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BP and oligarchs face off as $4.9 billion claim looms

BP prompted the spat with AAR, the consortium of Russian and Russia-connected oligarchs who own half of oil company TNK-BP, by agreeing a share swap and Arctic exploration deal with Russian-state-controlledRosneft <ROSN.MM>. AAR secured a court injunction that blocked the deal, which finally collapsed in May when the quartet of billionaire shareholders…

Toyota auto output up for first time in 12 months

Japan’s Toyota Motor on Wednesday said domestic production rose for the first time in 12 months in August as it recovers from the impact of the March 11 earthquake and tsunami disaster. Total domestic production of cars, trucks and buses produced byToyota and its two affiliates – Daihatsu Motor and Hino Motors – rose 12.0 percent from…

Man Group loses $6 billion from asset base

Hedge fund manager Man Group said Wednesday it had lost $6.0 billion (4.4 billion euros) from its asset base since June due to financial markets chaos, sparking a 21-percent plunge in its shares. Man Group said in a trading update that its total funds under management currently stood at about $65 billion.…

Microsoft busts spam network

SAN FRANCISCO — Microsoft on Tuesday said it struck another blow in its battle against cyber crooks by busting a spam-sending network of virus-infected computers. Along with taking down a “botnet” believed to have been used for nefarious activities including spam, stock scams, and sexual exploitation of children, Microsoft sued…

U.S. economy on ‘knife edge’ of contraction: Fed economist

SAN ANTONIO (Reuters) – The U.S. economy is on a ‘knife edge’ between growth and contraction and monetary policy tweaks do not seem to be helping, the Dallas Federal Reserve’s top economist said on Tuesday. The U.S. jobs engine has lost momentum and could be set for further “backtracking,” Dallas Fed chief…

SEC opens investigation into Standard & Poor’s

Standard & Poor’s is the subject of a US investigation over a rating it issued in 2007 on the eve of the financial meltdown, according to the agency’s parent company McGraw-Hill. McGraw-Hill said in a statement it had received a “Wells Notice” last week informing it that the Security and…

As markets energize again, oil prices soar

World oil prices soared on Tuesday, mirroring the performance of global equities, as markets followed eurozone debt developments closely. Brent North Sea crude for delivery in November jumped $1.59 to $105.53 a barrel in London midday deals. New York’s main contract, West Texas Intermediate (WTI) for November, rallied $2.18 to…

BAE Systems to cut nearly 3,000 jobs

Arms manufacturer BAE Systems on Tuesday said it plans to axe almost 3,000 jobs in Britain, mainly at its military aircraft division, as governments slash their defence budgets. “Our customers are facing huge pressures on their defence budgets and affordability has become an increasing priority,” BAE Systems chief executive Ian…

Amazon expected to unveil tablet at mystery event

With nearly 30 million iPads sold, Apple is the undisputed tablet computer champion. BlackBerry maker Research In Motion, US computer giant Hewlett-Packard, South Korea’s Samsung and scores of other companies with devices powered by Google’s Android software have all taken swings at the iPad and missed. A contender may finally…

Goldman Sachs eyes major cuts: report

Goldman Sachs is mulling drastic spending cuts as it braces for what could be one of its worst quarterly reports since it went public more than a decade ago, the New York Times reported Tuesday. After Goldman set out this summer to cut costs by $1.2 billion by mid-2012, including…

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