The Frugal Consumer: Three Classic Home Theater Films for Teens

The U.S. economy is recovering, but stagnant incomes mean family budgets are tighter, with less money left for entertainment. And if you're a parent of teenagers, you may not have as much discretionary cash as you once did to spot them $30 or $40 every week for a night out at the movies with a date or friends.

But that creates a dilemma: How does a family stay within its budget without having the young adults conclude that their lifestyle is more austere than the that of the Puritans?

Here's one option: Consider bringing the movie home to the teens via a home theater system. If you have a big-screen TV with a decent pair of speakers, you're halfway there.

If your teens balk at the option, ask them to try it for just one night. Odds are, after a test drive, they'll make it a regular event.

But for it to work, you'll need the second half of the equation: A great movie that young adults will like. Unfortunately, this takes a little research, because Hollywood hasn't produced too many gems lately. Don't fret: The research has already been done here. Listed below are three classic movies -- all available on DVD for less than $15 -- that should please the younger crowd.

Three Screen Gems for Teens

American Graffiti (1973). Genre: Romantic/Comedy. Stars: Ron Howard, Richard Dreyfuss. Most teens probably will balk at the thought of watching this film, but recommend it to them, anyway. More than likely, after a few minutes, they'll be 100% engrossed in the movie. Director George Lucas' tribute to his youth in the early 1960s in California's car culture is a masterpiece, combining a brilliant script, issues that teens can identify with (dating, impressing friends, social pressures, growing up), humor, and a classic rock 'n' roll soundtrack. Produced by Francis Ford Coppola, this box office blockbuster redefined how soundtracks are applied to films. Teens who have heard of it but never seen it may dismiss it as "a really old film," but after viewing it, most will probably change their verdict to "I didn't know it was a really good film."

Jaws (1975). Genre: Thriller. Stars: Roy Scheider, Richard Dreyfuss, Robert Shaw. Director Steven Spielberg's adaptation of Peter Benchley's novel is almost certain to keep the teens riveted to the screen. True, the special effects are basic compared to today's technology, but very little else is mediocre in this blockbuster ocean-faring thriller that literally left many Americans scared to swim in the ocean that summer. Jaws has many themes young adults will find appealing: the beach, generational conflict, and the price one pays to do the right thing in the face of social or political pressure. More than likely, your teens will be engrossed from the first few notes of the film's legendary score.

Titanic (1997). Genre: Epic/Romance/Disaster. Stars: Leonardo DiCaprio, Kate Winslet. Director James Cameron combines a love story with social commentary in a fictionalized account of the tragic 1912 ocean liner disaster. The development of the relationship between the supercool DiCaprio and the striking Winslet offers more than enough to interest teens, and the pageantry of the age combined with the film's spectacular visuals should also impress. Note: Given its length (three hours), it's best to schedule an intermission.

OK -- the hard work is done. Now ask your teen to invite their crew over on a Friday or Saturday night, tell them to turn off the smart phones and computers for a couple hours, and enjoy.

Just remember to make a lot of popcorn.

Tagged: American Graffiti, DVD, DVDs, entertainment, films, home entertainment, home theatre, Jaws, movies, teens, Titanic, young adults

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Go, nogo debate still on: MoEF to review policy

The environment ministry will review the go, no-go policy for mining. Sources tell CNBC-TV18 that the MoEF will make a presentation of reviewed areas in the next GoM. However, the areas under tiger reserves wont be touched. Moreover, projects with have Stage 1 nod will get approval for the next stage as well.

According to No-Go policy, the areas with over 30% gross forest cover are not allowed for coal mining. Similarly, areas that are 10% or more in weighted forest cover are out of bounds for coal mining.

Environment minister Jairam Ramesh in the last meeting of the GoM had assured the coal ministry that he will be positive towards infrastructure projects after imposing ban last year on mining in No-Go zones.�

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Stocks fall after another earthquake hits Japan (AP)

NEW YORK ? Stocks fell Thursday after a 7.4-magnitude earthquake struck off the coast of northern Japan. The losses moderated slightly after a tsunami warning was lifted.

The Dow Jones industrial average fell as many as 96 points in morning trading before recovering some of its losses. Japan's stock market had already closed by the time the earthquake struck.

The quake rattled investors, partly since it struck near the same area as the massive earthquake that triggered devastating tsunami on March 11. Stock indexes pared their losses after the impact of the latest quake appeared to be less than initially feared.

The Dow fell 56 points, or 0.4 percent, to 12,367 in afternoon trading. The broader S&P 500 fell 5, or 0.4 percent, to 1,330. The Nasdaq composite index fell 5, or 0.2 percent, to 2,795.

In the U.S., economic news was mostly positive. The Commerce Department said 382,000 people applied for unemployment for the first time last week. That was the third drop in four weeks. The decline in applications suggests layoffs are slowing.

Major retailers also reported better-than-expected sales for March at stores that have been open at least a year. Analysts had predicted declines because of cold weather and higher gas prices.

Costco Wholesale Corp. rose 4 percent after reporting a 13 percent gain in sales. Limited Brands Inc. rose 1 percent after it said its revenue increased 14 percent because of strong sales at its Victoria's Secret stores. Nordstrom Inc. and Macy's Inc. also rose about 1 percent.

Bed Bath & Beyond Inc. rose 11 percent, the most of any stock in the Standard & Poor's 500 index. The home furnishings retailer posted strong results late Wednesday and said it expected earnings to rise 10 percent to 15 percent this year.

Constellation Brands Inc. rose 6 percent. The maker of Robert Mondavi wine and Svedka vodka recovered from a loss in the same quarter a year ago and reported a double-digit increase in wine sales in North America.

KLA-Tencor fell 5 percent, the most out of any company in the S&P 500. The chip manufacturer gets 14 percent of its revenues from Japan.

Netflix, Inc. also fell, dropping 3 percent a day after the home-entertainment company announced its decision to pay nearly $1 million per episode to stream the TV series "Mad Men." Dish Network Corp. emerged as a new competitor after announcing it would buy Blockbuster Inc. out of bankruptcy.

Bond prices rose, sending their yields lower. The yield on the 10-year Treasury note fell to 3.54 percent from 3.55 percent late Wednesday.

The European Central Bank raised its main interest rate by a quarter point to 1.25 percent, a day after Portugal asked for a bailout. The Bank of England kept its main interest rate unchanged at 0.5 percent.

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How to Create the Right Mindset to Get Out of Debt

In light of actor and rapper Ja Rule pleading guilty to tax evasion, and becoming a Money Coach for nearly a decade, and as someone who was once $100,000 in credit card debt, I know that becoming debt-free isn't just about using solid money-management techniques and effective debt-elimination strategies. It's also about having the right mindset to get out of debt.

Here are four insights to help you create the proper mindset to get out of debt.

1. It's Not About the Money

Most of us erroneously think that the biggest drawback of being in debt is the amount of money we have to pay to banks and creditors. We bemoan all the cash that goes down the drain in the form of interest. Or we rail about high fees, late payments and other charges tied to having debt.

But the real price tag of debt isn't the financial cost associated with owing others. It's the toll that debt takes on every area of your life.

Debt wreaks havoc on you emotionally, causing physical and mental stress. Debt taxes relationships, leading couples to argue more, or divorce. Debt limits your personal and career options, keeping you in a dead-end job or unable to move because you owe too much money on your credit cards or your mortgage.

So stop thinking that becoming debt free is simply a way to improve your wallet. Think instead about how becoming debt free will improve your entire life, including your health, your relationships and your overall emotional well-being.

2. You Have More Power/Leverage Than You Think

Debt can often feel like bondage -- and for good reason. When you're deep in debt, and trapped by excessive bills, you're essentially a slave to your creditors. But despite the fact that you may owe thousands, or even tens of thousands of dollars to banks or other financial institutions, you have more leverage than you may think.

For instance, if you are facing high-interest-rate credit cards, you have the power to call up your credit card company and negotiate. Unfortunately, too few consumers do this. They think: "I'm just one small customer" or "The bank is going to say 'No' anyway."

But banks send out billions of credit card offers annually. And if you've been paying your bills on time, the bank doesn't want to lose your business. So simply calling up the issuer or your Visa or MasterCard and asking: "Is this the best rate you can offer?" could get you better terms.

Even bankruptcy ? which I only recommend as a last resort - is a form of leverage with your creditors. Banks know that if you file for bankruptcy protection, they may get nothing. So in such cases, they may be more flexible and willing to negotiate.

My point is: Once you shift your mindset to being proactive about your debt, instead of passive or reactive about it, you'll be better equipped to chip away at those bills and come up with debt-elimination strategies that best suit your individual circumstances.

3. It's NOT Someone Else's Fault

We'd all like to blame someone else for our debt woes and our financial problems. The "irresponsible" ex-spouse who ran up the bills. The "stingy" boss who wouldn't give us a raise. Or maybe even the "greedy" bankers who gave us credit and loans in the first place!

But to get out of debt, you have to accept responsibility for your predicament. You have to think about the choices YOU made, the things YOU did - or did not do - that led to your current state of financial affairs.

It's only by seeing your own level of personal responsibility that you become empowered. You have to start to think: "If I got myself into this mess, I have the power to get myself out of it." At the very least you need to ask yourself: "How did I contribute to my debt?" And more importantly: "What can I do to help turn things around?"

Even if you got into debt through seemingly no fault of your own (perhaps because you were downsized, went through a divorce, or had big medical bills in the family), you should review what happened and think about how you could have financially protected yourself and safeguarded your household against such unforeseen events.

Could you have had a bigger savings nest egg? Could you have had more insurance? Instead of blaming others, focus on what you could have done to help avoid the situation or examine what's within your power to do now to fix the problem.

4. Paying Off High Interest Rate Debt First Isn't Always the Best Strategy

Here's a bit of financial advice that you've likely heard over and over: Pay off your high interest rate credit card debt first. Unfortunately, it's also bad advice that doesn't fit everyone's circumstances.

Some people shouldn't worry about high-rate debt because, frankly, the interest rates on their debts aren't really that high at all. They should focus on paying off cards with the highest dollar balances. Other should go after cards with the lowest dollar balances. How do you know which is best? Think about what bothers you most -- and then attack your area of pain.

If you're stressed out because your cards are all maxed out, then you need to pay off cards with the highest dollar balances first. If you're finding it hard to keep it with so many credit cards, because you've got a wallet full of plastic, then you should pay off the cards with the lowest dollar balances first. As you pay off cards, then use the money you had been paying to double up on the next card.

The main reason you shouldn't always pay off your high interest rate debt first is because that strategy can takes many months - if not years - before you see your balances start to budge. For most people, that's way too long and depressing.

Who wants to fight against debt month after month only to see that the $170 they paid on a Visa card only covered $17 worth of the principal balance and the other $153 went toward interest? Little wonder that people don't stay motivated or stick to a payoff plan when the only advice they get is: pay off high rate debt first.

So instead, pick a proper debt payoff strategy that lets you get an immediate emotional boost from seeing that your plan is working. That will keep you motivated and on track to becoming debt-free.

Getting out of debt takes persistence and some savvy financial moves. But it also requires the right mindset ? especially if you want to be debt-free as quickly as possible.

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Equitable Life: outcome not so equitable for all policyholders

The company says any policyholder who invested �10,000 into Equitable 15 years ago would now have savings worth a modest �14,000. By taking the one-off bonus this would rise to �16,000.

Equitable says it expects to pay out �40m to 30,000 policyholders during the first year, but in reality many more are likely to take advantage of the offer, having been trapped in their low-paying investments for many years.

Whilst this is good news for some people, it serves to remind us of those who were not so lucky.

Paul Weir, of the Equitable Members Action Group (Emag), said the money is a "drop in the ocean compared to the �6bn people have lost over the past two decades". The bonus has also come too late for the thousands of Equitable policyholders who have already died.

Let's just hope ministers and regulators prevent anything like this ever happening again.

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Riding on brand Dhoni, Chennai team becomes IPL favorite

Chennai Super Kingsit's a brand that has suddenly acquired a whole lot more punch. Evidence: new sponsors, and exciting merchandise. CNBC-TV18's Swathi Narayanan reports.

Chennai is suddenly hot property. Well, at least, the Chennai Super Kings team is. And it's largely thanks to this cool customer.

Mahendra Singh Dhoni, Captain, Indian cricket team and now Chennai Super Kings' said, "Once you come to Chennai you find its quite hot over here and I am quite well planned ahead of the IPL."

It's not just the hairstyle, or the lack thereof that will energise the team. Despite a four-fold increase in the entry price for sponsors, new sponsors are lining up. Gulf Oil and TI Cycles, to name a few, will join the ranks.

Aircel, which has been a sponsor for three years, has extended its contract for another three years, and Reebok will sponsor the team for another two years.

Ravi Chawla president of Gulf Oil Corp' lubes business said, "At this time, the strategy has been to get into the southern market, after having made our investments in the north and in the south as well we are looking at growth across our segments which are mainly trucks, cars and motorcycles."

Dhoni's presence alone is doing wonders for Chennai Super Kings, making it the fastest growing IPL brand. It's value, which stood at USD 50 million a year ago, and is now estimated at over Rs 100 million.

Rakesh Singh, VP of marketing, Chennai Super Kings, said, "Dhoni is priceless. To give a value to that is impossible. Definitely Dhoni is a super cool captain. And that will come off on any brand."

Merchandising will also receive a fresh thrust. Apart from jerseys and caps, 20 other products will be on offer. "We have player look alike t-shirts from Reebok. We have comic books that will be on sale, notebooks from Bilt for the children. We are basically trying to target the youth and children segment as they are the real supporters," Singh added.

And the team owners are all smiles. Thanks to Chennai Super Kings, the popularity of India Cements has grown in the northern markets that they recently forayed into. Their plant in Rajasthan is running to full capacity and incidentally this plant is located in a place called Mahi!

Tags: IPL, Chennai Super Kings, DLF IPL, Swathi Narayanan, CNBC-TV18, Dhoni, Gulf Oil, TI Cycles, Aircel, Reebok, Bilt, India Cements

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Warren Buffett?s PR Nightmare: The Sokol Saga Continues

"If questioned about this matter in the future, I will simply refer the questioner back to this release," Warren Buffett declared last week when he announced David Sokol's resignation.

Buffett may have wanted to have the last word, but the controversy isn't going away.

Buffett's claim that Sokol did nothing "unlawful" remains to be determined. The SEC is reportedly weighing an investigation of Sokol's trading in Lubrizol shares ahead of Berkshire Hathaway's bid for the company last month.

However, Sokol clearly violated Berkshire Hathaway's policy that bars company officials from trading in public companies "that may be involved in a significant transaction with Berkshire," The WSJ reports.

The key issue here is that Sokol first acquired Lubrizol shares in December after being pitched the company by Berkshire's bankers at Citigroup. (See: Did Buffett Blow It? The Sokol Story Doesn't Add Up )

Because of the nature of the meeting -- a top Berkshire executive meeting with the firm's M&A bankers -- it's unfair to compare Sokol's Lubrizol trades with Charlie Munger's position in BYD, as some apologists have done. Munger reportedly owned BYD "for years" in a personal account prior to Berkshire's purchase. By contrast, Sokol's fiduciary duty was to the firm and its shareholders in this case, not his personal portfolio.

Buffett: Myth vs. Reality

Given that, Buffett's public statements visa vis Sokol's trades are hard to fathom. If Sokol violated Berkshire's policy, why did Buffett defend his rumored successor and not fire him "for cause"? And does Buffet really think anyone will believe the Lubrizol trades were "not a factor in [Sokol's] decision to resign," as he claimed last week?

Having been the beneficiary of largely glowing coverage over the years ? some it deserved ? perhaps Buffett has started to believe his own press clippings.

Of course, some of this is our own fault. It was na�ve to think that Buffett could become one of the world's richest men merely by being a nice guy who outworked and outsmarted the competition. Arguably, he's done as good a job managing the media as his portfolio, as another legendary investor ? Michael Steinhardt ? suggested on CNBC this week.

But no one is above reproach or above the law and it seems like the time has (finally) come for the investing public ? and once-fawning journalists ? to ask: Is Buffett's image as a purveyor of "homespun wisdom" reality or merely just spin? (See: Will the Real Warren Buffett Please Stand Up? )

Aaron Task is the host of The Daily Ticker. You can follow him on Twitter at @atask or email him at altask@yahoo.com

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Jobless Claims Remain Below 400,000 for 6th Week

Jobless Claims Remain Below 400,000 for 6th Week

The Department of Labor reported today that initial jobless claims fell by 10,000 for the week ending April 2, bringing the four-week moving average down by 5,750 to 389,500 (see chart).� For the first time since July 2008, the four-week average for jobless claims has remained below the benchmark 400,000 level for six consecutive weeks, and provides additional evidence that conditions in the labor market are gradually improving.�

According to Reuters:

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Markets fall after Japan aftershock (Reuters)

NEW YORK (Reuters) ? U.S. stocks fell on Thursday after Japan suffered a major aftershock, which caused injuries and renewed concerns about industrial supply disruptions and nuclear power.

Investors sought protection against further market declines, which sent the CBOE Volatility Index VIX (.VIX) up 2.2 percent to 17.27. VIX futures also rose as investors bet the index could rise above 20 by May.

The earthquake, measured at magnitude 7.4, caused no tsunami or detectable damage at the Fukushima Daiichi nuclear plant, but investors remained cautious after Japan's 9.0 deadly earthquake and tsunami on March 11. For details, see

"It got people thinking that maybe this is not finished yet, and this is of a bigger scale than what we had expected," said Jack DeGan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.

The VIX, which often moves inversely to the S&P 500, measures the cost of hedges or protection investors are willing to pay against a fall in the S&P 500. The heavy call volume suggests expectations for more anxiety in the future.

The iShares MSCI Japan Index ETF (EWJ.P) dropped 0.9 percent, rebounding off earlier lows, while dollar-denominated Nikkei futures slid 1.2 percent.

The Dow Jones industrial average (.DJI) was down 61.91 points, or 0.50 percent, at 12,364.84. The Standard & Poor's 500 Index (.SPX) was down 5.35 points, or 0.40 percent, at 1,330.19. The Nasdaq Composite Index (.IXIC) was down 5.97 points, or 0.21 percent, at 2,793.85.

Stocks had been mostly flat prior to the news of the quake, with the S&P 500 encountering strong technical resistance that stymied gains after a larger-than-expected drop in weekly jobless claims and March retail sales that topped expectations.

"The consumer seems to be hanging in there despite higher gas prices," said Donald Selkin, chief market strategist at National Securities in New York, which has about $3 billion in assets under management.

Among retailers, Costco Wholesale Corp (COST.O) beat expectations, and its shares gained 3.4 percent to $77.57. Macy's Inc (M.N) rose 0.3 percent to $25.26 while Target Corp (TGT.N) fell 2 percent to $49.93.

Bed Bath and Beyond Inc (BBBY.O) surged 10.1 percent to $54.37 a day after it forecast full-year earnings growth that would beat Wall St expectations.

U.S.-listed shares of Japanese stocks fell, but some analysts said they might buy on the weakens.

"I'm looking at auto manufacturers, and I'm definitely looking to buy Honda if it gets cheap enough," said Tim Hartzell, chief investment officer for Houston-based Sequent Asset Management.

New York-traded shares of Honda Motor Corp (HMC.N) rose 0.2 percent on volume that neared its 50-day average.

(Reporting by Angela Moon, Editing by Kenneth Barry)

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Is it time for hotel boom?

The Indian hotel industry is in an upbeat mood. A slew of major international brands are lining up with open wallets and cheque-books, reports CNBC-TV18's Swati Khandelwal Jain.

International hotel giants want to make Indian hospitality their own. And each one of them, from Carlson to Hilton, to Marriot to Starwood, are ready to jump into what is, for them, one of the most important and fastest growing markets in the world.

Hubert Joly, president and CEO, Carlson, said, "India is our top focus, given the size of the country, the economic expansion, the growth of travel and tourism. Today we have 34 hotels in operation. We are going to open 19 hotels this year and we continue to have a goal to have at least 100 hotels in operation by 2015."

Frits Van Paasschen, president and CEO, Starwood Hotels & Resorts, said, "India is our fourth largest market today around the world as a country and the second fastest growing. We had about 25 hotels a year ago and we expect to be close to 50 by the end of next year. So you would be imagining a doubling from 25 to 50 hotels over a three-year period. We believe that there is another doubling from 50 to 100 hotels in the two to three years after that."

Christopher J Nassetta, president and CEO, Hilton Worldwide, said, "From 5 hotels today we plan to have 10 at the end of this year and 15 at the end of next year and 50 plus over the next four or five years."

Simon Copper, president and MD - Asia Pacific, Mariott International, said, "I would say over the next three years we will double our representation in the market."

Not to be left behind, domestic players are also angling for a bigger piece of the pie. Indian Hotels and Oberio feel 2012 will be a better year in terms of growth and margins. With a revenue target of USD 2 billion, India Hotels, for instance, wants to increase room count to 20,000 over the next 5 years.

Raymond Bickson, MD and CEO, Taj Hotels and Resorts Palaces, said, "I think margins are picking up."

Rattan Keshvani, president, Trident, said, "This year we are all looking at about a 15-20% growth in the topline which is going to be a combination of occupancies and rates. I think the occupancies are stable now and because the occupancies are stable we can expect rates to start climbing."

Funding, which was a big problem, is also melting away. Nearly 50% of the projects are now being financed by big private equity players and investment bankers.

Manav Thadni, Chairman, HVS India, said, "This is the first time we have got around 14-15 bankers out here and they are looking to lend to the industry."

The numbers say it all. With investments of USD 10.3 billion, 82,000 new jobs being created and 60,000 rooms to be added over the next five year, clearly makes India a hot spot for both Indian and international hotel majors.

Also read: Room inventory to grow by 600 keys: Hotel Leela

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Google Reinvents YouTube Again with Premium Video Channels

In 2006, Google (GOOG) bought Internet video powerhouse YouTube for $1.65 billion. The search giant claims the deal was a financial success. Management says that YouTube's revenue rose to nearly $1 billion last year, and it hints that the site may be profitable. But Google doesn't have to break out YouTube as a unit in its quarterly financial statements, and profits within divisions of big firms always depend what expenses the parent assigns. For example, who pays for the video storage and bandwidth costs for YouTube -- the video site or Google?

Google's latest move to boost the site and raise revenues is to create premium video channels on YouTube, several media outlets are reporting. The premium zone would include as many as 20 sections of content, all streamed to TVs, PCs, and portable devices. That makes YouTube's new model sound just like those of nearly every challenger in the premium video market, from Netflix (NFLX) and Comcast (CMCSA) to Amazon (AMZN), Apple (AAPL) and Hulu.

Google has battled with content-creating companies in the past. Viacom (VIA) sued YouTube for copyright infringement to the tune of $1 billion. Some observers thought that the legal action would ruin YouTube, but a federal court ruled in favor of Google last year.

Google has one advantage over its competition in the online video race: viewers. According to Comscore, in February, Google video sites had 141 million unique U.S. visitors, and almost all of that traffic was to YouTube. Those visitors accounted for 1.8 billion viewing sessions. No other U.S. video site even came close. So if size matters, Google may be able to get a large share of the premium video content delivery market.

But size may not matter as much as consumers' mindsets. Many people think of YouTube as primarily the online home of grainy, amateur clips of laughing babies, dancing dogs, and music videos. It's a reasonable perception: YouTube has for the most part been a collection of an odd mix of home videos since it was founded. Google will have to change that image if it hopes to get large numbers of consumers to visit YouTube looking for premium video. And old images die hard -- especially on the Internet.

Tagged: google, home video, hulu, laughing baby, music videos, pay wall, PayWall, premium video, profits, streaming video, unique visitors, YouTube

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The Frugal Consumer: Three Classic Home Theater Films for Teens

The U.S. economy is recovering, but stagnant incomes mean family budgets are tighter, with less money left for entertainment. And if you're a parent of teenagers, you may not have as much discretionary cash as you once did to spot them $30 or $40 every week for a night out at the movies with a date or friends.

But that creates a dilemma: How does a family stay within its budget without having the young adults conclude that their lifestyle is more austere than the that of the Puritans?

Here's one option: Consider bringing the movie home to the teens via a home theater system. If you have a big-screen TV with a decent pair of speakers, you're halfway there.

If your teens balk at the option, ask them to try it for just one night. Odds are, after a test drive, they'll make it a regular event.

But for it to work, you'll need the second half of the equation: A great movie that young adults will like. Unfortunately, this takes a little research, because Hollywood hasn't produced too many gems lately. Don't fret: The research has already been done here. Listed below are three classic movies -- all available on DVD for less than $15 -- that should please the younger crowd.

Three Screen Gems for Teens

American Graffiti (1973). Genre: Romantic/Comedy. Stars: Ron Howard, Richard Dreyfuss. Most teens probably will balk at the thought of watching this film, but recommend it to them, anyway. More than likely, after a few minutes, they'll be 100% engrossed in the movie. Director George Lucas' tribute to his youth in the early 1960s in California's car culture is a masterpiece, combining a brilliant script, issues that teens can identify with (dating, impressing friends, social pressures, growing up), humor, and a classic rock 'n' roll soundtrack. Produced by Francis Ford Coppola, this box office blockbuster redefined how soundtracks are applied to films. Teens who have heard of it but never seen it may dismiss it as "a really old film," but after viewing it, most will probably change their verdict to "I didn't know it was a really good film."

Jaws (1975). Genre: Thriller. Stars: Roy Scheider, Richard Dreyfuss, Robert Shaw. Director Steven Spielberg's adaptation of Peter Benchley's novel is almost certain to keep the teens riveted to the screen. True, the special effects are basic compared to today's technology, but very little else is mediocre in this blockbuster ocean-faring thriller that literally left many Americans scared to swim in the ocean that summer. Jaws has many themes young adults will find appealing: the beach, generational conflict, and the price one pays to do the right thing in the face of social or political pressure. More than likely, your teens will be engrossed from the first few notes of the film's legendary score.

Titanic (1997). Genre: Epic/Romance/Disaster. Stars: Leonardo DiCaprio, Kate Winslet. Director James Cameron combines a love story with social commentary in a fictionalized account of the tragic 1912 ocean liner disaster. The development of the relationship between the supercool DiCaprio and the striking Winslet offers more than enough to interest teens, and the pageantry of the age combined with the film's spectacular visuals should also impress. Note: Given its length (three hours), it's best to schedule an intermission.

OK -- the hard work is done. Now ask your teen to invite their crew over on a Friday or Saturday night, tell them to turn off the smart phones and computers for a couple hours, and enjoy.

Just remember to make a lot of popcorn.

Tagged: American Graffiti, DVD, DVDs, entertainment, films, home entertainment, home theatre, Jaws, movies, teens, Titanic, young adults

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European Central Bank raises interest rates for first time in nearly three years despite Portugal bailout

The ECB also raised its deposit rate by 25 basis points to 0.5pc, and increased its marginal lending rate by the same amount to 2pc.

ECB President Jean-Claude Trichet will talk about the reasoning behind the bank's decision at a news conference starting at 1.30pm London time.

Bank of England policymakers held rates despite a surge in inflation. The majority of the Monetary Policy Committee members continue to judge the economic recovery as too shaky to withstand higher rates.

They are betting that inflation of 4.4pc - more than double the target - will ease once oil and food prices come down.

Most economists were expecting the Bank of England to leave rates unchanged. Simon Ward, Henderson's chief economist, was the only one of 67 forecasters polled by Reuters to forecast a rates rise.

Howard Archer of IHS Global Insight said the decision "indicates that serious concerns and uncertainties over the growth outlook deterred the MPC from acting despite the pressure for higher interest rates coming from elevated and still rising consumer price inflation".

The MPC, which sets interest rates, said last month that a rise in oil prices, fanned by tension in the Middle East and North Africa, had increased risks to both inflation and growth.

Three of the nine MPC members voted to raise interest rates last month, but economist says there is little evidence so far that Britain's economy has enjoyed a strong rebound from the shock contraction at the end of 2010.

Economists believe this is needed to convince Mervyn King, the Governor of the Bank of England, and the majority on the MPC that it is time to raise rates.

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Jobless claims fall, retail sales stronger (Reuters)

WASHINGTON (Reuters) ? New claims for jobless benefits fell last week and retailers racked up much stronger-than-expected sales in March, signs that high fuel prices have not knocked the economy off its growth path.

Initial claims for state unemployment aid slipped 10,000 to 382,000, the Labor Department said on Thursday, a touch below economists' expectations and firmly beneath the 400,000 level associated with steady jobs growth.

Other data showed shoppers shrugged off higher gasoline prices last month to boost sales at many retailers as improving labor market conditions encouraged discretionary spending.

Same-store retailer sales had been expected to decline for the first time since August 2009, in part because Easter falls three weeks later than last year, delaying some spending.

"The claims report is one more piece of evidence that the general labor market is improving," said Patrick O'Keefe, head of economic research at J.H. Cohn in Roseland, New Jersey.

"The economy is growing and employers are no longer laying off workers because of a weakening in the general economic conditions but rather they doing so for normal business reasons."

The claims data underscored the strengthening labor market tenor and came on the heels of a report last week showing employers added 216,000 jobs in March, with the unemployment rate falling to a two-year low of 8.8 percent.

Last week, the four-week average of unemployment claims, a better measure of underlying trends, fell 5,750 to 389,500.

With the labor market conditions firming, consumers are feeling a little more confident to loosen their purse strings.

Sales at stores open at least a year rose 1.7 percent in a tally of 25 retailers, topping expectations of a 0.7 percent decline, according to Thomson Reuters.

GASOLINE TO DISTORT RETAIL SALES

The stronger-than-expected same-store sales bode well for the government's overall retail sales report for March, which is scheduled for release next week and is expected to be heavily influenced by the high gasoline prices.

They offered some relief after other data on consumer spending suggested a moderation in the pace of economic growth early in the year after a fairly brisk pace in the fourth quarter.

Consumer spending -- which accounts for about 70 percent of U.S. economic activity -- got off to slow start in the first two months of 2011 -- held back by bad weather. Rising gasoline prices also took spending away from other sectors.

The stronger-than-expected same-store sales were little boosted by inflation, given the nature of the merchandise which economists said was less sensitive to the high energy prices.

"Consumers have held back for a long time, there is a certain amount of pent-up demand. Wage growth isn't much, but we are also seeing an increase in income because of an increase in job growth," said Steve Blitz, a senior economist at ITG Investment Research in New York.

"Job growth also means that for those who are employed there is reduced concern about being laid off so the pent up demand is coming out."

With the latest fall, initial claims for jobless benefits are now beneath the 400,000 level, which is generally associated with steady job growth, for four weeks in a row.

The four-week average has held below that mark for the sixth straight week. Economists say both measures need to drop to about 300,000 to signal a strong labor market recovery.

Signs of improvement in the jobs market were also evident in the number of people still receiving benefits under regular state programs after an initial week of aid, which fell in the week ended March 26 to the lowest level since October 2008.

However, long-term unemployment remains a major problem.

A total of 8.52 million people were claiming unemployment benefits under all programs in the week ended March 19, the latest week for which data is available.

"While the labor market has stabilized and employment may be increasing, it's not increasing so rapidly that previously unemployed people who were claiming benefits are returning to work at a fast clip," said J.H. Cohn's O'Keefe.

(Additional reporting by Jessica Wohl in Chicago; Editing by Neil Stempleman)

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IRS Commissioner Seeks Changes in Annual Tax Filing Process

April 06, 2011, 3:18 PM EDT

By Richard Rubin

(Updates to reflect speech as delivered, starting in third paragraph.)

April 6 (Bloomberg) -- U.S. Internal Revenue Service Commissioner Douglas Shulman outlined a ?vision for a more real-time tax system? that would reduce the need for audits after returns are filed.

Shulman said the IRS should receive all paperwork such as W-2 and 1099 forms before individuals file their returns. That would allow the agency to flag potential problems before it processes tax returns, instead of sending out refund checks and then starting audits.

?This would not only change the face of taxpayer service but also compliance,? he said in a speech today at the National Press Club in Washington. ?Unlike today?s look-back model, we would do a 180-degree turn, and most basic compliance activities would be done up-front, and we would reject a return right away if a problem was detected.?

Shulman said implementing such changes would require new investments in technology and would require payroll processors and businesses to alter their annual tax-filing calendars. That could include accelerating the Feb. 28 deadline for Form 1099, which is used for independent contractors, he said.

Under this plan, Shulman said, taxpayers could have a better working relationship with the IRS.

?Significant Gains?

?The payoffs are huge,? he said. ?Taxpayers avoid the hassle factor, and back-end audits are much more focused on issues that require real follow-up. We would see significant gains in both service and compliance that actually have the potential to save billions of dollars across the public and private sectors in reduced administrative burden.?

He said there would be fewer cases in which auditors would seek to reclaim refunds from prior years, after taxpayers have spent the money and forgotten the precise details of their tax returns.

The changes Shulman outlined would mark major shifts for businesses and taxpayers, and would take years to implement, said Edward Karl, vice president for taxation at the American Institute of Certified Public Accountants in Washington.

?The issue is: Do the preparers of the 1099 have accurate and complete information to be able to do it?? he asked.

He also said that allowing taxpayers to know what information the IRS has about them would also serve to show what the agency doesn?t have. That could discourage taxpayers from reporting other income.

?This could be a problem with voluntary compliance,? Karl said.

--With assistance from Greg Stohr in Washington. Editors: Jodi Schneider, Don Frederick

To contact the reporter on this story: Richard Rubin in Washington at rrubin12@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net

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