Weekend in doha apotentials from the Worlds Biggest Oil producers are gathering for what some call one of the most important discussions in recent memory. The goal, to reach an agreement that would limit output. If that happens it would be the first step in carbon production that has resulted in a glut of oil worldwide. Has thrown companies into bankruptcy. As brian selvin reports, reaching a deal wont be easy. Reporter a global game of political intrigue with hundreds of billions in oil dollars on the line. Major oilproducing nations gathering in doha, qatar, sunday to try to win a deal to stabilize or possibly even cut global oil production. The world is Still Producing 1 Million Barrels per day more than it needs. Even with american output falling this year. Ful the countries attending the meeting face a catch22. They desperately need higher prices to fill their budget holes but they cannot risk slowing production because they need every dollar they can get. The biggest conflict comes between saudi arabia and iran. The saudis along with russia reportedly have agreed to cap production at current levels. And say they need iran to do the same. But so far iran has rejected any deal and continues to increase exports. Iran needs the money and wants to rebuild Global Market share. Oil ministers in tehran have no doubt recognized the saudis and russians are trying to freeze their own output at near record levels. If the two sides can put aside longstanding animosity and agree to a production cap, crude oil prices are likely to continue to rise. Oil not the only place saudi arabia and iran are at odds. Body are sighting in syria and yemen with proxies. Sometimes even with their own troops. In syria, the saudis want assad out. Iran is fighting to keep him in place. Yes, maam help, iranianbacked rebels have been fighting with massive help from iran to push the sunniled g out. Both countries, yemen and syria, are now in ruins. While the outcome of sundays summit is uncertain, one thing is certain every oilproducing company and country in the world will be focused on what happens in a hotel 7,000 miles away from america on sunday. For nightly Business Report, im brian sulliv. Oil prices today fell ahead of that key meeting. Traders and analysts are just growing skeptical there will be any agreement to help clear that Oil Supply Glut that brian was talking about. Today domestic crude settled nearly 3 lower to just about 40 a barrel. And as Jackie Deangelis reports for us, where prices go from here is not exactly clear, not even to the experts. Reporter confusion in the oil markets. Thats the feeling of traders heading into a key meeting in doha this weekend. In a cnbc poll of analysts, traders and energy funds there is no consensus. Street estimates have been calling for a price rebound in oil in the second half. Estimates of 60 to 70, some as high as 85. But those polls said domestic crude will finish the year at 40 to 50. Basically where we are now. The upcoming doha meeting could be a shortterm catalyst. A little bit more than half of those polled said that they think theres more than a 50 chance that some deal could be reached, although they dont know what it will look like. While they say a no deal outcome will take prices lower, the majority think that oil saw its bottom earlier this year when it got close to 26 a barrel. The most important factor influencing prices right now still oversupply. That was overwhelming response. Demand, global risk, and dollar fluctuations all still key factors. The one thing we know is we are in the midst of an oil glut. There could be downward pressure on prices but nobody knows exactly whats going to happen next. For nightly Business Report, im Jackie Deangelis. Oil and gas firm Goodrich Petroleum has filed for chapter 11 bankruptcy protection becoming the latest company to fall victim to Falling Energy prices. Goodrich says it expects to maintain duft liquidity during the restructuring and will be able to continue running its operations. The company primarily operates in louisiana, mississippi, and texas. To wall street where stocks flopped to close the week. Pressured by Energy Shares and a decline in oil prices. Some expected the dow to take a breather anyway after that 350point gain in three days that we had seen. Fueled by the rally in the banking sector. By todays close the dow industrial average fell nearly 29 points to close at 17,897. The nasdaq dropped by 7. The s p was off by 2. But it was a winning week overall. All of the major averages rose more than 1. 5 this week. Now to the global economy. China posted its slowest quarterly growth in seven years during the first quarter. Gdp in the worlds secondlargest economy expanded by 6. 7 . While its the worst threemonth performance since the financial crisis, the slowdown was expected and the deceleration is actually milder than some had feared. One of the biggest risks to the markets worldwide is the possible exit by britain from the european union. The socalled brexit. This week the head of the imf warned there would be a negative Economic Impact globally should britain vote to leave the eu and today uk chancellor de exchequer George Osborn echoed that warning. I hope the british people vote to remain in and i think theyre getting clear messages from around the world that there are great economic benefits from remaining in and costs if we leave. If we do leave, then of course we will have to deal with that situation. There will be a twoyear negotiation around the exit from the eu. And of course our bank of england will be alert to the Financial Stability consequences of that. But were clear, leaving would cause an economic shock. That very important vote in britain is scheduled for june the 23rd. And here at home, there are signs of persistent weakness in manufacturing. Industrial production, a broad gauge of output across factories, slowed in march. The decline of. 6 was steeper than expected. Output has fallen for six of the past seven months. A separate report showed a decline in Consumer Sentiment which was lower for the fourth straight month. Experts say the drop reflects the reluctance among consumers to spend freely. The president of the chicago fed says inflation data will be an important consideration for the central bank when it comes to raising interest rates. Charles evans says that the bank the bar is high for any action when it comes to the meeting later this month and he would like policymakers to wait until inflation reaches or exexceeds its 2 target before hiking again. Housing is a key pillar of the economy and part of the reason many people want to own a home is for the tax break. As diana olick explains that financial incentive for buyers who need it most is not what it used to be. Reporter it used to be a big factor for firsttime home buyers, owning a home gets you a tax break. Not so much anymore, not for most young buyers anyway. Near record low Mortgage Rates and a higher standard deduction make it hard for a lot of buyers to qualify. Heres why. The standard Marital Deduction has risen from 1,300 in 1972 to 12,600 today, meaning the first 12,600 of itemized deductions has no benefit to consumers. A typical firsttime home buyer buying a home around 200,000 pays less than 12,000 in mortgage interest and property taxes annual, not enough to hit the itemization level. Even with other deductions that write the taxpayers over that 12,600 limit, the tax savings are minimal. The mortgage interest thdeductif the largest federal expenditures at about 70 billion a year but does little to boost Home Ownership because it favors wealthier buyers purchasing expensive homes. 77 of the benefits go to homeowners with incomes above 100,000. Im Diana Oel Nick w. The spring selling season is in full swing. Buyers are out there looking. But so are swindlers targeting everyone from land buyers to those looking for investment properties. As andrea day reports now, real estate fraud is on the rise. When outlandish claims are made about how much money you can make, it get peoples attention. Reporter when it comes to fraud this former federal prosecutor has seen just about everything. I was in a case where people signed deed paperwork and turned out to be invisible ink. Reporter one of many tricks criminals could use to separate you from your cash. In the silicon valley, the santa clara das office says that Real Estate Investment schemes, mortgage fraud, forgery, and rental scams are on the rise. In just the last decade, skyrocketing from 14 million in losses in 2005 to nearly 98 million in losses just last year. And theyre not alone. According to the fbi, the amount of money being lost in real estate fraud nationwide is also way up. The total losses from complaints filed online in 2015 more than doubled from the previous year. My advice to investors is simple. Number one, dont take things at face value. Reporter advice that may have stopped investors before they dump nearly 500 million into a massive real estate scheme in texas that according to assistant u. S. Attorney Christopher Ethan was nothing more than a fairy tale told by this guy, thomas lucas. Let me finish my question im finishing mine. Reporter lucas being sued by a Group Investors after ethan says more than 250 handed over cash, hundreds of millions. Based on a tip from lucas socalled source. His secret source had inside information about where disney was planning to expand in the continental united states. By adding six more theme parks and a resort in north texas called frontier disney. He sold that lie to hundreds of investors. So they could buy land with the idea that once disney made its announcement, they stood to make a lot of money. Reporter but that announcement never came and only some lucky investors were able to pull out of the shady land deal. Disney never intended to come here, they never were purchasing land to come here. Reporter he said lucas source, just another tall tale. Do you know what his position was with disney . I know he was a Vice President of something. He had a lot of arrogance. People who commit fraud crimes do. Reporter how difficult is it to safeguard your investments . Consider hiring an investigator to research before you invest. Dont buy into wild Success Stories or promises of extravagant returns. Dont get caught up in big names or namedropping. In the end, burns says theres nothing wrong with going with your gut. If something seems too good to be true, a lot of times it is. Reporter what could those investors have done, bankinging on a secret source . According to burns if you cant do due diligence, dont invest. Theres always that simple phone call to corporate headquarters. Its amazing what you can learn. Im andrea day for nightly Business Report. Still ahead, how much did the first family earn last year . We have the obamas tax return. Here it is. April 15th. Usually tax day. But not this year. Its monday instead on the 18th because of a quirk in the scheduling and while lastminute filers are scrambling as usual we got a look at the president s returns today. Emoney javers joins us with a look at the numbers. The president did not need those extra couple of days to get his taxes in, heres his 1040 form filed today, released to the press this afternoon. Highlights of what the president earned this year, he didnt have such a bad year. The president reported adjusted gross income of 436,065. Total tax of 81,472. That gives the president and his wife an effective rate of 18. 7 . Really interesting to dive into this 45page 1040 form. A lot of the details how the president lives his life, including some of the charitable donations the president and first lady have made. And a lot of person al, the school where his daughters attend school, also to the beau biden charitable foundation, thats obviously in honor of the Vice President s late son. So some real personal Charitable Giving there by the president and the first lady. What about the Vice President s return . What did you find out there . So interesting. When we looked at joe bidens return, heres a guy who made less than his boss but somehow manage to the pay more in taxes. Take a look at the highlights of joe bidens return. Adjusted gross income of 392,233. Total tax, 91,546. Thats about 10,000 more than the approximated paid, giving him an 97 rate of 23. 3 as compared to the president s 18. 7 . Maybe the president has just a better accountant in the oval office than they have over in the Vice President s office. I certainly hope so. Emoney javers who clearly enjoys reading 45 pages of tax returns, thanks for joining us tonight. Today president obama made it clear that he wants to change the way you watch and pay for tv. The white house threw its support behind a rule that would prohibit Cable Companies from acquiring customers to rent their boxes. According to the white house the president wants better, cheaper versions of the cable boxes that millions of americans use to get cable tv. And supporters of his proposal include google, amazon, apple. They all want a bigger foothold in the tv market. Meanwhile the cable industry opposes it. One company that has definitely changed how and what we watch on television, that would be netflix. After soaring more than 140 last year, the stock this year has not performed nearly as well. Its down about 2 . Now the company is making a risky move by increasing prices for some consumers. As Julia Boorstin explains, the potential impact of that price increase may become clearer when the Company Reports earnings on monday. When netflix reports earnings, subscriber numbers are in focus. Investors hope netflix top the 81 million streaming members it forecast in january. The real question is how a price hike kicking in next month of 2 to 9. 99 will impact netflixs forecast for its Second Quarter. We think with the slowing large u. S. Subscriber base, on top of that a business price increase thats going to impact a large number of their subscribers, there could be greater cause for concern on the u. S. Subscriber growth. On the flip side, i think the International Side will continue to grow fairly well. Netflixs ability to grow both in the u. S. And overseas and to rule out more price hikes hinges on its ability to keep on picking hit content. This year house of cards and daredevil return, plus new shows including fuller house. The company is planning to aunch over 600 hours of original programming in 2016, up from 450 hours last year. I think were going to see a lot more original content coming out over the course of this year. I think as long as netflix can generate really good original content theyve had a very good success rate thus far. I think that would help keep revenues continuing to grow. Reporter a recent morgan star stanley survey said more respondents said netflix had the best original shows. That bodes well for netflix even at a slightly higher price. For nightly Business Report, im Julia Boorstin in los angeles. Citigroup report at steep decline in quarterly profits. Thats where we begin market focus. The bank said loans related to the Energy Industry and lower revenue from Investment Banking caused profit to fall 27 . However, that was still good enough to top analyst expectations. Revenue also same in above targets. Shares of citigroup down a fraction to 44. 92. Charles schwab saw its quarterly profit and revenue increase from a year ago. The brokerage and Banking Company reported revenue that topped analyst estimates while earnings fell in line. Shares of Charles Schwab fell a fraction to 28. 53. Global markets made its debut as a public company. The Stock Exchange operator offered over 13 million shares priced at 19 a share. The company attempted to go public four years ago but a Technology Glitch stood in its way. Shares surged 21 to 23. Meanwhile, costco has increased its Quarterly Dividend to 45 cents a share up from 40 cents. The yield on that stock is 1. 19 now. Costco shares up 1 today to 153. 17. Apple was the biggest drag on the s p and the nasdaq today after a report in the nikkei business daily said that apple will continue to reduce iphone production in light of sluggish sales. Apple will not disclose its financial forecast for the Second Quarter until april the 25th shares though down 2 to 109. 85. And now to our market monitor who has some tech names he says are poised to benefit from the exploding business of Virtual Reality and augmented reality. Hes chris bertelson, Global Financial private capital. Chris, last time you were on in june 2015 you recommended aus medical, down 31 . Perk and elmer, down 5 . Aztec industries, up 11 . Today youre going to talk about Virtual Reality and augmented reality companies. First explain to us whats the difference between the two. Okay, Virtual Reality is actually an imaginary world. It would be like you view something and a shark swims at you and you cringe and jump out of the way. Whereas augmented reality is just a little bit different in that youre in the real world but you have imaginary thins that you manipulate. And one is a total imaginary, fictitious experience. The other one is something that you might use more on a practical base sister. We did a piece last night on the program about an augmented Reality Company taking a look at how you could use that to purchase an off vep for your kitchen without having to get the oven but you could see yourself in the kitchen with it. You say there are Certain Companies poised to benefit, one of them you like is sony, why . Yes. Sony certainly has been depressed ever since it was hacked. And although it may not be super cheap, its certainly a contrary name. However, theyve done a terrific job with their Virtual Reality. Theres more programmers writing code for them, they have more apps available. Youll see certainly with playstation the utilization of it. I think theyre well ahead of facebook and google and others as far as pure Virtual Reality is concerned. Plus they have a huge library which they can interject into their Virtual Reality scheme. Another name that is not by any means a pure play in this category would be mike soft. I guess this is another way that you can almost hedge your bet by investing in a company like this one, right . Absolutely. Both are sort of risk off bets to them. Microsoft i expect Virtual Reality to take off starting next year and be a 200 billion business. Who knows, we may get another apple emerging out of it. Microsoft is also large in the business. Theirs of course is more augmented reality. And certainly with their holo lens and whatever theyve done a terrific job of starting off and getting people interested in it. Particularly from a corporate point of view. So i would say that they have a big jump in front of the competitors. Granted a small piece of microsoft, although certainly mike soft is going through a Creative Destruction process with a new ceo in the company. I look for progress. You say high max is a name you like. Why do you like that name . Based out of taiwan. Yes. High max makes, for the various going on be a headsets used in Virtual Reality, used by a lot of Different Companies that are in essence getting into the business. They make the chips, the intergreated circuits, the electromechanical devices, cameras. Everything comes out of that company. And i think theyre really posed to explode. Naturally theyre not cheap and theyve had a big run. But certainly if it takes off the way i think it will, youll see them go to another level over the next few years. I think you also like the dividend there too, chris. Thanks so much for joining us, chris beterson. Why one stream is focused on upsetting some of its customers. What to watch next week. Monday ibm reports earnings, followed by other blue chips later in the week including goldman sachs, johnson johnson, intel, United Health care to name a few. Wednesday well get an update on the spring selling season with a report on existing home sales. Thursday the European Central bank meets and thats what to watch next week. The department of Homeland Security has sent out an alert to windows users. If you have apple quicktime installed, uninstall it. Apple pulled support for that software and it is not issuing an additional security update on that and a lack of updates means lack of protection, making it easier for hackers to access your computer. General motors is recalling 1 million newer trucks for faulty seat belts. The automaker said the retail covers 2014 and 2015 Chevrolet Silverado and gmc sierra 1500 pickups. Gm says there have been no reports of crashes or injuries. Target is doing it again. Following last years wildly successful Lily Pulitzer limited edition launch this sunday the retailer is selling a line of mara mecco goods, expected to sell out quickly, leaving many customers empty handed and fuming. As Courtney Reagan explains, thats all part of the plan. Reporter fashionistas across the country are drawing up shopping game plans ahead of this weekends mary mecco target launch. The latest collaboration with the finnish designer launches Early Morning hours sunday on target. Com and in stores when doors open. There are over 200 colorful patterned apparel and outdoor item in the collection. Most for under 50. And like all of these collaborations, once merchandise is sold out, theres no replenishment. Its all part of the tragedy. Scarcity makes it more special. Retailers like h and m and target intend for these designer collaborations to sell out in weeks or less. Last years Lily Pulitzer for target sold out in one day. Even then these collaborations are never big enough to truly move the needle for these big retailers. The goal is to generate buzz. Target says the buzz so far is terrific and that the retailer is really pleased with the early shopper excitement. But it remains to be seen how that will translate to sales. The challenge will be how well targets website performs under heavier than normal traffic. On both cyber monday and when targets Lily Pulitzer collaboration launched last april, its website buckled under the traffic, leaving many unhappy customers with empty shopping carts. For nightly Business Report, im courtney reaga lets take a look at the day and week on wall street. It was a quiet day today. The dow fell nearly 29 to 17,897. The nasdaq dropped 7. And the s p 500 was off 2 points. But it was a winning week. All of the major indexes rose more than 1. 5 . So a pretty good week here. Thats nightly Business Report for tonight. Im sharon epperson. Thanks so much for watching. Im bill griffeth. Have a great weekend. Well see you again on monday. Its all right, its ok doesnt really matter if youre old and grey its all right i say its ok listen to what i say its all right, doing fine doesnt really matter if the sun dont shine its all right i say its ok were getting to the end of the day sasha december 31st, 1999. Remember it . Ted well, not the latter stages or the rest of the following week, come to think of it. Danny i was at a trance techno rave in ibiza. What . No, all right, then. A quiet night in with sarah and holly listening to miles davis. I was worried about the world coming to an end. Once i realized it hadnt, i made a resolution never to stress about it again. Well, you stuck to that, then. I was on nights, working. Well, somebody had to, what with you lot all partying