Financial news on October 18th, 2010

Business and Financial news
A New Quandary for the Federal Reserve: Grappling With Low Inflation

The Fed is having to shift substantially from the approach that has defined it and from which it has long derived its institutional self-esteem. Read more..

By SEWELL CHAN - The New York Times

Barclays Chief Says Basel III Is Fair

Barclays’ chief executive John Varley has flown against the popular opinion of international banking by declaring the proposals of the Basel III committee — due to be signed off by the G20 next month — as fair, in an interview with The Financial Times. Read more..

By DEALBOOK - The New York Times

China Escalates Fight With U.S. on Energy Aid

China dismissed the American inquiry into subsidies for clean-energy industries as election-season politics. Read more..

By MICHAEL WINES and XIYUN YANG - The New York Times

Citi’s Uneasy Deal With EMI

Citi is scheduled to start defending itself in court on Monday in a case over the purchase of EMI, the British music company. Read more..

By UNA GALANI and IAN CAMPBELL - The New York Times

Ford Is Said to Be Planning to Cut Stake in Mazda

Ford is readying itself to cut its remaining interest in Japanese automakers Mazda from 11 percent to three percent, The Financial Times reported. Read more..

By DEALBOOK - The New York Times

Fox News Insinuates, but Walid Shrugs It Off

Prince Walid bin Talal of Saudi Arabia may be the News Corporation’s second-largest shareholder, but that hasn’t stopped critics on Fox News of taking aim at the investor over links to the proposed Islamic community center in Lower Manhattan. Read more..

By DEALBOOK - The New York Times

Mortgage Mess Draws in Foreclosure Lawyers

Lawyers who handle mortgage cases for banks are in the cross hairs, now that big lenders are acknowledging errors in foreclosure processing. Read more..

By DEALBOOK - The New York Times

Traffic Bait Doesn’t Bring Ad Clicks

A research company says the most profitable articles engage readers, with topics like unemployment and mortgage rates high on the list. Read more..

By JEREMY W. PETERS - The New York Times

U.S. Shuts Banks in Midwest

Lenders in Missouri and Kansas were shut by regulators on Friday, bringing the total bank failures in the nation this year to 132. Read more..

By DEALBOOK - The New York Times

White House Urges Calm About Banks

Amid a rising uproar over slipshod bank foreclosure practices, members of the Obama administration on Sunday expressed anger about the revelations, but urged caution as multiple investigations into the crisis unfold. Read more..

By DEALBOOK - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE16.3116.3416.1016.2567.5M
Wells Fargo & Co.WFC23.6924.8823.6424.8766.7M
JPMorgan ChaseJPM37.1538.2637.0138.2055.1M
Cisco SystemsCSCO23.3523.5023.2323.3040.6M
Oracle Corp.ORCL28.7329.2328.5829.2335.8M
HP Inc.HPQ42.6943.4742.5043.3218.5M
Verizon CommunicationsVZ32.5232.9332.4932.5917.6M
AT&T Inc.T28.3928.7028.3928.6215.8M
Abbott LaboratoriesABT53.1853.6753.0553.6712.8M
Procter & GamblePG62.8863.5262.6463.3511.4M
Johnson & JohnsonJNJ63.6963.9863.2563.8610.8M
Home DepotHD30.6630.7530.1830.5310.7M
International Business MachinesIBM140.90143.03140.84142.8310.3M
Bristol-Myers SquibbBMY27.2927.3326.9527.339.71M
Wal-Mart StoresWMT53.2553.9053.2553.769.23M
Gilead SciencesGILD37.9237.9937.5137.548.53M
UnitedHealth GroupUNH36.0936.3735.8436.258.04M
Walt Disney & Co.DIS34.8335.0034.5034.756.93M
United TechnologiesUTX74.2774.9073.9874.563.83M
Berkshire HathawayBRK.B83.2284.0083.1183.503.83M
Union PacificUNP85.5885.6084.8885.431.76M
Exchange Rates of October 18th, 2010
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 81.260 JPY1 JPY = 0.012 USD
US DollarCanadian Dollar1 USD = 1.018 CAD1 CAD = 0.983 USD
US DollarSwiss Franc1 USD = 0.959 CHF1 CHF = 1.043 USD
US DollarChinese Yuan1 USD = 6.645 CNY1 CNY = 0.150 USD
EuroJapanese Yen1 EUR = 113.340 JPY1 JPY = 0.009 EUR
EuroPound Sterling1 EUR = 0.878 GBP1 GBP = 1.139 EUR
EuroAustralian Dollar1 EUR = 1.409 AUD1 AUD = 0.710 EUR
EuroCanadian Dollar1 EUR = 1.419 CAD1 CAD = 0.705 EUR
EuroSwiss Franc1 EUR = 1.337 CHF1 CHF = 0.748 EUR
EuroChinese Yuan1 EUR = 9.269 CNY1 CNY = 0.108 EUR
Japanese YenPound Sterling1 JPY = 0.774 GBP1 GBP = 1.292 JPY
Japanese YenAustralian Dollar1 JPY = 1.242 AUD1 AUD = 0.805 JPY
Japanese YenCanadian Dollar1 JPY = 1.251 CAD1 CAD = 0.799 JPY
Japanese YenSwiss Franc1 JPY = 1.180 CHF1 CHF = 0.848 JPY
Pound SterlingAustralian Dollar1 GBP = 1.605 AUD1 AUD = 0.623 GBP
Pound SterlingCanadian Dollar1 GBP = 1.617 CAD1 CAD = 0.618 GBP
Pound SterlingSwiss Franc1 GBP = 1.523 CHF1 CHF = 0.656 GBP
Pound SterlingChinese Yuan1 GBP = 10.554 CNY1 CNY = 0.095 GBP
Australian DollarCanadian Dollar1 AUD = 1.007 CAD1 CAD = 0.993 AUD
Australian DollarSwiss Franc1 AUD = 0.949 CHF1 CHF = 1.054 AUD
Australian DollarChinese Yuan1 AUD = 6.576 CNY1 CNY = 0.152 AUD
Canadian DollarSwiss Franc1 CAD = 0.942 CHF1 CHF = 1.062 CAD
Canadian DollarChinese Yuan1 CAD = 6.532 CNY1 CNY = 0.153 CAD
Swiss FrancChinese Yuan1 CHF = 6.929 CNY1 CNY = 0.144 CHF

See what else happened on October 18th, 2010