Financial news on April 13, 2012
Business and Financial news
The Renaissance-style home includes an 11-hectare vineyard. Read more..
Ron Lieber interviews Scott Griffith, chief executive of Zipcar, a popular car-sharing service. Read more..
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..
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..
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..
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..
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..
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..
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..
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..
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..
Hong Kong Exchanges and Clearing is considering borrowing up to $3 billion for a bid for London Metal Exchange. Read more..
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..
In Scotland, golf courses and the properties next to them are mushrooming as they attract attention from a selective investor pool. Read more..
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..
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..
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..
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..
Values are reported in US Dollars
|Wells Fargo & Co.||WFC||33.73||33.87||32.80||32.84||41.9M|
|Procter & Gamble||PG||66.04||66.50||65.80||65.81||29.8M|
|Johnson & Johnson||JNJ||63.94||64.00||63.52||63.54||11.2M|
|Walt Disney & Co.||DIS||42.03||42.22||41.70||41.85||7.31M|
|International Business Machines||IBM||204.32||204.65||202.80||202.80||3.77M|
Exchange Rates of April 13, 2012
|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|