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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 07/16/10

July 16, 2010

BP STOCK SURGES IN LONDON AFTER CAPPING OIL LEAK BP’s stock rises 6.2-percent in London trading, on news that it temporarily halted the oil leak in the Gulf of Mexico. Stocks in London are up across Stoxx 600. (BusinessWeek)

AGBANK OF CHINA MAKES TEPID HONG KONG DEBUT
Newly public shares in the Agricultural Bank of China rise just 2.2-percent in Hong Kong trading, following a similarly weak opening in Shanghai. (WSJ)

NIKKEI INDEX POSTS BIGGEST LOSS IN ONE MONTH Japan’s Nikkei average falls 3-percent, on investor worries that the yen could rise further against the dollar. (Reuters)

FRENCH PM DEFENDS EURO, PROMISES EUROPEAN REBOUND French Prime Minister Francois Fillon urges Japanese investors to not shun the euro, arguing that there is nothing intrinsically wrong with a common currency system across the EU. (AFP)

TSMC WILL SPEND $9 BILLION ON TAICHUNG Taiwan Semiconductor Manufacturing Co. announces plans to spend $9.3 billion on its Taichung factory over the course of the next two years. (BusinessWeek)

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