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While U Slept: Biz&Buz. The Big 5 Overnight Business Stories. Wednesday, 05/05/10

May 5, 2010

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)

MERKEL SAYS FUTURE OF EU HINGES ON GREECE With the Euro at a 13-month low against the dollar, German chancellor Angela Merkel warned of the long-term implications Greek’s debt crisis may have on EU. (Daily Telegraph)

GREEK ECONOMY TO SHRINK 3% THIS YEAR, EURO COMMISSION SAYS European Commission projects 3% drop in Greek economy this year, but 0.9% growth in Euro zone economy overall (BBC)

BMW TURNS PROFIT, EXPECTS CONTINUED GROWTH German car maker announces net profit of EUR323 million in Q1 of this year, compared with EUR153 million loss over the same period last year. (WSJ)

NOKIA, MICROSOFT OFFER CHALLENGE TO BLACKBERRY Nokia and Microsoft jointly release Microsoft Office Communicator Mobile, a software component seen as a direct challenge to Research In Motion, Ltd.’s BlackBerry handsets. (Bloomberg)

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