10 Things You Need To Know This Morning

Katie Holmes

Photo: AP

Good morning. Here’s what you need to know.

  • Asian indices were down in overnight trading with the Shanghai Composite down 0.77%. Major European indices are up and U.S. markets have opened in the green.
  • A cabinet reshuffle in Greece has seen Evangelos Venizelos appointed the country’s new finance minister, while George Papaconstantinou is said to be in charge of the energy portfolio. Meanwhile French president Nicolas Sarkozy and German chancellor Angela Merkel met in Berlin today and are talking of voluntary haircuts. Check out the 21 countries most likely to default > 
  • In commodities news, concerns of a decline in global oil demand amidst the Greek sovereign debt situation and weak U.S. economic data, have led to a major sell-off in crude oil, dropping to about $93 a barrel. Silver futures have also fallen.
  • While delivering a speech in Russia, Chinese President Hu Jintao said the global economic recovery remains “slow and fragile”. He said emerging markets need to play a larger role in financial governance and emphasised the need for reforms to the international financial system. The World’s 15 Biggest Economies And The Risks They Face >
  • Prada SpA raised about $2.14 billion in its Hong Kong IPO after cutting its final price by almost a fifth. The sale gave Prada a market value of $12.7 billion. This came after Samsonite International’s poor trading performance since its debut. Prada: The Incredible Growth Story Of The Luxurious Fashion Icon >
  • Capital One is reported to be buying ING Direct USA for $9 billion, of which $6.2 billion will be in cash and the rest in stock. The deal is expected to solidify Capital One’s position among large U.S. banks like Citigroup and JPMorgan Chase. Don’t miss: The 16 strongest banks in the world >
  • Blackberry maker RIM met earnings expectations for Q1 but cut its earnings guidance on account of further delays in its new line of smartphones. RIMM forecast Q2 earnings of $0.75 to $1.05 per share below expectations of $1.40.
  • Leading indicators came in better than expected, up 0.8% over expectations of a 0.3% rise. Meanwhile, consumer sentiment for June missed expectations and slid to 71.8 >
  • Private equity firm Leonard Green & Partners and CVC Capital Partners plan to form a new entity to acquire BJ’s Wholesale Club Inc. Leonard Green and its partners already have a 9.3% stake in the retailer.
  • Former BP CEO Tony Hayward’s Vallares raised £1.35 billion from a London share sale. The company priced 133 million shares at £10 each. Vallares is looking to invest in oil and gas assets in emerging markets.
  • BONUS: Katie Holmes took her parents to the Women in Film Crystal + Lucy Awards where she received the Face of the Future award.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.