While U Slept: Biz&Buz. The Big 5 Overnight Business Stories 05/14/10

May 14, 2010

EURO AT 14-MONTH LOW VS. DOLLAR, STOCKS DROP The euro hovered near a 14-month low against the dollar, and stocks across Europe suffered amid speculation that the lingering debt crisis would hamper economic growth. (Reuters)

CRUDE OIL AT LOWEST POINT IN 3 MONTHS The price of crude oil fell 1.5% to $73.31, thanks to rising supplies in the US, and fiscal uncertainty in Europe. (BusinessWeek)

NIKKEI CLOSES LOWER AFTER SONY’S LUKEWARM FORECAST Tokyo’s Nikkei 225 Stock Average fell 1.5% to close at 10,462.51, after Sony released earnings forecasts that were less optimistic than expected. (WSJ)

KOREAN STEELMAKER POISED TO BUY DAEWOO INTERNATIONAL South Korea’s Posco steelmaker is reportedly set to buy Daewoo International for $3 billion, in what would be its largest acquisition to date. (NYT)

ECB PRESIDENT DOWNPLAYS INFLATION FEARS Jean-Claude Trichet dismissed concerns that the ECB’s policy of buying government bonds might lead to greater Eurozone inflation, and encouraged member nations to implement policies that move toward a “sound fiscal situation.” (AP)

BONUS: WALL STREET’ SEQUEL TO PREMIERE AT CANNES TODAY Director Oliver Stone says the recent financial crisis inspired him to revive the character of Gordon Gekko. (Bloomberg)


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: