FTC passes final order in USD 4 billion Sun-Ranbaxy deal

US anti-trust regulator FTC has passed its final order settling charges that Sun Pharma's USD 4 billion deal to acquire Ranbaxy Laboratories could result in unfair business practices.

US anti-trust regulator FTC has passed its final order settling charges that Sun Pharma 's USD 4 billion deal to acquire  Ranbaxy Laboratories could result in unfair business practices.

Once consummated, the merger would create India's largest and world's fifth-biggest drug maker. In a statement, the Federal Trade Commission today said that following a "public comment period", it has approved a final order settling charges that the Sun Pharma-Ranbaxy deal would likely be anti-competitive.

As per the first order issued by FTC in January this year, Sun Pharma was required to divest Ranbaxy's interests in generic minocycline tablets to Torrent Pharmaceuticals , based in India. Torrent Pharma markets generic drugs in the US.

"Sun must also sell Ranbaxy's generic minocycline capsules to Torrent to enable Torrent to obtain regulatory approval for its tablets as quickly as Ranbaxy would have absent the deal," the release said.

In January, FTC had said that to address monopoly concerns, Sun Pharma and Ranbaxy have agreed to divest the latter's interests in generic minocycline tablets.

Generic minocycline tablets are used to treat a wide array of bacterial infections, including pneumonia, acne, and urinary tract infections.

Under the proposed settlement, Ranbaxy's generic minocycline capsule assets was to be acquired by Torrent Pharma.

In addition, Sun and Ranbaxy must supply generic minocycline tablets and capsules to Torrent until the company establishes its own manufacturing infrastructure, the first order had said.

"The proposed consent agreement effectively remedies the proposed acquisition's anti-competitive effects in relevant markets," FTC had said in January.

"Pursuant to the consent agreement and the order, the parties are required to divest all of Ranbaxy's rights and assets to generic minocycline tablets to Torrent," it had said.

India's fair trade watchdog CCI, in last December, had directed both companies to divest seven products as it found that the deal could hit competition in the Indian market.

Sun Pharma stock price

On March 20, 2015, Sun Pharmaceutical Industries closed at Rs 1027.10, down Rs 18.75, or 1.79 percent. The 52-week high of the share was Rs 1074.05 and the 52-week low was Rs 556.50.

The latest book value of the company is Rs 35.77 per share. At current value, the price-to-book value of the company was 28.71.

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Crude oil surges amid weak dollar and new federal standards on fracking

Investing.com - Investing.com -- Crude oil futures soared on Friday afternoon, amid a weaker U.S. dollar and the release of new standards for fracking on federal lands by the White House.

On the New York Mercantile Exchange, WTI crude oil for April delivery surged more than 5% or 2.21 to $46.17 a barrel, before settling at $45.87 at Friday's close. Future contracts for May delivery of Texas Light Sweet crude also increased 1.16 or 2.54% to 46.69.

Oil prices shot up as the dollar continued to weaken in the wake of relatively dovish comments from Federal Reserve chair Janet Yellen earlier in the week. While the Fed removed its stance of remaining patient on its timing of a potential interest rate hike, Yellen appeared to strike a dovish tone with lower forecasts on inflation and GDP growth. The U.S. central bank also forecasted that interest rates will rise at a slower pace than had previously been expected.

Yellen's comments have sent the dollar spiraling from 11-year highs reached last week. The euro rose nearly 2% against the dollar in U.S. afternoon trading to 1.0867, while the U.S. Dollar Index fell 1.35% to 98.11. Speculative oil traders used the weakening dollar to hedge their positions in crude.

Meanwhile, the U.S. Interior Department on Friday approved the most comprehensive set of rules to date on how to govern drilling on Federal lands using hydraulic fracturing, a process where high-pressured fluid composed of water, chemicals and sand is injected into deep-rock formations creating cracks wide enough in the rocks to allow shale gas to flow more freely. The new regulations could impact approximately 100,000 oil and gas wells on Federally managed land throughout the country.

Among the new standards, the Interior Department will require firms to disclose the chemicals they use in the fracking process, improve standards for storing waste and construct stronger cement barriers to prevent oil leaks. In response two oil industry groups filed a lawsuit to challenge the regulatory changes, Politico.com.

As oil prices have headed on a downward trend in recent months, Saudi Arabia's oil minister last week blamed shale producers in the U.S. for the precipitous drop. On the Intercontinental Exchange (ICE), brent crude for May delivery rose 0.85 or 1.56% to $55.28 a barrel.

It came one day after Ali al-Omair, Kuwait's oil minister, indicated that current market conditions have forced Opec to maintain its production level. While al-Omair said Kuwait "will be very happy if other producers cut output," he added that the world's 10th largest oil producer can't afford to "lose its share in the market." Kuwait currently produces crude oil at a rate of approximately 3 million barrels per day.

Crude oil futures remained relatively unchanged after oil services firm Baker Hughes (NYSE:BHI) released its weekly rig count on Friday afternoon. U.S. oil rigs for the week ending Mar. 6 declined by 41 to 825. The report comes one day after the Energy Information Administration (EIA) said in a report that oil is being pumped in the U.S. at its fastest rate in nearly 30 years.

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Gold soars for second straight day, following Yellen's dovish comments

Investing.com - Investing.com -- Gold prices soared for the second consecutive session, one day after somewhat dovish comments from Federal Reserve chair Janet Yellen regarding a potential interest rate hike helped the precious metal rebound from an extended slump.

On the Comex division of the New York Mercantile Exchange, gold futures for April deliveries rose $16.20 or 1.41% to 1,167.50 a troy ounce. Earlier in Asian trading, gold prices increased by more than $20 to reach a daily-high of $1,177 as Asian traders had the first opportunity to react to Ms. Yellen's highly-anticipated statement.

On Wednesday gold futures also gained more than $15 an ounce, days after prices dipped near $1,150 in anticipation of a rate hike by the Fed.

Although the Federal Open Market Committee removed a reference to remaining patient from its minutes on Wednesday, Yellen insisted that it does not mean that the Fed will raise interest rates by June at the earliest. On the contrary, Yellen asserted that the timing of the decision will be "data dependent," as the Fed considers indicators such as GDP growth, wage increases and inflation.

Yellen also appeared to strike a dovish tone with forecasts for weaker inflation and GDP growth. The Fed expects Real GDP to grow between 2.1 and 3.1% for the remainder of 2015, a figure significantly below previous estimates. In terms of inflation, the Fed anticipates that it will reach a level of 0.6% to 0.8% in 2015 and 1.7% to 1.9% in 2016. Last month in testimony before Congress, Yellen said that the Fed wanted to see inflation move toward its target goal of 2% before it raised interest rates.

The price of gold typically remains higher in periods of low interest rates, as the precious metal struggles to compete with high-yield assets.

Yellen's comments also sent the dollar plunging on Wednesday, as it fell more than 2.5% against the euro to post its worst daily loss since March, 2009. While the dollar rebounded on Thursday by gaining more than 2% against its European counterpart, EUR/USD still remained at 1.063 – far above last week's 12-year low of 1.05.

The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, rose 2.20 to 99.58 on Thursday. A day earlier, the index moved below 95.00 as it reached a three-week low.

Dollar-denominated commodities such as gold become more expensive for foreign purchasers when the dollar becomes stronger.

Elsewhere, silver for May delivery rose 3.36% or 0.522 to 16.063 an ounce.

Copper for May delivery also gained 3.41% or 0.88 to 2.658 a pound, one day after reaching a three-week low.

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Crude oil futures fall sharply, reversing Wednesday's rally

Investing.com -

Investing.com -- Crude oil futures fell back sharply on Thursday one day after comments from the Federal Reserve spurred a broad rally, as oil traders shifted their focus back to the glut in global supply.

On the New York Mercantile Exchange, WTI crude for April delivery fell 0.94 to 43.72 a barrel ahead of Friday's Weekly Rig Count report from oil services firm Baker Hughes (NYSE:BHI). WTI crude for May delivery also dropped 1.24 to 45.41.

Prices for the international benchmark of crude also dropped precipitously, after Kuwait's oil minister said his nation has agreed to keep output levels steady. On the Intercontinental Exchange (ICE), brent crude for May delivery fell 1.49 to 54.42 a barrel. The spread between the international and U.S. domestic benchmarks for crude for May contracts stood at $8.99, down from $9.26 a day earlier.

Speaking to reporters in Kuwait City, Ali al-Omair, Kuwait's oil minister, indicated that current market conditions have forced Opec to maintain its production level. While al-Omair said Kuwait "will be very happy if other producers cut output," he added that the world's 10th largest oil producer can't afford to "lose its share in the market."

Oil prices have plummeted since Opec declined to slash its production levels in late-November to a level below 30 million barrels per day. At the time, brent stood at just under $75 a barrel – roughly five dollars more than the price of WTI. Kuwait has held its production constant at approximately 3 million barrels per day.

Traders are anticipating further declines in rig counts when Baker Hughes releases its weekly report on Friday. Last week, figures Baker Hughes released for the week ending Mar. 6 indicated that the rig total nationwide fell by 67 to 1,125, down by nearly 600 rigs from March, 2014 levels. Despite the decline in rig totals, oil is being pumped in the U.S. at its fastest rate in more than 30 years.

On Wednesday, crude futures reached a six-year low after the Energy Information Administration (EIA) said that oil supply in the U.S. last week grew by 9.6 million barrels. Inventory levels nationwide are currently at an 80-year high at 458.5 million barrels.

Oil prices then rallied after the Federal Reserve backed away from its stance of remaining patient on its timing of raising interest rates. The Fed could decide to hike interest rates at any meeting this year after the completion of its next meeting in April, Fed chair Janet Yellen said.

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Federal Reserve removes patience reference, paving way for rate hike

Investing.com - Investing.com -- Federal Reserve chair Janet Yellen said Wednesday that the Fed will remove a reference to remaining patient from its minutes, paving the way for an interest-rate hike at some point this year.

While Ms. Yellen indicated that its benchmark Federal Funds Rate could be increased later this year, it will not occur until after the Federal Open Market Committee's next meeting in April, at the earliest. Yellen added that the timing of the decision will be 'data dependent,' and that a rate hike will not necessarily be made in June.

Drawing comparisons with Alan Greenspan by striking a well-balanced tone for the Fed's short-term outlook, Yellen appeared hawkish with the removal of patience, but dovish with forecasts for weaker inflation and GDP growth.

Stocks rallied broadly in late-afternoon trading to reverse previous losses earlier in the day. The Dow Jones Industrial Average gained 227.11 points or 1.27% to close at 18,076.19. Stocks were down on the Dow by about 95 points minutes before the Fed released its statement at 2 p.m. EST. The S&P 500 Composite index and NASDAQ Composite index also rebounded from earlier losses on the day to close broadly higher.

The U.S. Dollar Index, which measures the strength of the greenback versus six other major currencies, plunged to 96.75 at the market's close. The index reached 99.68 minutes before Yellen's statement was released.

The U.S. central bank has kept interest rates at near zero since 2009, following the Financial Crisis.

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U.S. equities markets surge after Fed signals 2015 rate hike

Investing.com - Investing.com -- Stocks on the U.S equities markets surged on Wednesday afternoon after Federal Reserve chair Janet Yellen said on Wednesday the Fed will remove a 'patience reference,' from its minutes, paving the way for an interest-rate hike at some point in 2015.

While Ms. Yellen indicated that its benchmark Federal Funds Rate could be increased later this year, it will not occur until after the Federal Open Market Committee's next meeting in April, at the earliest. Yellen added that the timing of the decision will be 'data dependent,' and that a rate hike will not necessarily be made in June.

Drawing comparisons with Alan Greenspan by striking a well-balanced tone for the Fed's short-term outlook, Yellen appeared hawkish with the removal of patience, but dovish with forecasts for weaker inflation and GDP growth.

Stocks rallied broadly in late-afternoon trading to reverse previous losses earlier in the day. The Dow Jones Industrial Average gained 227.11 points or 1.27% to close at 18,076.19. Stocks were down on the Dow by about 95 points minutes before the Fed released its statement at 2 p.m. EST. The S&P 500 Composite index and NASDAQ Composite index also rebounded from earlier losses on the day to close broadly higher.

Led by strong gains in the Oil & Gas, Utilities and Basic Materials sectors, the S&P 500 gained 25.14 or 1.21% to 2,099.42. The Oil & Gas sector rose nearly 3%, as Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) were among the top performers on the Dow. Utilities, meanwhile, rose more than 2.6% while basic materials closed 1.78% higher. The NASDAQ gained 0.92% or 45.39 to close at 4,982.83.

The top performer on the Dow was Caterpillar (NYSE:CAT), Inc. which rose 2.96 or 3.77% to 81.41. The worst performer, meanwhile, was Wal-Mart Stores (NYSE:WMT), Inc, which fell 0.13 or 0.16% to 82.49.

The biggest gainer on the S&P 500 was Transocean, which gained 8.77% or 1.23 to 15.25. The worst performer was The Charles Schwab Corporation (NYSE:SCHW), which dropped 3.66% or 1.13 to 29.77.

The top performer on the NASDAQ was Baidu.com, which rose 3.78% or 7.69 to 210.95. The worst performer was Adobe Systems Incorporated (NASDAQ:ADBE), which fell 3.66% or 1.13 to 210.95.

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Crude oil futures continue downward path, ahead of Wednesday Fed meeting

Investing.com -

Investing.com -- Crude oil futures neared a six-year low on Tuesday, before slightly rebounding in afternoon trading ahead of Wednesday's key Federal Open Market Committee meeting.

On the New York Mercantile Exchange, April deliveries of WTI crude fell 0.42 or more than 0.6% to $43.46 a barrel. Prices fell below $45 a barrel in morning trading before rebounding to a daily-high of $45.75 in U.S. afternoon trading. WTI crude oil futures still closed lower for the sixth consecutive day.

On the Intercontinental Exchange (ICE), brent crude for April delivery dropped 0.52 or 0.96% to $53.42 a barrel. Brent crude futures traded between $52.57 and $54.10, as price changes remained volatile. The spread between the international and U.S. domestic benchmark remained steady at around $10 a barrel.

In Africa, energy ministers from Algeria, Angola and Nigeria met to discuss a strategy to combat plunging global oil prices, the Algerian state-run news agency APS reported.

The U.S. dollar, meanwhile, slowed its rapid appreciation against the euro, falling modestly against its European counterpart for the second consecutive day. In U.S. afternoon trading, EUR/USD traded at 1.0592, up 0.0024 or 0.23%. The currency pair traded at a range of 1.0552 and 1.0651 on a light day of trading.

The U.S. Dollar Index, which measures the strength of the greenback against a basket of six major currencies, fell 0.15% to 99.99. Last week, the index moved above the historic 100 level to reach a 12-year high.

Dollar-denominated commodities such as crude oil weigh on foreign purchasers when the dollar becomes stronger.

Oil traders await the release of the U.S. Energy Information Administration (EIA) weekly report on crude oil inventories on Wednesday. Last week, oil inventories for the week ending Mar. 6 increased by 4.5 million barrels, slightly above estimates of a 4.4 million increase. A week earlier, inventories rose by 10.3 million barrels, the highest weekly increase since 2002. Rising inventories have increased concerns that supply levels could reach capacity sooner than anticipated.

In addition, the Federal Reserve on Wednesday could remove a reference to remaining patient from its minutes, which would provide an indication that the U.S. central bank is ready to raise interest rates at some point this year.

Typically, when the Fed eliminates such language it signals that an interest rate hike will occur at either of its next two meetings. Following the two-day meeting this week, the FOMC will convene in June before meeting again in September.

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Dow posts fifth triple digit loss of March, continuing volatile trend

Investing.com - Investing.com -- The Dow Jones Industrial Average posted its fifth triple digit loss of the month on Tuesday and its ninth triple-digit move in March, continuing one of its volatile months in recent memory.

Losses, meanwhile, were less pronounced on the S&P 500 Composite while the NASDAQ Composite index edged higher.

Though nearly every sector on the S&P 500 closed lower on Tuesday, the index was boosted by a rally in technology stocks led by gains in Apple Inc. (NASDAQ:AAPL) and Facebook Inc . (NASDAQ:FB) stock. Apple, rose 1.67% or 2.09 to 127.04, amid reports of the launch of its Apple TV service this fall. Facebook, meanwhile, increased 1.30 or 1.66% to 79.37 after announcing plans to enable users to send money to friends and colleagues via its messenger app.

The Dow Jones Industrial Average fell 0.71% or 128.34 points to 17,849.08, while the S&P 500 dropped 0.34% or 6.99 to 2,074.20. The NASDAQ, however, gained 0.16% or 7.93 to 4,937.44.

The top performer on the Dow was Boeing Company (NYSE:BA), which gained 0.74% or 1.14 to 154.81, one day after the Seattle-based company indicated that it is eyeing a deal to build a high-throughput communications satellite for a top technology company such as Google Inc (NASDAQ:GOOGL), Amazon.com Inc (NASDAQ:AMZN) or several other tech giants by year's end. The worst performer on the Dow, meanwhile, was EI du Pont de Nemours and Company (NYSE:DD) which lost 2.95% or 2.27 points to 74.80. DuPont closed as the worst performer on the Dow for the second straight day, after the chemical conglomerate was given a downgrade by Bank of America Corporation (NYSE:BAC).

On the NASDAQ, the biggest gainer of the day was Regeneron Pharmaceuticals Inc (NASDAQ:REGN), which rose 3.55% or 16.03 to 467.80 as it awaits FDA approval on a new cholesterol drug that could bring down LDL levels significantly. The worst performer on the NASDAQ was Micron Technology Inc (NASDAQ:MU), which fell 0.85 or 2.96% to 28.51.

On the S&P 500, the biggest gainer was PVH Corp (NYSE:PVH), which rose 4.22% or 3.98 to 98.33. The worst performer was Macerich Company (NYSE:MAC), which lost 3.32 points or 3.50% to 91.57 after the Southern California-based real estate investment trust rejected a $16 billion takeover bid from fellow mall owner Simon Property Group Inc. (NYSE:SPG). The Indianapolis-based multinational commercial real estate company, fell 0.94 or 0.50% to 186.13. Simon is the nation's largest real estate investment trust.

ConocoPhillips (NYSE:COP), meanwhile, dropped 0.63% or 0.39 to 62.01 after the Houston-based energy corporation announced a plan to slash capital project spending by $5 billion over the next five years.

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Melstar Information Technologies appoints Vedant Yashovardhan Birla as additional director

Melstar Information Technologies has informed that the Board of Directors considered and approved vide circular Resolution dated March 11, 2015 the matters, appointment of Mr. Vedant Yashovardhan Birla as Additional Director to hold office up to the date of next Annual General Meeting of the Company.

Melstar Information Technologies Ltd has informed BSE that the Board of Directors considered and approved vide circular Resolution dated March 11, 2015 the following matters:1. Appointment of Mr. Vedant Yashovardhan Birla as Additional Director to hold office up to the date of next Annual General Meeting of the Company.2. Accepted the Resignation of Mr. R. P. Mishra as Independent & Non-Executive Director.Source : BSE

Read all announcements in Melstar Info

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U.S crude plunges to six-year lows, amid Opec supply forecasts

Investing.com - Investing.com -- Crude oil prices fell precipitously on Monday, as Opec trimmed its demand forecasts for its own oil and hinted that production levels of U.S. crude might not level off until year's end.

In its monthly report released on Monday, Opec forecast that global demand for its crude oil will decrease to 29.19 million barrels per day – down slightly from its previous estimates by 100,000 barrels. Similarly, Opec's forecast only accounted for modest increases in global oil demands revising previous estimates upward by an average of 1.17 million barrels per day to 92.37.

On the Intercontinental Exchange (ICE), brent crude oil for April deliveries plunged 2.36% or 1.29 to 53.38 a barrel. Prices rebounded in U.S. afternoon trading hours after reaching a daily low of 52.65 hours earlier.

On the New York Mercantile Exchange, meanwhile, April deliveries of WTI crude oil plummeted 2.23% or 1.00 to 43.84 a barrel. WTI crude futures dipped below $43 a barrel in early trading to reach a six-year low of $42.85. When adjusted for inflation to 2009 levels, prices were valued at roughly $3 lower.

Since the start of 2009, crude oil futures are down by more than 6%. By comparison, a broad measure of U.S. equity markets indicates that stocks are up roughly 200% during that period.

Last week, oil futures dropped 9.61% or nearly $4.80 a barrel as prices closed down for the fourth consecutive week. The weekly decline marked the biggest drop since early-December.

Oil futures closed down sharply last week, after the International Energy Agency painted a bleak short-term outlook on crude. In the U.S., the IEA said output would slow, but production levels would not fall for the near future. At the same time, inventories for U.S. crude oil reached a record-level of 448.9 million barrels – the most in more than 80 million years. As storage at places such as the Cushing Oil Hub in Oklahoma nears capacity, concerns have mounted that crude futures could drop even further.

Opec, meanwhile, has blamed U.S. production of shale or tight oil for the sharp declines. In its report, Opec noted that production of tight oil might not be curbed until year's end.

"Tight crude producers are aware that typical oil wells in shale plays, decline 60 percent annually, and that losses can only be recouped by drilling new wells," Opec said in its report. "As drilling subsides due to high costs and a potentially sustained low oil price, a drop in production can be expected to follow, possibly by late 2015."

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Cycling - Tour boss calls on other sports to order independent reports

By Julien Pretot

NICE, France (Reuters) - Tour de France director Christian Prudhomme on Sunday urged other international federations to investigate their sport after the UCI published an independent report into cycling's ugly past last week.

Speaking to Reuters before the start of the last stage of Paris-Nice, Prudhomme said that cycling has been at the forefront of the fight against doping after years of scandals.

The Frenchman welcomed the publication of the Independent Reform Commission's report (CIRC), saying it showed that cycling, the sport that first implemented the biological passport in 2008, had the strength to deal with its problems.

"The report was ordered by the International Cycling Union. It exists because the management of the UCI wanted it," Prudhomme said.

"It shows that there have been improvements in a world that is not perfect. But the fight against doping is a permanent fight."

The provisional suspension of France's Lloyd Mondory earlier this week, after the Ag2r-La Mondiale rider failed an EPO test, came as a stern reminder that doping is yet to be eradicated.

"We're on the right track but we must not be complacent."

Prudhomme hinted that cycling was not the only sport with a doping problem.

"Cycling cannot be singled out, you cannot just put it in a corner," he explained. "I think that we all dream that all the international federations order an independent report to look into what's going on in their patch."

The CIRC report showed that doping was less prevalent but had not been completely eradicated with some riders still abusing corticoids and using micro-dosing to avoid detection.

The report has its shortcomings, however, with less than six percent of the interviewees being current professional riders.

"I see that many people from the UCI have been interviewed, which is logical because it was the primary goal of the report, but it would not have been shocking to see more professional riders being interviewed," Prudhomme added.

It took the UCI only four days to unveil a series of anti-doping recommendations and Prudhomme singled out one of them.

"There are already a lot of measures -- just look at what cycling is doing compared with other sports," he said. "But the cooperation with the pharmaceutical industry is I think a great leap forward which will bring quick results."

Prudhomme faces the prospect of not having the defending champion start the world's greatest cycling race on July 4 with Vincenzo Nibali's Astana team facing the prospect of losing their World Tour (elite) licence in the wake of recent doping scandals.

The UCI requested that the Licence Commission -- who are expected to rule later this month -- revoke Astana's World Tour status, which would mean the Kazakh-funded outfit would lose their automatic Tour spot.

Should the Commission strip Astana of their status, the team could appeal before the Court of Arbitration for Sport (CAS), further delaying the process.

"I hope for a quick resolution of this issue because we all know that it can drag along," said Prudhomme. "I hope it will be shorter than usual."

(Reporting by Julien Pretot, Editing by Tom Hayward)

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Ukraine's president says truce not working, urges more Russia sanctions - newspaper

UKRAINE-CRISIS-CEASEFIRE:Ukraine's president says truce not working, urges more Russia sanctions - newspaper

FRANKFURT (Reuters) - Ukraine's president accused Russian-backed separatists in the east of failing to respect a ceasefire with Ukrainian troops and called for further sanctions on Russia in comments to a German newspaper to be published on Monday.

Attacks have become less frequent since the latest ceasefire came into force in mid-February, but both sides accuse each other of violations. Ukraine's military said last week that pro-Russian rebels were using the truce to amass heavy weapons.

An agreement signed in Minsk in September called with the withdrawal of heavy weapons from the front line.

"Ukraine has fulfilled every single point of the Minsk agreement. The ceasefire has been implemented immediately on our part, but the Russian fighters have done the exact opposite," Petro Poroshenko told the Bild newspaper.

"Every day, there is shooting from the Russian side, often more than 60 times a day. In total, the ceasefire has been broken 1,100 times," he said. "The truth is that the agreement is not working."

Poroshenko also called for additional sanctions against Russia for breaking the ceasefire.

At a summit in Brussels next Thursday and Friday, European Union leaders will discuss the sanctions imposed on Russia's financial, energy and defence sectors last July over Russia's annexation of Crimea and supporting the separatists in Ukraine.

Germany and other EU member countries want to push for a declaration that will not allow sanctions to be eased unless Moscow complies with the Minsk agreement, two officials said on Saturday.

(Reporting By John O'Donnell; Editing by Raissa Kasolowsky)

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F1 2015: Lewis Hamilton claims pole at Australian GP

The 2015 season of Formula 1 could well be another season of Mercedes domination. The performance of the Silver Arrows in testing indicated they'd be strong this year and their performance during qualifying at the Australian GP is another indicator of just how strong the team is likely to be in 2015. Lewis Hamilton took pole position at Melbourne, followed home in a close second position by Nico Rosberg with the team locking out the front row. It wasn't an easy run for Rosberg in Q3 though, and errors meant that he was not able to take the... Read More

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Steve Thomas clinches the pole position for the super qualifier in Tata T1 Prima Truck Racing Championship 2015

Steve Thomas clinches the pole position for the super qualifier in Tata T1 Prima Truck Racing Championship 2015

It is season two and the hard charging behemoths from Tata's stables are back at the Buddh International Circuit at Greater Noida in India. The Tata T1 Prima Truck Racing Championship, compared to the inaugural 2014 season, promises to be an even more exciting and action packed event this year and the qualifying session that was held today showcased that the leaps by which the Prima race truck's performance has increased. Last year's winner Stuart Oliver, missed the pole by just a few tenths of a second. The Team Castrol Vecton driver's... Read More

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