Good morning. Here’s what you need to know:
- The euro has moved below $1.25 and Asian markets took significant losses in overnight trading. European markets are also under pressure this morning, and futures are somewhat lower in the U.S.
- The future of the euro currency is in doubt this morning, as it was revealed French president Sarkozy threatened to quit the eurozone at last weekend’s intense negotiations if Greece was not bailed out. Paul Volcker has also questioned the project, saying its endgame may be dissolution.
- Violence continues to rock the Thai capital city of Bangkok this morning, as protesters have come under further assault from the government’s police forces. There has been a media crackdown after a rebel general was killed yesterday. See GRAPHIC photos of the Bangkok violence here >
- EADS, the European company that produces Airbus jets, had its net profit fall 39% year-over-year in Q1 2010. The company blamed this on bad currency dealings and issues with the super jumbo jet A380 program.
- Goldman Sachs has jumped to the rescue of Chicago bank Shorebank known for its lending programs to disadvantaged communities. The bank, on the brink of collapse, has connections to President Obama and former President Clinton.
- An amendment to Sen. Dodd’s financial reform bill has passed targeting the capital reserve requirements of the country’s riskiest banks. It seeks to require firms to have capital on hand based upon the risk of their asset portfolio, not just a set amount. Just yesterday, another amendment passed dealing with the problem of ratings agencies.
- Alibaba, the Chinese web portal, is now 40% owned by famed investor George Soros and about to buy back Yahoo’s investment in the firm. Alibaba reported a net profit increase of 34% yesterday.
- The Bank of England’s Governor has called out the United States comparing it to Greece in a speech yesterday. He claimed that the United States shares many of the same fiscal problems of the troubled European country. See what the U.S. would look like under a European austerity budget >
- The EU is set to pass new rules of hedge funds that would require disclosure of assets and that accounts were kept with European banks. The rules are opposed by the UK, with London at the centre of Europe’s asset management industry, and the U.S., which sees them as protectionist.
- Morgan Stanley has come under further fire this morning for the details of its CDO dealings. The firm’s Baldwin deal created a structure in the CDO which benefited the company, and potentially misled investors about the pricing structure for the underlying assets.
- Bonus: Jeremy Piven fixated on Jessica Simpson’s butt when she came to the film set of Entourage to star in several scenes. Onlookers described the stare as ‘obvious.’
- Check out The Money Game for live market coverage all day long >
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