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

Alaska's Tlingit Code Talkers praised for secret WWII work

Army veteran Richard Bean Sr. died without anyone knowing that he and four other long-deceased Alaska Natives had used their Tlingit language to outsmart the Japanese during World War II.

Now, they are finally being hailed in their home state for their lifesaving efforts as servicemen.

Earlier this month, legislators passed a formal citation honoring the Tlingit Code Talkers. State flags were flown at half-staff and later presented to the men's families.

Bean and the others had been forbidden to speak Tlingit as schoolchildren in their southeast Alaska villages. Later, they used it to provide the military with unbreakable codes, as did their more well-known peers, Navajo Code Talkers.

The language of the Alaska Natives had been suppressed by missionaries and teachers trying to "civilize" them, said Rosita Worl, president of the Sealaska Heritage Institute. The Juneau nonprofit works to preserve and enhance the cultures of southeast Alaska's Tlingit, Haida and Tsimshian tribes.

Punishments for students who spoke Tlingit included having their mouths washed out with soap and their hands struck with rulers, Worl said.

"We're finally ecstatic that there is this recognition that our people served this country, even served this country that wasn't always good to them," she said.

The men's contributions went undisclosed for decades because the U.S. military had kept the unbroken codes secret in case they were needed in future wars.

"Their orders were not to talk about it," Ozzie Sheakley, an Army veteran and Tlingit leader, said about the five Alaska Natives. "They took those orders seriously."

Even their closest relatives had no clue about the wartime endeavors of Richard Bean Sr. of Hoonah and Robert "Jeff" David Sr. of Haines; Sitka brothers and Navy men Mark Jacobs Jr. and Harvey Jacobs; and Sitka resident George Lewis Jr., who served in the Army.

Bean's wife died before Congress posthumously recognized the men. His 85-year-old nephew, Ron Williams, never knew either, even though the two were close.

Williams said there was only one hint. His uncle told him a platoon leader had overheard him speaking Tlingit with Jeff David while the two served together in the Philippines. They were in the same company but different platoons.

The Army official asked how the men would like to handle communications then gave each a walkie-talkie.

That was all Bean said, and Williams never pushed for more, sensing his uncle didn't want to talk about it. Richard Bean died in 1985.

"Even the guys that knew him all his life, you know, they didn't know what he did either because he never said anything about it," Williams said.

David never said anything about the wartime duties to his son, Jeff David Jr., either.

"He just said he was in special services," the son said.

The military declassified the Navajo Code Talker program in 1968. But it was decades before recognition came to the Tlingit servicemen, after the passage of the Code Talkers Recognition Act of 2008.

Sheakley, commander of the Southeast Alaska Native Veterans, got a call from Department of Defense officials.

They told him the five Alaskans had been identified as Code Talkers from the Tlingit tribe, along with others from 32 Lower-48 tribes. Soon they would get the recognition long afforded the Navajos, who made up the largest group of Code Talkers.

In 2013, Congress recognized the Code Talkers, who were posthumously awarded silver medals. Sheakley also received a Congressional Gold Medal on behalf of the entire Tlingit tribe.

Alaska state Rep. and Tlingit Vietnam veteran Bill Thomas thought state recognition would soon follow.

"I just waited and waited and waited," Thomas said. "I finally said, 'Hey, it's time to pay tribute to these men.'"

State lawmakers agreed after Thomas and the Sealaska Heritage Institute pushed the idea.

The role the men played in history was a stunning discovery for the family of George Lewis Jr.

His son, Ray Lewis, was born after the war and never knew his father was in the military.

"I'm very proud of it," Ray Lewis said of the new recognition. "My father was instrumental in saving a lot of lives out there."

___

Follow Rachel D'Oro at https://twitter.com/rdoro .

Source: Fox News National

0 0

Asian shares steady after Easter weekend; oil hits 2019 highs

Visitors are seen as market prices are reflected in a glass window at the TSE in Tokyo
FILE PHOTO: Visitors are seen as market prices are reflected in a glass window at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, October 1, 2018. REUTERS/Toru Hanai

April 23, 2019

By Tomo Uetake

TOKYO (Reuters) – Asian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy easing curbing the market’s enthusiasm.

MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan’s Nikkei average eased 0.2 percent. Many markets around the world remained shut on Monday after the long Easter weekend.

China stocks fell from a 13-month high on Monday, posting their worst session in nearly four weeks, as comments from top policymaking bodies raised investor fears that Beijing will ease up on stimulative policies after some signs of stabilization in the world’s second-largest economy.

Stocks on Wall Street hovered near break-even on Monday as the benchmark S&P 500 index was about 1 percent away from its record high hit in September, while the S&P energy index led gains on higher oil prices.

Oil prices jumped more than 2 percent the previous day to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.

Washington said it would eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions.

International benchmark Brent crude soared 2.9 percent to settle at $74.04 a barrel on Monday and U.S. West Texas Intermediate crude jumped 2.7 percent to settle at $65.70. Both indexes climbed to nearly six-month highs during the session.

U.S. crude futures last traded at $65.78 per barrel, up 0.4 percent on the day.

But sharp gains in oil prices have so far had a limited impact on the broader financial markets.

“Unless the WTI rises well above $70-75 per barrel, there will be limited impact on U.S. Treasuries and the dollar/yen,” said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities.

In the currency market, the dollar index, which measures the greenback against six major currencies, eased 0.2 percent overnight and last traded steady at 97.328. The index hit a two-week high of 97.485 on Thursday, before the start of Good Friday and the Easter weekend.

Against the Japanese yen, the dollar was largely flat at 111.96 yen, while the euro was steady to the greenback at 1.2530.

With the jump in the price of oil, one of Canada’s major exports, the Canadian dollar rose 0.4 percent against its U.S. counterpart overnight and last traded at C$1.3352.

On Monday, the Russian ruble hit its highest level against the euro in more than a year, and a one month-peak versus the dollar, also driven by the jump in oil.

(Additional reporting by Hideyuki Sano; Editing by Jacqueline Wong)

Source: OANN

0 0

Rand Paul Thanks Trump For Stopping Delivery Of Weapons To “Haters of America”

Senator Rand Paul thanked President Trump Tuesday after The Department of Defense announced it is “suspending” deliveries of F-35 fighter jet parts and manuals to Turkey.

“Thank you @realDonaldTrump. No weapons for haters of America!” Paul tweeted, adding that “Weapons and Aid should be contingent on behavior.”

The Senator also noted that the “Same should go for Saudi Arabia!”

Paul has long campaigned for the US to stem sales of arms to regimes at odds with US foreign policy, particularly Saudi Arabia.

Paul has often found himself at odds with Trump over the issue over the past two years.

In an earlier tweet Tuesday, Senator Paul also vowed that he will “continue fighting for an end to U.S. involvement in the war on Yemen,” with a link to an article from the American Conservative concerning the US Saudi military coalition that has been waging war in the country for almost five years.

The Trump administration’s decision to stop supplying military parts to Turkey, a NATO member, comes following the Middle Eastern country’s decision to purchase a Russian air defense system.

“The United States has been clear that Turkey’s acquisition of the S-400 is unacceptable,” said acting Pentagon spokesman Charles Summers Jr.

“[U]ntil they forgo delivery of the S-400, the United States has suspended deliveries and activities associated with the stand-up of Turkey’s F-35 operational capability.  Should Turkey procure the S-400, their continued participation in the F-35 program is at risk.” Summers added.

Turkey’s government has defended the country’s right to purchase Russian made, military equipment, with foreign minister Mevlut Cavusoglu arguing that “it is contrary to international laws for a third country to oppose an agreement between two countries.”

President Trump also met with NATO Secretary General Jens Stoltenberg Tuesday to discuss funding for the body, with Trump adamant that some countries don’t contribute enough to mutual defense.

Source: InfoWars

0 0

Trump says discussing potential further meetings with North Korea’s Kim

U.S. President Trump welcomes South Korea’s President Moon to the White House in Washington
U.S. President Donald Trump waits between two U.S. Marines at the South Portico of the White House to welcome South Korea’s President Moon Jae-in in Washington, U.S., April 11, 2019. REUTERS/Carlos Barria

April 11, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump said he and South Korean President Moon Jae-in will discuss North Korea during their White House meeting on Thursday, including potential additional summits with the North’s leader, Kim Jong Un.

Trump said good things have come out of negotiations with North Korea even though Washington did not get what it wanted from the meetings with Kim. He said great progress was made and that he got to know and respect the North Korean leader.

(Reporting by Roberta Rampton; Writing by Doina Chiacu; Editing by Susan Heavey)

Source: OANN

0 0

Libyan GNA Accuses France of Supporting Haftar, Halts Cooperation With Paris

Earlier in the day, it was reported by The Libya Observer that Field Marshal Khalifa Haftar’s army had regained control over the Tamanhint Base following the withdrawal of the South Protection Force loyal to the Government of National Accord (GNA).

The Interior Ministry of Libya’s internationally-recognized Government of National Accord (GNA) on Thursday accused France of supporting the head of the Libyan National Army (LNA), Marshal Khalifa Haftar, and said it would halt security cooperation with the French authorities.

“The cooperation with the French side on bilateral agreements in the area of security is halted,” the ministry said in its Facebook blog.

According to the ministry, the decision extends to agreements with France on joint military exercises.

At the same time, the Government of National Accord has issued an arrest warrant for Haftar for allegedly ordering airstrikes against civilian areas. Besides the marshal himself, six Haftar’s officers have also been named in the arrest warrant.


Alessandra Bocchi joins Owen Shroyer on The War Room to break down Hillary’s legacy in destabilizing Lybia.

The new wave of clashes in Libya commenced on 4 April, when Haftar ordered his troops to advance on the Libyan capital to free it from what he called terrorists.

As a result, the LNA gained control over the cities of Surman and Garyan located near Tripoli. After the move, the GNA announced a counteroffensive on 7 April, dubbed Volcano of Rage, to confront the LNA.


Alex Jones presents a video of Lou Dobbs during his Fox program where he warns his viewers that the French investigation into what exactly started the Notre Dame fire may be covering up the very realistic possibility of arson.

Source: InfoWars

0 0

We need to protect the border, we need to stop drugs from stumbling upon the border

Trump: We need to protect the border, we need to stop drugs from coming across the border Jan. 03, 2019 – 8:04 – President Trump, border patrol experts address the press in the White House briefing room. Watch the latest video at foxnews.com I want a wall on our southern border and so does the […]

0 0

Germany arrests man accused of helping recruit for IS group

German authorities have arrested a man suspected of joining the Islamic State group in Syria and later helping send another new recruit for IS from Germany to Syria.

Federal prosecutors said the 28-year-old German national, identified only as Volkan L. in line with German privacy rules, was arrested in Hamburg on Wednesday. He is suspected of membership in a foreign terrorist organization.

Prosecutors say that he traveled to Syria in November 2013 to join IS and underwent military training. They say he returned to Germany in March 2014 and turned his attention to finding new recruits.

He is accused of helping organize travel to Syria for one such person in summer 2014, acting as a go-between between the recruit and an IS member in Syria.

Source: Fox News World

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