Financial news on March 9th, 2006

Business and Financial news
China National Building Materials Raises I.P.O. Price

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..

By WRITER - The New York Times

Executive Exodus at UBS

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..

By WRITER - The New York Times

HSBC Gay Bias Suit Hits a Nerve

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..

By DEALBOOK - The New York Times

Imax Up for Sale; Will Time Warner Bite?

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..

By DEALBOOK - The New York Times

Intel Invests in WiMAX Start-Up

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..

By WRITER - The New York Times

Prudential Picks Up Allstate Variable Annuity Business

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..

By WRITER - The New York Times

SanDisk May Be Threatened by Deal for Lexar

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..

By WRITER - The New York Times

Sharper Image Under Siege in Latest Proxy Challenge

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..

By DEALBOOK - The New York Times

That’s a Lot of Hourly Fees. Weil Gotshal & Manges Hits $1 Billion Mark

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..

By DEALBOOK - The New York Times

Will Private Equity Step Into Dubai Ports Mess?

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..

By DEALBOOK - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Oracle Corp.ORCL12.8513.0012.8212.8448.8M
Cisco SystemsCSCO20.8720.9120.4420.4445.6M
General ElectricGE33.3833.5433.1633.2024.2M
AT&T Inc.T26.7927.1426.7826.9520.4M
Abbott LaboratoriesABT43.4843.5743.0043.1913.2M
Verizon CommunicationsVZ33.5533.8833.4833.5812M
HP Inc.HPQ32.8033.0932.7132.769.94M
Home DepotHD41.0741.2040.2840.649.8M
JPMorgan ChaseJPM41.5041.7440.9641.059.77M
Johnson & JohnsonJNJ58.9558.9758.2558.318.57M
Wal-Mart StoresWMT45.2045.3945.1145.247.23M
Procter & GamblePG61.1062.0061.1061.407.11M
Walt Disney & Co.DIS28.0928.2727.8328.097.1M
Bristol-Myers SquibbBMY22.8322.8822.5722.706.89M
UnitedHealth GroupUNH57.5057.8656.2856.345.28M
International Business MachinesIBM81.1581.9880.8081.024.31M
United TechnologiesUTX57.5357.7057.1457.403.15M
Gilead SciencesGILD61.1561.5360.4060.573.07M
Wells Fargo & Co.WFC64.3564.5663.8063.912.67M
Union PacificUNP85.2586.0684.8984.941.04M
Berkshire HathawayBRK.B2970.002992.002962.002981.5031.1K
Exchange Rates of March 9th, 2006
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 118.190 JPY1 JPY = 0.008 USD
US DollarCanadian Dollar1 USD = 1.160 CAD1 CAD = 0.862 USD
US DollarSwiss Franc1 USD = 1.314 CHF1 CHF = 0.761 USD
US DollarChinese Yuan1 USD = 8.049 CNY1 CNY = 0.124 USD
EuroJapanese Yen1 EUR = 140.740 JPY1 JPY = 0.007 EUR
EuroPound Sterling1 EUR = 0.686 GBP1 GBP = 1.458 EUR
EuroAustralian Dollar1 EUR = 1.622 AUD1 AUD = 0.617 EUR
EuroCanadian Dollar1 EUR = 1.381 CAD1 CAD = 0.724 EUR
EuroSwiss Franc1 EUR = 1.564 CHF1 CHF = 0.639 EUR
Pound SterlingAustralian Dollar1 GBP = 2.363 AUD1 AUD = 0.423 GBP
Pound SterlingCanadian Dollar1 GBP = 2.013 CAD1 CAD = 0.497 GBP
Pound SterlingSwiss Franc1 GBP = 2.280 CHF1 CHF = 0.439 GBP
Australian DollarCanadian Dollar1 AUD = 0.851 CAD1 CAD = 1.175 AUD
Australian DollarSwiss Franc1 AUD = 0.964 CHF1 CHF = 1.037 AUD

See what else happened on March 9th, 2006