BUSINESS NEWS

Offshore Brazil Beckons for BP

British oil giant BP is set to acquire a big swath of oil assets from Devon Energy. The deal, worth up to $6 billion, would vault BP into the hot new oil region off the shores of Brazil.

Google Sees Outcome To China Talks Soon

Eric Schmidt said his company expects to soon conclude talks with the Chinese government over the fate of its search engine and business in China.

Psychiatric Solutions, Bain in Talks

Psychiatric Solutions, a for-profit operator of mental-health hospitals and clinics, is in talks to be acquired by Bain Capital.

Citi to Bolster Private Bank Force

Citigroup plans to roughly double the size of its private banker force in North America over the next several years.

Shell Stops Gas Sales to Iran

The Anglo-Dutch oil major said it is no longer selling gasoline to Iran, the latest company to make such a move during threats of tougher sanctions against the Islamic republic.

Complaint Against H-P Filed in China

A group of Chinese consumers claim that Hewlett-Packard discriminated against them in its handling of faulty graphics components in some PCs.

Medtronic Brain Stimulator Missed Study Goal

The FDA said a study looking at Medtronic's "deep-brain stimulation" system in epilepsy patients failed to meet a study goal looking at a reduction in the seizure rate over a three-month period.

Los Angeles Leans on BNY Mellon

Hurt by an interest-rate bet gone wrong, Los Angeles is demanding that Bank of New York Mellon renegotiate the deal or face exclusion from any future business.

Brown-Forman's Profit Drops

The spirits maker posted a decline in its third-quarter earnings, hampered by a trademark impairment, but the company's sales rose 9.9%.

Verizon to Have 4G Handset in 2011

Verizon Wireless expects to offer its first next-generation 4G handset in mid-2011, about six months earlier than the company had said before.

American Eagle Profit Soars

Teen and young adult clothing retailer American Eagle Outfitters reported earnings surged 81% on higher sales and margin gains due to less discounting.

CA to Buy Nimsoft for $350 Million

CA said it would pay $350 million in cash to acquire privately-held Nimsoft, a move underscoring the business software maker's efforts to expand its sales with smaller and mid-sized companies.

Fortis Sues Lender Kennedy in Debt Case

Kennedy Funding, a New Jersey lender to cash-strapped real-estate developers, has plenty of experience going after debtors who fall behind on their payments. But now it's Kennedy's turn to get squeezed.

Toyota Complaints Surged After First Recall

Complaints about speed-control problems with Toyotas have surged since the car maker announced in September it would recall millions of cars to fix floor mats that can pin the gas pedal in an open position.

U.S. Fetches $15.4 Million for Bank's Warrants

The U.S. government sold its warrants to purchase shares of Washington Federal stock for $15.4 million, the Treasury said.

Trans-Atlantic Defense Deals Falter

Northrop and EADS's decision to drop out of a $40 billion competition to build aerial-refueling tankers for the Air Force is the latest example of how trans-Atlantic defense ventures have faltered.

Vulcan Challenges Arbitrator's Impartiality

Paul Allen's investment vehicle is alleging that an independent arbitrator overseeing a compensation dispute with two former employees improperly consulted with the men.

Abercrombie Says Discounting Will Continue

Upscale teen-clothing retailer, which earlier had balked at price cuts, now says it is willing to accept high levels of discounting to improve revenue gains.

Monsanto Critics to Get Rare Platform

Crop biotechnology giant Monsanto goes under microscope Friday at a Justice Department-sponsored hearing on concentration in U.S. agriculture.

Ex-Cazenove Partner Found Guilty

Malcolm Calvert, a City veteran and former partner at U.K. stockbroker Cazenove known by his peers as 'Streaky,' was found guilty of five counts of insider trading.