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While U Slept. Biz & Buz. Big 5 Business Stories Breaking Overnight. June 15, 2010

June 15, 2010

MOODY’S CUTS GREEK DEBT RATING, EURO DECLINES For the first time in four days, the euro declines against the yen, following Moody’s decision to cut Greece’s debt rating to junk status, fueling further hesitation about Europe’s debt crisis. (BusinessWeek)

BSKYB SAYS IT COULD SUPPORT NEWS CORP TAKEOVER–AT THE RIGHT PRICE After News Corp’s offer to takeover BSkyB for a price of 700 pence per share fell flat, BSkyB’s board of independent directors says the UK company would have supported the proposed takeover if the price had reached 800 pence per share. (Telegraph)

BANK OF JAPAN UNVEILS NEW LOAN SCHEME The Bank of Japan announces a massive, $33 billion loan scheme, in the hopes of spurring growth and fending off deflation, by offering private banks low-interest rate loans to lend out to the private sector. (AFP)

CHINA MAKES MOVE TO TIGHTEN BANK LENDING Citing the risks to China’s banking sector posed by bad debt, China’s leading bank regulator suggests the country will continue to tighten its national lending practices to banks, following last year’s steep rise in credit. (WSJ)

SWISS LEGISLATORS BACK UBS PACT Switzerland’s lower house of Parliament agree to a proposal that would allow the country to reveal personal financial information on potential tax dodgers to the US government. Final approval, however, remains dependent upon a referendum, much to the dismay of the upper house. (MarketWatch)

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