BP said Friday that the cost of oil spill in the Gulf of Mexico reached eight billion dollars and he would need another two weeks to completely seal the well to the source of this pollution.
BP also reported that there had been no major upward revision in the amount of compensation paid to victims of the spill.
The compensation fund for victims of 20 billion dollars, called Gulf Coast Claims Facility (GCCF) and active since August 23, pays about 3.5 million per day.This figure is broadly in line with what BP paid himself before the fund takes over.
Under pressure from the White House, the British oil giant pledged in June to fund an escrow account of $ 20 billion over four years.
The European financial stability, to assist Member States in the euro area experiencing solvency problems, became fully operational Wednesday after weeks of uncertainty about the ratification of its Statute.
European fund, which can now raise up to 440 billion euros with the security of countries in the euro area, is part of an overall mechanism developed in the emergency early May, during the debt crisis of the European and capable of raising up to 750 billion euros with the involvement of the IMF.
The mechanism became fully operational on August 4 when Italy has confirmed its commitment to provide its guarantee for any loans issued by the Special Purpose Vehicle (SPV or "mutual fund assets"), said the representatives of the European Stability financial (FESF).
'I am pleased that Member States of the euro area have reached the final stage in the development of FESF, said in a statement Klaus Regling, Director General of the fund.
"The FESF is now fully operational and can if necessary, issue bonds with the assistance of the Office of the German debt, which would be guaranteed by member states of the eurozone."
No financial score has yet been assigned to the SPV, based in Luxembourg.This step constitutes an essential element for the cost it would have to agree to issue debt, if ever he has to do.
The funds should in theory receive the maximum "AAA" by the major rating agencies, the same rating as that assigned to debt securities issued occasionally by the European Commission with support from EU Member States.
END OF THE PROCESS OF RATIFICATION
The mechanism of financial stabilization, which had been agreed by Heads of State and Government of the eurozone at a special summit in Brussels on May 9, would then be transposed National in each participating state.
Its application has been suspended, however long the ratification of Slovakia, who was crossing a tense election period in which the issue of financial support to Greece's participation in the stabilization fund arose as European.
The new Slovak Minister of Finance appointed in early July has finally ratified the European Agreement on July 16.The surprise of the notification without approval of Italy August 4 marks the end of the process of ratification of 16 member states of the euro area.
After the recovery of financial markets, halting the fall of the euro and the favorable report of the EU and the International Monetary Fund on Greece, it is possible that the Fund, whose life is in principle limited 3 years, will ultimately not used.
Mitsubishi UFJ Financial Group (MUFG) is planning to resume participation of BNP Paribas in a Chinese joint venture asset management for 50 million dollars (38.2 million euros), we learn two sources familiar with the matter.
This would allow the first Japanese bank to enter the Chinese market for the management of funds, estimated at 237 billion euros and could exceed 765 billion euros in five years, according to consulting firm Z- Ben Advisors.
BNP Paribas and MUFG will submit the draft to the Chinese authorities before the end of the month, after rejecting an initial application for minor technical reasons, "said one source.
Once disengaged from SYWG BNP Paribas Asset Management, BNP Paribas will hold only one license for fund management in China and thus in keeping with rules set by Beijing, which prohibit foreign companies from holding more than one license in that market .
VERY ATTRACTIVE OFFER
Over thirty foreign institutions, including JPMorgan, Credit Suisse and Morgan Stanley, have formed joint ventures in fund management in China, while groups such as Aberdeen Asset Management and T. Rowe Price are looking to break into this market.
MUFG has prevailed over a dozen other candidates for the takeover of parts of BNP, among whom were Japanese Nomura Holdings and Britain's Ashmore Group.
The offer of the Japanese for 33% of BNP Paribas is a ratio of prices on assets under management of approximately 10%, against a normal value of 5%, thus making the supply of MUFG very attractive.
SYWG BNP Paribas was established in 2004 by BNP Paribas and the Chinese broker Wangguo Shenyin & Securities Co, which owns two thirds of the capital.
The joint venture had 10.4 billion yuan (1.2 billion euros) in assets under management at the end of June, 0.49% of the market, against 0.9% at end 2009.
After this assignment, BNP Paribas will not have more than a joint venture in China Fund Management, Fortis Haitong, which manages about 40 billion yuan of assets, or 2% of the market.
Unilever said Monday it completed the sale of its Italian subsidiary specializes in the Findus frozen food products to Birds Eye Iglo to 805 million euros.
Birds Eye Iglo is for the private equity firm Permira.
It involves the sale of Unilever's recent activities in Europe frozen.
Permira will bring Findus and Birds Eye Iglo to the old pole of Unilever's frozen foods, he had acquired in 2006 for 1.73 billion euros.
In a statement, Unilever said that about 650 people Findus, whose turnover reached 462 million euros in 2009, will be transferred to the new owner.
Reuters reported last week that Permira was elbow to elbow with Lion Capital in the race to buy Findus, to BC Partners.
In London, Unilever gained 0.74%, to 1.896 pence to 9:45 GMT.
Greece will overcome its fiscal crisis without having to restructure its debt, said Greek Finance Minister George Papaconstantinou in an interview published Wednesday by the German newspaper Handelsblatt.
'We still have a credibility problem, he acknowledged, adding that the country would not need to restructure its debt.
'We must not let the single currency to be destroyed by the markets overreacted.
A delegation of the European Union, the International Monetary Fund (IMF) and European Central Bank (ECB) said last week that Greece put in place economic reforms, according to plan massive aid over three years 110 billion euros to save the country from bankruptcy.
"I see the end of the tunnel," said the minister.
"We hope to finish the year better than we expected, out of the recession more quickly and return to growth from the mid-2011," he said, while acknowledging that "Spain and the Portugal [were] in a much better position than Greece.
In return for IMF assistance plan / EU, Greece has promised to cut its budget deficit to 8.1% of GDP this year to comply with the requirements of Brussels and under the 3% of GDP by 2014 .
Innumerable reactions, unsurprisingly diametrically opposed, welcomed the detailed design of the government on pensions, and most employers applauding while unions and the left have criticized the "injustice" of the reform.
"A reform unfair and short-term almost a provocation"
First, since the relevant draft law applies to employees, trade unions, who will meet Thursday to diagnose common government proposals, said they were furious and insisted – except that FP should not participate – on the importance of the day of strikes and demonstrations of June 24
Eric Aubin, head of pensions to the CGT, has asked the government to "rewrite" his reform project "taking into account what the unions say.The CGT vilifies "a brutal reform" with "conditions of acquisition of pension rights the most drastic in Europe.
François Chérèque (CFDT) speaks of "reform unfair and short-term almost a provocation," saying that "85% of the effort is borne solely by employees. According to the CFDT, "the younger generations will pay the price" of a future reform, considered "inevitable".
Jean-Claude Mailly (FOR), "it is in the" work more to earn less ". As Solidarity (South and other unions), he asked "withdrawal" of government copies. The pattern of TF has appealed to his counterparts of the foot."If other unions are on the same position – we will not quibble about this or that point – the unit of action is possible."
Like his colleagues, the TCRC President Jacques Voisin railed that the request to take account of the harshness of certain trades "ends with an end of inadmissibility.
President of the National Fund for Pension Insurance (CNAV), Daniele Karniewicz (CFE-CGC) estimates that "missing" 16 billion euros in the government project to ensure balance. One argument used extensively, especially the PS.
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The UMP and the MEDEF applaud
Tone different at MEDEF. The employers' organization sees "a great step forward" in the decline of legal age, but criticizes the "higher taxes on savings, considered harmful to business financing.The judge CGPME reform "fairly balanced".
In the National Assembly, the weather was stormy at the presentation of the reform commission by Eric Woerth, in which the leading members Jean-Marc Ayrault, PS called "a little respect and listening."
If the New Centre (NC) regretted the lack of "systemic reform" wing called "social" of the majority approved warmly. "The worker who started work at 17 years can be confident and secure," said UMP deputy Pierre Mehaignerie. For Alain Juppe, the reform is "very ambitious, comprehensive and above all fair." However, the president of Modem Bayrou has found the project "not fair".
Outcry left
Martine Aubry, the Socialist Party first secretary, branded "irresponsible reform.She believes that "the postponement of the retirement age to 62 years is a measure which does not solve ideological problems of funding pensions.
Segolene Royal has denounced "a threefold denial" of Nicolas Sarkozy, "the worst part" to deny "the promise" of 2007 not to touch retirement at age 60.
Also strong criticism from the Greens ("an outrageous injustice"), and other leftist. But "the battle is not over," hopes the PCF.
As to Marine Le Pen (National Front), she denounced reform "actually written by the MEDEF, the European Commission and the rating agencies.
