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While U Slept: Biz&Buz. The 5 Big Overnight Business Stories. Thursday, 05/20/10

May 20, 2010

EUROPE STOCKS REBOUND CAUTIOUSLY, EURO STILL FRAGILE Banks among top performers as investors look for bargains after Wednesday sell-off. Single currency fails to ride wave. (Reuters)

JAPAN GROWTH ACCELERATES, EXPORTS AND CONSUMER SPENDING UP Tokyo marks fourth straight quarter of growth, capitalizing/fueling global economy recovery that is being led by Chinese industrial production and consumer demand. (AP)

UK RETAIL UP, BUT PACE DOESN’T BEAT FORECASTS Modest gains may point to slower recovery. (MarketNews)

DUBAI WORLD DEAL WITH CREDITORS RESTRUCTURES $23.5 BILLION OWEDIndebted investment arm of Arab emirate strikes tentative deal with seven major creditors to restructure massive debt. Dubai World needs approval of all creditors to finalize deal. (NYT)

JAPANESE E-COMMERCE GIANT ACQUIRES BUY.COM Rakuten reaches definitive deal to purchase California-based Buy.com for $250 million cash. (TechCrunch)

BONUS: HARVARD B SCHOOL GRADS TAKE ETHICS OATH In an age of Goldman Sachs ethics probes and Bernie Madoffs, a movement started at esteemed business school aims to spread a new morality to movers and shakers of the future. (Bloomberg)

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