Financial news on March 11, 2008

Business and Financial news
Business Travel Miscellany

Midsize companies hope to hold business travel spending at current levels. Read more..

By JOE SHARKEY - The New York Times

Citigroup Acts to Bolster Hedge Funds

The bank will inject $1 billion across six highly leveraged municipal bond funds with $15 billion in assets, which were sold under the names ASTA and MAT. Read more..

By ERIC DASH - The New York Times

Companies Hold Down Increases in Inventories

Inventories at wholesalers rose less than a third as much as sales, reflecting efforts by companies to keep stockpiles lean amid concerns about an economic slowdown. Read more..

By BLOOMBERG NEWS - The New York Times

Italy: Airport Restaurant Operator Makes Deals

Autogrill, the manager of airport restaurants, agreed to buy a BAA unit and the shares it does not own in Aldeasa, the Spanish-based airport retailer, for $1.5 billion, becoming the world’s largest owner of duty-free stores. Autogrill, based in Ro... Read more..

By BLOOMBERG NEWS - The New York Times

Lazard Chief’s Pay

The financial advisory and management firm’s chairman and chief executive, Bruce Wasserstein, received a salary of $4.8 million in 2007. Read more..


Malone Speaks of Diller as Court Battle Starts

The central question in the trial is who controls John C. Malone’s voting stake in IAC/InterActiveCorp — himself or Barry Diller, who controls IAC. Read more..

By RITA K. FARRELL - The New York Times

Pace of Change Too Slow to Keep Entrepreneurs in France

Economists say France will have to make much deeper changes to its culture’s attitude toward capitalism if it intends to keep young entrepreneurs at home. Read more..

By JOHN TAGLIABUE - The New York Times

Stupidity in High Places (Like 30,000 Feet)

A veteran business traveler ponders the question: Why do bright, successful business professionals suffer brain drain? Read more..

By DAVID WILLIAMS, As told to JOAN RAYMOND - The New York Times

The Best Seat in the Plane

Remember when first-class seats meant the best on the plane? That’s not always the case anymore. Read more..

By PERRY GARFINKEL - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE32,4433,4032,3133,4066.9M
Cisco SystemsCSCO24,5525,1624,4325,1566.5M
JPMorgan ChaseJPM38,4839,2637,1638,8458.4M
Wells Fargo & Co.WFC29,8530,8228,7530,8251.2M
Oracle Corp.ORCL19,6519,9519,1019,5148.2M
UnitedHealth GroupUNH40,5841,2737,3238,2437.6M
AT&T Inc.T35,2636,2235,0336,0931.3M
Wal-Mart StoresWMT49,9050,3949,5450,2528.4M
Home DepotHD25,9026,2225,2826,2022.1M
Verizon CommunicationsVZ34,7535,4234,2635,2118.1M
Bristol-Myers SquibbBMY21,7721,7721,5321,7317.9M
Abbott LaboratoriesABT50,7551,6650,3250,8617M
HP Inc.HPQ47,6748,0046,6147,9214.5M
Walt Disney & Co.DIS31,0031,2130,6131,1914.5M
Procter & GamblePG65,8166,7565,8166,6614.2M
Johnson & JohnsonJNJ62,0362,5361,4962,4413.6M
International Business MachinesIBM115,80116,56114,04116,4910.5M
Gilead SciencesGILD46,7747,2846,0047,269.16M
United TechnologiesUTX67,7168,3766,5368,375.99M
Union PacificUNP121,87124,54120,60124,542.8M
Berkshire HathawayBRK.B4390,004437,004350,004400,0025.6K
Exchange Rates of March 11, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 103,420 JPY1 JPY = 0,010 USD
US DollarCanadian Dollar1 USD = 0,992 CAD1 CAD = 1,009 USD
US DollarSwiss Franc1 USD = 1,033 CHF1 CHF = 0,968 USD
US DollarChinese Yuan1 USD = 7,103 CNY1 CNY = 0,141 USD
EuroJapanese Yen1 EUR = 158,670 JPY1 JPY = 0,006 EUR
EuroPound Sterling1 EUR = 0,764 GBP1 GBP = 1,309 EUR
EuroAustralian Dollar1 EUR = 1,648 AUD1 AUD = 0,607 EUR
EuroCanadian Dollar1 EUR = 1,521 CAD1 CAD = 0,658 EUR
EuroSwiss Franc1 EUR = 1,585 CHF1 CHF = 0,631 EUR
Japanese YenPound Sterling1 JPY = 0,481 GBP1 GBP = 2,078 JPY
Japanese YenAustralian Dollar1 JPY = 1,038 AUD1 AUD = 0,963 JPY
Japanese YenCanadian Dollar1 JPY = 0,958 CAD1 CAD = 1,044 JPY
Japanese YenSwiss Franc1 JPY = 0,998 CHF1 CHF = 1,002 JPY
Pound SterlingAustralian Dollar1 GBP = 2,158 AUD1 AUD = 0,463 GBP
Pound SterlingCanadian Dollar1 GBP = 1,990 CAD1 CAD = 0,502 GBP
Pound SterlingSwiss Franc1 GBP = 2,073 CHF1 CHF = 0,482 GBP
Australian DollarCanadian Dollar1 AUD = 0,922 CAD1 CAD = 1,085 AUD
Australian DollarSwiss Franc1 AUD = 0,961 CHF1 CHF = 1,041 AUD
Canadian DollarSwiss Franc1 CAD = 1,042 CHF1 CHF = 0,960 CAD

See what else happened on March 11, 2008