York Exports: Outcome board meeting

York Exports in its meeting held on March 16, 2015 approve the Appointment and Remuneration of Smt. Jyoti Dhawan as whole time director of the Company pursuant to the provisions of Section 196(3) of the Companies Act, 2013.

York Exports Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 16, 2015 approve the Appointment and Remuneration of Smt. Jyoti Dhawan as whole time director of the Company pursuant to the provisions of Section 196(3) of the Companies Act, 2013.Source : BSE

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Crude oil post modest gains, amid forecasts for slower U.S. production

Investing.com - Investing.com -- Crude oil futures rose modestly on Thursday extending recent gains, following Opec forecasts of a slowdown in U.S. production in the coming months.

On the New York Mercantile Exchange, WTI crude for May delivery gained 0.27 or 0.48% to $56.66, after reaching a daily-high of 57.37 earlier in the afternoon session. Crude prices moved up steadily through the trading session to keep a six-day winning streak intact.

On Wednesday, Texas light sweet futures gained nearly 6% as bullish supply data pushed prices to its highest level in four months.

Energy traders are intently focused on supply, as crude storage in the U.S. for the week ending April 10 reached 483.1 million barrels, the highest level in at least 80 years. In its monthly market watch released on Thursday, Opec said U.S. oil supply would increase to 13.65 millions barrels per day through the second quarter before flattening for the remainder of the year.

Separately, Opec said Saudi Arabia, its largest producer, increased output for March by 390,000 a day to 10.1 million bpd for the month. The spike in output pushed crude production to a near record-high and the highest by the oil-rich area since September, 2013.

The forecasts come on the heels of expectations for declining shale field production in the U.S. Earlier this week, the Energy Information Administration (EIA) forecasted that shale production next month will drop from its current level of 5.02 million barrels in April to 4.98 million bpd in May. Reductions in output in the Bakken formation in North Dakota and Eagle Ford in South Texas will spur the decline, according to the EIA.

The U.S. is dangerously close to reaching full storage capacity for crude, a development which could force producers to slow output. In early-April, Saudi oil minister Ali Al-Naimi said his nation would only slash oil production if other producers followed.

On the Intercontinental Exchange, brent crude for June delivery edged up 0.54 or 0.85% to 63.86 a barrel. The spread between the international and U.S. domestic benchmarks of crude stood at $7.20, up from 6.93 on Wednesday.

Geopolitical issues continued to weigh on crude, as Al Qaeda operatives reportedly gained control of a major airport in Yemen. Shiite-led Houthi rebels have battled Sunni Muslims from Saudi Arabia in the area since late March when a Houthi advance forced Yemen president Abed Rabbo Mansour Hadi to flee the country. Al Qaeda also reportedly captured a major seaport and oil terminal in Southern Yemen.

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Stocks on U.S. equities markets close higher, as crude prices surge

Investing.com - Investing.com -- Stocks on U.S. equities markets moved broadly higher on Wednesday, as crude oil surged to its highest level on the year creating widespread gains in the energy sector.

Stocks on the Dow Jones Industrial Average closed in the green for the fifth time in six sessions to eclipse the 18,000 level, while the NASDAQ gained more than 0.6% to return above 5,000.

The Dow Jones Industrial Average gained 75.24 or 0.42% to 18,111.94, while the NASDAQ rose 33.73 or 0.68% to 5,011.02, as it approached an all-time record-high.

The S&P 500 Composite index also edged up 10.79 or 0.51% to end the session at 2,106.63. Nine of the 10 sectors on the S&P 500 closed in the green, led by gains in the Energy, Technology and Basic Materials sectors. Stocks in the Consumer Services sector lagged.

Intel Corporation (NASDAQ:INTC) finished as the top performer on the Dow, after analysts downplayed concerns related to the tech giant's flat first quarter earnings released on Tuesday. Intel gained 1.34 or 4.26% to 32.83, one day after dropping more than 3% in after-hours trading. The worst performer wasUnitedHealth Group Incorporated (NYSE:UNH), which lost 2.63 or 2.19% to 117.29 ahead of Thursday's earning report. Analysts expect that first quarter earnings from UNH increased by more than 20% on a year-over-year basis to $1.33, Forbes reported on Wednesday.

Shares in Bank of America Corporation (NYSE:BAC), meanwhile, fell by more than 1% to 15.64, in spite of strong earnings first quarter of 2015. Earnings per share in the U.S. second-largest bank increased by 0.30 for the period that ended on March 31, compared to a 0.05 loss at the same period last year when the bank was reeling from litigation expenses that exceeded $5.5 billion.

Intel was also the biggest gainer on the NASDAQ, ahead of Mattel Inc (NASDAQ:MAT), which gained 0.81 or 3.30% to 25.37. The worst performer was Mylan (NASDAQ:MYL) Pharmaceuticals, after the Pennsylvania-based company reportedly resumed its bid to acquire Irish drugmaker Perrigo for $205 per share. Mylan fell 1.85 or 2.70% on Wednesday to 66.77.

Energy stocks dominated the S&P 500, occupying the majority of the top 10 gainers on the index. Transocean gained more than 10% to 18.90, while CONSOL Energy Inc (NYSE:CNX) and Range Resources Corporation (NYSE:RRC) each rose by more than 6%. The worst performer on the S&P 500 was Precision Castparts Corporation (NYSE:PCP) which fell 7.89 or 3.65% to 208.08.

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The NJAC Challenge: Judge Recused Himself!

Published on Wed, Apr 15,2015 | 22:42, Updated at Wed, Apr 15 at 22:44Source : Moneycontrol.com 

By: Ashmit Kumar, CNBC TV18

Can a senior Supreme Court judge, who by law is a member of the National Judicial Appointment Commission, also head a specially constituted 5-judge constitutional bench to hear Public Interest Litigations (PILs) against the NJAC Act?  

Today was the first hearing of the PILs, after the Government notified the 99th Constitutional Amendment (providing for an NJAC) and the NJAC Act. The hearing opened with fireworks, courtesy senior counsel Fali Nariman. The NJAC Act envisions a commission that has representation from the judiciary by way of the Chief Justice of India and two senior most SC Judges. So besides the Chief Justice of India – Justice HL Dattu, the two judges expected to feature in the commission are Justice Thakur and Justice Dave.

In a thinly veiled attempt to raise the issue of a potential conflict of interest, Senior Counsel Fali Nariman argued that it was only appropriate for Justice Dave to choose one of the two responsibilities. Justice Kurien, a member of the 5 judge bench hearing the PILs, was quick to respond to Nariman's charge by reasoning that Justice Dave could not "choose" to be a part of a constitutional commission and could only decide on recusing himself from the hearing.  

The government, represented by the Attorney General Mukul Rohatgi, and the Supreme Court Bar Association, represented by SCBA President Dushyant A. Dave, were also quick to jump to the bench's aid. They labeled Nariman's contention as "regrettable" and "condemnable"  

Meanwhile, the Government also sought the outright dismissal of the plea. The Government reasoned that petitions could be deemed as infructous, with the move to notify the Act and the Constitutional Amendment.  

The fireworks from across the bar, have concluded with the Justice AR Dave now deciding to recuse himself from hearing the PILs. Action, now, is only likely to resume, once the bench is reconstituted with a suitable replacement for Justice Dave.  

An account of the earlier hearing can be read here.

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U.S. stocks mixed, as JP Morgan, Wells Fargo beat quarterly estimates

Investing.com - Investing.com -- Stocks on U.S. equities markets were mixed on Tuesday, as two prominent Wall Street banks outperformed forecasts for quarterly earnings and U.S. retail sales increased for the first time in four months.

The Dow Jones Industrial Average and the S&P 500 Composite index rose modestly higher to close in green territory for the fourth time in five sessions, while the NASDAQ Composite index fell slightly for the second straight day to continue its retreat from the near 5,000 level. The Dow gained 59.93 points or 0.33% to 18,036.97, while the NASDAQ fell 10.96 or 0.22% to 4,977.29.

The S&P 500 rose 3.41 points or 0.16% to 2,095.84, as stocks in the Energy, Utilities and Basic Materials sectors led. Only three of 10 sectors closed in the red, as Technology, Consumer Services and Telecommunication stocks lagged.

Boosted by a strong quarter in fixed income and foreign exchange trading, JPMorgan Chase & Co (NYSE:JPM) reported net profit of $5.91 billion or 1.45 a share, up from $5.27 billion or 1.04 a share from the same period last year. The bank's position in Swiss francs resulted in a 5% or $4.07 billion increase in its fixed income, currencies and commodities division after the Swiss National Bank surprisingly unpegged the franc from the euro in mid-January. JP Morgan rose 0.95 or 1.53% to 63.02.

Wells Fargo & Company (NYSE:WFC), however, posted the first quarter of negative earnings in four years. The San Francisco-based multinational bank and financial services company reported earnings of $5.8 billion or 1.04 a share, down from $5.89 billion or 1.05 a share. Wells Fargo still beat analysts' forecast by roughly six cents a share. Shares of Wells Fargo fell 0.40 or 0.73% to 54.19.

The top performer on the Dow was Chevron Corporation (NYSE:CVX), which gained 2.30 or 2.16% to 108.80, after the Energy Information Administration (EIA) forecasted an increase in crude oil production to 10.6 million barrels per day by 2020. The worst performer of the day was Intel Corporation (NASDAQ:INTC), which dropped 0.30 or 0.95% to 31.43, as Altera Corporation (NASDAQ:ALTR) shareholders pushed the California-based manufacturer of reconfigurable complex digital circuits to resume merger talks with the tech giant.

Oil & Gas stocks also flourished on the S&P 500, as energy-related companies occupied the top five gainers on the session. Ensco, a London-based Oil & Gas services company, finished as the day's top performer after gaining 1.57 or 6.65% to 25.18. Shares in Diamond Offshore Drilling Inc (NYSE:DO), Helmerich & Payne Inc (NYSE:HP), Transocean and Range Resources Corporation (NYSE:RRC) all gained more than 4.5% on the day.

The worst performer was Wynn Resorts Limited (NASDAQ:WYNN), which fell 6.13 or 4.59% to 127.47 after news publisher Macau Business reported that the Special Administrative Region of China could cap the number of tourists that visit the area each year to 21 million. Wynn Macau reported a decline of more than 30% in quarterly revenues in February.

The biggest gainer on the NASDAQ was Fastenal, which gained 1.78 or 4.44% to 41.80 after the industrial safety, construction and supplies reseller posted strong quarterly earnings. Wynn was the worst performer, just behind Altera which lost 1.31 or 2.99% to 42.55.

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Gold falls for second consecutive day, amid mixed U.S. economic data

Investing.com - Investing.com -- Gold futures fell slightly on Tuesday as metal investors locked in profits, in spite of a weaker dollar pushed down by mixed U.S. economic data.

On the Comex division of the New York Mercantile Exchange, gold prices for June delivery dipped 7.10 or 0.59% to $1,192.20 an ounce. Gold futures plunged to a daily-low of $1,183.50 shortly before U.S. markets opened, but then rose steadily throughout the day to pare some of the losses.

Last Thursday, gold dropped to $1,192.40, its lowest level since April 1, before rebounding on Friday to close the week at $1,204.60, rising $11.00 on the session. For the week, the precious metal rose by nearly $4 an ounce to post its fourth straight weekly gain.

This week, however, gold futures are on a two-day slump erasing all of its mild gains for the month.

Gold likely gained support at $1,149 the low from March 17 and resistance at $1,203.10, the high from April 8.

A host of economic data released on Tuesday morning prompted a polarizing response from economists. U.S. retail sales for March rose 0.9% for the month, marking its first monthly in more than three months. Strong gains in automobile, furniture and department store sales, led to the highest monthly increase since last March.

The data may not be considered bullish, however, since some economists forecasted a weather-related bounce of more than 1%, following a harsher than usual winter. A reading over 1% might have assuaged the concerns of those who were bearish on the economy following a weaker than expected U.S. jobs report in March.

At the same time, the U.S. Department of Labor's Producer Price Index rose 0.2% last month following a 0.5% decline in February. The increase is a strong harbinger for continued growth in the Consumer Price Index, the Labor Department's main indicator on inflation. The Fed is looking for inflation to move to its targeted goal of 2% before it decides on the timing of an interest rate hike. The index rebounded 0.2% in February, after declining sharply by 0.7% a month earlier.

Continued bearish economic data could fuel expectations for a delay in raising rates. Gold, which is not attached to interest rates or dividends, struggles to compete with high yield bearing assets.

The U.S. Dollar Index, which measures the strength of the greenback against a basket of six other major currencies, fell 0.06% to 98.95.

Gold can move inversely with the dollar since dollar-denominated commodities become more expensive for foreign purchasers when the dollar is stronger.

Meanwhile, prices on the Shanghai Gold Exchange remained in focus after disappointing Chinese trade data on Monday. Last month, exports in China declined by 15% on a year-over-year basis, one month after rising by nearly 50%. Chinese imports for March also fell by 12.7%, after declining by 20.5% in February. On Tuesday, gold (Au50g) on the Shanghai Exchange remained virtually unchanged at 114.88 (0.05).

China is the world's largest producer and second-largest purchaser of the precious metal.

Also on Monday, Frederic Panizzutti, CEO of MKS Precious Metals told a conference in Dubai that Chinese consumption grow to "more than 2,000 tons per year," by 2018. Last year, China consumed approximately 813 tons of gold.

Elsewhere, Silver for May delivery fell 0.015 or 0.09% to 16.13 a troy ounce.

Copper for May delivery also dipped 0.002 or 0.06% to 2.704 a pound.

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Crude oil edges up, as record supply and Yemen remain in focus

Investing.com - Investing.com -- Crude Oil futures edged up on a choppy day of trading, as record supply levels and geopolitical risks in Yemen remained in focus.

On the New York Mercantile Exchange, WTI crude for May delivery rose 0.32 or 0.62% to $51.96 a barrel. Crude oil futures moved above $53 a barrel in U.S. morning trading, before falling to a daily-low of $51.48 early in the afternoon session as traders locked in earlier gains.

Last week, Texas light sweet closed at $51.64, as crude futures moved higher for the fourth consecutive week. It came during a volatile week of trading, when WTI crude plunged more than 6% on April 8, following the largest weekly buildup in a dozen years. A glut of supply has exacerbated concerns of a looming slowdown in production, which some analysts predict will lead to a further downturn in prices.

Crude oil prices have declined by more than 50% since peaking above $100 a barrel last July.

Consequently, speculative traders have entered the market at a low price in hopes of turning a profit. Since the end of January, strike options for WTI crude at $60, $70, $80 and $90 have increased steadily, Reuters reported. During the same span, options for WTI crude at a strike price of $100 a barrel are up by approximately 20%.

On international markets, future and option trading levels have also spiked. Last week, speculators in brent crude futures and options raised net long positions to the highest level since July, 2014, according to data from the Intercontinental Exchange obtained by Fox Business.

On Monday, brent crude for June delivery gained 0.28% or 0.17 to $59.12 a barrel. The spread between the international and U.S. domestic benchmarks for crude stood at $7.64 a barrel.

Poor trade data, however, in China weighed on energy prices. Last month, China imported 6.3 million barrels per day, down 5.2% from a month earlier. Iran, which is primed to increase crude exports as economic and financial sanctions from Western powers ease, counts on China as one of its top energy partners.

Meanwhile, steady fighting in Yemen between Iranian-backed, Shiite-led Houthi rebels and Sunni-led troops from Saudi Arabia continued to boost crude prices. While Saudi Arabia foreign minister Prince Saud Al Faisal told reporters on Sunday that his country is not at war with Iran in Yemen, he insisted that Iran withdraw its political and military support of the Houthis. This came as the U.S. has expanded its role in the conflict by inspecting military targets in the area and searching nearby vessels for Iranian arms headed for Yemen.

Yemen is strategically located on the Bab el-Mandeb strait, one of the world's largest chokepoints for oil. A closure of the narrow entrance could limit outflows into the Gulf of Aden. Energy traders are sensitive to risky geopolitical news involving Saudi Arabia.

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U.S. stocks lower, ahead of a wave of earnings in Financial sector

Investing.com - Investing.com -- Stocks on the U.S. equities markets on Monday, as a minor sell-off late in the session reversed earlier gains.

With a wave of quarterly earnings in the financial sector on the forefront, the Dow Jones Industrial Average moved above the 18,000 level early in the session, before settling at 17,977.04, down 80.61 or 0.45%. The S&P 500 Composite index also closed lower to end a three-day winning streak, while the NASDAQ Composite index approached an all-time record high before closing just below the 5,000 level. Minor losses in Apple Inc. (NASDAQ:AAPL) amid the pre-sale of the iWatch, pushed the NASDAQ down 7.73 or 0.15% to 4,988.25.

The S&P 500 fell 9.63 or 0.46% to 2,092.43, as stocks in the Energy, Utilities and Industrials sectors lagged. Stocks in the Financial sector led, as it finished the session as the only industry in the green. Financials ticked up on Monday, as a host of prominent large-cap banks such as JPMorgan Chase & Co (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), Bank of America Corporation (NYSE:BAC), Goldman Sachs Group Inc (NYSE:GS) and Citigroup Inc (NYSE:C) prepare to announce first quarter earnings later this week.

JP Morgan, which will release its earnings along with Wells Fargo on Tuesday, ended the session as the top performer on the Dow after gaining 0.37 or 0.60% to close at 62.07. A strong performance by the bank on Tuesday could defy a recent trend on the past earning days over the past several years. Since January, 2010, shares in JP Morgan have declined by 0.3% on the day it releases quarterly earnings, according to a report from Analytics firm Kensho.

JP Morgan finished just ahead of UnitedHealth Group Incorporated (NYSE:UNH), which rose 0.37 or 0.31% to 119.37 after receiving an upgrade. The worst performer on the Dow was General Electric Company (NYSE:GE), which ticked down 0.88 or 3.09% to 27.63, after reaching a 52-week high on Friday when the multinational conglomerate announced plans to divest the majority of its capital arm.

On the NASDAQ, the top performer was Netflix Inc. (NASDAQ:NFLX), after the online streaming media provider hinted that it could increase its share authorization by up to 30 times the current level, in a move that would represent its first step to a potential stock split. Netflix rose 20.11 or 4.42% to 474.68. Sears Holdings Corporation (NASDAQ:SHLD), meanwhile, gained 0.31 or 0.72% to 43.24, after it announced the formation of a joint venture with Simon Property Group Inc (NYSE:SPG) in a deal valued at more than $300 million. Sears will reportedly lease back 10 of its real estate properties valued at $228 million to the venture. Simon Property Group, one of the nation's largest malls, fell 0.94 or 0.49% to 190.33.

The worst performer was Symantec Corporation (NASDAQ:SYMC), after Dow Jones reported that the securities software company is considering selling its Veritas Software division. Though Symantec fell 1.45 or 5.65% to 24.14, shares in the California-based company are still up roughly 20% on the year.

Netflix was also the biggest gainer on the S&P 500, ahead of Emerson Electric Company (NYSE:EMR) which rose 1.55 or 2.73% to 58.40. Symantec was also the worst performer on the S&P 500, below Tesoro Corporation (NYSE:TSO), which fell 3.86 or 4.49% to 82.12.

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Forex - Australia dollar weaker in early Asia with China trade data eyed

Investing.com - Investing.com - The Australian dollar held slightly weaker on Monday in Asia as investors looked ahead to trade data out of China, Australia's top trading partner.

AUD/USD traded at 0.7676, down 0.08%, while USD/JPY changed hands at 120.26, up 0.05%. EUR/USD traded at 1.0599, down 0.04%.

Japan is to release data on core machinery orders expected to show a gain of 3.7% year-on-year for February, while Japan's central bank is to publish the minutes of its latest policy meeting.

Then, China is to release data on the trade balance with exports seen up 12.0% year-on-year in March, imports down 11.7% and a trade balance of a $45.35 billion surplus.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was quoted at 99.63 in the Asian morning.

Last week, the euro fell against the broadly stronger dollar on Friday as the diverging monetary policy stance of the European Central Bank and the Federal Reserve continued to pressure the single currency.

Demand for the dollar was underpinned by expectations for higher interest rates, as investors regained confidence that the U.S. economy would continue to recover after recent economic reports pointed to a slowdown at the start of the year.

The greenback received a boost earlier in the week after comments by the presidents of the New York and Richmond Federal Reserve banks made the case for the Fed to begin policy tightening as early as the summer.

Some investors had pushed back the timing of a rate hike until late 2015 after a surprisingly weak U.S. employment report for March.

In the week ahead, Wednesday's monetary policy announcement and press conference by the ECB will be closely watched. A central bank meeting in Canada will also be in focus. Investors will also be looking ahead to Friday's reports on U.S. inflation and consumer sentiment.

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German Foreign Minister backs Clinton for U.S. President

BERLIN (Reuters) - Germany's foreign minister welcomed Democrat Hillary Clinton's expected announcement that she will run for the U.S. presidency in the 2016 election race, saying she had showed herself to be a strong partner for Europe.

Clinton is expected to officially open her campaign later on Sunday as her party's prohibitive front runner in the 2016 election race.

Writing in Germany's top-selling Bild daily, Frank-Walter Steinmeier wished Clinton, a former Secretary of State, success.

"Hillary Clinton ... has profiled herself not only as a reliable partner for Europe and as friend of Germany, but she has also proven she has sure instincts in world crises from Afghanistan to the Middle East," wrote Steinmeier.

He said she knew and understood Europe's way of thinking and that in turbulent times it was important to have a partner at the top of the United States who was not driven by ideology.

"With Hillary Clinton, there is a woman running who is a master of the craft of politics like few other people. Above all in foreign affairs," wrote Steinmeier, a member of the centre-left Social Democrats who are closer to the Democrats than U.S. Republicans.

Although Steinmeier is foreign minister, his views would not reflect those of conservative Chancellor Angela Merkel. She refused to let Barack Obama hold a speech at Berlin's famous Brandenburg Gate in 2008 before he was elected president.

Relations between the two Cold War allies have deteriorated in the last couple of years due to revelations of widespread surveillance of German citizens, including Merkel's phone, by the U.S. National Security Agency (NSA).

Last year, Berlin told the U.S.'s top intelligence official in the embassy to leave over a spying scandal.

Steinmeier said he got to know Clinton during his first term as foreign minister and "valued her as a wise partner to talk with and also as a politician who can listen".

(Reporting by Madeline Chambers; editing by Susan Thomas)

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Gold regains Rs 27K level on global cues

Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.

Gold prices rose for the second straight day and reclaimed the psychologically important Rs 27,000-mark, surging by Rs 280 to trade at Rs 27,080 per 10 grams at the bullion market on Saturday amid a firming global trend.

Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.

Bullion traders said besides a firming trend overseas, increased buying by jewellers mainly led to the rise in gold prices.

Gold in New York, which normally sets price trend on the domestic front, shot up by 1.16 percent to USD 1,207.30 an ounce and silver by 2.07 percent to USD 16.49 an ounce in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 percent purity rose by Rs 280 each to Rs 27,080 and Rs 26,930 per 10 grams, respectively.

It had gained Rs 50 yesterday. However, Sovereign remained flat at Rs 23,700 per piece of eight grams in scattered deals. In a similar fashion, silver ready rose further by Rs 150 at Rs 36,900 per kg and weekly-based delivery by Rs 310 at Rs 36,710 per kg.

On the other hand, silver coins, however, traded at last level of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.

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Why the euro could fall even further

It's been a one-way euro trip lower. The common currency has fallen every day this week, and is now near the lowest levels in 12 years.

Now, currency traders are keenly watching American economic data, as better news about the economy could lead the euro drop to intensify.

It all comes down to expectations about the Federal Reserve's next move. Most market participants believe the Fed will raise short-term rate targets this year. That should help the US dollar and hurt the euro, as it means that holding dollars will produce greater returns than holding euros, increasing demand for the greenback.

Expectations about a June Fed move have been tamped down due to a bevy of soft economic readings, most conspicuously the March jobs number. But this week, the Fed minutes and hawkish words from William Dudley have told investors that a June hike is still on the table, according to Boris Schlossberg of BK Asset Management.

Dudley, the generally dovish New York Fed president, told Reuters on Wednesday that depending on how the data develops, a June move could be "still in play."

Read More: American stocks are the world's worst this year

In the week ahead, Schlossberg says the biggest data point he will watch is Tuesday's retail sales report. If it indicates that "the US consumer finally started to spend, then dollar bulls run wild, and we may see 1.0500 break" on the euro, which is currently a bit below 1.0600 per dollar.

That's because better data could serve to convince traders that the much-awaited Fed move will come sooner than previously anticipated.

However, some traders say the move is overdone.

"This short-term move is technical, so I expect to see the euro bounce and the dollar pull back off of the recent move," said David Seaburg, head of equity sales trading with Cowen and Co.

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EUR/USD moves back toward parity, ending the week down more than 3%

Investing.com - Investing.com -- The U.S. dollar resumed its steady ascent against the euro on Friday, amid optimistic economic data as the pair continued its move back toward parity.

EUR/USD dove 0.0059 or 0.55% to slip under 1.06 at 1.059 – its lowest level since Mar. 18. On that date, the pair gained more than 2% after relatively dovish comments from Federal Reserve chair Janet Yellen on slow GDP and wage growth fueled speculation that a looming interest-rate hike could be delayed.

EUR/USD plunged to a daily-low of 1.0568 in European afternoon trading before paring some of its losses during the U.S. morning trading session.

The pair likely gained support at 1.05, the low on Mar. 13 and resistance at $1.12, the high from Mar. 2. Earlier this week, the euro moved above 1.10 against the dollar for the first time since Mar. 25 following a disappointing U.S. monthly jobs report for the month of March.

It has declined sharply since then and finished the week down more than 3.4% down against its U.S. counterpart. For the year as a whole, the pair is down roughly 12% as the start of a €60 million a month quantitative easing program coincided with expectations that the Fed appeared ready to raise rates.

Although Yellen's comments last month may have slowed the dollar's appreciation, many analysts believe that parity is inevitable. Last month, analysts from Goldman Sachs (NYSE:GS) said they expect the euro to reach $0.95 against the dollar by March, 2016 and to continue downward to $0.80 by the end of 2017.

The U.S. Bureau of Labor Statistics (BLS) said on Friday that U.S. import prices fell 0.3% in March, marking the eighth consecutive monthly decline. More critically, prices for domestic imports fell 10.5% on a year-over-year basis from March, 2014, representing the steepest decline since 2009.

A stronger dollar is considered to be a key factor in pulling down import prices. The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, ticked upward 0.43% on Friday to 99.68. The index is approximately 20% higher since last year at this time.

Next week, investors will await the release of the BLS' Consumer Price Index for the month of February on Friday. In January, the CPI-U for All Urban Consumers fell by 0.7% on a seasonally-adjusted basis and 0.1% over the last year, marking the first 12-month negative change since October, 2009. The CPI is the most widely used monthly indicator of inflation. Other key reports on U.S manufacturing and industrial production will be released early next week.

Also, the European Central Bank is expected to make key rate and monetary policy decisions at a Governing Council meeting on Wednesday. ECB president Mario Draghi is expected to make his first public comments on the euro zone's bond buying program at a press conference following the meeting.

Yields on U.S. 10-Year Treasuries fell slightly by 0.009 to 1.949, while yields on German 10-Year bunds ticked down 0.01 to 0.16.

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Crude oil futures rise amid sharpest U.S. rig reduction in four weeks

Investing.com - Investing.com -- Crude oil futures rose modestly on Friday, amid the sharpest rig reduction in the U.S. over the last four weeks.

After two consecutive weeks of minimal declines, oil services firm Baker Hughes (NYSE:BHI) said in its weekly report that the number of oil rigs nationwide declined by 42 to 760 rigs last week, its lowest weekly total since December, 2010. Oil and gas rigs dropped by a combined total of 40 on the week to 988, it lowest combined total since August, 2009.

Since last fall, oil rigs have been closing at an alarming rate. Rig use in the U.S. is down by more than 50% since exceeding a level of 1,600 last October. Rig counts have now declined for 18 straight weeks, marking the fastest decline in the U.S. in more than 25 years.

WTI crude for May delivery moved up roughly 30 cents to $51.85 following the report, building on minor gains earlier in the session. At the close, WTI crude dropped slightly to $51.70, up 0.91 or 1.79%. Crude futures fell to a daily-low of $50.11 in European afternoon trading, before steadily increasing in U.S. morning trading.

Energy traders are keeping a close eye on supply levels, after the U.S. Energy Information Administration reported that that U.S. crude oil storage increased by 10.95 million barrels for the week that ended April 3. The increase represented the largest weekly buildup for WTI crude nationwide since 2001. In addition, the massive buildup pushed U.S. crude stockpiles to 482.4 million barrels, the highest level in more than 80 years.

While rig counts in the U.S. have been declining exponentially, oil is still being pumped at one of its fastest rates in 30 years.

On the Intercontinental Exchange (ICE), brent crude for May delivery gained 1.34 or 2.37% to close at $57.91 a barrel. The spread between international and U.S. domestic benchmarks stood at $6.21, up from $5.74 on Thursday.

High geopolitical risk throughout the Persian Gulf has weighed on crude over the last two weeks. On April 2, crude prices plunged after Iran reached the framework of a deal with Western powers regarding its nuclear program. The preliminary accord resulted in the easing of economic and financial sanctions levied by the U.S. and the European Union that have limited Iranian exports to approximately a million barrels of crude oil per day since 2012.

On Thursday, Ayatollah Ali Khamenei, Iran's supreme leader, took a hard line against sanctions, asserting in an address in Theran that the restrictions "should be lifted all together on the same day of the agreement, not six months or one year later." The White House and its Western partners have been in favor of gradual easing of sanctions.

The release of a surfeit of Iranian oil into a global market that is already beset by a glut of supply has exacerbated concerns of a further decline in prices. Crude futures are down by more than 50% since last July.

Elsewhere, a large supply of Nigerian oil is expected to head to Europe following weak demand for West African light sweet crude in Asia over the last several months, Platts reported. Nigeria is the largest oil producer in Africa, according to the EIA.

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EUR/USD slips below 1.07 in spite of Greek repayment to IMF

Investing.com - Investing.com -- Although Greece fulfilled an obligation to repay a EUR 450 million loan to the International Monetary Fund on Thursday, the euro continued its descent against the dollar as IMF head Christine Lagarde sidestepped questions on whether she believes Athens will default on its next series of payments.

EUR/USD fell 0.0117 or more than 1% in U.S. afternoon trading to slip under 1.07 at 1.0664. The pair reached a session high of 1.0790 in European morning trading, before falling steadily throughout the session.

On Monday, EUR/USD moved above 1.10 following a disappointing U.S. monthly jobs report.

Speaking with CNBC on Thursday afternoon, Lagarde did not say definitively if she thinks Greece will default on a repayment of more than EUR 769 early next month. The loan is due to the international financial organization on May 11, as part of its first bailout program for Greece in 2010.

Greece is continuing talks with its troika of creditors, the IMF, the European Central Bank (ECB) and the European Commission in an effort to receive a stimulus package that could help the beleaguered European nation stave off bankruptcy.

"I think what really matters is for the Greek authorities and the three institutions to get to work and to really see together how we can identify the measures we will take to get Greece out of the bad economic situation it could be in if those measures are not taken," Lagarde told CNBC. "At the end of the day it's about making sure Greece has full sovereignty over its economic fate."

While Lagarde warned against the consequences of a potential Greek departure from the European Union, she reiterated that the area is better shape to guard against a default than it was during the IMF's initial bailout.

"I think it would be a terrible situation for the Greek people, equally I think that the firewalls, the banking union and the strengthened fiscal union have put the euro zone in a much stronger position than where it was four years ago."

GBP/USD dropped 0.0154 or 1.04% to 1.4713, following optimistic employment data in the U.S. In a weekly report, the U.S. Department of Labor said initial claims for state unemployment benefits increased by 14,000 last week to a seasonally-adjusted amount of 281,000 for the week ending April 4. The four-week moving average, which is viewed as a more accurate approximation of labor market trends, dropped 3,000 to 282,250 last week, the lowest level since June, 2000.

Also on Thursday, the Bloomberg Consumer Comfort Index rose from 46.2 to 47.9 last week, the highest level since May, 2007.

The pair was able to pare some losses on Thursday, after the Bank of England decided to keep its benchmark interest rate unchanged at 0.50%. The rate has remained at its current record-low since March, 2009.

Elsewhere, there was soft demand at Thursday's $13 billion U.S. 30-Year note auction. Yields on U.S. 30-year Treasuries rose 0.078 to 2.598, while yields on U.S. 10-Year Treasuries gained 0.068 to 1.963.

Yields on the German 10-Year bunds stood firm at 0.16.

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Shares in medical device maker AngioDynamics plummet after poor earnings

Investing.com - Investing.com -- Shares in medical device maker AngioDynamics Inc. (NASDAQ:ANGO) plunged more than 8% in after-hours trading after the Upstate New York company missed estimates for the quarter and trimmed its outlook.

AngioDynamics, a leading provider of minimally invasive medical devices to help treat vascular disease and oncology, posted sales of $46.2 million in the third quarter, down by approximately 2% on a year-over-year basis from the same period in 2014. The company reported declining sales in both its peripheral vascular and vascular access divisions.

AngioDynamics also attributed the poor sales figures partly to struggles with its Morpheus PICC catheter, which it decided to discontinue.

"We delivered mixed financial results in the fiscal 2015 third quarter," said Joseph M. DeVivo, President and Chief Executive Officer in a statement. "Facing an extremely difficult operating environment, coupled with a decision to withdraw from the market our Morpheus PICC product line, we delivered at the low end of our expectations, excluding currency effects. Otherwise our team continues to execute well, driving more of our top line to higher growth thanks to our focus on innovative products that improve patient outcomes and reduce overall healthcare costs."

Separately, the company announced on Thursday a licensing agreement with Minneapolis-based EmboMedics Inc., which is reputed for its development of injectable microspheres in interventional radiology. The agreement will help AngioDynamics re-enter the $150 global embolic market, the company said in a statement.

Still, the disappointing quarterly earnings prompted the company to lower its fourth quarter earnings estimates from 19 cents a share to 13 to 16 cents on revenues in between $90 and $94 million. AngioDynamics initially projected earnings of $96.9 million for the quarter.

Shares in AngioDynamics rebounded slightly to 17.29 on Thursday evening, but were still down 0.96 or 5.26%.

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Stocks on U.S. equities markets edge up following Shell-BG merger

Investing.com - Investing.com -- Stocks on the U.S. equities markets edged up on Wednesday as traders reacted to the third largest oil and gas merger ever, even as plunging crude prices weighed on the energy sector.

Hoping to challenge Exxon Mobil Corporation (NYSE:XOM) for dominance of the global oil markets, Royal Dutch Shell (LONDON:RDSa) plc. announced a $70 billion mega-merger with smaller rival BG on Wednesday. By 2018, the new company is expected to produce more oil and gas than ExxonMobil, Reuters reported, according to a forecast by analysts from Jeffries. Both Shell and ExxonMobil have intermittently considered acquiring BG over the last decade.

On the New York Stock Exchange, Shell fell 2.09 or 3.37% to 59.83, while BG Group (LONDON:BG) Plc (OTC:BRGYY) gained 3.69 or 27.17% to 17.27.

In reaction to the merger, the Dow Jones Industrial Average gained less than 0.20% to remain in the green for the year, while the NASDAQ Composite index and the S&P 500 Composite index also posted modest gains to rally from Tuesday's minor sell-off. Stocks were choppy in afternoon trading, following the release of the Federal Reserve's minutes from the Federal Open Market Committee's March meeting but still remained in positive territory for the day.

The Dow gained 27.09 points to close at 17,902.51 on Wednesday, while the NASDAQ gained 40.59 or 0.83% to end the session at 4,950.82.

Led by gains in the Health Care, Consumer Goods and Financial sectors, the S&P 500 gained 5.57 or 0.27% to 2,081.90. While seven of 10 sectors closed in the green, stocks in the Energy, Telecommunications and Utilities sectors lagged.

On the Dow, the merger prompted a mild sell-off among Shell's top competitors. ExxonMobil and Chevron Corporation (NYSE:CVX) finished as the worst performers on the index, as shares in both companies each fell by more than 1.5%. ExxonMobil lost 1.59 to close at 84.16, while Chevron dropped 1.77 points to end the session at 106.77. The top performer on the Dow was Nike Inc (NYSE:NKE), which gained 1.13% to 100.74.

The biggest gainer on the NASDAQ was Mylan (NASDAQ:MYL) N.V., after the West Virginia-based pharmaceutical company announced a proposal to acquire Dublin-based Perrigo Co (NYSE:PRGO). for $205 a share. Perrigo, which was the top performer on the S&P 500, soared more than 28% in mid-day trading before settling at 195.00 (up 18.39%). Mylan closed at 68.36 a share, up 8.79 or 14.76%.

The worst performer on the NASDAQ was VimpelCom (NASDAQ:VIP),which fell 0.16 or 2.73% to 5.71. The worst performer on the S&P 500 was Ensco, which dropped 0.78 points or 3.32% to close at 22.73.

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Shares in Alcoa Inc. fall in spite of strong first quarter earnings

Shares in Alcoa Inc. fall in spite of strong first quarter earnings

Investing.com - Investing.com -- Shares in Alcoa (NYSE:AA), Inc. fell more than 3% in after-hours trading after the aluminum giant slightly failed to reach projections with its first quarter earnings that were released on Wednesday.

Alcoa, the world's third-largest producer of aluminum, posted quarterly revenues of $5.82 billion, just below a $5.94 billion projection from analysts surveyed by Fact Sheet.

Bolstered by growth in its aerospace and automotive divisions, Alcoa increased its first quarter revenues by 7% on a year-over-year basis. The New York-based company which was founded in Pittsburgh in 1888, also reported net income of $195 million or 0.14 a share.

Alcoa attributed the earnings to the completion of a $204 million acquisition of TITAL, which it expects will expand the company's sale of titanium and aluminum structural castings for aerospace in Europe, as well as its plans to acquire RTI International Metals, which it says will further grow titanium offerings.

'First quarter results show our transformation is moving at ongoing high speed and is fully on course,' said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer. 'We are organically and inorganically broadening our innovative, multi-material value-add businesses, bringing new capabilities and materials to our aerospace and automotive offerings, and taking swift action in the upstream, making it more competitive. We are pulling on all levers to create sustainable shareholder value.'

Shares in Alcoa in after-hours trading dropped 0.44 or 3.15% to 13.24.

Aluminum prices on the London Metal Exchange averaged around $1,800 per ton in the first quarter, up from approximately $1,700 a ton over the first three months of 2014.

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Marsons appoints Ananchaperumal Pillai Subramonia Pillai as Compliance Officer

Marsons has informed that Mr. Ananchaperumal Pillai Subramonia Pillai has been appointed as Compliance Officer of the Company with effect from March 18, 2015.

Marsons Ltd has informed BSE that Mr. Ananchaperumal Pillai Subramonia Pillai has been appointed as Compliance Officer of the Company with effect from March 18, 2015.Source : BSE

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U.S. dollar continues rally against euro, amid possible rate hike delay

Investing.com - Investing.com -- The U.S. dollar rallied by more than 1% against the euro on Tuesday, amid weaker than expected services data in the euro zone and expectations for a delayed interest rate hike by the Federal Reserve.

EUR/USD fell 0.0116 or 1.06% in U.S. afternoon trading to 1.0807, moving steadily lower from a daily-high of 1.0956 in European morning trading. European markets reopened on Tuesday after a four-day weekend for the Easter holiday.

The pair likely gained support at a low of 1.05 from March 11 and resistance at 1.11, the high from Mar. 4. On Monday, EUR/USD moved above 1.10 for the first time since Mar. 25, before falling back to 1.094.

While the Markit Eurozone Services Business Activity Index increased from 53.7 in February to 54.2 in March, expansion in output still fell below previous estimates of a 54.3 reading. Increases in Germany, Italy and Spain accelerated growth while the United Kingdom's service-sector PMI peaked at 58.9, to reach a multi-month high.

Price discounting throughout the euro zone drove growth on the continent.

'The PMIs are indicating somewhat sluggish GDP growth of 0.3% for the first quarter.," said Chris Williamson, Chief Economist at Markit. "However, the important message from the survey data is that the pace of expansion looks set to gather pace in coming months.

Meanwhile, in the U.S. Federal Reserve Bank of Minneapolis president Narayana Kocherlakota said at a speech on Tuesday that the Fed may not need to raise its benchmark Federal Funds Rate until the second half of 2016.

"In light of the outlook for unduly low employment and unduly low inflation, the Fed can be both late and slow in reducing the level of monetary accommodation," Kocherlakota said in a speech to the Chamber of Commerce in Bismarck, N.D.

The comments came in light of a disappointing U.S. jobs report last Friday when the U.S. Bureau of Labor Statistics said in its monthly jobs report that the economy added 126,000 in March, halting a streak of 12 consecutive months of job growth that exceeded 200,000. The modest job increases nationwide marked the weakest period of hiring in 15 months. In terms of average weekly earnings, employees nationwide received the smallest annual gains in wages since last June.

The labor force participation rate, which measures the number of people who are either employed or actively looking for work, also painted a bleak outlook. During the month of March, the rate ticked down to 62.7%, the lowest level in 36 years.

In mid-March, Federal Reserve chair Janet Yellen indicated that the Fed could begin raising interest rates when it was "reasonably confident" that inflation will move toward its target inflation of 2%. Yellen added that the Fed will take a "data-driven" approach to potential liftoff by keeping a close eye on wage and GDP growth before raising rates.

Yields on the U.S. 2-year, meanwhile, have ticked up to 0.520, after reaching a two-month low at 0.47 late last week. At Tuesday's 3-year note auction of U.S. Treasuries, yields stood at 0.865% with average demand of $24 billion. Many analysts believe the lower yields reduce the possibility that the Federal Reserve could increase rates by June.

The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, edged up on Tuesday by 0.95 points to 98.16

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Stocks in U.S. equities markets soar amid speculation of rate hike delay

Investing.com - Investing.com -- Stocks on the U.S. equities markets moved broadly higher on Monday, rallying after an early sell-off in response to Friday's disappointing jobs report.

The Dow Jones Industrial Average soared 117.61 points or 0.66% to 17,880.85, while the NASDAQ Composite Index and the S&P 500 Composite Index each rose by more than 0.5%. U.S. markets were closed on Friday for the Easter holiday after the U.S. Bureau of Labor Statistics released its monthly report.

The economy added 126,000 jobs in March, ending a streak of 12 straight months of job growth exceeding 200,000. The soft data has fueled speculation that the Federal Reserve could delay lift-off for raising interest rates from June to possibly September or December. In addition, dovish comments from Federal Reserve Bank of New York president William Dudley regarding the Fed's data driven approach for raising rates spurred the early-day rally.

Led by gains in the Oil & Gas, Utilities and Industrials sectors, the S&P 500 gained 13.66 or 0.66% to close at 2,080.62. Stocks in the Oil & Gas sector rose by nearly 2% on the session, amid a nearly 6% increase in WTI crude futures on the day. All 10 sectors in the S&P 500 closed in the green on Monday. The NASDAQ Composite index, meanwhile, increased by 30.38 or 0.62% to 4,917.32.

The top performer on the Dow on Monday was Microsoft Corporation (NASDAQ:MSFT), which rose 1.44 or 3.57% to 41.73 after closing on Thursday as the worst performer on the Dow. The worst performer on Monday was Johnson & Johnson (NYSE:JNJ), which fell 0.46 or 0.46% to 99.18 after JP Morgan cut its forecast on the stock, ahead of the release of its quarterly earnings. Johnson & Johnson was the only stock on the Dow to close in the red on Monday.

The biggest gainer on the NASDAQ was VimpelCom (NASDAQ:VIP), which gained 0.40 or 7.45% to 5.77. VimpelCom finished just ahead of Tesla Motors Inc (NASDAQ:TSLA), which rose 12.79 or 6.70% to 203.79 after posting a 55% gain in sales for the first quarter, its best quarter ever. The electric car manufacturer sold 10,300 vehicles during the first three months of the year, ahead of estimates of 9,500. The worst performer was Altera Corporation (NASDAQ:ALTR), which dropped by 1.89 or 4.37% to 41.22. Altera is down by roughly 7% since reports surfaced last month that a merger withIntel Corporation (NASDAQ:INTC) could be imminent.

The top performer on the S&P 500 was Transocean, which rose 1.51 or 10.07% to 16.50 after the strong gains in crude. The worst performer, meanwhile, was Hudson City Bancorp Inc (NASDAQ:HCBK), which plunged nearly 8% to 9.66 after its potential merger with M&T Bank (NYSE:MTB) suffered another delay. The merger will not be completed by May 1, according to the banks, after the Federal Reserve said it is not in a position to review the transaction by April 30.

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U.S. dollar rebounds to reverse earlier losses against the euro

Investing.com - Investing.com -- The U.S. dollar rallied sharply against the euro on Monday, reversing previous losses after strong services data improved outlook for traders following Friday's disappointing U.S. jobs report.

EUR/USD fell precipitously in U.S. afternoon trading to close 0.29% lower at 1.0940. Earlier, the pair surged before the opening of U.S. markets to a session high of 1.1026 to move above 1.10 levels for the first time since Mar. 25.

EUR/USD likely gained support at 1.08 its level on Mar. 30 and resistance at 1.12 its high on Mar. 2.

European markets have been closed since the end of last Thursday for Good Friday, as well as Easter Monday.

On Friday, the U.S. Bureau of Labor Statistics said in its monthly jobs report that the economy added 126,000 in March, halting a streak of 12 consecutive months of job growth that exceeded 200,000. The modest job increases nationwide marked the weakest period of hiring in 15 months. In terms of average weekly earnings, employees nationwide received the smallest annual gains in wages since last June.

The labor force participation rate, which measures the number of people who are either employed or actively looking for work, also painted a bleak outlook. During the month of March, the rate ticked down to 62.7%, the lowest level in 36 years.

In March, Federal Reserve chair Janet Yellen indicated that the Fed could begin raising interest rates when it was "reasonably confident" that inflation will move toward its target inflation of 2%. Yellen added that the Fed will take a "data-driven" approach to potential liftoff by keeping a close eye on wage and GDP growth before raising its benchmark Federal Funds Rate.

The substandard data pushed the dollar down on Monday morning, before it rebounded following the release of optimistic services data. EUR/USD moved in the opposite direction shortly after the release of the PMI Services Index, which rose to 59.2 in March, more than one-half point higher than March forecasts. The reading was also up more than two points from the final reading for February. A number of economists are looking at the service sector as a critical aspect of U.S. economic health.

Yields on U.S. sovereign debt rose sharply in response to the soft jobs data. Yields on U.S. 10-Year U.S. Treasuries soared .063 to 1.899, while yields on U.S. 30-Year Treasuries surged .071 to 2.556. U.S. 2-Year Treasuries also shot up more than 3.3% or 0.016 to 0.500.

Elsewhere, International Monetary Fund (IMF) head Christine Lagarde indicated that she is confident Greece will meet its obligation to make a €460 million payment to the fund by Thursday. Lagarde made the comments on Sunday night, following her meeting with Greece finance minister Yanis Varoufakis over the weekend in Washington.

"Minister Varoufakis and I exchanged views on current developments and we both agreed that effective cooperation is in everyone's interest," Lagarde said in a statement. "We noted that continuing uncertainty is not in Greece's interest and I welcomed confirmation by the minister that payment owing to the Fund would be forthcoming on April 9."

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Box Office: 'Furious 7' destroys records with $143.6 million debut

By Brent Lang

LOS ANGELES (Variety.com) - "Furious 7" raced to the top of the domestic box office, picking up a massive $143.6 million in its opening weekend.

That establishes a new high-water mark for the month of April, blowing past the $95 million debut of "Captain America: The Winter Soldier," as well as marks the highest grossing kick-off for any film in the "Fast and Furious" franchise. It also ranks ninth among the top ten openings in history.

Audiences flocked to see star Paul Walker in one of his final roles. The actor died in a 2013 car crash at the age of 40 and his work on the film was completed by using digital technology and a series of stand-ins.

"This is a bittersweet installment in the franchise," said Phil Contrino, vice president and chief analyst at BoxOffice.com. "[Walker's] passing made this movie more intriguing for people who hadn't seen some of the installments. It raised awareness and its success is a tribute to him."

Universal Pictures spared no expense in bringing the latest chapter in the fast cars and gravity-defying-stunts series to the big screen, shelling out $190 million on the production. It unspooled in 4,003 North American theaters, earning $14 million on 365 Imax screens and $11.5 million from premium large format screens. Going into the weekend, most analysts estimated that the film would open in the $115 million range.

Foreign numbers have yet to be released, but they promise to be steroidal. Internationally, the film rolled out across 10,500 screens in 63 territories.

"This is the next member of the billion dollar club and that's a rarefied place to be," said Contrino. "This thing is on fire."

With an A CinemaScore and strong reviews, "Furious 7" could be one of the few modern blockbusters that hangs in for more than a few weeks. The month of April is lean on blockbuster fare and "Furious 7" won't get serious competition until "The Avengers: Age of Ultron" debuts on May 1.

Last weekend's box office champion, DreamWorks Animation's "Home," showed impressive stamina. The animated tale picked up $27.4 million in its sophomore frame, pushing its domestic total to $95.6 million.

In third place, R-rated comedy "Get Hard" earned $12.9 million. The Will Ferrell and Kevin Hart team-up fell 62% from its opening number, bringing its stateside haul to $57 million.

"Cinderella" snagged a fourth place finish, picking up $10.3 million stateside to push its domestic bounty to $167.3 million. Globally, the Disney release is closing in on $400 million.

"The Divergent Series: Insurgent" rounded out the weekend top five, nabbing $10 million and driving the film to $103.4 million domestically.

Among art house releases, Noah Baumbach's "While We're Young" expanded from four to 34 theaters, picking up $492,976. The A24 release has earned $791,450 in two weeks.

Radius-TWC's "It Follows" also continued to expand, moving from 1,218 to 1,655, though its gross dipped 35% to $2.5 million. The critically adored horror film has made $8.5 million since debuting on March 13.

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The Prodigy top UK music album charts with first release in 6 years

BRITAIN-CHARTS:The Prodigy top UK music album charts with first release in 6 years

LONDON (Reuters) - Electronic music group The Prodigy went straight in at the top of the British music album chart on Sunday with "The Day Is My Enemy", their first studio album in six years, the Official Charts Company said.

The track is the band's sixth number one album in their 25-year career, and pushed last week's chart topper, James Bay's "Chaos And The Calm", into second place. Sam Smith's "In The Lonely Hour" also dropped one spot to third.

In the singles chart, singer-songwriter Jess Glynne claimed a second week at the top with her track "Hold My Hand".

Glynne finished just 5,000 copies ahead of Ed Sheeran's "Bloodstream", which climbed 24 places to take second, while James Bay's "Hold Back The River" fell one place to third.

(Reporting by Kylie MacLellan; Editing by Raissa Kasolowsky)

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Indian Business Icons: India's retail king Kishore Biyani

Today Future Group is a retail conglomerate worth over USD 2 billion and Kishore Biyani an entrepreneur whose right brain rules over the left says he scratched only the surface of modern retail in India.

Today Future Group is a retail conglomerate worth over USD 2 billion and Kishore Biyani an entrepreneur whose right brain rules over the left says he scratched only the surface of modern retail in India.

For more, watch accompanying videos.

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UPA Land Act was anti-farmer; ours isn't: FM

Launching an attack on opposition parties for "misleading the nation" on the land acquisition bill by running a false campaign against it, Finance Minister Arun Jaitley termed the UPA's government's 2013 act as anti-farmer and said his government seeks to correct its contentious issues.

Launching an attack on Opposition parties for "misleading the nation" on the Land Acquisition Bill by running a false campaign against it, Finance Minister Arun Jaitley termed the UPA's government's 2013 Act as anti-farmer and said his government seeks to correct its contentious issues.

Jaitley was speaking at the National Executive meeting of the BJP in Bangalore where he made a detailed presentation of the Land Bill.

While maintaining that the government was open to suggestions to improve its version of the bill, the FM said the legislation, which has so far failed to pass muster with the Rajya Sabha, was "essential for the development of rural India" and added that it would boost industrialization, which would create greater employment opportunities. (The government yesterday repromulgated an ordinance yesterday to increase the bill's shelf life by another few months.)

The government is locked in combat with opposition parties with respect to the new bill, which seeks to drop need for owners' consent and an impact study, for acquiring land for purposes such as public-private partnerships, etc.

The government says the clause of the UPA's 2013 land law, which the current bill seeks to modify, required 70 or 80 percent consent as well as an impact study, hampered the land acquisition process.

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Reserve Bank of India - Bulletin Weekly Statistical Supplement - Extract

Apr 03, 2015, 05.00 PM IST | Source: RBI

Reserve Bank of India - Bulletin Weekly Statistical Supplement - Extract

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Reserve Bank of India - Bulletin Weekly Statistical Supplement - Extract

Reserve Bank of India - Bulletin Weekly Statistical Supplement - Extract

(` Billion) Item 2014 2015 Variation Mar. 28 Mar. 20 Mar. 27 Week Year 1 2 3 4 5 4 Loans and advances           4.1 Central Government – – – – – 4.2 State Governments 14.88 34.83 57.60 22.77 42.72 Item As on March 27, 2015 Variation over Week End-March 2014 Year ` Bn. US$ Mn. ` Bn. US$ Mn. ` Bn. US$ Mn. ` Bn. US$ Mn. 1 2 3 4 5 6 7 8 1 Total Reserves 21,349.1 341,378.1 120.6 1,386.5 3,065.3 37,154.9 3,057.1 37,704.6 1.1 Foreign Currency Assets 19,791.3 316,238.3 117.7 1,351.8 3,182.2 39,879.0 3,179.4 39,832.3 1.2 Gold 1,225.7 19,837.0 – – –70.5 –1,729.8 –76.4 –1,141.0 1.3 SDRs 250.8 4,004.8 2.2 26.2 –17.5 –458.8 –17.1 –453.4 1.4 Reserve Position in the IMF 81.3 1,298.0 0.7 8.5 –28.9 –535.5 –28.8 –533.3 (` Billion) Item Outstanding as on Mar. 20, 2015 Variation over Fortnight Financial year so far Year-on-year 2013-14 2014-15 2014 2015 1 2 3 4 5 6 2 Liabilities to Others             2.1 Aggregate Deposits 85,856.4 316.0 9,551.1 8,800.8 9,551.1 8,800.8 2.1a Growth (Per cent)   0.4 14.1 11.4 14.1 11.4 2.1.1 Demand 8,034.1 63.1 516.2 894.9 516.2 894.9 2.1.2 Time 77,822.3 252.9 9,034.8 7,905.9 9,034.8 7,905.9 2.2 Borrowings 2,258.7 4.5 –6.3 48.3 –6.3 48.3 2.3 Other Demand and Time Liabilities 4,591.4 –303.7 267.0 208.1 267.0 208.1 7 Bank Credit 65,646.8 404.2 7,336.4 5,705.8 7,336.4 5,705.8 7.1a Growth (Per cent)   0.6 13.9 9.5 13.9 9.5 7a.1 Food Credit 944.2 –35.8 20.6 –40.6 20.6 –40.6 7a.2 Non-food credit 64,702.6 440.0 7,315.8 5,746.4 7,315.8 5,746.4 (` Billion) Item Outstanding as on Variation over 2014 2015 Fortnight Financial Year so far Year-on-Year 2013-14 2014-15 2014 2015 Mar. 31 Mar. 20 Amount % Amount % Amount % Amount % Amount % 1 2 3 4 5 6 7 8 9 10 11 12 M3 94,973.3 105,659.9 338.7 0.3 11,231.8 13.4 10,686.6 11.3 11,360.8 13.6 10,529.9 11.1 1 Components                         1.1 Currency with the Public 12,483.4 13,866.9 19.2 0.1 1,121.2 9.8 1,383.4 11.1 1,118.7 9.8 1,335.1 10.7 1.2 Demand Deposits with Banks 8,043.9 8,989.2 64.1 0.7 547.4 7.3 945.4 11.8 614.7 8.2 909.6 11.3 1.3 Time Deposits with Banks 74,426.3 82,708.6 257.8 0.3 9,578.1 14.8 8,282.3 11.1 9,625.0 14.8 8,207.6 11.0 1.4 'Other' Deposits with Reserve Bank 19.7 95.2 –2.3 –2.4 –14.8 –45.8 75.5 384.4 2.5 16.5 77.6 441.7 2 Sources (2.1+2.2+2.3+2.4-2.5)                         2.1 Net Bank Credit to Government 30,386.0 30,044.3 -1,847.3 –5.8 2,926.9 10.8 –341.8 –1.1 2,978.8 11.0 27.2 0.1 2.1.1 Reserve Bank 6,987.1 3,640.0 -1,186.5   654.1   –3,347.1   705.7   –2,919.9   2.1.2 Other Banks 23,398.9 26,404.2 –660.8 –2.4 2,272.8 10.7 3,005.3 12.8 2,273.1 10.7 2,947.1 12.6 2.2 Bank Credit to Commercial Sector 64,424.8 70,357.9 434.8 0.6 7,760.8 13.7 5,933.1 9.2 7,727.6 13.6 5,918.5 9.2 2.2.1 Reserve Bank 88.4 54.6 1.8   54.8   –33.7   57.0   –30.8   2.2.2 Other Banks 64,336.4 70,303.3 433.0 0.6 7,706.0 13.6 5,966.8 9.3 7,670.6 13.5 5,949.2 9.2 (` Billion) Date Liquidity Adjustment Facility MSF Standing Liquidity Facilities OMO (Outright) Net Injection (+)/ Absorption (-) (1+3+5+6+8-2-4-7) Repo Reverse Repo Term Repo/ Overnight Variable Rate Repo Term Reverse Repo/ Overnight Variable Rate Reverse Repo Sale Purchase 1 2 3 4 5 6 7 8 9 Mar. 23, 2015 126.04 126.73 – 100.01 1.05 –0.01 – – –99.66 Mar. 24, 2015 32.97 78.94 155.01 160.60 4.05 – – – –47.51 Mar. 25, 2015 36.17 101.40 – 233.77 2.28 1.42 – – –295.30 Mar. 26, 2015 50.87 63.83 – 280.53 6.90 –3.32 – – –289.91 Mar. 27, 2015 83.04 219.84 155.02 166.37 23.55 4.27 – – –120.33 Mar. 28, 2015 – 130.33 – – 58.49 – – – –71.84 The above information can be accessed on Internet at http://www.wss.rbi.org.in The concepts and methodologies for WSS are available in Handbook on WSS ( www.rbi.org.in/scripts/PublicationsView.aspx?id=15762 ). Time series data are available at http://dbie.rbi.org.in Ajit Prasad Assistant General Manager Press Release : 2014-2015/2082

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RBI celebrates 80th Anniversary: Prime Minister urges Banking Fraternity to set Goals for Next 20 Years to remove India's Poverty

The Prime Minister of India Shri Narendra Modi urged the Reserve Bank of India to take the lead in encouraging financial institutions to set concrete targets for consolidating financial inclusion over the next 20 years, to help transform the quality of life of the poor. "I come as a representative of the poor, underprivileged, marginalised and tribals; I am one among them; I seek on their behalf and trust you will not disappoint me," the Prime Minister said at the Financial Inclusion Conference organised by the Reserve Bank of India to celebrate its 80th anniversary. The Conference was held at National Centre for the Performing Arts, Mumbai on April 2, 2015.

The Prime Minister also complimented the Reserve Bank, its staff and all others who had contributed to the development of the institution on the occasion of its 80th anniversary. He alluded to the bi-monthly discussions between him and the Reserve Bank Governor Dr. Raghuram G. Rajan and said that the cordiality in that indicated similarity in thoughts between the Government and the Reserve Bank. "I am satisfied about the role of the Reserve Bank," he mentioned.

Finance minister Shri Arun Jaitley, Shri C. Vidyasagar Rao, His Excellency Governor of Maharashtra and Shri Devendra Fadnavis, Hon'ble Chief Minister of Maharashtra were the Guests of Honour. Former Governors, Deputy Governors and Senior Executives of the Reserve Bank, Heads of Financial Regulators, Chief Executives/Managing Directors/Executive Directors/General Managers-in-Charge of Financial Inclusion and Technology of commercial banks, Chairmen of Regional Rural Banks, representatives from Micro Finance Institutions, Business Correspondents, Training Institutions and academia were among the attending dignitaries.

Offering other benefits to poor, the next Challenge says FM

Earlier, Shri Arun Jaitley, Hon'ble Finance Minister of India, lauded the Reserve Bank, commercial banks and their staff for the success of Prime Minister's Jan Dhan Yojana and said that the next challenge was to activate these accounts and make financial inclusion a success and to make inclusive growth a reality. Complimenting the Reserve Bank on its 80th anniversary, the Finance Minister said that the dialogue between the Government and the Reserve Bank were always constructive.

Empower the poor and the small by offering them choice and opportunity says RBI Governor

In his welcoming remarks, the Reserve Bank Governor Dr. Raghuram G. Rajan recounted the tasks ahead and stated that in the coming year, the Reserve Bank's intent is to create an ownership neutral, institution neutral, and technology agnostic level competitive arena. Technologies enabling touch-and-go payments will be used even as banks find new ways of acquiring and analysing information and reducing transactions costs as they compete to extend financial services to all. The Reserve Bank's state-of-the-art payments system will support technology, even as the Reserve Bank strengthens its cyber-supervision and cyber-security. The central bank will also focus on developing deeper markets to absorb the risks that stay too often in banks or in corporations, he added.

The Governor cautioned that the required national push to finance infrastructure should not override financial stability, which is key to national security. He suggested that going forward, the Reserve Bank needs to develop new sources of risk capital so that India's infrastructure needs can be financed with moderate amount of debt, even as the Reserve Bank helped the system deleverage.

"Perhaps the country's most important financial challenge is to bring financial services to every doorstep and to every small enterprise. The poor are still too far away from, or too uncomfortable stepping into bank branches," he stated and added that "With government initiatives like Pradhan Mantri's Jan Dhan Yojana and the MUDRA Bank, as well as new technologies, new institutions, and new processes such as direct benefits transfers, I am confident that our country can empower the poor and the small with both choice and opportunities. The Reserve Bank in turn has to ensure greater consumer protection and consumer literacy."

He concluded by stating that strong national institutions are hard to build. Therefore existing ones should be nurtured from the outside, and constantly rejuvenated from the inside, for there are precious few of them.

Panel Discussions

The address by the honourable dignitaries was followed by four panel discussions on pertinent issues concerned with financial Inclusion efforts: i) Financial Inclusion-Let all efforts bloom; ii) the Linkage between Financial Inclusion, Financial Literacy and Consumer Protection; iii) Building the Business case for Financial Inclusion: Whether BC Model is the way to go?; and iv) Financial Inclusion – Way Forward. Experts from the fields of commercial banking, financial institutions, Central Government, Non-Banking Financial Companies, Self-Help Groups, journalism, and Board members of the Reserve Bank participated in the panel discussions, each of which was moderated by a Deputy Governor.

Abridged History of the RBI released

"The Concise History of the Reserve Bank of India, 1935-1981", was also released by the Hon'ble Prime Minister on this occasion. The volume has been compiled based on internal documents of the Reserve Bank. An adaptation and abridgement of almost 3,000 pages of the first three volumes of its institutional history, covering the period from 1935, when the Bank was set up, till 1981, "The Concise History of Reserve Bank of India" is one more attempt of the central bank to 'demystify' itself to the general public.

RBI's Environment friendly gestures

In a unique environment friendly gesture, the Reserve Bank has undertaken to plant 200 trees in different parts of the country through a non-Government Organisation called 'Grow Trees'. A certificate stating this was presented in lieu of flowers while welcoming the Prime Minister.

Later, an artwork titled 'Dandi March' created out of shredded currency notes by students of Government Art College, Chennai was presented to each dignitary on the dais as a memento.

Alpana Killawala
Principal Chief General Manager

Press Release: 2014-2015/2083

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Dollar falls against euro ahead of jobs report, unaffected by Iran pact

Investing.com - Investing.com -- The euro continued its steady rally against the U.S. dollar on Thursday, despite stronger than expected U.S. jobs data but remained relatively unchanged after Iran reached a solution on key parameters of a nuclear deal with Western leaders.

EUR/USD stood at 1.0892 in U.S. afternoon trading, up 1.20% or 0.0130 from Wednesday's close. The pair rose to 1.0898 ahead of the release of a U.S. factory orders' report on Thursday morning, before wavering at 1.08 levels for the remainder of the trading session.

EUR/USD likely received support at 1.05 its low from Mar. 11 and resistance at 1.14 its high from mid-February.

The pair remained constant at 1.0892 following an announcement in Lausanne, Switzerland that Iran and Western powers had reached a deal on the framework of a preliminary Iranian nuclear pact before a final agreement could be reached in late-June.

"This framework would cut off the pathway Iran could take to develop a nuclear weapon," U.S. president Barack Obama said at a news conference outside the White House. "This deal is not based on trust, it is based on unprecedented verification."

It is believed that the severe economic and financial sanctions against the Persian Gulf nation will be lifted on a staggered, step-by-step basis depending on how cooperative it is with inspectors from the International Atomic Energy Agency. Sanctions that have limited the Iranian Banking System will be among the limitations that could be initially removed, NBC News reported.

"The European Union will terminate the implementation of all economic and financial sanction and the U.S. will seize the application of all economic and financial sanctions," EU Vice President Federica Mogherini said at a joint news conference with Iran.

Meanwhile, the U.S. Department of Labor said Thursday that initial claims for state unemployment benefits declined by 20,000 last week to a seasonally-adjusted level of 268,000, the lowest level since January. Economists had expected initial claims to rise to 285,000.

The four-week average, considered a better approximation of labor trends, also dropped by 14,750 to 285,500. In addition, U.S. factory orders for February inched up 0.2%, after six consecutive monthly declines. In a separate report released Thursday, the U.S. trade balance decreased from $42.7 billion in January to $35.4 billion in February, amid lower oil prices and a stronger dollar.

Traders await the release of Friday's U.S. jobs report by the Bureau of Labor Statistics for further guidance on potential currency fluctuations. A panel of economists predicted that the workforce added 248,000 non-farm jobs last month, down slightly from February's increase of 295,000. The labor force has added at least 200,000 jobs per month for every month over the last year. Economists expect that unemployment will remain fairly constant at a level of 5.5%.

On Mar. 6, the euro fell roughly 1.8% to 1.08 after a strong U.S. jobs report coincided with the start of the European Central Bank's €60 billion a month quantitative easing program.

Elsewhere, Reuters reported that Greece told its creditors on Wednesday that it could run out of money on April 9. On that date, Greece owes a €450 million payment to the International Monetary Fund (IMF). Greece could meet its obligation to the IMF or repay government salaries and pensions, but might be unable to do both.

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U.S. stocks rise ahead of critical Friday jobs report

Investing.com - Investing.com -- Stocks on U.S. equities markets edged up, as Iran and Western leaders agreed on the framework of a nuclear pact while investors braced for the release of Friday's critical jobs report.

All three major indices closed slightly higher on Thursday, as the markets ended a short week of trading ahead of a three-day weekend for the Easter holiday. There have only been a handful of instances over the last two decades when the markets have remained closed for Good Friday on the same day when the U.S. employment report has been released.

The Dow Jones Industrial Average gained 65.06 or 0.37% to 17,763.24, while the NASDAQ Composite index rose 6.71 or 0.14% to close the week at 4,886.94.

The S&P 500 Composite index, meanwhile, gained 7.27 or 0.35% to 2,066.96 led by gains in the Telecommunications, Consumer Service and Consumer Goods sectors. Stocks in the Technology sector lagged, which ended the day as the only sector on the index to close in the red.

Shares in major energy companies fell slightly on Thursday, after a preliminary deal was reached to curtail Iran's Nuclear Program. As part of the deal economic and financial sanctions will be eased against Iran, raising concerns that a glut of Iranian oil could be released into an already saturated global market. Exxon Mobil Corporation (NYSE:XOM) fell 0.16 or 0.19% to 84.30, while Chevron Corporation (NYSE:CVX) posted late gains to erase earlier losses.

The top performer on the Dow was Home Depot Inc (NYSE:HD), which gained 1.63 or 1.44% to 114.76. The worst performer was Microsoft Corporation (NASDAQ:MSFT), which dropped 0.43 or 1.06% to 40.29 on the 40th anniversary of the founding of the company on Thursday. McDonald's Corporation (NYSE:MCD) also lost 0.48% to close at 95.83, one day after the company announced plans to raise minimum wage to $10.00 by 2016 for employees at its corporate-owned locations.

The biggest gainer on the NASDAQ was Discovery Communications Inc. (NASDAQ:DISCA), which rose 1.24 or 4.01% to 32.15 after the TV programmer reached a TV ratings and automotive segmentation agreement with Portland-based Rentrak Corporation (NASDAQ:RENT), a media measurement company. The worst performer, meanwhile, was American Airlines Group (NASDAQ:AAL) which fell 1.27 or 2.51% to 49.18, following mounting concerns with an oversupply of passenger seats. During the first quarter American Airlines' revenue per seat flown per mile declined, according to a report from Bloomberg. The measure is one of the most closely-watched estimates by airlines industry insiders. American Airlines closed as the worst performer on the NASDAQ for the second consecutive session.

The top performer on the S&P 500 was CarMax Inc (NYSE:KMX), which gained 6.40 or 9.36% to 74.79 after beating an earnings estimates following strong used car sales. The worst performer was Motorola Solutions Inc (NYSE:MSI), which fell 4.40 or 6.60% to 67.45 after the telecommunication company reportedly failed to find a private equity firm to purchase it, according to a report from Bloomberg.

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