Oil giant BP takes its turn in the spotlight this week as the full-year results season picks up pace. Falling oil industry profits will be in focus again tomorrow when BP posts latest figures after a gloomy set of results from rival Royal Dutch Shell . BP is grappling with the vast costs of the Gulf of Mexico disaster in 2010, which left 11 workers dead. Analysts are expecting BP's fourth quarter profits to sink 27% lower to $2.7 billion (pound(s)1.6bn). Thursday's update from Thomson and First Choice parent TUI Travel will be looked to for signs of a possible surge in early holiday bookings as many are spurred on to secure their fix of the summer sun after January's record rainfall. Trading in China is likely to remain a key issue for drugs giant GlaxoSmithKline on Wednesday after allegations of bribery and corruption sent Chinese sales plunging by 61% in the third quarter. Glaxo has been under pressure since it emerged last summer that Chinese authorities were investigating bribery by its staff - which allegedly saw as much as pound(s)324 million paid through travel agencies to doctors and health officials to boost sales. Glaxo's rival AstraZeneca reports its full-year figures on Thursday and is set to reveal an ongoing hit from a raft of drug patent losses.
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