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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 07/01/10

July 1, 2010

EUROPE STOCKS FALL SHARPLY Follows overnight losses in U.S. and Asian markets, amidst cautionary news from Spain and China and worries of double-dip global slowdown. (DowJones)

MANHATTAN HOUSING MARKET PUMPING AGAIN Home prices held steady during second quarter, but transactions were 81% higher than during same period last year as Wall Street job market on rise. (CNN/Money)

MORE TOYOTA RECALLS: LEXUS ENGINE PROBLEMS Some 270,000 luxury vehicles worldwide will be affected, in new effort at prompt response following the recall of more than 8.5 million vehicles earlier this year. (WSJ)

JAPANESE BUSINESS CONFIDENCE AT TWO-YEAR HIGH Central bank reports Japan’s biggest manufacturers outlook improved for fifth straight quarter, as Asia rebounds strongly from global recession. (AP)

REPORT: MICROSOFT KILLS KIN PHONE SIX WEEKS AFTER LAUNCH The “social phone” suffered from bad marketing and overpricing as iPhone and other smart phones smothered a multi-million dollar project that had been in the work for years. (Gizmodo)

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