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While U Slept. Biz & Buz. Big 5 Business Stories Breaking Overnight. Thursday, June 17, 2010

June 17, 2010

GLOBAL STOCKS DROP AFTER ONE-MONTH HIGH Six-day rally ends as EU leaders set for summit to strengthen budget discipline and economic policy coordination. All eyes on Spanish solvency as euro and oil prices drop as well. (Reuters)

BP SHARES UP 7% AFTER $20 BLN SET ASIDE FOR SPILL DAMAGE Investors react well to news BP to cancel $7.8 billion in dividends, sell off $10 billion in assets establish $20 billion cleanup fund. (Dow Jones)

SWITZERLAND APPROVES TREATY WITH US TO HAND OVER TAX CHEATS Swiss lawmakers also agree to drop plans to allow referendum on the deal that will see Switzerland’s biggest bank, UBS AG, divulge names of 4,450 American clients suspected of tax evasion to U.S. authorities. (AP)

FUJITSU AND TOSHIBA TO MERGE HANDSET OPERATIONS Deal is Japan’s second cellphone company merger this month, as industry tries to consolidate in reaction to giants like Apple. (NYT)

TOYOTA STRIKE AT CHINA SUPPLIER OVER, BUT LABOR TENSION CONTINUES Honda and Foxconn also hit by recent labor actions that have surprised China’s industrial juggernaut. (Bloomberg)

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