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While U Slept: Biz&Buz. The 5 Big Overnight Business Stories. Thursday, 06/03/10

June 3, 2010

WORLD STOCKS RALLY ON POSITIVE U.S. NUMBERS Two percent gains in morning trading on European markets following strong Asian and Wall St. closes buoyed by more indicators of strong US recovery. (AP)

G20 BALKS ON BANK BAILOUT TAX Finance ministers of world’s top economies appear to opt for accord on general banking principles rather than a levy on financial institutions to protect taxpayers from costs of bailouts. (Reuters)

UK HITS JP MORGAN CHASE WITH RECORD $49 MILLION FINE The U.K.’s Financial Services Authority cites US firm’s failure to separate client money from the firm’s (WSJ)

REPORT: ITALY INSURER GENERALI INTEREST IN SHARES OF AIG ASIA Assicurazioni Generali SpA, Europe’s third-biggest insurer, would consider acquisition if AIG decides to sell units rather than pursue an initial public offering. (Bloomberg)

ZUCKERBERG ON HOT SEAT OVER PRIVACY Facebook founder sweats under liver grilling over privacy flap at his company. (TechCrunch)

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