Financial news on May 3rd, 2010

Business and Financial news
Audiences, and Hollywood, Flock to Smartphones

The mobile-video audience is tiny, but TV and film companies foresee an increasingly wireless world — and don’t want to be left out of the picture. Read more..

By BRIAN STELTER - The New York Times

Bove Calls Again for Ouster of Goldman’s Leaders

Richard X. Bove, the outspoken banking analyst at Rochdale Securities, said Goldman Sachs should oust its top executives because they failed to understand the politics of the financial crisis and mishandled regulators’ accusations of fraud against the firm. Read more..

By DEALBOOK - The New York Times

China Tightens Money Supply With Reserve Ratio

In a terse statement on its Web site, China’s central bank raised mandatory reserve ratios Sunday by 50 basis points, up from its the 16.5 percent large banks had to hold until now, forcing lenders to keep more assets on hand as of May 10. Read more..

By DEALBOOK - The New York Times

Essar Pulls Off Biggest London I.P.O. Since 2007

After dropping its original price range at the last minute last week, Essar Energy was successful in holding the biggest initial public offering in London since 2007, The Telegraph reported. Read more..

By DEALBOOK - The New York Times

General Growth Considers New Simon Offer

General Growth Properties said on Monday that it intends to stick with an investment plan led by Brookfield Asset Management as the cornerstone in its effort to emerge from bankruptcy. Read more..

By MICHAEL J. DE LA MERCED - The New York Times

HSBC Calls Dubai World Plan ‘Fair’

Dubai World’s restructuring plan is “very fair” and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday. Read more..

By DEALBOOK - The New York Times

Northwest Investments Assets Double to $680 Million

Since being sold by RAB Capital last year, Northwest Investment Management has doubled its assets to almost $680 million, Bloomberg News reported. Read more..

By DEALBOOK - The New York Times

Numberplay: The Puzzles of Pickover

Today we have a veritable puzzle-fest, as we explore the kaleidoscopic work of a fascinating modern polymath, Clifford Pickover. Read more..

By PRADEEP MUTALIK - The New York Times

Senate Financial Bill Misguided, Some Academics Say

As Democrats close in on their goal of overhauling the nation’s financial regulations, several prominent experts say that the legislation does not even address the right problems, leaving the financial system vulnerable to another major crisis. Read more..

By DEALBOOK - The New York Times

Washington Times in Talks for Sale or Partnership

The newspaper’s publisher departed last week, while a former editor is reported to be a possible bidder for the paper. Read more..

By JOSEPH PLAMBECK - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE18.9719.3418.9619.2660.2M
Cisco SystemsCSCO27.0327.6927.0127.5445M
Wells Fargo & Co.WFC33.2234.0933.2133.8837.4M
JPMorgan ChaseJPM42.9743.7342.8943.5331.2M
AT&T Inc.T26.2426.4326.0726.2827.1M
Oracle Corp.ORCL26.0526.1525.7126.0119.4M
Abbott LaboratoriesABT51.4551.5950.5550.8718.3M
Verizon CommunicationsVZ29.1629.4429.1129.2915.5M
Johnson & JohnsonJNJ65.1665.6264.5565.3315.3M
Home DepotHD35.3936.0635.1735.8712.6M
Gilead SciencesGILD39.6740.1239.5539.7612.6M
Wal-Mart StoresWMT53.8853.9553.4753.7412.3M
HP Inc.HPQ52.0452.9551.9952.7111.7M
Walt Disney & Co.DIS36.9537.9836.8437.5610.9M
Bristol-Myers SquibbBMY25.3125.4025.1025.1310.4M
Procter & GamblePG62.4262.8461.8462.689.76M
UnitedHealth GroupUNH30.5030.5829.8930.269.55M
International Business MachinesIBM129.39130.14128.80129.604.99M
Berkshire HathawayBRK.B77.7078.6277.4678.444.28M
United TechnologiesUTX75.2676.3875.1476.284.12M
Union PacificUNP75.9077.5675.9077.332.88M
Exchange Rates of May 3rd, 2010
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 94.570 JPY1 JPY = 0.011 USD
US DollarCanadian Dollar1 USD = 1.010 CAD1 CAD = 0.990 USD
US DollarSwiss Franc1 USD = 1.086 CHF1 CHF = 0.921 USD
US DollarChinese Yuan1 USD = 6.826 CNY1 CNY = 0.147 USD
EuroJapanese Yen1 EUR = 124.720 JPY1 JPY = 0.008 EUR
EuroPound Sterling1 EUR = 0.865 GBP1 GBP = 1.156 EUR
EuroAustralian Dollar1 EUR = 1.424 AUD1 AUD = 0.702 EUR
EuroCanadian Dollar1 EUR = 1.332 CAD1 CAD = 0.751 EUR
EuroSwiss Franc1 EUR = 1.432 CHF1 CHF = 0.698 EUR
EuroChinese Yuan1 EUR = 9.007 CNY1 CNY = 0.111 EUR
Japanese YenPound Sterling1 JPY = 0.694 GBP1 GBP = 1.442 JPY
Japanese YenAustralian Dollar1 JPY = 1.140 AUD1 AUD = 0.877 JPY
Japanese YenCanadian Dollar1 JPY = 1.068 CAD1 CAD = 0.937 JPY
Japanese YenSwiss Franc1 JPY = 1.148 CHF1 CHF = 0.871 JPY
Pound SterlingAustralian Dollar1 GBP = 1.644 AUD1 AUD = 0.608 GBP
Pound SterlingCanadian Dollar1 GBP = 1.539 CAD1 CAD = 0.650 GBP
Pound SterlingSwiss Franc1 GBP = 1.655 CHF1 CHF = 0.604 GBP
Pound SterlingChinese Yuan1 GBP = 10.396 CNY1 CNY = 0.096 GBP
Australian DollarCanadian Dollar1 AUD = 0.936 CAD1 CAD = 1.069 AUD
Australian DollarSwiss Franc1 AUD = 1.006 CHF1 CHF = 0.994 AUD
Australian DollarChinese Yuan1 AUD = 6.323 CNY1 CNY = 0.158 AUD
Canadian DollarSwiss Franc1 CAD = 1.075 CHF1 CHF = 0.930 CAD
Canadian DollarChinese Yuan1 CAD = 6.755 CNY1 CNY = 0.148 CAD
Swiss FrancChinese Yuan1 CHF = 6.287 CNY1 CNY = 0.159 CHF

See what else happened on May 3rd, 2010