Financial news on March 9th, 2006
Business and Financial news
China National Building Materials Group increased the price range for its initial public offering to raise up to US$231 million, from US$218 million previously, Dow Jones reported. Go to Article from Dow Jones via Yahoo News » Read more..
UBS has lost four of its most senior staff in the past two days. Warren Woo, the bank’s global head of financial sponsors and leveraged finance – the unit responsible for arranging and financing leveraged buyouts – yesterday became the latest senior departure. Go to Article from The Times of London » Read more..
A lawsuit against HSBC Holdings accusing the bank of discriminating against a gay banker has sparked ample discussion on the Internet — and on DealBook — about the acceptance, or lack thereof, of gay men and lesbians in the securities industry. The trial, which began this week in London, is seen as an important test […] Read more..
Imax is officially in play. The company, which is responsible for emblazoning Harry Potter on eight-story-high movie screens across the United States, said early Thursday that it had hired investment banks Allen & Companyand UBS to help it consider a sale, merger or other options. That’s the same pair that recently brokered the $17.6 billion […] Read more..
Beceem Communications Inc., a provider of chipsets for Mobile WiMAX technology, has received a significant investment from Intel Capital, the venture capital arm of Intel. Neither Beceem or Intel Capital would disclose the amount of funding. Both companies are based in Santa Clara. Go to Article from The Silicon Valley-San Jose Business Journal » Read more..
Prudential Financial agreed to acquire Allstate‘s variable-annuity business through a reinsurance transaction, giving the financial-services firm an additional $16 billion in annuities to manage. Prudential said Wednesday that its initial investment in the business, including the consideration that will be paid to Allstate, related taxes and capital requirements, will be around $560 million. Go to […] Read more..
Micron Technology‘s deal for Lexar Media may be even more costly for Lexar’s rival, SanDisk. If Micron’s chief executive, Steve Appleton, can pull off the deal, he will have wiped out the long-held advantage SanDisk has enjoyed when it comes to producing flash-memory cards. Go to Article from Forbes » Read more..
These days, any company whose stock has lost a third of its value can expect to hear from a hedge fund. High-tech gadget retailer Sharper Image got the dreaded call on Thursday in the form of a proxy filing by Knightspoint Group, which claims to own 12.8 percent of its shares and wants to replace […] Read more..
Weil Gotshal & Manges has passed the $1 billion mark for fees, according to Legal Week. It becomes “the seventh US firm to break the one billion dollar barrier for fee income,” Legal Week reported. Weil Gotschal said it had a 12 percent increase in its revenues from $908 million to $1.02 billion while average […] Read more..
It seemed all but inevitable that Dubai Ports World would give up control of its port terminals in the United States — acquired through its purchase of Peninsular and Oriental Steam Navigation — in order to end the agony of a new security review in Washington. The question, now that the Dubai-controlled buyer has cried […] Read more..
Values are reported in US Dollars
|Johnson & Johnson||JNJ||58.95||58.97||58.25||58.31||8.57M|
|Procter & Gamble||PG||61.10||62.00||61.10||61.40||7.11M|
|Walt Disney & Co.||DIS||28.09||28.27||27.83||28.09||7.1M|
|International Business Machines||IBM||81.15||81.98||80.80||81.02||4.31M|
|Wells Fargo & Co.||WFC||64.35||64.56||63.80||63.91||2.67M|
Exchange Rates of March 9th, 2006
|US Dollar||Japanese Yen||1 USD = 118.190 JPY||1 JPY = 0.008 USD|
|US Dollar||Canadian Dollar||1 USD = 1.160 CAD||1 CAD = 0.862 USD|
|US Dollar||Swiss Franc||1 USD = 1.314 CHF||1 CHF = 0.761 USD|
|US Dollar||Chinese Yuan||1 USD = 8.049 CNY||1 CNY = 0.124 USD|
|Euro||Japanese Yen||1 EUR = 140.740 JPY||1 JPY = 0.007 EUR|
|Euro||Pound Sterling||1 EUR = 0.686 GBP||1 GBP = 1.458 EUR|
|Euro||Australian Dollar||1 EUR = 1.622 AUD||1 AUD = 0.617 EUR|
|Euro||Canadian Dollar||1 EUR = 1.381 CAD||1 CAD = 0.724 EUR|
|Euro||Swiss Franc||1 EUR = 1.564 CHF||1 CHF = 0.639 EUR|
|Pound Sterling||Australian Dollar||1 GBP = 2.363 AUD||1 AUD = 0.423 GBP|
|Pound Sterling||Canadian Dollar||1 GBP = 2.013 CAD||1 CAD = 0.497 GBP|
|Pound Sterling||Swiss Franc||1 GBP = 2.280 CHF||1 CHF = 0.439 GBP|
|Australian Dollar||Canadian Dollar||1 AUD = 0.851 CAD||1 CAD = 1.175 AUD|
|Australian Dollar||Swiss Franc||1 AUD = 0.964 CHF||1 CHF = 1.037 AUD|