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While U Slept: Biz&Buz. The 5 Big Overnight Business Stories. Friday, 05/21/10

May 21, 2010

EURO STOCKS SLUMP TO SIX-MONTH LOW In early Friday trading, the Stoxx Europe 600 Index falls by 0.9% to 236.19, marking a 4.9% decline this week alone. (BusinessWeek)

GERMAN BUSINESS CONFIDENCE INDEX SEES UNEXPECTED DECLINE Munich based Ifo institute reports that German’s business confidence index dropped by 0.1 point to 101.5, after many analysts had expected it to rise. (iMarketNews)

BRITISH AIRWAYS SEES RECORD LOSS FOR SECOND CONSECUTIVE YEAR
British Airways announces annual loss of $613 million, but remains optimistic that the airliner can break even for the year, even in the face of disruptions from Iceland’s volcanic ash, and worker strikes. (MarketWatch)

BANK OF JAPAN ANNOUNCES NEW LOAN PLAN, REMAINS CAUTIOUS ABOUT EUROPE The Bank of Japan announces sunnier outlook on the country’s economy, and unveils a new loan scheme geared toward supporting growth industries. The announcement comes on a day that saw the Nikkei Index hit a new 2010 low. (Reuters)

ABBOT TO BUY UNIT OF INDIA’S PIRAMAL HEALTHCARE U.S. based Abbot Laboratories agrees to take over the domestic business of Indian generics drug company Piramal Healthcare, for $3.72 bn (AP)

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