Posts Tagged ‘Business

12
Aug
10

BP Agrees to Record $50.6 Million Fine for Texas City Blast

NEWS
BP Agrees to Record $50.6 Million Fine for Texas City Blast

Thursday, August 12, 2010

BP has agreed to pay a record $50.6 million fine related to the deadly 2005 blast at its Texas City refinery and spend $500 million on safety improvements, U.S. officials said on Thursday.

The fine relates to BP’s repeated failure to meet safety standards both before and after the explosion that killed 15 workers and injured 170 others.

BP has also been slapped with huge fines for the pollution released from the troubled facility.

Those fines pale in comparison to the billions the British energy giant is liable for in the wake of the massive oil spill unleashed in the Gulf of Mexico after a deadly explosion sank the BP-leased Deepwater Horizon drilling rig in April.

The Occupational Safety and Health Administration initially fined BP a record $21 million after it determined that BP failed to protect its workers ahead of the 2005 blast.

The penalty was increased to $50.6 million in 2009 after inspections found that BP failed to correct significant safety deficiencies.

‘This agreement achieves our goal of protecting workers at the refinery and ensuring that critical safety upgrades are made as quickly as possible,’ said Secretary of Labor Hilda Solis.

‘The size of the penalty rightly reflects BP’s disregard for workplace safety and shows that we will enforce the law so workers can return home safe at the end of their day.’

The settlement does not impact ongoing litigation over the $30 million fine imposed for 439 new ‘willful violations’ discovered in the 2009 inspection.

‘It is perfectly within BP’s means to make that facility safe,’ OSHA Deputy Assistant Secretary Jordan Barab said in a conference call.

The settlement ‘commits them to a schedule to address those issues and it provides OSHA with an unprecedented level of oversight to make sure they do what they’re supposed to do,’ he added.
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12
Aug
10

Recovery still distant as GM turns a corner

NEWS
Recovery still distant as GM turns a corner
General Motors profits move past $1 billion

Thursday, August 12, 2010

••• General Motors said on Thursday its profits hit $1.3 billion in the second quarter, as the car company prepared to break free of U.S. government ownership by relisting on the stock exchange.

‘I am pleased with our progress on achieving our business objectives,’ said chief financial officer Chris Liddell, announcing the second consecutive quarter of growth.

The company erased a loss of $13 billion in the same period last year, as sales and revenues increased.

The firm saw stronger sales in North America in the quarter, even as sales in Europe floundered and market share around the world sank.

GM captured 15.4 percent of the U.S. market for cars versus 17.5 percent in the second quarter of last year, but elsewhere faired poorly.

GM’s executives have said that a public offering will come soon, a process that will help the U.S. government unwind its majority stake in the firm.

The U.S. Treasury Department still owns 61 percent of GM, which received $50 billion of U.S. government financing for its bankruptcy restructuring that led to mass layoffs, plant closures and billions of dollars in debt wiped out.

GM’s drive for an IPO will be boosted by news that the firm’s revenues swelled to $33 billion in the second quarter, a third more than the same period last year.

GM as well as its U.S. competitors Ford and Chrysler were hard hit by the recession which struck the United States in December 2007, caused by a home mortgage meltdown.

Of the so-called Detroit Three car makers, Ford was the only one to avoid bankruptcy, managing to stay afloat thanks to massive loans it had obtained prior to the credit crunch and because it moved more quickly to revitalise its product portfolio.
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08
Aug
10

First 3D Porn movie being shot in Hong Kong

NEWS
First 3D Porn movie being shot in Hong Kong

Sunday, August 8, 2010

Entertainment••• A group of Hong Kong filmmakers have started shooting what they claim will be the world’s first 3D pornographic film, a report said on Sunday.

The $3.2 million 3-D Sex and Zen: Extreme Ecstasy, set for release in May, has already generated interest in a host of Asian film markets, as well as Europe and the U.S., the Sunday Morning Post reported.
Loosely based on a piece of classical Chinese erotic literature, The Carnal Prayer Mat, the movie will star Japanese adult actresses Yukiko Suo and Saori Hara, the Post said.

The film chronicles the story of a young man who, after being introduced to the erotic world of a duke, realises his ex-wife is the love of his life and features ‘orgies, swinging and some very graphic sex scenes’, the paper said.
Producer Stephen Shiu acknowledged that censors would likely block the movie’s screening in mainland China, a key market for Hong Kong filmmakers.

‘(But) we are almost closing deals with some markets including Japan, Korea, Southeast Asia and some pay TV channels in Hong Kong,’ Shiu told the paper.

Italian director Tinto Brass has announced he would produce a 3D remake of his 1979 erotic film Caligula, while Hustler plans to release a pornographic spoof of 3D science fiction film Avatar, the top-grossing movie of all time which has earned about $2.7 billion worldwide since its release.
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03
Aug
10

BP Agrees to Sell Colombian Business to Ecopetrol and Talisman

NEWS
BP Agrees to Sell Colombian Business to Ecopetrol and Talisman

Tuesday, August 03, 2010

British oil giant BP says it will sell its Colombian business for a total of $1.9 billion.

The divestment is part of BP’s recently announced plans to sell off up to $30 billion of assets, as it struggles with the soaring cost of the Gulf of Mexico oil spill disaster.

‘BP today announced that it has agreed to sell its oil and gas exploration, production and transportation business in Colombia to a consortium of Ecopetrol, Colombia’s national oil company (51 percent), and Talisman of Canada (49 percent),’ it said in a statement.
‘The two companies will pay BP a total of 1.9 billion dollars in cash… for 100 percent of the shares in BP Exploration Company (Colombia) Limited (BPXC), the wholly-owned BP subsidiary company that holds BP’s oil and gas exploration, production and transportation interests in Colombia.’

The transaction, which is subject to regulatory and other approvals, is expected to complete by the end of 2010.

News of the sell-off comes one week after BP’s vilified chief executive Tony Hayward resigned in the wake of a record second-quarter loss of $16.9 billion – the biggest quarterly loss in British corporate history.

Hayward will step down in October and hand over the reigns to American executive Bob Dudley.
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• Source(s): BP PLC
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23
Jul
10

Nokia Q2 profit falls 40 percent to $290 million

NEWS
Nokia Q2 profit falls 40 percent to $290 million

Friday, July 23, 2010

••• The world’s top mobile phone maker Nokia has reported a 40 percent plunge in second-quarter net profit to 227 million euros ($290 million) but maintained its earnings forecast for its key devices and services unit.

The Finnish company had slashed its second-quarter and full-year forecasts for its key devices and services unit last month, citing fierce competition.

From April to June, Nokia posted a net profit of 227 million euros ($290 million), down 40 percent from 380 million euros ($485.46 million) for the same quarter a year earlier.
Analyst expected a profit drop of 30 percent, according to estimates published in the Finnish press.

Nokia said its net sales were up 1.0 percent on a year-to-year basis to 10.0 billion euros ($2.77 billion), and that the sales in its devices and services unit were up 3.0 percent on a year-to-year basis, but down 2.0 year-to-year in constant currency.

Shares in company, which had recently plunged to their lowest level in 12 years, were up 1.43 percent to 7.09 euros on a Helsinki Stock Exchange up 0.9 percent shortly after the announcement.
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20
Jul
10

Oil’s not well in Gulf as BP shares sink again

NEWS
Oil’s not well in Gulf as BP shares sink again

Tuesday, July 20, 2010

••• Shares of BP fell after it said the tab for the Gulf of Mexico oil spill is nearing $4.05 billion while it monitors oil seeping near the ruptured well.

BP PLC’s shares lost $1.61, or 4.3 percent, at $35.49 in midday trading.

Investors remain worried about the mounting costs and whether the latest fix will hold until a relief well is in place, Argus Research analyst Phil Weiss said.

“If the well integrity is compromised, it makes the process more complicated,” he said.

The cost of dealing with the oil spill – almost $4 billion – equals about two-thirds of BP’s profit in the first three months of the year.
BP placed a cap on the well on Thursday, shutting off oil that had been gushing from it since the Deepwater Horizon rig exploded April 20 and then sank.

A seep detected in the sea floor near the well prompted new concern about whether the fix would hold.

The government is allowing BP to continue monitoring the site for new leaks, at least for now.

Key questions remain about BP’s liability, Credit Suisse analyst Kim Fustier said.

In a research note to clients on Monday, Fustier said yet to be determined is the total cost for liability and compensatory claims and how the liability costs will be distributed between BP and its partners.

If negligence is proven, another issue could be punitive damages, the analyst said.
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06
Jul
10

‘Big budget’ porn film shot in London hospital

NEWS
‘Big budget’ porn film shot in London hospital

Hospital ‘used for porn film shoot’

Tuesday, July 6, 2010

Entertainment••• A ‘big budget’ porn movie was shot in a London hospital that hired out one of its wards to a film company, it has emerged.

The movie also ended up generating ‘substantial income’ for the hospital, an MP revealed.

Speaking in the House of Commons on Monday, Tory MP Penny Mordaunt said: ‘When I was director of Kensington and Chelsea Council, I discovered that one of our local hospitals was hiring out one of its closed – but fully equipped wards – to a film company to use as a film set.
‘To add insult to injury, the movie was a pornographic one. Although I cannot claim to have seen the final picture – as I understand, these things are no longer claimable on parliamentary expenses – it was a big-budget affair and generated substantial income for the hospital.

‘But apart from cheering up a few of the in-patients, it cannot be said to be contributing to the objectives of the primary care trust (PCT),’ she said, referring to the trusts that manage primary care health services in England.
Mordaunt, who is MP for Portsmouth North, did not name the hospital during the debate on improving transparency in government accounting.

A statement issued by NHS Kensington and Chelsea said: ‘We can confirm this incident occurred some time prior to 2002 under a predecessor organisation’s management and prior to the formation of PCTs.’
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