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Avandia ban hits drug producer

Drugs giant GlaxoSmithKline reported a £147m hit after writing off stocks of its controversial diabetes drug Avandia.

European regulators last month suspended Avandia and further strict restrictions were placed on its US sales following evidence linking the treatment to an increased risk of heart attack.

Club boss hoping to beat decline

THE owner of nightclub chains Liquid and Oceana said it hoped a tie-up with dance music brand Ministry of Sound will help revive its struggling business. Luminar has partnered with the dance label, which also owns brands Hed Kandi and Dance Nation, to draw customers to its clubs, as admissions have tailed off in recent months.

Defence firm hit by spending cuts

BAE Systems warned that growth in 2010 will be weaker than expected following the government's review of defence and security spending. The company plans to work with the Ministry of Defence to address the implications but said it anticipated some impact on the performance of its UK business this year. It also announced a reduction in its financial planning assumptions for the following years. The government's decision to scrap the Harrier and the Nimrod will impact on its military air division.

Car production continues to rise

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CAR production increased by 5.8% last month compared with September last year, signalling a continued improvement in the motor industry. The Society of Motor Manufacturers and Traders said 126,548 cars were built, bringing the total so far this year to 937,891, a 35% increase on last year.

Ministers thank HBO executives

SENIOR executives from HBO have been officially thanked for choosing Northern Ireland as a filming location. Enterprise Minister Arlene Foster and Arts Minister Nelson McCausland met Jay Roewe, senior vice president of production at the cable channel, who visited Northern Ireland to review progress on Game of Thrones. The Ministers acknowledged the positive impact the project had and encouraged HBO to continue working here.