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  • It also scaled back plans to return 4 billion pounds of cash flowing from a $20 billion- plus asset swap with Novartis to investors, opting instead to pay a 1 billion special dividend. Chief Executive Andrew Witty is under pressure to demonstrate that the Novartis deal can revive GSK's fortunes by focusing it on consumer health and vaccines, following a slide in...

  • *Azeri, African, North Sea oil languishes unsold. Tens of millions of barrels are struggling to find buyers in Europe with traders of West African, Azeri and North Sea crude blaming poor demand. Benchmark Brent oil futures prices more than halved between June 2014 and January 2015 after OPEC refused to cut output and instead chose to undercut more expensive...

  • MOSCOW, May 6- Russian consumer price inflation edged down in April for the first month since July, official data showed on Wednesday, appearing to vindicate the central bank over its decision to cut its key interest rate last week. Over the next six months or so inflation should continue to drop back quite quickly to end the year at around 10 percent, "said Neil...

  • Failing Ghana cocoa harvest drives global prices higher Wednesday, 6 May 2015 | 9:19 AM ET

    *Traders in Europe scramble for Ghana cocoa stock. *Ghana may have oversold crop by as much as 200,000 tonnes. ENCHI, Ghana/ LONDON, May 6- A poor cocoa harvest in Ghana has left the world's number two producer struggling to fulfil sales contracts and is driving up the price of the commodity on global markets.

  • GlaxoSmithKline opts to hold on to HIV business Wednesday, 6 May 2015 | 8:14 AM ET

    LONDON— British-based drugmaker GlaxoSmithKline opted Wednesday to keep its stake in its stand-alone HIV business as it set out its strategy following a big deal with Switzerland's Novartis. Those deals included GSK's sale of its cancer-drug business to Novartis in a swap for the Swiss company's vaccines business and cash. GSK said it would reduce a planned...

  • UPDATE 1-BHP spin-off South32 sees M&A opportunities Wednesday, 6 May 2015 | 8:13 AM ET

    BHP shareholders in Australia and Britain voting by proxy overwhelmingly approved the spin-off, which includes some of the global miner's smaller assets, at meetings in Perth and London on Wednesday, paving the way for a listing on May 18. Named after the 32nd parallel south line of latitude that links its business centres in Perth and Johannesburg, South32...

  • *EU exit would be harmful for UK economy, Thiam says. LONDON, May 6- Prudential will post "very strong" first-half earnings, outgoing chief executive Tidjane Thiam said on Wednesday, as the insurer reported an 11 percent decline in new business profit in the first quarter. Thiam, who leaves at the end of the month to run Credit Suisse, said a healthy performance in...

  • HONG KONG, May 6- China has more than tripled the number of central government owned firms allowed to trade commodities derivatives overseas without regulator approval, sources told Reuters, in a move that will give China more clout in global markets for metals, energy and agricultural products. "This will boost trading by Chinese companies, energy in...

  • UK 'flash crash' trader: I was just good at my job Wednesday, 6 May 2015 | 7:40 AM ET

    LONDON— A British financial trader accused of helping to set off a "flash crash" on Wall Street in 2010 from his London home claimed Wednesday he was just good at his job as he fights extradition to the U.S. U.S. authorities have accused Navinder Singh Sarao, 36, of contributing to the dramatic falls seen five years ago to the day through his use of lightning-fast...

  • Chief Executive Andrew Witty is under pressure to prove to investors that a $20 billion- plus asset swap with Novartis can revive GSK's fortunes, following a damaging slide in lung drug sales and a major corruption scandal in China. In a bid to protect its dividend, GSK scaled back plans to return 4 billion pounds of cash flowing from the Novartis transaction to...

  • *Outcome could influence UK's place in EU, Scotland's in UK. LONDON, May 6- Campaigning in Britain's most unpredictable election in a generation entered its final day with the two main parties level in most polls and neither on track to command a majority in the parliament of the world's fifth largest economy. The stakes are high because of a rare confluence of...

  • *China buyers cut copper purchases on price rise- trade. *China aluminium semis exports up 5-7 pct- JPMorgan. LONDON, May 6- Copper and most other industrial metals retreated on Wednesday from recent peaks as copper demand in China faltered and as some investors regarded the sector's strong gains as outpacing supply and demand fundamentals.

  • Although the Beatles— paced by the songwriting of John Lennon and Paul McCartney— enjoy perhaps the highest place in critics' esteem, the researchers found the hip-hop movement— from pioneers like Afrika Bambaataa to megastars like Jay-Z— more profound. "And it does not address why the Rolling Stones can still sell out arenas more than 50 years after they set the...

  • Mixed signals emerge for eurozone economy Wednesday, 6 May 2015 | 5:06 AM ET

    Financial information company Markit said its purchasing managers' index, a broad gauge of business activity, was 53.9 points in April. Markit also made much of the fact that its survey provides further evidence that countries that have made bold economic reforms over the past few years are reaping the benefits. "The fact that the rate of growth failed to gain...

  • BHP spin-off South32 sees M&A opportunities Wednesday, 6 May 2015 | 4:30 AM ET

    BHP shareholders are expected to approve the spin-off, which includes some of the global miner's smaller assets, at meetings in Perth and London on Wednesday, paving the way toward a listing on May 18. Named after the 32nd parallel south line of latitude that links its business centres in Perth and Johannesburg, South32 will produce alumina, aluminium, coal,...

  • Euro zone business activity starts Q2 on solid footing Wednesday, 6 May 2015 | 4:00 AM ET

    *PMIs point to Q2 GDP growth of 0.4 pct- Markit. Markit's final composite Purchasing Managers' Index, seen as a good guide to growth, was 53.9 in April, ahead of an earlier flash reading of 53.5 but just behind March's 11- month high of 54.0. "The fact that the rate of growth failed to gain further momentum is a disappointment, but the national growth variations will give...

  • Weak US jobs data keeps stock markets in check Wednesday, 6 May 2015 | 3:26 AM ET

    SEOUL, South Korea— Asian stock markets were in the red on Wednesday, dented by weak earnings in Australia and doubts about Greece's ability to repay debts due to the IMF this month. Hong Kong's Hang Seng index dropped 0.3 percent to 27,653.06 and China's Shanghai Composite Index lost 1.6 percent to 4,231.33. GREECE: A standoff in talks between Greece and its...

  • DIARY- Top Economic Events to May 18 Tuesday, 5 May 2015 | 8:01 PM ET

    WASHINGTON- Federal Reserve Chair Janet Yellen and International Monetary Fund Managing Director Christine Lagarde participate in " Finance and Society" conversation before the Institute for New Economic Thinking Conference on Finance and Society hosted by the IMF- 1315 GMT. WASHINGTON- Federal Reserve Bank of Kansas City President Esther George...

  • *Outcome could influence UK's place in EU, Scotland's in UK. LONDON, May 6- Campaigning in Britain's most unpredictable election in a generation enters its final day on Wednesday with the two main parties level in most polls and neither on track to command a majority in the parliament of the world's fifth largest economy. The stakes are higher than usual because of...

  • Navigator Holdings misses 1Q profit forecasts Tuesday, 5 May 2015 | 5:31 PM ET

    LONDON _ Navigator Holdings Ltd. on Tuesday reported first-quarter profit of $22 million. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share. Navigator Holdings shares have climbed 1 percent since the beginning of the year.