Photo: Wikimedia Commons
Good morning. Here’s what you need to know:
- Asian markets were all higher in overnight trading, with the Hang Seng up 1.89%. European indices are all higher in early trading as well, and U.S. futures suggest a positive open. See 10 Unusual Stocks Attracting Huge Interest In The Pre-Market >
- Crude oil is surging this morning, up over 1.00%. The euro is also rising dramatically, up over 1.00% over the dollar. Follow up to the minute markets coverage all day at Money Game >
- China is currently reviewing its controls over foreign direct investment and intends to expand the list of industries in which FDI is allowed. The country has been under increasing pressure for not living up to its membership in the World Trade organisation. Check out the 10 Chinese brands set to take over the world by 2020 >
- The U.S. government is on the brink of an agreement over a massive arms sale to Saudi Arabia that the administration claims will create 75,000 jobs. The sale would involve products from companies like Boeing, Raytheon, and Lockheed Martin. Here are the threats the U.S. Air Force is really worried about >
- Yesterday’s release of the Basel III requirements for banking capital has been seen as positive news by the markets. Bank stocks in Europe are rising on the belief that the result is comfortable for many of the banking industry’s top names.
- Deutsche Bank is already aiming to prepare for the Basel III requirements by raising $12.5 billion in capital in a new equity offering. The bank is also gearing up for a takeover of the German bank Postbank.
- Deloitte intends to hire 50,000 new workers a year over the next five years as the company continues to see expansion in Asia and rising revenues. The company announced a 1.8% increase in revenues for its fiscal year. Here’s where to go if you’re looking for a job right now >
- Hertz has agreed to a deal to purchase Dollar Thrifty after increasing its bid from $1.1 billion to $1.56 billion. The deal sees Hertz beat out the other bidder and its rival, Avis Budget Group.
- Pennsylvania has been forced to bailout its capital city of Harrisburg for $3.3 million so it could make a scheduled bond payment. The move intends to keep borrowing costs low for other municipalities, but Harrisburg may be in need of further bailouts yet. Here are David Rosenberg’s 13 signs we’re actually in a depression right now >
- Republican leader of the House of Representatives John Boehner has stated he would vote for the continuation of tax cuts on those making less than $250,000 if he cannot get the White House to agree to extend all of the Bush tax cuts. Don’t miss: 11 tax hikes coming in 2011 >
- Bonus: Lindsay Lohan surprised at the MTV Video Music Awards last night by mocking her battle with alcohol and drugs.