Towards an agreement on compensation with BP
business, economics, finance, resources, top news June 15th, 2010The White House is ready to do battle with BP. Pace in London who tries to minimize the diplomatic chill cast by the ecological disaster in the Gulf of Mexico, Barack Obama is stepping up its action against the British group. The U.S. president, criticized for his handling of the spill, went again on the coast on Monday, where he promised to protect the inhabitants of regions affected by the spill, particularly the fishing industry.
In an interview with the Politico newspaper, Bush even mentions a "September 11th green." The environmental disaster in progress "will push us to rethink our energy and environmental policy," he said.The tragedy that is played off the coast shows that it is time "to transition" to new energy sources, "said Obama, whose administration is trying to push through Congress legislation to reduce emissions of greenhouse gas emissions.
Sequestration of payment of dividend BP
The president must give a formal speech to the nation Tuesday night, broadcast live from the Oval Office. Such a device intervention is rare. It reflects not only the seriousness of the situation but also the new turn of the screw that the U.S. government wants to give his handling of the disaster.
Thus, the Obama administration requires that the oil put under receivership on payment of its dividend. The goal is to create a fund to pay the damages claimed by the victims of the disaster.Barack Obama said he hoped an agreement with BP on this fund will be concluded by Wednesday. "We have begun preliminary discussions to develop a device that claims to be justified not only presented tomorrow or next week, but over the coming months, to be treated justly, fairly and quickly," said Barack Obama. On Sunday, the adviser to the White House, David Axelrod said "BP has the resources to cover the damage and we will make sure they will do well."
Discussions in BP
The oil group did not show opposition to the creation of such a fund. According to the British press, the English major is preparing to announce a postponement of payment of dividend payable for the second quarter.In addition, BP could lose control of its oil and natural gas in the U.S. and be allowed to have business with the federal government as a penalty. But that does not stop there. BP could also pay a fine of up to $ 8.6 billion under Oil Pollution Act.
This greater commitment of the Obama administration to want to pay BP is poorly perceived by investors. At the London Stock Exchange, the title of the oil finished down 9.30% to 355.45 pence. It is the largest decline in the FTSE, which terminates the session to share up 0.74%. In New York, BP shares are no better. They finished down 9.71% to 31.67 dollars on a market down by 0.2. After sessions particularly volatile oil of the title had already sold nearly 10% last week.Since the beginning of the accident, the market value of BP was reduced by almost 44%.
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