Financial news on July 8th, 2011

Business and Financial news
Apollo Buys Corporate Credit Firm

The acquisition of Gulf Stream Asset Management will bolster the private-equity giant’s loan management business. Read more..

By DEALBOOK - The New York Times

Ethanol Subsidies Besieged

Pressure to cut the federal budget may outweigh support for the subsidies as consensus builds that the ethanol industry has achieved financial stability. Read more..

By CLIFFORD KRAUSS - The New York Times

European Central Bank Raises Rates as Expected

The bank is continuing to nudge the cost of money back to pre-crisis levels, despite heightened fears about Greek debt. Read more..


Ford Sued Over Patents for System That Allows Drivers to Connect Electronic Devices

Eagle Harbor Holdings said in a federal lawsuit that Ford infringed on seven of its patents. Read more..

By NICK BUNKLEY - The New York Times

Geico Uses Many Campaigns to Stand Out in a Crowd

A new campaign for the auto insurer focuses on saving money, a theme common to its other ads. Read more..

By STUART ELLIOTT - The New York Times

I.R.S. Drops Audits of Political Donors

The Internal Revenue Service abandoned forcing five big-ticket donors to pay gift taxes on contributions they made to nonprofit groups that are increasingly important in politics. Read more..

By STEPHANIE STROM - The New York Times

Morning Take-Out

Highlights from the DealBook newsletter. Read more..

By DEALBOOK - The New York Times

On an Island in Brazil, a Real Estate Boom Lingers

Local property values on Florianopolis have increased 8 percent to 10 percent during the last five years. Read more..

By NICK FOSTER - International Herald Tribune

The Fallout for the BSkyB Deal

As the British public and politicians queue to criticize Rupert Murdoch's media empire in the wake of a phone-hacking scandal, a proposed acquisition of broadcaster BSkyB by News Corp. may be killed. Read more..

Mac William Bishop - The New York Times

Wells Fargo to Settle Loans Lawsuit

Wells Fargo agreed to pay $125 million to pension funds that had accused it of misrepresenting loans related to mortgage pass-though certificates. Read more..

By REUTERS - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE19.0819.1018.8518.9954.7M
Cisco SystemsCSCO15.7615.9015.5615.7450.3M
Wells Fargo & Co.WFC28.2828.4028.0628.3024.1M
Oracle Corp.ORCL33.7433.9533.4233.9423.9M
JPMorgan ChaseJPM40.7040.9740.5640.7420.7M
AT&T Inc.T31.0531.2931.0231.1418.6M
HP Inc.HPQ36.1336.4435.8036.4315.1M
Verizon CommunicationsVZ37.1737.5137.1237.4812.4M
Walt Disney & Co.DIS39.5139.9839.2039.9111.8M
Abbott LaboratoriesABT53.2553.4552.9353.3310.7M
General MotorsGM31.2531.7031.1631.589.87M
Home DepotHD36.6136.6936.3136.629.82M
Bristol-Myers SquibbBMY29.2629.3428.9529.129.34M
Procter & GamblePG65.0465.1164.5364.939.23M
Wal-Mart StoresWMT54.2554.3253.7754.089.13M
Johnson & JohnsonJNJ67.8167.9967.1967.577.87M
UnitedHealth GroupUNH52.0052.3251.5452.086.93M
Gilead SciencesGILD42.4442.7542.1942.444.76M
United TechnologiesUTX90.5090.9789.9590.354.52M
International Business MachinesIBM175.49176.49175.01176.494.4M
Berkshire HathawayBRK.B76.9276.9876.3776.903.62M
Union PacificUNP105.24105.86103.46104.303.4M
Exchange Rates of July 8th, 2011
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 80.660 JPY1 JPY = 0.012 USD
US DollarCanadian Dollar1 USD = 0.963 CAD1 CAD = 1.039 USD
US DollarSwiss Franc1 USD = 0.837 CHF1 CHF = 1.195 USD
US DollarChinese Yuan1 USD = 6.465 CNY1 CNY = 0.155 USD
EuroJapanese Yen1 EUR = 115.050 JPY1 JPY = 0.009 EUR
EuroPound Sterling1 EUR = 0.889 GBP1 GBP = 1.125 EUR
EuroAustralian Dollar1 EUR = 1.325 AUD1 AUD = 0.754 EUR
EuroCanadian Dollar1 EUR = 1.371 CAD1 CAD = 0.729 EUR
EuroSwiss Franc1 EUR = 1.194 CHF1 CHF = 0.838 EUR
EuroChinese Yuan1 EUR = 9.222 CNY1 CNY = 0.108 EUR
Japanese YenPound Sterling1 JPY = 0.772 GBP1 GBP = 1.296 JPY
Japanese YenAustralian Dollar1 JPY = 1.152 AUD1 AUD = 0.868 JPY
Japanese YenCanadian Dollar1 JPY = 1.193 CAD1 CAD = 0.838 JPY
Japanese YenSwiss Franc1 JPY = 1.037 CHF1 CHF = 0.965 JPY
Pound SterlingAustralian Dollar1 GBP = 1.493 AUD1 AUD = 0.670 GBP
Pound SterlingCanadian Dollar1 GBP = 1.546 CAD1 CAD = 0.647 GBP
Pound SterlingSwiss Franc1 GBP = 1.343 CHF1 CHF = 0.745 GBP
Pound SterlingChinese Yuan1 GBP = 10.378 CNY1 CNY = 0.096 GBP
Australian DollarCanadian Dollar1 AUD = 1.035 CAD1 CAD = 0.966 AUD
Australian DollarSwiss Franc1 AUD = 0.900 CHF1 CHF = 1.111 AUD
Australian DollarChinese Yuan1 AUD = 6.957 CNY1 CNY = 0.144 AUD
Canadian DollarSwiss Franc1 CAD = 0.870 CHF1 CHF = 1.149 CAD
Canadian DollarChinese Yuan1 CAD = 6.715 CNY1 CNY = 0.149 CAD
Swiss FrancChinese Yuan1 CHF = 7.725 CNY1 CNY = 0.129 CHF

See what else happened on July 8th, 2011