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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 06/22/10

June 22, 2010

ASIAN MARKETS SLIP ON CHINESE UNCERTAINTY After rallying on news that the Chinese government would allow the yuan more flexibility, Asian markets retreat. Investors are also concerned about Great Britain’s new budget, which many expect to contain significant spending cuts and tax hikes. (Reuters)

GERMAN BUSINESS CONFIDENCE RISES UNEXPECTEDLY According to a study released by the Ifo research institute, Germany’s key business confidence indices rose significantly during the month of June. (WSJ)

AEGON MIGHT SELL LIFE REINSURANCE UNIT, ANNOUNCES U.K. COST CUTTING MEASURES Aegon NV, owner of US-based insurer Transamerica Corp., says it may sell off its life reinsurance operations, and will cut costs across the UK by 25-percent over the course of the year. (BusinessWeek)

BRITISH AIRWAYS SIGNS PENSION DEAL, CLEARS WAY FOR MERGER British Airways announces an agreement with trustees of two pension plans, thus bringing the airline closer to a merger with Iberia. (MarketWatch)

SHANGHAI WILL ALLOW FOREIGN FIRMS TO LIST SHARES, SELL BONDS
Shanghai will reportedly allow foreign firms to sell shares and bonds in its financial markets, according to the head of the city’s finance office. The move comes as part of Shanghai’s endeavor to become a global financial center by the year 2020. (BusinessWeek)

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