Financial news on May 28th, 2008

Business and Financial news
As Home Prices Drop Low Enough, a Committed Renter Decides to Buy

As housing prices slowly come back to reality, buying has again started to make sense for more people. Read more..

By DAVID LEONHARDT - The New York Times

Brazil: Oil Company Planning to Sell Shares

The Brazilian billionaire Eike Batista, below, is planning a 5.59 billion real ($3.37 billion) initial public offering of OGX Petroleo e Gas Participacoes. Read more..

By BLOOMBERG NEWS - The New York Times

For Coors Light, a Night Out That Begins on MySpace

Coors Light is extending its presence in the new media with efforts on the social networking Web sites Facebook and MySpace. Read more..

By STUART ELLIOTT - The New York Times

Housing Prices Fall 14.1% in Sign of Continuing Slump

The home-buying season is shaping up to be even worse than expected, with few signs of a turnaround. Read more..

By VIKAS BAJAJ - The New York Times

In an Uncertain Market, Hotels May Be Ripe Buys

While the number of hotel deals during the first quarter plummeted by more than 40 percent, some hotel industry experts see fire sales on the horizon. Read more..

By J. ALEX TARQUINIO - The New York Times

Investors Criticize French Bank Chairman for Loss

At Société Générale’s annual meeting, several investors called for the resignation of the chairman, Daniel Bouton, and accused management of transforming the bank into a casino. Read more..

By KATRIN BENNHOLD - The New York Times

Major San Francisco Development Faces a Ballot Test

A measure asks residents to give the go-ahead to turn 496 acres into a neighborhood of homes, research and office buildings, retail space and a new stadium. Read more..

By KEITH SCHNEIDER - The New York Times

Realtors Agree to Stop Blocking Web Listings

The deal frees Internet brokers and other real-estate agents offering heavily discounted commissions to operate on a level playing field with traditional brokers. Read more..

By ERIC LICHTBLAU - The New York Times

With Bold Steps, Fed Chief Quiets Some Criticism

After rewriting the rulebook at the Federal Reserve, Ben S. Bernanke appears to have quieted many of his critics. Read more..

By STEVEN R. WEISMAN - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE30.5530.6830.2130.5563.4M
Cisco SystemsCSCO26.0026.0425.3225.5445.7M
Wells Fargo & Co.WFC27.7127.8726.6327.4739.7M
JPMorgan ChaseJPM43.3943.4341.9042.8631.7M
Oracle Corp.ORCL22.8022.9522.6422.7926.8M
AT&T Inc.T39.0139.5439.0139.5122.1M
Wal-Mart StoresWMT56.9157.2456.5657.0920.4M
HP Inc.HPQ46.0046.6545.9446.5217.9M
UnitedHealth GroupUNH34.9335.2434.2134.2315.4M
Johnson & JohnsonJNJ65.1965.3164.6464.8814.8M
Walt Disney & Co.DIS33.6634.1533.6633.8614.2M
Home DepotHD27.6727.8527.2227.4313.2M
Verizon CommunicationsVZ37.4537.8837.2937.7711.7M
Bristol-Myers SquibbBMY22.0222.1921.7822.0911M
Procter & GamblePG65.3265.4264.7664.8710.2M
International Business MachinesIBM127.50129.54126.99129.549.88M
Abbott LaboratoriesABT54.8354.8353.7554.109.73M
Union PacificUNP158.85159.00156.24157.586.62M
United TechnologiesUTX71.0371.2269.7370.234.96M
Gilead SciencesGILD53.7053.8153.1253.574.7M
Berkshire HathawayBRK.B4295.004340.004273.004338.0047K
Exchange Rates of May 28th, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 104.670 JPY1 JPY = 0.010 USD
US DollarCanadian Dollar1 USD = 0.990 CAD1 CAD = 1.011 USD
US DollarSwiss Franc1 USD = 1.037 CHF1 CHF = 0.964 USD
US DollarChinese Yuan1 USD = 6.944 CNY1 CNY = 0.144 USD
EuroJapanese Yen1 EUR = 163.780 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.790 GBP1 GBP = 1.266 EUR
EuroAustralian Dollar1 EUR = 1.626 AUD1 AUD = 0.615 EUR
EuroCanadian Dollar1 EUR = 1.548 CAD1 CAD = 0.646 EUR
EuroSwiss Franc1 EUR = 1.623 CHF1 CHF = 0.616 EUR
Japanese YenPound Sterling1 JPY = 0.482 GBP1 GBP = 2.074 JPY
Japanese YenAustralian Dollar1 JPY = 0.992 AUD1 AUD = 1.008 JPY
Japanese YenCanadian Dollar1 JPY = 0.945 CAD1 CAD = 1.058 JPY
Japanese YenSwiss Franc1 JPY = 0.991 CHF1 CHF = 1.009 JPY
Pound SterlingAustralian Dollar1 GBP = 2.058 AUD1 AUD = 0.486 GBP
Pound SterlingCanadian Dollar1 GBP = 1.959 CAD1 CAD = 0.510 GBP
Pound SterlingSwiss Franc1 GBP = 2.054 CHF1 CHF = 0.487 GBP
Australian DollarCanadian Dollar1 AUD = 0.952 CAD1 CAD = 1.051 AUD
Australian DollarSwiss Franc1 AUD = 0.998 CHF1 CHF = 1.002 AUD
Canadian DollarSwiss Franc1 CAD = 1.048 CHF1 CHF = 0.954 CAD

See what else happened on May 28th, 2008