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The Times & The Sunday Times
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The Times
The Times

Chevron go-ahead

The US Securities and Exchange Commission cleared the way for Chevron’s proposed $16 billion (£8.8 billion) deal for control of Unocal, the US oil group. Chevron is facing a challenge to its approach in the form of China’s CNOOC, which has offered $18.5 billion.

New bank chief

Canadian Imperial Bank of Commerce has appointed Gerry McCaughey, its chief operating officer, to replace John Hunkin, who is retiring as chief executive of the banking group. Mr McCaughey, who is also the Canadian bank’s president, will take over on August 1.