While U Slept. Big 5 Overnight Stories. Wednsday, May 5, 2010

TIMES SQUARE SUSPECT WAS HEADING TO PAKISTAN Airline reports intended final destination of 30-year-old arrested as he allegedly tried to flee the US. Authorities look for connections abroad, and piece together movements in two days from discovery of SUV to arrest at JFK airport. Faisal Shahzad is said to be cooperating with authorities, recounting his training in Pakistan. (MSNBC)

ASH CLOUD KEEPS FLIGHTS GROUNDED IN IRELAND, SCOTLAND The numbers are relatively low — some 300 of 29,000 scheduled flights to be canceled Wednesday — compared to last month’s widespread shutdowns across Europe. But closures at UK, Irish airports signal that volcano could disturb travel for months to come. (Reuters)

REPORT: BP’S GULF OPERATIONS WERE EXEMPTED FROM ENVIRONMENTAL PLAN The Interior Department concluded major oil spill was unlikely, and exempted BP’s Gulf of Mexico drilling operation from a detailed environmental impact analysis. (Washington Post)

ASIAN, EUROPEAN STOCKS TUMBLE AS GLOBAL ROUT CONTINUES Asian markets close with major losses and Europe opens with eight-week low amid concerns that Greek’s debt crisis would threaten the global economic recovery. (Reuters)

PICASSO BREAKS AUCTION RECORD A 1932 Picasso became most expensive work of art ever sold at auction. When “Nude, Green Leaves and Bust” last changed hands, in 1951, it sold for $19,800. Tuesday night a Christies’s, it brought $106.5 million.(NYTimes)