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BP reports first quarterly loss for seven years

BP yesterday reported its first quarterly loss in more than seven years as a spreading global recession sapped demand for crude oil while TNK-BP, its troubled Russian unit, was hit by a $700million tax and foreign currency charge. Tony Hayward, BP's chief executive, said that BP, which employs 90,000 people around the world, was responding to the downturn by intensifying a cost-cutting drive that would lead to the loss of more than 5,000 jobs by the middle of the year - more than expected.

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