IBT Staff Reporter

BP and its billionaire partners in TNK-BP face off in arbitration on Wednesday, as the UK oil giant refutes claims it broke a shareholder agreement and should pay $4.9 billion in damages.

Chelsea will make the trip to the Mestalla to play Valencia in their second Group E encounter in the UEFA Champions League.

European Commission President Jose Manuel Barroso urged the European Central Bank to do everything in its power to maintain financial stability in the euro zone, saying the EU faced the biggest challenge in its 50-year history.

Two Linux software groups have joined forces, they said on Wednesday, to develop a new operating system for cellphones and other devices in collaboration with Intel and Samsung Electronics.

Following are highlights from European Commission President Jose Manuel Barroso's State of the Union speech in the European Parliament in Strasbourg on Wednesday.

The dead NASA satellite plunged into the remote South Pacific Ocean, when it crashed to Earth last Saturday, said NASA on Tuesday.

Actress Anna Faris has been tickling the funny bones of audiences in films such as The House Bunny and on TV shows like Friends since the late 1990s. She has also shown versatility in movies like Brokeback Mountain and programs such as Entourage.

Singer, activist and breast cancer survivor Melissa Etheridge received a star on Hollywood's Walk of Fame on Tuesday, an event she hopes can be an inspiration to anyone facing adversity or dreaming of a better life.

The Lion King fended off Brad Pitt to keep the box-office crown for a second straight weekend.

Greece faced a new test in its attempt to avoid bankruptcy on Wednesday as international auditors headed for Athens, while Germany suggested a new bailout may be renegotiated as argument rages over whether private creditors should take bigger losses.

The European Union faces the biggest challenge in its history, as a crisis of confidence compounds economic and social problems, European Commission President Jose Manuel Barroso said on Wednesday.

The European Union faces the biggest challenge in its history, as a crisis of confidence compounds economic and social problems, European Commission President Jose Manuel Barroso said on Wednesday.

President Barack Obama topped up his re-election war chest with a string of successful West Coast fundraisers that ended Monday and showed soft poll numbers had not dented his ability to raise big money.

New Jersey Governor Chris Christie Tuesday again rebuffed a growing chorus of Republican pleas for him to enter the 2012 White House race.

A 14-year-old Phoenix boy was arrested by sheriff's deputies on Tuesday for threats made over the Internet to go on a killing spree and then commit suicide at his former middle school, authorities said.

Two Linux groups said on Wednesday they would combine their technologies to create a new operating software platform for a range of mobile devices led by Intel and Samsung Electronics.

Images of Michael Jackson lying dead in a hospital and rehearsing the day before his death, along with recollections of the singer as a troubled lost boy, made for a heart-wrenching opening on Tuesday to the manslaughter trial of the doctor hired to care for him.

After a long spell of sustained silence, Apple has finally sent out invitations to an iPhone-related event on Oct.4 at Cupertino, its headquarters in California.

It was an evening to forget for Manchester City after losing 2-0 at Bayern Munich in the UEFA Champions League - a defeat which was compounded by controversy surrounding Carlos Tevez's future at the club.

Use your fingerprint to buy a bowl of noodles for half off at 10 yuan ($1.60).

Tokyo Electric Power Co <9501.T> will be advised to cut 7,400 jobs, or about 14 percent of its full-time employees, by March 2014 as part of a plan to help it pay compensation for the Fukushima Daiichi nuclear disaster, the Yomiuri newspaper said on Wednesday.

Real Madrid produced a clinical performance to bursh aside Ajax Amsterdam 3-0 at the Santiago Bernabeu in their second Group A game in the UEFA Champions League.

Greece faced a new test in its attempt to avoid bankruptcy on Wednesday as international auditors headed for Athens, while Germany suggested a new bailout may be renegotiated as argument rages over whether private creditors should take bigger losses.

All Nippon Airways' first Boeing 787 Dreamliner touched down in Tokyo early on Wednesday with hundreds of aviation fans welcoming the carbon-composite plane that its American maker is fielding, albeit three years late, to keep rival Airbus out of its best market.

Manchester United required a late, injury time header from Ashley Young to spare them the blushes against FC Basel in the Group C encounter of the UEFA Champions League.

Federal investigators on Tuesday raided the Florida offices of Imperial Holdings Inc , a company that makes lump-sum payments on legal settlements and life insurance policies, the FBI said on Tuesday.

China's largest Internet company Tencent Holdings Ltd plans to cooperate with American Express Co to provide cross-border online payments, a source said on Wednesday, as the country's electronics commerce sector grows rapidly.

Sarah Palin may sue Joe McGinniss, the author of the controversial biography The Rogue, for defamation, according to a letter her lawyer sent to Crown Publishing.

Australia's competition watchdog has given the go-ahead to SABMiller's $10 billion friendly acquisition of brewer Foster's Group as expected, saying the bid would not lessen competition.