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Kansas parents of 3-year-old boy found dead in crib charged with murder, child abuse

The parents of a 3-year-old Kansas boy found dead in a crib last week were charged with his death, authorities said.

Authorities suspect Zaiden Javonovich may have been dead for several days when police officers found him on April 11, the Wichita Eagle reported. His parents, Brandi Kai Marchant, 22, and Patrick Javonovich, 28, both face first-degree murder and child abuse charges.

The officers were called to the Wichita home around 11:30 p.m. by a neighbor reporting a domestic disturbance. The parents were walking outside when officers arrived. Inside, they found Zaiden deceased and wrapped in a blanket in a crib and a 4-month-old boy, according to the paper.

“If they (the officers) wouldn’t have went inside and communicated out there, more than likely they would have left, made a report and we wouldn’t have known about this for I don’t know how long,” Wichita police Capt. Brent Allred said of the child’s death.

Both children had injuries and showed signs of neglect, he said. The boy was taken to a hospital and is “doing much better.” The parents have other children who do not live at the home, Allred said.

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Marchant and Javonovich are being held on $200,000 bond each.

“It’s shocking to see adults treat their kids in the way these two were treated,” Allred said. “It’s, I say, ‘pathetic,’ because that’s what it is.”

Source: Fox News National

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Erdogan’s AK Party appeals for annulment of Istanbul local elections: Haberturk

Supporters of AK Party wave flags in Istanbul
Supporters of AK Party wave flags in Istanbul, Turkey April 1, 2019. REUTERS/Kemal Aslan

April 5, 2019

ANKARA (Reuters) – Turkish President Tayyip Erdogan’s AK Party (AKP) has appealed to annul local elections in Istanbul, broadcaster Haberturk said on its website on Friday, after initial results showed the opposition won a narrow victory in the city.

Since Sunday’s vote the AKP has submitted objections to the results, saying they had been impacted by irregularities.

Haberturk, without citing sources, said the AKP office in Istanbul’s Buyukcekmece district had appealed to the provincial electoral office to annul the vote across the city due to what it said was illegal voter registrations in the district.

(Reporting by Tuvan Gumrukcu; Editing by Dominic Evans)

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Golf: Woods’ neck in good shape and expects putter to be the same

FILE PHOTO: PGA: WGC - Mexico Championship - Final Round
FILE PHOTO: Feb 24, 2019; Mexico City, MEX; Tiger Woods watches his shot from the seventh tee during the final round of the WGC - Mexico Championship golf tournament at Club de Golf Chapultepec. Mandatory Credit: Orlando Ramirez-USA TODAY Sports/File Photo

March 12, 2019

By Steve Keating

(Reuters) – Tiger Woods heads into this week’s Players Championship with his neck in good shape and he expects his putter to feel the same.

After withdrawing from last week’s Arnold Palmer Invitational PGA Tour event with a tight neck, Woods was back in action on Tuesday playing a practice round at the TPC Sawgrass in Ponte Vedra, Florida in the run up to the Players.

Woods’ neck and putter have both been a little strained since the start the season with the former world number one, recognized as one of the game’s greats with the short stick, carding six three-putts in each of his last two tournaments.

But with his neck now pain free, Woods says his putting has also come around as he chases a third Players title, regarded golf’s unofficial fifth major, and 81st career PGA Tour win.

“I feel good about both,” Woods, the only golfer to win the Players both when it was staged in March and May, told reporters after getting in nine holes. “The putting feels so much better as I feel better, it kind of goes hand-in-hand.

“We are all going to have patches where we don’t putt well and patches where we make everything.”

To make sure he was not overlooking anything, Woods has brought in putting guru Matt Killen to examine his stroke.

Woods work on the greens had not been up his usual standards before his neck issues, which he said only made things worse.

NOT PAINFUL

The tightness first appeared at the Genesis Open and became more of a concern at the World Golf Championships-Mexico Championship eventually forcing him out of the Arnold Palmer.

“It is not painful now,” said Woods, who will play Thursday’s opening round with defending champion Webb Simpson and Masters winner Patrick Reed.

“It was getting to the point where it was affecting my set-up, my back swing, it was just gradually getting worse and that is just because my lower back is fused.

“Matt has seen my stroke enough. I had him take a look at it to see what he thought of where my set-up looked like now versus all the times that I have putted well.”

Despite a stuttering start to the season, Woods said his build-up to the first major of the season, the Masters in April, was right on track.

Having had four back surgeries, Woods celebrated a return to the winner’s circle last season with a stunning victory at the Tour Championship and now has his eye on capturing what would be his first major title since the 2008 U.S. Open.

“I’ve played three tournaments so far and that’s about right and so I’m right there where I need to be,” said the 14-time major winner.

“My finishes are getting a little better each and every time I have gone out so far this year and I’ve got a little more consistent with my play.

“I think everything is headed on track towards April.”

(Editing by Ken Ferris)

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Don’t take this North Korea guidebook with you, warns publisher

Dominique Auzias, co-founder of the Petit Fute French touristic guide book, poses during an interview with Reuters for the launching of their North Korea guide book in Paris
Dominique Auzias, co-founder of the Petit Fute French touristic guide book, poses during an interview with Reuters for the launching of their North Korea guide book in Paris, France, March 19, 2019. REUTERS/Gonzalo Fuentes

March 19, 2019

By John Irish and Noémie Olive

PARIS (Reuters) – A French publisher has produced a rare guide to North Korea, highlighting its history, cultural wealth and beautiful landscapes but advising tourists not to take the politically sensitive book with them.

Tourism is one of the few remaining reliable sources of foreign income for North Korea, after the U.N. imposed sanctions targeting 90 percent of its $3 billion annual exports including commodities, textiles and seafood.

Tensions over North Korea’s tests of nuclear weapons and ballistic missiles spiked on the Korean peninsular last year and there were fears of a U.S. military response to North Korea’s threat to develop a weapon capable of hitting the United States.

“There are a lot of people that are interested in this country be it for nuclear and military reasons, but also economically so … it’s important to provide information,” said Dominique Auzias, president of the Petit Fute, which publishes some 800 guides.

“As it’s a country that’s closed and forbidden everybody dreams of going there,” he said.

Some 400 French tourists visit the country each year with trips costing about 2,000 euros ($2,267).

The reclusive communist state has no official diplomatic relations with France.

Talks in June last year between U.S. President Donald Trump and North Korean leader Kim Jong Un provided a detente even if in recent weeks tensions have once again flared.

North Korean authorities would probably confiscate the printed edition given some of the material, Auzias said.

“You don’t go for adventure, but to discover,” he said.

The guide, which took three years to put together, touches little on where to stay or eat because accessing the country as a tourist can only be done through specific travel agents who determine what visitors see.

In some cases however they respond to requests and Auzias said the guide helps people decide what they would like to see.

It makes clear it is imperative to stick to the country’s strict rules or face dire consequences as American student Otto Warmbier did in 2016 when he was sentenced to 15 years of forced labor for trying to steal a propaganda poster in his hotel.

He was returned to the United States in a coma 17 months later, and died shortly after. A coroner said he died from lack of oxygen and blood to the brain.

“The first time I went 10-12 years ago I was proud because I was one of the rare French citizens to get in … but my second moment of happiness was about three weeks later when I left because it was suffocating and mind-boggling,” Auzias said.

(Reporting by John Irish and Noemeie Olive; Editing by Bate Felix and Alexandra Hudson)

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Taiwan cites US concerns over El Salvador-China relations

Taiwan's foreign minister says Washington should be concerned for strategic reasons that Taiwan is losing its diplomatic allies in Latin America to rival China.

Latin American nations have been switching relations from U.S. ally Taiwan to China, a top American strategic competitor, raising concerns in Washington about Chinese inroads in America's backyard.

Taiwanese Foreign Minister Joseph Wu on Thursday seemed to imply that Washington could use its influence to help Taiwan hang on to its remaining Latin American allies.

Wu's comments came a day after El Salvador's president-elect said he has not decided whether to continue relations with China and accused Beijing of not being respectful to his country.

El Salvador switched ties from Taiwan to China in August, in a blow to the island's Latin American diplomacy.

Source: Fox News World

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Respite for banks as payouts for mis-sold insurance fall

The logo of RBS bank is seen reflected in the windows of a branch of the bank in the City of London financial district in London
FILE PHOTO: The logo of RBS (Royal Bank of Scotland) bank is seen reflected in the windows of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville

April 18, 2019

LONDON (Reuters) – Britain’s lenders are starting to put the most costly consumer scandal to hit the industry behind it, with payouts for mis-sold payment protection insurance (PPI) falling in the second half of 2018 ahead of an August deadline for claims.

Firms paid 1.99 billion pounds ($2.59 billion) in compensation to customers for mis-sold PPI over the period, down 14 percent on the first half of the year and 3 percent lower than the same period in 2017.

The number of complaints about PPI also fell, down 8 percent on the first half to 1.72 million, according to the latest figures from watchdog the Financial Conduct Authority published on Thursday.

This helped pull down the overall number of complaints against financial firms by 5 percent.

The slowdown in PPI complaints will come as a relief for banks, including RBS and Lloyds, which have already paid out more than 30 billion pounds in redress to customers since 2007.

PPI policies were meant to protect borrowers in the event of sickness or unemployment but were often sold to those who would have been ineligible to claim.

PPI claims had previously surged following an FCA advertising campaign launched in August 2017 featuring the animatronic head of actor Arnold Schwarzenegger, ahead of this August’s deadline.

Despite the fall, PPI remained the most complained about product, accounting for 40 percent of all complaints.

Complaints about current accounts also fell 13 percent, after a jump in the first half in part caused by a major IT failure at challenger bank TSB, a subsidiary of Spain’s Sabadell.

Complaints about credit cards, the third most complained about product, bucked the trend rising 10 percent.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “It is encouraging to see that complaint figures have dropped and firms are dealing with complaints more quickly.”

(Reporting by Iain Withers; editing by Emelia Sithole-Matarise)

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NBA roundup: Westbrook’s historic 20-20-20 carries Thunder

NBA: Los Angeles Lakers at Oklahoma City Thunder
Apr 2, 2019; Oklahoma City, OK, USA; Oklahoma City Thunder guard Russell Westbrook (0) dunks the ball as Los Angeles Lakers guard Reggie Bullock (35) looks on during the second half at Chesapeake Energy Arena. Mandatory Credit: Alonzo Adams-USA TODAY Sports

April 3, 2019

Russell Westbrook had 20 points, 20 rebounds and 21 assists to lead the Oklahoma City Thunder to a 119-103 home win over the Los Angeles Lakers on Tuesday night.

It was just the second time in league history a player had at least 20 points, 20 rebounds and 20 assists in a game. Wilt Chamberlain had 22 points, 25 rebounds and 21 assists in a 1968 game.

Westbrook finished off the feat in the final minute, nabbing Lance Stephenson’s miss with 41 seconds left, drawing a large ovation from the crowd.

He clinched the triple-double — his 31st of the season — with 4:38 left in the third quarter, hitting a contested jumper.

Warriors 116, Nuggets 102

Golden State took a big step toward securing the top seed in the Western Conference, overcoming the ejection of Kevin Durant to crush Denver in Oakland, Calif.

The win gave the Warriors (53-24) a two-game lead over the Nuggets (51-26) with just five to play. The Warriors also earned a potential tiebreaker by virtue of their third straight win over the Nuggets after an October defeat, claiming the season series 3-1.

In a marquee matchup of big men, DeMarcus Cousins outplayed Nuggets star Nikola Jokic, contributing 28 points, 12 rebounds, five assists, two steals and two blocked shots, helping the Warriors to their fourth win in their last five games.

Rockets 130, Kings 105

James Harden recorded his 32nd double-double, and visiting Houston completed a sweep of its four-game season series with Sacramento.

Harden paired 36 points on 12-of-19 shooting with 10 assists and sank 7 of 12 3-pointers for Houston (50-28), which led by as many as 30 points. The Rockets improved to 17-4 since the All-Star break to move a half-game ahead of Portland in pursuit of the third seed in the Western Conference.

Eric Gordon added 19 points, Danuel House Jr. scored 19 off the bench, and P.J. Tucker chipped in 13 points, including a buzzer-beating 3-pointer that gave the Rockets a 62-46 lead at the intermission.

Spurs 117, Hawks 111

Derrick White and Marco Belinelli led a fourth-quarter surge as San Antonio rallied past visiting Atlanta.

White, who hit 10 of his 12 shots, finished with 23 points, and DeMar DeRozan went for 29, as the Spurs (45-33) kept pace with Oklahoma City (45-33) in their duel for seventh place in the Western Conference.

The Spurs trailed by as many as nine points in the fourth quarter before rallying into the lead during a stretch in which White scored seven straight points.

–Field Level Media

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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)

Source: OANN

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