U.S. foundation giving steady in 2010: report (Reuters)

NEW YORK (Reuters) ? U.S. foundations made $45.7 billion in grants in 2010 and are expected to give away up to 4 percent more this year amid a fragile economic recovery, a top philanthropic research group said on Thursday.

Giving from the country's 76,000 grant-making foundations was almost unchanged last year from 2009, and remained 2.1 percent below a record $46.8 billion in 2008, the Foundation Center said.

Foundation assets grew about 5 percent last year to $621.4 billion, but remain 9 percent below their pre-financial crisis high of $682.2 billion recorded in 2007.

The group's report, "Foundation Growth and Giving Estimates," said that giving held steady for the past couple of years due to a recovering stock market, foundations drawing upon endowments and cutting administrative costs.

The top U.S. foundations by giving include the Bill & Melinda Gates Foundation, the AstraZeneca Foundation, the Ford Foundation, the GlaxoSmithKline Patient Access Programs Foundation and the Susan Thompson Buffett Foundation.

"Foundations provided stability for non-profits during a time of crisis," said Foundation Center President Bradford Smith. "Many made extraordinary efforts to maintain their giving levels, while other, often newer foundations even increased their giving."

Independent foundations gave $32.5 billion in 2010 and corporate foundations gave $4.7 billion, both down less than 1 percent from 2009, while giving by community foundations fell 2 percent to $4.1 billion.

The Foundation Center forecast giving would grow 2 percent to 4 percent this year, with half the 1,065 foundations surveyed expecting to increase their grant-making in 2011. About 17 percent saw grants remaining unchanged and 30 percent expected a decrease.

"These additional dollars will help to seed the many promising endeavors put on hold during the depths of the economic crisis," said Steven Lawrence, director of research at the Foundation Center and principal author of the report.

The report stressed that demand for funds from U.S. foundations had grown considerably in recent years, adding to pressure on philanthropic groups.

"Beyond the long-term challenges foundations regularly address ... the economic downturn slashed government revenues at all levels, leaving political leaders and the organizations they support scrambling to replace lost dollars," it said.

(Editing by Daniel Trotta and Laura MacInnis)

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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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Summary Box: Cisco pulls tech stocks higher (AP)

CISCO JUMPS: Technology stocks rose Wednesday after the CEO of Cisco Systems Inc. promised to take "bold steps" to narrow the company's focus. Cisco rose 5 percent, the most of any company in the Dow Jones industrial average.

MORE OIL: Energy companies fell. The Energy Information Administration said U.S. crude supplies grew more than expected last week, rising by 2 million barrels, much more than analysts expected.

THE INDEXES: The Dow Jones industrial average rose 33 points to 12,426. The S&P 500 rose 3 points to 1,335. The Nasdaq composite rose 8, or 0.3 percent, to 2,799.

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Free Ice Cream Sundae at Friendly's

Get a free ice cream sundae at Friendly's when you buy any chicken strips entr�e. Choose from Friendly's Signature, Honey BBQ, or Kickin' Buffalo chicken strips. Each entr�e comes with cole slaw and a dipping sauce. The free sundae is called Happy Endings, which comes with two scoops of ice cream and one topping. I'll take mint and chocolate ice cream with chocolate syrup, please!

It's unclear how long this free ice cream sundae offer will last, as there is no expiration date on the Friendly's website. The chain has more than 4,000 restaurants and ice cream shops across the country, so chances are there is one near you. Doesn't look like there are any limitations on the coupon, so if everyone in your group orders chicken strips, everyone gets a free ice cream sundae!

Check back later today and through the week for more great freebies at WalletPop.

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Three Key Trends for Women's Clothing Retailer Ann Taylor

The online sales of adult apparel in the U.S. grew almost 10% in 2010, far outstripping the 1.9% growth in the overall apparel market, according to research firm NPD's February 2011 report on the US apparel market. This is great news for Ann Inc. (formerly Ann Taylor Stores Corp.) as well as retailers Aeropostale, American Eagle Outfitters, J.Crew Group, and Limited Brands.

We currently have a $28.46 Trefis price estimate for Ann Taylor, which is about in line with the current market price. Below are the 3 key trends that we believe have significant implications to ANN's business.

Online Apparel Retail Growing at Double Digit Rate

Ann Taylor witnessed tremendous growth in its online channel with sales for both Ann Taylor and LOFT e-commerce increasing by more than 50%. Identifying the increasing significance of its online channel and the tremendous growth potential it offers, Ann has planned a significant investment of $25 million in its online channel for 2011 and expects to derive an increasing share of its sales from the e-commerce channel.

We believe, Ann Taylor's e-commerce revenues will continue to increase at a double digit rate of 15% going forward. You can drag the chart above to see the impact of different e-commerce sales growth scenarios on ANN's stock.

Saturation of Women's Apparel Market in the U.S.

The women's apparel market in the U.S. is mature and has historically witnessed a low but stable growth rate of just over 2% annually. However, after a decline of 5% in 2009 during the recession, women have once again led the way in the fashion apparel market increasing women's apparel sales by close to 3% in 2010.

However as both of Ann's primary brands approach market saturation, ANN has been working on new outlets for its products like factory stores and online stores and newer fashion styles in order to keep growth from stalling.

As a result, we estimate that Ann Taylor's revenue per square foot will slow in the future keeping in line with the overall growth in the women's apparel market in the U.S.

Increasing Competition from Department Stores & Specialty Retailers

The women's apparel retail industry is highly competitive, with the number of players increasing year after year. While ANN has made progress by upgrading its Ann Taylor store and fine-tuning its Loft brand, expanding market share may prove to be difficult as the company faces increasing competition from department stores (Nordstrom, Macy's) and specialty retailers (Chico's FAS, Talbots, Abercrombie & Fitch, Limited Brands, GAP).

See our complete analysis of Ann Taylor.

Like our charts? Embed them in your own posts using the Trefis Wordpress Plugin.

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Kudos To Paul Ryan And The GOP For Acknowledging Our Budget Mess

Rep. Paul Ryan's (R-WI) plan to cut the budget deficit makes some laughable assumptions and leaves many questions unanswered:
Namely, where the $4.4 trillion of the $6.2 trillion of "savings" are going to come from.

Ryan doesn't have the balls to actually specify these cuts: He just proposes capping federal spending at 20% of GDP. In the absence of specifics, saying that the plan will save $6.2 trillion over 10 years is misleading.

But Ryan and the Republicans deserve a lot of credit for at least acknowledging the huge fiscal mess the United States is in and proposing specific long-term remedies for dealing with it.

For the last several years, the United States has acted as though it can have everything forever: All the services and benefits everyone wants while also cutting taxes. The country's $1.6 trillion ANNUAL deficit, combined with debt approaching 100% of GDP (which doesn't even factor in future healthcare and Social Security liabilities) reveal that this is a pipe dream. (See: A Short Course On Why The US Is Screwed)

What can't go on forever won't. Our leaders have a duty to acknowledge the problem and propose a way out--even if the solutions are temporarily unpopular.

(That's what true leadership is, by the way: Doing the right thing even when it's unpopular, and finding a way to get folks to follow and support you because you can make them understand that it's the right thing).

The Republicans and Paul Ryan are at least taking steps in this direction. They are acknowledging our problem and proposing concrete steps to deal with it.

The Democrats, meanwhile, are just stuffing their heads in the sand.

This year's budget negotiations are pretty much irrelevant. Whether this year's budget cuts $30 billion of spending or $60 billion, the savings will be a rounding error on the overall deficit.

The Democrats have yet to even acknowledge the massive long-term problem the country faces, let alone propose to solutions to it.

We understand and respect the concern about whacking the budget in the midst of a fragile recovery--it's a valid one. If the Democrats were defending the minor cuts in this year's budget by proposing them in conjunction with a compelling long-term plan, we'd be more sympathetic.

As it is, we can only conclude the following: The Democrats are still dreaming of a perpetual free lunch. (And they'll do and say anything to get re-elected.)

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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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Searching for Value on the High Seas

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These aren't good times to be an ocean shipper.

The Baltic Dry Index, which measures the rates charged by bulk transporters such as DryShips (Nasdaq: DRYS) and Diana Shipping (NYSE: DSX), has fallen from a peak above 4,000 in May to 1,043 today. It has declined by nearly 60% just in the past three months, and it's taken the share prices of many fleet operators down with it.

The following companies have fallen between 12% and 40% in the past year and are likely to report some pretty ugly numbers in the coming quarters. But if you look past the near future, you may find some considerable long-term value in owning a carefully selected ocean carrier. Most now trade for significantly less than the price of their ships, and many can be had for less than the cash flow they generated over the past three years, which was a depressed environment to begin with. And things just may be on the cusp of turning around.

A new beginning?

Company Name	Market Cap	Price/3-Year Average OCF	Price/Book	Debt/Equity	52-Week % Performance
DryShips	$1.5 billion	3.67	0.52	97%	(12%)
Diana Shipping	$945 million	4.80	0.85	30%	(12%)
Navios Maritime (NYSE: NM)	$492 million	4.32	0.48	219%	(22%)
Genco Shipping (NYSE: GNK)	$403 million	1.64	0.37	163%	(40%)
Excel Maritime (NYSE: EXM)	$378 million	1.93	0.23	70%	(19%)
Eagles Bulk Shipping (Nasdaq: EGLE)	$256 million	2.46	0.39	174%	(18%)
Paragon Shipping (NYSE: PRGN)	$161 million	2.09	0.33	72%	(30%)

Data from Yahoo! Finance, Morningstar, and author's calculations. As of 1/30/11.

Even as commodities have continued their strong performance, dry bulk shipping has suffered from a confluence of woes. For starters, the worldwide cargo shipping fleet is estimated to grow by 18% this year, and that forecast has sparked fears of oversupply. It also hasn't helped that Australia, a major exporter of iron and coal, has seen its exports hampered by excessive flooding. Analysts have estimated that these floods may eventually cause more than 30 percentage points of decline in the Baltic Dry.

With any luck, these matters will be temporary, and they will shortly blow over. Some observers are expecting a new record in goods shipped this year, and so long as the demand for commodities continues to soar, shippers should work through this eventually.

Granted, there are considerable risks. Investors looking to navigate through these waters should know that high levels of debt are all too common in this industry. Small changes in value therefore have a disproportionate equity effect. It's also difficult in such an environment to keep up with debt payments during prolonged periods of slowdown.

The industry has also become heavily dependent on China. The Chinese consume more than 50% of the world's iron ore and import more than one 150 million tons of coal each year to satisfy their domestic demand. A slowdown in China could very quickly bring with it a drop in shipping demand.

But despite the potential headwinds, one has to get excited about these historically cheap valuations. Many of these businesses trade at only a fraction of their five-year average price-to-book values. Investors believing in the strength of commodities may find that with a little bit of due diligence, an investment in the shipping industry may turn into a profitable adventure.

For related Foolish content:

• China's Risk to Your Portfolio in 2011
• Is DryShips the Perfect Stock?
• Cliffs Dives Deep Into Iron Ore for Asia

Keep up with the latest Foolish coverage of shipping stocks, or any other stocks you'd like to follow. Just add the stocks you're interested in to My Watchlist.

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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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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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Kudos To Paul Ryan And The GOP For Acknowledging Our Budget Mess

Rep. Paul Ryan's (R-WI) plan to cut the budget deficit makes some laughable assumptions and leaves many questions unanswered:
Namely, where the $4.4 trillion of the $6.2 trillion of "savings" are going to come from.

Ryan doesn't have the balls to actually specify these cuts: He just proposes capping federal spending at 20% of GDP. In the absence of specifics, saying that the plan will save $6.2 trillion over 10 years is misleading.

But Ryan and the Republicans deserve a lot of credit for at least acknowledging the huge fiscal mess the United States is in and proposing specific long-term remedies for dealing with it.

For the last several years, the United States has acted as though it can have everything forever: All the services and benefits everyone wants while also cutting taxes. The country's $1.6 trillion ANNUAL deficit, combined with debt approaching 100% of GDP (which doesn't even factor in future healthcare and Social Security liabilities) reveal that this is a pipe dream. (See: A Short Course On Why The US Is Screwed)

What can't go on forever won't. Our leaders have a duty to acknowledge the problem and propose a way out--even if the solutions are temporarily unpopular.

(That's what true leadership is, by the way: Doing the right thing even when it's unpopular, and finding a way to get folks to follow and support you because you can make them understand that it's the right thing).

The Republicans and Paul Ryan are at least taking steps in this direction. They are acknowledging our problem and proposing concrete steps to deal with it.

The Democrats, meanwhile, are just stuffing their heads in the sand.

This year's budget negotiations are pretty much irrelevant. Whether this year's budget cuts $30 billion of spending or $60 billion, the savings will be a rounding error on the overall deficit.

The Democrats have yet to even acknowledge the massive long-term problem the country faces, let alone propose to solutions to it.

We understand and respect the concern about whacking the budget in the midst of a fragile recovery--it's a valid one. If the Democrats were defending the minor cuts in this year's budget by proposing them in conjunction with a compelling long-term plan, we'd be more sympathetic.

As it is, we can only conclude the following: The Democrats are still dreaming of a perpetual free lunch. (And they'll do and say anything to get re-elected.)

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It?s Not Just Autos: Shortage of Japanese Parts Puts U.S. Economy at Risk, Tonelson Says

The devastating earthquake and tsunami that hit Japan last month is slowly starting to have a bigger impact on U.S. manufacturing.

Toyota announced Monday that its North American plants would likely have to close later this month due to supply disruptions in Japan. Honda, Nissan and Ford have already announced temporary plant shutdowns and Chrysler could be next in line.

But the impact of Japan's disaster on U.S. manufacturing has been vastly underestimated and goes far beyond the auto and electronics industries, says Alan Tonelson, research fellow at the U.S. Business and Industry Council and author of Race to the Bottom.

A new report by the Council found that "many of the highest rates of dependence on Japan are found in non-electronics capital goods sectors ? industrial machinery and components vital to high-value production throughout the domestic U.S. manufacturing base."

The report ? entitled A Supply-Chain Earthquake? American Industrial Dependence on Japanese Manufactures ? cites these market-share figures for the sectors unrelated to electronics and automobiles that come from Japanese imports:

• Metal cutting machine tools = 21% of U.S. market-share comes from Japan
• Turbines for generating energy = 14.8%
• Metal-forming machine tools = 12.7%
• Plastic and rubber making machinery = 11.2%

"If you go to most small- and medium-sized factories in this country in particular, you are going to see a wealth of foreign made machine tools many of which are coming from Japan," Tonelson tells Aaron in the accompanying interview. "[Therefore] if we have supply chain disruptions due to the Japanese earthquake ? that is likely to affect much of the advanced high-value manufacturing sector because these machine tools and bearings and forgings, etc. are such an integral of advanced manufacturing today."

Such disruptions -- over and beyond those of car and electronics -- certainly would not bode well for the U.S. economic recovery. "When you consider the number of advanced manufacturing industries that are so heavily reliant on Japanese capital equipment, so many different types, you'd have to say [a double-dip recession] is a very real possibility," he says. "We also have to remember that these high-value U.S. manufacturing industries generate an out-sized share of the economies best-paying jobs ? especially for working class people."

But there may be a silver lining to this story.

Should shortages continue, Tonelson hopes that U.S. manufacturers can adapt to fill the growing supply gap. But, in order for that to happen, he says there has to be some major shifts in policy-making that would support jobs here at home, rather than (continuing to) sending them overseas.

Tell us, do you think the U.S. should be less reliant on foreign made goods?

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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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More signs of Fed discord on rate policy (Reuters)

ROANOKE, Virginia (Reuters) ? Two top Federal Reserve officials offered conflicting views on interest rates on Thursday, one arguing they should stay low for a long time and another saying a rate hike could be in the cards this year.

Richmond Federal Reserve Bank President Jeffrey Lacker, an inflation hawk, said inflation risks have risen in the last six months, potentially warranting some form of monetary tightening before the end of the year.

"Rate hikes by year end are certainly a possible outcome given what we see with momentum in economic growth and given how inflation risks seem to have evolved," Lacker, an inflation hawk, told reporters after a speech.

In contrast, Cleveland Fed Bank President Sandra Pianalto, speaking in Rome, said the Fed should keep its federal funds target rate very low for a long while to come, and complete its $600 billion bond purchase program as scheduled

Pianalto said she saw no evidence that sharp rises in food and energy prices would lead to lasting inflation, though the Fed is watching for any signs of an unanticipated spillover.

"My outlook for economic growth and inflation assumes that we complete our asset purchase program as originally scheduled, and keep our federal funds rate target at exceptionally low levels for an extended period," Pianalto said.

The Fed's bond purchases are scheduled to end in June.

"I don't expect recent rises in food and energy prices to cause a broad spillover into a wide array of consumer prices, or in other words a lasting increase in inflation," said Pianalto. She said underlying inflation would rise only gradually toward 2 percent by 2013.

Lacker was not as sanguine. He said the Fed should consider selling some of its mortgage bond holdings potentially early in its exit strategy.

"The housing finance market can easily withstand a substantial liquidation of our MBS holdings," Lacker said. "I don't think we should fear tanking the housing market

In response to the crisis and the ensuing recession, the Fed has bought well over $2 trillion in mortgage and government bonds. Lacker favors a return to holding only Treasuries, since he worries that the housing bond buys blurred the line between monetary and fiscal policy.

The U.S. economy expanded 3.1 percent in the fourth quarter, a solid clip but not enough for a country still digging its way out of a deep hole. U.S. unemployment has come down rather rapidly in recent months, but remains at an elevated 8.8 percent.

(Additional reporting by Gavin Jones in Rome; Editing by Neil Stempleman)

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Business events scheduled for Friday (AP)

Major business and economic events scheduled for Friday:

WASHINGTON ? Commerce Department releases wholesale trade inventories for February, 10 a.m.

BERLIN ? Germany's Federal Statistical Office releases export and import data for February.

LISBON ? Portuguese commuters endure another morning rail strike as trade unions keep up their protests against austerity measures that came into force last year in the debt-heavy country.

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