Now On Air

Liberty #MAGAOne Mix

Via MAGA One Mix

6:00 am 8:00 am


Upcoming shows
Real News

NOW ON AIR
Now On Air

Liberty #MAGAOne Mix

Via MAGA One Mix

6:00 am 8:00 am



Maga First News

Upcoming Shows

Join The MAGA Network on Discord

0 0

UK’s Labour says it will back call for second Brexit referendum

Britain's Labour Party leader Jeremy Corbyn and members of the shadow cabinet, arrive at the Labour Party Conference in Liverpool
FILE PHOTO: Britain's Labour Party leader Jeremy Corbyn and members of the shadow cabinet, arrive at the Labour Party Conference in Liverpool, Britain, September 26, 2018. REUTERS/Phil Noble

February 25, 2019

By Kylie MacLellan and William James

LONDON (Reuters) – Britain’s opposition Labour Party said on Monday it would back calls for a second referendum on Brexit if parliament rejects its alternative plan for leaving the European Union.

With just over a month until Britain is due to leave the bloc on March 29, Prime Minister Theresa May is seeking changes to her exit deal in order to break an impasse in parliament.

Labour’s decision could damage her hopes of winning support for a revised deal in a vote she has promised by March 12, by attracting those who would have backed her agreement in order to avoid a no-deal exit but who would prefer a second referendum.

Parliament is due to debate and vote on Wednesday on the next steps in Britain’s tortuous departure from the EU, and lawmakers are set to offer proposals, or amendments, which could include demanding the exit deal is put to a public vote.

Labour said it would put forward an amendment calling on the government to adopt its Brexit proposals, which include a permanent customs union with the EU and close alignment with the bloc’s single market.

“If Parliament rejects our plan, then Labour will deliver on the promise we made at our annual conference and support a public vote,” Labour’s Brexit spokesman Keir Starmer said.

Parliament is not expected to back Labour’s Brexit plan and it remains unclear whether there is a majority in parliament in favor of holding a second referendum.

“We’re in a very volatile situation. We are in the middle of a political crisis and a constitutional crisis… It’s difficult to say at any one point what feelings are going to be two or three weeks down the line,” a Labour spokesman told reporters.

Labour leader Jeremy Corbyn has been under pressure for some time to support a second referendum. Last week, eight referendum-supporting lawmakers quit the party, in part owing to frustration over his failure to back another vote.

The prospect of holding a second vote poses a dilemma for Corbyn: while many of the party’s members and supporters fervently back a so-called People’s Vote, others simply want Britain to leave the EU as soon as possible.

BACK TO ‘SQUARE ONE’

Labour said it would support a bid by its lawmaker Yvette Cooper to give parliament the legal power to force May to delay Brexit by seeking an extension to the Article 50 negotiating period.

“We are committed to also putting forward or supporting an amendment in favor of a public vote to prevent a damaging Tory (Conservative) Brexit being forced on the country,” Corbyn was due to tell a meeting of his lawmakers on Monday, his office said.

“One way or another, we will do everything in our power to prevent no deal.”

Brandon Lewis, Chairman of May’s Conservatives, said another popular vote would “take us back to square one” and Labour had gone back on its promise to respect the 2016 referendum result. That went 52-48 percent in favor of leaving the EU.

The amendment on a public vote may not come at this week’s vote in parliament however. The Labour spokesman said the wording and timing of the amendment was still to be decided.

A proposal by Labour lawmakers Peter Kyle and Phil Wilson that May’s deal be put to the public in another referendum will not be put forward for a vote in parliament until May brings her agreement back for approval.

“There’s no turning back for Jeremy now,” Kyle said.

Labour lawmakers at the meeting on Monday were split in their reactions.

“I still have deep reservations about the idea of having another referendum. I think it’s going to be deeply divisive,” lawmaker Stephen Kinnock said.

Labour foreign affairs spokeswoman Emily Thornberry told ITV a second referendum should present a choice between May’s deal and remaining in the EU, but the Labour spokesman directly contradicted her, saying that would be an unacceptable choice.

The Remain Labour campaign group, which wants to stop Brexit, said the announcement was “a significant step forward”.

“A second referendum was only ever possible with the votes of Labour Members of Parliament and we are now on the verge of making this happen,” founder Andrew Lewin said in a statement.

“We are not complacent, but we are closer tonight to a People’s Vote than we have ever been.”

(Editing by Kevin Liffey, Catherine Evans and Frances Kerry)

Source: OANN

0 0

Barrasso Asserts Drug Costs ‘Actually Coming Down’

Sen. John Barrasso, R-Wyo., declared Sunday that drug costs are “actually coming down” despite scrutiny into the pharmaceutical industry and voters’ concerns about rising prescription drug cost rises.

In an interview on NBC News’ “Meet The Press,” Barrasso warned against a governmentt takeover of healthcare as some progressive Democrats have called for.

Drug costs ….are actually coming down,” said Barrasso, a medical doctor whose wife has battled breast cancer. “But we need bipartisan support at a time where the Democrats want to take over all of healthcare and eliminate insurance from 160 million Americans.”

My concern is that the biggest threat that I see to the freedom and economic [well-being]  of this country is the complete government takeover of healthcare which is where the Democrats are going — this Medicare for all with longer lines, rationing of care, higher taxes, less freedom,” Barrasso asserted.

Related Stories:

Source: NewsMax Politics

0 0

Exclusive: U.S. orders foreign firms to further cut oil deals with Venezuela

FILE PHOTO: Isla Oil Refinery PDVSA terminal is seen in Willemstad on the island of Curacao
FILE PHOTO: Isla Oil Refinery PDVSA terminal is seen in Willemstad on the island of Curacao, February 22, 2019. REUTERS/Henry Romero/File Photo

March 28, 2019

By Julia Payne and Dmitry Zhdannikov

LONDON (Reuters) – The United States has instructed oil trading houses and refiners around the world to further cut dealings with Venezuela or face sanctions themselves, even if the trades are not prohibited by published U.S. sanctions, three sources familiar with the matter said.

The move comes as Washington’s efforts to oust President Nicolas Maduro in favor of opposition leader Juan Guaido have stalled, and is further evidence of how it is leaning on non-U.S. firms to achieve its foreign policy goals.

The U.S. imposed fresh sanctions on Venezuela’s oil industry earlier this year but some companies have continued to supply the country with fuel from India, Russia and Europe.

Washington is particularly keen to end deliveries of gasoline and refined products used to dilute Venezuela’s heavy crude oil to make it suitable for export. Jet fuel and diesel would be exempt for humanitarian reasons, the sources said.

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced a ban in early February on the use of its financial system in oil deals with Venezuela after April.

But as recently as this week, the U.S. State department has called up foreign firms to say that the scope of the sanctions is wider.

The sources said that the State Department made clear that any kind of oil trade, whether it be direct, indirect or barter, would be considered a breach.

OFAC and the State Department did not immediately respond to requests for comment.

“This is how the United States operates these days. They have written rules and then they call you to explain that there are also unwritten rules that they want you to follow,” one of the sources said.

Washington has been using its oil clout more and more. At a major oil event in Houston this month, U.S. Secretary of State Mike Pompeo made a rare appearance and laid out a vision of working with energy firms to isolate Iran and Venezuela.

Venezuela’s overall exports of crude and fuel dropped to 920,000 barrels a day in the first month of sanctions from more than 1.5 million bpd in the prior three months, according to Refinitiv Eikon and state firm PDVSA data.

Russia, however, remains a staunch supporter of Maduro’s government which has plunged Venezuela into an economic and humanitarian crisis.

In an escalation of tensions, U.S. President Donald Trump called on Moscow to remove all its soldiers from Venezuela after a Russian military contingent arrived just outside of Caracas, saying “all options” were open to make that happen.

Russia responded on Thursday saying it had sent “specialists” to Venezuela under a military cooperation deal.

The biggest trading firms, based in Europe, such as Vitol, Gunvor, Mercuria, Trafigura and Glencore account for about 10 percent of global oil trade.

(Reporting By Julia Payne and Dmitry Zhdannikov in London, Additional reporting by Lesley Wroughton in Washington; Editing by Kirsten Donovan)

Source: OANN

0 0

IMF’s Lagarde urges euro zone to agree deposit insurance scheme

2019 World Economic Forum (WEF) annual meeting in Davos
International Monetary Fund (IMF) Managing Director Christine Lagarde attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2019. REUTERS/Arnd Wiegmann

March 28, 2019

PARIS (Reuters) – Euro zone countries must set aside national concerns about exposure to risks from other countries’ banks and build a shared bank deposit insurance system, said IMF chief Christine Lagarde.

Even though euro zone countries have shared a common currency for two decades, their financial systems remain fragmented, Lagarde told a conference at the Bank of France.

While euro zone banks now have a common regulatory supervisor and a single resolution scheme, many still choose to lend and invest locally rather than across borders, she added.

“It is clear what is left to be done: establish common deposit insurance. We can find ways to resolve our legitimate national concerns,” Lagarde said on Thursday.

“I urge euro area leaders to reignite the discussion, to negotiate in good faith and make the difficult compromises, to unlock the full potential of the banking union,” she added.

The European Deposit Insurance Scheme, or EDIS, is the last missing element from the euro zone’s banking union, which already includes a single supervisor and a resolution scheme.

Euro zone countries have struggled to reach an agreement because Germany, the Netherlands and other northern countries fear it could mean they would be left on the hook for the repayment of deposits in countries like Italy, Greece or Portugal, where banks are more burdened by bad loans.

(Reporting by Leigh Thomas; Editing by Sudip Kar-Gupta)

Source: OANN

0 0

Brazil court to decide on release of former president on Wednesday

FILE PHOTO: Brazil's former President Michel Temer is seen at the Federal Police headquarters in Rio de Janeiro
FILE PHOTO: Brazil's former President Michel Temer is seen at the Federal Police headquarters in Rio de Janeiro, Brazil March 21, 2019. REUTERS/Ricardo Moraes/File Photo

March 22, 2019

RIO DE JANEIRO/BRASILIA (Reuters) – A Brazilian appeals court will decide on Wednesday whether to grant a request for the release of former President Michel Temer, a judge at the court said on Friday.

Judge Ivan Athié said that the Regional Federal Court of the 2nd Region (TRF-2) will decide on the petition by Temer’s defense. Athié has also requested that federal judge Marcelo Bretas, who asked for the arrest of the former president, expresses his opinion about the release request.

Temer was taken into custody on Thursday, accused of leading a group of politicians that received bribes for years in Brazil.

(Reporting by Ricardo Brito and Rodrigo Viga Gaier; Editing by David Gregorio)

Source: OANN

0 0

Fed must ‘tread carefully’ given market signals on outlook

FILE PHOTO: FILE PHOTO: St. Louis Federal Reserve Bank President James Bullard speaks at a public lecture in Singapore
FILE PHOTO: FILE PHOTO: St. Louis Federal Reserve Bank President James Bullard speaks at a public lecture in Singapore October 8, 2018. REUTERS/Edgar Su/File Photo/File Photo

April 11, 2019

(Reuters) – Financial markets are sending worrisome signals about the U.S. economic outlook and the Federal Reserve needs to “tread carefully” to keep the economy growing, a policymakers at the U.S. central bank said on Thursday.

St. Louis Federal Reserve President James Bullard said two particularly important signals were coming in the form of yields on different U.S. federal debt securities and on investor bets on the inflation outlook.

Bullard, who has a vote this year on the Fed’s rate-setting Federal Open Market Committee, or FOMC, released slides for a presentation at a community development event in Tupelo, Mississippi.

“These market-based signals indicate that the FOMC needs to tread carefully going forward in order to sustain the economic expansion,” according to one of the slides.

Bullard said in the slides that policymakers need to take seriously the possibility of a prolonged period in which interest rates are lower for short-term U.S. government debt than for long-term debt could signal a recession.

Market observers pay attention to numerous spreads between different U.S. Treasury securities.

Bullard said in his slides that some parts of the yield curve are already inverted. Indeed, currently yields the 3-year and 5-year U.S. Treasury notes are lower than those on 2-year notes and Treasury bills.

Bullard also noted that investors appear to be betting that inflation will fall short of the Fed’s 2 percent target rate in 2019 and also over the next five years.

(Reporting by Jason Lange in Washington; Editing by Chizu Nomiyama)

Source: OANN

0 0

O'Rourke Vows to Stop Using F-Word on Campaign Trail

Democratic presidential candidate Beto O'Rourke says he's never taken the illegal drug LSD and there's "nothing" he hasn't already revealed about his past that could hurt his candidacy.

O'Rourke also committed Sunday during a stop in Madison, Wisconsin, to stop using the F-word while campaigning, a profanity he used frequently while running for the U.S. Senate in Texas and while exploring his presidential bid.

O'Rourke was asked about his past drug use after signing a person's skateboard. Another voter asked O'Rourke if he was going to "clean up his act" and stop using profanities, especially in front of his children.

O'Rourke says "great point, and I don't intend to use the F-word going forward. Point taken, and very strongly made. ... We're going to keep it clean."

Source: NewsMax Politics

NOW ON AIR
Now On Air

Liberty #MAGAOne Mix

Via MAGA One Mix

6:00 am 8:00 am



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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba, Mozambique April 26, 2019 in this still image obtained from social media. SolidarMed via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

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

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

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

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

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

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

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

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

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

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

FLOOD WARNINGS

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

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

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

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

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

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

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

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

Source: OANN

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
Current track

Title

Artist