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Oil Heads for Eighth Straight Week of Falls

Oil headed for its eighth straight weekly decline in Asia Friday, as sharp falls in equities added to worries lacklustre global economic growth will hurt energy demand in an oversupplied market.

U.S. benchmark West Texas Intermediate (WTI) for October delivery, a new contract, lost 54 cents to $40.78 a barrel in afternoon trade, while Brent crude for October tumbled 62 cents to $46.00 a barrel.

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Turkish Currency Hits New Historic Low of 3 Lira to Dollar

Turkey's embattled lira on Thursday hit a new historic low in value against the U.S. dollar, breaking the ceiling of three lira to the dollar for the first time.

The currency hit 3.0031 lira to the dollar in early morning trade, according to Bloomberg data, before rallying very slightly to 2.99 to the greenback -- a loss in value of 2.25 percent on the day so far.

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Greece Repays 3.4 bn Euros to European Central Bank

Greece has repaid 3.4 billion euros ($3.79 billion) due to the European Central Bank Thursday, a source close to the Greek government said after the launch of a massive new reforms-for-bailout deal.

Greece was able to repay the loan as eurozone finance ministers announced that they had disbursed 13 billion euros to Athens and set aside another 10 billion euros to recapitalize the country's cash-starved banks. 

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Australian Carrier Qantas Roars Back into Black

Australian carrier Qantas on Thursday roared back into the black in a stunning turnaround of fortunes driven by aggressive cost-cutting, while placing an order for eight Boeing Dreamliners.

The airline posted an Aus$557 million (U.S.$409 million) annual net profit in the year to June 30, a sharp recovery in the space of 12 months from a net loss of Aus$2.84 billion in the previous corresponding period.

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Oil Approaches Key $40 Level in Asian Trade

Oil prices slid to a fresh six and a half year low in Asia Thursday, approaching the key $40 a barrel level after a surprise rise in U.S. inventories added to concerns of a supply glut.

U.S. benchmark West Texas Intermediate (WTI) for delivery in September, which expires Thursday, dipped 26 cents to $40.54 in midday trade after falling sharply in New York to its lowest level since March 2009.

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Media: Bitcoin Exchange CEO to Face New Criminal Allegations

Japanese police will re-arrest the CEO of collapsed Bitcoin exchange MtGox on theft allegations, reports said Thursday, as he faces questions over the disappearance of hundreds of millions of dollars worth of the virtual currency.

France-born Mark Karpeles, 30, was taken into custody in Tokyo this month over claims he manipulated data to artificially create about $1.0 million worth of the digital money.

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Greek PM Puzzling over Snap Election Date

Greek Prime Minister Alexis Tsipras was mulling Wednesday when to call early elections, with a decision expected next week according to the government.

Tsipras has to implement a third austerity bailout that has split his radical left Syriza party, rendering him powerless to push further reform bills through parliament in the fall.

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German Parliament Backs Greek Bailout with Large Majority

The German parliament voted by an overwhelming majority Wednesday to back a third bailout for Greece, with Chancellor Angela Merkel spared a major rebellion of deputies opposing the aid.

Interrupting their holidays for the second time this summer to cast ballots on a Greek rescue, lawmakers in the Bundestag lower house approved the 86-billion-euro ($95-billion) rescue by 454 votes to 113.

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Merkel Girds for Right-Wing Revolt in Greece Bailout Vote

German Chancellor Angela Merkel will call on the country's parliament to approve a third bailout for debt-mired Greece on Wednesday, but could face a rebellion from lawmakers within her own conservative ranks.

Approval of the latest 86 billion euro ($95 billion) emergency rescue plan for Athens is seen as assured given the 504 seats Merkel's left-right "grand coalition" holds in the 631-seat Bundestag lower house.

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China Injects Nearly $100 bn into Banks for Economy Lift

China has injected nearly $100 billion from its foreign exchange reserves into two policy banks, which lend based on government directives, to help spur the country's sluggish economy, state media reported.

The central bank on Tuesday completed putting $48 billion into the China Development Bank and $45 billion into the Export-Import Bank of China, the official Xinhua news agency reported.

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