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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight

July 2, 2010

OIL PRICES HOLD STEADY AHEAD OF US JOBS REPORT Prices of crude oil hold steady at around $73 a barrel, as investors look forward to the release of the US monthly jobs report. (AP)

TOYOTA TO RECALL FAULTY LEXUS MODELS
Toyota Motor Corp. will begin recalling 270,000 cars with defective valve components. The company will notify the Japanese transport ministry of the move on July 5. (BusinessWeek)

GM’S JUNE SALES SKYROCKET IN CHINA
General Motors announces that it sold 176,486 vehicles in China during the month of June, representing a 23.2% increase from June of last year. (WSJ)

SPAIN’S JOBLESS CLAIMS DROP SHARPLY IN ONE MONTH Spain’s Labor Ministry announces that the total number of people seeking unemployment benefits dropped by 84,000 in June, as more companies began hiring ahead of the tourist season. (AP)

TOSHIBA WILL BEGIN MAKING BATTERIES FOR ELECTRIC CARS
Toshiba announces that it will begin working with Mitsubishi Motors to create batteries for a new line of electrically powered cars. (AFP)

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