Financial news on October 22nd, 2010

Business and Financial news
‘Mini-Madoff’ Sentenced to 14 Years in Prison

Arthur Nadel, a fund manager whose $168 million fraud was one of several that collapsed in the declining economy and left hundreds of investors without their money, was sentenced to 14 years in prison on Thursday. Read more..

By DEALBOOK - The New York Times

Germany to Raise Alarm Over China Rare Earths Restrictions at G-20

The move comes as German companies say they are being pressed by Chinese officials to step up their investment in China if they want assured access to the crucial materials. Read more..

By JUDY DEMPSEY - International Herald Tribune

In Potash War, Is Saskatchewan the New Venezuela?

The Saskatchewan government’s effort to stymie BHP Billiton’s bid for Potash — and allegedly a payment in exchange for support — is worthy of Hugo Chavez, a columnist argues. Read more..

By DEALBOOK - The New York Times

Madoff Items Go Up for Auction, Slippers and All

Bernard L. Madoff’s monogrammed slippers are coming up for auction, along with 400 other possessions belonging to the man behind a $65 billion Ponzi scheme. Read more..

By DEALBOOK - The New York Times

New Faces Enter Fray in Accounting

New leaders of the American and international accounting rule-making boards will push for agreement on how banks should value their assets, Floyd Norris writes in his latest column. Read more..

By DEALBOOK - The New York Times

Nokia to Cut Jobs as It Tries to Catch Up to Rivals

Even as profits improved, the world's largest cellphone maker said it plans to eliminate 1,800 jobs as it tries to speed up delivery of new software and better Web services for its smartphones. Read more..

By KEVIN J. O'BRIEN - The New York Times

Oligarchs Fight Over Nickel Company

Shareholders of Norilsk Nickel, a Russian company that produces about a fifth of the world’s nickel, thwarted an effort to oust the management. Read more..

By ANDREW E. KRAMER - The New York Times

Profit Climbs 71% at American Express

Spending on American Express cards rose 14 percent in the quarter, bolstering earnings, but remained below levels reached before the recession. Read more..

By ASSOCIATED PRESS - The New York Times

Singapore Exchange Is Said to Mull ASX Merger

Singapore Exchange is in talks to combine with ASX, which runs the Australian stock exchange, said a person with direct knowledge of the matter. Read more..

By DEALBOOK - The New York Times

Time for Some New Stress Tests for Banks

How much damage to the financial system should we expect from what is now commonly called the foreclosure morass? Simon Johnson, writing at Economix, asks. The best approach, he says, would be a fresh set of stress tests. Read more..

By DEALBOOK - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE16.1116.2016.0116.0631.3M
Wells Fargo & Co.WFC26.0326.2525.7526.1126.6M
JPMorgan ChaseJPM37.5037.7937.3237.7024.9M
Verizon CommunicationsVZ32.4532.5031.7632.0924M
Cisco SystemsCSCO23.2523.4923.1823.4823.7M
AT&T Inc.T28.3328.4128.1428.2918.1M
Oracle Corp.ORCL28.8429.0328.7328.9916.5M
HP Inc.HPQ42.3742.9642.2942.8710.3M
Walt Disney & Co.DIS34.6734.9934.3034.979.6M
Home DepotHD31.7731.8231.4031.489.1M
Abbott LaboratoriesABT52.9552.9552.3552.567.37M
Gilead SciencesGILD39.1039.1238.6739.117.31M
Johnson & JohnsonJNJ64.0864.1263.6463.816.77M
UnitedHealth GroupUNH36.7037.2636.4237.266.62M
Procter & GamblePG63.5363.7063.1363.405.93M
Wal-Mart StoresWMT53.9654.1053.8654.065.8M
Bristol-Myers SquibbBMY27.1027.1526.9326.964.84M
International Business MachinesIBM140.15140.75139.46139.674.11M
United TechnologiesUTX75.2575.2574.4974.943.17M
Union PacificUNP85.0786.3884.8186.313M
Berkshire HathawayBRK.B83.0783.4382.5883.342.68M
Exchange Rates of October 22nd, 2010
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 81.370 JPY1 JPY = 0.012 USD
US DollarCanadian Dollar1 USD = 1.025 CAD1 CAD = 0.975 USD
US DollarSwiss Franc1 USD = 0.977 CHF1 CHF = 1.024 USD
US DollarChinese Yuan1 USD = 6.659 CNY1 CNY = 0.150 USD
EuroJapanese Yen1 EUR = 113.530 JPY1 JPY = 0.009 EUR
EuroPound Sterling1 EUR = 0.890 GBP1 GBP = 1.124 EUR
EuroAustralian Dollar1 EUR = 1.418 AUD1 AUD = 0.705 EUR
EuroCanadian Dollar1 EUR = 1.431 CAD1 CAD = 0.699 EUR
EuroSwiss Franc1 EUR = 1.365 CHF1 CHF = 0.733 EUR
EuroChinese Yuan1 EUR = 9.292 CNY1 CNY = 0.108 EUR
Japanese YenPound Sterling1 JPY = 0.783 GBP1 GBP = 1.276 JPY
Japanese YenAustralian Dollar1 JPY = 1.250 AUD1 AUD = 0.800 JPY
Japanese YenCanadian Dollar1 JPY = 1.261 CAD1 CAD = 0.793 JPY
Japanese YenSwiss Franc1 JPY = 1.200 CHF1 CHF = 0.833 JPY
Pound SterlingAustralian Dollar1 GBP = 1.596 AUD1 AUD = 0.627 GBP
Pound SterlingCanadian Dollar1 GBP = 1.609 CAD1 CAD = 0.622 GBP
Pound SterlingSwiss Franc1 GBP = 1.533 CHF1 CHF = 0.653 GBP
Pound SterlingChinese Yuan1 GBP = 10.433 CNY1 CNY = 0.096 GBP
Australian DollarCanadian Dollar1 AUD = 1.008 CAD1 CAD = 0.992 AUD
Australian DollarSwiss Franc1 AUD = 0.960 CHF1 CHF = 1.042 AUD
Australian DollarChinese Yuan1 AUD = 6.545 CNY1 CNY = 0.153 AUD
Canadian DollarSwiss Franc1 CAD = 0.951 CHF1 CHF = 1.052 CAD
Canadian DollarChinese Yuan1 CAD = 6.491 CNY1 CNY = 0.154 CAD
Swiss FrancChinese Yuan1 CHF = 6.815 CNY1 CNY = 0.147 CHF

See what else happened on October 22nd, 2010