Author Archives 
-
FIFA names 30 referees for World Cup
-
(AFP) – 43 minutes ago LONDON — British oil giant BP said Thursday that it had spent about 1.43 billion dollars (1.19 billion euros) on efforts to contain the Gulf of Mexico oil spill and related costs. BP added that it was “not aware of any reason which justifies” a near 16-percent drop in the group’s share price in Wall Street trade on Wednesday. Regarding costs incurred due to the worst oil spill in US history, BP said in a statement: “The cost of the response to date is approximately 1.43 billion dollars, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs. “This also includes the first 60 million dollars in funds for the Louisiana barrier islands construction project. It is too early to quantify other potential costs and liabilities associated with the incident.” New York-traded shares in BP plunged 15.80 percent to 29.20 dollars overnight — their lowest level in 14 years — as the United States government gave the company 72 hours to produce updated plans for containing the oil spill. A bemused BP hit back at the share price slide, claiming it was a “strong” company financially and had “significant capacity and flexibility in dealing with the cost of responding to the incident, the environmental remediation and the payment of legitimate claims”. BP’s share price had already tumbled in London on Wednesday, as investors feared that intense political pressure from Washington over the Gulf of Mexico oil spill could force the group to axe its prized shareholder dividend. The share price sank by 4.24 percent to close at 391.55 pence, having earlier touched an intra-day low point of 380.50 pence. The group’s market value has plunged by billions of dollars since the Deepwater Horizon oil rig, operated by BP and owned by US contractor Transocean, sank on April 22 — two days after an explosion killed 11 workers. BP’s London share price has collapsed by about 40 percent since the accident, which sparked an enormous oil spill from a leaking well head on the ocean floor. US disaster control chief Thad Allen said Wednesday that he had sent a letter to BP demanding records of reimbursement claims filed by individuals and businesses for damages stemming from the spill. US President Barack Obama had meanwhile warned BP that it must not short-change Gulf of Mexico disaster victims. Obama also said he was looking for some “ass to kick” as recriminations mount and the oil spill wreaks havoc on the fragile Gulf coastline. The president added Tuesday that he would have sacked BP chief executive Tony Hayward for flippant comments made about the impact of the disaster. Hayward had previously said that the spill — which is also the greatest environmental calamity in US history — would be “very, very modest” and described it as relatively “tiny”. Copyright © 2010 AFP. All rights reserved. More » Related articles * Is it Unethical for BP to Buy Google Ads on Oil Spill-Related Keywords? Huffington Post (blog) – 11 hours ago * Gov’t: BP now capturing 630000 gallons of oil The Associated Press – 14 hours ago * Would a Defunct BP Make Good On Its Liabilities? Black Star News – 3 hours ago * More coverage (1) » Add News to your iGoogle Homepage Add News to your Google Homepage AFP
-
Flash floods kill at least 16 at Ark. campground
-
Attabad Lake rises amid bad weather
-
Three dead in suicide attempt laid to rest
-
Fifa: Ghana go top with draw against 10-man Aussies
-
Fifa: Spain won the knockout from Portugal by 1-0
-
Fifa: Spain won the knockout from Portugal by 1-0
-
Sialkot lynching: brothers innocent, evidence tampered
-
Car Bomb kills 9, injures 18 in Quetta
-
Imran promises to fulfill Quaid’s dream
-
Doctrine of necessity buried for good: Qureshi
-
Hashmi pledges justice for all
-
Imran arrives at Karachi rally
-
Tennis Player Aisam-ul-Haq ties the knot
-
Pakistan will recognize new Libyan government: Gilani
-
Bukhari’s appointment as NAB Chief notified
-
132 more stranded pilgrims arrive in Lahore
-
Arresting target killers: Malik warned me to stop or army will topple govt, says Mirza
-
Pakistani arrested in Virginia on terror charges
