Financial news on July 4th, 2007

Business and Financial news
A Mortgage-Securities Hedge Fund Suspends Payouts

The Horizon ABS Fund said it made the decision when a major investor sought to leave the $650 million fund, managed by United Capital Markets. Read more..

By VIKAS BAJAJ - The New York Times

Detroit’s Big 3 Lost Buyers Last Month

Detroit automakers’ share of the American car market fell to a record low in June, foreshadowing another summer of deep discounts, cheap car loans and deals on leases. Read more..

By NICK BUNKLEY - The New York Times

Investor Pushes Expansion at Kraft but Seeks Sale at Wendy’s

Kraft Foods, in which Nelson Peltz, an activist investor, has taken a 3 percent stake, said that it would offer $7.2 billion for the cookie unit of Group Danone. Read more..

By MICHAEL J. de la MERCED - The New York Times

Kohlberg Kravis Plans to Go Public

The firm immortalized in “Barbarians at the Gate” filed documents for an offering that would raise $1.25 billion. Read more..

By JENNY ANDERSON and MICHAEL J. de la MERCED - The New York Times

Russia: Chief Executive Raises Stake in Lukoil

Lukoil’s chief executive, Vagit Alekperov, bought 18.35 million shares in the company for $1.4 billion. Read more..

By BLOOMBERG NEWS - The New York Times

SAP, German Software Giant, Admits to Illicit Downloads

The company said a subsidiary had improperly obtained documents from its archrival Oracle but disputed the extent of the offense. Read more..

By STEVE LOHR - The New York Times

Sarkozy Pressing to Simplify Aircraft Maker’s Leadership

The French president wants an agreement to streamline the dual French-German management at Airbus’s parent company, EADS. Read more..

By NICOLA CLARK - The New York Times

Say ‘Hybrid’ and Many People Will Hear ‘Prius’

One reason for the success of the Toyota Prius may be that buyers want everyone to know they are driving a hybrid. Read more..


Sears Responds to Its Critics With a Call for Patience

Since Kmart acquired Sears in 2005, Sears Holdings has prospered as a company, but the sales performance of its chains has continued to decline. Read more..

By TERRY PRISTIN - The New York Times

Thrill Rides for Investors

European theme parks are drawing investors, most notably from private equity funds. Read more..

By JOHN TAGLIABUE - The New York Times

Exchange Rates of July 4th, 2007
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 122.690 JPY1 JPY = 0.008 USD
US DollarCanadian Dollar1 USD = 1.058 CAD1 CAD = 0.946 USD
US DollarSwiss Franc1 USD = 1.216 CHF1 CHF = 0.822 USD
US DollarChinese Yuan1 USD = 7.601 CNY1 CNY = 0.132 USD
EuroJapanese Yen1 EUR = 167.010 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.675 GBP1 GBP = 1.481 EUR
EuroAustralian Dollar1 EUR = 1.587 AUD1 AUD = 0.630 EUR
EuroCanadian Dollar1 EUR = 1.439 CAD1 CAD = 0.695 EUR
EuroSwiss Franc1 EUR = 1.656 CHF1 CHF = 0.604 EUR
Japanese YenPound Sterling1 JPY = 0.404 GBP1 GBP = 2.476 JPY
Japanese YenAustralian Dollar1 JPY = 0.950 AUD1 AUD = 1.053 JPY
Japanese YenCanadian Dollar1 JPY = 0.861 CAD1 CAD = 1.161 JPY
Japanese YenSwiss Franc1 JPY = 0.991 CHF1 CHF = 1.009 JPY
Pound SterlingAustralian Dollar1 GBP = 2.351 AUD1 AUD = 0.425 GBP
Pound SterlingCanadian Dollar1 GBP = 2.132 CAD1 CAD = 0.469 GBP
Pound SterlingSwiss Franc1 GBP = 2.452 CHF1 CHF = 0.408 GBP
Australian DollarCanadian Dollar1 AUD = 0.906 CAD1 CAD = 1.104 AUD
Australian DollarSwiss Franc1 AUD = 1.043 CHF1 CHF = 0.959 AUD
Canadian DollarSwiss Franc1 CAD = 1.150 CHF1 CHF = 0.870 CAD

See what else happened on July 4th, 2007