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While U Slept: Biz&Buz. Big 5 Business Stories Breaking Overnight. Friday, 06/04/10

June 4, 2010

MCDONALD’S TO RECALL 12 MILLION ‘SHREK’ GLASSES, TAINTED WITH CADMIUM The US Consumer Product Safety Commission announces a voluntary recall of 12 million ‘Shrek’ glasses from McDonald’s, upon discovering that the 16-oz. cups were tainted with cadmium, posing a potential health risk to children. (Forbes)

NIKKEI INDEX FALLS SLIGHTLY, RETAINS GAINS AFTER ELECTION OF NEW JAPANESE PM Japan’s Nikkei 225 falls in Friday trading, but still retains substantial gains made the previous day–even after Finance Minister Naoto Kan was announced as the new Prime Minister. Many consider Kan to be a strong proponent of a weaker yen. (Reuters)

EURO STOCKS RISE ON US UNEMPLOYMENT SPECULATION, BP SHARES SURGE Stoxx Europe 600 Index rises 0.8% in early trading, on speculation that US employers added jobs in May. Meanwhile, shares of BP jumped 4% after engineers managed to place a cap on the sunken oil rig in the Gulf of Mexico. (Bloomberg)

G20 FINANCE MINISTERS TO SUPPORT EURO RESCUE PACKAGE THIS WEEKEND Meeting in Busan, South Korea this weekend, finance ministers from the Group of 20 major economies will reportedly announce their endorsement of European proposals to rein in the Continental debt crisis. (BBC)

WORLD BANK ASKS G20 TO DO MORE FOR DEVELOPING COUNTRIES World Bank leaders urge the Group of 20 leading world economies to make developing country issues a higher priority on their agenda, arguing that the plight of less advanced economies falls squarely within their own “self-interest.”(AP)

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