Dan Schwartzman

government has joined the line of creditors impacted by alleged fraud at the bankrupt auto parts maker.

The company was hit with a formal claim for $285.5 million related to allegations that it underpaid levies on parts imported from China.

The figure includes a demand for penalties as well as the unpaid tariffs.

The claim now adds to the $11.8 billion in debts the company cannot fully repay.

Oil giant BP's board has fired chairman Albert Manifold, who joined the company late last year, with the company rep saying in a statement that, "...the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action."

Shares of BP fell close to 4.5% in London.

Since Manafort's arrival, BP shares had outperformed some of its rivals while posting first quarter earnings that far exceeded expectations.

We check markets all day long here at Bloomberg.

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The 10-year Treasury yield stands at 4.511 percent.

The two-year yield is at 4.069 percent.

That's news when you want it with Bloomberg News Now.

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