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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. Tuesday, 06/08/10

June 8, 2010

TESCO CEO LEAHY STEPS DOWN, TO BE REPLACED BY CLARKE Tesco CEO Terry Leahy announces plans to retire in March, 2011. Leahy will be succeeded by Philip Clarke, who is currently in charge of the company’s operations in Asia and Europe. (WSJ)

NIKKEI 225 RISES, AS YEN DROPS Japan’s Nikkei 225 Index rose for the first time in three days, as both the dollar and the euro gained on the yen. The Nikkei rose 0.2 percent to finish at 9,537.94. (BusinessWeek)

ABB TO BUY UK-BASED CHLORIDE GROUP Swiss engineering corporation ABB will reportedly buy Chloride Group for $1.25 billion. In early trading, ABB’s shares were up 0.88 percent (Reuters)

SWISS LAWMAKERS REJECT TREATY WITH US, REFUSE TO HAND OVER TAX DATA 104 lawmakers in Switzerland’s lower house strike down a treaty with the US, which would have forced the country to reveal personal financial information on thousands of investors accused of violating American tax laws. (AP)

IPHONE MAKER FOXCONN SAYS IT WILL RAISE PRICES TO BALANCE WAGE INCREASE Foxconn International Holdings announces plans to raise prices, in order to compensate for the higher wages it will pay its employees. The iPhone maker has come under intense scrutiny after one of its factories in southern China was plagued by a series of employee suicides. (FOXBusiness)

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