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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