2nd UPDATE: Citi, Fannie Provide Relief For Some Gulf Homeowners
16th Jun 2010 22:17
(Adds comment from Bank of America) By Matthias Rieker Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Troubled homeowners in coastal areas affected by the oil spill are getting some relief from Citigroup Inc. (C) and Fannie Mae (FNM). Citi announced a three-month suspension, effective
Read moreBP Dividend Cut Hurts Pensioners, Helps Options Trader Profit
16th Jun 2010 22:14
By Maxwell Murphy Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Pensioners in the U.K. might be heartbroken about BP PLC's (BP, BP.LN) decision to skip three quarters worth of dividends. Options traders who believed the move was inevitable, however, made some quick money on the suspension.
Read moreBP Bonds Rally On Dividend Cut And Creation Of Cleanup Fund
16th Jun 2010 22:09
By Chris Dieterich Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--BP PLC (BP, BP.LN) bonds rallied Wednesday after the company agreed to cut its dividend and put $20 billion into an independently administered fund to help pay for claims as a result of the Gulf oil disaster. The yield on BP
Read moreUK Energy Secretary: BP Deal Shows Company Acting Responsibly
16th Jun 2010 22:08
LONDON (Dow Jones)--BP PLC's (BP) agreement to set up a $20 billion fund to pay for damages related to the Gulf of Mexico oil spill shows that the oil major is taking the disaster seriously, U.K. Secretary of State for Energy and Climate Change Chris Huhne said Wednesday. "I welcome the agreemen
Read moreNew BP Oil-Spill Fund To Have Little Impact On Insurers
16th Jun 2010 21:57
By Erik Holm Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--There are plenty of questions surrounding the new fund that BP PLC (BP.LN) agreed to establish on Wednesday, but those who track insurance companies are speculating that the $20 billion pool will have little impact on insurers' obliga
Read moreUPDATE: Citi, Fannie Provide Relief For Some Gulf Homeowners
16th Jun 2010 21:50
(Adds Fannie Mae announcement and comment from a Citi spokesman about small-business owners in the Gulf region, in the first, second, sixth, ninth and 13th paragraphs.) By Matthias Rieker Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Troubled homeowners in coastal areas affected by the oi
Read moreUPDATE: BP Slashes Spending To Build $20B Gulf Oil Spill Fund
16th Jun 2010 21:49
LONDON (Dow Jones)--BP PLC (BP) Wednesday said it would cancel at least $7.8 billion in dividends, sell off $10 billion in assets and reduce capital expenditure by at least $4 billion as it looks to build up a $20 billion fund over the next three and a half years to pay for damages related to the Gu
Read moreTransocean Denies Responsibility For Fluids Coming From Well
16th Jun 2010 21:49
By Tennille Tracy Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Transocean Ltd. (RIG) chief executive Steven Newman said his company is not responsible for "fluids emanating from the well," attempting to define a limited role for his company as the costs of cleaning up the Deepwater Horizon
Read moreUS HOT STOCKS: BP, Dreamworks, Fannie Mae, JDA Software -2-
16th Jun 2010 21:47
Blockbuster Inc. (BBI, $0.28, +$0.03, +12.00%) shares rose after the movie-rental chain's chief executive said on CNBC that the company is doing its best to meet financial obligations. Last month, the CEO said Blockbuster had made headway in cost reductions and that he expected the company to have s
Read moreBP CFO: No Clarity On Financial Position Until Leak Under Control
16th Jun 2010 21:01
LONDON (Dow Jones)--BP PLC (BP) will have no clarity on its ultimate liabilities and penalties from the Gulf of Mexico oil spill until the leaking well has been capped, and will maintain a conservative approach to its financial position until then, the company's Chief Financial Officer Byron Grote s
Read moreUS Stocks Return To Negative Territory In Final Stretch
16th Jun 2010 20:58
U.S. stocks returned into negative territory in the final stretch of trading Wednesday, with consumer discretionary and energy shares unable to hold onto slight gains after BP Plc (BP) agreed to pay $20 billion to victims of the Gulf of Mexico disaster and cut its dividend. After trading in an
Read moreBP Exec: Company Expects To Exceed $75 Million Liability Cap
16th Jun 2010 20:55
By Tennille Tracy Of DOW JONES NEWSWIRES A BP executive said in prepared remarks Wednesday that the company expects to exceed the $75 million liability cap in the Oil Pollution Act and that BP will not seek reimbursement under the Oil Spill Liability Trust Fund. "I can ...reiterate that
Read morePRESS RELEASE: WHITE HOUSE: CLAIMS AND ESCROW FACT SHEET
16th Jun 2010 20:45
INDEPENDENT CLAIMS FACILITY A new, independent claims process will be created with the mandate to be fairer, faster, and more transparent in paying damage claims by individuals and businesses. To assure independence, Kenneth Feinberg, who previously administered the September 11th
Read moreUPDATE: BP WATCH: BP Shares Jump On Dividend Cut, $20B Fund
16th Jun 2010 20:44
(Updates throughout with information about dividend cut, additional details on escrow fund, market and investor reactions.) By Donna Kardos Yesalavich Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--BP PLC's (BP, BP.LN) American depositary shares jumped Wednesday afternoon after the oil gia
Read moreBP's $20 Bln Fund Deal Doesn't Erase Political Risk
16th Jun 2010 20:44
By Siobhan Hughes Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The decision by BP PLC (BP, BP.LN) to put $20 billion into a Gulf oil-spill-damage fund, and then to cut its dividend, provided clarity on two key issues that have clouded the outlook for the company. But the moves don't erase
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