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Energy giant BP says it earned nearly $2.6 billion in the second quarter LONDON -- Energy giant BP said Tuesday that it earned nearly $2.6 billion in the second quarter, almost half what it posted in the first three months of the year as oil and natural gas prices that surged after Russia's invasion of Ukraine have fallen. The company's underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, was down nearly 70% from the April-to-June period a year ago, when London-based BP brought in $8.45 billion. It's the latest oil and gas major to see profit s fall from record highs last year, following British rival Shell, France's TotalEnergies and U.S.-based ExxonMobil. Energy prices spiked after Russia launched its war in Ukraine, raising fears about Moscow's supplies of oil and natural gas before it cut off most of its gas heading to Europe. Energy costs were a major driver of inflation around the world, stirr...

Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink the book market NEW YORK -- Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink the book market. An executive for KKR is calling the deal a chance to work with “one of the most effective” book publishers. The private equity giant will buy Simon & Schuster for $1.62 billion in cash, said Paramount Global, the parent company of the storied publishing house. Simon & Schuster will operate as a standalone entity, under the leadership of CEO Jonathan Karp. “We are delighted,” Karp said Monday. "We will remain an independent company and not only will we continue to thrive, but with the help of KKR we can become even great...

China Evergrande, the property developer whose woes helped bring about a slump in the country’s vitally important real estate market, has reported its debts rose further to about $340 billion by the end of last year BEIJING -- China Evergrande, the property developer whose woes helped bring about a slump in the country’s vitally important real estate market, has reported its debts rose further to about $340 billion by the end of last year. In a notice to the Hong Kong Stock Exchange, Evergrande said it had losses totaling about $81 billion in 2021-2022 and that its revenues plunged by about half in 2021. Chinese leaders are trying to revive economic growth that fell to 3% last year, its second-lowest level since the 1970s. Regulators stepped in to supervise Evergrande’s debt restructuring, but apparently rejected a bailout to avoid sending the wrong message to companies about the need to reduce their debts The continuing troubles for Evergrande, said to be the global real estate indust...

A U.S. appeals court has rejected a bid by federal regulators to block Microsoft from closing its $68.7 billion deal to buy video game maker Activision Blizzard A U.S. appeals court on Friday rejected a bid by federal regulators to block Microsoft from closing its $68.7 billion deal to buy video game maker Activision Blizzard, paving the way for the completion of the biggest acquisition in tech history after a legal battle over whether it will undermine competition. In a brief ruling, a three-judge panel on the 9th U.S. Circuit Court of Appeals concluded there were no grounds for issuing an order that would have prevented Microsoft from completing its nearly 18-month-old deal to take over the maker of popular video games such as Call of Duty. The Redmond, Washington, software maker is facing a potential $3 billion termination fee if the deal isn't completed by Tuesday. “This brings us another step closer to the finish line in this marathon of global regulatory reviews,” Microsoft P...

A jury in Oregon says the electric utility PacifiCorp must pay punitive damages for causing devastating wildfires in 2020 PORTLAND, Ore. -- A jury on Wednesday ordered the electric utility PacifiCorp to pay punitive damages for causing devastating wildfires in Oregon in 2020 — on top of an earlier verdict already expected to amount to billions of dollars. The decision came two days after the jurors found PacifiCorp liable for the fires and said it must pay for damage to property as well as emotional distress. The jury on Monday awarded more than $70 million to 17 homeowners named as plaintiffs in the case, with damages to be determined later for a broader class that could include the owners of about 2,500 properties, as estimated by plaintiffs' attorneys. The property owners alleged that PacifiCorp negligently failed to shut off power to its 600,000 customers during a windstorm over Labor Day weekend, despite warnings from then-Gov. Kate Brown’s chief of staff and top fire offic...

Officials in a rural county in northeastern Oregon have voted to give tax breaks worth an estimated $1 billion to Amazon for five more data centers there PORTLAND, Ore. -- Officials in a remote northeastern Oregon county have voted to give tax breaks worth an estimated $1 billion to Amazon for five more data centers there. Wednesday’s unanimous vote by Port of Morrow’s five commissioners was the last step in securing the enterprise zone incentives, The Oregonian/OregonLive reported. Companies in the state can receive property tax exemptions through local enterprise zones. Local officials hope the incentives will bring $12 billion in new Amazon spending in their county along the Columbia River about 160 miles (257 kilometers) from Portland. Amazon already has four giant data centers in Morrow County and several hundred local jobs tied to its operations. But its growth has produced contentious debate over how the Seattle company secured its incentives and an ongoing probe over possible ...