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Zimbabwe’s new currency unmoved as transactions stay restricted

Zimbabweans queue outside a bank in Harare
Zimbabweans queue outside a bank in Harare, Zimbabwe, February 25, 2019. REUTERS/Philimon Bulawayo

February 26, 2019

HARARE (Reuters) – Zimbabwe’s new currency was stuck around 2.5 to the U.S dollar on Tuesday as tight restrictions on trading and exchanging it remained in place despite a central bank pledge to let the RTGS dollar trade freely.

Zimbabwe abandoned a discredited 1:1 dollar peg for its dollar-surrogate bond notes and electronic dollars last week, merging them into a lower-value transitional currency called the RTGS dollar in an effort to ease chronic cash shortages.

Economists welcomed the move but have urged the government let the RTGS fluctuate as it has promised.

On Tuesday, banks were only selling U.S. dollars to corporate clients and individuals with invoices or receipts for imports deemed a priority such as fuel and medicines.

Finance Minister Mthuli Ncube told Reuters in an interview on Monday that the market should determine the RTGS exchange rate, but that the government wanted to avoid excessive volatility.

Tellers at two banks in downtown Harare said they could help clients make purchases from overseas at a rate of 2.5625 RTGS to the U.S. dollar, the rate that other banks offered on Monday.

Banks were not yet selling U.S. dollars to individuals in cash, and neither was a bureau de change at the Road Port bus station.

“The Reserve Bank of Zimbabwe (RBZ) hasn’t given us any U.S. dollars in cash yet,” a teller at a CABS bank branch said.

The state-owned Herald newspaper reported that Botswana had offered to lend Zimbabwe $600 million to support its diamond industry and private firms.

A currency dealer said the RBZ had authorized banks to buy and sell foreign currency 2.5 percent either side of the rate of 2.5 RTGS at which the central bank has sold U.S. dollars to banks in recent days.

Exchange rates on the black market for the bond note – which many ordinary Zimbabweans still use in shops – were at 3.6 to the U.S. dollar, unchanged from Monday, informal currency traders said.

(Reporting by Alexander Winning and MacDonald Dzirutwe; editing by John Stonestreet)

Source: OANN

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IRS Chief Says He’ll Decide on Trump Tax Returns

IRS Commissioner Charles Rettig says it's his decision — though under the supervision of Treasury Secretary Steven Mnuchin — whether to comply with a request by Democrats to turn over President Donald Trump's tax returns.

Rettig told a House panel Tuesday that the IRS is "working on" a response to last week's letter from House Ways and Means Committee Chairman Richard Neal that asked for Trump's tax returns.

Neal asked for the returns by Wednesday.

Neither Rettig nor Mnuchin — who testified before two House panels Tuesday — would state flatly which of them would make the decision on whether to release Trump's tax filings.

Source: NewsMax Politics

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AP Was There: Black South Africans get the vote

This story was first published on April 26, 1994 when AP journalist John Daniszewski reported on South Africa's first all-race election. We are reprinting the story now to mark the 25th anniversary of the vote and the end of apartheid, the system of racial discrimination.

___

Black South Africans made history Tuesday, voting by the tens of thousands to take control of their country for the first time since whites arrived 342 years ago.

Refusing to be cowed by a wave of deadly bombings, the elderly and infirm came in droves from squatter settlements and thatched villages to mark a simple cross on a piece of paper.

Some literally crawled and others were pushed to the polls in wheelbarrows. Many broke down in tears after making their mark.

"We need freedom," said 72-year-old Florence Ndimangele, voting with other elderly people near Cape Town. "We are tired of being slaves."

Underscoring the epic change, a new South African flag was raised at midnight in ceremonies at nine regional capitals after the old flag that many blacks viewed as a symbol of white rule was lowered.

The anthem of the anti-apartheid movement, "God Bless Africa," was sung for the first time as one of the two official national anthems, along with "Die Stem" (The Call), a hymn of the Afrikaners whose five-decade rule is about to end.

Despite late-arriving ballots and lines so long in some places that people collapsed, the mood among blacks casting the first vote of their lives was jubilant.

Tuesday's voting was reserved for the aged, invalids, people in hospitals and the military. General voting begins Wednesday, when African National Congress leader Nelson Mandela and President F.W. de Klerk will cast their ballots.

"Today marks the dawn of our freedom," Mandela said.

For Gladys Shabalala, a 62-year-old retired nurse voting near Durban, it was a day of immeasurable significance.

"There have been so many white elections," she said. "I used to pass the posters on the road and dream about whether I would be able to vote. That's why I came so early, to see if this is really happening."

Her seven daughters, she said, will see "a real new South Africa."

After two days of bombings by suspected right-wingers that killed 21 people and injured more than 150, no major violence was reported Tuesday. Election officials said they were generally pleased with the voting, despite some glitches.

In one of the few violent incidents, police guarding a polling station in the northern Orange Free State returned fire after assailants cut power to the building and sprayed gunfire that damaged doors and windows. Police said the attackers escaped in a vehicle.

Ballot counting from the three-day election begin Friday. Preliminary results are expected about noon Friday and final results were expected Saturday. An estimated 23 million South Africans of all races were eligible to vote.

The heavy turnout was a striking repudiation of the bomb-throwers, as blacks went out of their way to show they would not be denied their moment of glory.

"I can't wait to vote," said 29-year-old David Maimola, speaking from a hospital bed where he is recovering from injuries sustained in a bomb blast Sunday.

"After what has happened to me ... I want a new government."

The election, set to conclude Thursday night, will select a national assembly and nine provincial assemblies. The ANC is expected to win about 60 percent of the vote. Second place should go to de Klerk's National Party, which implemented apartheid to separate the races, then dismantled it under growing pressure at home and abroad.

The 75-year-old Mandela, who struggled all his life against apartheid and spent 27 years in prison, is expected to be sworn in as president of South Africa's first democratic government on May 10. He will govern a deeply divided country, with unemployment and illiteracy higher than 50 percent among blacks.

The vote brings to a close an era in which 5 million whites dominated 35 million blacks, browns and Asians was coming to a close.

"It's the end of an epoch," said Adeline Barkhuizen, 66, who lives on a farm outside Pretoria. "It will be difficult for the Afrikaner people."

Many whites said they shared the blacks' joy. "I never thought I would see the day when I would wish I was a black person," enthused one white caller to a talk-radio station.

Waits of four or more hours to vote were not uncommon. At Empilweni Hospital in Port Elizabeth, sick and elderly voters collapsed in the hot sun.

Some of the most poignant scenes were in remote areas such as Usuthu in Natal province, where hundreds of elderly and crippled voters took shelter under thorn trees as voting in the Zulu homeland got off to a chaotic start.

Many had hobbled through the hills on crutches. Some came in wheelbarrows pushed by relatives and others were dropped off by trucks and literally crawled into the line, eager to vote. They were disappointed to find ballots had not yet arrived.

Usuthu's head teacher, Margaret Zungu, said elderly Zulu voters began gathering well before dawn.

"This is the first time they will vote. They've waited for this day. They're not going to be unhappy to wait a little longer."

Foreign observers were overwhelmed by the determination of the voters.

"The infirm are being carried into the booths," said Margarete Delbet of France. "It's a moving celebration of independence, rather than the act of voting."

Source: Fox News World

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Source: InfoWars

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Jailed Abortionist Hopes Democrats’ Infanticide Support Will Set Him Free

In an email obtained by The Daily Caller, infamous abortion doctor Kermit Gosnell expresses his concern that more states aren’t passing late-term abortion laws.

Gosnell, the main subject of the film “Gosnell: The Trial of America’s Biggest Serial Killer,” doubts “conservative Pennsylvania” will “liberalize” its stance on up-to-birth abortions anytime soon.

The email was part of a correspondence between Gosnell, who is being held at the Pennsylvania Department of Corrections, and producers of the film.

In 2013, Gosnell was convicted of first-degree murder after carrying out possibly hundreds of illegal, late-term abortions.

The abortionist was also charged with involuntary manslaughter after a woman died while under his care.

In the 2017 book, Gosnell: The Untold Story of America’s Most Prolific Serial Killer, the disgraced doctor voiced optimism for an eventual vindication of his heinous actions.

“It helps that I very strongly believe myself to be innocent of the heinous crimes of which I am accused…I continue to feel optimistic of the eventual outcome…the vindication of what I’ve done, why I’ve done it and how [it] will become accepted within my lifetime,” he said.

Now, following the passage of late-term abortion laws in New York and Virginia, Gosnell is unhappy with Pennsylvania’s current legal stance on the issue.

Meanwhile, the writer and producer of the film, “Gosnell,” Phelim McAleer and Ann McElhinney, are questioning whether the murderous doctor would even be convicted in today’s pro-abortion political climate.

McAleer noted, “Ralph Northam put Gosnell into a grey area. Ralph Northam showed it was OK for a baby to die after a botched abortion.”

“Previously, it had been accepted that a baby that survived an abortion could not be killed either by action or inaction,” McAleer continued.

In February of 2019, Senate Democrats blocked the Born-Alive Survivors Protection Act, which would have prevented the killing of newborns who survive abortions.

President Trump voiced his disdain for the decision in the tweet below.

Time will tell if the state of Pennsylvania follows the lead of liberal areas like New York and opens the discussion for Gosnell’s release.



“Gosnell: The Trial of America’s Biggest Serial Killer” is a political courtroom drama that exposes the lies & politics that protect murder if done in the service of abortion.

One of the producers, Phelim McAleer, who also co-authored a book about the abortionist convicted of murder, joined David Knight to explain the establishment attempts to block the movie from crowdfunding, censor on social media, block media buys of ads and shut down screenings.

Also, one of the stars of the film, Dean Cain, was attacked by Tom Arnold.

Source: InfoWars

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Wash Post: Mueller Report to Be Lightly Redacted

Special counsel Robert Mueller's report on Russian interference in the 2016 presidential election, set to be released Thursday morning, will be lightly redacted but still offer a thorough look at objection charges mulled over by Mueller's team against President Donald Trump, according to The Washington Post.

The report will list a "detailed blow-by-blow of the president's alleged conduct — analyzing tweets, private threats, and other episodes at the center of Mueller's inquiry," according to the Post, which cited people familiar with the matter.

Mueller, who turned in his report to Attorney General William Barr on March 23, neither charged nor exonerated Trump on obstruction of justice charges and also said neither Trump nor his campaign conspired with Russia to win the 2016 campaign.

Barr has been accused by Democratic lawmakers of trying to spin Mueller's findings, a notion fueled by his decision to hold a press conference ahead of the report's release to present his overview of it and discuss his review process.

House Speaker Nancy Pelosi, D-Calif., said Barr had "thrown out his credibility & the DOJ's independence with his single-minded effort to protect" Trump.

And Senate Minority Leader Chuck Schumer, D-N.Y., said, "The process is poisoned before the report is even released."

"Barr shouldn't be spinning the report at all, but it's doubly outrageous he's doing it before America is given a chance to read it," Schumer said.

Source: NewsMax America

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Paul Ryan Changes Tune, Says Trump Will Win in 2020

Former House Speaker Paul Ryan clarified his remarks Wednesday regarding President Donald Trump and the 2020 election, saying Trump's record is proof he will win another term.

Ryan aired his thoughts on Twitter, saying:

"To be clear, GOP wins elections when they're about ideas not when they're personality contests like Dems & media want. We're clearly better off because of @RealDonaldTrump. His record of accomplishment is why he'll win re-election especially when compared to Dems' leftward lurch."

During a lecture Monday in Vero Beach, Florida, Ryan indicated Trump's personality could lead to him losing to a Democrat in next year's election.

"The person who defines that race is going to win the race," Ryan said. "If this is about Donald Trump and his personality, he isn't going to win it."

Ryan, a Republican, represented Wisconsin in the House from 1999 until January. He was House speaker from 2015-2019.

Source: NewsMax America

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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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