Good morning. Here’s what you need to know:
- Asian markets were mostly down in overnight trading, and European markets have also opened lower. The German DAX is notably down 1.75%. Follow these charts to see if we’re still melting down >
- Germany’s lower house has approved the country’s participation in the Eurozone wide bailout of Greece, setting up a likely final yes vote by the country’s upper house today. €123 billion of the €440 billion in loans will be supplied by Germany. It is not just Greece, see the U.S. states with the risk of default >
- After months of debate, the Senate has finally approved Sen. Dodd’s massive financial regulation overhaul. The bill now must move back to the House of Representatives, where it will be combined with certain provisions in the house bill.
- The Democrats are also moving forward with a $190 billion jobs bill, meant to provide continuing support for the unemployed. The bill also includes a wide range of new fees, many targeting the oil and gas industry.
- British Airways reported a fiscal year loss of $612 million, before its cash-flow hedges took effect and protected the company from losses. The company made profit of $262 million with those hedges.
- Secretary of State Hillary Clinton has called for a response from the international community to North Korea’s attack on South Korea. Clinton called proof that it was a North Korean attack “overwhelming and condemning.”
- The telecom giant Vodafone is said to be considering selling its massive Egyptian division, valued at $4.3 billion. The current most likely buyer is Telecom Egypt.
- Abbot Laboratories has made a move into emerging markets by buying the generic division of Indian pharmaceutical manufacturer Piramal. The move will cost the U.S. drug company $3.7 billion.
- BP has suggested the “top kill” measure it is seeking to employ to stop the flow of oil in the Gulf of Mexico could be in place as early as Sunday. These measures would, if successful, put a stop to the flow of oil. Check out where the oil is headed next >
- The UK’s new coalition government is set to launch a series of austerity measures raising taxes and cutting breaks on everything from travel to marriage. Capital gains tax might also double under these proposed scenarios.
- Bonus: Lindsay Lohan’s father is being blamed by the actress for the theft of her passport. Lohan’s passport was stolen while she was at the Cannes Film Festival, and now she is subject to arrest upon returning to the U.S. for missing a court appearance.
- Follow the markets all day with up to the minute coverage at The Money Game >
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