Financial news on May 14th, 2014

Business and Financial news
China’s Sizzling Real Estate Market Cools

China's real estate market seems to be cooling after almost two decades of nearly non-stop increases in prices and construction across nation; in latest sign, housing starts plummeted 25 percent in April from a year ago; trend has broad consequences for country's economy and possibly its politics. Read more..

By KEITH BRADSHER - The New York Times

Doubts Raised About Off-Label Use of Subsys, a Strong Painkiller

The drug was approved in 2012 for cancer patients, but has since become an outsize moneymaker for Insys Therapeutics and has been prescribed more widely. Read more..

By KATIE THOMAS - The New York Times

Lessons From a Breakup

The breakup of the Publicis-Omnicom merger offers some lessons about big deals. | A star banker at Goldman Sachs is leaving. | Citizens Bank is facing a stormy spinoff. | The maker of Botox faces more pressure about an unsolicited takeover bid. Read more..

By SYDNEY EMBER - The New York Times

Lew Urges China to Ease Exchange Rate Controls

Treasury Secretary Jacob Lew, during trip to China, pushes country to allow market forces to decide its exchange rate; also presses senior officials there not to undercut Obama administration’s sanctions on Russia. Read more..

By JANE PERLEZ - The New York Times

Pimco Weighs on Allianz's First Quarter as Profit Falls 3.9%

The Munich-based insurer said its first-quarter net income declined to €1.64 billion as results were hurt by investors removing €21.7 billion in investments from Pimco. Read more..

By CHAD BRAY - The New York Times

Senators Intend to Amend Federal Student Privacy Law

To protect the personal information about students that school technology vendors can acquire, two lawmakers are pushing to modernize a longstanding federal law on education privacy. Read more..

By NATASHA SINGER - The New York Times

What Hedge Funds Talk About When They Talk About Money

Hedge fund managers, political figures and celebrities are gathering in Las Vegas for the hedge fund industry’s annual spectacle, looking to put a little gloss on what have been some disappointing returns. Read more..


Wheelies: The Wooden Volkswagen Edition

A Bosnian retiree builds a Volkswagen Beetle out of oak; Roger Rodas’ widow sues Porsche over Paul Walker crash. Read more..

By BENJAMIN PRESTON - The New York Times

Why Hedge Funds Don't Worry About Carried Interest Tax Rules

Hedge fund managers don’t benefit from the carried interest tax advantage that are the focus of proposed legislation, Victor Fleischer writes in the Standard Deduction column. Instead, many use Bermuda-based reinsurance companies to avoid taxes. Read more..

By VICTOR FLEISCHER - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO22,9223,0522,6322,8159.3M
AT&T Inc.T36,1036,5736,0136,3924.2M
General ElectricGE26,9126,9626,6726,7620.7M
Oracle Corp.ORCL41,9842,0241,7141,8814M
Verizon CommunicationsVZ48,0048,3247,8048,0113.9M
Wells Fargo & Co.WFC49,8649,8649,1949,2913.3M
Gilead SciencesGILD80,4081,6279,6180,9710.7M
General MotorsGM35,1035,1134,8034,9410.5M
JPMorgan ChaseJPM54,6454,7054,3054,3610.3M
Abbott LaboratoriesABT39,8640,1239,7739,937.18M
Home DepotHD77,3377,3776,1776,316.87M
Procter & GamblePG81,7481,9181,1281,176.87M
HP Inc.HPQ33,1333,3432,9032,976.79M
Bristol-Myers SquibbBMY52,2452,3951,7552,126.29M
Walt Disney & Co.DIS81,7782,1880,6380,926.19M
Wal-Mart StoresWMT79,0579,0578,0778,745.61M
International Business MachinesIBM191,91191,99188,17188,725.25M
Johnson & JohnsonJNJ100,95101,10100,77100,874.19M
Berkshire HathawayBRK.B127,80128,00127,51127,532.69M
UnitedHealth GroupUNH78,0578,0576,9477,172.64M
United TechnologiesUTX118,56118,57117,16117,321.77M
Union PacificUNP192,90193,28191,32192,211.45M
Exchange Rates of May 14th, 2014
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 101,840 JPY1 JPY = 0,010 USD
US DollarCanadian Dollar1 USD = 1,089 CAD1 CAD = 0,919 USD
US DollarSwiss Franc1 USD = 0,890 CHF1 CHF = 1,124 USD
US DollarChinese Yuan1 USD = 6,229 CNY1 CNY = 0,161 USD
EuroJapanese Yen1 EUR = 139,660 JPY1 JPY = 0,007 EUR
EuroPound Sterling1 EUR = 0,818 GBP1 GBP = 1,223 EUR
EuroAustralian Dollar1 EUR = 1,462 AUD1 AUD = 0,684 EUR
EuroCanadian Dollar1 EUR = 1,493 CAD1 CAD = 0,670 EUR
EuroSwiss Franc1 EUR = 1,220 CHF1 CHF = 0,820 EUR
EuroChinese Yuan1 EUR = 8,542 CNY1 CNY = 0,117 EUR
Japanese YenPound Sterling1 JPY = 0,585 GBP1 GBP = 1,709 JPY
Japanese YenAustralian Dollar1 JPY = 1,046 AUD1 AUD = 0,956 JPY
Japanese YenCanadian Dollar1 JPY = 1,069 CAD1 CAD = 0,936 JPY
Japanese YenSwiss Franc1 JPY = 0,873 CHF1 CHF = 1,145 JPY
Pound SterlingAustralian Dollar1 GBP = 1,788 AUD1 AUD = 0,559 GBP
Pound SterlingCanadian Dollar1 GBP = 1,826 CAD1 CAD = 0,548 GBP
Pound SterlingSwiss Franc1 GBP = 1,492 CHF1 CHF = 0,670 GBP
Pound SterlingChinese Yuan1 GBP = 10,442 CNY1 CNY = 0,096 GBP
Australian DollarCanadian Dollar1 AUD = 1,021 CAD1 CAD = 0,979 AUD
Australian DollarSwiss Franc1 AUD = 0,834 CHF1 CHF = 1,199 AUD
Australian DollarChinese Yuan1 AUD = 5,842 CNY1 CNY = 0,171 AUD
Canadian DollarSwiss Franc1 CAD = 0,817 CHF1 CHF = 1,224 CAD
Canadian DollarChinese Yuan1 CAD = 5,720 CNY1 CNY = 0,175 CAD
Swiss FrancChinese Yuan1 CHF = 6,999 CNY1 CNY = 0,143 CHF

See what else happened on May 14th, 2014