5 Business Headlines You Need to Know

Another weekend, another week. Here’s your Cheat Sheet to the business stories kicking off our Monday morning:

1) BP (NYSE:BP) believes it has let time heal. Merely months after causing one of the worst oil (NYSE:USO) spills in history — along with corner-cutters Transocean (NYSE:RIG), and Halliburton (NYSE:HAL) — BP wants to resume drilling in the Gulf of Mexico as soon as July. Clearly, they’ll need something to keep their stock price rallying like it has been. Hopefully US regulators will be imposing a prohibition at least as long as an NCAA team guilty of major recruiting violations.

2) Gulfstream’s (NYSE:GD) new G650 crashed on takeoff yesterday during a test flight. Four people died. This is horrible news for a plane the company hoped would receive FAA certification this year. Let’s see if the backlog of 200 orders remains.

3) Transocean (NYSE:RIG) gave its top executives bonuses for what they are branding the “best year” for safety. Not bad considering they contributed to the Deepwater Horizon explosion and oil spill. Some companies are truly shameless.

4) Southwest Airlines (NYSE:LUV) grounded 79 planes from its Boeing (NYSE:BA) 737 fleet and canceled 600 flights following this weekend’s scary emergency landing. A three-foot hole ripped open in the fuselage of a plane this weekend and has made headlines in every major media outlet. You can expect some short term fear to hit prospective customers.

5) American Apparel (AMEX:APP) has run out of scams to keep the popular yet horribly maanged company functioning. The controversial company announced it may pursue bankruptcy after losing $86 million in 2010. If you hate ads bordering on child porn and megalomaniacal CEOs (Dov Charney) whose day-to-day looks more like Boogie Nights than delivering value to shareholders, you can wave arividerchi.

If you want more interesting news, you’ll want to see the One Thing Republicans and Democrats Agree On.