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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 07/08/10

July 8, 2010

EUROPEAN STOCKS GAIN FOR THIRD STRAIGHT DAY, BOOSTED BY IMF FORECAST International Monetary Fund’s positive outlook helps keep trading streak alive, while bank shares climb on speculation stress tests will ease concern about the health of the financial system. (Bloomberg)

TELEFONICA GETS BOOST IN VIVO BID FROM EUROPEAN COURT Spanish telecommunications giant’s bid to control Brazilian mobile firm aided by ruling that the Portuguese government’s golden share in Portugal Telecom is illegal. (WSJ)

SINGAPORE STATE HOLDING’S INVESTMENTS SOAR Temasek Holdings registers 42 percent growth to $134 billion in fiscal year that ended March 31, in another sign of good economic news from Asia. (AP)

UK HOUSING PRICES DROP Property values drop by 0.6% in June compared with May. Though still a boost on yearly figures, the fall off points to a weaker recovery than previously hoped. (BBC)

SWISS SOLAR POWERED PLANE MAKES 26 HOUR TEST FLIGHT Solar Impulse uses 12,000 solar cells absorbing energy to keep its batteries charged when the sun went down. (NYT)

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