Financial news on October 07, 2015
Business and Financial news
Steven Davidoff Solomon Deal Professor column examines whether Delaware court went too far in allowing suit filed against Bank of America Merrill Lynch over its offer to represent Signet in its $1.4 billion acquisition of Zale Corporation; notes practice at issue in suit is one that is very common in industry; observes Delaware courts have issued string of opinions in which bank is often liable, no matter legal standard, which could leave investment banks vulnerable going forward. Read more..
New hardware, including the $1,500 Surface Book, shows Microsoft is serious about adjusting to competition from the likes of Apple and Google. Read more..
Jury in criminal trial of Dewey & LeBoeuf law firm executives Steven H Davis, Stephen DiCarmine and Joel Sanders tells New York Supreme Court Justice Robert Stolz it cannot come to unanimous agreement on majority of counts against them; executives are accused of accounting fraud that resulted in loss of tens of millions of dollars for banks and insurance firms. Read more..
ABC Family president Tom Ascheim announces channel will change its name to Freeform, starting in January 2016, as part of radical plan to appeal to even younger viewers than millennials; shift seeks to bridge gap between brands that cater to children and those that cater to adults in parent company Disney's offerings. Read more..
Industry analysts, Wall Street and current and former executives at Viacom are raising questions about health of company in light of dismal year in which shares have dropped around 37 percent and company faces declines in ratings and ad sales; widespread perception of problems at Viacom is particularly remarkable given its vanguard status in industry up until relatively recently. Read more..
Energy Dept predicts Americans will spend less on energy over winter due to relatively warmer weather and lower oil and natural gas prices. Read more..
DealBook Online; Morgan Stanley hires Anthony Armstrong, head of technology at Credit Suisse, as co-head of technology mergers and acquisitions, along with Mike Wyatt. Read more..
New York Atty Gen Eric T Schneiderman's office opens investigation into Caliber Home Loans, owned by Lone Star Funds, due to complaints about its mortgage servicing practices; housing advocates and lawyers have criticized how quickly Lone Star and Caliber foreclose on borrowers and refuse to negotiate with them to make loans more affordable. Read more..
Environmental Protection Agency officials say Volkswagen's boycott of Pres Obama's July 2011 announcement of fuel economy and carbon emissions targets was motivated by company's belief that its diesel engines were being overlooked as viable alternative to zero-emission electric cars and should receive special fuel economy credits; one of biggest proponents of diesel engines within company was executive Wolfgang Hatz, who has since been suspended in connection with company's emissions scandal. Read more..
Yum Brands reports sales rose 2 percent to $3.43 billion in quarter ending in September, but notes it earned weaker earnings than expected; profits were $421 million, compared with $404 million in year ago quarter; PepsiCo reports sales have dropped 5 percent, to $16.3 billion, in third quarter. Read more..
Values are reported in US Dollars
|Wells Fargo & Co.||WFC||52,49||52,73||51,91||52,19||13.9M|
|Johnson & Johnson||JNJ||94,26||95,42||93,44||94,98||9.47M|
|Procter & Gamble||PG||73,72||73,87||73,32||73,72||8.07M|
|Walt Disney & Co.||DIS||104,49||104,59||102,66||103,39||7.01M|
|International Business Machines||IBM||150,04||150,73||148,86||150,09||2.99M|
Exchange Rates of October 07, 2015
|US Dollar||Euro||1 USD = 0,890 EUR||1 EUR = 1,124 USD|
|US Dollar||Japanese Yen||1 USD = 119,983 JPY||1 JPY = 0,008 USD|
|US Dollar||Pound Sterling||1 USD = 0,653 GBP||1 GBP = 1,532 USD|
|US Dollar||Australian Dollar||1 USD = 1,388 AUD||1 AUD = 0,721 USD|
|US Dollar||Canadian Dollar||1 USD = 1,306 CAD||1 CAD = 0,766 USD|
|US Dollar||Swiss Franc||1 USD = 0,974 CHF||1 CHF = 1,027 USD|
|US Dollar||Mexican Peso||1 USD = 16,644 MXN||1 MXN = 0,060 USD|
|US Dollar||Swidish Krona||1 USD = 8,248 SEK||1 SEK = 0,121 USD|
|Euro||Japanese Yen||1 EUR = 134,813 JPY||1 JPY = 0,007 EUR|
|Euro||Pound Sterling||1 EUR = 0,734 GBP||1 GBP = 1,363 EUR|
|Euro||Australian Dollar||1 EUR = 1,560 AUD||1 AUD = 0,641 EUR|
|Euro||Canadian Dollar||1 EUR = 1,467 CAD||1 CAD = 0,682 EUR|
|Euro||Swiss Franc||1 EUR = 1,094 CHF||1 CHF = 0,914 EUR|
|Euro||Chinese Yuan||1 EUR = 7,143 CNY||1 CNY = 0,140 EUR|
|Euro||Mexican Peso||1 EUR = 18,702 MXN||1 MXN = 0,053 EUR|
|Euro||Swidish Krona||1 EUR = 9,267 SEK||1 SEK = 0,108 EUR|
|Japanese Yen||Pound Sterling||1 JPY = 0,005 GBP||1 GBP = 185,185 JPY|
|Japanese Yen||Australian Dollar||1 JPY = 0,012 AUD||1 AUD = 86,207 JPY|
|Japanese Yen||Canadian Dollar||1 JPY = 0,011 CAD||1 CAD = 91,743 JPY|
|Japanese Yen||Swiss Franc||1 JPY = 0,008 CHF||1 CHF = 123,457 JPY|
|Japanese Yen||Chinese Yuan||1 JPY = 0,053 CNY||1 CNY = 18,904 JPY|
|Japanese Yen||Mexican Peso||1 JPY = 0,139 MXN||1 MXN = 7,210 JPY|
|Japanese Yen||Swidish Krona||1 JPY = 0,069 SEK||1 SEK = 14,556 JPY|
|Pound Sterling||Australian Dollar||1 GBP = 2,126 AUD||1 AUD = 0,470 GBP|
|Pound Sterling||Canadian Dollar||1 GBP = 2,000 CAD||1 CAD = 0,500 GBP|
|Pound Sterling||Swiss Franc||1 GBP = 1,491 CHF||1 CHF = 0,671 GBP|
|Pound Sterling||Chinese Yuan||1 GBP = 9,734 CNY||1 CNY = 0,103 GBP|
|Pound Sterling||Mexican Peso||1 GBP = 25,490 MXN||1 MXN = 0,039 GBP|
|Pound Sterling||Swidish Krona||1 GBP = 12,629 SEK||1 SEK = 0,079 GBP|
|Australian Dollar||Canadian Dollar||1 AUD = 0,941 CAD||1 CAD = 1,063 AUD|
|Australian Dollar||Swiss Franc||1 AUD = 0,701 CHF||1 CHF = 1,426 AUD|
|Australian Dollar||Chinese Yuan||1 AUD = 4,579 CNY||1 CNY = 0,218 AUD|
|Australian Dollar||Mexican Peso||1 AUD = 11,988 MXN||1 MXN = 0,083 AUD|
|Australian Dollar||Swidish Krona||1 AUD = 5,941 SEK||1 SEK = 0,168 AUD|
|Canadian Dollar||Swiss Franc||1 CAD = 0,746 CHF||1 CHF = 1,341 CAD|
|Canadian Dollar||Chinese Yuan||1 CAD = 4,867 CNY||1 CNY = 0,205 CAD|
|Canadian Dollar||Mexican Peso||1 CAD = 12,745 MXN||1 MXN = 0,078 CAD|
|Canadian Dollar||Swidish Krona||1 CAD = 6,313 SEK||1 SEK = 0,158 CAD|
|Swiss Franc||Chinese Yuan||1 CHF = 6,526 CNY||1 CNY = 0,153 CHF|
|Swiss Franc||Mexican Peso||1 CHF = 17,091 MXN||1 MXN = 0,059 CHF|
|Swiss Franc||Swidish Krona||1 CHF = 8,469 SEK||1 SEK = 0,118 CHF|
|Chinese Yuan||Swidish Krona||1 CNY = 1,298 SEK||1 SEK = 0,770 CNY|