Malinda notes

UPDATE 5-BP gets $4 bln from Anadarko for oil spill costs

* BP shares jump 2.2 pct; Anadarko up 3.8 pctBy Tom BerginLONDON, Oct 17 (Reuters) - Anadarko Petroleum Corp will pay BP Plc $4 billion toward clean-up of the Gulf of Mexico oil spill, far less than BP might have won in court, but the deal could reduce the overall cost of the disaster for the British group.Under the settlement announced on Monday, Anadarko said it will no longer pursue its allegations of gross negligence against BP. Anadarko was a 25 percent partner in the doomed Macondo well, and BP had sought payments to offset the costs of the spill.BP shares rose 2.2 percent in London on news of the settlement. Anadarko shares were up 3.8 percent to $73.27 in afternoon trading on the New York Stock Exchange.”We regard it as favourable for both companies,” BP Chief Executive Bob Dudley told reporters.Anadarko could have been on the hook for 25 percent of the cleanup costs, compensating those affected, and paying any government fines. It could only avoid this responsibility if it proved that BP had been grossly negligent — something which could, potentially, have added around $18 billion to the total amount of fines BP faced.Anadarko would still be liable under the deal with BP for any fines payable to the U.S. government.Fines for leaking oil into U.S waters are assessed at a level of $1,100 per barrel, or $4,300 if gross negligence is proven. The government has said the Macondo well leaked almost 5 million barrels into the sea.BP has said the total bill for the oil spill, including government fines, will be $42 billion. This suggests Anadarko could have faced a total bill well above the $4 billion it agreed to pay.LESS LIKELYInvestors have priced in a final cost to the company from the spill that is far above BP’s estimate. Analysts say deals such as the one announced Monday make the worst-case scenario — a final bill in excess of $70 billion — look less likely.”We maintain our view that the ultimate cost to BP could fall … substantially below the cost inferred by the share price fall since the accident,” said Richard Griffith, an oil analyst at Evolution Securities.In May, BP agreed to accept $1.1 billion from the third partner in Macondo, Mitsui & Co , to cover its 10 percent share of cleanup costs.BP’s lawsuits against companies it hired for the failed drilling project are among the hundreds of claims still pending before a federal judge in New Orleans. A trial date has been set for February next year.To share the cost of the spill and cleanup, BP sued Transocean , owner and operator of the sunken Deepwater Horizon rig, cement specialist Halliburton , and Cameron International Corp , which designed the blowout preventer, a device that was supposed to stop the surge of oil.Key to forcing Transocean to meet the cleanup bill — BP has sought the full amount from the drilling contractor — is convincing a court that Transocean was grossly negligent.If BP does recoup cash from Transocean or Halliburton, it will pay a portion of this — up to $1 billion to Anadarko under the terms of the deal.Two lengthy government inquiries have laid the lion’s share of the blame for the blowout at BP’s door.The rig blast killed 11 men and caused more than 4 million barrels of oil from the Macondo well to spill into the sea.The case is In re: Oil Spill by the Oil Rig “Deepwater Horizon”, U.S. District Court, Eastern District of Louisiana, No. 2:10-md-02179.

Posted 7 months ago
#UPDATE #5BP #gets #$4 #bln #from #Anadarko #for #oil #spill #costs

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UPDATE 1-EU’s Barroso says Oct 23 actions must be immediate

The euro zone is under pressure from its G20 partners to unveil a convincing plan at this summit to address the bloc’s debt crisis and prevent the world economy from falling back into recession.”Any decision should be enforced immediately, concerning the strengthening of the EFSF or concerning increased guarantees for our banks,” Barroso told French LCI television.Barroso, who was speaking after meeting with French President Nicolas Sarkozy in Paris, insisted a review of the second Greek bailout package decided on July 21 was necessary but it should retain the voluntary involvement of banks and not trigger a credit event.”We have to recognise that we’ll need to review some of the parameters of July 21 … But it is essential to have a voluntary mechanism and to prevent any Greek default,” he said.According to sources, the two heavyweights of the euro zone, France and Germany, disagree on the scope of this review, with Berlin pushing for a bigger reduction of Athens’ debt pile and for a larger contribution of private investors than the one initially foreseen.The two countries agreed last Sunday that European banks should be recapitalised. A decision is expected on Oct. 23 on how much money will be needed but Barroso declined to comment on any figure.He said some countries in Europe should sustain economic activity by using fiscal stimulus, echoing a similar call in September by U.S. Treasury Secretary Timothy Geithner which was then opposed by Germany, one of the few countries in the euro zone with such leeway.”Countries with room for manoeuvre should boost growth”, Barroso said.

Posted 7 months ago
#UPDATE #1EUs #Barroso #says #Oct #23 #actions #must #be #immediate

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UPDATE 1-Merkel hits back at euro critics, urges more regulation

* Says she will push G20 on too-big-to-fail, shadow banking* Obama, Cameron have criticised euro zone leadershipBy Noah Barkin and Alexandra HudsonBERLIN, Oct 14 (Reuters) - German Chancellor Angela Merkel hit back at critics of her euro zone policy on Friday, saying it was unacceptable for them to demand bolder action to combat the debt crisis while at the same time resisting steps to rein in financial markets.Merkel told a conference organised by German union IG Metall in the southern city of Karlsruhe that Group of 20 nations had failed to deliver on their promise to leave no financial product, actor or market unregulated.She said she would push at a G20 summit in France early next month for steps to get a grip on the problem of “too-big-to-fail” banks and unregulated “shadow banking” activities.In comments that appeared aimed at the United States and Britain, Merkel also criticised countries outside the 17-nation currency zone for refusing to go along with proposals for a tax on financial transactions.”It can’t be that those outside the euro zone, who have pressed us time and again to take comprehensive action on the debt crisis, are at the same time working together to resist the introduction of a financial transaction tax,” Merkel said.”I don’t think this is acceptable. We must ensure that financial market actors share in the costs of fighting the crisis. I will push for this until it happens, at least in Europe, even better worldwide.”Washington and London have resisted the tax, prompting Germany to consider pressing ahead with it in the euro zone.Both U.S. President Barack Obama and British Prime Minister David Cameron have pressed the euro zone to take bolder steps to fight the debt crisis, and in indirect digs at Merkel suggested that stronger leadership is needed in the single currency bloc.Cameron said earlier this week that the euro zone’s anti-crisis measures had until now been “a bit too little, a bit too late” and called for a “big bazooka” approach.NO MIRACLE SOLUTIONCountries outside the bloc are pressing to make the euro zone’s debt woes a central theme of the Nov. 3-4 G20 summit in Cannes to be hosted by French President Nicolas Sarkozy.But Merkel said financial market regulation should be the focus of the summit, which was being prepared by G20 finance ministers in Paris on Friday.”We have yet to come up with answers to two key questions within the G20 and we will talk about these again in France in November,” she said. “First, how can we prevent the spread of less regulated financial market areas … Second how do we handle big systemic banks.”Merkel also rejected the idea that a “big bang” solution could solve Europe’s debt crisis, repeating her objections to joint euro zone bond issuance.She said the bloc’s debt and competitiveness problems had built up over many years and could not be solved in one fell swoop.”Euro bonds are not a miracle solution,” she said. “They would not help us under the current conditions.”Merkel and Sarkozy have promised to come up with a comprehensive plan for solving the two-year old crisis by the end of the month, but Germany has played down the prospects for radical new steps.

Posted 7 months ago
#UPDATE #1Merkel #hits #back #at #euro #critics #urges #more #regulation

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Award winning costume designer Ray Aghayan dies at 83

Aghayan, who dressed stars like Judy Garland, Cher, Diana Ross, Lucille Ball, The Jackson Five and Barbra Streisand, was nominated for three Oscars for his costuming work, beginning with the 1969 Norman Jewison comedy “Gaily, Gaily.”He also received Oscar nominations for the Billie Holiday biography “Lady Sings the Blues” which starred Ross, and “Funny Lady,” Sreisand’s “Funny Girl” sequel.Aghayan’s last two Oscar nominations, along with his first Emmy win — for the 1967 TV movie “Alice Through the Looking Glass” — were shared with his longtime professional partner, legendary Bob Mackie.Aghayan began his career as Mackie’s assistant.The Archive of American Television Web site hosts several video interviews with Aghayan, in which he talks about designing costumes for the 1984 Summer Olympics and Oscar telecasts, and about his partnership with Mackie.

Posted 7 months ago
#Award #winning #costume #designer #Ray #Aghayan #dies #at #83

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UPDATE 2-Mitchells & Butlers shareholder Lewis drops bid plan

* Shares down 13 percentLONDON, Oct 13 (Reuters) - Billionaire currency trader Joe Lewis’s Piedmont investment vehicle has abandoned plans to take over British pubs and restaurant group Mitchells & Butlers citing the company’s weak trading and volatile market conditions.”After careful consideration, Piedmont has decided not to proceed with an offer for M&B. Piedmont will remain an active and engaged shareholder in the company,” it said in a statement on Thursday.A spokesman for Piedmont, which is M&B’s biggest shareholder with a 22.8 percent stake, told Reuters that the company’s weak fourth quarter trading was a factor in pulling the bid.M&B, whose chains include Harvester and Toby Carvery, last month reported slowing sales growth and warned the UK consumer environment continued to remain challenging with conditions compounded by cost pressures in energy, duty and food.”Since we made our proposal economic conditions have deteriorated, market volatility has increased and M&B’s trading statement suggested further weakness. The fundamental valuation and outlook is now more uncertain and clearly there is increased risk around the business,” the Piedmont spokesman said.M&B, which runs over 1,600 pubs and restaurants, has rejected two approaches from Lewis, saying they significantly undervalued the business.The latest, in September, was pitched at 230 pence per share and valued the company at 940 million pounds ($1.5 billion).Lewis, who also owns Tottenham Hotspur soccer club, had until Oct. 17 to make a firm bid or walk away under Britain’s takeover rules.Shares in Mitchells & Butlers, which have lost over a third of their value since January, were down 12.9 percent to 220 pence at 1140 GMT.

Posted 7 months ago
#UPDATE #2Mitchells #& #Butlers #shareholder #Lewis #drops #bid #plan

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UPDATE 2-Mitchells & Butlers shareholder Lewis drops bid plan

* Shares down 13 percentLONDON, Oct 13 (Reuters) - Billionaire currency trader Joe Lewis’s Piedmont investment vehicle has abandoned plans to take over British pubs and restaurant group Mitchells & Butlers citing the company’s weak trading and volatile market conditions.”After careful consideration, Piedmont has decided not to proceed with an offer for M&B. Piedmont will remain an active and engaged shareholder in the company,” it said in a statement on Thursday.A spokesman for Piedmont, which is M&B’s biggest shareholder with a 22.8 percent stake, told Reuters that the company’s weak fourth quarter trading was a factor in pulling the bid.M&B, whose chains include Harvester and Toby Carvery, last month reported slowing sales growth and warned the UK consumer environment continued to remain challenging with conditions compounded by cost pressures in energy, duty and food.”Since we made our proposal economic conditions have deteriorated, market volatility has increased and M&B’s trading statement suggested further weakness. The fundamental valuation and outlook is now more uncertain and clearly there is increased risk around the business,” the Piedmont spokesman said.M&B, which runs over 1,600 pubs and restaurants, has rejected two approaches from Lewis, saying they significantly undervalued the business.The latest, in September, was pitched at 230 pence per share and valued the company at 940 million pounds ($1.5 billion).Lewis, who also owns Tottenham Hotspur soccer club, had until Oct. 17 to make a firm bid or walk away under Britain’s takeover rules.Shares in Mitchells & Butlers, which have lost over a third of their value since January, were down 12.9 percent to 220 pence at 1140 GMT.

Posted 7 months ago
#UPDATE #2Mitchells #& #Butlers #shareholder #Lewis #drops #bid #plan

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RLPC-Polkomtel mulls more loans to replace bond

Raising new loans would take further pressure off the banks to sell the 1.75 billion zloty ($562 million) bond as credit market conditions for high-yield issuers remain difficult.Credit Agricole, Deutsche Bank, Royal Bank of Scotland, Societe Generale and PKO BP underwrote the bridge to bond in July to back Polkomtel’s buyout by Polish billionaire Zygmunt Solorz-Zak.The bookrunners are sounding out other banks to see how much in term loans they can raise in addition to the 1.9 billion euro ($2.6 billion) equivalent they already raised in August, the sources said.At the time, the loan attracted strong demand from Polish and other international banks, despite the difficult market conditions over the summer due to worsening euro zone sovereign debt crisis.The loan was twice oversubscribed, with almost 25 other banks joining the transaction, following an upsize of 300 million euros, according to Thomson Reuters LPC data.In addition to the 1.75 billion zloty secured bridge to bond and the 1.9 billion euro senior term loans, the total debt package also includes a 900 million euro subordinated bridge to high-yield bond and a 352 million euro Payment-in-Kind (PIK) note, according to Thomson Reuters LPC.The PIK could be reduced by around 125 million euros after an investment from The European Bank of Reconstruction and Development (EBRD), which is pending approval.Polkomtel couldn’t immediately be reached for comment. ($1 = 3.112 zlotys) ($1 = 0.725 Euros)

Posted 7 months ago
#RLPCPolkomtel #mulls #more #loans #to #replace #bond

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Taiwan’s Acer Sept sales fall on year, up on month

The company did not give further details. ($1 = 30.486 Taiwan Dollars)

Posted 7 months ago
#Taiwans #Acer #Sept #sales #fall #on #year #up #on #month

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