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While U Slept: Biz & Buz. The Big 5 Overnight Business Stories. Monday, 05/10/10

May 10, 2010

EU OFFERS 500 BILLION EURO PLAN TO PREVENT GREEK CONTAGION Amidst fears that Greece’s debt crisis could spread to other countries, EU ministers have agreed on new emergency measures to buoy investor confidence in the Eurozone. (BBC)

STOCKS IN EURO BANKS JUMP ON NEWS OF GREEK RESCUE PLAN
European bank stock indices enjoyed their biggest leap in 20 months, following the EU’s decision to offer a loan package totaling more than $1 trillion to contain Greece’s debt crisis. (Bloomberg)

JAPANESE CENTRAL BANK STRIKES DOLLAR-SWAP DEAL The Bank of Japan has decided to temporarily reinstate a dollar-swap agreement with the US Federal Reserve, in an attempt to calm market tensions. (WSJ)

US MAY LEVY MORE PENALTIES AGAINST TOYOTA, OFFICIAL SAYS Transportation Secretary Ray LaHood, speaking from Toyota headquarters in Japan, said that unless the carmaker provides evidence of its efforts to improve safety, the US would consider issuing further penalties. (AP)

CHINA REPORTS SURPRISING TRADE SURPLUS Official reports from China indicate that the country returned to a $1.68 billion trade surplus in April, compared to the $7.2 billion deficit reported in March. (MarketWatch)

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