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<keyword id="143" type="CITY" weightage="100" keywordseo="Bollywood">Bollywood</keyword> produced a mixed bag on April 4, including <keyword id="28781" type="COMPANY" weightage="100" keywordseo="jal">Jal</keyword>, a quasi-art house movie directed by debutant <keyword id="1019055" type="PERSON" weightage="100" keywordseo="Girish-Malik">Girish Malik</keyword>, <keyword id="2188072" type="UNKNOWN" weightage="100" keywordseo="David-Dhawan-directed">David Dhawan-directed</keyword> <keyword id="2188086" type="UNKNOWN" weightage="100" keywordseo="Rom-com-action-flick">rom-com-action flick</keyword> <keyword id="1622982" type="UNKNOWN" weightage="100" keywordseo="Main-Tera-Hero">Main Tera Hero</keyword> and <keyword id="2179609" type="UNKNOWN" weightage="100" keywordseo="Ebn-E-Batuta">Ebn-E-Batuta</keyword>, a sci-fi overloaded with various issues and laced with humour. But true to the <keyword id="1282628" type="UNKNOWN" weightage="100" keywordseo="Bollywood-tradition">Bollywood tradition</keyword>, the madcap entertainer <keyword id="57035" type="UNKNOWN" weightage="100" keywordseo="MTH">MTH</keyword>, starring David’s son <keyword id="4928" type="PERSON" weightage="100" keywordseo="Varun">Varun</keyword> and the sizzling female leads <keyword id="88540" type="UNKNOWN" weightage="100" keywordseo="Ileana-DCruz">Ileana D’Cruz</keyword> and <keyword id="611054" type="UNKNOWN" weightage="100" keywordseo="Nargis-Fakri">Nargis Fakri</keyword>, has topped the <keyword id="1812427" type="UNKNOWN" weightage="100" keywordseo="box-office-chart">box office chart</keyword> this time. 
 
Main Tera Hero had an average start though, netting just Rs 6.6 crore at home on the opening Friday and recording 35-40% occupancy rate. But in spite of the cricket fever built around the India-Sri Lanka T20 World Cup final on Sunday, business picked up exceedingly well for the wild and whacky comedy flick and it netted a little over Rs 22 crore during the first weekend, as per industry estimates. It did moderately well on the crucial Day 4 (Monday, April 7) and collections at <keyword id="827271" type="UNKNOWN" weightage="100" keywordseo="Domestic-Box-Office">domestic box office</keyword> amounted to nearly Rs 4 crore, as per industry estimates. Although MTH is a <keyword id="87291" type="UNKNOWN" weightage="100" keywordseo="big-budget-movie">big budget movie</keyword> and cost around Rs 40 crore, the money would be recovered soon, going by <keyword id="112481" type="UNKNOWN" weightage="100" keywordseo="ticket-sales">ticket sales</keyword>. The movie is produced by Shobha Kapoor and <keyword id="6354597" type="PERSON" weightage="60" keywordseo="Ekta-Kapoor">Ekta Kapoor</keyword> for Balaji Motion Pictures. 
 
MTH is <keyword id="383666" type="PERSON" weightage="100" keywordseo="Varun-Dhawan">Varun Dhawan</keyword>’s second appearance in Bollywood – after <keyword id="2188068" type="UNKNOWN" weightage="60" keywordseo="Karan-Johar-directed">Karan Johar-directed</keyword> commercial success <keyword id="549195" type="ENTERTAINMENT" weightage="100" keywordseo="Student-of-the-Year">Student of the Year</keyword>, which also starred <keyword id="1320874" type="PERSON" weightage="100" keywordseo="Sidharth-Malhotra">Sidharth Malhotra</keyword> and <keyword id="6354526" type="UNKNOWN" weightage="80" keywordseo="Alia-Bhatt">Alia Bhatt</keyword>. The movie raked in Rs 28-29 crore nett in the first weekend, considerably higher than what Main Tera Hero did in spite of some extensive <keyword id="2188097" type="UNKNOWN" weightage="100" keywordseo="Pre-release-hype">pre-release hype</keyword>. 
 Before we tell you what worked and didn’t work for this <keyword id="2188113" type="UNKNOWN" weightage="100" keywordseo="David-Dhawan-comedy">David Dhawan comedy</keyword>, let’s take a look at the <keyword id="2188098" type="UNKNOWN" weightage="100" keywordseo="Box-office-performances">box office performances</keyword> of the other two releases. Purab Kohli-Tannishtha Chatterjee-Kirti Kulhari starrer Jal has a pertinent theme – it portrays the wild and water-starved <keyword id="80682" type="UNKNOWN" weightage="100" keywordseo="Rann-of-Kutch">Rann of Kutch</keyword> and its people locked in an eternal battle with their hostile surroundings. The movie has been criticised by many as a ‘festival’ flick while others vouch it is as commercial as can be. But either way, it has cut no ice with the domestic audience and reportedly grossed less than Rs 3 crore at home after the first weekend while fourth day collections stood at Rs 40-50 lakh. <keyword id="357845" type="COMPANY" weightage="100" keywordseo="Dar-Motion-Pictures">DAR Motion Pictures</keyword>, in collaboration with <keyword id="2188071" type="COMPANY" weightage="80" keywordseo="One-World-Films">One World Films</keyword>, released the movie across 385 screens, which means it is targeting a <keyword id="2188107" type="UNKNOWN" weightage="100" keywordseo="Niche-audience">niche audience</keyword>. 
 
Ebn-E-Batuta, the third release of the week, also bombed the <keyword id="25892" type="ORGANIZATION" weightage="100" keywordseo="box-office">box office</keyword>. The movie grossed some Rs 40-50 lakh on the first day, but the opening weekend numbers are yet to come in. Directed by <keyword id="2188109" type="UNKNOWN" weightage="100" keywordseo="Varun-Middha">Varun Middha</keyword>, this one had an estimated budget of Rs 5 crore, but may follow the same fate as Jal. 
 
Coming back to Main Tera Hero, it is not difficult to understand what makes this movie so popular. This one provides a laughter riot – a mad concoction of romance, action and <keyword id="3769" type="PERSON" weightage="100" keywordseo="David-Dhawan">David Dhawan</keyword>’s brand of none-too-subtle comedy. But the best thing to happen to us is the star son Varun Dhawan, lauded by most critics as the <keyword id="2188114" type="UNKNOWN" weightage="100" keywordseo="Young-Govinda">Young Govinda</keyword>. It is a remake of the Telugu blockbuster <keyword id="471189" type="ORGANIZATION" weightage="100" keywordseo="Kandireega">Kandireega</keyword> – telling the story of <keyword id="2180043" type="UNKNOWN" weightage="100" keywordseo="Sreenath-Prasad">Sreenath Prasad</keyword> or <keyword id="761791" type="PERSON" weightage="100" keywordseo="Seenu">Seenu</keyword> (Varun Dhawan). The problem kid comes to the big city to put his life in order, carries out his romantic escapades with two babes, <keyword id="2647" type="PERSON" weightage="100" keywordseo="Sunaina">Sunaina</keyword> (Ileana D’Cruz) and <keyword id="173" type="PERSON" weightage="100" keywordseo="Ayesha">Ayesha</keyword> (<keyword id="37518" type="PERSON" weightage="100" keywordseo="Nargis-Fakhri">Nargis Fakhri</keyword>), gets into fisticuffs with Sunaina’s cop beau <keyword id="11572" type="PERSON" weightage="100" keywordseo="Angad">Angad</keyword> (<keyword id="34751" type="COMPANY" weightage="100" keywordseo="Arunoday-Singh">Arunoday Singh</keyword>) and gets entangled with Ayesha’s mafia dad <keyword id="19147" type="PERSON" weightage="100" keywordseo="vikrant">Vikrant</keyword> (<keyword id="6533" type="PERSON" weightage="100" keywordseo="Anupam-Kher">Anupam Kher</keyword>) and his gang. What follows is pure mayhem, but all things are sorted out well in the traditional Bollywood style and true lovers unite at the journey’s end. Quite a hilarious flick if you are ready to put logic away for some time and go with the Bollywood flow. 
 
 
 
In stark contrast, Jal portrays a reality as harsh as the arid land of Kutch. Here we have <keyword id="2188122" type="UNKNOWN" weightage="100" keywordseo="Bakka">Bakka</keyword> (<keyword id="26929" type="PERSON" weightage="100" keywordseo="purab-kohli">Purab Kohli</keyword>), who has the power of divining water spots (does it remind you of <keyword id="6361516" type="PERSON" weightage="60" keywordseo="Nana-Patekar">Nana Patekar</keyword> in Thodasa Roomani Ho Jaayen?), his sweetheart <keyword id="32289" type="PERSON" weightage="100" keywordseo="kesar">Kesar</keyword> (<keyword id="2349" type="PERSON" weightage="100" keywordseo="kirti">Kirti</keyword>) hailing from a rival village and <keyword id="719919" type="UNKNOWN" weightage="100" keywordseo="animal-activist">animal activist</keyword> <keyword id="1158" type="PERSON" weightage="100" keywordseo="Kim">Kim</keyword> (Saidah Jules). Kim is out to save the <keyword id="2188125" type="UNKNOWN" weightage="100" keywordseo="Water-starved-flamingos">water-starved flamingos</keyword>, but not too interested to help the clan living there. Set against a stark yet magnificent backdrop, Jal had all the elements to become an epic tale of love and treachery, hope and hopelessness, apathy and ardour. Instead, viewers are handed out a simplistic story that fails to follow the stream of life (in other words, water) from the past into the future, the way it goes with human history. But the movie is worth the watch because of its <keyword id="2188126" type="UNKNOWN" weightage="100" keywordseo="Offbeat-theme">offbeat theme</keyword> while Purab Kohli literally sets the screen on fire. 
 
Ebn-E-Batuta may remind you of <keyword id="47027" type="PERSON" weightage="80" keywordseo="James-Cameron">James Cameron</keyword>’s <keyword id="44111" type="CITY" weightage="80" keywordseo="Avatar">Avatar</keyword>, but there the similarities end. In this <keyword id="2188127" type="UNKNOWN" weightage="100" keywordseo="India-made-sci-fi-flick">India-made sci-fi flick</keyword>, the <keyword id="77929" type="ENTERTAINMENT" weightage="100" keywordseo="aliens">aliens</keyword> have invaded <keyword id="976816" type="UNKNOWN" weightage="100" keywordseo="Planet-Earth">Planet Earth</keyword> to conquer it, but three <keyword id="343" type="ENTERTAINMENT" weightage="80" keywordseo="Friends">friends</keyword> (<keyword id="389953" type="PERSON" weightage="100" keywordseo="Omkar-Das-Manikpuri">Omkar Das Manikpuri</keyword>, <keyword id="2188128" type="UNKNOWN" weightage="100" keywordseo="Dev-Gohar">Dev Gohar</keyword> and <keyword id="2188131" type="PERSON" weightage="100" keywordseo="Satyendra-Khare">Satyendra Khare</keyword>) try and <keyword id="382268" type="UNKNOWN" weightage="80" keywordseo="leverage">leverage</keyword> the power of the <keyword id="2151868" type="UNKNOWN" weightage="100" keywordseo="extra-terrestrials">extra-terrestrials</keyword> for their own advancement. Some social issues and fun moments are also there, but this one hardly matches the Hollywood flicks in terms of special effects. Kids may still enjoy the movie but with <keyword id="1906261" type="UNKNOWN" weightage="100" keywordseo="Bhoothnath-Returns">Bhoothnath Returns</keyword> (starring <keyword id="6357912" type="PERSON" weightage="80" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword>) hitting the theatres on April 11, Ebn-E-Batuta is not likely to enjoy much exposure at the box office during the second weekend. 
 
Images: Wikipedia

Box Office: Main Tera
Hero Tops The Chart But Jal Is Worth The Watch

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Youtube</div></div></div>Auto sales <a href="http://www.calculatedriskblog.com/2014/06/vehicle-sales-forecasts-over-16-million.html">have going been gangbusters lately</a>. But are automakers really thriving alongside them?
In a new note, Morgan Stanley's Adam Jonas says he has heard evidence of how auto dealers may be facilitating stronger sales numbers that may not actually be translating into top-line gains for carmakers.
Mostly, the alleged juicing has been in the form of extended auto loan terms, of up to 70 months, Jonas says. That has the effect of making the monthly payment more affordable, though ultimately the consumer doesn't pay any less.
This allows dealers to sweeten the offer, permitting them to notch sales, giving the appearance of stronger upfront revenues even when the payment period has been extended. 
Jonas imagines something like the following conversation is taking place at dealerships across America:
Customer: So I want to buy this SUV.
Dealer: Got plenty in stock and can get you out the door in a base version for $521/mo ($30k loan, 60 mth term, 1.7% APR). Whatcha say?
Customer: Darn… my budget is $500/mth and I really can't go any higher than that.
Dealer: Hmmm... lemme talk with the folks in finance and see what we can come up with.
(Dealer steps away, comes back 5 minutes later and hands the Customer a sheet of paper)
Dealer: Good news, we got your payment down to $409/mo ($30k loan, 84 mth term, 4.0% APR). We got a deal?
Customer (looking down at term sheet, a broad smile forms from ear to ear): Not only do we have a deal, but now I can get 4WD and the tech package! How'd you do that? 
Dealer: They're running a special on 7 year loans at a modestly higher rate. Everything else is the same.
(Satisfied customer drives away in an SUV with an ATP [average transaction price] nearly 20% higher than the base price). 
"At the end of the month the published data shows higher sales and higher ATPs, giving the image of improved mix when precisely the opposite is occurring," Jonas writes. "We think more attention should be paid to the risk of consumers being taken out of their normal trade cycle, creating a vacuum."
Hmmm...

This Disturbing Conversation Could Be Happening In Thousands Of Auto Dealerships Across America

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Deutsche Bank just got slammed with a massive fine by US authorities. <a href="http://www.dfs.ny.gov/about/press2015/pr1504231.htm">They'll pay up $2.5 billion</a> (£1.6 billion) in connection with the manipulation of inter-bank interest rates like LIBOR.The regulators also took the time out to publicly humiliate the guys who seem to have been pretty openly trying to manipulate these rates in their favourAccording to the New York Department of Financial Services:Deutsche Bank will pay $2.5 billion, terminate and ban individual employees who engaged in misconduct, and install an independent monitor for New York Banking Law violations in connection with the manipulation of the benchmark interest rates, including the London Interbank Offered Bank ("LIBOR"), the Euro Interbank Offered Rate ("EURIBOR") and Euroyen Tokyo Interbank Offered Rate ("TIBOR") (collectively, "IBOR").But it doesn't end there.The NYDFS goes into some excruciating detail, mocking the employee chat records showing the attempted manipulation (emphasis theirs):For example, on February 21, 2005, a trader requested of another trader who performed submitter duties on a back-up basis, "can we have a high 6mth libor today pls gezzer?" The trader/submitter agreed, "sure dude, where wld you like it mate ?" The trader replied, "think it shud be 095?" The trader/submitter replied, "cool, was going 9, so 9.5 it is." The trader joked, "super - don't get that level of flexibility when [the usual submitter] is in the chair fyg!" Similarly, on December 29, 2006, a trader wrote to a submitter, "Come on 32 on 1. Mth… Cu my frd." The submitter agreed, "ok will try to give you a belated Christmas present…!"They go on:On September 7, 2006, a London desk head attempted to obtain a low EURIBOR submission from an external banker at Barclays, "I'm begging u, don't forget me… pleassssssssssssssseeeeeeeeee… I'm on my knees…" The external banker replied, "I told them 1 m up is that right?" The London desk head continued, "please pal, insist as much as you can… my treasury is taking it to the sky… we have to counter balance it… I'm beggin u… can u beg the [a panel bank] guy as well?" The external banker agreed, "ok, I'm telling him." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-economics-2015-3">'Game of Thrones': The Iron Throne is a terrible investment</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tvNncydDrkw0Adz4yS0Vsg8DPK1cte-i" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

US regulators just slapped Deutsche Bank with a &#163;2.5 billion fine and mocked its traders

E-commerce companies, especially start-ups are going to find it difficult to hire engineering graduates from leading Indian institutes, since the placement teams at these institutes have decided to go strict after some start-ups failed to deliver on the offers they had made in last placement seasons. 
 
Placement teams at institutes, like Birla Institute of Technology &amp; Science (BITS) Pilani University and Delhi Technological University (DTU) told ET that for the coming placement seasons, they would be turning extra vigilant and introduce stringent background checks on companies from e-commerce sector. Till last season, these companies were the most sought-after recruiters, thanks to their loaded pockets and the surging start-up wave in the country. 
 
Also read: <a href="http://www.businessinsider.in/Here-are-the-3-exact-ways-to-prepare-students-for-placement-interviews/articleshow/52122413.cms">Here are the 3 exact ways to prepare students for placement interviews</a> 
 
National Institute of Technology (NIT), Surathkal, NIT-Trichy and Motilal Nehru National Institute of Technology (MNNIT), Allahabad are also pursuing similar strategies for their ongoing and upcoming placements. 
 
"Barring some big names such as Amazon and Paytm, e-commerce companies will have difficulty attracting the best students this year," said a professor in charge of placements at a top NIT on the condition of anonymity. 
 
Last season, as many as 42 students from BITS Pilani, got their offers from start-ups like <a href="http://www.businessinsider.in/Flipkart-calls-deferring-joining-dates-of-campus-recruits-a-tough-decision-but-necessary/articleshow/52437180.cms">Flipkart</a> and Grofers deferred or revoked. Taking a lesson from that, the placement team has, this time, allowed only five to six recruiters from e-commerce and start-up sector to hire their students from the campus. 
 
Also read: <a href="http://www.businessinsider.in/Read-the-Curt-email-IIM-A-sent-Flipkart-about-bad-hiring-policies/articleshow/52431557.cms">Read the Curt email IIM-A sent Flipkart about bad hiring policies</a> 
 
G Balasubramanian, chief placement officer (India and Dubai) at BITS Pilani, said that the institute will now ask new recruiters in said sectors to sign an agreement that states that they are liable to pay six months' compensation along with an experience certificate in case they revoke a job offer. 
 
Also read: <a href="http://www.businessinsider.in/Heres-why-B-school-students-ultimately-opt-for-FMCG-companies-over-startups-during-placement-season/articleshow/51059112.cms">Here's why B-school students ultimately opt for FMCG companies over startups during placement season</a> 
 
NO STARTUPS AT DTU THIS MTH 
Delhi Technological University, which started its placement season a few days ago, has decided that no start-ups would be invited for the entire first month of the season. They have only allowed one e-commerce company, Amazon, to attend the placement season. Other e-commerce companies and start-ups could be allowed to attend placements much later, in the second phase of the placements. 
 
Also read: ​ <a href="http://www.businessinsider.in/Start-ups-low-on-cash-say-no-to-hiring-big/articleshow/52431765.cms">Start-ups are low on cash, and talent acquisition is set to suffer a major deal because of this</a> 
 
<a href="http://economictimes.indiatimes.com/photo/51334995.cms">Image source</a>

Hiring engineers for your start-ups is not going to be easy

Just out: UK <keyword id="87998" type="UNKNOWN" weightage="60" keywordseo="Retail-sales">retail sales</keyword> come in ugly.
<blockquote class="twitter-tweet">
UK Dec <keyword id="6354851" type="ORGANIZATION" weightage="60" keywordseo="Retail">Retail</keyword> Sales -0.1% On Mo; +0.3% On Yr; Forecast +0.2% On Mo; +1.0% On Yr
— DJ FX Trader (@djfxtrader) <a href="https://twitter.com/djfxtrader/status/292202412628901889" data-datetime="2013-01-18T09:30:58+00:00">January 18, 2013</a></blockquote>
Per the UK's own office of National Statistics, the number was one of the worst in year.
<blockquote class="twitter-tweet">
Excluding Dec 2010, the 0.3% yr-on-yr rise in sales volumes was the lowest yr-on-yr growth for Dec mth since 1998 <a href="http://t.co/XxU9FVyG" title="http://bit.ly/V7QF68">bit.ly/V7QF68</a> <a href="https://twitter.com/search/%23ONS">#ONS</a>
— ONS (@statisticsONS) <a href="https://twitter.com/statisticsONS/status/292202288032931840" data-datetime="2013-01-18T09:30:28+00:00">January 18, 2013</a></blockquote>
The pound is sliding in the news.

UGLY UK Retail Sales

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>On Wednesday, the Justice Department announced that, together with a handful of other regulators, it would <a href="http://www.businessinsider.com/libor-rigging-criminal-charges-and-fines-2015-5">fine Wall Street banks some $5.8 billion</a> for their roles in the 2008 LIBOR interest rate and currency rigging scandal.As we learn more about the investigations, we're also learning about <a href="http://www.businessinsider.com/libor-traders-mess-this-up-and-sleep-with-one-eye-open-at-night-2015-5">the crazy things the crooked traders said</a> to one another in online chatrooms, where they most often went to communicate.We mined the transcripts (from the <a href="http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/writtencommunication_deutsche.pdf">CFTC</a>, <a href="http://www.fca.org.uk/static/documents/final-notices/barclays-bank-plc-may-15.pdf">FCA</a>, <a href="http://im.ft-static.com/content/images/ee8b6f40-fef5-11e4-84b2-00144feabdc0.pdf">New York State Department of Financial Services</a>, and others) and pulled together some of the most ridiculous quotes:<ul><li>Gems from the CFTC:</li><ul><li>COULD WE PLS HAVE A LOW 6MTH FIX TODAY OLD BEAN?</li><li>COME ON. WE ALWAYS NEED HIGHER LIBORS !!! HAHA</li><li>I'll coordinatethe overnight in the same way as we did last week</li><li>FIXINGS AS USUAL MONSIEUR?</li><li>Amigo checked with my FFT their 3m euribor contributionwhich seems v low at 2.11 like ur FFT have u checked withyuoyr guys???</li><li>you're going to help me, promise me?????</li><li>I JUST WANT TO CHECKWHETHER WE HAVE CONFLICTING INTERESTS INTHE JUNE 06 SETTLEMENT. IT DOESN'T MAKESENSE IF WE TRY TO PUSH ONE WAY AND U WLDLIKE TO HAVE IT THE OTHER WAY AROUND. WEWLD PREFER A LOW 3ME FIXING TO PUSH JUNE06HIGH. IS THIS UR PREFERENCE AS WELL?</li><li>"its just amazing how libor fixing can make you that much money" (cited in the <a href="http://blogs.wsj.com/deals/2013/02/06/the-best-rbs-libor-quotes-its-a-cartel-now-in-london/">WSJ</a>)</li><li>"pure manipulation going on" (cited in the <a href="http://blogs.wsj.com/deals/2013/02/06/the-best-rbs-libor-quotes-its-a-cartel-now-in-london/">WSJ</a>)</li></ul><li>And from the NY State Department of Financial Services (emphasis ours): </li><ul><li>"markup is making sure you make the right decision on price . . . which is whats the worst price i can put on this where the customers decision to trade with me or give me future business doesn'tchange . . . if you aint cheating, you aint trying." (This quote came from the future co-head of UK FX Hedge Fund Salesat Barclays.)</li><li>"everybody is in agreement in not accepting a local player as a broker?" "yes, the less competition the better." </li><li>"hard mark up is key . . . but i was taught early . . . u dont have clients . . . udont make money .. . so dont be stupid." </li><li>"give the rate that was most advantageous to the bank, but would not make the customer go away!" </li></ul><li>From the FCA: </li><ul><li>"boys well done...top work"</li><li>"we delivered...but i dont wanna kiss from u...i just take a beer" </li><li>When a firm asked Barclays whether they had any stop loss orders, it responded it had an order that was "primed like a coiled cobra ... concentrating so hard ... [as if] made of wax ...[haven't] even blinked."</li><li>"fooooooooooookkkkk" (when a particular trade went poorly) </li></ul><li>From UBS' plea document: </li><ul><li>"mate yur getting bloody good at this libor game ... think of me when yur on yur yacht in monaco wont yu." </li><li>"JUST BE CAREFUL DUDE." "I agree we shouldn't ve been talking about putting fixings for our positions on public chat."</li></ul></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/prevent-blisters-jogging-running-shoes-sneakers-athletic-shoelace-hole-2015-5">Someone figured out the purpose of the extra shoelace hole on your running shoes - and it will blow your mind</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lyNnMwdToPHeoBdqEnriXIBVrqyIR6er" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

'If you aint cheating, you aint trying' and other ridiculous quotes from the traders who just cost Wall Street $5.8 billion

David Zervos of Jefferies is always good for a unique take on economics, and his latest note on the <keyword id="648838" type="UNKNOWN" weightage="60" keywordseo="debt-ceiling">debt ceiling</keyword> doesn't fail to deliver.
He starts by talking about, yes, the economics of the trillion dollar coin, but where he gets interesting is where he talks about how a US default could possibly occur.
Without a Platinum Coin the debt limit ensures that there will come a day in the not too distant future where the Treasury general account has a zero balance. What will happen with the 100b of monthly deficit spending that cannot via funded via debt issuance? The Republicans believe it will force spending cuts of 100b/mth, or at least get the Democrats to cave on entitlement reform. Maybe, but mechanically, when that account gets to a zero balance, the guy with the toughest job on the planet will be Ben.
He will have to answer the one question that haunts everyone at 20th and Constitution Ave: Will the Fed ever bounce a US Treasury check? My guess is that the answer to that is NO! While Obama will not (and probably cannot) invoke the 14th amendment to just issue Treasury debt beyond the ceiling, Ben is not so lucky. If he were to send "insufficient funds" notices to little old ladies trying to cash US Treasury benefits checks, he may very well be in violation of the 14th amendment. The Fed would be questioning the value of US public debt. The rubber meets the road on the Fed's balance sheet and inside the Treasury general account. The trigger on any default would have to be pulled by Ben. And its a bazooka he does not want to fire!
The idea that the Fed could give the Treasury overdraft protection is one that's been denied via reports, but when the rubber meets the road, there's no guarantee of what will happen.
Much like the coin debate, it would at least rekindle the question of where money really comes from.
<a href="https://www.hub.com/hub/">Find more Zervos at Markit Hub &gt;</a>

ZERVOS: There's Only One Man Who Can Put The US Into Default And His Name Is... BERNANKE

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERSTraders read a newspaper story about the 513 point loss yesterday at the New York Stock Exchange on September 1, 1998</div></div></div>The U.S. Bureau of Labor Statistics released the much-awaited March jobs report this morning, and markets are moving.
Job growth failed to stage the snap back that much of Wall Street expected after an unseasonally harsh winter was said to weigh on the numbers over the past several months.
The reactions are starting to pour in. Here's what the Street is saying.
NEIL DUTTA, HEAD OF U.S. ECONOMICS AT RENAISSANCE MACRO: "Conditions in the labor market continue to improve but remain far from good. The March employment report has something for everyone except economic growth bears. If you are a bull, aggregate hours continue to rise, supporting the idea that the weakness in Q1 was weather related and likely to be short-lived. If you are a dove on the FOMC, you can point to the rise in participation, steady unemployment rate and flat growth in earnings as a way to reiterate the idea that rate hikes remain in the distance. If you are a hawk on the FOMC, there is nothing in this report to suggest that tapering should not continue."
MILLAN MULRAINE, DEPUTY HEAD OF U.S. RESEARCH AND STRATEGY AT TD SECURITIES: "Despite the weak headline performance this was a solid labor market report, with a combined 229K jobs being added and rising labor market participation, the underlying tone of this report was quite encouraging. A 200K print on the headline number is likely to be seen as a critical hurdle for the labor market, however, given broad-based strength in this report there is every indication that we may be well on our way to achieving this outcome very soon. The main takeaway from this report is that the labor market is continuing to bounce out of the weather-induced slump of earlier this year, and while the pace of rebound remains slower than we expected, we take encouragement from the strong showing in almost every other aspect of this report."
ANDREW WILKINSON, CHIEF MARKET ANALYST AT INTERACTIVE BROKERS: "Most sectors added a decent slew of jobs in March in a sign that employers are warming to hiring as they feel the subtleties of strengthening final demand. Retailers, for example, by adding 21,000 positions all but wiped out total losses sustained over two prior readings. Professional hiring rose by a solid 57,000, down from a February gain of 81,000, which was the strongest in exactly one year. That number included the addition of 29,000 temporary workers typically read as a precursor to sustained hiring. Construction companies added 19,000 workers while mining and logging industries added 7,000 positions. Food services companies added 30,000 positions lifting the annual change to 323,000 positions. Leisure and hospitality added 29,000 positions. Net government hiring was flat during the month."
MICHELLE GIRARD, CHIEF ECONOMIST AT RBS: "A very straight forward report. Nonfarm payrolls rose by 192,000, both overall and in the private sector. Both readings were in line with their 12-month moving averages (+187,000 and +189,000, respectively). Weather was still cold in March, but not as bad as February. So no weather rebound, but also no real weather drag and end up with a trend gain. The conclusion then is that employment conditions are pretty much the same as they have been last few years. This report should not move the dial in either direction for either the market or the Fed. Hours worked rebounded -- this was where weather impact has been most evident. The average workweek rose to 34.5 hours, back to the level it was in November (from January-November 2013, the average workweek held between 34.4 hours and 34.5 hours). Hourly earnings were flat following a 0.4% jump last month (which we suspected was distorted by the weather, as hours worked were down due to weather but for many workers, pay was unchanged so, average hourly earnings go up). On a year/year basis, earnings slipped from 2.2% to 2.1%. While much was made the February uptick, doesn't appear to be much going on in terms of wage growth."
ALAN RUSKIN, GLOBAL HEAD OF G10 FX STRATEGY AT DEUTSCHE BANK: "Mixed payrolls data works with most of the FOMC thoughts that the labor market will give them plenty of time before needing to respond to the recovery. In terms of impact, this is not a great number for rates, FX and equities vol; will take some of the steam out of my favored short Eurodollar rate trades (though still a believer multi-month); will be helpful for FX carry, fitting in 'sweet spot' for EM and commodity currencies. Suspect carry shorts will still be spread between JPY, EUR and USD in that favored order. On the positive growth side: 1. Large gains in hours worked, so the broadest measure of activity, aggregate hours worked, is up a very healthy 0.7% on the month as payback to the soft -0.1% decline the prior mth. 2. Payrolls In March largely as expected, with upward revisions to Feb (now a decent 197K) and Jan making payrolls slightly better than expected. Weather effect in prior mth notably Feb is now much more muted. 3. Manufacturing hours worked very strong, offsetting subdued -1K manufacturing employment. Construction employment still solid despite mixed housing data. 4. The rise in UE rate came in face of large 476K household employment gain. Negative side: 1. Uptick in UE rate, even for 'good reasons"(rise in participation rate) still buys the Fed time and works with a view that participation will rise as the economy improves. 2. Broad U6 rate up 0.1% to 12.7% is disappointing. 3. Flat hourly earnings (again distorted by large hours gain) taken in tandem with 0.4% prior gain, works against idea of much additional wage pressures."
KIT JUCKES, GLOBAL STRATEGIST AT SOCIETE GENERALE: "I've been told I am not thumping the table much on this trip to the US, and have happily conceded that I am waiting for something to change, rather than sure when it will. The US is generating jobs at a pace consistent with steady but unspectacular growth, the Fed has outlined its monetary policy normalisation framework and investors have accepted it, and concluded that if rates are heading to 3.5-4pct, there is little to fear. The big threat to the vol-selling, carry-seeking consensus is a pick up in wage growth and hence in inflation expectations. Well, we can put that to bed for another month as wage growth dipped in an otherwise unexciting nfp report. 2.2pct y/y for non-supervisory workers, 2.1pct overall. Meh!!"
IAN SHEPHERDSON, CHIEF ECONOMIST AT PANTHEON MACRO: "The payroll details show a slightly smaller increase in core NSA payrolls than we expected and a surprise dip in the NSA birth/death contribution (75K compared to 92K in March '13) but the seasonal factor was little changed from last year, adding a modest 23K compared to March '13. Elsewhere, note the unch hourly earnings offset the weather-distorted 0.4% Feb gain; still no real sign of an acceleration in the trend, despite other evidence of labor market tightening. Hours worked rebounded strongly, with the 0.7% gain more than making up for the 0.1% Feb dip, and the workweek was strong too. Overall, then, a solid return to form. Hawks will fret over the sustained payroll strength while doves will point to the (very) tentative signs of rising participation. The jury is out, but tapering continues."
SCOTT BUCHTA, HEAD OF FIXED INCOME STRATEGY AT BREAN CAPITAL: "Wage growth remains stagnant and underemployment is still elevated, which had led to slack in the Labor markets. 'Slack' may well become the new buzz word for the second quarter as the markets look to evaluate structural changes in the labor markets and evaluate when the FOMC may first begin to raise rates. We remain in the 'lower for longer' camp as far as rates go, although we now believe that the Fed will try to wind down QE3 by the end of this year." 
ADRIAN MILLER, DIRECTOR OF FIXED INCOME STRATEGY AT GMP SECURITIES: "So what does the NFP report tell us? Clearly the strong upside revision in the February report more than offset the slight miss in the March report. But we did not get the catch-up move we expected from depressed job growth in December and January, possibly due in part to the January and February revisions. So if we incorporate the March report and previous revisions we would characterize the report in aggregate as being largely in line even as the household survey recorded somewhat better results than the establishment survey. From the market's standpoint with the labor market in better shape than initially expected as evidenced by the revisions equity prices are moving higher. And yet, the labor market is not displaying signs of being poised to record robust growth, which means a steady as she goes approach for the Fed as the probability of a first half 2015 rate hike diminished which plays well for the bond market that is seeing yields fall post report. Net net, the economy is improving and has largely moved past the weather's negative impact and the labor market is gaining momentum albeit modestly, so all indications suggest we should be able to hit our full year GDP growth rate of +3.0% as the unemployment rate slides near 6% by year end."
More to come as we get it...

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