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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. Tuesday, 07/06/10

July 6, 2010

GLOBAL STOCKS REBOUND Investors lift equities off six-week lows, with early gains in Europe in the 1.5 percent range. (Reuters)

WORST STILL TO COME FOR EURO, SAYS TOP ANALYST Shaun Osborne, considered the most accurate foreign-exchange forecaster, says the euro may approach parity with the dollar by 2011. (Bloomberg)

SERVICE SECTOR HOLDING BACK UK RECOVERY Economic growth strengthened in the second quarter, but weak performance in services sector could stunt recovery, says British Chambers of Commerce. (WSJ)

BP WON’T ISSUE NEW EQUITY TO COVER SPILL COSTS Company denies report that BP is courting Middle East sovereign wealth funds to raise money, after shares have lost almost half their value since the Deepwater Horizon explosion that triggered the April oil spill.(DowJones)

TOYOTA KNEW ABOUT LEXUS ENGINE PROBLEM TWO YEARS AGO Carmaker choose not to recall until just a week ago, though problem has long plagued the luxury models. (AP)

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