Here’s what you need to know this morning:
- Greece continues to dominate markets this morning, with further uncertainty over a bailout hammering the euro, and speculation now rising that the country will have to leave the currency. The country’s bonds also continue to experience widening spreads.
- Greek risk contagion to other euro zone members has now become a reality, as Portugal is seeing their credit spreads widen significantly this morning. The fear is that Spain and Italy, countries with much larger economies, will soon experience similar crises.
- Ukraine’s government has agreed to a deal with Russia that would see that country’s naval fleet remain on the Black Sea for the return of lower natural gas prices for Ukraine. This is the latest example in Russia use of energy resources to conduct foreign policy.
- German bank Deutsche Bank, which has also been under scrutiny for its involvement in the financial crisis, had an increase in year-over-year profits of 49% per cent in Q1 2010, beating street estimates.
- BP posted higher than expected profits, notching a 135% increase in profits over the Q1 2009. Higher oil and gas prices are cited as the reasons behind the profit increase.
- DuPont chemical company raised its earnings projections for 2010 as the company released Q1 results showing a significant increase in profits. The company’s profits increased by more than 50% over Q1 2009.
- Liberal Democratic Party leader Nick Clegg has stepped back from previous assertions that he would not form a government with Labour leader Gordon Brown if a hung parliament was to occur. This leaves Clegg, with a little over a week to go before the election, commanding the centre with polls having the three parties only points apart.
- The first attempt at passing financial reform in the senate failed yesterday as the Republican Party halted the progress of the bill. All Republicans voted no on the procedural vote.
- The Senate subcommittee on investigations has released more damning documents for Goldman Sachs, pointing to further misrepresentations of structured deals the company sold. One such document reveals a deal to be perceived as “shitty” by one of the company’s senior executives.
- Goldman Sachs CEO Lloyd Blankfein and Fabrice “Fabulous Fab” Tourre are scheduled to testify in front of the financial crisis investigation committee today, as the company continues to be battered over SEC charges. Follow Business Insider’s live coverage of the event starting at 10 AM.
- Bonus: Lindsay Lohan’s father has spoken out, through his lawyer, over his daughter’s lifestyle saying he fears the actress and singer will be the next “Corey Haim.”
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