TNK-BP chief is ‘forced out’ of Russia

The battle for BP’s Russian oil joint venture escalated as its beleaguered chief Robert Dudley abruptly left Russia, citing visa doubts and ‘sustained harassment’

• BP refuses to be intimidated by ‘strong-arm tactics’
• BP withdraws remaining TNK-BP specialists

Licensing fall hits ARM

The British chip designer recorded a 6 per cent drop in profits in the second quarter to £21.1m and a sharp decline in processor licensing revenues

• ARM chief defiant over Intel
• ARM overcomes slowdown worries

European partners eye Chinese funds

European institutions managing hundreds of billions of euros are eager to invest in Chinese private equity funds but struggle to find suitable managers and are deterred by uncertainty over regulation

Korea pension fund eyes foreign bank stakes

South Korea’s National Pension Service, the world’s fifth-largest pension fund with $200bn in assets, is in talks with a number of foreign financial institutions to buy a stake in them as part of overseas expansion plans

EDF near £11bn-plus British Energy deal

EDF is close to agreeing a takeover of nuclear generator British Energy for more than £11bn (€14bn) in a deal that could be announced as early as next week

TeliaSonera looks for Asian opportunities

TeliaSonera can remain independent and will pursue Asian acquisitions to generate growth, says chief executive in bullish outlook

UBS charged over auction-rate securities

The nationwide investigation into the collapsed auction-rate securities market intensified as Andrew Cuomo, the New York attorney general, filed civil charges against UBS, accusing the Swiss bank of selling the investments while falsely marketing them as safe and liquid

Qualcomm hails Nokia settlement

Qualcomm is hailing a new technology cross-licensing agreement with Nokia as a major boost for the wireless industry, putting an end to extensive litigation between the world’s leading wireless chip producer and the largest handset maker