- Stocks, Metals, Oil Rebound on Speculation of Chinese Growth; Euro Weakens Asian stocks rallied from a 10-month low, led by commodity producers, as speculation of rising demand in China overshadowed European debt concerns that dragged the euro lower. The won stabilized as South Korea’s government pledged to intervene in markets amid tensions with the North.
- Italy Adopts $30 Billion of Budget Cuts in European Push to Tame Deficits Prime Minister Silvio Berlusconi’s government approved 24 billion euros ($30 billion) of budget cuts as part of a European effort to convince investors that euro nations can trim deficits and defend the single currency.
- Banks Are Downgraded by Bondholders as Two-Year Swaps Soar: Credit Markets Bond investors aren’t waiting for ratings companies to act before downgrading BNP Paribas SA, Goldman Sachs Group Inc. and the rest of the world’s biggest financial institutions.
- Geithner Shifts Focus to Global Threats as Crisis `Fires' Subside in U.S. Treasury Secretary Timothy F. Geithner’s trip to Europe today shows how his focus is shifting to global economic threats as Congress puts the finishing touches on its overhaul of financial regulations and the U.S. winds down bailout programs.
- British Airways Crew Strike May Cost $2 Billion in Lost Sales, Study Shows British Airways Plc’s cabin-crew strike may cost the carrier 1.4 billion pounds ($2 billion) in lost sales as travelers defect to rivals, a study shows.
- Retail Investors in U.S. Seek Shelter in Cash, Shunning Buffett's Advice Howard Gellis, former head of the corporate debt group at Blackstone Group LP, isn’t taking Warren Buffett’s investment advice to pick stocks over cash.
- New Wall Street Rules Seen Falling Short of Glass-Steagall in Next Crisis It’s been almost 80 years since the U.S. government has reached as deeply into the financial markets as it will do when the regulatory overhaul being crafted in Congress becomes law.
- North Korea Expels Eight South Koreans, Threatens to Shut Last Border Post North Korea expelled eight South Korean government workers at a jointly-run industrial park and threatened to close the last remaining border crossing linking the two countries as tensions escalated.Obama to Revamp Drilling Rules as Demands Grow to Take On BP After Spill President Barack Obama will announce new safety measures for offshore drilling tomorrow, as calls increase for him to exert more control over BP Plc’s efforts to stop its oil spill in the Gulf of Mexico and repair the damage.
- Space Shuttle Atlantis Returning to Earth After Final Scheduled Mission The space shuttle Atlantis is set to return to Earth today, ending its final scheduled mission as NASA ponders whether to launch it on one last trip next year.
Bloomberg Daily News 26th May 2010
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