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While U Slept: Biz&Buz. The 5 Big Overnight Business Stories. Tuesday, 06/01/10

June 1, 2010

AIG REJECTS PRUDENTIAL’S BID, PURCHASE OF ASIAN UNIT NOW IN JEOPARDY American International Group rejects offer from Prudential to lower the $35.5 billion price initially offered for AIG’s Asian unit, effectively jeopardizing completion of a deal. (NYT)

GERMAN UNEMPLOYMENT DECLINES MORE THAN EXPECTED The number of unemployed Germans fell to its lowest point since December 2008–and by twice as much as initially forecast by economists–on the strength of a surge in exports.(BusinessWeek)

ASIAN MARKETS FALL ON UNCERTAINTY IN CHINA, EUROPE With Chinese manufacturing declining, and lingering anxiety over Europe’s debt crisis, stocks across Asia fall during Tuesday trading. (AP)

UK MANUFACTURING MAINTAINS STRONG GROWTH A weak sterling helps keep the UK’s manufacturing sector growing at a healthy rate, as industry expansion grew during May at the same steep pace it maintained throughout April. (WSJ)

BP STOCK NOSEDIVES AMID OIL SPILL CRISIS Shares in BP drop 15 percent to 420 pence a share, thanks to concern from investors over rising costs of the Gulf oil spill. Since the April 22 sinking of the Deepwater Horizon oil rig, the company’s market value has plummeted by billions of dollars. (AFP)

BONUS: INTEL ANNOUNCES PLANS TO UNVEIL WORLD’S THINNEST NETBOOK At the Computex show in Thailand, Intel announces its current initiative to develop a dual-core Atom chip for netbooks, as well as its forthcoming ‘Canoe Lake,’ which, with a thickness of 14mm, would become the world’s thinnest netbook. (PCMag)

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