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Norway wealth fund’s watchdog turns spotlight on India shipbreaking

Wider Image: Cleaning up Shipbreaking
Workers dismantle a decommissioned ship at the Alang shipyard in the western Indian state of Gujarat, March 27, 2015. REUTERS/Amit Dave

March 13, 2019

By Gwladys Fouche

OSLO (Reuters) – The ethics watchdog for Norway’s $1-trillion wealth fund will focus this year on shipbreaking on India’s beaches, which endangers workers and pollutes the sea and sand, and will also look into pollution caused by pharmaceutical companies.

The world’s largest sovereign wealth fund, created from the proceeds of Norway’s oil industry, operates under ethical guidelines set by parliament.

The fund’s Council of Ethics checks that companies the fund invests in meet these ethical standards. It set out its latest priorities in its annual report published on Wednesday.

Johan H. Andresen, chair of the Council on Ethics, said the watchdog would turn its attention to shipbreaking in India.

More than 80 percent of aging commercial ships are broken up on the beaches of Bangladesh, Pakistan and India.

Norway’s fund already excluded four firms in 2018 because they scrap ships on beaches in Bangladesh and Pakistan.

“First you establish a practice and then you open up to new countries, because we don’t have the capacity to look everywhere at the same time,” Andresen told Reuters ahead of the publication the annual report.

“We look at whether there is a systemic, or gross, violation of human rights or damage to the environment.”

ETHICAL AMBITIONS

The fund owns shares in 9,158 companies, 1.4 percent of the world’s listed equity, so decisions to drop or reinstate companies from its investments carry considerable weight among investors.

It is forbidden by law from investing in companies that produce nuclear weapons or landmines, or are involved in human rights violations, among other criteria.

Some 71 companies are presently excluded on recommendations by the Council on Ethics, on various grounds. Another 69 companies are excluded directly by the central bank based on their dependence on thermal coal.

The fund makes recommendations, either to exclude a company from the fund or to put it on a watch list, to the board of the Norwegian central bank, which then makes the final call. The board often, but not always, follows the recommendations.

The fund gradually sells shares in any company it wishes to drop, before any announcement is made. The main aim is to remove the ethical risk.

ANTIBIOTICS POLLUTION

This year the Council on Ethics will also look for the first time into the pollution, particularly from antibiotic production, caused by pharmaceutical companies.

“In 2019, the council will contact the companies and may commission its own study of the problem,” the annual report said.

Another new focus will be economic activity that could endanger UNESCO World Heritage Sites. Andresen’s advice on this issue was clear.

“Besides don’t do it, be especially diligent on everything, from the local partners you pick, to making risk assessments, and be especially careful about the corruption risk,” he said.

The 57-year-old Norwegian, who also owns private investment vehicle Ferd, said there would probably be less than 20 recommendations made this year, stressing the number could vary depending on the progress of the various studies the council conducts.

One recommendation could involve a company breaching the human rights of its workers in the Gulf states, he said.

“We have been in dialogue with one company for quite some time. A recommendation may be made before the summer, unless the company makes some major changes to its business practice,” Andresen said.

Another recommendation could involve a company involved in the building of a large infrastructure project in the Americas that contribute to breaches of human rights of indigenous peoples. He did not name the company.

(Editing by Jane Merriman)

Source: OANN

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Italy: Teacher's 'experiment' with black pupil arouses anger

An elementary school teacher in central Italy who told his students a black classmate was "ugly" is learning about the outrage his action caused.

Several parents complained after their children told them the teacher directed the boy to turn his back to the the class and then instructed the other students to "look how ugly he is."

The teacher told Italian state TV he was conducting a social experiment.

Italian Education Minister Marco Bussetti condemned the incident in a public school in Foligno, a town in the Umbria region, as "very grave." Bussetti tweeted Thursday that urgent measures would be taken to address it.

Immigration to predominantly white Italy is a relatively recent phenomenon. The anti-migrant League, one of the two parties in government, issues statements associating foreigners with crime.

Source: Fox News World

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Dems See Opening to Continue Probe on Obstruction of Justice

Democrats are jumping on Attorney General William Barr's summary of the Mueller report in a letter to Congress that its findings were inconclusive on whether President Donald Trump obstructed justice as justification to proceed with their own investigation, Politico reported Sunday.

"This letter leaves more questions than answers; a sanitized summary from Trump's handpicked bodyguard is not acceptable," Rep. Bill Pascrell, D-N.J., said. "Barr has his finger on the scale to protect Trump. The full report should be released immediately."

His Democratic colleague in the House, Rep. David Cicilline, D-R.I., added "according to the Attorney General's letter, he described a pattern of evidence suggesting the president engaged in obstruction of justice," Politico reported

Barr wrote in his letter to the Congress that "The report sets out evidence on both sides of the question and leaves unresolved what the special counsel views as 'difficult issues' of law and fact concerning whether the president's actions and intent could be viewed as obstruction."

Barr added Mueller stated in his final report that "while this report does not conclude that the president committed a crime, it also does not exonerate him."

Source: NewsMax Politics

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Trump Campaign Warns TV Producers About 'Credibility of Certain Guests'

The Trump campaign on Monday warned TV producers about the “credibility of certain guests” following Attorney General William Barr’s summary that special counsel Robert Mueller’s investigation found no evidence of collusion between Trump’s campaign or his associates with Russia during the 2016 presidential election.

The guests included Sen. Richard Blumental, Reps. Adam Schiff, Jerrold Nadler, Eric Swalwell, DNC Chairman Tom Perez and former CIA Director John Brennan.

“Moving forward, we ask that you employ basic journalistic standards when booking such guests to appear anywhere in your universe of productions,” the memo said. “You should begin by asking the basic question: “Does this guest warrant further appearances in our programming, given the outrageous and unsupported claims made in the past?”

Trump campaign director of communications Tim Murtaugh issued the memo.

“At a minimum, if these guests do reappear, you should replay the prior statements and challenge them to provide the evidence which prompted them to make the wild claims in the first place,” Murtaugh added.

Swalwell fired back on Twitter.

“The only person who has been caught lying about Russia is Donald Trump,” Swalwell said. “If he thinks I’ve made a false statement, he can sue me. And I’ll beat him in court.”

Source: NewsMax Politics

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U.N. chief calls for better work in fighting Islamophobia after New Zealand attack

Antonio Guterres, United Nations Secretary General, speaks at a news conference at the 32nd Ordinary Session of the Assembly of the Heads of State and the Government of the African Union in Addis Ababa
FILE PHOTO: Antonio Guterres, United Nations (UN) Secretary General, speaks at a news conference at the 32nd Ordinary Session of the Assembly of the Heads of State and the Government of the African Union (AU) in Addis Ababa, Ethiopia, February 10, 2019. REUTERS/Tiksa Negeri

March 15, 2019

United Nations (Reuters) – United Nations Secretary General Antonio Gueterres is appalled by Friday’s attack on two New Zealand mosques and sees an urgent need to work better globally to tackle Islamophobia, his spokesman said.

Leaders around the world have expressed disgust and sorrow at the killing of 49 people in New Zealand mosques on Friday, with some saying that the demonization of Muslims fueled the attacks.

(Reporting by Michelle Nichols; Writing by Lisa Lambert; Editing by Chizu Nomiyama)

Source: OANN

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New Zealand observes Muslim prayer after mosque attacks

People across New Zealand are observing the Muslim call to prayer as the nation reflects on the moment one week ago when 50 people were slaughtered at two mosques.

Prime Minister Jacinda Ardern and thousands of others congregated in leafy Hagley Park opposite the Al Noor mosque in Christchurch to observe the call to prayer early Friday afternoon.

Thousands more were listening in on the radio or watching on television as the event was broadcast live. The prayer was followed by two minutes of silence.

The observance comes the day after the government announced a ban on "military-style" semi-automatic firearms and high-capacity magazines like the weapons that were used in last Friday's attacks.

Source: Fox News World

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Midwest, South face 'potentially unprecedented' flooding through May, NOAA says

While floodwaters may have receded in parts of the Midwest that have been inundated since the "bomb cyclone" triggered a devastating deluge earlier this month, forecasters are warning that snowmelt and heavy spring rains are creating the threat for major flooding through May.

The National Oceanic and Atmospheric Administration released its spring outlook on Thursday, stating that nearly two-thirds of the lower 48 states face an elevated risk of flooding through May, with the potential for major or moderate flooding in 25 states.

“The extensive flooding we’ve seen in the past two weeks will continue through May and become more dire and may be exacerbated in the coming weeks as the water flows downstream,” said Ed Clark, director of NOAA’s National Water Center in Tuscaloosa, Ala. “This is shaping up to be a potentially unprecedented flood season, with more than 200 million people at risk for flooding in their communities.”

AS FLOODS SWEEP MIDWEST, INDIVIDUAL OUT-OF-POCKET COSTS CAN REACH HUNDREDS OF THOUSANDS OF DOLLARS

The upper Mississippi and Missouri River basins in states such as Nebraska, Minnesota and Iowa have already been facing devastating flooding this year after rapid snowmelt combined with heavy spring rain.

This map released by the NOAA shows the locations where there is a greater than 50-percent chance of major, moderate or minor flooding during March through May, 2019.

This map released by the NOAA shows the locations where there is a greater than 50-percent chance of major, moderate or minor flooding during March through May, 2019. (NOAA)

Thousands were forced from their homes in Nebraska, Iowa, and Missouri, as water broke through or poured over levees in the region. The damage is estimated at $3 billion, and that figure is expected to rise.

"Additional spring rain and melting snow will prolong and expand flooding, especially in the central and southern U.S. As this excess water flows downstream through the river basins, the flood threat will become worse and geographically more widespread," the NOAA said.

NEBRASKA FLOODING THAT IMPACTED CAPITAL'S WATER SUPPLY SEEN IN TIME-LAPSE VIDEO

Record precipitation over the winter has set the stage for an elevated flood risk along the upper, middle and lower Mississippi River basins including the Mississippi River. The threat also exists along the Red River, the Great Lakes, eastern Missouri River, lower Ohio, lower Cumberland and Tennessee River basins.

Snowmelt in the Dakotas and Minnesota is expected to send more water down those rivers, and above-average precipitation is also expected over the Central and Eastern U.S., adding to the flood risk.

This Wednesday, March 20, 2019 aerial photo shows flooding near the Platte River in in Plattsmouth, Neb., south of Omaha.

This Wednesday, March 20, 2019 aerial photo shows flooding near the Platte River in in Plattsmouth, Neb., south of Omaha. (DroneBase via AP)

"The upper Mississippi and Red River of the North basins have received widespread rain and snow this spring, up to 200 percent of normal," National Weather Service Deputy Director Mary Erickson told reporters.

The agency's flood risk outlook is based on several conditions, including snowpack, drought, soil moisture, frost depth and precipitation.

"Local heavy rainfall, especially associated with thunderstorms, can occur throughout the spring and lead to flooding even in areas where overall risk is considered low," the agency said. "In the western U.S., snowpacks at higher elevations may continue to build over the next month, and the flood risk will depend on future precipitation and temperatures."

On Saturday, Iowa Gov. Kim Reynolds said President Trump granted her request for an expedited disaster declaration for 56 counties with flooding damage. The move makes assistance available to homeowners, renters, businesses, public entities and some nonprofit organizations. Flooding in Nebraska has caused an estimated $1.4 billion in damage. The state received Trump's federal disaster assistance approval on Thursday.

NEBRASKA FLOODS SWAMP AIR FORCE BASE, AS DEVASTATION FROM 'BOMB CYCLONE' SEEN IN SATELLITE PHOTOS

In Missouri, a precautionary evacuation involving hundreds of homes in the St. Joseph area was lifted Saturday as the Missouri River began a swift decline after unofficially rising to a new all-time high, inches above the 1993 record.

Flooding in Nebraska has caused an estimated $1.4 billion in damage. The state received Trump's federal disaster assistance approval on Thursday.

Flooding in Nebraska has caused an estimated $1.4 billion in damage. The state received Trump's federal disaster assistance approval on Thursday. (Kent Sievers/The World-Herald via AP)/Omaha World-Herald via AP)

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The Missouri River had yet to crest further downstream in Missouri, but the flooding impact in those areas was expected to be far less severe.

St. Joseph was largely spared, but Buchanan County Emergency Management Coordinator Bill Brinton told the Associated Press that 250 homes were flooded in the southern part of the county. It wasn't clear when residents would be able to get back, but Brinton said the region has already been ravaged by flooding this year.

"There's a sense from the National Weather Service that we should expect it to continue to happen into May," Brinton said. "With our levee breaches in Atchison and Holt and Buchanan counties, it's kind of scary, really."

The Associated Press contributed to this report.

Source: Fox News National

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

April 26, 2019

By Hanna Rantala

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Joshua Schneyer and M.B. Pell

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Ronnie Greene)

Source: OANN

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

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

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

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

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

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

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

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

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

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

Reuters was not immediately able to contact Zhevago.

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

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

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

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

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

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

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

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

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

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

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

FLOOD WARNINGS

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

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

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

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

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

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

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

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

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

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