Financial news on August 29th, 2008

Business and Financial news
As Biomass Power Rises, a Wood-Fired Plant Is Planned in Texas

The city of Austin, Tex., approved plans for a huge plant that will burn waste wood to make electricity, the latest sign of rising interest in a long-dormant form of renewable energy. Read more..

By KATE GALBRAITH - The New York Times

Canadian Airline Shuts, Stranding Hundreds of Passengers

Hundreds of travelers, including many in Europe, were stranded after Zoom Airlines, based in Ottawa, abruptly stopped operations and sought protection from creditors. Read more..

By IAN AUSTEN - The New York Times

Carmakers Deserve Loan Guarantees, G.M. Official Says

General Motor’s vice chairman, Robert A. Lutz, said the car companies need money to retool their plants but probably cannot raise enough capital on their own. Read more..

By NICK BUNKLEY - The New York Times

Dell’s Profit Drop Surprises Investors

Dell stunned investors with a 17 percent decline in quarterly profit and a warning that a slowdown in technology spending in the United States had begun to spread to Asia and Europe. Read more..

By LAURIE J. FLYNN - The New York Times

Economic Growth Revised Higher

Gross domestic product increased at a 3.3 percent annual rate in the quarter, the government said. Read more..

By MICHAEL M. GRYNBAUM - The New York Times

Oil Producers Prepare for Storm in the Gulf

Oil producers have begun to halt drilling and operations in the Gulf of Mexico, anticipating that Tropical Storm Gustav could pick up speed. Read more..

By CLIFFORD KRAUSS - The New York Times

Rival Rejects a New Plan to Purchase Huntsman

A proposal by a cadre of Huntsman chemical company shareholders to help close the sale of the company to Hexion Specialty Chemicals was rejected by Hexion. Read more..

By MICHAEL J. de la MERCED - The New York Times

Sense and Reality on Energy

In 1974, the country had a president who actually wanted to confront the issue of high oil prices and the proposals made then seem highly relevant now. Read more..

By FLOYD NORRIS - The New York Times

Worker Assets Shrink at Fannie and Freddie

The employees of Fannie Mae and Freddie Mac are reeling as the companies lurch toward what could be a bailout. Read more..


Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE28.7828.8828.0828.1047.1M
Oracle Corp.ORCL22.4022.4321.7021.9335.3M
Cisco SystemsCSCO24.3524.3523.9124.0533.1M
AT&T Inc.T32.0132.8131.9931.9931.3M
Wells Fargo & Co.WFC30.1730.5729.8430.2729.3M
JPMorgan ChaseJPM38.5138.9438.0938.4923.3M
HP Inc.HPQ46.7547.3446.6746.9214.1M
Wal-Mart StoresWMT59.6159.8859.0659.0712.9M
Home DepotHD27.2227.4827.0227.1212.5M
Verizon CommunicationsVZ35.2235.8834.5535.1210.8M
Johnson & JohnsonJNJ71.1871.4070.4270.4310.4M
Procter & GamblePG70.7171.0869.7469.779.57M
Walt Disney & Co.DIS32.3732.7532.3132.359.06M
Bristol-Myers SquibbBMY21.6021.7121.3321.348.7M
Abbott LaboratoriesABT58.4758.8257.4357.438.29M
International Business MachinesIBM123.71123.99121.63121.737.16M
UnitedHealth GroupUNH30.0430.7529.8630.457.14M
Gilead SciencesGILD53.2253.5652.3452.685.23M
Union PacificUNP82.7684.9582.7683.905.12M
United TechnologiesUTX66.3466.8965.4365.593.99M
Berkshire HathawayBRK.B3928.003938.003863.003902.0016.9K
Exchange Rates of August 29th, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 108.770 JPY1 JPY = 0.009 USD
US DollarCanadian Dollar1 USD = 1.064 CAD1 CAD = 0.940 USD
US DollarSwiss Franc1 USD = 1.101 CHF1 CHF = 0.908 USD
US DollarChinese Yuan1 USD = 6.835 CNY1 CNY = 0.146 USD
EuroJapanese Yen1 EUR = 159.610 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.805 GBP1 GBP = 1.242 EUR
EuroAustralian Dollar1 EUR = 1.709 AUD1 AUD = 0.585 EUR
EuroCanadian Dollar1 EUR = 1.561 CAD1 CAD = 0.641 EUR
EuroSwiss Franc1 EUR = 1.616 CHF1 CHF = 0.619 EUR
Japanese YenPound Sterling1 JPY = 0.504 GBP1 GBP = 1.983 JPY
Japanese YenAustralian Dollar1 JPY = 1.071 AUD1 AUD = 0.934 JPY
Japanese YenCanadian Dollar1 JPY = 0.978 CAD1 CAD = 1.023 JPY
Japanese YenSwiss Franc1 JPY = 1.012 CHF1 CHF = 0.988 JPY
Pound SterlingAustralian Dollar1 GBP = 2.122 AUD1 AUD = 0.471 GBP
Pound SterlingCanadian Dollar1 GBP = 1.938 CAD1 CAD = 0.516 GBP
Pound SterlingSwiss Franc1 GBP = 2.005 CHF1 CHF = 0.499 GBP
Australian DollarCanadian Dollar1 AUD = 0.913 CAD1 CAD = 1.096 AUD
Australian DollarSwiss Franc1 AUD = 0.945 CHF1 CHF = 1.059 AUD
Canadian DollarSwiss Franc1 CAD = 1.035 CHF1 CHF = 0.966 CAD

See what else happened on August 29th, 2008