Gold edges up on soft U.S. unemployment data

Investing.com - Investing.com - Gold prices moved higher on Friday after a disappointing U.S. August jobs report stoked concerns that a still soft labor market may prompt the Federal Reserve to raise interest rates later in 2015 than markets were anticipating

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,267.20 a troy ounce during U.S. trading, up 0.06%, up from a session low of $1,258.10 and off a high of $1,274.30.

The December contract settled down 0.30% at $1,266.50 on Thursday.

Futures were likely to find support at $1,258.10 a troy ounce, the session low, and resistance at $1,279.20, Thursday's high.

The Department of Labor reported earlier that the U.S. economy added 142,000 jobs in August, far less than the expected increase of 225,000. July's figure was revised to a 212,000 increase from a previously estimated rise of 209,000.

The report also showed that the U.S. unemployment rate ticked down to 6.1% last month, from 6.2%, in line with expectations.

The data came a day after payroll processor ADP reported that its nonfarm payrolls report showed that the private sector added 204,000 jobs in August, missing expectations for jobs growth of 220,000 though still above the 200,000 mark.

Still, gold didn't soar on the data, as the August jobs report tends to be subject to hefty revisions.

Federal Reserve Chair Janet Yellen has said that slackness persists in the labor market despite an improving economy, and Friday's data sent investors rethinking timetables as to when interest rates may rise in the U.S., seen by many taking place in 2015.

Meanwhile, silver for December delivery was up 0.16% at $19.168 a troy ounce, while copper futures for December delivery were up 0.53% at $3.168 a pound.

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Dollar dips on disappointing U.S. jobs data

Investing.com - Investing.com - The dollar weakened against most major currencies on Friday after data revealed the U.S. economy picked up far fewer payrolls in August than markets were expecting.

In U.S. trading on Friday, EUR/USD was up 0.07% at 1.2954.

The Department of Labor reported earlier that the U.S. economy added 142,000 jobs in August, far less than the expected increase of 225,000. July's figure was revised to a 212,000 increase from a previously estimated rise of 209,000.

The report also showed that the U.S. unemployment rate ticked down to 6.1% last month, from 6.2%, in line with expectations.

The data came a day after payroll processor ADP reported that its nonfarm payrolls report showed that the private sector added 204,000 jobs in August, missing expectations for jobs growth of 220,000 though still above the 200,000 mark.

Still, the dollar didn't plummet on the news, as the August jobs report tends to be subject to hefty revisions later in the year.

Still, Federal Reserve Chair Janet Yellen has said that slackness persists in the labor market despite an improving economy, which softened demand for the greenback.

Meanwhile in Europe, official data revealed that German industrial production rose 1.9% in July, beating expectations for an uptick of 0.3%, after a revised 0.4% increase in June.

Still, the euro continued to come under pressure in wake of a European Central Bank decision to trim its benchmark interest rate to a record-low 0.05% from 0.15% on Thursday.

The central bank also lowered its deposit facility rate to -0.20% from -0.10% previously and its marginal lending rate to 0.30% from 0.40%.

The European monetary authority will also begin an asset-backed securities purchasing program to shore up the recovery and steer the continent away from deflationary decline.

The ECB cut its forecast for growth this year to 0.9% down from 1.0% previously and cut the forecast for 2015 to 1.6% from 1.7%. The bank also lowered its inflation forecast for this year to 0.6% from 0.7% in June.

The dollar was down against the yen, with USD/JPY down 0.18% at 105.07, and down against the Swiss franc, with USD/CHF down 0.08% at 0.9311.

The greenback was flat against the pound, with GBP/USD down 0.01% at 1.6327.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.08% at 1.0883, AUD/USD up 0.30% at 0.9376 and NZD/USD up 0.29% at 0.8330.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.05% at 83.77.

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U.S. stocks erase gains on U.S. data, ECB policy move; Dow falls 0.05%

Investing.com - Investing.com - U.S. stocks gave back earlier gains stemming from upbeat U.S. data and a European Central Bank move to loosen policy, as investors sold for profits and jumped to the sidelines ahead of Friday's August jobs report.

At the close of U.S. trading, the Dow 30 fell 0.05%, the S&P 500 index fell 0.15%, while the NASDAQ Composite index fell 0.22%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 2.27% at 12.64.

The U.S. services sector grew at its strongest pace in August since 2005, which sparked a rally on Wall Street earlier.

The Institute for Supply Management reported that its services index rose to 59.6 in August from 58.7 in July, far surpassing market forecasts for a downtick to 57.5.

A reading above 50 indicates expansion in the sector, and the index offset lackluster U.S. employment data.

The Labor Department reported that the number of individuals filing for first-time unemployment assistance in the U.S. last week rose by 4,000 to 302,000 from the previous week's total of 298,000.

Analysts had expected jobless claims to rise by 2,000 to 300,000 last week.

Elsewhere, payroll processor ADP reported that its nonfarm payrolls report showed that the private sector added 204,000 jobs in August, missing expectations for jobs growth of 220,000.

At the same time data showed that the U.S. trade deficit narrowed to the lowest in six months in July.

Stocks also applauded an ECB decision to stimulate the European economy.

The European Central Bank trimmed its benchmark interest rate to a record-low 0.05% from 0.15%, surprising many market analysts who had expected no change.

The central bank also lowered its deposit facility rate to -0.20% from -0.10% previously and its marginal lending rate to 0.30% from 0.40%.

Stocks rallied after ECB President Mario Draghi said the bank will begin an asset-backed securities purchasing program to shore up the recovery and steer the continent away from deflationary decline.

Draghi did not say how much debt the ECB planned to purchase, as further details will emerge in October.

The ECB cut its forecast for growth this year to 0.9% down from 1.0% previously and cut the forecast for 2015 to 1.6% from 1.7%. The bank also lowered its inflation forecast for this year to 0.6% from 0.7% in June.

Later in the session, investors locked in gains and sold stocks for profit, sending broader indices dipping into negative territory.

Investors were eager for the release of the August nonfarm payrolls report early Friday morning.

Leading Dow Jones Industrial Average performers included Nike Inc (NYSE:NKE), up 1.40%, Home Depot Inc (NYSE:HD), up 1.05%, and Procter & Gamble Company (NYSE:PG), up 0.97%.

The Dow Jones Industrial Average's worst performers included Walt Disney Company (NYSE:DIS), down 0.89%, Chevron Corporation (NYSE:CVX), down 0.83%, and Exxon Mobil Corporation (NYSE:XOM), down 0.76%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 1.78%, France's CAC 40 rose 1.65%, while Germany's DAX rose 1.02%. Meanwhile, in the U.K. the FTSE 100 rose 0.06%.

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Dollar extends robust gains from U.S. data, ECB move

Investing.com - Investing.com - The dollar extended the strong gains it posted against most major currencies earlier Thursday in wake of robust U.S. service-sector data coupled with a European Central Bank decision to loosen policy, which pummeled the euro.

In U.S. trading on Thursday, EUR/USD was down 1.58% at 1.2941, the first time below the 1.300 mark since 2013.

The U.S. services sector grew at its strongest pace in August since 2005.

The Institute for Supply Management reported earlier that its services index rose to 59.6 in August from 58.7 in July, far surpassing market forecasts for a downtick to 57.5.

A reading above 50 indicates expansion in the sector, and the index offset lackluster U.S. employment data.

The Labor Department reported that the number of individuals filing for first-time unemployment assistance in the U.S. last week rose by 4,000 to 302,000 from the previous week's total of 298,000.

Analysts had expected jobless claims to rise by 2,000 to 300,000 last week.

Elsewhere, payroll processor ADP reported that its nonfarm payrolls report showed that the private sector added 204,000 jobs in August, missing expectations for jobs growth of 220,000.

At the same time data showed that the U.S. trade deficit narrowed to the lowest in six months in July.

The euro, meanwhile, came under pressures of its own.

The European Central Bank trimmed its benchmark interest rate to a record-low 0.05% from 0.15%, surprising many market analysts who had expected no change.

The central bank also lowered its deposit facility rate to -0.20% from -0.10% previously and its marginal lending rate to 0.30% from 0.40%.

The euro extended losses after ECB President Mario Draghi said the bank will begin an asset-backed securities purchasing program to shore up the recovery and steer the continent away from deflationary decline.

Draghi did not say how much debt the ECB planned to purchase, as further details will emerge in October.

The ECB cut its forecast for growth this year to 0.9% down from 1.0% previously and cut the forecast for 2015 to 1.6% from 1.7%. The bank also lowered its inflation forecast for this year to 0.6% from 0.7% in June.

The dollar was up against the yen, with USD/JPY up 0.44% at 105.24, and up against the Swiss franc, with USD/CHF up 1.60% at 0.9324.

The greenback was up against the pound, with GBP/USD down 0.74% at 1.6338.

In the U.K., the Bank of England voted to keep interest rates on hold at 0.5% and to keep the size of its asset purchase program unchanged at £375 billion.

The minutes of the meeting, due to be published in two weeks, would indicate how many monetary policy committee members voted in favor of a rate hike. The MPC was split last month, with two members voting in favor of a rate increase and two against.

The pound remained under pressure from concerns that support for Scottish independence is gaining momentum ahead of a referendum due to take place on Sept. 18.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.07% at 1.0880, AUD/USD up 0.11% at 0.9352 and NZD/USD down 0.29% at 0.8302.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 1.15% at 83.83.

On Friday, investors will shift their focus from Europe across the Atlantic to the U.S., which will release its August jobs report.

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NYMEX crude prices steady in Asia, U.S. stocks data, Ukraine eyed

Investing.com - Investing.com - Crude oil prices were steady in Asia on Thursday with the focus on the upcoming U.S. stocks data from the Deprtment of Energy and easing etnsions in the Ukraine.

The American Petroleum Institute, an industry group, late Wednesday showed a 545,000-barrel decline in crude stocks. The API said gasoline supplies rose by 362,000 barrels and stocks of distillates rose by 385,000 barrels.

Traders are waiting for weekly U.S. inventory data, which is set to be released Thursday at 11 a.m. EDT, one day later than usual due to the Labor Day holiday. Analysts expect the U.S. Energy Information Administration to report that oil supplies fell 1.113 million barrels, while distillates dipped 500,000 barrels and gasoline stocks eased 1.325 million barrels.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded at $95.18 a barrel, down 0.01%, after hitting an overnight session low of $93.07 a barrel and a high of $95.83 a barrel.

Brent oil prices rose 2.4% to $102.77 a barrel on ICE Futures Europe on Wednesday.

Overnight, bargain hunting sent oil prices soaring as investors felt global supply concerns had pushed the commodity too low, while investors also kept an eye on Ukraine amid talk of a developing ceasefire and its bullish economic ramifications.

In the U.S., the U.S. Census Bureau reported earlier that factory orders rose 10.5% in July, below expectations for an increase of 11%, after a revised 1.5% rise in June, though the advancing figure failed to dampen spirits.

On Tuesday, the Institute for Supply Management reported that its manufacturing purchasing managers' index jumped to 59.0 in August from 57.1 in July, defying analysts' calls for the index to tick down to 56.8.

While investors have ignored positive U.S. economic indicators recently due to concerns that the world is awash in crude oil, bargain hunting along with thawing Ukraine-Russia relations sparked a rally on Wednesday.

Ukraine's President Petro Poroshenko said he had agreed with Russian President Vladimir Putin to take steps to establish a "permanent ceasefire" in eastern Ukraine.

Putin later said his views were "very close" with Poroshenko on finding a political way out of the conflict.

Oil prices applauded the news on the grounds that waning military conflicts in Ukraine will lessen the chances of the crisis slowing global recovery and chipping away at demand for crude even more.

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Dollar dips as euro gains on talk of Ukraine ceasefire

Investing.com - Investing.com - The dollar traded largely lower against most major currencies on Wednesday as markets monitored talk of a Ukraine-Russian ceasefire, which favored the euro at the greenback's expense.

In U.S. trading on Wednesday, EUR/USD was up 0.09% at 1.3146.

Both the greenback and the euro found support after Ukraine's President Petro Poroshenko said he had agreed with Russian President Vladimir Putin to take steps to establish a "permanent ceasefire" in eastern Ukraine.

Putin later said his views were "very close" with Poroshenko on finding a political way out of the conflict.

By afternoon trading on Wednesday, the euro edged out the dollar, becoming the chief beneficiary of market applause for a possible ceasefire.

Elsewhere, the U.S. Census Bureau reported earlier that factory orders rose 10.5% in July, below expectations for an increase of 11%, after a revised 1.5% rise in June, though markets largely viewed the data favorably.

On Tuesday, the Institute for Supply Management reported that its manufacturing purchasing managers' index jumped to 59.0 in August from 57.1 in July, defying analysts' calls for the index to tick down to 56.8.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

In Europe, data revealed that euro zone retail sales fell 0.4% in July, in line with forecasts.

Investors were eager for the European Central Bank's announcement on policy on Thursday, with many betting that the monetary authority will roll out stimulus measures to kick-start the economy after the euro area's annual inflation rate slowed to a five-year low last month.

On Friday, the U.S. will release its August nonfarm payroll report, and investors hope the data will serve as weather vane pointing to the direction of monetary policy, sidestepping the greenback ahead of time.

The U.S. economy continues to gain steam, though Federal Reserve Chair Janet Yellen has expressed concern over slackness persistent in the labor market.

The dollar was down against the yen, with USD/JPY down 0.25% at 104.83, and down against the Swiss franc, with USD/CHF down 0.13% at 0.9178.

The greenback was up against the pound, with GBP/USD down 0.09% at 1.6456.

Market research group Markit reported earlier that its seasonally adjusted Markit/CIPS Services Purchasing Managers Index rose to 60.5 last month from 59.1 in July. Analysts had expected the index to decline to 58.5 in August.

The data came a day after data showed that activity in the U.K. construction sector expanded at the fastest rate since January last month.

Still, the pound came under broad selling pressure after a poll revealed that support for Scottish independence is growing.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.38% at 1.0887, AUD/USD up 0.74% at 0.9343 and NZD/USD up 0.06% at 0.8322.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.12% at 82.89.

On Thursday, the U.S. is to release trade-balance data, the ADP report on private-sector job creation and the weekly report on initial jobless claims.

Also on Thursday, the ISM is to publish a report on U.S. service sector activity.

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U.S. stocks end mixed on oil prices, U.S. data; Dow falls 0.18%

Investing.com - Investing.com - U.S. stocks finished Tuesday mixed to lower as sinking oil prices brought down energy-sector shares, though upbeat U.S. data managed to cushion losses.

At the close of U.S. trading, the Dow 30 fell 0.18%, the S&P 500 index fell 0.05%, while the NASDAQ Composite index rose 0.39%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 2.25% at 12.25.

Oil prices plunged earlier and took energy equities down with them, which reflected in broader U.S. stock indices.

While the U.S. economy continues to show signs of improvement, the global economy may be battling headwinds, concerns of which that battered crude prices earlier Tuesday.

China's official manufacturing index ticked down to 51.1 from 51.7 in July, while the HSBC manufacturing index slowed to 50.2 from 50.3 the previous month.

Both figures missed expectations, which sent oil prices falling amid concerns that demand in the world's second-largest consumer of oil and a major manufacturing hub may be slipping, and Wall Street energy stocks followed suit.

Meanwhile, a stronger U.S. currency—the product of upbeat data—pushed prices oil prices even lower, as a firmer greenback makes crude prices less attractive on dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

The greenback firmed after the Institute for Supply Management reported that its manufacturing purchasing managers' index jumped to 59.0 in August from 57.1 in July, defying analysts' calls for the index to tick down to 56.8.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

The new orders component of the index rose to 66.7, an increase of 3.3 points from 63.4 in July.

The employment index grew for the fourteenth consecutive month the report said, registering 58.1, down 0.01 points from 58.2 in July.

Also in the U.S., the Census Bureau reported earlier that U.S. construction spending rose to 1.8% in July from -0.9% in June, whose figure was revised up from -1.8%.

Analysts had expected U.S. construction spending to rise to 1.0% last month, an the day's upbeat data did cushion losses somewhat.

Meanwhile in company news, home-improvement retailer Home Depot Inc (NYSE:HD) shares took a hit on news it maybe have been the victim of a hacker attack that compromised customer credit-card data.

Elsewhere, Dollar General Corporation (NYSE:DG) increased its offer for Family Dollar Stores Inc (NYSE:FDO), while Norwegian Cruise Line Holdings Ltd (NASDAQ:NCLH) agreed to buy Prestige Cruises International for $3.03 billion including debt.

Leading Dow Jones Industrial Average performers included Walt Disney Company (NYSE:DIS), up 1.02%, Visa Inc (NYSE:V), also up 1.02%, and United Technologies Corporation (NYSE:UTX), up 0.94%.

The Dow Jones Industrial Average's worst performers included Home Depot Inc (NYSE:HD), down 2.52%, Chevron Corporation (NYSE:CVX), down 1.48%, and Intel Corporation (NASDAQ:INTC), down 1.05%.

European indices, meanwhile, ended the day largely higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.11%, France's CAC 40 fell 0.03%, while Germany's DAX rose 0.30%. Meanwhile, in the U.K. the FTSE 100 rose 0.06%.

On Wednesday, the U.S. is to publish data on factory orders.

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Gold plummets as manufacturing gauge sparks dollar rally

Investing.com - Investing.com - Gold prices dropped on Tuesday after an upbeat U.S. manufacturing report fueled demand for the U.S. dollar, which trades inversely with the yellow metal.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,265.70 a troy ounce during U.S. trading, down 1.69%, up from a session low of $1,263.20 and off a high of $1,288.60.

The December contract settled down 0.23% at $1,287.40 on Friday. U.S. markets were closed on Monday for the U.S. Labor Day holiday.

Futures were likely to find support at $1,258.00 a troy ounce, the low from June 17, and resistance at $1,297.60, last Thursday's high.

The greenback firmed and gold fell after the Institute for Supply Management reported that its manufacturing purchasing managers' index jumped to 59.0 in August from 57.1 in July, defying analysts' calls for the index to tick down to 56.8.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

The new orders component of the index rose to 66.7, an increase of 3.3 points from 63.4 in July.

The employment index grew for the fourteenth consecutive month the report said, registering 58.1, down 0.01 points from 58.2 in July.

Also in the U.S., the Census Bureau reported earlier that U.S. construction spending rose to 1.8% in July from -0.9% in June, whose figure was revised up from -1.8%.

Analysts had expected U.S. construction spending to rise to 1.0% last month.

The numbers fueled market expectations for the Federal Reserve to wind down stimulus programs as early as next month and raise interest rates some time next year.

Loose monetary policies, including rock-bottom interest rates, dovish Fed language and three rounds of asset purchases, have boosted gold prices by suppressing interest rates since the 2008 financial crisis.

The dollar, meanwhile, saw robust gains as the euro slid on expectations that the European Central Bank may loosen policy at its meeting later this week.

Meanwhile, silver for December delivery was down 1.38% at $19.223 a troy ounce, while copper futures for December delivery were down 0.09% at $3.158 a pound.

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Precision Electronics: Outcome of board meeting

Precision Electronics has now informed about Outcome of Board Meeting held on May 30, 2014.

To read the full report click here

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Would look at own retail if FDI rules change: Reebok

It has been 18 months to the Rs 870 crore scam at Reebok India. In these months, the sportswear company has overhauled and restructured its business in India to reposition itself as a fitness goods company. In a chat with CNBC-TV18's Farah Bookwala Vhora, Reebok India's MD, Erick Haskell explains how Reebok's model is evolving further in India with a renewed focus on women consumers, tier 2-3 markets and on the e-commerce platform.

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'Guardians of the Galaxy' wins weekend, tops this year's box office universe

US-BOXOFFICE:'Guardians of the Galaxy' wins weekend, tops this year's box office universe

LOS ANGELES/NEW YORK (Reuters) - The "Guardians of the Galaxy" misfits reached a new box office stratosphere over the U.S. Labor Day weekend, soaring past fellow Marvel hero "Captain America" to become the highest-grossing domestic movie of 2014.

"Guardians" rung up $16.3 million in U.S. and Canadian ticket sales from Friday through Sunday, topping weekend charts for the third time since its Aug. 1 debut, according to estimates from tracking firm Rentrak. Total domestic sales climbed to $274.6 million, surpassing the $259.8 million earned by April release, "Captain America: The Winter Soldier."

The offbeat "Guardians" stars Chris Pratt and Zoe Saldana as leaders of a group of warriors that includes a talking raccoon and a human-like tree.

"Teenage Mutant Ninja Turtles," a reboot of the franchise born in 1980s comic books, ranked second with $11.8 million domestically from Friday through Sunday.

"If I Stay," starring Chloe Grace Moretz as a girl who has an out-of-body experience after a catastrophic car accident, took the No. 3 spot with $9.3 million.

Low-budget horror flick "As Above, So Below" debuted in fourth, collecting an estimated $8.3 million. The movie follows a team of explorers as they venture through the Paris catacombs.

Walt Disney Co released "Guardians of the Galaxy." Viacom Inc's Paramount Pictures distributed "Teenage Mutant Ninja Turtles." Universal Pictures, a unit of Comcast Corp, distributed "As Above, So Below."

(Reporting by Lisa Richwine and Chris Michaud; Editing by Andrea Ricci)

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Pacino says crowds charge his batteries at Venice fest

By Rollo Ross

VENICE (Reuters) - Al Pacino stars in two movies shown at the 71st Venice Film Festival, which meant he had to do a double round of media events, but the 74-year-old said he drew energy from the crowds that turned out to see him.

"People charge you. They make you feel as though 'Oh! I've done things. I've done a few things'. You really forget, you do, mercifully you do," he told Reuters in an interview on Sunday.

"Imagine going to a place like that and just drooping along? What would that do? Everybody would go 'poor guy, poor me, poor them'. So you go with the glow, as they say."

Pacino was in Venice to boost director Barry Levinson's "The Humbling", based on a Philip Roth novel about an ageing actor who feels like he is losing his acting ability, but who is reinvigorated by a late-life affair with a young woman.

His other film, "Manglehorn", directed by David Gordon Green and which is in competition for the Golden Lion prize, is about a Texas locksmith who has never gotten over a love affair that went sour, and has walled himself away from other people.

Pacino said some of his professional peers had misgivings about him playing an actor losing confidence.

"I mean, fellow actors have said, 'I don't know, Al, what you're doing here doing this?' I said, 'I don't know why'," he said.

"I see it in the distance and it's not me, it's just not me. I can try to understand what he's going through but it isn't (me). I have a knowledge of it, I have a knowledge of the world this guy comes from and the drudgery of it and the pain of it but it's not me."

He said the portrayal was not based on anyone he knew, but added that he and other actors sometimes base characters they play on people they know.

"It's great when you get an idea like that," he said. "When (Laurence) Olivier in London got the idea of (Shakespeare's) 'Richard the Third' by doing a portion of this guy he knew and it turned out to be spectacular, so there's that too.

"You long for that. That's a lucky break. You want your director sometimes to say 'Why don't you do that but do it the way George Raft (an American character actor who specialized in gangsters) would do it?'

"And you suddenly get an image and it's wonderful when you can get that."

"The Humbling" was showing out of competition in Venice.

(Writing by Michael Roddy; Editing by Stephen Powell)

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India nears $2.5 bn deal for Boeing military helicopters

India has decided to acquire Boeing's Chinook and Apache helicopters, a defence ministry official said on Saturday, in a deal valued at USD 2.5 billion that could ease strained ties between New Delhi and Washington.

The new nationalist-led government of Prime Minister Narendra Modi has grand plans to vastly strengthen India's military capability, in order to play its role as a regional power and meet challenges posed by a rising China and arch rival Pakistan.

"The defence aquisition council has cleared the last hurdle for signing of the contract with the USA in respect of Apache and Chinook," the official told Reuters, while declining to be named as he was not authorised to speak to media.

The deal topped the agenda during a visit by US Defence Secretary Chuck Hagel in August and is likely to help mend ties frayed by years of trade and diplomatic disputes. Modi is due to visit the United States next month.

At a meeting on Friday, the government also approved the Indian Navy's proposal to purchase 16 multi-role helicopters, the official said. The deal could potentially benefit Sikorsky Aircraft, a unit of United Technologies Corp and European joint venture NHIndustries.

Jaitley, however, cancelled a USD 991.65 million tender to buy 197 light-utility helicopters from foreign vendors and asked local manufacturers to produce them at home, the official said .

Eurocopter, a unit of aerospace and defense company EADS, and Russian Kamov had been participating in the tender.

The government also deferred a decision on a USD 2.5 billion proposal to acquire Israeli Spike anti-tank guided missiles.

Analysts estimate that India, the world's largest arms importer, will spend USD 250 billion in the next decade to upgrade its Soviet-era military equipment and narrow the gap with China, which spends USD 120 billion a year on defence.

India's military modernization plan includes a renewed push to develop a domestic weapons industry. India insists on "offsets" from foreign vendors to ensure technology is transferred or some of the deal's value remains in the country.

The decision to scrap the troubled light helicopter tender comes weeks after Modi loosened the limit on foreign ownership in defence manufacturing to 49 percent from 26 percent to make "buy Indian" the default option for defence purchases.

"It has also been decided that the Indian Industry would be given the responsibility to produce nearly 400 Light Utility Helicopters (LUH) as per the requirement of the Indian Army and Air Force," said the official.

A slew of kickback allegations, procurement delays and a recent spate of operational accidents have marred efforts to upgrade India's armed forces.

A decision on the acquisition of light reconnaissance helicopters was deferred last year and tenders re-examined after Italian prosecutors alleged defence group Finmeccanica had paid bribes to Indian officials to win a separate $750 million deal to supply luxury helicopters for political VIPs.

New Delhi partially banned Finmeccanica this week from bidding for future contracts. Finmeccanica denies any wrongdoing.

Finmeccanica's AgustaWestland unit has a 32 percent stake in NHIndustries, which is 62.5 percent owned by EADS' helicopter unit Eurocopter, and Stork Fokker owns 5.5 percent.

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India, Japan sign MoU to develop Varanasi into 'smart city'

A Partner City MoU was signed by Indian Ambassador Deepa Wadhwa and Kyoto Mayor Daisaka Kadokawa at a ceremony witnessed by Modi and his Japanese counterpart Shinzo Abe.

Varanasi, which Prime Minister Narendra Modi represents in the Lok Sabha, will be developed into a 'smart city' by using the experience of Kyoto, the 'smart city' of Japan, under a pact signed here today.

A Partner City MoU was signed by Indian Ambassador Deepa Wadhwa and Kyoto Mayor Daisaka Kadokawa at a ceremony witnessed by Modi and his Japanese counterpart Shinzo Abe.

The MoU, which was signed soon after Modi's arrival here on a five-day visit, provides for cooperation in heritage conservation, city modernisation and cooperation in the fields of art, culture and academics, External Affairs Ministry spokesman Syed Akbaruddin told reporters.

This will serve as framework for Smart heritage city programme between the two countries, he added. Kyoto, which is a heritage city with Buddhist culture, provides special symbolism to the visit as the Prime Minister has the vision of "rejuvenating" Indian cities.

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