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World NewsBP to offer $20 billion in compensationBP announced it would not pay dividends this year and agreed to create a $20 billion (¥1.8 trillion) compensation fund for victims of the massive Gulf of Mexico oil spill following four hours of intense negotiations at the White House. U.S. President Barack Obama also wrested an apology to Americans from the British oil giant June 16, eight weeks after the Deep Horizon drilling platform leased by BP exploded, killing 11 workers and setting in motion an environmental and economic catastrophe. The $20 billion escrow fund will be used to pay all claims, including environmental damages and state and local response costs, with the exception of fines and penalties. (AP)
Shukan ST: July 2, 2010 (C) All rights reserved |