of no return,” Pilgrim said.

Britain was due to leave the EU on March 29 but departure has been delayed until at least April 12.

The prospect of Britain remaining in the EU’s customs union has increased, a step Pilgrim said would not give financial services market access to the bloc.

Brexit is also a catalyst to review business models and accelerate longstanding shifts in back office staff from Britain to cheaper locations like Poland, and to be closer to key customers, Pilgrim said.

Germany’s foreign banking association said on Wednesday that up to 5,000 new jobs in its member institutes would be created in the next 12 to 18 months due to Brexit.

The Bank of England expects about 4,000 banking and insurance jobs to have moved by Brexit Day, a fraction of the early estimates from consultants in the aftermath of Britain’s vote in 2016 to leave the EU.

If Britain leaves the EU with no deal, financial business could flow immediately from Britain to Singapore and the United States as they have access to the bloc, Pilgrim said.

Wright said there was now only scope to pause but not stop the flow of financial services business from Britain to the EU, unless Britain remained in the single market, a step the government has so far ruled out.

(Reporting by Huw Jones; Editing by Jan Harvey)

Source: OANN

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Figure skating: ISU clears Bell after warm-up collision with rival Eun

FILE PHOTO: Figure Skating - ISU Grand Prix of Figure Skating NHK Trophy - Ladies Free Skating
FILE PHOTO: Figure Skating - ISU Grand Prix of Figure Skating NHK Trophy - Ladies Free Skating - Osaka, Japan - November 11, 2017 - Mariah Bell of the U.S. in action. REUTERS/Kim Kyung-Hoon

March 22, 2019

(Reuters) – The International Skating Union has cleared Mariah Bell of causing intentional harm after the American was accused of colliding into 16-year-old South Korean rival Eun Soo Lim in the final warm-up session ahead of the world championships in Japan.

The ISU said it had been made aware of a statement published by the Korea Skating Union on March 21 about the incident.

“Based on the evidence at hand at this point in time, which includes a video, there is no evidence that Ms. Bell intended any harm to Ms. Lim,” the ISU said in a statement.

The ISU said the incident was “verbally reported” to the ISU by the Korean team leader but it had received no formal complaint.

“The ISU met with delegates from both USA and Korea and urged both parties to find an amicable solution. The ISU maintains that this remains the appropriate approach,” the governing body added.

(Writing by Ian Ransom in Melbourne; Editing by Greg Stutchbury)

Source: OANN

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Ex-officer who aided abduction of man found dead gets prison

A former Massachusetts police officer whose badge, gun holster and handcuffs were used by two men who kidnapped another man later found dead has been sentenced to prison.

Delivered Thursday, a judge stayed Michael Schoener's sentence of up to nine years pending appeal.

Schoener was convicted Wednesday of being an accessory before the fact in the January 2014 abduction of 37-year-old James Robertson from an Avon home. Schoener was a Dedham officer at the time.

Robertson's body was found two years later in a town 30 miles (50 kilometers) away.

Prosecutors say the men who kidnapped Robertson were posing as constables and "looked the part" because they had police equipment. The kidnappers took him to James Feeney, who was upset that Robertson was dating his ex-girlfriend. Feeney was convicted of murder.

Source: Fox News National

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Warren Calls For Scrapping US Electoral College

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Tim Ryan: ‘I Believe I Can Heal’ Divided Country in 2020 Race

Rep. Tim Ryan, who on Thursday joined the widening number of Democrats seeking the 2020 presidential nomination, said Friday he believes he can bring back people who voted for Donald Trump, and that he'll win in several Midwest states while representing the working class.

"The country is divided and I believe I can heal it," the Ohio Democrat told MSNBC's "Morning Joe." "I got a lot of voters who President Trump go,t and I think we can bring those folks back into the fold. I can win Pennsylvania, Ohio, Michigan, and Wisconsin."

Ryan, whose home district in the Youngstown area has been hit hard by layoffs in the auto industry, said the United States needs an industrial policy and is losing to China on electric vehicles, solar power and more.

Ryan said the problems with the economy are not new, but he wants to push forward to make sure the United States has its place as technology emerges.

"We're going to figure out how we go from two million electric vehicles to 30 million," said Ryan, noting he'll be speaking with the auto industry. "I want those made in the United States, I want the charging stations made in the United States."

The congressman also discussed his foreign policy experience, noting that he has been a member of the House Armed Services Committee and currently sits on the House Appropriations Committee’s Defense Subcommittee.

"The most patriotic thing we could do was start listening to each other and respecting each other, and then we can project force into the world," said Ryan. "We have to outcompete China."

Source: NewsMax Politics

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Speedway: Triple champion Woffinden setting his sights on seven

FILE PHOTO: 2015 Adrian Flux British FIM Speedway Grand Prix
FILE PHOTO: Speedway - 2015 Adrian Flux British FIM Speedway Grand Prix - Millennium Stadium, Cardiff, Wales - 4/7/15 Great Britain's Tai Woffinden during the heats Mandatory Credit: Action Images / Matthew Childs Livepic

March 8, 2019

By Alan Baldwin

LONDON (Reuters) – Tai Woffinden has so many tattoos, he is not sure where he would put one to celebrate a record seventh speedway world championship.

The Briton, who grew up in Western Australia, has ‘only’ the three titles so far but has no doubt he will need to save some space on his skin.

“I want to be the greatest of all time. There’s two guys that have won six so I want to be one better and be the greatest,” he told Reuters.

“I’m 28. If I stay enthusiastic I’ve got another 15 years at it,” added Woffinden, in London to collect the Royal Automobile Club’s Torrens Trophy.

Woffinden has so far refrained from inking any of his speedway successes onto his body because the target is not yet half reached, but the canvas is shrinking.

He has ‘Pain is weakness leaving the body’ written on his upper torso and he has had plenty of broken bones to know about that, and suffering too.

“My wife’s brother is a tattoo artist. I’m at the point now where if I see a gap, I need to fill it. So there’s a gap here on my wrist, a tattoo needs to go here to fill that gap,” he said.

“I can’t have a three time world champion on my wrist because then when I am a seven times world champion, I won’t have enough room on my wrist to put it. So I’ll wait until I’m finished and then I can get it.

“I haven’t done my legs yet so there’s still plenty of space.”

Speedway is motorsport in the raw — 500cc motorbikes with a single gear and no brakes that accelerate faster than a Formula One car and power-slide around shale-based oval circuits at speeds of up to 130kph and a heady whiff of methanol.

Tough on riders, with the constant risk of injury, it was once hugely popular in Britain but now struggles for media attention despite crowds of 50,000 for the showcase British Grand Prix at Cardiff’s Principality Stadium.

MINORITY SPORT

“I’d love for somebody like (snooker and darts entrepreneur) Barry Hearn in his spare time to come and look into it and say ‘yeah, I’ll take that on,'” said Woffinden, whose late father Rob was also a speedway rider.

“It’s an exciting sport but it’s classed as a minority sport. You walk through the grandstand and there seems to be a lot more older people, there’s no younger people yet it’s a younger generation of kids that are riding bikes.

“We are all in our 20s so why isn’t that attracting a 20-year-old fanbase? Because its relatable. They can go, ‘Wow, look at this guy he’s the same age as me and he’s doing this, this and this.”

Woffinden races mostly in Sweden and Poland, where it is so mainstream that there are even speedway hooligans and his WTS Wroclaw club’s 17,000 seat stadium is sold out for home races.

In Britain he is used to being recognized — the big discs in his earlobes an easy spot — but not when it comes to events such as the BBC sports personality of the year, where he failed to make it onto the shortlist last year.

In 1966, England’s World Cup winning soccer captain Bobby Moore won with speedway rider Barry Briggs runner-up. Geoff Hurst, England’s hat-trick hero in the final, was third.

“There will be a point where they can’t overlook me. Maybe when I win my seventh and become the greatest of all time. At that point they will physically not be able to do it,” said Woffinden.

Growing up in Perth, with an Australian passport and spending his winters there, he started out in taekwondo but abandoned it for speedway after reaching black belt.

If he sounds more like an Antipodean than someone born in Scunthorpe, he is also proud to race for the country of his birth.

“The Australians call me their adopted world champion and some of the Brits call me a British world champion,” he said.

“And some of the Brits also call me a stupid Australian idiot and say I should represent Australia because I love Australia more than I love England.

“But at the end of the day, mate, my parents are English and I was born in England and I represent England.”

(Reporting by Alan Baldwin, editing by Christian Radnedge)

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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