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3 children among 4 found dead after west Michigan shooting

Authorities say three children and a woman were found dead of apparent gunshot wounds at a home in western Michigan.

Kent County Sheriff Michelle LaJoye-Young says authorities responded Monday to a property near Cedar Springs, a community about 30 miles (48 kilometers) north of Grand Rapids. She says someone discovered the bodies and called 911.

LaJoye-Young said the three children were elementary school-aged and younger but declined to provide further information about the victims' relationships to one another. She said authorities were still confirming the victims' identities.

LaJoye-Young called the scene "a horrific thing to be called to" and said "my heart goes out to the families involved here and the community."

Authorities don't believe there is a shooter at large. An investigation is ongoing.

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Information from: WOOD-TV, http://www.woodtv.com

Source: Fox News National

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Iran leader approves tapping sovereign fund for flood relief

Supreme Leader Ayatollah Ali Khamenei delivers a speech during a religious ceremony in Tehran
Supreme Leader Ayatollah Ali Khamenei delivers a speech during a religious ceremony in Tehran, Iran April 15, 2019. Khamenei.ir/Handout via REUTERS

April 15, 2019

DUBAI (Reuters) – Iran’s Supreme Leader Ayatollah Ali Khamenei has approved drawing up to $2 billion from the country’s sovereign wealth fund for relief and reconstruction after devastating floods, state media reported on Monday.

On Sunday, Interior Minister Abdolreza Rahmani Fazli said the weeks of heavy rain across the country had caused an estimated $2.5 billion in damage to roads, bridges, homes and farmland. Iran’s worst floods in 70 years had killed at least 76 people and forced more than 220,000 into emergency shelters, state media cited ministers as telling lawmakers.

“Using the National Development Fund is authorized if no other sources are available,” Ayatollah Ali Khamenei said in a letter to President Hassan Rouhani read out on Monday on state television.

However, he urged the government to explore other budgetary measures to fund the relief efforts before tapping the sovereign fund.

In Geneva, the International Federation of Red Cross and Red Crescent Societies said on Monday an estimated 2 million people needed humanitarian assistance as a result of the floods.

It had launched an international emergency appeal seeking 5.1 million Swiss francs ($5.1 million) to expand support by Iran’s Red Crescent to an additional 30,000 families – equivalent to about 150,000 people.

Khamenei’s letter did give an amount but Morteza Shahidzadeh, head of the sovereign wealth fund, said earlier that Rouhani had asked to withdraw $2 billion and Khamenei had in principle agreed.

The fund is worth about $92 billion, according to the Sovereign Wealth Fund Institute, which tracks the industry.

The floods have affected 4,400 villages, damaged 14,000 kilometers (8,700 miles) of roads and destroyed more than 700 bridges. They have left aid agencies struggling to cope and the armed forces have been deployed to help those affected.

Iran’s government has said it will pay compensation to all those who have incurred losses, especially farmers, but the state budget is already stretched as U.S. sanctions on its energy and banking sectors have halved oil exports and restricted access to some revenues abroad.

Iranian officials have repeatedly said the floods have not affected oil production and development, nor impeded the flow of crude through pipelines to client markets.

(Reporting by Dubai newsroom, additional reporting by Stephanie Nebehay in Geneva; editing by John Stonestreet)

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Japan urged to stop requiring transgender sterilization

Human Rights Watch is urging Japan to drop its requirement that transgender people be sterilized to have their gender changed on official documents.

A 2004 law states people wishing to register a gender change must have their original reproductive organs removed and have a body that "appears to have parts that resemble the genital organs" of the gender they want to register. The Supreme Court in January rejected an appeal by a transgender man who wanted legal recognition without undergoing surgery.

Human Rights Watch said the compulsory sterilization requirement is abusive and outdated. A report the international rights group released Wednesday said requiring invasive and irreversible medical procedures violates the rights of transgender people who want their gender identity legally recognized.

Source: Fox News World

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Dutch police detain genocide suspect sought by Rwanda

Dutch police have detained a Rwandan man suspected of involvement in his country's 1994 genocide.

Prosecutors say in a statement that authorities in Rwanda have requested extradition of the man, identified only as Venant R. The 69-year-old was arrested Tuesday by the Dutch police's International Crimes Unit.

Rwanda alleges he was regional director of an agricultural institute located outside of the southern Rwandan city of Butare in 1994 where more than 1,000 Tutsi men, women and children were killed during the genocide.

According to Dutch prosecutors, Rwandan authorities accuse the suspect of summoning to the institute soldiers and militias who killed the Tutsis.

Venant R. sought asylum in the Netherlands in 2000, but his application was rejected. It was not immediately clear when he will be extradited.

Source: Fox News World

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Lara Trump denounces Biden’s 2020 presidential announcement as ‘race-baiting’

President Donald Trump’s 2020 campaign adviser Lara Trump said on “America’s Newsroom” on Thursday that Democratic candidate Joe Biden supports policies that are too far-left for most Americans.

Joe Biden is just among a sea of other [Democratic] candidates who quite frankly are all trying to out-Bernie one another, [they are] so far left, [have] become so radical,” said Lara, who is married to the president’s son, Eric.

Earlier in the day, the former vice president announced that he was throwing his hat into the ring to be the Democratic nominee for the 2020 presidential election.

Biden said that the “soul of this nation” is at stake if President Donald Trump wins re-election.

OCASIO-CORTEZ-ALIGNED GROUP ATTACKS BIDEN, SAYS HE'S 'OUT-OF-TOUCH' WITH DEMOCRATIC PARTY

The 76-year-old Biden becomes an instant front-runner alongside Vermont Sen. Bernie Sanders, who is leading many polls and has proved to be a successful fundraiser. Biden has legislative and international experience that is unmatched in the Democratic field, and he is among the best-known faces in U.S. politics.

Lara Trump said that both Biden and Sanders are to the extreme left of most American voters.

“When you look at things like Bernie Sanders running on socialism…when he claims that the Boston Marathon bombers should have the right to vote – that is so far outside what I think most Americans can back.”

In a video posted on Twitter, Biden focused on the 2017 deadly clash between white supremacists and counter-protesters in Charlottesville, Virginia. Biden noted Trump’s comments that there were some “very fine people” on both sides of the violent encounter, which left one woman dead.

“We are in the battle for the soul of this nation,” Biden said. “If we give Donald Trump eight years in the White House, he will forever and fundamentally alter the character of this nation — who we are. And I cannot stand by and watch that happen.”

MATT GORMAN: JOE BIDEN IS IN THE DEMOCRATIC 'FRIEND ZONE' - HE'S GOING TO REALLY REGRET THIS DECISION

Lara Trump dismissed Biden’s message as “race-baiting as usual, as we see from the Democrats, and identity politics is something I think we’ll see more of.”

“I didn’t hear any proposal for the future of this country in his announcement,” she said.

She said that she expects her father-in-law to do well in the election, including in Biden’s home state of Pennsylvania, because he has kept promises.

LESLIE MARSHALL: BIDEN'S IN FOR 2020 - HERE'S WHY HE'LL MAKE TRUMP A ONE-TERM PRESIDENT

“Pennsylvania is a state that Donald Trump won because he promised the people there that he would get them their jobs back,” she said. “The manufacturing jobs that were taken away that Barack Obama -- who I might remind folks was a partner right alongside Joe Biden and got a lot of nothing accomplished -- said we had lost for good and would never get the manufacturing jobs back. Donald Trump brought them back. That's something the people of Pennsylvania are incredibly grateful for.”

She added: “Whether you are talking about Pennsylvania, North Carolina, Ohio, Florida, Michigan, people are going to look at their lives in 2020 and say 'is stuff better for me now than it was before Donald Trump took office or will we give Joe Biden a chance to do nothing like we saw during the Obama years?'”

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The Associated Press contributed to this report.

Source: Fox News Politics

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New Hampshire teen forced to cover up Trump shirt, remove MAGA hat on school’s ‘patriotic day’

A New Hampshire teenager said she felt ashamed and embarrassed when her high school principal reportedly told her she needed to cover up the “Make America Great Again” T-shirt and hat she wore for a patriotic celebration.

Ciretta Mackenzie, a freshman at Epping High School, told Boston 25 she had to borrow a friend’s sweatshirt and took off the hat after being reprimanded for wearing the “MAGA” gear on Monday – which was “America Pride Day” at school.

WHY I WEAR A MAGA HAT THESE DAYS (AND I DIDN'T START OUT AS A TRUMP FAN)

“It’s just a shirt, and it only says 'Trump: Make America Great Again.' It doesn’t say anything like 'build a wall,' so I don’t get how it could be offensive, how it could be disrespectful,” Mackenzie told the news station.

The school’s principal said the iconic red hat and T-shirt violated the school’s dress code policy, which according to Mackenzie, doesn’t say anything about political clothing.

“If it said no political gear, I could understand why it was dress code, but it didn’t say that, so I feel like I’m obligated to have my own opinion and other people can have theirs,” she said. “We don’t have to agree, that fine.”

MAGA-HAT WEARING TEEN CLAIMS CALIFORNIA HIGH SCHOOL WOULDN'T PERMIT HER TO WEAR HAT

The Epping High School superintendent told Boston 25 that two students were asked to change what they were wearing that day. The school was celebrating “America Pride Day” as part of its spirit month.

Superintendent Valerie McKenny said the incident was under investigation.

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The Mackenzie family said they plan on meeting with the school principal to discuss the situation.

Source: Fox News National

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Abortion Is Never Necessary to Save a Mother

The Born-Alive Abortion Survivors Protection Act provides a scientifically sound, medically accurate, and respectful approach to ensure that the innocent human being who survives an attempted abortion will be treated with the same human dignity and respect that similarly aged human beings receive in the course of good neonatal medical care.

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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)

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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)

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

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

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

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

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

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

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

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

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

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

Reuters was not immediately able to contact Zhevago.

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

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

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

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

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

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

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

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

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

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

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

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

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

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

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

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

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

FLOOD WARNINGS

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

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

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

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

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

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

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

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

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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)

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