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    Pages From Cityam 2012-11-16

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    City A.M.
    BP agreed to pay $4.5 billion to settle all US federal criminal charges and claims from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, the worst offshore oil spill in US history. As part of the settlement, BP will plead guilty to criminal misconduct and will be on probation for five years. The settlement resolves all criminal charges from the Department of Justice and civil claims from the Securities and Exchange Commission, but BP still faces civil claims from other lawsuits related to the spill. The CBI warned Chancellor George Osborne against reducing tax relief on pensions for high earners, saying such a move would damage businesses in the UK.

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    Pages From Cityam 2012-11-16

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    BP agreed to pay $4.5 billion to settle all US federal criminal charges and claims from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, the worst offshore oil spill in US history. As part of the settlement, BP will plead guilty to criminal misconduct and will be on probation for five years. The settlement resolves all criminal charges from the Department of Justice and civil claims from the Securities and Exchange Commission, but BP still faces civil claims from other lawsuits related to the spill. The CBI warned Chancellor George Osborne against reducing tax relief on pensions for high earners, saying such a move would damage businesses in the UK.

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    BP agreed to pay $4.5 billion to settle all US federal criminal charges and claims from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, the worst offshore oil spill in US history. As part of the settlement, BP will plead guilty to criminal misconduct and will be on probation for five years. The settlement resolves all criminal charges from the Department of Justice and civil claims from the Securities and Exchange Commission, but BP still faces civil claims from other lawsuits related to the spill. The CBI warned Chancellor George Osborne against reducing tax relief on pensions for high earners, saying such a move would damage businesses in the UK.

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    29 views1 page

    Pages From Cityam 2012-11-16

    Uploaded by

    City A.M.
    BP agreed to pay $4.5 billion to settle all US federal criminal charges and claims from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, the worst offshore oil spill in US history. As part of the settlement, BP will plead guilty to criminal misconduct and will be on probation for five years. The settlement resolves all criminal charges from the Department of Justice and civil claims from the Securities and Exchange Commission, but BP still faces civil claims from other lawsuits related to the spill. The CBI warned Chancellor George Osborne against reducing tax relief on pensions for high earners, saying such a move would damage businesses in the UK.

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    TWILIGHT BITES

    WE REVIEW THE FINAL FILM IN THE PHENOMENALLY SUCCESSFUL SERIES


    See Page 25 www.cityam.com
    ISSUE 1,762 FRIDAY 16 NOVEMBER 2012

    BUSINESS WITH PERSONALITY

    DONT KILL THE LONDON MARKET


    David Helliers Inside Track, Page 7

    BP PAYS $4.5BN TO SETTLE GULF SPILL


    BY CATHY ADAMS
    The Deepwater Horizon oil spill in April 2010 killed 11 workers $21bn and other claims for Natural Resources Damages. On top of these claims, the oil giant still faces miscellaneous private claims pending in other federal and state courts. As part of yesterdays settlement, the British oil major will plead guilty to 11 charges of misconduct or neglect of ships officers relating to the loss of workers lives at Macondo, two misdemeanour counts and one felony related to obstruction of Congress. Chief executive Bob Dudley, who replaced Tony Hayward as chief executive in October 2010, maintained that BP would only settle on reasonable terms and said that it had accepted responsibility for its actions over Macondo. Since the spill, we have worked hard to rebuild confidence in the company, Dudley said yesterday. We take seriously not only our commitment to safety and operational excellence but also our communications with stakeholders, including the public, the government and our investors. BP has so far divested around $35bn worth of assets, as part of a $38bn asset sale programme planned to meet the costs associated with the oil spill. It has also spent more than $14bn on clean-up costs and $9bn in further claims, and has put aside $20bn in a spill trust fund. In a filing to the DoJ in September, the US government accused BP and Deepwater Horizon vessel owner Transocean of gross negligence and willful misconduct surrounding their operations in the Gulf of Mexico, which led to the explosion of Deepwater Horizon. BP shares closed down 0.08 per cent yesterday at 425.4p, with the announcement coming minutes before UK markets closed.

    FREE

    CBI warns Osborne off pension raid


    EXCLUSIVE
    BY JAMES WATERSON
    THE HEAD of the Confederation of British Industry (CBI) has warned George Osborne against another raid on pensions, saying such a move would be damaging to business. The chancellor is understood to be considering including a cut in tax relief in the Autumn Statement on 5 December. But speaking to City A.M. ahead of the business organisations annual conference, director general John Cridland said the chancellor should not be tempted to reduce the incentive for higher rate taxpayers. Personal tax affects businesses ability to deliver growth, he said. The 50p personal tax rate was damaging to British industry because it was putting off the worlds best talent wanting to base themselves in London. I am pretty clear that a hit on pensions tax relief for higher earners would be seriously damaging. Cridland also said the government is weak at implementing policies that could boost the economic recovery. Despite this he backed David Camerons demand for a real-terms freeze in the EU budget and said he was not overly concerned by job losses in the City, providing London can still maintain its status as the worlds main financial hub. However he warned that it was inevitable that Britain would find itself side-lined in a European Union where key decisions are being taken by the 17 Eurozone countries. Weve got to fight, and fight hard, for the single market of the 27, the CBI boss said. INTERVIEW: Page 20
    L L

    BP LAST night agreed to pay $4.5bn (2.84bn) and plead guilty to charges of misconduct to settle all claims relating to the 2010 Deepwater Horizon disaster, which caused the worst offshore oil spill in US history. The total settlement over the Gulf of Mexico spill, which resolves all charges with the Department of Justice (DoJ) and with the Securities and Exchange Commission (SEC), will be paid over the next six years. The April 2010 explosion at the Deepwater Horizon rig offshore Mexico killed 11 workers and spewed around 4.9m barrels of oil into the sea over three months. As part of the resolution, BP will pay $4bn over five years to settle all criminal claims. Within this settlement, the oil major will also shoulder $1.256bn in criminal fines, which is understood to be the largest levy in US history. It will also pay $525m over three years to the SEC. In addition to the penalties, BP has agreed to operate under probation in the US for the next five years. BP said it would continue to defend itself vigorously against the remaining civil claims, and it would contest allegations of gross negligence in the civil cases. These include claims under the Clean Water Act for which BP could pay damages to a maximum of

    BPs Bob Dudley agreed to a $4.5bn settlement

    Tchenguiz win leaves fraud squad with 3m headache


    BY MICHAEL BOW
    THE UKS beleaguered fraud squad yesterday paid the price for its botched raid on the offices of property magnates Robert and Vincent Tchenguiz after a High Court judge ordered it to cover the costs of a judicial review. The figure that the Serious Fraud Office (SFO) is on the hook for is understood to be between 2.75m and 3m, nearly a tenth of the SFOs 36.8m budget. Vincent Tchenguiz yesterday said he would pursue more legal action against the SFO after the units highly publicised raid on his business in March 2011. This is only the first financial manifestation of the folly of the former director of the SFO, he warned. The SFO declined to comment. The botched investigation, which stemmed from the brothers dealings with failed Icelandic bank Kaupthing, was the subject of a costly judicial review earlier this year. Tchenguiz has previously warned the SFO that he is going to sue them for upwards of 100m. Action is expected to begin before the end of the year. It will be a further blow to the SFO, which had its budget slashed 30 per cent last year and is due to operate with a slim budget of just 30m next year. Sir John Thomas, who led the judicial review, said the underfunding may have played a part in the muddled investigation, led by former SFO director Richard Alderman. Tchenguiz personally attacked the reckless actions of Alderman yesterday and hit out at his generous pension. His brother, Robert, has already indicated he will also sue the SFO for damages. In his judgment, Mr Justice Silber said the conduct of the former SFO director had taken this case truly out of the norm. Alderman could not be reached last night.
    Certified Distribution 01/10/12 til 28/10/12 is 129,297

    FTSE 100 n 5,677.75 -44.26 DOW n 12,542.38 -28.57 NASDAQ n 2,836.94 -9.87

    /$ 1.59 unc

    / 1.25 unc /$ 1.27 unc

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