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Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Nikkei down 0.14%. Major European indices are mixed and U.S. markets have opened in the red.
- Spanish two-year bond yields are rising and are now at just under 3.6%. It has been reported that the incumbent government is probably hiding ‘secret debt’. Spanish youth are protesting in Madrid in the country, with local elections planned for this Sunday. Don’t miss: Photos and videos from the protests raging in Spain >
- The yield on Greece’s 10-year government bond is surging again this morning, up 61.5 basis points to 16.75%. Investors continue to turn to German bunds, where the 10-year yield has fallen to 3.12%. Check out who gets slammed if Greece restructures >
- More bad news for the UK. Steel giant TATA Steel is expected to cut 1,500 jobs at a number of sites in North England. Scunthorpe will take the biggest hit losing 1,200 jobs.
- Liberty Media, owned by billionaire John Malone, has offered to buy Barnes & Noble for $1 billion. Liberty offered $17 a share, a 20% premium to Barnes & Noble’s closing price on Thursday.
- Gap Inc. reported a 23% decrease in Q1 net income to $233 million. The company has revised guidance for fiscal year 2011 because of cost inflation and expects diluted earnings per share to be in the range of $1.40 to $1.50 lower than estimates.
- Tokyo Electric Power Co. reported a net loss of $15.28 billion for the fiscal year ending in March as it struggled to control the nuclear disaster at its Fukushima Daiichi plant. Tepco is expected to pay tens of billions of dollars in compensation claims. Check out images of the devastation in Japan a month after the earthquake >
- HMV Group PLC has agreed to sell its struggling Waterstone’s bookstore business for $86 million to cut its debt. Russian billionaire Alexander Mamut who has a 6.7% stake in HMV is expected to buy the company.
- Goldman Sachs executives are expected to receive subpoenas from U.S. prosecutors looking for more information on its mortgage-related business.
- Moex Offshore has agreed to pay BP $1.1 billion for the Macondo well that ruptured in 2010’s Gulf of Mexico spill. The deal would settle all claims between the two companies related to the disaster but the amount is half of the $2.144 billion that BP had demanded. Check out this incredible hand drawn guide to peak oil >
- BONUS: Kim Kardashian was spotted getting lunch with friends at Nate ‘n Al’s in Beverly Hills, California.