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Glaxo said to settle Avandia cases on U.S. vote eve

GlaxoSmithKline Plc has agreed to pay $460 million to settle thousands of lawsuits over its Avandia diabetes pill, Bloomberg reported on Tuesday, on the eve of a crucial vote by U.S. experts on whether the pill should be withdrawn due to heart risks.

Daily Forex Forecast 14/7/2010

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The Australian Dollar climbed to its highest level in 3 weeks overnight as equities bounced upon expectations US corporate earnings will beat estimates.
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EU ministers back closer budget surveillance

European Union finance ministers agreed on Tuesday to increase monitoring of member states' economies from January as part of efforts to tighten budget discipline and prevent new economic crises.
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Australian Dollar Forecast 13/7/2010

The AUD has opened slightly firmer this morning after some nervousness from traders yesterday ahead of the US reporting season saw the AUD move back towards USD0.8700.
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Daily Forex Forecast 13/7/2010

Australia's dollar fell from its highest level in almost three weeks to an intraday low near 87 cents on the back of a drop in imports of iron ore and copper by China, the nation's biggest trading partner.
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U.S. to issue new drilling ban

The Obama administration prepared a new moratorium on deepwater oil drilling on Monday, seeking to make the industry safer while protecting thousands of jobs during the worst spill in U.S. history.
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Stocks up as investors pin hopes on U.S. earnings

Asian stocks rose on Monday as investors counted on the start of the U.S. earnings season this week to show firms were reaping strong profits and that the world's economic recovery was not losing steam.
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Daily Forex Forecast 12/7/2010

The Aussie dollar traded within a 50 point range between 0.8725 and 0.8775 for the majority of Friday's offshore session and opens this morning towards the top end at 0.8770.
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Court refuses stay in deepwater drilling case

The Obama administration is preparing to unveil a revised deepwater oil drilling moratorium after a federal court refused on Thursday to reinstate an earlier ban imposed after BP Plc's massive oil spill.
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U.S. court refuses stay in deepwater drilling case

The Obama administration is preparing to unveil a revised deepwater oil drilling moratorium after a federal court refused on Thursday to reinstate an earlier ban imposed after BP Plc's massive oil spill.
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Banks, oils power FTSE up 1.8 percent

Banks lifted Britain's top shares on Thursday, with Royal Bank of Scotland and Lloyds Banking Group top performers on reports that a new bid vehicle will seek to buy British banking assets. The FTSE 100 .FTSE index was up 90.63 points, or 1.8 percent, at 5,105.45, rising for a third consecutive day. It closed up 49.82 points, or 1 percent, on Wednesday.
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Court fight looms, BP dampens hope of early leak fix

The Obama administration headed to court on Thursday to fight for the moratorium on deepwater drilling it imposed in response to the BP oil spill, while the British oil giant sought to dampen talk it could stop its gushing well this month.
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Bank of England keeps rates at 0.5 percent as expected

The Bank of England's Monetary Policy Committee kept interest rates at a record low 0.5 percent on Thursday, in an almost universally expected decision that likely reflects policymakers' concerns about the growth outlook.
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Earnings optimism boosts stocks and euro

World stocks rose on Thursday while the euro hit a two-month peak against the low-yielding dollar on rising expectations the forthcoming earnings season would show strong corporate performance.
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IMF lifts world growth forecast

The International Monetary Fund upgraded its 2010 global growth forecast on Thursday, citing robust expansion in Asia and renewed U.S. private demand, but warned the euro area's debt crisis posed a big risk to recovery.
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BP dampens hope of early leak fix

BP dampened hopes that it could plug its leaking Gulf of Mexico well sooner than forecast on Thursday, while a battle between the U.S. government and the oil industry over a deepwater drilling ban heads to court.
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IMF raises 2010 world GDP forecast, flags Europe risks

The International Monetary Fund upgraded its 2010 global growth forecast on Thursday, citing robust expansion in Asia and renewed U.S. private demand, but warned the euro area's debt crisis posed a big risk to recovery.
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Costco June same-store sales up 4 percent

No. 1 U.S. warehouse club operator Costco Wholesale Corp saw June sales at stores open at least a year rise 4 percent, marginally missing market expectations, as it was hurt by the Memorial Day holiday shift.
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Chinese buying of short-term yen notes hits record

China bought a record $7.9 billion in short-term Japanese debt in May, a surge widely viewed as temporary while sovereign debt concerns buffet the euro, rather than a shift in China's long-term investment stance.

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