While U Slept: Biz&Buz. The Big 5 Overnight Business Stories. Thursday, 05/13/10

May 13, 2010

MODEST RALLY CONTINUES, LED BY EMERGING MARKETS Solid share performance on Asian and European markets pushes week’s gain past 6% after Greek rescue package. Euro slips against dollar as weaker growth forecasts on Continent expected (Reuters)

U.S. FORECLOSURES DOWN, BUT HOME SEIZURES REACH RECORD The number of American households facing foreclosure in April fell 2 percent, first annual decline in five years. Still, banks seized a record 92,000 homes last month. (AP)

BANKING PROBE WIDENS: FOUR MORE TOP FIRMS UNDER SCRUTINY New reports that federal prosecutors are targeting J.P. Morgan Chase & Co., Citigroup Inc., Deutsche Bank AG and UBS AG for potential fraud, following probes launched of practices at Goldman Sachs Group Inc. and Morgan Stanley. (WSJ)

BP HAS SPENT $450 MILLION IN OIL SPILL RESPONSE, BUT COST WILL RISE Analysts say costs to company could climb beyond $5 billion as oil continues to gush into gulf, cleanup begins. (Dow Jones)

GOLD STRONG AS DOUBTS LINGER ABOUT EURO ZONE DEBT Nearing record highs again on spot, retail gold as investors worry that European debt crisis could spark inflation. (Reuters)

BONUS: STARBUCKS CRANKS UP EXPANSION OF SECOND-TIER BRAND “Seattle’s Best Coffee” is set to expand across country in Burger King, Subway and AMC Theaters: aim is 30,000 new location by year’s end. (BigMoney)


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