A federal judge on Thursday said BP Plc Transocean Ltd. to compensate for a number of compensatory claims over the 2010 Gulf of Mexico oil spill. U.S. District Judge Carl Barbier, who oversees Multistate disputes over the spill, agreed with the Transocean drilling Swiss master was not responsible for compensation claims by third parties for oil spill below the ocean surface. He ruled, however, that the London-based BP does not indemnify Transocean punitive damages or civil penalties imposed by the U.S. government under the federal Clean Water Act. Read more
BP Plc can not collect from Transocean Ltd. part of the $ 40 billion clean-up costs and economic damage caused by the 2010 oil well blowout and spill the Gulf of Mexico, a judge ruled, sending shares higher Transocean. BP to Transocean for pollution-related economic damage claims arising from its drilling contract to indemnify, U.S. District Judge Carl Barbier in New Orleans ruled yesterday. London-based BP sued Transocean in April, a part of his damages and costs to repair the leak. Read more
The owner of the drilling rig Deepwater Horizon does not have to damages relating to oil spills in the ocean in the worst offshore spill in U.S. history to pay, a judge ruled Thursday. BP PLC is required for Transocean Ltd., the owner of Deepwater Horizon, harmless against any damages related to the 2010 spill in the Gulf of Mexico, U.S. District Judge Carl Barbier in New Orleans ruled. Judge Barbier maintained portions of Transocean’s indemnity agreement with BP, which was leasing Deepwater Horizon rig Transocean, Transocean shares, it is not liable for damage claims for oil spills under the surface of the ocean. Read more
Maria das Gracas Foster, the first woman appointed as one of the world’s top five oil companies run, the industry’s largest investment plan with Petroleo Brasileiro SA’s $ 225 billion proposal to more than double its capacity by the end of the decade . Petrobras, as the world’s fifth largest oil producer by market value is known, yesterday announced the decision to promote Foster’s chief executive officer resigned after Jose Sergio Gabrielli to a career in politics to pursue. A 34-year veteran of the Rio de Janeiro-based company, Foster is currently the natural gas and power division, the fastest growing region Petrobras last year. Read more
Blow-out company BP pays £ 160m for Gulf oil spill. BP receives a $ 250m (£ 161m) payment of Cameron International, a contractor on the Macondo well, in settlement of their dispute over liability for the Gulf of Mexico oil spill. Cameron made the blow-out preventer, which proved ineffective in the Deepwater Horizon rig. This is the fourth office BP has made a partner in the project. Read more
Gold settled higher inflation concerns and weaker Treasury yields lured buyers back into the safe haven asset.
The news reinforced gold prices as investors tend to buy gold to hedge against inflation. Falling yields on Treasurys also encouraged investors back into the gold market. Gold continued long term to attract buyers, with open interest in June 2011 and December 2011 contracts gaining ground in recent days.
Gold opened the day at 20,511. A bounce after the solid employment data took us to an intraday high of 20,644. Dollar strength and a weaker market for treasury encouraged sales in the metal, takes us to a low of 20,502.
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NEW YORK – After the great day of crude oil on Monday, breaking the $ 80 barrier, crude still trading higher on Tuesday, settling at $ 82.55 on Tuesday afternoon. Monday afternoon was the price to settle $ 81.34. A flat consumer spending and personal report from the U.S. government, a mixed batch of earnings and a down dollar have all contributed to the downward trend on Tuesday as markets took a step back after the sharp rise Monday. Monday trading in shares action, led by the energy sector was the S & P 500 in the black for the year, but it was only the energy stocks that remained in action until Tuesday gauge sectors. (more…)
The House voted Wednesday to more than 2,400 acres of the copper-rich federal land in Pinal County, Arizona’s swap with a mining company that plans to develop the third-largest undeveloped copper resource in the world. Resolution Copper Mining said the project would be 3,700 jobs and $ 61 billion in the region more than 40 years. The company gives the government more than 5300 hectares of land in exchange. (more…)
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