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While U Slept: Biz&Buz. The 5 Big Overnight Business Stories. Thursday, 05/27/10

May 27, 2010

GLOBAL STOCKS ON THE RISE, BETTING GROWTH OVER GREECE Europe follows Asia’s modest gains, with confidence in signs of strong global recovery helping to abate worries about euro zone debt crisis sparked by Greece. (WSJ)

JAPAN EXPORTS JUMP 40% Fifth straight monthly rise, fueled by demand overseas for cars and high tech, and another sign of global recovery. (AP)

OBAMA TO SUSPEND OFFSHORE DRILLING IN ARCTIC Thursday’s announcement will block any new drilling through the year in both Arctic and Gulf of Mexico until the cause of the blast and leaking of rig in Gulf. Shell Oil had hoped to open exploration in Arctic. (NYT)

LEHMAN HOLDING SUES JP MORGAN Second-largest bank accused of siphoning billions of dollars of desperately-needed assets in the days leading up to Lehman Brothers record bankruptcy.(Reuters)

APPLE EDGES PASSED MICROSOFT AS MOST VALUABLE TECH COMPANY Rising stock price pushes Cupertino company passed software giant, and behind only Exxon as richest US companies. (Mashable)

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