Financial news on April 13, 2012

Business and Financial news
A Centuries-Old Villa in the Heart of Chianti Wine Country

The Renaissance-style home includes an 11-hectare vineyard. Read more..

By D.M. FOX - International Herald Tribune

An Interview with the Head of Zipcar

Ron Lieber interviews Scott Griffith, chief executive of Zipcar, a popular car-sharing service. Read more..

Mac William Bishop, Pedro Rosado and Channon Hodge - The New York Times

A Proposed Rule Seeks to Stop Runaway Cars

Federal safety regulators propose plan to require all new cars and trucks to have a brake-throttle override system, giving drivers the ability to step on the brake to stop the car if the accelerator pedal malfunctions; proposal is aimed at preventing runaway-car crashes like the one near San Diego that killed an off-duty California Highway Patrol officer and his family and prompted Toyota to recall millions of vehicles. Read more..

By NICK BUNKLEY - The New York Times

Argentina Has Oil Firm in Its Sights

Fate of Argentina's largest oil company, YPF, is uncertain following report that Pres Cristina Fernandez de Kirchner is preparing to nationalize it; Spain warns that it would consider such a move a hostile action; Argentina would take control of 50.01 percent of the shares in YPF, currently controlled by Repsol; move reflects resurgence of resource nationalism in the country. Read more..

By SIMON ROMERO and EMILY SCHMALL - The New York Times

BP Shareholders Approve Pay for New Chief

A revolt against the company's remuneration report, which included a $6.8 million compensation package for Robert Dudley, did not succeed in overturning it. Read more..

By STEPHEN CASTLE - The New York Times

Business Day Live | April 13, 2012

Looking at earnings in the financial sector; Ron Lieber interviews Scott Griffith, chief executive of Zipcar; and on credit card fees, a test of the Consumer Financial Protection Bureau's power. Read more..

Mac William Bishop, Pedro Rosado, Channon Hodge, Matthew Orr and Gabe Johnson - The New York Times

California Court Sides With Businesses on Worker Breaks

In a unanimous decision, the California Supreme Court ruled that employers do not have to make sure that workers takes state-mandated breaks. Read more..

By THE ASSOCIATED PRESS - The New York Times

Clouds on Solar’s Horizon

Decision by BrightSource Energy to withdraw its initial public offering highlights the difficulties facing the solar energy market; despite a vast increase in installations, profits remain scarce. Read more..

By DIANE CARDWELL - The New York Times

Consumer Bureau Declines to Resist Upfront Credit Card Fees

Consumer Financial Protection Bureau introduces proposal that will make it easier for credit card issuers to charge fees before borrowers accounts are officially open; proposed rule is in response to a federal court decision that challenged how the Credit Card Act was being applied; many consumer advocates question why the agency is not taking a more aggressive stand against fees. Read more..

By TARA SIEGEL BERNARD - The New York Times

Departing EADS Chief Urges Europe to Recommit to Industry

Departing European Aeronautic Defense and Space chief executive Louis Gallois urges Europe to not ignore its own industry as it pursues its global vision; says industry is important for innovation and economic stability; Gallois, in his new role as ambassador for industry, will try to persuade leaders that the revival of European industry and globalization can go hand in hand. Read more..

By NICOLA CLARK - The New York Times

Ford Tries to Save the Lincoln Brand

Sales of Ford’s luxury nameplate peaked in 1990 at more than 200,000 vehicles, but by last year only 85,643 were sold. Read more..

By JAMES B. STEWART - The New York Times

Hong Kong Exchange Considers Loan for London Bid

Hong Kong Exchanges and Clearing is considering borrowing up to $3 billion for a bid for London Metal Exchange. Read more..

By REUTERS - International Herald Tribune

In Struggling Spanish Town, Hopes of Reopening Mine Are Delayed

Plan to reopen the Riotinto copper mine in southern Spain is stalled, tied up over regulatory delays, environmental concerns and a property dispute; reopening of the long-idle mine could provide several hundred jobs for the struggling town of Minas de Riotinto; problems with project illustrate the challenges Spain faces in digging itself out of a deep economic hole. Read more..

By RAPHAEL MINDER - The New York Times

Life Expands at the Edge of the Fairway

In Scotland, golf courses and the properties next to them are mushrooming as they attract attention from a selective investor pool. Read more..

By LAURA HENDERSON - International Herald Tribune

Rite Aid Posts Narrower Loss

Rite Aid reports that its fourth-quarter loss was narrower than a year earlier due to increased sales, lower expenses and a boost from an extra week in the quarter; reports loss $163.8 million, or 18 cents a share, compared to a loss of $208.1 million, or 24 cents a share, in the final quarter of its previous fiscal year; revenue climbed 11 percent, to $7.15 billion, from $6.46 billion a year earlier. Read more..

By THE ASSOCIATED PRESS - The New York Times

Slow First Quarter in China, but Recent Signs of Growth

China's economic growth slowed sharply in the first three months of the year, but efforts by policy makers to jump-start the economy appear to be working, with industrial and retail activity both rising during March; nation's economy expanded 8.1 percent compared to a year earlier. Read more..

By BETTINA WASSENER - The New York Times

Sony Chief Unveils Plans to Revive Company

Sony chief executive Kazuo Hirai details company's turnaround plan, saying focus will shift resources away from the unprofitable television business and toward mobile devices, cameras and games; plan also includes cutting 10,000 jobs; Sony has had four consecutive years of losses, but has rapidly lost ground to other companies. Read more..

By HIROKO TABUCHI and BETTINA WASSENER - The New York Times

W.T.O. Warns of Global Trade Slowdown in 2012

The World Trade Organization warned that international trade would grow by only 3.7 percent in 2012 after decelerating sharply last year, suggesting the global economy is losing steam. Read more..

By DAVID JOLLY - The New York Times

Stock Markets

Values are reported in US Dollars

Stock Ticker symbol Open High Low Close Volume
JPMorgan Chase JPM 44.95 44.95 43.06 43.21 58.2M
Wells Fargo & Co. WFC 33.73 33.87 32.80 32.84 41.9M
General Electric GE 19.18 19.18 18.86 18.88 40.3M
Microsoft MSFT 30.89 31.16 30.72 30.81 39.7M
Pfizer PFE 21.82 22.00 21.81 21.85 36.9M
Intel INTC 28.35 28.39 28.08 28.09 34.5M
Apple AAPL 624.11 624.70 603.51 605.23 30.7M
Procter & Gamble PG 66.04 66.50 65.80 65.81 29.8M
Cisco Systems CSCO 20.02 20.04 19.79 19.85 27.9M
AT&T Inc. T 30.75 30.86 30.52 30.54 25M
HP Inc. HPQ 24.93 25.05 24.33 24.57 24.5M
Merck MRK 38.09 38.10 37.77 37.78 20.9M
Altria MO 31.30 31.77 31.21 31.49 17.8M
Oracle Corp. ORCL 28.70 28.77 28.49 28.50 16.7M
Alphabet GOOGL 647.55 648.99 623.54 624.60 16.3M
Verizon Communications VZ 37.45 37.56 37.15 37.26 15.7M
ExxonMobil XOM 82.97 83.69 82.86 82.95 13.9M
Bristol-Myers Squibb BMY 32.46 32.57 32.28 32.54 12.1M
Abbott Laboratories ABT 59.78 59.90 59.38 59.59 11.9M
Comcast CMCSA 29.64 29.78 29.48 29.50 11.6M
Johnson & Johnson JNJ 63.94 64.00 63.52 63.54 11.2M
Home Depot HD 50.60 51.28 50.60 50.96 10.4M
ConocoPhillips COP 74.17 74.65 73.63 73.63 9.08M
Schlumberger SLB 69.91 70.20 68.32 68.38 7.56M
Pepsico PEP 65.35 65.50 65.06 65.06 7.41M
Walt Disney & Co. DIS 42.03 42.22 41.70 41.85 7.31M
General Motors GM 24.22 24.29 23.62 23.80 7.31M
Chevron CVX 102.29 102.36 100.72 100.78 6.85M
Wal-Mart Stores WMT 60.00 60.21 59.75 59.77 6.69M
Gilead Sciences GILD 45.78 46.15 45.47 45.51 6.21M
UnitedHealth Group UNH 58.39 58.55 57.74 58.05 5.66M
Visa V 120.40 123.68 120.31 123.16 5.37M
Coca-Cola KO 72.22 72.60 71.94 71.94 5.26M
McDonald's MCD 97.52 97.80 96.96 96.97 5.22M
Amgen AMGN 66.67 66.67 65.55 65.59 4.54M
Berkshire Hathaway BRK.B 79.91 80.00 78.70 78.82 4.43M
International Business Machines IBM 204.32 204.65 202.80 202.80 3.77M
Amazon AMZN 189.90 189.94 186.26 188.46 3.43M
Boeing BA 73.18 73.38 72.37 72.92 3.33M
United Technologies UTX 80.56 80.93 79.74 79.80 3.25M
3M MMM 86.49 86.59 85.57 85.69 2.61M
Union Pacific UNP 108.28 108.68 107.50 108.04 2.41M
Exchange Rates of April 13, 2012
CurrenciesExchange Rates
US Dollar Japanese Yen 1 USD = 80.910 JPY 1 JPY = 0.012 USD
US Dollar Canadian Dollar 1 USD = 0.999 CAD 1 CAD = 1.001 USD
US Dollar Swiss Franc 1 USD = 0.919 CHF 1 CHF = 1.088 USD
US Dollar Chinese Yuan 1 USD = 6.303 CNY 1 CNY = 0.159 USD
Euro Japanese Yen 1 EUR = 105.800 JPY 1 JPY = 0.009 EUR
Euro Pound Sterling 1 EUR = 0.825 GBP 1 GBP = 1.213 EUR
Euro Australian Dollar 1 EUR = 1.260 AUD 1 AUD = 0.793 EUR
Euro Canadian Dollar 1 EUR = 1.307 CAD 1 CAD = 0.765 EUR
Euro Swiss Franc 1 EUR = 1.202 CHF 1 CHF = 0.832 EUR
Euro Chinese Yuan 1 EUR = 8.243 CNY 1 CNY = 0.121 EUR
Japanese Yen Pound Sterling 1 JPY = 0.780 GBP 1 GBP = 1.283 JPY
Japanese Yen Australian Dollar 1 JPY = 1.191 AUD 1 AUD = 0.840 JPY
Japanese Yen Canadian Dollar 1 JPY = 1.235 CAD 1 CAD = 0.810 JPY
Japanese Yen Swiss Franc 1 JPY = 1.136 CHF 1 CHF = 0.880 JPY
Pound Sterling Australian Dollar 1 GBP = 1.528 AUD 1 AUD = 0.655 GBP
Pound Sterling Canadian Dollar 1 GBP = 1.585 CAD 1 CAD = 0.631 GBP
Pound Sterling Swiss Franc 1 GBP = 1.456 CHF 1 CHF = 0.687 GBP
Pound Sterling Chinese Yuan 1 GBP = 9.994 CNY 1 CNY = 0.100 GBP
Australian Dollar Canadian Dollar 1 AUD = 1.037 CAD 1 CAD = 0.965 AUD
Australian Dollar Swiss Franc 1 AUD = 0.952 CHF 1 CHF = 1.050 AUD
Australian Dollar Chinese Yuan 1 AUD = 6.542 CNY 1 CNY = 0.153 AUD
Canadian Dollar Swiss Franc 1 CAD = 0.919 CHF 1 CHF = 1.088 CAD
Canadian Dollar Chinese Yuan 1 CAD = 6.305 CNY 1 CNY = 0.159 CAD
Swiss Franc Chinese Yuan 1 CHF = 6.854 CNY 1 CNY = 0.146 CHF

See what else happened on April 13, 2012