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While U Slept: Biz&Buz. The 5 Big Overnight Business Stories. Monday, 05/24/10

May 24, 2010

JAPAN STOCKS DROP TO FIVE-MONTH LOW, EUROPE SHOWS MODEST GAINS Nikkei index sheds 26 points, but rest of Asia and Europe show modest gains on back of Wall Street’s performance Friday. (Guardian)

HU SAYS CHINA WILL MOVE GRADUALLY TO SHIFT EXCHANGE RATE As talks open with US, Chinese president reasserts country’s independence in regulating yuan, still considered severely undervalued. Analysts say statement is signal that Hu is working to resolve the problem.(Bloomberg)

NEW UK FINANCE MINISTER LAYS OUT  £6.2 BILLION BUDGET CUTS Osborne details plans to cut spending to pare down country’s deficit, which new coalition government says is top priority in response to UK financial needs and Europe’s debt crisis. (Independent)

TALKS COLLAPSE, BRITISH AIRWAYS STRIKE IS ON Cabin crews begin five-day strike after 11th hour talks fail to resolve protracted labor-management showdown. (BBC)

ZUCKERBERG MEA CULPA, SORT OF, ON FACEBOOK PRIVACY The 26-year-old Facebook founder uses pages of Washington Post to acknowledges mistakes in company’s privacy policy, vows to make changes. “We have heard the feedback.” (WashPost)

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