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WTO agrees terms to keep Britain in government procurement deal after Brexit

Commuters cross Westminster bridge in London
Commuters cross Westminster bridge in London, Britain, February 27, 2019. REUTERS/Peter Nicholls

February 27, 2019

GENEVA (Reuters) – Britain has got agreement at the World Trade Organization to remain within the WTO’s Government Procurement Agreement after it leaves the European Union, securing a 1.3 trillion pound market, Britain’s WTO mission said in a statement on Tuesday.

Britain was previously a member of the GPA, whose 19 members open up their government procurement markets to each other’s firms, only by virtue of its membership in the EU. Diplomats had said rolling over membership should be one of the simplest and least controversial aspects of the Brexit process.

(Reporting by Tom Miles; Editing by Catherine Evans)

Source: OANN

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Samsung Electronics to invest $9.6 billion annually in logic chips until 2030

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul
FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji

April 24, 2019

SEOUL (Reuters) – Samsung Electronics said on Wednesday that it would invest 11 trillion won ($9.57 billion) annually through 2030 in logic chip businesses, including its foundry business.

The investment until 2030, worth 133 trillion won in total, comes as the world’s top memory chip maker strengthens non-memory semiconductor businesses such as contract chip manufacturing, known as foundry, and mobile processors.

“The investment plan is expected to help the company to reach its goal of becoming the world leader in not only memory semiconductors but also logic chips by 2030,” Samsung said.

(Reporting by Ju-min Park and Heekyong Yang; Editing by Himani Sarkar)

Source: OANN

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Identity Politics Is Race Baiting Poison

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Source: InfoWars

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Republican Mark Harris won’t run in new North Carolina election after fraud claims, citing health

Republican Mark Harris said Tuesday he will not run in the new election for North Carolina’s 9th congressional district, citing his “extremely serious” health condition.

It comes just days after the North Carolina State Board of Election unanimously voted for a new election after the district’s House race from 2018 was marred by claims of ballot fraud.

NORTH CAROLINA ELECTION BOARD CALLS NEW ELECTION IN DISPUTED HOUSE RACE

“After consulting with my physicians, there are several things that my health situation requires as a result of the extremely serious condition that I faced in mid-January,” Harris said in a statement. “One of those is a necessary surgery that is now scheduled for the last week in March.”

Harris added, “I have decided not to file in the new election for Congressional District 9.”

Last week, Harris, who outpaced Democrat Dan McCready by 905 votes in the contested race, said in court he has suffered two strokes since the election and was “struggling” to get through the hearing.

In his statement Tuesday, Harris threw his support behind Union County Commissioner Stony Rushing.

"The North Carolina Republican Party fully supports Dr. Harris' decision,” North Carolina Republican Chairman Robin Hayes said. “The most important thing for him to address is his health. This has been a grueling process for all involved, and we unequivocally support his call for a new election.”

Last week, Harris acknowledged a new election should be held after days of testimony in a hearing on ballot-tampering.

“I believe a new election should be called,” Harris said. “It’s become clear to me that public confidence in the 9th District has been undermined to an extent that a new election is warranted.”

In his sworn testimony, Harris said that he was assured by political operative – and convicted felon – Leslie McCrae Dowless that campaign workers would never collect absentee ballots, despite concerns from Harris’ son, John, that Dowless was illegally collecting and turning in ballots from voters.

One of the methods participants said Dowless used was to hire workers to collect absentee ballots from voters who received them, and then turn them over to him, according to an elections board investigation.

State election law prohibits anyone other than a guardian or close family member from handling mail-in ballots. Harris' team initially said in a legal briefing submitted to the elections board last week the board should certify him the winner -- no matter what Dowless did for the campaign.

Harris’ comments calling for a new election came a day after his son took the stand in emotional testimony that left his father in tears.

"I raised red flags at the time the decision was made to hire Mr. Dowless," John Harris said in his testimony on Wednesday.

Fox News’ David Lewkowict and Andrew O’Reilly and The Associated Press contributed to this report.  

Source: Fox News Politics

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Kellyanne Conway Defends Trump Against Husband's Attacks

Kellyanne Conway on Wednesday criticized her husband for ripping into President Donald Trump and defended her boss, calling him a “counterpuncher” who shouldn’t take the attacks sitting down.

“He left it alone for months out of respect for me,” Conway, a counselor to the president, told Politico in a telephone interview. “But you think he shouldn’t respond when somebody, a non-medical professional accuses him of having a mental disorder? You think he should just take that sitting down?”

Trump’s feud with George Conway has played out with hated rhetoric on social media. George Conway last week questioned Trump’s mental health, to which the president fired back:

“George Conway, often referred to as Mr. Kellyanne Conway by those who know him, is VERY jealous of his wife’s success & angry that I, with her help, didn’t give him the job he so desperately wanted. I barely know him but just take a look, a stone cold LOSER & husband from hell!”

Kellyanne Conway told Politico her husband shouldn’t “play psychiatrist” and said the president was “obviously defending me. He could privately say to me, ‘Honey you’re a distraction. We love you. You'll always be a part of the family but go be with your kids. They need you. Go make a million dollars an hour. Go do that honey.’ It’s the opposite.”

Source: NewsMax Politics

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Current Fed Policy Proves Past Failures

There’s that word again — patient.

Jerome Powell once again emphasized patience during the most recent FOMC meeting. The Federal Reserve left interest rates unchanged and took any hikes for 2019 off the table. It went a step further and projected just one rate hike in 2020.

During his most recent podcast, Peter Schiff said most people expected a dovish Fed, “But I don’t think they were expecting the Fed to be this dovish.”

“In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes,” the central bank said in its monetary policy statement.

Patient…

During his post-meeting news conference, Powell said, “It may be some time before the outlook for jobs and inflation calls clearly for a change in policy,” Powell said. “Patient means that we see no need to rush to judgment.”

Powell also said the Fed will freeze bond sales from its $3.8 trillion balance sheet later this autumn. In other words, the balance sheet reduction program that was on “autopilot” just six months ago is done.  As Peter said, despite all the talk about normalizing its balance sheet and shrinking it back down to the size that it was before the 2008 financial crisis, the Fed didn’t even get anywhere close.

Peter said the increasingly dovish tone comes as no surprise to him.

“The only thing that surprises me is how long it took for the Fed to get here … The only reason I think it took this long was because of the election of Trump. I think this pushed back these admissions by a couple of years as the Fed was able to take cover in all the enthusiasm that resulted from Trump making America great again, and the tax cuts, and all the stimulus, and all the positive outlooks for change and all that.”

Peter said this delay was actually unfortunate because the delay allowed the underlying problems to get much worse while the central bank kicked the can down the road.

“So now, we have a much bigger problem. We have a much bigger crisis in our future as this problem comes to a head, you know, when the Fed finally has to go back to zero, when the Fed has to go back to QE4, which the Fed is still not admitting that they’re going to do.”

In fact, despite the increasing dovishness, the Fed still hasn’t admitted that there are any real problems in the US economy.

Meanwhile, the pundits on the financial networks were generally applauding the Fed’s recent trajectory. Peter said nobody acknowledges the real problem here.

“The Fed is not getting it right. What the Fed is doing now just proves how much they got wrong in the past. The reason the Fed had to abort the process prematurely is because they couldn’t finish it. The reason they had to stop raising rates was because they couldn’t keep raising them because we have too much debt. The reason they had to call off the reduction of their balance sheet was because they can’t do it. The Fed can’t do what they were pretending they were going to be able to do the entire time.”

(Photo by Chris Dlugosz, Flickr)

Peter said the Fed was able to convince people that its policy not only worked, but it could actually unwind it. He said it was like believing you could get drunk, quit drinking, and then stay high.

“The Fed did not create a sustainable recovery. They simply inflated a bubble, and the air is already coming out of that bubble. That is why the Fed has made these changes. That is why it did the 180-degree switch. That is why the Fed is now ‘patient.’ It’s not because circumstances have changed. That’s just the excuse that I knew they would come up with from the very beginning.”

The Dow initially rallied on the Fed statements, but sold off late, closing down about 141 points. Peter said this indicates that there isn’t much upside left in the stock market when it comes to the “Powell Pause.”

“I think the bear market rally that the Fed created with that unexpected policy shift has pretty much run its course, and that there’s really nothing the Fed can do on this path to get the markets to go higher.”

Gold was up on the Fed news. As we reported yesterday, a Fed shift to neutral policy has historically been good for gold.

Peter also touched on the Fed’s view of inflation and oil prices. Listen to the whole podcast for more in-depth analysis.


Alex Jones leads the fight to protect the nation’s most vulnerable victims.

Source: InfoWars

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Maria Bartiromo to Trump: McCain's 'Dead, Can't Punch Back'

There were some tense moments during an interview President Donald Trump did with Fox Business Network's Maria Bartiromo regarding his continued bashing of the late Sen. John McCain.

Bartiromo sat down with Trump on Thursday for an interview that will air Friday morning. The network released snippets of the interview, including a part about Trump's ongoing feud with McCain — the Republican senator, war hero, and former POW who died last August following a battle with brain cancer.

"You spent a good portion of your time in Ohio the other day trashing John McCain," Bartiromo said. "Sen. John McCain is dead. Why are you doing this?"

Trump replied, "It's not a good portion of my time, it's a very small portion. But if you realize, about three days ago, it came out that his main person gave to the FBI the fake news dossier. It was a fake, it was a fraud, it was paid for by Hillary Clinton and the Democrats. They gave it to John McCain, who gave it to the FBI for very evil purposes. That's not good.

"And the other thing, he voted against repeal and replace [Obamacare]. Now, he's been campaigning for years for repeal and replace. I'm not a fan. After all of this time, think of this. Repeal and replace. We would've had great healthcare."

Bartiromo then pushed back, reiterating the point McCain is no longer living.

"But Mr. President, he's dead. He can't punch back. I know you punch back, but he's dead," she said.

Trump then got more defensive, saying, "I don't talk about it. People ask me the question. I didn't bring this up. You just brought it up. You asked the question."

Bartiromo interjected and replied, "You talked about it this week."

Trump then repeated his point about the press asking him about McCain rather than him bringing up the topic — despite the fact Trump tweeted disparaging remarks about McCain last weekend and also spoke ill of him, unprompted, during a speech Wednesday.

"You asked me the question. When I went out yesterday to the [press] scrum, they asked me the question. When they ask me the question, I answer the question. But you people bring it up, I don't bring it up," Trump told Bartiromo.

"I'm not a fan, he was horrible what he did with repeal and replace. What he did to the Republican Party and to the nation and to sick people that could've had great healthcare was not good. So I'm not a fan of John McCain, and that's fine."

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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