Ngambo Ngali
JF-Expert Member
- Apr 17, 2009
- 3,517
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Oil giant BP is to put $20bn (£13.5bn) in a compensation fund for victims of the Gulf oil spill and will not pay shareholders a dividend this year.
Barack Obama announced the compensation deal after talks at the White House with senior BP executives.
Shortly afterwards, BP chairman Carl-Henric Svanberg said dividends would not be paid for the rest of this year.
The payout fund is to be run by Kenneth Feinberg, a lawyer who oversaw compensation after the 9/11 attacks.
In his current role as Mr Obama's "pay tsar", Mr Feinberg sets salary limits for executives at firms in receipt of federal bailout funds.
This week, the BBC is assessing the impact of the Louisiana oil spill. Correspondents in the US, the Gulf of Mexico, Brazil, Nigeria and London are reporting for the BBC World Service, World News TV and the BBC News website.
Mr Obama said a $120m fund would also be set up to compensate oil industry workers.
He said he had heard growing concerns about the pace of compensation payments, and that the new fund would ensure all "legitimate" claims were paid.
"If you or your business has suffered economic loss as a result of this spill you will be able to file a claim," the president said.
Although BP has agreed to fund $20bn - roughly equivalent to one year of BP's annual profits - reports said there could be no cap on the amount BP might be asked to contribute to the fund.
Speaking after the talks, Mr Svanberg expressed regret over the spill, saying BP felt "sorrow and sadness for the tragic accident which should never have happened".
Nikisoma hii hadithi, nikiona jinsi president Obama alivyokuwa concerned na issue nzima, mpaka kuwalazimisha BP kutoa kiasi hicho cha fweza, nakaa chini na kujiuliza ni nini kimetokea North Mara Mine. Kiongozi gani alijali kuhusu wanachi wa mara waliokufa, mifugo iliyokufa na faida wanayopata watu wenye mgodi wa North Mara, machozi yananitoka.
Je tatizo ni nini, uongozi mbovu au dharau ya wenye mgodi? No compensation no apology, so sad indeed.
Barack Obama announced the compensation deal after talks at the White House with senior BP executives.
Shortly afterwards, BP chairman Carl-Henric Svanberg said dividends would not be paid for the rest of this year.
The payout fund is to be run by Kenneth Feinberg, a lawyer who oversaw compensation after the 9/11 attacks.
In his current role as Mr Obama's "pay tsar", Mr Feinberg sets salary limits for executives at firms in receipt of federal bailout funds.
This week, the BBC is assessing the impact of the Louisiana oil spill. Correspondents in the US, the Gulf of Mexico, Brazil, Nigeria and London are reporting for the BBC World Service, World News TV and the BBC News website.
Mr Obama said a $120m fund would also be set up to compensate oil industry workers.
He said he had heard growing concerns about the pace of compensation payments, and that the new fund would ensure all "legitimate" claims were paid.
"If you or your business has suffered economic loss as a result of this spill you will be able to file a claim," the president said.
Although BP has agreed to fund $20bn - roughly equivalent to one year of BP's annual profits - reports said there could be no cap on the amount BP might be asked to contribute to the fund.
Speaking after the talks, Mr Svanberg expressed regret over the spill, saying BP felt "sorrow and sadness for the tragic accident which should never have happened".
Nikisoma hii hadithi, nikiona jinsi president Obama alivyokuwa concerned na issue nzima, mpaka kuwalazimisha BP kutoa kiasi hicho cha fweza, nakaa chini na kujiuliza ni nini kimetokea North Mara Mine. Kiongozi gani alijali kuhusu wanachi wa mara waliokufa, mifugo iliyokufa na faida wanayopata watu wenye mgodi wa North Mara, machozi yananitoka.
Je tatizo ni nini, uongozi mbovu au dharau ya wenye mgodi? No compensation no apology, so sad indeed.
