Good morning. Here's what you need to know.
- Asian indices were mostly down with the Nikkei falling 1.18%. Major European indices are in the red and U.S. futures indicate a negative open.
- Tepco shares fell almost 28% due to bankruptcy fears. Atsushi Saito, head of Tokyo Stock Exchange said he thought Tepco should go through a court-led restructuring but an exchange spokesman said this was Saito's personal opinion. Meanwhile radiation levels at Tepco's stricken Fukushima Daiichi plant have jumped. Here are images of devastation in Japan a month after the earthquake >
- John Paulson's flagship Advantage Fund fell 6% in May and year-to-date, the fund is down 7.6%. The Paulson & Co. Gold fund also fell 6.39% in May to wipe out much of its gains in April.
- Incoming Portuguese prime minister Pedro Passos Coelho has said he would ensure a majority coalition so that austerity measures that are part of the €78 billion bailout stay on track. Yields on 10-year Portuguese bonds fell 10 bps to 9.7% on the news. Don't miss: The 15 countries most buried in debt >
- Support is gaining for a plan that may press Greece private sector creditors into accepting a debt exchange that would result in delayed payment. Meanwhile 80,000 demonstrators were said to be protesting new austerity measures in Greece over the weekend. Refresher: Here's who gets slammed if Greece restructures >
- The International Air Transport Association (IATA) further downgraded its 2011 airline industry profit forecast to $4 billion in 2011 from $18 billion last year. The unrest in the Middle East and North Africa, natural disasters, and rising oil prices have hurt the industry. Now here is a presentation on the airline industry's collapsing profits >
- Diageo’s East African Breweries division will buy the final 20% stake in Kenya Breweries from rival SABMiller’s African unit for $225 million. Meanwhile, East African Breweries will sell its 20% stake in SABMiller’s Tanzania Breweries through a public offer. The deal would break a cross-shareholding and distribution agreement between the two groups. Check out how Americans get smashed on liquor >
- Norwegian energy giant Statoil will sell a 24.1% stake in European natural gas transport venture Gassled, to foreign funds that include German insurer Allianz and the Abu Dhabi Investment Authority for $3.25 billion. Statoil will retain a 5% stake in the venture.
- Italian fashion house Prada SpA's Hong Kong IPO is expected to raise $3 billion selling about 423 million share. The company has the option of selling an additional 63 million shares.
- The deadly E. coli outbreak in Europe has killed 22 people and now officials say the bacteria may have originated in German bean sprouts.
- BONUS: Mila Kunis was groped by Justin Timberlake at the MTV Movie Awards as the pair tried to prove their relationship was platonic.
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See Also:
- 10 Things You Need To Know This Morning
- 10 Things You Need To Know This Morning
- 10 Things You Need To Know This Morning
Source: http://feedproxy.google.com/~r/businessinsider/~3/z2RzfaNhPXU/10-things-june-06-2011-6
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