Financial news on March 3rd, 2006

Business and Financial news
Apax Puts $29 Million Into Photo Firm

Apax Partners is taking a walk down the aisle with photography company Pictage, investing $29 million in equity for a majority stake in the company, which provides a portal for wedding and other professional photographers to print, store and sell photos. The deal values the company at less than $100 million. Pictage’s management will remain […] Read more..

By WRITER - The New York Times

Boston Scientific Sets Vote on Guidant Merger

Boston Scientific has scheduled a special shareholder meeting for March 31 for a vote on the company’s proposed $27 billion merger with Guidant. The transaction is expected to close during the week of April 3, Boston Scientific said in a Securities and Exchange Commission filing Thursday. Go to Article from The Minneapolis–St. Paul Business Journal […] Read more..

By WRITER - The New York Times

Brokerage Firm David Lerner Agrees to Fines

For the third time in less than two years, David Lerner Associates, an investment brokerage firm based in Long Island, N.Y., has agreed to fines and other penalties to settle regulatory complaints about its marketing practices. NASD said yesterday that Lerner would pay $350,000 and be suspended from selling variable insurance and annuity policies for […] Read more..

By WRITER - The New York Times

Carlyle Takes Stake in Pipe Company

Carlyle Group, the $33 billion multinational investment company based in Washington, has agreed to buy a controlling stake in pipe manufacturer John Maneely, of Collingswood, Pa. Carlyle has pledged to pay about $500 million to buy out a majority of the 18 shareholders. Members of the Dooner, Boylan and O’Donnell families, they are descendants of […] Read more..

By WRITER - The New York Times

G.E. Sees Hefty Returns From Glenworth Sale

General Electric said on Thursday it will receive net proceeds of $2.8 billion from the sale of its remaining stake in insurer Genworth Financial. The financial, media and industrial conglomerate said it plans to sell 71 million Genworth shares to the public at $32.75 a share, a slight discount to the life and mortgage insurer’s […] Read more..

By WRITER - The New York Times

News Corp. Closes In on Next Web Deal

News Corporation has been eerily quiet since it went on a billion-dollar Internet spending spree last year. But Rupert Murdoch’s deal-making machine is getting back in gear. The latest target is one of 32 companies that made presentations at last week’s Under the Radar conference in Mountain View, Calif. The deal came to light when […] Read more..

By DEALBOOK - The New York Times

South Africa’s Edgars Shops in Australia

Edgars Consolidated Stores, South Africa’s biggest retailer by market value, will bid for Coles Myer‘s department stores to expand in Australia. Edgars, based in Johannesburg, will form a team to make an offer for the Myer division of Melbourne-based Coles Myer, it said in a statement to South Africa’s stock exchange. Edgars owns stores which […] Read more..

By WRITER - The New York Times

U.S. Opens Inquiry into Online Music Pricing

Investigators from the Justice Department said Thursday that they were examining the recording industry’s practices for setting prices for music sold online, according to people briefed on the inquiry. Justice Department officials have begun serving subpoenas on the four major music corporations as part of a broad inquiry that is expected to encompass pricing and […] Read more..

By WRITER - The New York Times

Wilbur Ross Adds to Auto-Parts Rollup

A company led by financier Wilbur Ross has closed on its purchase of the European operations of bankrupt automotive parts supplier Collins & Aikman, without the participation of Lear, though the sides are still discussing a deal. International Automotive Components Group, of which Ross is chairman, proposed a joint venture with Lear to go after […] Read more..

By WRITER - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO20.6821.3320.6621.0476.4M
Oracle Corp.ORCL12.6212.9312.6112.7952.4M
General ElectricGE32.7533.3432.7333.0625.6M
Verizon CommunicationsVZ33.8333.9433.5133.5814.1M
HP Inc.HPQ33.7533.9433.2633.2613.3M
JPMorgan ChaseJPM41.5042.0941.4341.5912.3M
AT&T Inc.T28.1928.2027.8527.9911M
Wal-Mart StoresWMT44.8745.5044.8645.339.51M
Bristol-Myers SquibbBMY22.5723.0122.5722.908.4M
Walt Disney & Co.DIS27.9428.4427.9128.227.98M
Procter & GamblePG59.3060.1659.3059.677.8M
Abbott LaboratoriesABT43.3244.2943.2743.786.85M
UnitedHealth GroupUNH57.3557.6756.4956.606.53M
Johnson & JohnsonJNJ57.5558.1257.4757.476.46M
Home DepotHD42.0042.8041.9142.206.16M
International Business MachinesIBM79.5180.8379.5179.964.35M
Wells Fargo & Co.WFC63.7064.2063.4263.823.5M
United TechnologiesUTX57.9258.6757.6457.863.46M
Gilead SciencesGILD60.7861.2860.0960.093.16M
Union PacificUNP88.8390.2988.5589.521.29M
Berkshire HathawayBRK.B2895.002921.002890.002911.5010K
Exchange Rates of March 3rd, 2006
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 116.440 JPY1 JPY = 0.009 USD
US DollarCanadian Dollar1 USD = 1.135 CAD1 CAD = 0.881 USD
US DollarSwiss Franc1 USD = 1.298 CHF1 CHF = 0.770 USD
US DollarChinese Yuan1 USD = 8.035 CNY1 CNY = 0.124 USD
EuroJapanese Yen1 EUR = 140.090 JPY1 JPY = 0.007 EUR
EuroPound Sterling1 EUR = 0.686 GBP1 GBP = 1.458 EUR
EuroAustralian Dollar1 EUR = 1.616 AUD1 AUD = 0.619 EUR
EuroCanadian Dollar1 EUR = 1.366 CAD1 CAD = 0.732 EUR
EuroSwiss Franc1 EUR = 1.562 CHF1 CHF = 0.640 EUR
Pound SterlingAustralian Dollar1 GBP = 2.355 AUD1 AUD = 0.425 GBP
Pound SterlingCanadian Dollar1 GBP = 1.991 CAD1 CAD = 0.502 GBP
Pound SterlingSwiss Franc1 GBP = 2.277 CHF1 CHF = 0.439 GBP
Australian DollarCanadian Dollar1 AUD = 0.845 CAD1 CAD = 1.184 AUD
Australian DollarSwiss Franc1 AUD = 0.966 CHF1 CHF = 1.035 AUD

See what else happened on March 3rd, 2006