ECB doubles its capital base to combat risk of market volatility December 16, 2010 THE European Central Bank (ECB) will almost double its capital to cope with increased credit risk and market volatility, it said yesterday. The bank said it would raise its subscribed capital base from €5.76bn (£4.87bn) to €10.76bn by 2012, the first increase of its kind in the 12-year history of the central bank. The news [...]
DEEP FREEZE MAY HIT EURO BUDGET December 16, 2010 PRIME Minister David Cameron has been negotiating behind the scenes in Europe to secure a real-terms freeze on the European Union Budget. In a move likely to antagonise poorer EU members, Cameron has been lobbying leaders of countries including Germany and France in Brussels to secure ten signatures on a letter calling for a freeze [...]
BP shares fall after news of US legal fight December 16, 2010 OIL giant BP’s shares suffered their biggest drop in almost four months yesterday after the US government’s decision to sue the firm for $21bn (£13.5bn), prompting fears that the total cost of the Gulf of Mexico could be far higher than predicted. BP has estimated that the cost of clearing up and compensating victims of [...]
BP came close to oil rig disaster in Azerbaijan, according to cable December 16, 2010 BP narrowly averted a disaster in Azerbaijan similar to that in the Gulf of Mexico, according to WikiLeaks cables released yesterday. The cables show that the reported “subsurface gas release” in September 2008 was also accompanied by a blowout of a gas injection. BP’s partners in the gas field were angered that the incident attracted [...]
TIME LINE | BP’S LAWSUITS December 16, 2010 US Justice Department: $21bn The US government announced on Wednesday that it will sue nine firms involved in the blast for breaching environmental laws, in order to recoup costs and damages. Compensation fund: $2.3bn BP’s compensation fund has made $2bn in emergency payments to 125,000 claimants, said fund administrator Kenneth Feinberg at the end of [...]
This could be good news for oil major December 16, 2010 THAT the US government is suing BP should come as no surprise to even casual observers of President Obama’s administration. Fresh from a bruising defeat in the US mid-terms, Obama was unlikely to miss out on a spot of foreign multinational-bashing. Oddly enough, Halliburton – the US oil major responsible for cementing at the site [...]
Olazabal set for Europe role December 16, 2010 GOLF: Spain’s Jose Maria Olazabal is expected to be named as Europe’s new Ryder Cup captain next month. The 44-year-old, who has played in seven Ryder Cups and been assistant captain in two, is tipped to be unveiled as Colin Montgomerie’s successor for the 2012 tournament at a European Tour media conference on 18 January.
Jo ensures top spot for City December 16, 2010 FOOTBALL: Manchester City secured top spot in Group A after coming from behind in their Europa League match to earn a 1-1 draw against Juventus in Turin. Brazil striker Jo cancelled out the opening goal from Niccolo Giannetti. The 23-year-old kept a cool head in the 77th minute to sweep the ball home at the [...]
CSC analysts doubt Simon’s £3bn bid talk December 16, 2010 SIMON Property’s £3bn indicative offer for Capital Shopping Centres (CSC) was largely met with scepticism from property experts yesterday. Analysts called for clarity over Simon’s motives following its 425p-per-share approach to buy the company on the condition it terminates its £1.6bn purchase of the Trafford Centre in Manchester. “It’s difficult to see whether Simon want [...]
UK to undergo most radical energy shake-up in generation December 16, 2010 CHRIS HUHNE yesterday announced the coalition will force through the biggest energy industry shake-up in a generation. He said renewable power will become “dominant”, with new subsidies being provided to immature power generators including offshore wind and wave power as the UK tries to meet ambitious carbon targets. Huhne is desperate to meet a target [...]
