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  • UPDATE 2-BP to spend $1 bln on thousands of job cuts Wednesday, 10 Dec 2014 | 8:41 AM ET

    LONDON, Dec 10- BP will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. "Given the recent position taken by OPEC and with oil prices where they are today, we will continue to review this further," BP head of upstream Lamar McKay...

  • LONDON, Dec 10- BP will cut hundreds of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. Hundreds of jobs are expected to be cut in BP's main centres in Britain, the United States and elsewhere, sources said. The restructuring charge is part of...

  • *Bankruptcy protection petition will preserve cash- Eneva. SAO PAULO/ FRANKFURT, Dec 10- Eneva SA, the Brazilian power producer controlled by Germany's E.ON SE and Eike Batista, filed for creditor protection late on Tuesday, becoming the latest company founded by the tycoon to seek bankruptcy protection. E.ON gained control of Eneva, formerly MPX Energia SA, last...

  • UPDATE 1-Detroit set to exit bankruptcy on Wednesday Tuesday, 9 Dec 2014 | 4:56 PM ET

    Dec 9- Detroit's odyssey through the biggest-ever U.S. municipal bankruptcy will end on Wednesday when the city's debt adjustment plan will take effect, Michigan Governor Rick Snyder's office said on Tuesday. In a letter, Snyder accepted Detroit Emergency Manager Kevyn Orr's declaration that the city's financial emergency is over and that it was time for his...

  • Detroit's financial emergency declared over Tuesday, 9 Dec 2014 | 4:33 PM ET

    DETROIT— Kevyn Orr has agreed to step down as Detroit's emergency manager, saying in a letter released Tuesday that the city will no longer be in a financial emergency once it exits bankruptcy. A hearing is scheduled Monday in federal court to determine Detroit's bankruptcy exit date. The bankruptcy's effective date is merely one step in Detroit's journey, Orr...

  • Burger King, Hortons to become Restaurant Brands Tuesday, 9 Dec 2014 | 4:08 PM ET

    NEW YORK— Tim Hortons and Burger King said Tuesday that they will become Restaurant Brands International when their tie-up closes, which is expected to happen this week. In August Burger King agreed to pay $11 billion to buy Tim Hortons, a Canadian chain known for its coffee and doughnuts. Tim Hortons Inc. shareholders approved the combination on Tuesday.

  • NEW YORK, Dec 9- Phibro, the storied energy trading firm run by famed oil investor Andrew Hall, is winding down in its current form, laying off some U.S. employees and pursuing a sale of some overseas operations, sources said on Tuesday. The divestment by Occidental Corp, which bought Westport, Connecticut- based Phibro from Citigroup Inc five years ago, will allow Hall...

  • Citigroup to take $3.5 billion charge this quarter Tuesday, 9 Dec 2014 | 11:48 AM ET

    NEW YORK— Citigroup said Tuesday that it will incur charges of $3.5 billion in the fourth quarter to cover legal and restructuring costs. Like other U.S. banks and financial institutions, Citi is still grappling with the fallout from the financial crisis and the tougher regulatory scrutiny that the industry is facing in the aftermath. Citi's CEO Michael Corbat...

  • NYC book publisher to close upstate warehouse Tuesday, 9 Dec 2014 | 7:23 AM ET

    KIRKWOOD, N.Y.— Penguin Random House says it plans to lay off nearly 300 workers at its warehouse and distribution center in upstate New York. The Press& Sun-Bulletin of Binghamton reports the Manhattan- based global trade book publisher notified the state Department of Labor that 286 employees will be laid off at the company's facility in Kirkwood, near the...

  • BEIJING, Dec 9- Northern China's Hebei province, the country's dominant steel producing region, is set to move 16 million tonnes of output capacity to the coast in a step aimed at "upgrading" the sector. The Shougang Group- China's biggest steel mill formerly based in Beijing- has already shifted all its production facilities to Hebei's Caofeidian port.

  • BP still shedding jobs, could say more this week Monday, 8 Dec 2014 | 6:49 PM ET

    DALLAS— BP PLC is still reducing jobs as is shrinks in the aftermath of the 2010 Gulf of Mexico oil spill, and the company might provide more details when it meets with investors this week. Brett Clanton, a BP spokesman in Houston, declined to say whether oil prices were causing the company to speed up layoffs, and he declined to put a number on the job cuts.

  • Sika execs against Saint-Gobain bid; Shares tank Monday, 8 Dec 2014 | 11:07 AM ET
  • Dec 8- Teen apparel retailer Delia* s Inc filed for Chapter 11 bankruptcy protection and said it had hired advisers to help liquidate its assets. Delia* s said on Monday Salus Capital Partners LLC will give it a $20 million debtor-in-possession credit facility to continue operations, conduct store closings and closeout sales. The case is In re: Delia* s Inc, U.S....

  • Delia's, casualty of retail slump, to liquidate Monday, 8 Dec 2014 | 8:24 AM ET

    Abercrombie& Fitch Co. and Aeropostale Inc. have been hammered this year and their shares have fallen 22 percent and 73 percent, respectively, over the past 12 months. American Eagle Outfitters Inc. is down 20 percent in that same time period and Urban Outfitters Inc. is down more than 13 percent. Last week, Delia's signed a deal with Hilco Merchant Resources, LLC...

  • Delia*s files for Chapter 11 bankruptcy protection Monday, 8 Dec 2014 | 7:54 AM ET

    Dec 8- Teen apparel retailer Delia* s Inc filed for Chapter 11 bankruptcy protection and said it had hired advisers to help liquidate its assets. The company listed total assets of $74 million and liabilities of $32.2 million in its filing on Sunday with a U.S. bankruptcy court. The company also said Chief Executive Tracy Gardner and Chief Operating Officer Brian...

  • As part of a report to be issued on Monday, the American Bankruptcy Institute's Commission to Study the Reform of Chapter 11 recommended eliminating a rule that at least one impaired creditor class must vote to accept a company's bankruptcy exit plan for the plan to be eligible for court approval. The rule allows savvy investors to block restructuring efforts...

  • Dec 5- Delia* s Inc said it was liquidating assets and would file for Chapter 11 bankruptcy protection "in the very near term," becoming the second teen retailer to go out of business in as many days. Delia* s announcement wiped out more than 85 percent of the company's market value on Friday. Sales at Delia* s, which has 95 mall-based stores, has fallen for six quarters in a...

  • Canary Wharf's Songbird Estates rebuffs raised bid Friday, 5 Dec 2014 | 10:22 AM ET

    The owner of London's Canary Wharf on Friday rebuffed a raised $4.1 billion bid from Qatar and a North American investor.

  • Apparel retailer Delia*s to file for bankruptcy Friday, 5 Dec 2014 | 9:35 AM ET

    Dec 5- Teen apparel and accessories retailer Delia* s Inc said it was liquidating assets and would file for Chapter 11 bankruptcy protection "in the very near term," wiping out more than 85 percent of its market value. New York- based Delia* s, which launched a review of strategic alternatives in September, said it was unable to sell itself or secure financing to allow it...

  • Teen retailer Delia's to liquidate operations Friday, 5 Dec 2014 | 8:44 AM ET

    Competitor Abercrombie& Fitch has tried to overhaul its business but reported earlier this week that its sales fell in its most recent quarter. And teen retailer Aeropostale Inc. announced this week that its third-quarter loss widened on weaker sales. Delia's, based in New York, said that it has entered a deal with Hilco Merchant Resources LLC and Gordon...