Financial news on October 18th, 2007

Business and Financial news
A Headache for Small Drug Makers

The F.D.A. has begun to crack down on the thousands of drugs, often made by small companies, that have never had to go through the agency’s stringent approval process. Read more..

By BRENT BOWERS - The New York Times

A Move to Let Logos Carry More of the Message

The new logo for the New Museum of Contemporary Art will be featured in a campaign to promote the institution’s move to a new home in downtown Manhattan. Read more..

By ERIC PFANNER - The New York Times

Cisco Offices Are Raided in Brazil

Brazilian law enforcement officials raided the offices of Cisco Systems and arrested top executives as part of a continuing investigation into a smuggling and tax fraud scheme. Read more..

By DOW JONES - The New York Times

European Will Oversee Accounting Standards

The International Accounting Standards Committee has been pressured by some European politicians who want the board to be more accountable to governments. Read more..

By FLOYD NORRIS - The New York Times

Judge Postpones KPMG Trial

A federal judge has disqualified a defense lawyer for a former KPMG partner in the government’s high-profile tax shelter case, a surprise twist on the eve of the trial. Read more..

By LYNNLEY BROWNING - The New York Times

MySpace Needs Internal Not External Developers

MySpace will have new tools for people to develop programs for its site. MySpace has always been open, more so than Facebook. But it hasn’t done much to improve its own site. Read more..

By SAUL HANSELL - The New York Times

Plan Would Ease Limits on Media Owners

An F.C.C. proposal to relax decades-old rules would be a big victory for some executives of media conglomerates. Read more..

By STEPHEN LABATON - The New York Times

Seeing Sugar’s Future in Fuel

After seeing Midwestern farmers improve their lot by selling corn to ethanol distilleries, sugar cane and sugar beet growers want their own ethanol deal, paid for by U.S. taxpayers. Read more..

By CLIFFORD KRAUSS - The New York Times

Taxes in Developed Nations Reach 36% of Gross Domestic Product

The cost of government has risen about 20 percent since 1975, when taxes accounted for less than 30 percent of the gross domestic product of the O.E.C.D.’s member countries. Read more..

By DAVID CAY JOHNSTON - The New York Times

Winning Bid Picked for Stake in Aeroméxico

The Mexican government said it would sell its controlling stake in Aeroméxico to an investor group that includes Banamex, the Mexican subsidiary of Citigroup. Read more..

By ELISABETH MALKIN - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO32.1932.9332.1832.6833.2M
Oracle Corp.ORCL21.4921.5821.1121.4332.3M
General ElectricGE40.9341.0040.5240.7932.2M
Wells Fargo & Co.WFC33.7233.9133.3033.5028.6M
AT&T Inc.T41.8642.3541.7141.8121.1M
UnitedHealth GroupUNH49.0049.0047.9248.1020.6M
JPMorgan ChaseJPM46.1046.1345.4545.9019.4M
Wal-Mart StoresWMT45.7846.0445.3445.8919M
Home DepotHD31.6032.0131.3831.6817.9M
Gilead SciencesGILD42.6043.9942.5743.5114.2M
Johnson & JohnsonJNJ65.2465.3264.6964.9013.5M
Abbott LaboratoriesABT51.3052.0351.1951.6712.3M
Verizon CommunicationsVZ45.1545.4444.8044.979.85M
HP Inc.HPQ52.4953.0052.0252.878.66M
Walt Disney & Co.DIS35.3135.4034.7134.788.5M
Procter & GamblePG70.5571.0070.5070.908.08M
International Business MachinesIBM114.82116.41114.44114.807.74M
Bristol-Myers SquibbBMY29.5329.8229.4029.587.48M
United TechnologiesUTX76.7778.2476.5277.436.54M
Union PacificUNP118.90127.17118.90125.935.9M
Berkshire HathawayBRK.B4320.004324.004275.004300.0017.3K
Exchange Rates of October 18th, 2007
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 115.600 JPY1 JPY = 0.009 USD
US DollarCanadian Dollar1 USD = 0.974 CAD1 CAD = 1.027 USD
US DollarSwiss Franc1 USD = 1.170 CHF1 CHF = 0.854 USD
US DollarChinese Yuan1 USD = 7.511 CNY1 CNY = 0.133 USD
EuroJapanese Yen1 EUR = 165.140 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.699 GBP1 GBP = 1.430 EUR
EuroAustralian Dollar1 EUR = 1.597 AUD1 AUD = 0.626 EUR
EuroCanadian Dollar1 EUR = 1.391 CAD1 CAD = 0.719 EUR
EuroSwiss Franc1 EUR = 1.672 CHF1 CHF = 0.598 EUR
Japanese YenPound Sterling1 JPY = 0.423 GBP1 GBP = 2.363 JPY
Japanese YenAustralian Dollar1 JPY = 0.966 AUD1 AUD = 1.035 JPY
Japanese YenCanadian Dollar1 JPY = 0.842 CAD1 CAD = 1.188 JPY
Japanese YenSwiss Franc1 JPY = 1.012 CHF1 CHF = 0.988 JPY
Pound SterlingAustralian Dollar1 GBP = 2.283 AUD1 AUD = 0.438 GBP
Pound SterlingCanadian Dollar1 GBP = 1.989 CAD1 CAD = 0.503 GBP
Pound SterlingSwiss Franc1 GBP = 2.390 CHF1 CHF = 0.418 GBP
Australian DollarCanadian Dollar1 AUD = 0.871 CAD1 CAD = 1.149 AUD
Australian DollarSwiss Franc1 AUD = 1.047 CHF1 CHF = 0.956 AUD
Canadian DollarSwiss Franc1 CAD = 1.202 CHF1 CHF = 0.832 CAD

See what else happened on October 18th, 2007