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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 07/20/10

July 20, 2010

FUTURES DOWN ON IBM AND GOLDMAN SACHS JITTERS S&P 500, Dow Jones and Nasdaq futures drop after IBM’s late Monday report of decline in new technology services contracts in the second quarter. Investors also await Goldman earnings. (Reuters)

NOKIA SHARES RISE ON NEWS THAT BOSS IS LEAVING Mobile giant up as much as 5.2 percent in Helsinki trading after report that company is looking to replace Chief Executive Officer Olli-Pekka Kallasvuo. (Bloomberg)

ASIAN DEVELOPMENT BANK URGES CHINA TO CURB INFLATION ADB tells China to boost interest rates or allow currency to strengthen after government spending soared and lending rates were slashed last year to help growth amid a global recession. (ADB)

CHINA OFFICIAL: GOOGLE ACCEPTS CENSORSHIP LAWS Government’s first public comment on Google’s return notes that search giant’s licence to operate in the country was restored after it agreed to respect Chinese censorship laws. (AFP)

RYANAIR PROFITS PLUMMET Low cost carrier marks 24% decline in first-quarter net profit after it was forced to ground flights due to volcanic ash clouds across European airspace. Airline continues to increase traffic yeals, says boss Michael O’Leary. (WSJ)

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