Financial news on July 23rd, 2008

Business and Financial news
A Mortgage Rescue Strains Calculations

The Congressional Budget Office said a proposed rescue of Fannie Mae and Freddie Mac could appear on the federal budget as a $25 billion cost to taxpayers, but the figure is, at best, a rough estimate. Read more..

By DAVID M. HERSZENHORN - The New York Times

Direct Mail Tries to Go Green. No, Really.

A group of direct-marketing companies, along with a handful of their corporate clients, are banding together to make an inherently unsustainable practice at least a little bit greener. Read more..

By CLAUDIA H. DEUTSCH - The New York Times

Feeling Powerless, India Blames Oil Speculation

India’s finance minister, Palaniappan Chidambaram, said speculation in the market was a greater factor in rising oil prices than offer and demand alone. Read more..

By HEATHER TIMMONS - The New York Times

G.E. and Abu Dhabi Fund Form Financial Partnership

General Electric said it would partner with Mubadala Development Company, an Abu Dhabi-based sovereign wealth fund, to create an $8 billion commercial finance fund. Read more..

By ABHA BHATTARAI - The New York Times

Nissan Says Electric Cars Will Be Quickly Profitable

The capabilities of Nissan’s electric cars, to be introduced in 2010, will vary by country but none will have range-extending gasoline engines, the company’s chief executive said. Read more..

By NICK BUNKLEY - The New York Times

Prices of Food and Gas Take a Toll in Asia

With large price increases for commonly used commodities, countries like India and Vietnam are already having to deal with double-digit inflation. Read more..

By KEITH BRADSHER - The New York Times

Woes Afflicting Mortgage Giants Raise Loan Rates

The troubles at Fannie Mae and Freddie Mac could deal another blow to the housing market, as higher interest rates make it harder to refinance existing debts. Read more..

By VIKAS BAJAJ - The New York Times

Yahoo’s Revenue Rises a Bit, but Profit Falls 18%

Yahoo said that its revenue in the second quarter grew a sluggish 6 percent from the same period a year earlier as profits fell. Read more..

By MIGUEL HELFT - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
Wells Fargo & Co.WFC30.1231.9729.8630.45122M
General ElectricGE28.7829.3928.5529.3378.4M
JPMorgan ChaseJPM40.9143.0039.3741.9659.3M
Cisco SystemsCSCO22.0022.6121.8022.1747.1M
AT&T Inc.T32.7933.5632.1633.0641.2M
Oracle Corp.ORCL21.5421.5921.1421.5032.2M
Wal-Mart StoresWMT57.5058.9956.6958.0931.2M
UnitedHealth GroupUNH27.9228.1327.2827.7626.6M
Home DepotHD23.7625.8523.7625.0326.4M
Verizon CommunicationsVZ34.7936.1634.6735.8418.3M
Abbott LaboratoriesABT57.8457.9956.8156.9916.9M
HP Inc.HPQ43.4144.6843.4144.2816.3M
Bristol-Myers SquibbBMY21.7722.2121.6121.8916.2M
Walt Disney & Co.DIS30.6231.1930.4031.1513.2M
Gilead SciencesGILD51.4153.4551.2652.7012.9M
Procter & GamblePG64.2564.9463.8264.7011.3M
Johnson & JohnsonJNJ68.2168.3567.6268.2710.3M
International Business MachinesIBM129.78130.33128.29129.5210.2M
United TechnologiesUTX65.4765.9664.7465.786.4M
Union PacificUNP75.1577.5074.1777.335.74M
Berkshire HathawayBRK.B3978.003978.003908.003925.0054.3K
Exchange Rates of July 23rd, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 107.910 JPY1 JPY = 0.009 USD
US DollarCanadian Dollar1 USD = 1.011 CAD1 CAD = 0.989 USD
US DollarSwiss Franc1 USD = 1.038 CHF1 CHF = 0.963 USD
US DollarChinese Yuan1 USD = 6.830 CNY1 CNY = 0.146 USD
EuroJapanese Yen1 EUR = 169.260 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.785 GBP1 GBP = 1.274 EUR
EuroAustralian Dollar1 EUR = 1.632 AUD1 AUD = 0.613 EUR
EuroCanadian Dollar1 EUR = 1.586 CAD1 CAD = 0.630 EUR
EuroSwiss Franc1 EUR = 1.628 CHF1 CHF = 0.614 EUR
Japanese YenPound Sterling1 JPY = 0.464 GBP1 GBP = 2.157 JPY
Japanese YenAustralian Dollar1 JPY = 0.964 AUD1 AUD = 1.037 JPY
Japanese YenCanadian Dollar1 JPY = 0.937 CAD1 CAD = 1.067 JPY
Japanese YenSwiss Franc1 JPY = 0.962 CHF1 CHF = 1.040 JPY
Pound SterlingAustralian Dollar1 GBP = 2.079 AUD1 AUD = 0.481 GBP
Pound SterlingCanadian Dollar1 GBP = 2.020 CAD1 CAD = 0.495 GBP
Pound SterlingSwiss Franc1 GBP = 2.073 CHF1 CHF = 0.482 GBP
Australian DollarCanadian Dollar1 AUD = 0.971 CAD1 CAD = 1.030 AUD
Australian DollarSwiss Franc1 AUD = 0.997 CHF1 CHF = 1.003 AUD
Canadian DollarSwiss Franc1 CAD = 1.026 CHF1 CHF = 0.975 CAD

See what else happened on July 23rd, 2008