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Stock futures tread water after Fed turns more accommodative

Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2019. REUTERS/Brendan McDermid

March 21, 2019

By Amy Caren Daniel

(Reuters) – U.S. stock index futures were subdued on Thursday, a day after the Federal Reserve abandoned projections for any interest rate hikes this year amid signs of an economic slowdown.

At the conclusion of its two-day monetary policy meeting on Wednesday, the central bank brought its three-year drive to tighten monetary policy to an abrupt end, and released details of a plan to end the monthly reduction of its balance sheet.

Shares of U.S. lenders, which are sensitive to interest rates, took a hit after the statement.

Citigroup Inc, Bank of America Corp and JPMorgan Chase & Co fell between 0.10 and 0.47 percent in light premarket trading on Thursday.

“The decision by the Fed to go all in on the dovish pivot caught markets off guard, with investors expecting a more cautious and gradual approach from a central bank that typically errs on the more hawkish side,” Craig Erlam, senior market analyst at Oanda in London, wrote in a note.

“Whether this is a sign that policy makers are genuinely concerned about the economy in 2019 or that they’ve finally bowed to external pressure, it’s certainly a bold move.”

A dovish Fed and hopes of a resolution to the ongoing trade war between United States and China have spurred a rally in stocks this year, with the S&P 500 now about 4 percent away from its record closing high in September.

Investors will now keep a close watch on trade talks between the United States and China as U.S. trade delegates travel to Beijing to resume negotiations.

President Donald Trump warned on Wednesday that Washington may leave tariffs on Chinese goods for a “substantial period” to ensure that Beijing complies with any trade agreement.

At 6:37 a.m. ET, Dow e-minis were down 18 points, or 0.07 percent. S&P 500 e-minis were down 0.5 points, or 0.02 percent and Nasdaq 100 e-minis were up 10.5 points, or 0.14 percent.

Among stocks, Micron Technology Inc rose 3.6 percent after the chipmaker said it sees a recovery in the memory chip market coming and reported a quarterly profit that beat estimates.

Boeing Co slipped 0.4 percent after pressure mounted on the world’s largest planemaker in Washington as U.S. lawmakers called for executives to testify about two crashed 737 MAX jets.

Economic data on tap includes initial claims for state unemployment benefits, which are expected to have fallen to 225,000 in the week ended March 16 from 229,000 in the previous week. The data is due at 8:30 a.m. ET.

(Reporting by Amy Caren Daniel and Medha Singh in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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Nigeria's opposition urges military to stay away from vote

Nigeria's top opposition candidate is urging the military not to be involved in the upcoming presidential election, saying the army "has no role to play in the conduct" of the poll.

Speaking on national television Tuesday, Atiku Abubakar criticized President Muhammadu Buhari's earlier remarks in which he ordered Nigeria's security forces to be "ruthless" with those found interfering with the voting process.

Nigeria's presidential election, initially scheduled for Feb. 16, was at the last minute postponed for a week to Feb. 23, raising political tensions. The electoral commission said it needed more time to organize a credible election.

Both the ruling party and the opposition have criticized the delay.

The race between Buhari and Abubakar appears to be tight.

Source: Fox News World

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Heavy weapons fire rocks Yemen’s Hodeidah as U.N. pushes to clinch troop pullout

General view of a market on Sadam street in Hodeidah
General view of a market on Sadam street in Hodeidah, Yemen March 25, 2019. REUTERS/Abduljabbar Zeyad

March 25, 2019

By Mohamed Ghobari

ADEN (Reuters) – Yemen’s warring parties exchanged heavy weapons fire overnight in Hodeidah, residents and military sources said, as the United Nations scrambled to salvage a ceasefire deal in the Yemeni port city that is a lifeline for millions at risk of starvation.

The clashes were the heaviest since the ceasefire went into effect on Dec. 18, residents said, and came as the United Nations announced a deal setting out details of a mutual military withdrawal envisaged by the Stockholm truce accord.

Iran-aligned Houthi forces and troops backed by a Saudi-led coalition traded artillery, mortar and rocket salvoes late on Sunday and early on Monday, with explosions heard across the Red Sea city, residents said.

“The Houthis tried a surprise assault on our troops but we stopped them,” a military source from the internationally-recognized government said.

The Houthis’ Al Masirah TV accused government forces of shelling their positions without provocation.

The fighting affected Hodeidah’s usual flashpoints – the “July 7” district, four km (2.5 miles) away from the port, and southern outskirts where thousands of United Arab Emirates-backed troops are massed.

The Houthis and the government of Abd-Rabbu Mansour Hadi agreed at U.N.-sponsored talks in December to a truce and troop withdrawal from Hodeidah, the entry point for the bulk of Yemen’s humanitarian aid and commercial imports.

The ceasefire has broadly held although sporadic clashes continued as the United Nations struggled to implement a troop withdrawal, a confidence-building measure meant to clear the way for a broader peace settlement after four years of war.

DETAILS OF WITHDRAWAL AGREED

However, the U.N. observer team chief, Danish General Michael Anker Lollesgaard, was expected to convene both sides this week to formally launch newly agreed steps towards disengagement, according to sources involved in the discussions.

Houthi forces had agreed to withdraw 5 km (3 miles) from the Hodeidah district ports of Saleef, used for grain, and Ras Isa, an oil terminal, as a first step, three sources said.

The Houthi withdrawal and the pullback by coalition forces 1 km away from both the “Kilo 7” area and from Saleh city district would take place simultaneously as a second step, they said.

The government forces’ retreat would free up access to Red Sea Mills, which holds some 50,000 tonnes of World Food Programme grain, enough to feed 3.7 million people. Under the deal, humanitarian corridors would also be reopened.

The second phase of the pullout would see both sides withdraw troops 18 km (11 miles) from the city, and heavy weaponry 30 km (18 miles) away.

Tens of thousands of people have died in the war pitting the Houthis against the coalition, which intervened in Yemen in 2015 to restore Hadi’s government after it was ousted from the inland capital Sanaa.

The war has displaced over two million people and driven the impoverished Arabian Peninsula country to the verge of famine.

The World Health Organization said on Monday it had recorded 108,889 suspected cases of cholera and 190 associated deaths with the disease since the start of 2019 in several provinces. Around a third of the cases were children under five, it said.

Yemen’s conflict is widely seen in the region as a proxy war between Saudi Arabia and Iran. The Houthis, who control Sanaa and most population centers, deny being puppets of Tehran and say they are waging a revolution against corruption.

(Additional reporting and writing by Aziz El Yaakoubi in Dubai; Editing by Mark Heinrich)

Source: OANN

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Scott Van Pelt Defends Tom Izzo’s Treatment Of His Players

David Hookstead | Reporter

Scott Van Pelt has gone viral for some comments defending Michigan State basketball coach Tom Izzo.

Izzo tore into Aaron Henry during their first NCAA tournament game against Bradley, and he refused to apologize for his treatment of the freshman. (RELATED: Tom Izzo Goes Ballistic On Aaron Henry, Refuses To Apologize)

You can watch the intense moment below.

Obviously, some people (not me) thought Izzo took it too far. Van Pelt wasn’t having it. He absolutely shredded Izzo’s critics in an awesome recent rant on ESPN. (RELATED: The March Madness Bracket Has Been Released)

He specifically called out the people who don’t “really want context,” but just “want to be mad.” Watch the incredible segment below, which has since blown up on Twitter.

I agree with pretty much every single word spoken by the ESPN host. This is major college basketball we’re talking about here. It’s going to be tough. It’s not always pretty. That’s just the fact of the matter.

Izzo wasn’t pleased with his guy, and he let him have it. That’s called coaching and holding people to a standard of excellence. If we’re not going to do that, then why are we even playing the game?

This is March Madness. Everything is on the line. Izzo should lose his mind if his players aren’t giving their all.

Animated GIF - Find & Share on GIPHY

Good for Izzo for refusing to apologize, and props to Van Pelt for calling out the ridiculous critics. I couldn’t agree more with either of them.

Follow David Hookstead on Twitter

Source: The Daily Caller

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Australia’s ruling coalition loses 50th straight Newspoll

FILE PHOTO - APEC Summit 2018 in Port Moresby
FILE PHOTO - Prime Minister of Australia Scott Morrison arrives for APEC CEO Summit 2018 at Port Moresby, Papua New Guinea, 17 November 2018. Fazry Ismail/Pool via REUTERS/File Photo

March 10, 2019

SYDNEY (Reuters) – Australia’s conservative government is heading for defeat in a looming election, a widely watched opinion poll showed on Monday, after disappointing news on the economy tarnished the credibility of Prime Minister Scott Morrison.

Notching its 50th poll loss in a row, the Liberal-National coalition trailed the center-left Labor Party by 54 percent to 46 percent on a two-party preferred basis.

The coalition trailed Labor by 53 percent to 47 percent in the previous Newspoll for The Australian newspaper. The results would give Labor a clear victory if the election were fought today. Time is short as the vote is expected some time in May.

The coalition’s primary vote was on 36 percent, behind Labor on 39 percent. The poll of 1,610 people was conducted from March 7 to 10 and had a margin of error of 2.4 percentage points.

The result comes a week after government figures showed the Australian economy almost ground to a halt in the fourth quarter of last year, undermining the coalition’s claim to being the party of better economic management.

The coalition has also been hit by a wave of high-profile retirements, with two senior ministers saying earlier this month they would not contest the election.

Morrison needs to retain all the parliamentary seats held by his coalition government, but his chances are weakened by a wave of incumbent lawmakers in marginal seats set to retire.

The government has its annual budget on April 2 and is expected to announce a return to surplus and likely some sort of tax cuts or spending promises to sweeten voters.

Monday’s poll did show Morrison remained the preferred prime minister over Labor’s Bill Shorten, with a share of 43 percent to 36 percent. Some 43 percent of voters approved of Morrison’s performance, while 45 percent disapproved.

The findings come despite Morrison’s attempt to cast the election as a referendum on border security and asylum seekers – hot-button topics in previous votes.

(Reporting by Wayne Cole; Editing by Peter Cooney)

Source: OANN

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Reports: Raiders trading G Osemele to Jets

NFL: AFC Wild Card-Oakland Raiders at Houston Texans
Jan 7, 2017; Houston, TX, USA; Oakland Raiders running back Latavius Murray (28) celebrates his first quarter touchdown with guard Kelechi Osemele (70) against Houston Texans safety Quintin Demps (27) in the AFC Wild Card playoff football game at NRG Stadium. Mandatory Credit: Matthew Emmons-USA TODAY Sports

March 10, 2019

The Oakland Raiders have an agreement in place to trade former All-Pro guard Kelechi Osemele to the New York Jets, multiple outlets reported Sunday.

According to the Bay Area News Group, the Raiders will receive a fifth-round pick while sending a sixth-rounder to the Jets. The deal cannot become official until the new league year begins Wednesday.

Osemele, 29, has two years remaining on his contract, with unguaranteed figures of $10.2 million in 2019 and $11.7 million in 2020. The Raiders will save the full $10.2 million from their cap this year.

Osemele missed five games due to injury in 2018 and allowed four sacks, his highest figure since his rookie season of 2012, in 11 games. That came after back-to-back Pro Bowl appearances in 2016 and 2017 and a first-team All-Pro nod in 2016, when he didn’t allow a sack.

A former second-round pick of the Baltimore Ravens, Osemele started 51 games over four years in Baltimore before joining the Raiders on a record-setting contract as a free agent in March of 2016.

–Field Level Media

Source: OANN

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Watch Sunday Show Live: New Giant Invader Caravan Violently Smashes Mexican Border

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Source: InfoWars

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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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