IBT Staff Reporter

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Ex-BP boss to seal return with $4 billion Iraq deal

Tony Hayward, who stepped down as BP boss in the wake of the Gulf of Mexico oil spill, will imminently seal his return to the oil industry, by buying into Turkey's Genel Enerji, in a deal valuing the target at around $4 billion, a source close to the matter said on Tuesday.

Another loss-making event could scare investors: S&P

Increases in the frequency and severity of natural disasters, in addition to the fact reinsurers are trading below book value, have made investors unwilling to inject capital into struggling reinsurers in the event of another loss-making event, Standard & Poor's (S&P) said on Tuesday.

U.S. Solar Firm Solyndra Files for Bankruptcy

Solyndra LLC, a solar panel maker that received $535 million in federal loan guarantees, filed for bankruptcy, the third U.S. solar firm to succumb to pressure from Chinese rivals in recent weeks.

Fire From Plane Crash Menaces California Homes

A brush fire ignited by a fatal small-plane crash near the mountain town of Tehachapi, north of Los Angeles, forced hundreds of homes to be evacuated on Monday and left some 8,600 acres charred by nightfall in its second day.

U.N. study savages U.S., European economic policy

The pursuit of austerity measures and deficit cuts is pushing the world economy toward disaster in a misguided attempt to please global financial markets, the annual report of the United Nations economic thinktank UNCTAD said on Tuesday.

Shaw to sell Westinghouse stake to Toshiba

Shaw Group said it will sell its 20 percent stake in nuclear power plant company Westinghouse Electric Co to Japan's Toshiba Corp to eliminate nearly $1.7 billion of debt and strengthen its balance sheet.

Exclusive: Ex-BP boss to seal return with $4 billion Iraq buy

Tony Hayward, who stepped down as BP boss in the wake of the Gulf of Mexico oil spill, will imminently seal his return to the oil industry, by buying into Turkey's Genel Enerji, in a deal valuing the target at around $4 billion, a source close to the matter said on Tuesday.

UK regulator warns of potential 4G auction delay

Regulator Ofcom said the auction of Britain's next-generation 4G mobile phone spectrum could be pushed back at least three months to the second quarter of 2012, as it grapples with complex technical and legal issues.

Swiss draw line in the sand to cap runaway franc

The Swiss National Bank shocked markets on Tuesday by setting an exchange rate cap on the soaring franc to stave off a recession, discouraging investors anxious about flagging global growth from using the currency as a safe haven.

Amazon steps up social media efforts

Amazon.com Inc is stepping up social media efforts after the largest Internet retailer partially missed one of the hottest technology trends of recent years.

NYSE sets up for volatile open

The New York Stock Exchange and NYSE Amex Cash Markets invoked a rule to smooth trading at the market open on Tuesday as futures pointed to a sharp drop in the major indexes.

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