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While U Slept. Biz & Buz. Big 5 Business Stories Breaking Overnight. Wednesday, June 16, 2010

June 16, 2010

STOCK RALLY CONTINUES, EURO RISING Sixth straight day of gains in early European trading follows positive Wall Street and Asia closes. Euro also showing signs of stability. (Reuters)

BP SHARES FLUCTUATE AHEAD OF OBAMA MEETING WITH CHAIRMAN Investors try to evaluate weight of President’s public demands that oil company pay for all damage ahead of meeting to lay out policy directly to company chief. (AP)

UK UNEMPLOYMENT FALLS ON EVE OF MAJOR SPENDING CUTS Jobless benefits also down more than economist forecast as economy shakes off recession. Still, Chancellor of the Exchequer George Osborne will unveil deepest spending cuts in a generation. (Bloomberg)

IMF AND TREASURY EYEING SPANISH CREDIT LINE Up to €250 billion would be made available to avoid rescue plan debacle similar to what has happened in Greece. (Reuters/El Economista)

LEHMAN PROPOSAL TO RETURN $22 BILLION TO CREDITORS PricewaterhouseCoopers, which administers Lehman Brothers’s debt and holdings in Europe, to unveil  proposal to expedite the return of as much as $22 billion of assets to the failed bank’s unsecured creditors. (WSJ)

BONUS: ECONOMIC PANEL RECIPE TO AVOID CRISIS: WITHHOLD SHARE OF BOSSES’ SALARY Top group of experts say government should require banks and other financial institutions to withhold a share of each senior manager’s total pay for several years, to be forfeited if the company went bankrupt or needed bailout. (NYT)

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