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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 06/29/10

June 29, 2010

INVESTOR JITTERS: STOCKS AND EURO DOWN, GOVERNMENT BONDS UP After Asian markets close down, morning trading in Europe registers across board losses: London’s FTSE 100 Index down 1.5%; Frankfurt’s DAX Index falls 1.9% and Paris’s CAC-40 Index drops 1.9%.

NEW CHINA-TAIWAN TRADE PACT INKED On live TV, China and Taiwan sign tariff-slashing trade pact to end tariffs on hundreds of products and expected to boost bilateral trade already totaling about $110 billion a year: some $80 billion in goods flowing to China, and $30 billion to Taiwan. (AP)

GOOGLE AND CHINA: DID MENLO PARK BOYS BLINK? Google’s top legal executive writes late night blog post outlining company’s “new approach” to China after showdown about spying and censorship. The search company ends redirect from google.cn to google.com.hk, restarting the Chinese Google page, though the site and services will be limited. (TechCrunch)

GREEK STRIKES, ACT UMPTEENTH Fifth general strike of the year halts ferries, public transport and other state services to protest government plans to cut pension benefits and loosen labor laws amidst global worries about nation defaulting. (Bloomberg)

TESLA SHARES ON MARKET IN UNUSUAL MIX OF TECH AND AUTO MARKETS Tesla Motors offers shares to the public for the first time on Tuesday, testing investors’ faith in a company that has proven it can make functional and stunning electric cars but has never had a profitable quarter. PayPal founder Elon Musk’s seven-year old auto company lost $55.7 million last year and $260.7 million since its inception. (CNN Money)

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