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Foursquare in search of revenue
Start-up Foursquare Labs is looking for partnerships that will help it with a big hole in its revenue line. Despite the $600 million valuation, Foursquare, social media software designed to "check in" at places, has not had any income from its core business. In hopes of solving this, the New York-based start-up is looking for pacts with daily coupon deals from LivingSocial, Gilt Group, a possible partnership with Groupon, and a deal with AT&T (NYSE: T). This would allow its 10 million users to find deals in the area where they checked in.

There is still a lot of skepticism surrounding tech companies that have mind-blowing valuations but with little revenue. Those included in the criticism are Groupon and Living Social -- Foursquare's possible partners. Furthermore, the company faces competition from Google and Facebook. Read more at The Wall Street Journal.

In Europe, a debt plague may spread
After weeks of tension in Greece, accompanied by protests and an unpopular austerity program, it seems Europe's perils are far from over. The debt crisis appears to be spreading to Italy and Spain.

European Union leaders will hold an emergency summit after finance ministers announced for the first time that Greece may have to take some kind of default in order to contain the situation. News of a possible default sent European banks in to a tailspin and lowered the euro against the dollar. Barclays (NYSE: BCS), BNP Paribas, Deutsche Bank (NYSE: DB), and UBS (NYSE: UBS) all fell more than 2% in the morning while later stabilizing. This forces the eurozone finance ministers to make a decision quickly. Read more at Reuters. 

Cheaper oil will help trade deficit
In May, the trade deficit was at its highest level in the past three years, mainly due to the increase in oil cost. The gap grew by 15% to $50.2 billion -- the biggest since October 2008. But it seems that a weaker U.S. dollar and a demand for American-produced goods could benefit companies with considerable amounts of exports including Smithfield Foods. Even more so, cheaper oil will help trim the deficit considerably as U.S. companies will be cutting costs on their exports. Read more at Bloomberg.

GM goes small in hopes of big gains
General Motors
(NYSE: GM) will soon roll out the only subcompact car made in the U.S. -- its new Chevrolet Sonic. American automakers usually don't produce subcompact cars on American soil because they don't make a profit, and they instead outsource the work to places such as China, Mexico, and Brazil. But in this case, GM opted to redesign its factory including smaller and more efficient ways of building the car, cutting their energy bill by using methane gas from nearby fields, and reducing their workers' wages from $28 to $14 an hour.

It was only a matter of time before American automakers brought subcompact car production into the U.S. considering the rising gas prices and the demand for more efficient cars. Ford (NYSE: F), on the other hand, opted for a plant in Mexico, where the combined wages and benefits of a production worker total less than $10 an hour. Read more at The New York Times

Hedge Funds look at Internet companies for profits
Hedge funds have joined the small-Internet-company craze. Tiger Global Management, Lone Pine Capital, and Brookside Capital reportedly helped LivingSocial raise $400 million in April. Though some of the hedge funds were already known to be cashing in on surging valuations for Facebook and LinkedIn (NYSE: LNKD), more players have entered the field.

Increased investment has helped boost the valuations of many of these companies, which has led some to believe that they're overvalued since some barely turn a profit . Some say the investors will help these companies build their business models. One thing that's true is they can benefit from taking part in a hot IPO. Read more at The Wall Street Journal.

So there you have it, the top financial stories for this afternoon. Check throughout the day for commentary on these and other stories. Also, follow us on Twitter, on Facebook, or through our email digests.

Michelle Zayed owns no shares of any companies mentioned in the story. The Motley Fool owns shares of Google and Ford Motor. Motley Fool newsletter services have recommended buying shares of Ford Motor, General Motors, Google, and AT&T. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insightsmakes us better investors. The Motley Fool has a disclosure policy.