Financial news on October 17, 2007
Business and Financial news
The vice chairman of Citic Group confirmed the bank’s intention to bid but said there had not been any “material progress” in its talks with Bear. Read more..
A former Dow Chemical executive sued JPMorgan, contending that the bank deceived Dow by not disclosing its role in unauthorized buyout discussions. Read more..
Foreigners dumped American assets in August as mortgage defaults set off a surge in borrowing costs. Read more..
Trying to break an impasse with screenwriters, producers withdrew a proposal to retool the decades-old practice of paying residuals for the reuse of movies and TV shows on other media. Read more..
Problems in the banking sector hit I.B.M.’s earnings as financial services companies pulled back from buying mainframe computers and large software packages. Read more..
Intel benefited from a reorganization and various new products after several quarters of a bruising price war with Advanced Micro Devices. Read more..
Lehman Brothers’ $10 million pledge to Spelman, a historically black college for women, will create a program that aims to increase diversity in the financial services sector. Read more..
CBS, which was split off from Viacom in 2005, has struggled like most traditional media companies, as advertising and viewers have migrated to the Web. Read more..
Predicting foreclosure proceedings would begin on one million homes this year, the Treasury secretary called for reforms by mortgage lenders, rating agencies and investment banks. Read more..
The Better Business Bureau has decided to rebrand itself as a place to make informed purchases on goods and services and not just as a place to file complaints. Read more..
Values are reported in US Dollars
|Wells Fargo & Co.||WFC||34.86||34.94||33.76||34.27||29.2M|
|International Business Machines||IBM||118.01||118.01||114.15||115.78||18.1M|
|Procter & Gamble||PG||70.64||70.84||70.30||70.59||11.9M|
|Johnson & Johnson||JNJ||65.55||65.58||64.72||64.85||10.2M|
|Walt Disney & Co.||DIS||35.26||35.59||35.14||35.38||9.03M|
Exchange Rates of October 17, 2007
|US Dollar||Japanese Yen||1 USD = 116.580 JPY||1 JPY = 0.009 USD|
|US Dollar||Canadian Dollar||1 USD = 0.974 CAD||1 CAD = 1.027 USD|
|US Dollar||Swiss Franc||1 USD = 1.179 CHF||1 CHF = 0.848 USD|
|US Dollar||Chinese Yuan||1 USD = 7.516 CNY||1 CNY = 0.133 USD|
|Euro||Japanese Yen||1 EUR = 165.750 JPY||1 JPY = 0.006 EUR|
|Euro||Pound Sterling||1 EUR = 0.696 GBP||1 GBP = 1.436 EUR|
|Euro||Australian Dollar||1 EUR = 1.594 AUD||1 AUD = 0.627 EUR|
|Euro||Canadian Dollar||1 EUR = 1.384 CAD||1 CAD = 0.722 EUR|
|Euro||Swiss Franc||1 EUR = 1.677 CHF||1 CHF = 0.596 EUR|
|Japanese Yen||Pound Sterling||1 JPY = 0.420 GBP||1 GBP = 2.382 JPY|
|Japanese Yen||Australian Dollar||1 JPY = 0.961 AUD||1 AUD = 1.040 JPY|
|Japanese Yen||Canadian Dollar||1 JPY = 0.835 CAD||1 CAD = 1.198 JPY|
|Japanese Yen||Swiss Franc||1 JPY = 1.011 CHF||1 CHF = 0.989 JPY|
|Pound Sterling||Australian Dollar||1 GBP = 2.289 AUD||1 AUD = 0.437 GBP|
|Pound Sterling||Canadian Dollar||1 GBP = 1.988 CAD||1 CAD = 0.503 GBP|
|Pound Sterling||Swiss Franc||1 GBP = 2.407 CHF||1 CHF = 0.415 GBP|
|Australian Dollar||Canadian Dollar||1 AUD = 0.868 CAD||1 CAD = 1.152 AUD|
|Australian Dollar||Swiss Franc||1 AUD = 1.051 CHF||1 CHF = 0.951 AUD|
|Canadian Dollar||Swiss Franc||1 CAD = 1.211 CHF||1 CHF = 0.826 CAD|