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Jet Airways says has not received interim funding, extends suspension of international flights

Jet Airways aircrafts are seen parked at the Indira Gandhi International Airport in New Delhi
FILE PHOTO: Jet Airways aircrafts are seen parked at the Indira Gandhi International Airport in New Delhi, India, April 13, 2019. REUTERS/Anushree Fadnavis

April 15, 2019

(Reuters) – Jet Airways Chief Executive Officer Vinay Dube said on Monday that the company has not received interim funding from lenders and would extend the suspension of international flights until Thursday.

The airline, which has debt of more than $1.2 billion, has had to ground over two-thirds of its fleet over unpaid dues to leasing companies.

(Reporting By Arnab Paul in Bengaluru; Editing by Bernard Orr)

Source: OANN

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French prosecutors drop rape investigation against filmmaker Luc Besson

68th Berlin International Film Festival Berlinale
FILE PHOTO: Director Luc Besson arrives for the screening of the movie Eva at the 68th Berlin International Film Festival Berlinale in Berlin,Germany, February 17, 2018. REUTERS/Axel Schmidt

February 25, 2019

PARIS (Reuters) – French prosecutors have dropped a preliminary investigation into rape allegations against film director Luc Besson, the public prosecutor’s office said on Monday.

Prosecutors in Paris opened an investigation in May last year, which according to police sources followed allegations by a 27-year-old actress that she had been raped by Besson after meeting him at a hotel in the French capital. Besson had denied the allegations.

The case was dropped after “numerous investigations” which did not lead judicial police to fully stand up the claim, the prosecutor’s office said in a statement.

The “Nikita” and “Taken” director welcomed prosecutors’ announcement, his lawyer Thierry Marembert said.

“This decision follows a very thorough investigation carried out by judicial police, which (Besson) fully cooperated with,” he said.

Shares in his production company EuropaCorp rose more than 15 percent on the news.

(Reporting by Emmanuel Jarry, Writing by Sarah White, Editing by Angus MacSwan)

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US Army truck catches fire in Poland, 3 injured

Three US service members were injured in yet another traffic incident in Poland, as Washington and Warsaw are reportedly nearing a deal on permanent US presence in the eastern European country.

A military truck traveling in a convoy between Swietoszow and Luboszow in Lower Silesia caught fire on Wednesday, local media reported. The injured service members were taken to a hospital and military firefighters were on the scene. The cause of the fire was being investigated.

The incident comes amid reports that the US and Poland are close to reaching a deal on establishing a permanent US military base, which Polish President Andrzsej Duda joked would be called “Fort Trump” during his visit to Washington last fall.

This is the third mishap involving US troops struggling with rural Polish roads so far this year. Last month, two soldiers were injured when three army vehicles collided near the Hungarian border. In February, a bus carrying US service members overturned in Lower Silesia, putting six soldiers in the hospital.

Poland currently hosts around 4,000 US troops – including a tank brigade, an infantry brigade, and an Air Force detachment – as part of an ongoing NATO effort to “deter Russia” launched in 2015. The leadership in Warsaw has been eager for a permanent US presence.



Gerald Celente hosts and gives his expert analysis on the current trends in the economy.

Source: InfoWars

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Judge Andrew Napolitano: Democrats can legally obtain and publicize Trump’s tax returns

An obscure federal statute makes it legal for Congress to obtain President Trump's tax returns for the last six years, and, through an additional loophole, can be made public, according to Judge Andrew Napolitano.

During an appearance on "Fox & Friends" on Thursday morning, the senior judicial analyst explained that the Chair of the House Committee on Ways and Means can compel the IRS to reveal anyone's tax returns, not just President Trump's, for any time period without reason. However, they are generally required to be kept secret and confidential.

"I honestly didn't know this statute existed because it's an obscure statute," Napolitano said. "The Chair of the House Ways and Means Committee, and/or the chair of the Senate Finance committee, can ask for anybody's tax returns, and the secretary, meaning the secretary of the treasury for whom the IRS works, shall furnish them. They don't have to give a reason."

The confidentiality of those records is a crucial part of the statute, in order to protect the privacy of the individual whom the records belong to. However, under certain circumstances, members of Congress can publicly reveal the records with immunity, Napolitano said.

HOUSE DEM ASKS IRS FOR 6 YEARS OF TRUMP'S TAX RETURNS, SETTING UP SHOWDOWN WITH WHITE HOUSE 

TRUMP DISMISSES MAR-A-LAGO BREACH AS 'JUST A FLUKE,' DENIES KNOWING CINDY YANG

"If these tax returns goes to the House Ways and Means Committee, and any member of Congress gets them, that member of Congress can go to the floor of the House of Representatives, and the tax returns of the President of the United States become public," Napolitano continued.

Judge Nap predicted the attempt to obtain President Trump's business and personal tax records will lead to a fight in court, because Treasury Secretary Steven Mnuchin will likely not want to reveal that information to Democratic lawmakers.

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"Mnuchin is not going to release it voluntarily, even though the statute says that he must," Napolitano continued.

If that's the case, it could be months or even years before the issue of Trump's tax returns is resolved.

President Trump, meanwhile, does not seem particularly concerned about the newest effort from the new crop of House Democrats. When asked about whether or not he would comply with the request, he said that "until such time as I'm not under audit I would not be inclined to do that."

Source: Fox News Politics

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Wisconsin woman pleads guilty to terrorism charges

A Wisconsin mother of seven has agreed to plead guilty to trying to plan terrorist attacks on behalf of the Islamic State by distributing information on making explosives and biological weapons.

Federal prosecutors said they'll hold a news conference Monday to discuss the case of Waheba Issa Dais. She initially pleaded not guilty to two counts of providing material support to terrorists. She changed her plea last month in exchange for prosecutors dropping one of the counts.

Prosecutors say the woman tried to recruit people to carry out attacks for the Islamic State and provided them with information on how to make explosives and poisons.

Court documents say she used hacked social media accounts to discuss possible attacks with self-proclaimed members of the Islamic State. Authorities never connected her to any attack plots.

Dais lives in Cudahy, a city just south of Milwaukee.

Source: Fox News National

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NYC's de Blasio: Amazon 'Couldn't Handle Heat in The Kitchen'

NYC's de Blasio: Amazon 'Couldn't Handle Heat in The Kitchen'

Mayor Bill de Blasio on Sunday denied Amazon got “chased away” from a deal to build a headquarters in New York City — saying the internet retailing giant “couldn’t handle the heat in the kitchen.”

In an interview on NBC News’ “Meet The Press,” de Blasio lamented that “the minute there were criticisms, they walked away.

“They couldn't handle the heat in the kitchen, is what it looks like,” he said. “But they let a lot of working people down in the bargain.”     

“Let's be clear: No one [was] chased away,” he added. “This was Amazon's arbitrary decision. We had an agreement.  If I made an agreement with you, and there were issues that came up, but we had an agreement, you wouldn't call me in the dead of night and say, ‘Hey, we're taking our marbles, and we're going home.’”

He also said he doesn’t mind the flak he got from fellow progressives about a deal that would’ve given Amazon billions in tax breaks.

“It's a democracy. I have no problem with my fellow progressives critiquing a deal or wanting more from Amazon,” he said, adding: “There was a consensus in New York City. There were some people who stood apart. That's fine. That's democracy. I respect them. But Amazon just took their ball and went home.”

Yet de Blasio took a jab at progressives for not emphasizing “opportunity for working people.”

“We had a chance here to do something very positive for our city and for working people,” he said, adding: “The progressive movement needs to be about equality but also about opportunity for working people.”

Source: NewsMax Politics

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Bookies Agree: Trump Favorite to Win 2020 Race

President Donald Trump is a 3-2 favorite to win the 2020 presidential election, with his odds unchanged following Sen. Bernie Sanders' official bid announcement, says sportsbook brand manager Dave Mason of BetOnline.ag.

"There were no changes to Sanders' odds following the announcement," Mason said. "We had it as a foregone conclusion that he will be in the Democratic mix."

Sen. Sanders, I-Vt., raised $4 million in less than 12 hours after saying he would run for the second straight time as a Democrat.

Twelve lawmakers have entered the race as Democrats, including Sens. Kamala Harris, D-Calif., Elizabeth Warren, D-Mass., Amy Klobuchar, D-Minn., and Cory Booker, D-N.J. Rep. Tulsi Gabbard, D-Hawaii, is also running.

Harris sits behind Trump in the bet count at 8-1 odds and former Rep. Beto O'Rourke, D-Texas, is third with 10-1 odds. Former Vice President Joe Biden is fourth at 12-1 odds and Sanders fifth at 14-1.

O'Rourke and Biden have yet to announce a presidential bid but have hinted at entering the race.

O'Rourke lost to Sen. Ted Cruz, R-Texas, in deep-red Texas last November by just 2.6 percentage points.

Harris is showing 8-1 at the moment, while Dwayne "The Rock" Johnson is 80-1.

Source: NewsMax America

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

April 26, 2019

By Hanna Rantala

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 26, 2019

By Joshua Schneyer and M.B. Pell

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Ronnie Greene)

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

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

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

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

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

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

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

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

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

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

Reuters was not immediately able to contact Zhevago.

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

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

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

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

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

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

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

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

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

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

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

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

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

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

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

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

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

FLOOD WARNINGS

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

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

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

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

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

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

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

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

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

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