Financial news on May 14th, 2008

Business and Financial news
Australian Bank Acquires Rival for $17.5 Billion

Westpac Banking said that it would acquire St. George in a deal that will create one of Australia’s largest banks. Read more..

By TIM JOHNSTON - The New York Times

Ban on U.S. Chicken Imports Might End

The end of a decade-long European ban on poultry imports from the United States moved a step closer after the European Commission promised to put forward a formal proposal to lift the embargo. Read more..

By STEPHEN CASTLE - The New York Times

Ex-Banker From UBS Is Indicted in Tax Case

A former UBS banker and another man were charged for their alleged role in a tax evasion scheme. Read more..

By LYNNLEY BROWNING - The New York Times

Indians Find U.S. at Fault in Food Cost

Instead of blaming India and others for the rise in food prices, Americans should rethink their energy policy — and stop eating so much, say a growing number of Indians. Read more..

By HEATHER TIMMONS - The New York Times

Liberty Media in Accord With Diller’s Company

Liberty Media and IAC/InterActiveCorp said that they had settled their differences, paving the way for the division of IAC into five companies. Read more..


Oil Refiners See Profits Sink as Consumption Falls

Oil refiners have not been able to to raise gasoline prices enough to pass along the full increases in oil, analysts say. Read more..

By JAD MOUAWAD - The New York Times

Quirky Top-Floor Spaces in Demand for Offices

Manhattan landlords and developers are creating new rentable space from top floors once used for storage or equipment, and they are figuring out how to use even small quantities of air rights. Read more..

By CLAIRE WILSON - The New York Times

Société Générale’s First-Quarter Profit Drops 23.4%

Despite the drop in profits, the bank, which has been pummeled by a rogue trading scandal, beat the average market earnings forecast. Read more..

By JAMES KANTER - The New York Times

South Africa: Power Losses Trim Ore Output

South Africa, the world’s biggest precious metals producer, said mining output fell 17 percent in March because of power shortages. Read more..

By BLOOMBERG NEWS - The New York Times

The Optimistic (and Long) View of Larry A. Silverstein

At a time when many developers around the country are being forced to pull in their reins, Larry A. Silverstein has only to look out his windows to see a new real estate empire in the making. Read more..

By TERRY PRISTIN - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
HP Inc.HPQ44,9346,4844,2745,6455M
Cisco SystemsCSCO26,0026,3425,7225,7549.9M
General ElectricGE32,4232,7232,3332,5135.5M
Oracle Corp.ORCL21,7222,1421,6021,7826.5M
Wells Fargo & Co.WFC29,1429,4328,7728,9125.8M
AT&T Inc.T39,3640,2439,2639,6124.3M
JPMorgan ChaseJPM46,0046,3745,3045,9124.1M
Wal-Mart StoresWMT56,8857,6056,6557,4517.5M
Bristol-Myers SquibbBMY21,6521,7521,5421,6015.7M
Verizon CommunicationsVZ38,2139,4038,1138,9515.5M
Abbott LaboratoriesABT54,5455,2054,4054,8315.3M
Procter & GamblePG65,9366,4965,3765,5013.2M
Home DepotHD28,8829,5328,7529,1212.1M
UnitedHealth GroupUNH32,5432,8032,0232,0210.2M
Walt Disney & Co.DIS34,5034,9834,3334,809.87M
Johnson & JohnsonJNJ66,5867,1166,4166,819.02M
International Business MachinesIBM126,61128,83126,20127,528.89M
Gilead SciencesGILD53,9653,9952,4052,565.59M
United TechnologiesUTX75,0875,8674,6675,164.48M
Union PacificUNP149,99151,61149,00149,951.83M
Berkshire HathawayBRK.B4174,504200,004110,004119,5040K
Exchange Rates of May 14th, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 104,960 JPY1 JPY = 0,010 USD
US DollarCanadian Dollar1 USD = 1,003 CAD1 CAD = 0,998 USD
US DollarSwiss Franc1 USD = 1,054 CHF1 CHF = 0,949 USD
US DollarChinese Yuan1 USD = 7,003 CNY1 CNY = 0,143 USD
EuroJapanese Yen1 EUR = 162,490 JPY1 JPY = 0,006 EUR
EuroPound Sterling1 EUR = 0,795 GBP1 GBP = 1,258 EUR
EuroAustralian Dollar1 EUR = 1,658 AUD1 AUD = 0,603 EUR
EuroCanadian Dollar1 EUR = 1,552 CAD1 CAD = 0,644 EUR
EuroSwiss Franc1 EUR = 1,632 CHF1 CHF = 0,613 EUR
Japanese YenPound Sterling1 JPY = 0,489 GBP1 GBP = 2,045 JPY
Japanese YenAustralian Dollar1 JPY = 1,020 AUD1 AUD = 0,981 JPY
Japanese YenCanadian Dollar1 JPY = 0,955 CAD1 CAD = 1,048 JPY
Japanese YenSwiss Franc1 JPY = 1,004 CHF1 CHF = 0,996 JPY
Pound SterlingAustralian Dollar1 GBP = 2,085 AUD1 AUD = 0,480 GBP
Pound SterlingCanadian Dollar1 GBP = 1,952 CAD1 CAD = 0,512 GBP
Pound SterlingSwiss Franc1 GBP = 2,052 CHF1 CHF = 0,487 GBP
Australian DollarCanadian Dollar1 AUD = 0,935 CAD1 CAD = 1,069 AUD
Australian DollarSwiss Franc1 AUD = 0,984 CHF1 CHF = 1,017 AUD
Canadian DollarSwiss Franc1 CAD = 1,051 CHF1 CHF = 0,951 CAD

See what else happened on May 14th, 2008