November 12, 2014 - 7:35AM The Australian dollar has rallied back above 87 US cents as the greenback loses ground. At 0630 AEDT on Wednesday, the local currency was trading at 87.08 US cents, up from 86.27 cents on Tuesday. And the Australian share market looks set to open lower following a subdued performance on Wall Street with both the Dow Jones Industrial Average and the S&P500 flat in late afternoon trading. LUXEMBOURG - The EU's top court has ruled that member states do not have to provide social welfare payments to EU citizens moving to their country solely to claim benefits. BRUSSELS - European MPs have voted to give EU member states the power to ban cultivation of genetically modified crops on their territory even if they have been approved by the 28-nation bloc. LONDON - Britain will impose curbs on so-called "payday lending" firms from January after a boom in the short-term loans industry characterised by "bad behaviour." BEIJING - China and the United States have agreed to reduce tariffs on electronic goods under the terms of the Information Technology Agreement, ITA , which was inactive for more than 18 months, US President Barack Obama has announced. LONDON - Vodafone's half-yearly profits have plunged due to lower one-off tax gains and costs linked to a series of acquisitions. PARIS - A long battle to control French holiday firm Club Med has taken another turn after the French stock market authority announced Italian businessman Andrea Bonomi had made an improved offer. STOCKHOLM - Spotify's chief executive says his company is on the side of musicians after popular US artist Taylor Swift withdrew her music from the online music service over a payments spat.