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Kellyanne Conway: Trump can’t be impeached by an investigation Democrats started

As thousands gathered on the White House lawn for the annual Easter egg roll on Monday morning, Kellyanne Conway criticized House Democrats latest impeachment push, calling it "a ridiculous proposition."

News broke on Sunday that House Speaker Nancy Pelosi, D-Calif., plans to hold a private conference call with fellow Democrats to discuss the possibility of impeaching President Trump.

The issue was raised again after a redacted version of Special Counsel Robert Mueller's report was released last week, which Dems argue provides evidence to the contrary of Attorney General William Barr's summary that the investigation found no evidence that President Trump obstructed justice.

However, Conway pushed back.

TRUMP SUES TO BLOCK DEMOCRATS' SUBPOENA FOR FINANCIAL INFORMATION

ALEXANDRIA OCASIO-CORTEZ TARGETED BY MYSTERY MULTIMILLIONAIRE DONOR

"You can't impeach a Republican president for something the Democrats started, which is this ridiculous investigation that has cost us $25 million, over 2500 subpoenas," Conway told "Fox & Friends" host Ainsley Earhardt on Monday morning.

"The special counsel provides a report to the attorney general who, in concert with the deputy attorney general and office of legal counsel, decided there was no obstructive conduct. They could not bring obstruction charges - they made that decision," she continued.

"I'm sure if director Mueller and his team could have brought those very clear charges they would have."

She added that many in the media are now trying to "save face" after fiercely believing and predicting Mueller's investigation would uncover collusion between Trump and Russia, which would have supplemented their arguments in 2016 that Trump "lied and stole the election."

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As the 2020 election approaches, Conway also commented on the wide array of Democrats entering the race and reminded viewers that candidates need to run on real issues.

"Simple math," she said. "One, 19, 50, anything times zero, simple multiplication ... 19 are running, but if your message is zero it's a big zero."

Source: Fox News Politics

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Afghan officials: Blast rocks country’s capital

Afghan officials says an explosion has rocked central Kabul, the country's capital city.

Nasart Rahimi, a spokesman for the interior ministry, said Saturday the blast occurred during an ongoing shootout with security forces outside the telecommunications ministry.

Rahimi did not provide details on any casualties.

No one has immediately claimed responsibility for the attack. Both Taliban insurgents and the Islamic state group are active in eastern Afghanistan and have previously claimed attacks in Kabul.

Source: Fox News World

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Death of rare turtle leaves 3 remaining in the world

A zoo in southern China says the only known female member of one of the world's rarest turtle species has died.

The animal was one of four Yangtze giant softshell turtles known to be remaining in the world.

The Suzhou zoo, where the female turtle lived, also houses a male Yangtze giant softshell turtle. The other two live in Vietnam, but their genders are unknown.

Suzhou authorities said Sunday that the female turtle died Saturday afternoon.

The city government said in a statement that experts have already used technology to collect the turtle's ovarian tissue for future research.

The state-run People's Daily reported that the turtle was over 90 years old and had undergone a fifth attempt at artificial insemination shortly before she died.

Source: Fox News World

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Reports: Cowboys, Lawrence agree for five years, $105 million

NFL: New Orleans Saints at Dallas Cowboys
FILE PHOTO: Nov 29, 2018; Arlington, TX, USA; Dallas Cowboys defensive end Demarcus Lawrence (90) smiles as he celebrates a victory against the New Orleans Saints at AT&T Stadium. Mandatory Credit: Matthew Emmons-USA TODAY Sports

April 5, 2019

The Dallas Cowboys and franchise-tagged defensive end DeMarcus Lawrence agreed to a five-year contract worth $105 million with $65 million guaranteed, multiple media outlets reported Friday.

Lawrence’s deal reportedly will pay him more money in the first year ($31.1 million) than any non-quarterback contract in NFL history, breaking the mark set by Khalil Mack last fall.

According to The MMQB, the deal also sets new benchmarks among defensive players in percentage of total and full guarantees on a long-term contract. Mack, the NFL’s highest-paid defender at $23.5 million annually, received $90 million guaranteed for injury and $60 million fully guaranteed at signing.

Earlier Friday, NFL Network reported Lawrence and the Cowboys were making progress after negotiations appeared to be stalled last week.

Dallas executive vice president Stephen Jones said last week the sides were at an “impasse,” adding, “We’re apart. But certainly optimistic. … We’ll continue to chop wood.”

The Cowboys tagged Lawrence in March for the second year in a row, giving them until July 15 to sign him to a long-term extension. Lawrence played the 2018 season on his $17.1 million tender, and he could have made $20.5 million on the tag in 2019, but reports had indicated he was unlikely to participate in training camp if he didn’t receive a long-term extension.

Lawrence, who turns 27 on April 28, reportedly was seeking a multiyear deal worth upward of the $20.5 million tag amount. He also reportedly planned to delay the shoulder surgery he needs until a long-term resolution was reached, which could explain why there was urgency to reach a deal now and not closer to the July 15 deadline.

Over the past two seasons, Lawrence has a combined 25 sacks, 49 quarterback hits and 122 tackles. The Cowboys selected the Boise State product in the second round of the 2014 NFL Draft.

–Field Level Media

Source: OANN

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Watch Live: Russia Investigation Post-mortem – Anatomy of a Fake Coup

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The Latest: Hickenlooper reaches out to black voters

The Latest on the 2020 presidential race (all times EDT):

7 p.m.

Former Colorado Gov. John Hickenlooper is wrapping up three days of campaigning aimed at reaching out to black voters, who are key to a Democratic presidential effort in southern states.

Hickenlooper said Saturday in Charleston, South Carolina, that he's making an effort to "meet people where they are" in getting to know the diverse electorate in states outside his own.

Hickenlooper this week addressed the Rev. Al Sharpton's National Action Network, using his speech to the group in New York to outline his record on policing. Hickenlooper suggested that the nation "shutter some prisons altogether." He then visited a lynching memorial in Montgomery, Alabama.

On Saturday, Hickenlooper met with two survivors of a racist attack on a historic black church in Charleston, South Carolina.

South Carolina is the first state on the primary calendar with a largely black electorate.

___

3:45 p.m.

Elizabeth Warren says the Democrats running for president will have to do more than campaign on an anti-Donald Trump message if they want to take back the White House in 2020.

The Massachusetts senator says they'll have to explain their own vision for the future of the country.

Warren is visiting the early caucus state of Nevada. She tells about 500 people at a rally in a high school gymnasium in Reno that she has an ambitious agenda that would force billionaires to pay their fair share of taxes, strengthen labor unions and protect everyone's right to vote.

She says it's important to build a broad grassroots campaign in Nevada and other places now to have a chance to win next year.

Warren says that "if our message is 'not Trump,' it's not going to work."

___

3:45 p.m.

Beto O'Rourke may be competing against Pete Buttigieg (BOO'-tuh-juhj) for the Democratic presidential nomination, but the former Texas congressman is still a fan of the South Bend, Indiana mayor.

O'Rourke says "I like him a lot" when he was asked about the fact that the two politicians have a similar message and profile, and may be competing for similar voters.

O'Rourke, who's making a series of stops in Iowa, says he likes the way Buttigieg is approaching voters and "the seriousness with which he answers questions, the thought that he's put into it. I think he's terrific."

O'Rourke made the comments while leaving a house party in the Des Moines area.

___

8 a.m.

It's Bernie versus Beto in Iowa.

The 2020 Democratic presidential candidates are holding dueling events Saturday just days after Bernie Sanders won the campaign cash derby for the first quarter of the year.

The Vermont senator raised more than $18 million in 41 days, while Beto O'Rourke, a former Texas congressman, reported $9.4 million in 18 days.

Iowa hosts the nation's first nominating caucuses.

Other declared or prospective candidates are in early-voting New Hampshire and South Carolina.

Mayor Pete Buttigieg (BOO'-tuh-juhj) of South Bend, Indiana, along with Sens. Kirsten Gillibrand (KEER'-sten JIHL'-uh-brand) of New York and Michael Bennet of Colorado are visiting New Hampshire.

John Hickenlooper, a former Colorado governor, is meeting with survivors of the 2015 church massacre in Charleston, South Carolina.

Source: Fox News National

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Rep. Escobar: Nielsen ‘Trump’s Head Cheerleader for Cruelty’

It's "past time" for Department of Homeland Security Kirstjen Nielsen to resign her post after her lack of action concerning the Mexican border,  Rep. Victoria Escobar said Monday.

"This is an administration led obviously by the president that only knows how to use government to create chaos and to create problems instead of solving problems," the Texas Democrat told MSNBC's "Morning Joe," and he has installed as his secretary of the Department of Homeland Security someone also deeply uninterested in addressing or solving any of our great challenges and who instead wants to be his head cheerleader for cruelty."

Escobar said she held back on calling for Nielsen's resignation after the deaths of two children in U.S. custody, but last week, the DHS was "corralling families, thousands of children" behind fencing in El Paso, Texas.

"Kids, moms, parents, families were sleeping in the dirt on the ground in a way that is worse than how we treat animals in this country," said Escobar. "They were corralled off with chain-link fencing with concertina wire above it, as if these are people who are trying to escape and not families who arrived at our doorstep seeking help."

If President Donald Trump's administration was "truly interested" in stemming the flow of Central American families to the United States, he'd act as the Obama administration did,  as it sent then-Vice President Joe Biden to visit and hold accountable presidents from Honduras, El Salvador, and Guatemala, said Escobar.

"It was a combination of investment and accountability, she said. "Once this administration was sworn in the accountability ended and now we're seeing the investment end as well and we wonder why there are more people rushing to our front doorstep."

Source: NewsMax Politics

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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)

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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