10 Things You Need To Know This Morning

Lindsay Lohan

Photo: AP

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

  • Asian indices were mostly up in overnight trading with the Nikkei surging 1.79%. Major European indices are down and U.S. markets have opened in the red.
  • Greece’s socialist government survived the confidence vote yesterday, but prime minister George Papandreou will now have to convince parliament to approve €28 billion in budget cuts and tax increases. European markets are down, however, with France off 0.3%. Refresher: Here’s Who Gets Slammed If Greece Restructures >
  • German Chancellor Angela Merkel has gone dovish on Greece. She now says that haircuts were always going to be voluntary, and that these would have a contagion effect. Merkel has also said that a “controlled state insolvency” is not an option. Now here are the 21 countries most likely to default >
  • FOMC will reveal its decision on policy rates at 12:30 PM ET and will be followed by Federal Reserve Chairman Ben Bernanke’s press conference that could address Q3 at 2:15 PM ET. Follow the story at Money Game >
  • Taiwan regulators have blocked KKR’s $1.6 billion joint management bid for electronics maker Yageo on grounds that the deal would be unfair to minority shareholders. The Investment Commission which rejected the bid also said the deal was too leveraged.
  • Dentsply International is buying AstraZeneca’s dental implants and medical devices unit, Astra Tech, for $1.8 billion. The acquisition will help Dentsply broaden its global presence and is expected to be finalised in the second half of the year.
  • Adobe Systems Inc. posted Q2 net income of $229.4 million or $0.45 a share, up 54% from a year ago. The Japanese disaster cut a less than expected $10 million in sales from a disruption in demand, but Adobe reported lower than expected sales in Europe.
  • Yahoo is reportedly one of the bidders looking to buy Hulu and is said to be looking for a replacement for CEO Carol Bartz. Meanwhile Yahoo! which is a stakeholder in Alibaba Group, has said that talks on the status of Alipay, which has been transferred to another company owned by Alibaba chief Jack Ma, continue to be constructive. 
  • There are new details out about Apple’s iPhone5. The phone will include a faster chip, the camera resolution will improve to 8 megapixels, and the September release is in line with the release of the iO5. Apple is also reported to be developing cheaper iPhones for developing countries.
  • The GOP is divided on how to handle the debt ceiling and the next three days are crucial according to a new report. Senator Mitch McConnell is receptive to a temporary debt ceiling hike to avoid default, while majority leader Eric Cantor wants a big spending reduction immediately. Check out Jeff Gundlach’s explanation of why an American debt default is inevitable >
  • BONUS: Lindsay Lohan will complete her period of house arrest on June 29, in time for her July 2 birthday.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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