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Daily Forecast 24/12/2009

In local trade yesterday the Aussie struggled to break from a tight range between 0.8750 and 0.8780 entering offshore exchanging near the bottom of the band at 0.8755.

Small and mid-cap banks need not hurry to repay TARP

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Small and mid-sized U.S. banks can hold off on repaying funds under the Treasury's Troubled Assets Relief Program, as they may escape government pressure to raise capital and face less taxpayer scrutiny over compensation practices.

Volvo's Chinese journey

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News that Ford expects to finalize the sale of Volvo to China's Geely in the first half of 2010 caps a year that saw China overtake the United States as the world's biggest auto market, something that would have been unthinkable only a few years ago
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American Greetings posts profit, shares up

American Greetings Corp posted a third-quarter profit, helped by portfolio changes, operational improvements and cost cuts, sending its shares up as much as 5 percent to a year high.
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Maersk buys Devon Gulf of Mexico assets for $1.3 bln

Shipping and oil group A.P. Moller-Maersk (MAERSKb.CO) has agreed to buy Devon Energy Corp's (DVN.N) stakes in the Cascade, Jack and St. Malo oilfields in the Gulf of Mexico for $1.3 billion, the firms said on Tuesday.
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MGIC shares fall on insurance denial complaint

Shares of MGIC Investment Corp fell nearly 10 percent, a day after the largest U.S. mortgage insurer said two units of Bank of America Corp filed a complaint for declaratory relief against it in the Superior Court of the State of California.
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Nortel seeks buyer for Carrier VoIP business

Bankrupt telecom equipment maker Nortel Networks Corp (NRTLQ.PK) has sought court approval to sell certain assets of its Carrier voice over Internet protocol and application solutions business to Genband Inc for $282 million, court papers showed.
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New home sales hit seven-month low in November

Sales of newly built U.S. single-family homes unexpectedly fell to their lowest level in seven months in November, data showed on Wednesday, dealing a blow to the housing market's recovery.
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New home sales hit seven-month low in Nov

Sales of newly built U.S. single-family homes unexpectedly fell to their lowest level in seven months in November, data showed on Wednesday, dealing a blow to the housing market's recovery.
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Wells Fargo repays government bailout

Wells Fargo & Co , the fourth-largest U.S. bank by assets, on Wednesday said it repaid the $25 billion government bailout it received during the financial crisis, after last week selling $12.25 billion in stock.
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Simon Cowell will leave American Idol: report

American Idol judge Simon Cowell has decided to quit the top-rated TV talent show when his contract ends in 2010, according to a report in British tabloid The Sun, which would deal a blow to the Fox network.
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Geely near Volvo buy, sign of China's rise in autos

Ford Motor Co said on Wednesday that it expected to finalize the sale of Volvo to China's Geely in the first half of 2010 in a deal that underlines China's arrival as a major force in the global auto industry.
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Cash infusion in Glencore may lead to IPO-WSJ

In a move seen as a precursor to an initial public offering for Glencore International AG, a group of institutional investors will invest about $2.2 billion into the Swiss commodity trader, the Wall Street Journal said, citing people familiar with the situation.
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New home sales hit seven-month low

Consumer spending rose for a second straight month in November as incomes recorded their biggest gain in six months, but a surprise drop in new home sales was a reminder that the economic recovery would be bumpy.
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Agrium has conditional U.S. antitrust OK for CF deal

Canadian fertilizer maker Agrium Inc (AGU.TO), which is attempting a hostile takeover of rival CF Industries (CF.N), has won U.S. antitrust approval of the proposed transaction after agreeing to sell two plants, the Federal Trade Commission said on Wednesday.
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NYC urges ban on shale gas drilling in watershed

New York City urged New York state on Wednesday to ban natural gas drilling in its watershed, adding unprecedented support to critics who consider the chemicals used to mine for shale gas as poisonous to drinking water.
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Poll shows worry about swine flu shot persists

Americans who were worried about the safety of the swine flu vaccine are still worried and it may not be easy to convince them to get themselves or their children vaccinated, researchers said on Tuesday.
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Wall Street slips after weak homes sales report

The Dow industrials and the S&P 500 index turned negative after a report showed sales of newly built U.S. single-family homes unexpectedly fell to their lowest level in seven months in November, shaking confidence in recent signs of stabilization in the housing market.
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Q+A: Environmental fears over U.S. shale gas drilling

PHILADELPHIA - The boom in shale natural gas drilling has raised hopes the United States will be able to rely on the cleaner-burning fuel to meet future energy needs. But concerns about its impact on water quality could slow the industry's ability to tap this bountiful resource.

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