Dollar mixed to lower on uninspiring March jobs report

Investing.com - Investing.com - A lukewarm March jobs report weakened the dollar on Friday by clouding expectations as to how long the Federal Reserve will keep monetary stimulus programs in place.

In U.S. trading on Thursday, EUR/USD was down 0.12% at 1.3704.

In the U.S. earlier, the Department of Labor reported that the U.S. economy added 192,000 jobs in March, missing expectations for a 200,000 increase. February's figure was revised up to 197,000 from 175,000, while January's figure rose to 144,000 from 129,000.

The private sector added 192,000 jobs last month, below expectations for a 195,000 rise, while February's figure was revised up to 188,000 jobs added from a previously estimated 162,000 increase.

The report also showed that the U.S. unemployment rate remained unchanged at 6.7% last month compared to expectations for a 6.6% reading.

The numbers sent investors rethinking when the Federal Reserve will raise interest rates once it winds down monthly asset purchases.

While lackluster, the numbers were not disappointing enough to sway investors' focus from the European Central Bank.

On Thursday, the ECB left its benchmark interest rate unchanged at a record-low 0.25%, held its marginal lending rate at 0.75% and left its deposit facility rate unchanged at zero.

ECB President Mario Draghi said monetary authorities did not exclude further monetary policy easing and reiterated the ECB's forward guidance that interest rates will remain at their current levels, or lower, for an extended period.

He added the ECB's governing council was "unanimous" in its commitment to using all unconventional instruments within its mandate to ward off deflationary pressures and added that the bank discussed the possibility of negative deposit rates.

Elsewhere on Friday, official data revealed that German factory orders rose 0.6% in February, beating expectations for a 0.1% gain. Factory orders in January were revised down to a 0.1% increase from a previously estimated 1.2% rise.

The dollar was down against the yen, with USD/JPY down 0.65% at 103.24, and up against the Swiss franc, with USD/CHF up 0.05% at 0.8916.

The greenback was up against the pound, with GBP/USD down 0.12% at 1.6579.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.47% at 1.0984, AUD/USD up 0.58% at 0.9286 and NZD/USD up 0.51% at 0.8590.

In Canada, official data showed that the economy added 42,900 jobs last month, exceeding expectations for a 21,500 rise, after a 7,000 decline in February.

Canada's unemployment rate declined to 6.9% in March, from 7% in February. Analysts had expected the unemployment rate to remain unchanged last month.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.06% at 80.56.

On Friday, the dollar will move on the government nonfarm payrolls report and unemployment rate.

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CFTC Commitments of Traders - week ending April 1

Investing.com -

Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending April 1 on Friday.

Speculative positioning in the CME currency futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	33.2k	39.6k	-6.4k	101.8k	-5.1k	68.6k	1.3k
GBP	33.6k	29.7k	3.8k	76.0k	9.2k	42.4k	5.4k
JPY	-88.6k	-68.9k	-19.8k	22.2k	4.6k	110.8k	24.3k
CHF	14.2k	14.8k	-0.6k	24.8k	-0.2k	10.6k	0.4k
CAD	-37.0k	-33.2k	-3.8k	27.5k	-12.9k	64.5k	-9.1k
AUD	-4.9k	-20.5k	15.6k	35.4k	11.0k	40.3k	-4.6k
NZD	18.5k	18.2k	0.3k	25.8k	-0.5k	7.3k	-0.7k
MXN	21.8k	-1.7k	23.4k	49.9k	27.1k	28.1k	3.7k

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Dollar gains on safe-haven demand ahead of March jobs report

Investing.com - Investing.com - Investors snapped up safe-harbor dollar positions on Thursday ahead of the release of the March jobs report on Friday, while a mixed bag of economic indicators suggested the U.S. economy continues improving and will require less support from the Federal Reserve.

In U.S. trading on Thursday, EUR/USD was down 0.37% at 1.3716.

The Labor Department on Friday will release the March jobs report, and investors jumped into the safety of the dollar on Thursday to await the data.

Many are hoping the nonfarm payrolls data will shed light as to how U.S. recovery is unfolding and indicate how fast the Federal Reserve will unwind its bond-buying program that has weakened the greenback since late 2012.

Elsewhere, the Labor Department reported earlier that the number of individuals filing for unemployment assistance last week increased by 10,000 to 326,000 from the previous week's revised total of 310,000.

Analysts had expected jobless claims to rise by 7,000 to 317,000 last week.

Meanwhile, the Institute of Supply Management said its non-manufacturing purchasing managers' index rose to 53.1 in March from 51.6 in February, just slightly short of expectations for a reading of 53.5, though still an improvement nonetheless.

A separate report showed that the U.S. trade deficit unexpectedly widened to $42.3 billion in February from a deficit of $39.28 billion the previous month.

Analysts had expected the U.S. trade deficit to narrow to $38.5 billion.

Investors digested the data and determined the numbers still point to an economy that is improving, and only the pace of recovery remains up in the air.

Meanwhile in Europe, the European Central Bank left its benchmark interest rate unchanged at a record-low 0.25%, held its marginal lending rate at 0.75% and left its deposit facility rate unchanged at zero.

The bank predicted a prolonged period of low inflation in the euro zone, followed by a gradual upward movement, ECB President Mario Draghi said, adding that inflation should pick up slightly in April and gradually increase in 2015.

Draghi added that monetary authorities did not exclude further monetary policy easing and reiterated the ECB's forward guidance that interest rates will remain at their current levels, or lower, for an extended period.

He added the ECB's governing council was "unanimous" in its commitment to using all unconventional instruments within its mandate to ward off deflationary pressures and added that the bank discussed the possibility of negative deposit rates, which softened the euro.

The dollar was up against the yen, with USD/JPY up 0.03% at 103.91, and up against the Swiss franc, with USD/CHF up 0.55% at 0.8914.

The greenback was up against the pound, with GBP/USD down 0.20% at 1.6592.

Industry data released earlier revealed that the U.K. service-sector purchasing managers' index fell to 57.6 in March from 58.2 in February, missing analysts' expectations for a 58.1 reading, which softened the pound against the greenback.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.01% at 1.1033, AUD/USD down 0.24% at 0.9226 and NZD/USD down 0.37% at 0.8541.

The USD/JPY, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.30% at 80.62.

On Friday, the dollar will move on the government nonfarm payrolls report and unemployment rate.

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U.S. stocks dip ahead of Friday's March jobs report; Dow ends flat

Investing.com - Investing.com - U.S. stocks edged lower on Thursday as investors jumped to the sidelines to await the release of the March jobs report on Friday, which markets hope will reveal how fast the U.S. economy is recovering.

At the close of U.S. trading, the Dow 30 ended the session flat, the S&P 500 fell 0.11%, while the Nasdaq fell 0.91%.

The Labor Department on Friday will release its March jobs report, and investors jumped into the safety of the dollar and avoided stocks on Thursday to await the data.

Many are hoping the nonfarm payrolls data will shed light as to how U.S. recovery is unfolding and indicate how fast the Federal Reserve will unwind its bond-buying program that has boosted stocks since late 2012.

The Fed's bond-purchasing program, currently set at $55 billion a month, bolsters stocks by suppressing long-term borrowing costs, though a Fed decision to close the program reflects a stronger economy, which is also good for stocks, and investors spent Thursday in a wait-and-see mode before the report hits the wire.

Elsewhere, the Labor Department reported earlier that the number of individuals filing for unemployment assistance last week increased by 10,000 to 326,000 from the previous week's revised total of 310,000.

Analysts had expected jobless claims to rise by 7,000 to 317,000 last week.

Meanwhile, the Institute of Supply Management said its non-manufacturing purchasing managers' index rose to 53.1 in March from 51.6 in February, just slightly short of expectations for a reading of 53.5, though still an improvement nonetheless.

A separate report showed that the U.S. trade deficit unexpectedly widened to $42.3 billion in February from a deficit of $39.28 billion the previous month.

Analysts had expected the U.S. trade deficit to narrow to $38.5 billion.

Leading Dow Jones Industrial Average performers included Intel Corporation (NASDAQ:INTC), up 1.95%, UnitedHealth Group Incorporated (NYSE:UNH), up 0.78%, and AT&T Inc (NYSE:T), up 0.72%.

The Dow Jones Industrial Average's worst performers included Microsoft Corporation (NASDAQ:MSFT), down 0.83%, Nike Inc (NYSE:NKE), down 0.73%, and Goldman Sachs Group Inc (NYSE:GS), down 0.72%.

European indices, meanwhile, finished largely higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.60%, France's CAC 40 rose 0.42%, while Germany's DAX rose 0.06%. Meanwhile, in the U.K. the FTSE 100 fell 0.15%.

On Friday, stocks will move on the government's nonfarm payrolls report and unemployment rate.

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Crude drops as Libya seen resuming oil shipments

Investing.com - Investing.com - Crude futures fell on Wednesday on talks Libyan ports held up by armed protesters will resume oil shipments soon, which offset otherwise bullish supply data out of the U.S.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May traded at $99.68 a barrel during U.S. trading, down 0.06%. New York-traded oil futures hit a session low of $98.87 a barrel and a high of $99.82 a barrel.

The May contract settled down 1.81% at $99.74 a barrel on Tuesday.

Nymex oil futures were likely to find support at $98.82 a barrel, the low from March 25, and resistance at $101.96 a barrel, Monday's high.

Oil ports held by armed protestors along the Libyan coast may soon begin shipments soon, which sent oil prices falling on expectations for global supply to increase.

An eight-month standoff between protestors and the government may end within days due to an agreement between both sides.

Meanwhile in the U.S., the Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 2.4 million barrels in the week ended March 28, defying expectations for an increase of 1.1 million barrels, though investors shrugged off the news.

Total U.S. crude oil inventories stood at 380.1 million barrels as of last week.

The report also showed that total motor gasoline inventories decreased by 1.6 million barrels, compared to forecasts for a decline of 1.1 million barrels, while distillate stockpiles increased by 0.6 million barrels, confounding expectations for a withdrawal of 0.1 million barrels.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery were down 0.86%, trading at US$104.72 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$5.04 a barrel.

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Dollar gains on upbeat U.S. jobs and factory orders data

Investing.com - Investing.com - The dollar traded largely higher against most major currencies on Wednesday after upbeat private-sector jobs and factory orders reports fueled hopes for a more sustained U.S. recovery down the road, which sparked demand for the greenback.

In U.S. trading on Tuesday, EUR/USD was down 0.21% at 1.3763.

Payroll processing firm ADP reported earlier that the U.S. private sector added 191,000 jobs in March, just shy of expectations for a 195,000 reading.

February's figure was revised up to a gain of 178,000 from a previously reported increase of 139,000, and the overall report bolstered the dollar by fueling hopes Friday's official nonfarm payrolls data will come in solid.

Separately, the Commerce Department said U.S. factory orders jumped 1.6% in February, the biggest increase since September, ahead of forecasts for a 1.2% rise.

The data strengthened the greenback by keeping expectations on track for the Federal Reserve to continue winding monetary stimulus programs this year.

The euro, meanwhile, continued to come under pressure on expectations for the European Central Bank to take policy steps to prop up the economy.

On Monday data revealed the euro zone's annual inflation rate slowed to 0.5% in March, the lowest since November 2009.

Data released earlier showing that the euro zone's producer prices index contracted 0.2% in February from January, worse than market calls for a -0.1% reading.

On year, producer prices contracted 1.7%, outpacing market calls for a 1.6% contraction.

Also in Europe, the euro zone's gross domestic product growth rate as adjusted to 0.2% in the final quarter of 2013, down from a previous 0.3% estimate, according Eurostat.

The dollar was up against the yen, with USD/JPY up 0.17% at 103.85, and up against the Swiss franc, with USD/CHF up 0.37% at 0.8868.

The greenback was up against the pound, with GBP/USD down 0.03% at 1.6624.

In the U.K. earlier, the pound rose even after the Markit/Chartered Institute of Purchasing & Supply construction purchasing managers' index ticked down to 62.5 last month from 62.6 in February.

Economists had expected the index to rise to 63.0 in March, however, improving demand and more favorable business conditions lifted business optimism to its highest level since January 2007, as firms hired staff at their fastest pace in four months.

Residential construction saw the fastest rate of expansion, rebounding after weather related disruptions in February.

Also on Wednesday, U.K. mortgage lender Nationwide reported that home prices slowed for a third straight month in March, though they did log their biggest annual increase in almost four years.

Home prices rose 0.4% last month, the slowest pace of monthly growth since June 2013, slowing from an upwardly revised 0.7% increase in February.

On a year-over-year basis, however, house prices were 9.5% higher in March after a 9.4% increase in the 12 months to February, the largest annual gain since May 2010.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.01% at 1.1024, AUD/USD down 0.04% at 0.9244 and NZD/USD down 0.94% at 0.8557.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.17% at 80.37.

On Thursday, the U.S. is to publish data on the trade balance and its weekly report on initial jobless claims.

Meanwhile, the Institute for Supply Management is to publish a report service-sector activity.

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Dollar narrows losses as market digests factory data

Investing.com - Investing.com - The dollar traded mixed to lower against most major currencies on Tuesday, trimming losses as markets digested a softer-than-expected factory report and determined the data depicted a U.S. economy that remains on the road to recovery.

In U.S. trading on Tuesday, EUR/USD was up 0.17% at 1.3795.

The Institute for Supply Management reported earlier that its manufacturing purchasing managers' index rose to 53.7 in March from 53.2 in February, missing market expectations for a 54.0 reading.

The report showed that employment growth slowed, with the employment index falling to 51.1 from 52.3, the lowest level since June 2013.

The numbers weakened the dollar earlier, as investors avoided the greenback ahead of Friday's March jobs report, which many feel may depict and improving albeit sluggish U.S. economy, one still in need of Federal Reserve stimulus support.

The Fed is currently purchasing $55 billion in bonds a month to spur recovery, a monetary policy tool known as quantitative easing that suppresses interest rates to prop up the economy, weakening the dollar as a side effect.

Upon digesting the data, however, investors viewed the PMI numbers as positive overall, as March marked the second month of gains for the indicator, which kept expectations firm that stimulus programs that have weakened the dollar for years are on their way out.

The single currency, meanwhile, rose after Markit Economics reported that the euro zone's purchasing managers' index came in at 50.3 in March, unchanged from February and in line with expectations.

However, average input costs declined for the second straight month and output prices also dipped, adding to pressure on the European Central Bank to implement fresh policy measures to stave off the threat of deflation in the region.

Still, separate data revealed that the euro zone's unemployment rate came in at 11.9% in February, lower than expectations for a 12.0% reading, which edged the single currency over the greenback.

The dollar was up against the yen, with USD/JPY up 0.45% at 103.69, and down against the Swiss franc, with USD/CHF down 0.14% at 0.8834.

The yen slid for another day on expectations that China will implement fresh stimulus measures to shore up slowing growth, which dampened safe-haven demand for the Japanese currency.

The greenback was up against the pound, with GBP/USD down 0.18% at 1.6632.

The pound took a hit against the dollar earlier after data showed that the pace of the recovery in the U.K. manufacturing sector slowed unexpectedly in March.

The Markit U.K. manufacturing purchasing managers' index fell to an eight-month low of 55.3 last month from a downwardly revised 56.2 in February. Analysts had expected the manufacturing index to tick up to 56.7.

While short of expectations, the index came in over 50, which signifies expansion, and the sector continues to drive job creation, which cushioned losses.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.11% at 1.1038, AUD/USD down 0.25% at 0.9241 and NZD/USD down 0.33% at 0.8646.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.01% at 80.25.

On Wednesday, the U.S. is to release the ADP report on private-sector job creation, which leads the government's nonfarm payrolls report by two days. The U.S. is also to release data on factory orders.

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U.S. stocks gain on manufacturing report; Dow gains 0.46%

Investing.com - Investing.com - U.S. stocks rose on Tuesday after data revealed activity in the country's manufacturing sector picked up its pace for a second consecutive month in March.

At the close of U.S. trading, the Dow 30 rose 0.46%, the S&P 500 rose 0.70%, while the Nasdaq rose 1.64%.

The Institute for Supply Management reported earlier that its manufacturing purchasing managers' index rose to 53.7 in March from 53.2 in February, missing market expectations for a 54.0 reading.

The report showed that employment growth slowed, with the employment index falling to 51.1 from 52.3, the lowest level since June 2013.

Still, March marked the second month in which the index grew, which drew applause on Wall Street, a day after Federal Reserve Chair Janet Yellen said in a speech that the U.S. economy still needs monetary support to ensure more sustained recovery, which lifts stock prices by design.

The Fed is currently purchasing $55 billion in bonds a month to spur recovery, a monetary policy tool known as quantitative easing that suppresses long-term interest rates to prop up the economy, boosting stocks with the hope investing and hiring ensue.

Yellen's speech sent investors reevaluating the pace at which the U.S. central bank will taper its bond-buying program let alone begin hiking benchmark interest rates, and stocks continued to rise on the notion that policy will remain loose while the economy continues to improve and bring corporate fundamentals up with it.

Leading Dow Jones Industrial Average performers included Cisco Systems Inc (NASDAQ:CSCO), up 3.01%, Boeing Company (NYSE:BA), up 2.18%, and Walt Disney Company (NYSE:DIS), up 1.87%.

The Dow Jones Industrial Average's worst performers included The Travelers Companies Inc (NYSE:TRV), down 0.86%, Merck & Company Inc (NYSE:MRK), down 0.70%, and Coca-Cola Enterprises Inc (NYSE:CCE), down 0.66%.

European indices, meanwhile, finished higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.67%, France's CAC 40 rose 0.80%, while Germany's DAX rose 0.50%. Meanwhile, in the U.K. the FTSE 100 rose 0.82%.

On Wednesday, the U.S. is to release the ADP report on private-sector job creation, which leads the government's nonfarm payrolls report by two days. The U.S. is also to release data on factory orders.

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Dollar dips on Yellen comments, soft regional factory data

Investing.com - Investing.com - The dollar edged lower against most major currencies on Monday after Federal Reserve Chair Janet Yellen said the U.S. economy still requires monetary support due to a sagging labor market, while soft factory data out of the Chicago area weakened the greenback as well.

In U.S. trading on Monday, EUR/USD was up 0.23% at 1.3783.

In her first major speech as Fed Chair, Yellen told the National Interagency Community Reinvestment Conference in Chicago, Illinois, that the U.S. economy still needs monetary support to ensure more sustained recovery.

"I believe it is appropriate for the Federal Reserve to continue to provide substantial help to the labor market, without adding to the risks of inflation, is because of the evidence I see that there remains considerable slack in the economy and the labor market," Yellen said in prepared remarks of her speech.

The Fed is currently purchasing $55 billion in bonds a month to spur recovery, a monetary policy tool known as quantitative easing that suppresses interest rates to prop up the economy, weakening the dollar as a side effect.

Yellen's words sent investors reevaluating the pace at which the U.S. central bank will taper its bond-buying program let alone begin hiking benchmark interest rates.

"I think this extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policymakers at the Fed," Yellen said

Elsewhere, data revealed that manufacturing activity in the Chicago region expanded at a slower rate than forecast in March, as new orders fell.

The Chicago purchasing managers' index fell 55.9 from 59.8 in February. Analysts had expected the index to tick down to 59.0.

Meanwhile in Europe, the euro zone's consumer price index slowed to 0.5% this month from 0.7% in February, undershooting expectations for a reading of 0.6%. The European Central Bank targets an inflation rate of just under 2%, and March's figure was the lowest since November of 2009.

The report showed that core inflation rose 0.8% in March, in line with forecasts, but down from 1.0% in February.

While inflation rates missed consensus forecasts, expectations for the European Central Bank to loosen policy sooner or later have been priced into trading by many investors, which gave the single currency room to shrug off soft consumer inflation numbers.

Separate expectations that the ECB will still remain in a wait-and-see mode at a policy meeting on Thursday due to sentiments that prices are soft but not deflationary supported the euro as well.

The dollar was up against the yen, with USD/JPY up 0.36% at 103.20, and down against the Swiss franc, with USD/CHF down 0.34% at 0.8838.

The greenback was down against the pound, with GBP/USD up 0.21% at 1.6676.

In the U.K., the Bank of England reported earlier that U.K. mortgage approvals fell to 70,309 in February, the lowest level since October 2013. Market expectations had been for a slight decline to 75,000 from January's more than six-year high of 76,753.

The BoE also said business lending was down ₤750 million compared with the previous month.

Net lending rose by ₤2.3 billion last month, in line with forecasts, up from ₤2.1 billion in January.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.05% at 1.1055, AUD/USD up 0.26% at 0.9272 and NZD/USD up 0.22% at 0.8675.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.12% at 80.25.

On Tuesday in the U.S., the Institute of Supply Management is to publish a report on U.S. manufacturing growth.

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U.S. stocks gain as Yellen vows support for economy; Dow up 0.82%

Investing.com - Investing.com - U.S. stocks rose on Monday after Federal Reserve Chair Janet Yellen said the economy will continue to see monetary support for time to come even as recovery ensues.

At the close of U.S. trading, the Dow 30 rose 0.82%, the S&P 500 rose 0.79%, while the Nasdaq rose 1.04%.

In her first major speech as Fed Chair, Yellen told the National Interagency Community Reinvestment Conference in Chicago, Illinois, that the U.S. economy still needs monetary support to ensure more sustained recovery.

"I believe it is appropriate for the Federal Reserve to continue to provide substantial help to the labor market, without adding to the risks of inflation, is because of the evidence I see that there remains considerable slack in the economy and the labor market," Yellen said in prepared remarks of her speech.

The Fed is currently purchasing $55 billion in bonds a month to spur recovery, a monetary policy tool known as quantitative easing that suppresses long-term interest rates to prop up the economy, boosting stocks with the hope investing and hiring ensue.

"I think this extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policymakers at the Fed," Yellen said.

Yellen's words sent investors reevaluating the pace at which the U.S. central bank will taper its bond-buying program let alone begin hiking benchmark interest rates, and stocks rose on the notion that policy will remain loose while the economy continues to improve and bring corporate fundamentals up with it.

Leading Dow Jones Industrial Average performers included United Technologies Corporation (NYSE:UTX), up 1.76%, Microsoft Corporation (NASDAQ:MSFT), up 1.72%, and Visa Inc (NYSE:V), up 1.66%.

The Dow Jones Industrial Average's worst performers included Coca-Cola Enterprises Inc (NYSE:CCE), down 0.76%, American Express Company (NYSE:AXP), down 0.43%, and Caterpillar Inc (NYSE:CAT), down 0.02%.

European indices, meanwhile, finished lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.17%, France's CAC 40 fell 0.45%, while Germany's DAX fell 0.33%. Meanwhile, in the U.K. the FTSE 100 fell 0.26%.

On Tuesday in the U.S., the Institute of Supply Management is to publish a report on U.S. manufacturing growth.

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MCA to ascertain whether FTIL as holding co violated norms

The Ministry of Corporate Affairs is looking to ascertain whether Jignesh Shah-led Financial Technologies violated laws, especially with respect to carrying out its duties as a holding company.

Financial Technologies (India) Ltd (FTIL) is the flagship company of Shah Group, whose firm National Spot Exchange Ltd (NSEL) is grappling with a Rs 5,600 crore payment crisis.

Also Read: Financial Technologies gains 4% on stake sale in IEX

Besides these entities, the continuing crisis has also sparked off a series of regulatory interventions that has thrown spotlight on the group's various other ventures, including MCX, MCX-SX and IEX.

Sources said the Ministry is looking to ascertain whether FTIL as a holding company mismanaged the affairs of the subsidiary.

The Ministry has found "gross violations" by FTIL board on corporate governance matters, among others.

Although the Ministry has completed its report on FTIL, it has sought views of the Law Ministry and other agencies before taking a final call.

Earlier this month, the capital market regulator Sebi ruled that FTIL is not a "fit and proper person to acquire or hold any equity share or any instrument that provides for entitlement for equity shares or rights over equity shares at any future date, in a recognised stock exchange or clearing corporation."

The order would be applicable for both direct and indirect holdings of FTIL in stock exchanges and clearing corporations.

Meanwhile, an inspection of NSEL books by the Ministry had found that the exchange's board failed to perform its duties towards shareholders, in violation of regulations.

The interim report of inspection, carried out by the Registrar of Companies (RoC), Mumbai, had found corporate governance failure at multiple levels, including lack of transparency, integrity, compliance and ethics.

Besides finding discrepancies in the minutes of board meetings, it was also found that the board did not discuss the exchange's compliance with various rules such as those related to admission of new members.

The inspection of books of NSEL was ordered under Section 209 A of the Companies Act.

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Top NATO commander cuts short U.S. visit, eyes on Russian troops

By Phil Stewart

WASHINGTON (Reuters) - U.S. Defense Secretary Chuck Hagel has sent America's top general in Europe back early from a trip to Washington in what a spokesman on Sunday called a prudent step given Russia's "lack of transparency" about troop movements across the border with Ukraine.

General Philip Breedlove, who is both NATO's Supreme Allied Commander Europe and the head of the U.S. military's European Command, had been due to testify before Congress this week. Instead, he arrived in Europe Saturday evening and will be consulting with allies.

"(Hagel) considered Breedlove's early return the prudent thing to do, given the lack of transparency and intent from Russian leadership about their military movements across the border," Rear Admiral John Kirby, a Pentagon spokesman, told Reuters, which was first to report the decision.

"More broadly, he felt it was important for Gen. Breedlove to continue our efforts to consult with NATO allies, and to discuss specific ways to provide additional reassurance for our NATO allies in Eastern Europe."

U.S. officials, speaking last week on condition of anonymity, expressed deep concern about the massing of what they estimate are up to 40,000 Russian troops on Ukraine's border. That is stoking concerns in Washington and elsewhere that Russia is preparing a wider incursion into Ukraine after its annexation of Crimea.

The United States and EU have meted out two rounds of sanctions on Russia, including visa bans and asset freezes for some of Putin's inner circle, to punish Moscow, and they have threatened further actions.

The U.S. military has also taken steps to reassure NATO allies, increasing the number of U.S. aircraft in regular NATO air patrols over the Baltics and beefing up a previously planned training exercise with the Polish air force. More steps are being considered.

Breedlove will meet with NATO foreign ministers at their April 1-2 conference in Brussels.

"The general's return will allow him more time to confer closely with his staff and our allies and partners, and to better advise senior leaders," Kirby said.

Hagel made the decision to send Breedlove back to Europe on Friday night, he said.

Breedlove arrived in Stuttgart on Saturday evening. He had been scheduled to testify before the Senate Armed Services Committee April 1 and the House Armed Services Committee on April 2.

"Congressional leaders were notified of Hagel's decision," Kirby said.

(Reporting by Phil Stewart; Editing by Jim Loney)

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New Takeover Code 2011: New Era Or Damp Squib?

Published on Sat, Mar 29,2014 | 18:18, Updated at Sat, Mar 29 at 18:47Source : Moneycontrol.com |   Watch Video :

The 2011 Takeover Code significantly overhauled its 1997 predecessor and changed the life of Indian companies and global players looking to India. The 2011 Code has also been extolled for simplifying the open offer and disclosure regimes in India, while incorporating best practices from international jurisdictions. However, almost two years after it was introduced, industry is still grappling with issues surrounding control and negative control, SEBI's maverick (and often discordant) interpretation of the Code, and the sketchy manner in which SEBI has been handling its interface with other regulators. At the IBA M&A Conference 2014, VS Sundaresan of SEBI, Adam Emmerich of Wachtell Lipton, Somasekhar Sundaresan of J Sagar Associates, Raj Balakrishnan of Merrill Lynch, Daniela Favoccia of Hengeler Mueller & Sridhar Gorthi of Trilegal discussed the latest developments in relation to the Takeover Code, including the impact of the Supreme Court's surprising decision in Subhkam and how they see the Indian takeover regime evolving.

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Weather in Allahabad and Kanpur in the coming months

Being situated at the confluence of the three rivers Ganga, Yamuna and Saraswati, the ancient city of Allahabad welcomes a lot of tourists throughout the year. But the coming months are extremely uncomfortable for the residents of this place and the nearby city of Kanpur. Let's find out the reasons.

Weather in Allahabad

Allahabad is an ancient city with aspects of modernity but the city very well holds onto its roots. Here taxis and busses are available but the main transport still remains rickshaws and tongas.

According to the latest weather update by Skymet Meteorology Division in India, pre-monsoon showers are generally accompanied by strong dust and hail storms, which impair visibility in the region. The month April could experience a couple of them and its intensity increases in June and July.

The monsoon trough passes from the metropolitan city of Allahabad and the variation of weather conditions is more here. This city of Uttar Pradesh will observe a huge variation in temperature, humidity and winds in the coming months. The average temperature rises from 33.3°C in the month of March to 39.4°C, the next month. The monthly average for May peaks at 41.6°C. Hot and humid conditions prevail till the end of the 1st week as the monsoon current reaches the city between 10th and 15th of June. The average temperature for the month is still very high at 39.6°C, as the temperatures drop only after mid-June.

June is the most uncomfortable month for this city, also known as Prayag simply meaning 'place of offerings'. In the next month, day temperatures remain at a comfortable range with a mean average of 34.2°C.

Weather in Kanpur

Kanpur lies just 100 kms northwest of Allahabad and experiences similar weather conditions. The temperatures in Kanpur are just a shade lesser with mean average maximum for March and April being 32.3°C and 38.3°C. In May average maximum rises to 40.7°C and comes down to 39°C in July.

In both the cities, maximums drop considerably in July with an average of 34.2°C in Allahabad and 33.8°C in Kanpur. Monsoon withdraws by the end of September in these cities.

picture courtesy- maa rukmani travels

By: Skymetweather.com

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