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From Reuters

Economy sheds 131,000 jobs in July

By Reuters

August 6, 2010

(Reuters) – Employment fell for a second straight month in July as more temporary census jobs ended while private hiring rose less than expected, pointing to an anemic economic recovery.

Non-farm payrolls fell 131,000 the Labor Department said on Friday as temporary jobs to conduct the decennial census dropped by 143,000.

Private employment, considered a better gauge of labor market health, rose 71,000 after increasing 31,000 in June. In addition, the government revised payrolls for May and June to show 97,000 fewer jobs than previously reported.

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BP shares rally on hopes for final leak plug

By Tom Bergin and Deborah Zabarenko

August 5, 2010

(Reuters) – Shares in BP hit two-month highs on Thursday on hopes the group would soon permanently seal its Gulf of Mexico oil well and after President Obama said the battle to contain the leak was nearly over.

BP shares were up 2 percent at 430 pence at 5:44 a.m. ET, having earlier hit 434.5 pence, a level last seen in early June, on day 108 of an environmental disaster that has ravaged communities and ecosystems along the Gulf coast, killed sea creatures and coastal birds and cost Chief Executive Tony Hayward his job.

After several setbacks in efforts to plug the deep-sea well, which was damaged by an explosion at a rig on April 20, BP said on Wednesday that heavy drilling mud injected into it the previous day was stemming the flow of crude.

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BP claims “milestone” as drill mud holds well shut

By Tom Bergen and Kristen Hays

August 4, 2010

Reuters) – Oil giant BP claimed “a significant milestone” on Wednesday in efforts to plug for good the well that has spewed millions of barrels of crude into the Gulf of Mexico.

“The MC252 well appears to have reached a static condition — a significant milestone,” BP said in a statement, adding that the deepwater well’s pressure was now being controlled by the heavy drilling mud pumped in on Tuesday.

The next step in the process, called “static kill”, is to pump in cement behind the mud as a seal, but BP said further monitoring was required to see if more mud should be pumped in first.

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BP faces insider dealing probe as nears well kill

By Rachelle Younglai and Kristen Hays

August 3, 2010

(Reuters) – BP faces an investigation into whether its employees profited illegally from the Gulf of Mexico spill, as the oil giant prepared on Tuesday to kill the blown-out well for good.

U.S. securities regulators are investigating potential insider trading in shares of BP, including by BP employees, two sources familiar with the probe told Reuters.

Analysts said the inquiry showed how the full weight of the government was being brought to bear on BP, which took a $32.2 billion charge related to the spill in its results last week.

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BP chief Dudley to visit Russia

By Tom Bergin

August 2, 2010

(Reuters) – BP Plc Chief Executive-designate Bob Dudley will fly to Moscow this week to meet government officials and partners in the oil company’s Russian venture — his first visit since fleeing the country in 2008.

The visit comes as the oil giant prepares to plug its blown out Gulf of Mexico well for good on Monday.

When he left Russia in 2008, Dudley said he had been forced out under a campaign of harassment by billionaire partners in the TNK-BP joint venture of which he was CEO.

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