Financial news on June 11th, 2012

Business and Financial news
Europe Dodges a Bank Crisis in Spain, but Perils Lurk

Europe again avoids financial chaos with an agreement to bail out Spain's struggling banks; while the Spanish banking rescue will be expensive, as much as $125 billion, it is within the means of a European emergency fund established for such purposes; far harder to calculate are the costs if, after Greek elections, the new government reneges on the bailout Greece negotiated with its European lenders months earlier, which could lead to its withdrawal from the euro zone. Read more..

By JACK EWING - The New York Times

Family Net Worth Drops to Level of Early ’90s, Fed Says

The recent downturn left the median American family in 2010 with no more wealth than in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said. Read more..


Google Outsells, but Apple Cultivates Loyalty of App Developers

Apps have become vital in marketing mobile technologies to consumers and the allegiance of app developers to Apple has helped propel the success of its devices, even as smartphones running Google's Android operating system outsell iPhones more than two to one; Apple will seek to strengthen its ties to mobile developers with a series of product announcements at its developer conference in San Francisco. Read more..

By NICK WINGFIELD and BRIAN X. CHEN - The New York Times

In Europe, Banks Borrowing to Stay Ahead of the Tide

News analysis; European bailout of Spain's wobbling banks will do little to address a weakness common to Europe’s financial institutions: an addiction to outside loans that provide day-to-day financing; investors and analysts worry that highly indebted banks in other weak countries like Italy might face constraints similar to those of Spain in the months ahead. Read more..

By LANDON THOMAS Jr - The New York Times

Lax Security at LinkedIn Is Laid Bare

Breach and data theft of LinkedIn's site surprises customers and security experts, who are amazed by company's bare-bones approach to security; breach highlights disturbing truth that companies with customer data continue to gamble on their own computer security, even as the break-ins increase. Read more..

By NICOLE PERLROTH - The New York Times

News From the Advertising Industry

Account assignments, executive appointments and miscellaneous news from advertising agencies. Read more..

By STUART ELLIOTT - The New York Times

Spain’s Leader Sees Tough Year Ahead

Despite relief at avoiding a banking meltdown, Prime Minister Mariano Rajoy warned of more pain as Madrid pushes ahead with austerity cuts. Read more..

By RAPHAEL MINDER - International Herald Tribune

Spanish Housing Crisis Deepens

June 11, 2012 - Gretchen Morgenson explains the Spanish housing crisis. Read more..

Channon Hodge - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE19.3519.4319.0719.1151.5M
JPMorgan ChaseJPM34.3734.4432.7832.8246.4M
Cisco SystemsCSCO16.8716.8916.4516.4831.1M
Wells Fargo & Co.WFC31.6531.9430.9630.9926.9M
AT&T Inc.T34.7235.0034.5634.5926.2M
Oracle Corp.ORCL27.3827.4226.7726.8120.5M
HP Inc.HPQ22.3622.4321.3821.4114.4M
Verizon CommunicationsVZ42.6142.9542.4742.5614.2M
Johnson & JohnsonJNJ62.9763.0362.1162.1212.2M
Home DepotHD52.5952.6951.2851.3511.7M
Wal-Mart StoresWMT68.3968.4867.4767.5310.5M
Abbott LaboratoriesABT62.0762.2061.4961.518.33M
Walt Disney & Co.DIS46.3546.6345.7345.807.91M
Bristol-Myers SquibbBMY34.5334.5834.1734.186.58M
Procter & GamblePG62.9963.0662.5062.546.35M
UnitedHealth GroupUNH58.2258.3857.4057.466.24M
General MotorsGM22.2822.3021.9021.926.05M
Gilead SciencesGILD49.6449.9049.4449.544.24M
Berkshire HathawayBRK.B81.5881.6680.2080.283.87M
International Business MachinesIBM196.60196.70192.37192.513.27M
United TechnologiesUTX76.1876.3874.5174.622.38M
Union PacificUNP111.28111.96109.43109.611.67M
Exchange Rates of June 11th, 2012
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 79.390 JPY1 JPY = 0.013 USD
US DollarCanadian Dollar1 USD = 1.032 CAD1 CAD = 0.969 USD
US DollarSwiss Franc1 USD = 0.963 CHF1 CHF = 1.038 USD
US DollarChinese Yuan1 USD = 6.369 CNY1 CNY = 0.157 USD
EuroJapanese Yen1 EUR = 98.970 JPY1 JPY = 0.010 EUR
EuroPound Sterling1 EUR = 0.806 GBP1 GBP = 1.241 EUR
EuroAustralian Dollar1 EUR = 1.265 AUD1 AUD = 0.791 EUR
EuroCanadian Dollar1 EUR = 1.286 CAD1 CAD = 0.777 EUR
EuroSwiss Franc1 EUR = 1.201 CHF1 CHF = 0.833 EUR
EuroChinese Yuan1 EUR = 7.892 CNY1 CNY = 0.127 EUR
Japanese YenPound Sterling1 JPY = 0.814 GBP1 GBP = 1.229 JPY
Japanese YenAustralian Dollar1 JPY = 1.277 AUD1 AUD = 0.783 JPY
Japanese YenCanadian Dollar1 JPY = 1.299 CAD1 CAD = 0.770 JPY
Japanese YenSwiss Franc1 JPY = 1.213 CHF1 CHF = 0.824 JPY
Pound SterlingAustralian Dollar1 GBP = 1.569 AUD1 AUD = 0.637 GBP
Pound SterlingCanadian Dollar1 GBP = 1.597 CAD1 CAD = 0.626 GBP
Pound SterlingSwiss Franc1 GBP = 1.490 CHF1 CHF = 0.671 GBP
Pound SterlingChinese Yuan1 GBP = 9.792 CNY1 CNY = 0.102 GBP
Australian DollarCanadian Dollar1 AUD = 1.017 CAD1 CAD = 0.983 AUD
Australian DollarSwiss Franc1 AUD = 0.950 CHF1 CHF = 1.053 AUD
Australian DollarChinese Yuan1 AUD = 6.240 CNY1 CNY = 0.160 AUD
Canadian DollarSwiss Franc1 CAD = 0.933 CHF1 CHF = 1.072 CAD
Canadian DollarChinese Yuan1 CAD = 6.130 CNY1 CNY = 0.163 CAD
Swiss FrancChinese Yuan1 CHF = 6.570 CNY1 CNY = 0.152 CHF

See what else happened on June 11th, 2012