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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 06/25/10

June 25, 2010

EUROPE SHARES RECOVER AFTER THREE DAYS OF LOSSES Gains are led by bank shares, but boost is limited as caution reigns ahead of G20 meeting. (Reuters)

MOST NOTABLE NEW FACE ARRIVES FOR G20: CAMERON CALLS FOR ACTION British Prime Minister arrives in Canada for his first international summit as prime minister, calling for them to be “more than just grand talking shops.” The UK government has pushed through key new austerity measures, and may call on others to tighten belts. (BBC)

BP HAS SPENT $2.35 BILLION ON SPILL Clean up, containment and claim payments have added up since oil started pouring into the Gulf of Mexico. More billions will be spent, while company highlights new success in capping leak. (WSJ)

CHINA LOCAL GOVERNMENTS PILING UP DEBT Central government has launched investigations into debt brought on by economic stimulus programs undertaken in response to the global financial downturn. Won’t match European debt problems, but may be a problem as Chinese population ages. (NYT)

JOBS ON IPHONE RECEPTION COMPLAINTS: DON’T HOLD THE PHONE LIKE THAT! Apple boss tries to respond to worldwide laments that new iPhone4 has major reception problems. (Engadget)

BONUS: SUMMERS INTERVIEW Full length interview with Lawrence Summers, director of the National Economic Council and assistant to the president for economic policy. (Reuters video)

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