Mitsubishi to shut Singapore oil-trading unit after losses by trader
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TOKYO (Reuters) - Japanese trading house Mitsubishi Corp said on Wednesday it will shut down a Singapore unit that trades crude oil and petroleum products after alleging earlier that a trader racked up $320 million of losses in unauthorised trading. Mitsubishi said the unit, Petro-Diamond Singapore, "has confirmed after closing the positions concerned, it will realize a loss of approximately 34.2 billion yen ($314 million) before taxes, which could put the subsidiaries final debt as high as..