While U Slept: Biz&Buz. The 5 Big Overnight Business Stories. Tuesday, 05/18/10

May 18, 2010

EUROPEAN STOCKS UP, DEBT WORRIES MAY START TO EBB Share prices rise for first time in three days, as investor concerns about spreading Greek debt crisis start to calm. (Bloomberg)

UK INFLATION AT HIGHEST POINT IN 17 MONTHS April CPI measure hits 3.7%, well above 2% target. Consumer prices up too, led by jumps in food costs, blamed in part by volcano ash cloud. (BBC)

BP DOUBLES ESTIMATE OF CLEAN UP SPEED Oil company reports good news in efforts to siphon off leaking oil in Gulf of Mexico. Still, new higher overall cost estimates rise to $625 million. (Reuters)

WSJ PROBE: OIL COMPANIES IGNORED SAFETY IN DEEP-WATER DRILLING Deepwater Horizon spill, and other past incidents, show industry more focused on finding methods to drill even deeper below sea floor. (WSJ)

MACARTHUR COAL REJECTS PEABODY’S $3.3 BILLION TAKEOVER BID Australian mining company says US energy company offer is too low, stocks plummet in Sydney. (NYT)

BONUS: GOOGLE OFFERS $68 MILLION FOR GLOBAL IP SOLUTIONS Scandinavian-born, SF-based company develops real-time voice and video processing software for IP networks. (TechCrunch)



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