Financial news on July 11, 2014

Business and Financial news
Amazon Asks Permission From F.A.A. to Test Drone Delivery System

Amazon is getting serious about delivery by drones, and asked the F.A.A. for special permission to test them outdoors. Read more..

By DAVID STREITFELD - The New York Times

Big Tobacco Getting Bigger: A Brief History of Deal Making

Since facing a wave of litigation in the 1980s and ’90s over the health consequences of smoking, tobacco companies have sought to reposition themselves through mergers and acquisitions. Read more..

By WILLIAM ALDEN - The New York Times

Blackstone to Buy a Wealth Management Business

The insurer Friends Life Group, based on the Channel Island of Guernsey, agreed to sell its Luxembourg-based wealth management arm for about $610 million. Read more..

By CHAD BRAY - The New York Times

Drug Makers AbbVie and Shire Officials Meet to Discuss Merger

The talks follow AbbVie’s revised offer to pay about $51 billion for Shire, which has its headquarters in Ireland and is listed in London. Shire confirmed the talks on Friday but did not provide details of the discussions. Read more..

By CHAD BRAY - The New York Times

In U.S. Data, a Baffling Contradiction

Floyd Norris High & Low Finance column scrutinizes contradictory government report saying first quarter of 2014 was worst for United States economy since 2009, but that hiring was at its highest rate in over six years, signaling a strengthening economy. Read more..

By FLOYD NORRIS - The New York Times

Parliament Committee Criticizes Handling of Royal Mail I.P.O. in Britain

A committee said that government officials underestimated the potential market value of the Royal Mail when it was privatized in October and relied too heavily on the judgment of outside advisers. Read more..

By CHAD BRAY - The New York Times

Pew Study Finds a Sharp Drop in Reporters at Statehouses

Study by Pew Research Center finds that country's state capitals have lost more than one-third of newspaper journalists devoted to covering legislative matters full time; also shows that nontraditional news organizations have added journalists at statehouses. Read more..


Silver Lake to Pay $29.5 Million to Settle Suit on Collusion

The private equity firm is the third defendant to settle accusations in the nearly seven-year-old lawsuit, which contends that a group of private equity’s top firms were unofficial partners in an illegal conspiracy to reduce competition. Read more..

By WILLIAM ALDEN - The New York Times

Today in Small Business: Myths About Managing Millennials

Have you heard about the latest management craze to sweep Silicon Valley? It’s called “holacracy.” Read more..

By GENE MARKS - The New York Times

U.S. Jobless Claims Fall to Lowest Level Since Before Recession

Labor Dept reports that applications for weekly unemployment benefits fell to one of its lowest levels since before the 2007-9 recession, sign of increasing health in labor market; says initial claims dropped by 11,000, to seasonally adjusted 304,000 for week ending July 5, 2014. Read more..

By REUTERS - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE26.1926.5526.1226.5535.4M
Wells Fargo & Co.WFC51.1351.6750.8251.4930M
Cisco SystemsCSCO25.5225.6525.4425.5220.9M
Verizon CommunicationsVZ49.8550.4349.6750.3217.7M
Oracle Corp.ORCL40.4940.4939.9840.1311.9M
AT&T Inc.T35.7235.8335.5735.7611.6M
Gilead SciencesGILD88.9089.9888.2588.7311.3M
JPMorgan ChaseJPM55.2955.9155.1955.8010.2M
Procter & GamblePG81.0681.5781.0081.167.52M
HP Inc.HPQ33.9334.1833.8933.976.46M
General MotorsGM37.7238.0137.5937.956.2M
Johnson & JohnsonJNJ105.84106.01104.86105.105.46M
Abbott LaboratoriesABT41.0941.3640.9841.305.08M
Walt Disney & Co.DIS87.0087.3686.3786.895.02M
Home DepotHD79.5979.9079.2179.614.75M
Wal-Mart StoresWMT76.8776.9776.5676.824.55M
Bristol-Myers SquibbBMY48.4048.7048.2748.623.76M
United TechnologiesUTX113.80114.55113.54114.133.7M
UnitedHealth GroupUNH81.9283.1381.7382.872.76M
International Business MachinesIBM187.73188.35186.71188.002.4M
Union PacificUNP99.66100.4399.55100.272.09M
Berkshire HathawayBRK.B128.30128.72127.93128.631.82M
Exchange Rates of July 11, 2014
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 101.240 JPY1 JPY = 0.010 USD
US DollarCanadian Dollar1 USD = 1.073 CAD1 CAD = 0.932 USD
US DollarSwiss Franc1 USD = 0.892 CHF1 CHF = 1.121 USD
US DollarChinese Yuan1 USD = 6.203 CNY1 CNY = 0.161 USD
EuroJapanese Yen1 EUR = 137.790 JPY1 JPY = 0.007 EUR
EuroPound Sterling1 EUR = 0.795 GBP1 GBP = 1.258 EUR
EuroAustralian Dollar1 EUR = 1.448 AUD1 AUD = 0.690 EUR
EuroCanadian Dollar1 EUR = 1.460 CAD1 CAD = 0.685 EUR
EuroSwiss Franc1 EUR = 1.214 CHF1 CHF = 0.824 EUR
EuroChinese Yuan1 EUR = 8.440 CNY1 CNY = 0.118 EUR
Japanese YenPound Sterling1 JPY = 0.577 GBP1 GBP = 1.734 JPY
Japanese YenAustralian Dollar1 JPY = 1.050 AUD1 AUD = 0.952 JPY
Japanese YenCanadian Dollar1 JPY = 1.059 CAD1 CAD = 0.944 JPY
Japanese YenSwiss Franc1 JPY = 0.880 CHF1 CHF = 1.136 JPY
Pound SterlingAustralian Dollar1 GBP = 1.821 AUD1 AUD = 0.549 GBP
Pound SterlingCanadian Dollar1 GBP = 1.837 CAD1 CAD = 0.544 GBP
Pound SterlingSwiss Franc1 GBP = 1.527 CHF1 CHF = 0.655 GBP
Pound SterlingChinese Yuan1 GBP = 10.611 CNY1 CNY = 0.094 GBP
Australian DollarCanadian Dollar1 AUD = 1.008 CAD1 CAD = 0.992 AUD
Australian DollarSwiss Franc1 AUD = 0.838 CHF1 CHF = 1.194 AUD
Australian DollarChinese Yuan1 AUD = 5.827 CNY1 CNY = 0.172 AUD
Canadian DollarSwiss Franc1 CAD = 0.830 CHF1 CHF = 1.204 CAD
Canadian DollarChinese Yuan1 CAD = 5.781 CNY1 CNY = 0.173 CAD
Swiss FrancChinese Yuan1 CHF = 6.953 CNY1 CNY = 0.144 CHF

See what else happened on July 11, 2014