Financial news on March 13, 2006
Business and Financial news
There may be more merger action in the mutual-fund sector, as banks, brokerages and insurers decide to sell out rather than run the risk of seeming to favor their own funds. That’s the theory set out by Lawrence Strauss of Barron’s, who makes the case that the Merrill Lynch–BlackRock deal was hardly the last of […] Read more..
In the chess game between the cable companies and their nemeses, the Bell phone companies, the Bells may be gaining ground. Phone mergers – including AT&T‘s recent proposal to take over BellSouth – could give the Bells more power to cut prices, move faster into television and expand their advantage in the wireless market. For […] Read more..
A group of buyout firms including Blackstone Group and Kohlberg Kravis Roberts & Co. may team with Portuguese entrepreneur Miguel Pais do Amaral in a bid for the country’s biggest telephone company, said people with knowledge of the talks. Lisbon-based Portugal Telecom SPGS last month received an unsolicited 10.7 billion-euro ($12.7 billion) offer from Sonaecom […] Read more..
Capital One Financial has agreed to acquire the North Fork Bancorporation for about $14.6 billion in cash and stock. Shares of North Fork shot up more than 16 percent in early trading onMonday. The acquisition, which was announced on Monday morning, would give Capital One a strong retail banking foothold in the Northeast as growth […] Read more..
One of Denver’s largest law firms is in merger talks that could add nearly 80 lawyers to its rolls. Sherman & Howard is negotiating with Phoenix-based Jennings Strouss & Salmon, which has 77 lawyers, primarily in Phoenix. Sherman & Howard has 130 lawyers in Denver, making it the second-largest firm based here, tied with Holme […] Read more..
The week ahead will bring three closely watched votes on what may the hottest corporate-governance issue out there: majority election proposals. Shareholders of Analog Devices, Ciena and Hewlett-Packard will cast their ballots on proposals that would require company directors to get a majority of votes in their favor — as opposed to just a plurality […] Read more..
An acquisition vehicle led by Wayne Huizenga’s longtime lieutenant has agreed to merge with Jamba Juice, a privately held chain that serves fruity shakes to the health-conscious set. The unusual deal will combine Jamba Juice with Steve Berrard’s publicly traded Services Acquisition Corporation, a so-called blank check company formed last year for the sole purpose […] Read more..
Jersey City is the home of Accoona.com, the latest entry on the list of would-be search engine kings. Read more..
Power Finance Corporation, a state-run Indian lender to electricity utilities, plans to sell shares in an initial public offering because it wants to increase lending, Chairman and Managing Director V.K. Garg said. The loan provider aims to sell 150 million shares to local and overseas investors by mid-May, Garg said in a telephone interview from […] Read more..
Values are reported in US Dollars
|Walt Disney & Co.||DIS||28.27||28.62||28.16||28.56||10.6M|
|Johnson & Johnson||JNJ||59.07||59.37||59.00||59.08||6.22M|
|Procter & Gamble||PG||62.11||62.50||61.80||61.98||5.96M|
|International Business Machines||IBM||81.56||82.40||81.45||81.93||4.57M|
|Wells Fargo & Co.||WFC||64.46||64.62||64.16||64.36||2.9M|
Exchange Rates of March 13, 2006
|US Dollar||Japanese Yen||1 USD = 118.800 JPY||1 JPY = 0.008 USD|
|US Dollar||Canadian Dollar||1 USD = 1.158 CAD||1 CAD = 0.864 USD|
|US Dollar||Swiss Franc||1 USD = 1.312 CHF||1 CHF = 0.762 USD|
|US Dollar||Chinese Yuan||1 USD = 8.049 CNY||1 CNY = 0.124 USD|
|Euro||Japanese Yen||1 EUR = 142.050 JPY||1 JPY = 0.007 EUR|
|Euro||Pound Sterling||1 EUR = 0.690 GBP||1 GBP = 1.450 EUR|
|Euro||Australian Dollar||1 EUR = 1.616 AUD||1 AUD = 0.619 EUR|
|Euro||Canadian Dollar||1 EUR = 1.384 CAD||1 CAD = 0.723 EUR|
|Euro||Swiss Franc||1 EUR = 1.569 CHF||1 CHF = 0.637 EUR|
|Pound Sterling||Australian Dollar||1 GBP = 2.351 AUD||1 AUD = 0.425 GBP|
|Pound Sterling||Canadian Dollar||1 GBP = 2.006 CAD||1 CAD = 0.499 GBP|
|Pound Sterling||Swiss Franc||1 GBP = 2.274 CHF||1 CHF = 0.440 GBP|
|Australian Dollar||Canadian Dollar||1 AUD = 0.853 CAD||1 CAD = 1.173 AUD|
|Australian Dollar||Swiss Franc||1 AUD = 0.967 CHF||1 CHF = 1.035 AUD|