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Gabbard pushes back on calls to nix Electoral College, filibuster

She may have been a top supporter of firebrand Sen. Bernie Sanders in the 2016 Democratic presidential primary, but Hawaii Rep. Tulsi Gabbard is on the fence these days when it comes to a series of far-reaching and controversial proposals being embraced by her 2020 Democratic rivals.

The four-term Hawaii Democrat, national guard officer and Iraq War veteran appeared to push back both on calls to eliminate the Electoral College and scrap the Senate’s filibuster rule – two longstanding political traditions and institutions – in an interview Friday.

TULSI GABBARD JUMPS INTO 2020 WHITE HOUSE RACE

At the same time, Gabbard highlighted her support for reparations for descendants of slaves.

Asked about the Electoral College, Gabbard said “there are reforms that need to take place to make it so that our votes are being cast and counted and represented in the outcome of our elections. I think there are pro and cons to the existing Electoral College and to getting rid of it. What I would think would be important is for us to have a conversation about how we can best move forward.”

But Gabbard seemed to jab at fellow Democrats, saying, “I think it’s unfortunate that too often these calls for changes come about by the side that has lost or suffered as a result of the Electoral College.”

An increasing number of Gabbard’s rivals for the nomination have been supportive of scrapping the Electoral College and having the national popular vote determine the winner of presidential elections.

Democratic presidential nominee Hillary Clinton topped then-Republican nominee Donald Trump by nearly 3 million votes in the 2016 election, but Trump won the presidency thanks to his convincing margin in the Electoral College.

2020 DEMOCRATS TAKE AIM AT THE SENATE FILIBUSTER

Gabbard also is not sold on scrapping the filibuster, the longstanding Senate tradition requiring 60 votes in the 100-member chamber to advance a bill, effectively allowing the minority party to block legislation.

“This is a conversation I think that’s important for the American people to have,” she said.

Gabbard added that it’s “important for us to look at how we solve this or make changes that are not based on partisanship. Often it is the party that is in the minority that is calling for bringing about those changes and then once they get into the majority, they say ‘no, absolutely not. We’re not going to change this.’”

At the moment, the filibuster is actually helping Senate Democrats, enabling its members to slow or stall legislation that the GOP Senate majority and Trump White House might support. The president himself has called for an end to the filibuster, only to be met with opposition from Senate Majority Leader Mitch McConnell.

Democrats hoping to pass a sweeping progressive agenda if they win back the White House are concerned their proposals could get bottlenecked in the Senate, where the Democrats have a shot at winning back control -- but have little chance of grabbing a 60-member, filibuster-proof majority.

While Gabbard has reservations about eliminating the Electoral College and the Senate’s filibuster, she’s on board with another controversial idea being pushed by some primary rivals -- financial reparations for descendants of slaves.

“I’ve actually co-sponsored a bill – HR40 in the House of Representatives – that would put together a commission that would look at the damage that has occurred because of our country’s dark history with slavery and to figure out what is the best way to bring about those reparations,” she told Fox News. “I think we need to bring about reparations, it’s really a question of what is the right way and how.”

Gabbard was interviewed during a jam-packed three-day swing through New Hampshire, the state that holds the first primary in the race for the White House.

The Granite State was Sanders country in the 2016 Democratic primary. The independent senator from neighboring Vermont crushed Hillary Clinton in the state’s primary, launching him into a marathon battle with the eventual Democratic presidential nominee.

Asked how she could compete in New Hampshire for Sanders supporters, Gabbard quickly answered that “this is about something ... much bigger than just one person.”

Source: Fox News Politics

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PepsiCo sales beat on higher demand for snacks, beverages

FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad
FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad, California, U.S., April 22, 2017. REUTERS/Mike Blake/File Photo

April 17, 2019

(Reuters) – PepsiCo Inc beat Wall Street estimates for quarterly sales on Wednesday, as consumers bought more of its salty snacks, low-sugar sodas and other beverages.

Net income attributable to the company rose to $1.41 billion, or $1 per share, for the three months ended March 23 from $1.34 billion, or 94 cents per share, a year earlier.

Net revenue rose 2.6 percent to $12.88 billion. Analysts were expecting revenue of $12.70 billion, according to IBES data from Refinitiv.

Organic sales, a key metric that shows the health of Pepsi’s legacy brands and strips out impacts from currency fluctuations and acquisitions, rose 5.2 percent, recording its fastest pace of quarterly growth in more than three years, the company said https://bit.ly/2V5HWci.

(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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Russia’s stray polar bear taken back to the wild

A polar bear which was found roaming around a village in eastern Russia, hundreds of miles away from its usual habitat, has been airlifted back home.

The exhausted-looking animal apparently traveled on an ice floe from the remote, sparsely populated Chukotka to a village on Kamchatka, about 700 kilometers (434 miles) south when it was found.

Russian emergency authorities on Monday mounted an operation to repatriate the bear. A member of the response team shot a tranquilizer at the bear and put it in a container and onto a helicopter which flew to the snow-covered Chukotka. The bear was then released into the wild.

Environmentalists say that wild animals such as polar bear are suffering from the shrinking hunting environment and the receding ice as the Arctic is getting warmer.

Source: Fox News World

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Roger Stone Asks Judge To Dismiss Case, Wants Unredacted Copy Of Mueller Report

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Source: InfoWars

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Ichiro walks off into history before packed Tokyo Dome crowd

Ichiro Suzuki seems to have said "sayonara."

The 45-year-old Seattle Mariner star left the Tokyo Dome field in the eighth inning on Thursday night, waving goodbye to the crowd and being hugged by teammates in a three-minute walk that signaled to all his great career has ended.

The Japanese agency Kyodo News reported during the game against Oakland that Ichiro would announce his retirement after it was over.

Ichiro went 0 for 4. He took his spot in right field in the eighth, but then was pulled by manager Scott Servais and the walk into history began in front of a sellout of 45,000.

___

More AP MLB: https://apnews.com/MLB and https://twitter.com/AP_Sports

Source: Fox News World

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Sudan judges march in Khartoum, join opposition protests

Sudanese soldiers are seen on their vehicles as they move with a military convoy outside the defense ministry compound in Khartoum
Sudanese soldiers are seen on their vehicles as they move with a military convoy outside the defense ministry compound in Khartoum, Sudan, April 25, 2019. REUTERS/Umit Bektas

April 25, 2019

KHARTOUM (Reuters) – About 100 Sudanese judges demanding civilian rule marched on Thursday from the Supreme Court in Khartoum towards an opposition sit-in outside the Defense Ministry, joining anti-government protests for the first time, a Reuters witness said.

Wearing their black robes, some of the judges carried signs reading “judges for change” as they marched through central Khartoum, the witness said.

“Civilian, civilian, protected by the judiciary”, they chanted.

Sudan’s Transitional Military Council (TMC) and the opposition have been at loggerheads over how long it will take to move to civilian rule after the military removed Omar al-Bashir as president on April 11.

After ousting Bashir following months of protests against his 30-year rule, the military established the TMC to run Sudan for a period of up to two years.

Thursday’s march is the first by judges in Sudan since before Bashir took power in an Islamist-backed military coup in 1989.

“We demand reform of the judiciary until justice prevails and corruption is prosecuted,” appeals judge Abu al-Fattah Mohamed Othman told Reuters.

“We demand the removal of symbols of the former regime from the judiciary and the dismissal of the head of the judiciary to achieve justice.”

Shortly after the march began, the TMC announced it would retain “sovereign authority only”, while civilians would hold the post of prime minister and head all government ministries.

“The Transitional Military Council has the sovereign authority only, while the head of the cabinet, the civilian government and all the executive authority will be completely civilian,” TMC spokesman Shams El Din Kabbashi told al Arabiya television.

RAPID HANDOVER OF POWER

The opposition has demanded a rapid handover of power to civilians. The sit-in outside the Defense Ministry, which began five days before Bashir’s removal, has continued as protest leaders press for faster and deeper change.

The Sudanese Professionals’ Association, which spearheaded the anti-Bashir protests, called for a million-strong march to take place at the Defense Ministry on Thursday.

On Wednesday evening, the opposition and the TMC agreed to form a committee to resolve their differences.

Three TMC members resigned, the TMC said late on Wednesday, but their resignations are yet to be accepted. The members were Lieutenant-General Omar Zain al-Abideen, head of the political committee, Lieutenant-General Jalal al-Deen al-Sheikh and Lieutenant-General Al-Tayeb Babakr Ali Fadeel.

One of the SPA’s demands was that the three lieutenant-generals be dismissed and tried over their alleged role in a crackdown that killed dozens of protesters.

The SPA has insisted a civilian ruling council with representation for the military should take over.

Dozens of protesters gathered outside Egypt’s embassy in Khartoum to demand President Abdel Fattah al-Sisi not interfere in Sudan, footage aired by Al Jazeera Mubasher showed.

“Tell Sisi this is Sudan, your borders are just (until) Aswan”, they chanted.

At a Cairo meeting led by Sisi on Tuesday, African leaders agreed to give the TMC three months to implement democratic reforms, extending a 15-day deadline set by the African Union last week. Sisi holds the rotating African Union presidency.

(Reporting by Khalid Abdelaziz; Writing by Yousef Saba; Editing by Janet Lawrence, William Maclean)

Source: OANN

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Japan PM Abe’s ruling bloc suffers rare losses in two by-elections

FILE PHOTO: Japan's Prime Minister Shinzo Abe delivers a press conference standing next to the calligraphy 'Reiwa' which was chosen as the new era name at the prime minister's office in Tokyo
FILE PHOTO: Japan's Prime Minister Shinzo Abe delivers a press conference standing next to the calligraphy 'Reiwa' which was chosen as the new era name at the prime minister's office in Tokyo, Japan, April 1, 2019. Franck Robichon/Pool via Reuters

April 22, 2019

By Linda Sieg

TOKYO (Reuters) – Japanese Prime Minister Shinzo Abe’s ruling bloc suffered two rare losses in by-elections on Sunday in an apparent warning from voters not to get complacent ahead of a national election for parliament’s upper house later this year.

The defeats in a lower house by-election in Osaka, western Japan, and another on the southern island of Okinawa – host to the bulk of U.S. military in the country – were the first such losses since Abe returned to office in December 2012, except for one uncontested poll.

“Each individual (ruling) Liberal Democratic Party member must take the results to heart and buckle down,” Abe told reporters on Monday morning.

The defeats in the Sunday polls come after Japan’s Olympics minister, Yoshitaka Sakurada, resigned a year before the Tokyo Games for remarks that offended people affected by the massive earthquake and tsunami that triggered nuclear meltdowns in 2011. A vice transport minister also quit over a separate gaffe.

“The cabinet support rate is maintaining a certain level, but if they do not eradicate laxity and conceit, the upper house election will perforce be a difficult fight,” said an editorial in the conservative Yomiuri newspaper.

Support for Abe’s cabinet was at 47 percent in a survey by public broadcaster NHK released this month, up five points from the previous month.

In Okinawa, Tomohiro Yara, a free-lance journalist backed by several opposition parties and running on an anti-U.S. base platform, defeated a former cabinet minister.

In Osaka, Shimpei Kitagawa, backed by the LDP and its junior partner Komeito, lost to Fumitake Fujita from Nippon Ishin) (Japan Innovation Party), a conservative Osaka-based party that sometimes cooperates with the LDP nationally.

Speculation is simmering that Abe will call a snap lower house election in tandem with the upper house poll, possibly after announcing the postponement of a sales tax hike to 10 percent from eight percent scheduled for October.

Top government officials vowed on Friday to go ahead with the tax rise, barring a big economic shock.

Such a “double election” might help take advantage of weakness among the fragmented opposition parties, but could also spark the opposition to cooperate on candidates.

“Abe must be wondering which suffers more from weakness – LDP/Komeito or the opposition,” said Sophia University political science professor Koichi Nakano.

“A double election will also potentially galvanize the opposition into action … so it’s a double edged sword,”

(Reporting by Linda Sieg; Editing by Michael Perry)

Source: OANN

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

April 26, 2019

By Hanna Rantala

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Joshua Schneyer and M.B. Pell

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Ronnie Greene)

Source: OANN

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

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

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

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

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

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

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

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

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

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

Reuters was not immediately able to contact Zhevago.

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

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

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

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

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

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

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

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

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

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

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

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

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

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

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

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

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

FLOOD WARNINGS

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

Source: OANN

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