IBT Staff Reporter

London-based BP reported lower underlying third quarter profits on Tuesday as falling production, after the oil major sold fields to pay for the Gulf of Mexico oil spill, outweighed the benefits of higher crude prices.

When the posh Hotel Bel-Air was re-opened earlier this month by luxury hotel chain the Dorchester Collection, the reviews from the neighbors and press outlets who follow such things was warm and admiring. But from the reported 260-plus union workers who were laid off as a result of the renovation ... not so much.

Justin Bieber and Christina Aguilera will be among the artists taking the stage at the 2011 American Music Awards, Dick Clark Productions president and executive producer Orly Anderson announced Monday.

President Barack Obama returns to Los Angeles Monday, just in time for rush-hour, for two fundraisers in Hancock Park.

President Barack racked up cash for his re-election campaign at fundraisers in Nevada and California on Monday, declaring that he had kept 60 percent of the promises he made as a candidate in 2008.

President Barack Obama is targeting African Americans and Latinos with his visit to Los Angeles Monday, but here's the demographic he's really after: People with money.

BP has turned the corner in its recovery from the Gulf of Mexico oil spill, the British oil major said on Tuesday, predicting production growth and an almost 50 percent increase in planned divestments to $45 billion.

India's central bank raised interest rates on Tuesday for the 13th time since early 2010 but gave a strong signal it may be finished with its current tightening cycle as growth slows and it expects high inflation to ease starting in December.

European stock index futures fell Tuesday on uncertainty before a key summit, failing to sustain gains made in Asia where investors grew more optimistic about Europe's leaders coming to a broad agreement on containing the region's debt crisis.

Intel Corp is comfortable with its chip pricing now and is working with suppliers and manufacturers to lower the cost of its new ultrabook slim PCs, a product it sees as key to reviving the traditional computer in the face of the tablet challenge.

Microsoft will double its share of the Western European smartphone market during 2012 to 12.3 percent, helped by its new partnership with Finland's Nokia, research firm Strategy Analytics said on Tuesday.

Swiss bank UBS AG reported a better-than-expected third-quarter net profit on Tuesday as an accounting gain helped cancel out a loss of 1.849 billion Swiss francs ($2 billion) on unauthorized trades it uncovered last month.

India's central bank raised interest rates on Tuesday for the 13th time since early 2010 but said it was likely to hold off on further increases as it expects high inflation to ease beginning in December.

When Michael Woodford began his short tenure as Olympus president, he described the man who hired him, Chairman Tsuyoshi Kikukawa, as an umbrella, a protective cover to deflect anyone out to stop the Briton's western-style tough cost-cutting.

When Michael Woodford began his short tenure as Olympus president, he described the man who hired him, Chairman Tsuyoshi Kikukawa, as an umbrella, a protective cover to deflect anyone out to stop the Briton's western-style tough cost-cutting.

Asian shares rose and the euro steadied on Tuesday, keeping gains from the previous day as investors grew more confident about European leaders coming to a broad agreement to contain the region's debt crisis.

Texas Instruments said revenue will come under further pressure this quarter due to a drop in demand for its chips in almost every market because of macroeconomic weakness.

Asia's PC makers, already grappling with the prospect of subdued year-end holiday season consumer demand, are faced with a likely further slowdown in the lunar new year sales season as Thailand's floods cut the supply of hard disk drives.

Groupon Inc sued two former sales managers who held confidential information before they quit the daily deal company to join Google Inc's competing daily deals site, a court filing showed.

Workers at two of Chrysler Group LLC's largest plants voted to approve a tentative four-year labor contract between the company and the United Auto Workers union, a union official said on Monday.

A new biography of late Apple Inc co-founder Steve Jobs hit book-shelves on Monday, offering arguably the most comprehensive, insightful look to date at the life and times of the revered technology visionary.

Debt-laden independent power producer Dynegy Inc has been discussing with bondholders a plan to put a subsidiary into bankruptcy after bondholders shunned a $1.25 billion refinancing, sources told Reuters.

James Murdoch, the presumed heir to the News Corp media empire, got a sharp rebuke from shareholders when nearly 35 percent of the company's investors voted against his reelection to the board.

Netflix Inc reported an increase in third-quarter revenue that beat analyst expectations but said DVD subscriptions would sharply decline in the fourth quarter, sending its shares down sharply.

The weak housing sector continues to pose a strong headwind to the economic recovery, and the Federal Reserve could potentially do more to drive down mortgage rates to support the sector, an influential Federal Reserve official said on Monday.

The biography of late Apple Inc. co-founder Steve Jobs' hit the bookstores on Monday, and reviewers wasted little time in heaping praise on the much-anticipated book destined for the bestseller list.

Texas Instruments posted a decline in quarterly revenue and earnings on Monday and said economic uncertainty would continue to hurt its fourth quarter results in almost every major market segment.

Netflix Inc warned of continued steep declines in DVD subscribers this quarter and said a costly expansion into Britain and Ireland would push it into the red in the first quarter, walloping its shares.

James Murdoch, the presumed heir to the News Corp media empire, suffered a sharp rebuke from shareholders, with nearly 35 percent of its investors voting against his reelection to the board.