Financial news on February 5th, 2014

Business and Financial news
Arthur Ortenberg, a Liz Claiborne Founder, Dies at 87

Arthur Ortenberg, who teamed up with his wife, designer Liz Claiborne, and a third partner to build a billion-dollar enterprise clothing career women in stylish but casual outfits at moderate prices, dies at age 87. Read more..

By DOUGLAS MARTIN - The New York Times

Developer From Peru Has Eye on Detroit

Peruvian developer Fernando Palazuelo’s acquisition of Packard Motor Car plant is part of the land rush occurring in Detroit, where investors are scrambling to buy vacant properties at the bottom of a historically distressed market. Read more..

By BILL VLASIC - The New York Times

Google Settles Its European Antitrust Case; Critics Remain

If approved, the deal would put an end to half a decade of wrangles with antitrust authorities across the globe. Read more..


Greece Has a Budget Surplus, a Respite That Could Be Short-Lived

Greece has surplus of about 1 billion euros, or $1.35 billion; windfall masks deep problems in a fragile economy despite major spending cuts and the imposition of higher taxes. Read more..

By LIZ ALDERMAN - The New York Times

Health Law Goals Face Antitrust Hurdles

Eduardo Porter Economic Scene column notes that Idaho district judge has ruled against merger between St Luke's Health System and Saltzer Medical Group, saying that patient costs would have risen; observes that decision underlines potentially important conflict between nation's anti-monopoly laws and Affordable Care Act, which has encouraged creation of big, broad accountable care organizations. Read more..

By EDUARDO PORTER - The New York Times

Market Tries to Bounce Back After Monday’s Sell-Off

Stock market rebounds a bit, buoyed by encouraging earnings, as it tries to steady itself after its largest sell-off since June 2013. Read more..

By REUTERS - The New York Times

New Boss at Microsoft, With Gates at His Side

Microsoft names Satya Nadella as its new chief executive, who in turn announces that founder Bill Gates will shed his role as chairman and return to company as an active adviser on products and technology; shift presents opportunity to lift morale, but could also complicate matters for Nadella as he assumes the helm alongside a man who is still revered at the company. Read more..

By NICK WINGFIELD - The New York Times

Profit Drops for BP, but Still Beats Analysts’ Forecasts

British oil giant BP reports that adjusted earnings for its fourth quarter were $2.8 billion, compared with $3.8 billion in the period a year earlier; main reason for lower earnings is that BP has become a much smaller company after the Gulf of Mexico oil spill in 2010, with plans to sell more assets. Read more..

By STANLEY REED - The New York Times

Target Vows to Speed Anti-Fraud Technology

John Mulligan, Target’s chief executive, testifies at Senate hearing that company is accelerating plans to adopt EMV, European-based technology that embeds a small chip instead of a magnetic stripe on credit cards, and is hoping to have chip-reading devices in its stores by end of 2014. Read more..

By HILARY STOUT - The New York Times

Wheelies: The Ram On Edition

Chrysler executives consider opening a third factory for Ram pickup trucks; Maserati sold 15,400 vehicles in 2013. Read more..

By BENJAMIN PRESTON - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO21.6922.0721.5821.9846.3M
General ElectricGE24.4624.6424.3224.5240.3M
AT&T Inc.T32.4032.4332.0432.0829.8M
General MotorsGM35.8435.8434.9635.2429.4M
Gilead SciencesGILD81.9882.0076.7178.1523.5M
Wells Fargo & Co.WFC44.6044.6344.1744.2322M
Verizon CommunicationsVZ46.7346.9046.3146.6919.7M
JPMorgan ChaseJPM55.1055.4554.5855.2119.5M
Bristol-Myers SquibbBMY48.5849.0047.5248.5412.4M
Walt Disney & Co.DIS72.0572.0570.3771.7611.6M
Oracle Corp.ORCL35.5236.2535.4735.9511.5M
Johnson & JohnsonJNJ86.4987.6786.4887.2810.7M
HP Inc.HPQ28.1728.4427.9028.0110.3M
Home DepotHD74.7375.5573.9675.2610.1M
Procter & GamblePG75.9476.8075.6776.459.73M
Abbott LaboratoriesABT36.1236.6035.9836.357.6M
United TechnologiesUTX108.30108.89107.00107.916.86M
Wal-Mart StoresWMT72.2773.1672.2772.874.77M
International Business MachinesIBM172.19174.97172.19174.244.71M
UnitedHealth GroupUNH69.9471.2069.8470.824.39M
Berkshire HathawayBRK.B108.94109.31108.12108.784.21M
Union PacificUNP172.59173.36171.20172.632.17M
Exchange Rates of February 5th, 2014
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 101.450 JPY1 JPY = 0.010 USD
US DollarCanadian Dollar1 USD = 1.108 CAD1 CAD = 0.902 USD
US DollarSwiss Franc1 USD = 0.904 CHF1 CHF = 1.107 USD
EuroJapanese Yen1 EUR = 137.270 JPY1 JPY = 0.007 EUR
EuroPound Sterling1 EUR = 0.829 GBP1 GBP = 1.206 EUR
EuroAustralian Dollar1 EUR = 1.519 AUD1 AUD = 0.659 EUR
EuroCanadian Dollar1 EUR = 1.499 CAD1 CAD = 0.667 EUR
EuroSwiss Franc1 EUR = 1.223 CHF1 CHF = 0.818 EUR
EuroChinese Yuan1 EUR = 8.201 CNY1 CNY = 0.122 EUR
Japanese YenPound Sterling1 JPY = 0.604 GBP1 GBP = 1.655 JPY
Japanese YenAustralian Dollar1 JPY = 1.106 AUD1 AUD = 0.904 JPY
Japanese YenCanadian Dollar1 JPY = 1.092 CAD1 CAD = 0.916 JPY
Japanese YenSwiss Franc1 JPY = 0.890 CHF1 CHF = 1.123 JPY
Pound SterlingAustralian Dollar1 GBP = 1.830 AUD1 AUD = 0.546 GBP
Pound SterlingCanadian Dollar1 GBP = 1.807 CAD1 CAD = 0.553 GBP
Pound SterlingSwiss Franc1 GBP = 1.474 CHF1 CHF = 0.679 GBP
Pound SterlingChinese Yuan1 GBP = 9.884 CNY1 CNY = 0.101 GBP
Australian DollarCanadian Dollar1 AUD = 0.987 CAD1 CAD = 1.013 AUD
Australian DollarSwiss Franc1 AUD = 0.805 CHF1 CHF = 1.243 AUD
Australian DollarChinese Yuan1 AUD = 5.404 CNY1 CNY = 0.185 AUD
Canadian DollarSwiss Franc1 CAD = 0.815 CHF1 CHF = 1.227 CAD
Canadian DollarChinese Yuan1 CAD = 5.467 CNY1 CNY = 0.183 CAD
Swiss FrancChinese Yuan1 CHF = 6.706 CNY1 CNY = 0.149 CHF

See what else happened on February 5th, 2014