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    Last update: December 22, 2009

    +Watchdog rules against Sky stake
      Murdoch's company could make a substantial loss after watchdog says 17.9% shareholding restricts competition and is against the public interest. By Graeme Wearden.

    +Tesco pushes profits up 14%
      4pm update: Supermarket group tops City expectations, despite a slowdown in sales blamed on the wet summer. By Fiona Walsh.

    +Cautious US lenders turn away borrowers
      4.30pm: Pending sales of existing homes in the US fell by a larger-than-expected 6.5% in August. By Angela Balakrishnan.

    +Too much rain costs water company dear
      Severn Trent says the wet summer reduced demand, slashing revenues by around £12m. By Graeme Wearden.

    +Northern Rock slides to another new low
      Shares in Northern Rock plumbed new depths today before rebounding on speculation that a bid for the beleaguered bank might be close.

    +EBay says it paid almost $1bn too much for Skype
      Dotcom giant writes down the value of internet telephony company by $900m. By Graeme Wearden.

    +Rate optimism brings relief to builders
      Closing market report: Housebuilders were in demand on another volatile day for world markets, as investors bet the Bank of England would cut interest rates when it meets this week. By Nick Fletcher.

    +Glaxo looks to launch anti-obesity drug in Europe
      The UK could get its first ever approved over-the-counter weight loss drug after GlaxoSmithKline said today it had applied for a licence to sell a non-prescription version of Orlistat. By Marianne Barriaux.

    +UK plc makes record profits
      The profitability of UK companies outside the financial sector soared to a new record high in Q2, but analysts warn this is as good as it gets. By Angela Balakrishnan.

    +'Traffic-light'medicine risk website to launch
      New way for consumers to assess the safety of their medicines comes at a time when a series of drug scares has eroded patients'confidence in the treatments they are prescribed. By Marianne Barriaux.

    +A one horse town?
      The new boss of the Racing Post has warned anyone hoping to start a rival to the bible of British horseracing that there is only room for one player in the market. By Katie Allen and Tony Paley.

    +IVA shares plunge amid profitability concerns
      Shares in debt management companies plunge after one leading player warned that the market for individual voluntary arrangements had become much tougher.

    +Vernalis may shed jobs after drug rejected
      Biopharmaceuticals company may cut jobs after US regulators reject its treatment for menstrual migraine. By Marianne Barriaux.

    +Mortgage data points to slowdown
      New mortgage approvals in Britain have fallen to their lowest since April. By Larry Elliott.

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