The former British Petroleum (BP) reported a $17.15 billion loss in the second quarter. Revenue rose 29% to $10.51 billion, while debt increased to $5.82 billion as of June 30, from $5.50 billion on March 31.

BP has initiated several changes since the Macondo well explosion in the Gulf of Mexico. The company has booked a pre-tax charge of $32.2 billion to cover future and current costs from the containment and cleanup, compensation and fines relating to the oil spill.

Lots of reports surrounding embattled BP (BP) CEO Tony Hayward surfaced Monday morning. Some are saying that the company's board has made up its mind on Hayward's fate while other outlets are stressing that no decision has been made.

Whatever the board's current status, it sure seems like Tony Hayward has one foot out of the door and his demise is related directly to the Gulf of Mexico oil spill. Moreover, it appears that the company has tapped Bob Dudley to take over. Dudley is in charge of the cleanup and would be BP's first foreign CEO (Dudley is a U.S. citizen).

The lifeblood of business is credit. Unfortunately, the credit available has been shrinking instead of growing. As of June 30, U.S. commercial and industrial loans held by banks have declined to $1.24 trillion from $1.6 trillion in 2008

Ben Bernanke, Fed chairman cites that credit creation as the key to economic growth. He has prodded banks consistently to lend more. Banks, instead of loosing up. are making it harder for small businesses to get credit. Even those with a good credit rating are finding it hard to get loans. Bernanke stated: "Making credit accessible to sound small businesses is crucial to our economic recovery and so should be front and center among our current policy challenges." Again speaking to lenders he stated: "Our message is clear. Consistent with maintaining appropriately prudent standards, lenders should do all they can to meet the needs of creditworthy borrowers."

Former Target Corporation (TGT) merchandising chief and current Wal-Mart Stores, Inc. (WMT) merchandising chief John Fleming will be leaving the world's largest retailer come August. The retailing veteran succumbed to four straight quarters of declining same-store sales, and made the personal decision to leave the company. In all fairness, would any merchandising chief had fared any better through the recent economic recession, even as Walmart fared well among all retailers?

Several communities in California are eliminating basic services and are hiring contractors to do the jobs.

San Carlos, the City of Good Living and a Silicon Valley suburb, is closing budget deficits by cutting out basic services and hiring contractors to do the jobs. San Carlos faces a budget deficit of $3.5 million on a budget of $25.8 million. Council members estimate that cutting out the police force will save $2 million. Another $500,000 will be saved by contracting out cutting of grass and cleaning restrooms. The council voted 4 to 1 to pursue the Mateo County Sheriff's Department on taking over the 32-member police force.

Where is eBay (EBAY) going these days? Sure, the online auctioneer has the same brand power it's had for years, but the transition to bulk discounter from garage-sale auction house hasn't really occurred like CEO John Donahoe wanted it to.

Instead, we see eBay's marketplace still filled with one-off auctions for all kinds of goods (and junk trading hands) along with thousands of Chinese-based bulk sellers selling everything for a few dollars each.

Using a diamond studded wire saw operated by an underwater robot, British Petroleum (BP) tried to saw the pipe that runs from the wellhead up to the drilling rig. That pipe now lays on the ocean floor. The plan was to saw the pipe off and cap the well. However, the saw that was doing the cutting got stuck in the pipe and the attempt had to abandoned. Now BP has to try a second cut. Admiral Thad Allen of the Coast Guard said: "I don't think the issue is whether or not we can make the second cut." It's about how fine we can make it, how smooth we can make it."