Here’s what you need to know this morning:
- Greek workers have occupied the Acropolis in protest over the country’s stringent budget cuts. Lack of confidence in Greece’s will to follow through with its austerity budget has sent the euro down this morning. See what would happen if Greece collapsed here.
- Short term Greek debt is also being impacted by the uncertainty. Yields on 2 year bonds have risen to 11.3%, not close to last week’s records, but still evidence that markets assume more short term trouble for the Greek economy as it restructures.
- UBS (UBS) has beat Q1 earnings estimates the firm had suggested at a shareholder meeting last month, due to increased profits from its investment banking division and trading desks. The company made $2.02 billion in net earnings in Q1.
- Goldman Sachs (GS) is now under further legal threat with 7 lawsuits alleging the firm did wrong unto its clients. The cost of insuring the bank’s debt has risen, with CDS on the firm now trading near Morgan Stanley and Citigroup’s, two less profitable firms. See all the Goldman winners and losers here.
- Newcrest Mining of Australia acquired gold mining firm Lihir Gold for $8.5 billion in an effort to diversify its assets after a national tax increase in mining in Australia. Lihir Gold’s activities focus on Papua New Guinea, and the new combined company will be the fourth biggest gold (GLD) mining firm in the world.
- Apple (AAPL) could soon be under investigation for the licensing agreements it requires iPhone app developers to sign in an apparent breach of antitrust laws.
- It has emerged that several U.S. congressmen were using the same short selling and derivatives techniques the Congress now derides publicly to make money during the heights of the financial crisis. Voting begins today on portions of the financial reform legislation, much of which is suspected to be passed without difficulty.
- The volcanic ash plume emanating from Iceland continues to have an impact on European flights with the airspace of Ireland and some parts of the UK being shut down today. Flights will reopen later today, but it is likely closures will happen often throughout the summer.
- Federal officials have arrested an American citizen attempting to leave the country for Dubai in connection with the failed Times Square bomb attempt of May 1. The individual is of Pakistani descent and is suspected of having links to international terrorist organisations. See nine other disturbing developments here.
- A fellow Labour candidate has called Prime Minister Gordon Brown the worst leader in the country’s history as the election looms on Thursday. Brown performed better in yesterday’s final political event, raising his chances, but still admits a poor showing will force him to resign as Labour leader.
- Bonus: Demi Moore has claimed that it is sex with her husband Aston Kutcher that keeps her young, as well as the “quality life” that the partners share.
Fore more market updates, check back here throughout the day >