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Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading, with the Hang Seng down 0.35%. Major European are mixed, and US stocks are heading slightly lower. This is a big reversal from sharp gains Sunday night.
- Ireland formally requested a bailout this weekend, which is rumoured to be worth €90 billion. The UK, which is not in the eurozone, will offer an additional €7 billion in support to Ireland as part of the deal. Here’s why the bailout might not be enough >
- rumours this morning say the Green Party, part of the Irish government, may withdrawal its support putting the bailout in jeopardy. Irish markets have responded by dropping. For background, here’s how Ireland got into this mess >
- The euro initially moved higher on the news of the Irish bailout, but the gains have all but melted way. Pressure still remains high on the currency as fears of contagion to Portugal or Spain persist. Here’s Niall Ferguson’s complete guide to sovereign debt crises >
- Portugal has put out a statement this morning in a bid to combat speculation against its debt. The statement, from the country’s socialist government, details the “well capitalised” status of the Portugal’s banking sector. Here are the country’s most likely to default >
- The U.S. is asking for Chinese help to curb the nuclear aims of North Korea. North Korea says it has built a nuclear facility with thousands of centrifuges able to turn uranium into nuclear weapons material. Check out the threats the U.S. Air Force is really worried about >
- Hana Financial Group has beat out ANZ Bank to a deal for 51% of Korea Exchange Bank. The deal is worth and estimated $4.1 billion.
- The top banks in the U.S. will need to raise as much as $150 billion to meet new Basel III requirements. 90% of all shortfalls in the U.S. banking sector are to be found in the country’s top 6 banks, according to a Barclays report.
- Top wind turbine maker Vestas has reduced its outlook for 2011, saying profits will not grow. This is being blamed on weakening demand from Europe’s public sector.
- The Obama administration has defended the TSA’s controversial airport screening procedures as required due to the threat. Some passengers are considering protesting the screening procedures on Wednesday. Here’s what those full body scans look like >
- Bonus: Justin Bieber showed Rihanna, and her friends, his “6 pack” at a dinner this weekend.