The struggle for control of TNK-BP is the first big test for Tony Hayward's leadership of BP. Since taking over as chief executive from Lord Browne a year ago, he has focused on reforming the company's structure and operations, to cut costs and raise performance. The threat to BP's future in Russia is forcing Mr Hayward to take on a huge strategic challenge as well. There are good reasons for him to hope that he can achieve at least a qualified success. BP needs Russia but Russia also needs companies such as BP. If Mr Hayward fails, however, BP will face a much darker future.

The Russian government is proposing to abolish the mineral extraction tax for depleted oilfields to revive oil output growth, which has flagged because of the levy, Igor Sechin, the deputy prime minister, said yesterday. "The government is considering a zero tax regime for depleted oilfields, and tax breaks for young fields," Mr Sechin told a shareholders' meeting of the state-controlled oil group Rosneft. Mr Sechin was voted in for another term as Rosneft chairman yesterday. Reuters, Moscow

Soaring prices at Europe's superMarkets and petrol stations require a coordinated response by the world's top eight economies rather than fiscal or monetary policy changes, EU finance ministers said on Tuesday. "We have to accept external shocks and we have to discuss (this) at a multilateral level," said Economic and Monetary Affairs Commissioner Joaquin Almunia ahead of a monthly meeting of the EU's finance ministers.

Far from being a celebration, General Motors' 100th year in business is turning out to be one of the most wrenching in its long history. The Detroit-based company lost its spot as the world's biggest carmaker Toyotalast month, after hanging on to it by the narrowest of margins last year. It also faces the massive task of shifting its focus from the big sports-utility vehicles and pick-up trucks that have dominated its North American product line-up - and its profits - for the past 15 years.

India has once again informed developed nations that it is ready to contribute to the global efforts against climate change in accordance with the principles of common "but differentiated responsibility'.

Not so long ago, China was known as the

Nuclear Power Corporation of India Ltd has received the first consignment of uranium fuel from the Russia Federation for unit-1 of 1,000-MW Kudankulam Nuclear Power Project, according to a release issued by the corporation. The project, located in Tamil Nadu's Tirunelveli district, comprises two units of 1,000-MW each. It is being built with technical collaboration from the Russian Federation.