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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 06/21/20

June 21, 2010

EURO, AUSSIE DOLLAR RISE IN CONCERT WITH YUAN Both the Euro and the Australian dollar hit one-month highs as the Chinese government allow the yuan to rise to a post-revaluation high. The US dollar, in turn, falls. (Reuters)

RUSSIA CUTS GAS DELIVERY TO BELARUS, CITING UNPAID DEBTS Russian President Dmitry Medvedev orders Gazprom to stop natural gas deliveries to Belarus, due to the country’s outstanding debts. The decision could have implications for gas supplies in other European countries, as well. (NYT)

AZKO NOBEL SELLS STARCHES BRANCH FOR $1.3 BN Azko Nobel NV, the Netherlands-based paintmaker, sells its starches operations to US firm Corn Products International, for $1.3 billion. Azko Nobel is the world’s largest paint and industrial coating producer. (AP)

BIOVAIL, VALEANT STRIKE DEAL TO MERGE
Drugmakers Biovail and Valeant have agreed to merge operations, officially forming a new entity called Valeant Pharmaceuticals International. (TheStreet)

QATAR, KUWAIT INVEST IN AGBANK IPO Sovereign wealth funds Qatar Investment Authority and Kuwait Investment Authority have become the primary investors in the IPO of Hong Kong-based rural lender AgBank. Qatar will invest $2.8 billion, while Kuwait will invest between $500 million and $1 billion. (WSJ)

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