Financial news on August 22nd, 2007

Business and Financial news
China Raises Interest Rates to Cool Its Heated Economy

The People’s Bank of China said it was raising the one-year yuan lending rate 18 basis points to 7.02 percent from 6.84 percent, effective Wednesday, to curb inflation. Read more..

By DAVID LAGUE - The New York Times

Developer’s Big Manhattan Move Faces a Time and Credit Squeeze

There is much speculation in the commercial real estate market that Harry Macklowe, the New York developer, is in trouble. Read more..

By TERRY PRISTIN - The New York Times

European Banks Still Wary on Lending

Clouds persisted Wednesday over European credit markets, with some commercial banks still reluctant to lend to each other. Read more..


Google Aims to Make YouTube Profitable With Ads

Google believes it finally has found the formula to cash in on YouTube’s potential as a magnet for online video advertising and keep its audience loyal at the same time. Read more..

By MIGUEL HELFT - The New York Times

In Google Earth, a Service for Scanning the Heavens

After turning millions of Internet users into virtual explorers of the world, the Internet search giant is now hoping to turn many of them into virtual stargazers. Read more..

By MIGUEL HELFT - The New York Times

Misgivings Spoil Plans of Start-Up

An underwriter has pulled out of the initial public offering for Accoona, a new Internet search engine that former President Bill Clinton helped introduce. Read more..

By SAUL HANSELL - The New York Times

MTV, RealNetworks to Mount Challenge Against iTunes

MTV Networks said it would fold its floundering digital music service into a venture with RealNetworks, owner of the Rhapsody music subscription service. Read more..

By JEFF LEEDS - The New York Times

Report Cites Brutal Conditions in Chinese Factories

A workers’ rights group in the United States released a report today detailing what it called brutal conditions and illegal practices in Chinese toy factories. Read more..

By DAVID BARBOZA - The New York Times

The Accoona Files 1: A Search Company?

Notes on Accoona’s search business: There’s not much R&D spending. SuperTargeted search doesn’t work. Read more..

By SAUL HANSELL - The New York Times

Tribune Shareholders Back Zell’s Takeover

Real estate billionaire Samuel Zell’s $8.2 billion deal to take the Tribune Company private is now one step closer to being completed. Read more..

By DESIREE J. HANFORD - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Cisco SystemsCSCO30,4530,4729,9130,2639.8M
General ElectricGE38,6539,2838,5039,1438.5M
JPMorgan ChaseJPM46,6746,8345,0346,0030.8M
Home DepotHD34,4834,8034,1034,7728.2M
Wells Fargo & Co.WFC37,4137,7436,3836,7025.7M
Oracle Corp.ORCL19,3919,4219,0719,3223.7M
AT&T Inc.T39,2839,8838,5039,7819.6M
Wal-Mart StoresWMT43,7943,8943,4343,7518.9M
HP Inc.HPQ46,5446,6445,8246,4215.5M
Johnson & JohnsonJNJ61,7062,1061,6262,0112.1M
Verizon CommunicationsVZ41,9941,9941,3841,8211.4M
Abbott LaboratoriesABT52,4952,9451,7252,1411.2M
Walt Disney & Co.DIS33,5833,6833,1133,5710.7M
UnitedHealth GroupUNH49,0049,2248,1048,6510.3M
Procter & GamblePG64,8865,1164,3964,749.6M
Bristol-Myers SquibbBMY28,4828,9928,1428,757.15M
International Business MachinesIBM110,09110,50109,15110,006.33M
Gilead SciencesGILD38,0938,1337,1437,496.22M
United TechnologiesUTX73,1474,2273,0173,874.47M
Union PacificUNP111,45113,17111,06112,872.75M
Berkshire HathawayBRK.B4000,004000,003913,003939,0019.8K
Exchange Rates of August 22nd, 2007
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 115,310 JPY1 JPY = 0,009 USD
US DollarCanadian Dollar1 USD = 1,062 CAD1 CAD = 0,942 USD
US DollarSwiss Franc1 USD = 1,206 CHF1 CHF = 0,829 USD
US DollarChinese Yuan1 USD = 7,602 CNY1 CNY = 0,132 USD
EuroJapanese Yen1 EUR = 156,190 JPY1 JPY = 0,006 EUR
EuroPound Sterling1 EUR = 0,680 GBP1 GBP = 1,472 EUR
EuroAustralian Dollar1 EUR = 1,679 AUD1 AUD = 0,596 EUR
EuroCanadian Dollar1 EUR = 1,438 CAD1 CAD = 0,695 EUR
EuroSwiss Franc1 EUR = 1,634 CHF1 CHF = 0,612 EUR
Japanese YenPound Sterling1 JPY = 0,435 GBP1 GBP = 2,299 JPY
Japanese YenAustralian Dollar1 JPY = 1,074 AUD1 AUD = 0,931 JPY
Japanese YenCanadian Dollar1 JPY = 0,920 CAD1 CAD = 1,086 JPY
Japanese YenSwiss Franc1 JPY = 1,046 CHF1 CHF = 0,956 JPY
Pound SterlingAustralian Dollar1 GBP = 2,471 AUD1 AUD = 0,405 GBP
Pound SterlingCanadian Dollar1 GBP = 2,116 CAD1 CAD = 0,473 GBP
Pound SterlingSwiss Franc1 GBP = 2,403 CHF1 CHF = 0,416 GBP
Australian DollarCanadian Dollar1 AUD = 0,856 CAD1 CAD = 1,168 AUD
Australian DollarSwiss Franc1 AUD = 0,972 CHF1 CHF = 1,028 AUD
Canadian DollarSwiss Franc1 CAD = 1,136 CHF1 CHF = 0,881 CAD

See what else happened on August 22nd, 2007