BP’s US$7b Argentine sale collapses
BP’s US$7 billion deal to sell its stake in South America’s Pan American Energy has collapsed because of legal issues, the would-be Chinese and Argentine buyers said on Sunday. China's biggest offshore oil producer CNOOC Ltd and Argentina’s Bridas, which is half-owned by CNOOC, had agreed a year ago to buy BP's 60 per cent stake in oil and gas group Pan American Energy LLC (PAE). But the deal ended up being cancelled after a November 1 deadline to complete the transaction was missed. Bridas cited “legal issues and the way BP handled the transaction” for the deal's cancellation.
BP said the deal hinged on Bridas obtaining Argentine anti-trust and Chinese regulatory approvals and that those permissions had not been won. “Securing these approvals was the sole responsibility of Bridas,” BP said. “For reasons known only to them, Bridas has now chosen to terminate the transaction,” BP added. BP said in a statement on Sunday it will repay a deposit of US$3.5 billion received for the PAE stake at the end of 2010, which would not impact its level of gearing. Late last month, CNOOC said Bridas Corp had not obtained the necessary regulatory approvals to complete the US$7 billion bid. It had said November 1 was the deadline after which either party would have the right to terminate the agreement.
Bridas emphasized that the Chinese and Argentine governments had voiced support for the deal and said the cancellation "was not influenced by the European financial crisis, nor by any measure taken by Argentina.” Argentine President Cristina Fernandez, known for interventionist economic policies, has introduced rules requiring oil firms to repatriate all export receipts. BP said it “will now be considering all its strategic options regarding PAE,” while Bridas said it would be willing to continue negotiations despite the deal’s cancellation. Bridas already owns 40 per cent of PAE, which BP has described as Argentina’s second-largest producer of oil and gas.
Lawsuit challenges tuition charges to Caribbean immigrant children
Attorneys here have filed a federal suit arguing that scores of American students who were born in the United States as children of undocumented Caribbean and other immigrants are being wrongly denied the right to pay in-state tuition at Florida’s colleges and universities.
The lawsuit, filed by the Southern Poverty Law Centre, states that the policy is not something that was ever outlined in Florida law, but was instead adopted administratively by the Florida Department of Education and the Board of Governors that supervises state universities.
The lawsuit describes the policy as a clear violation of the equal-protection clause of the US Constitution.
“Being classified as a non-resident more than triples the cost of tuition. As a result, many talented American students must either forego higher education or incur extraordinary costs,” according to the lawsuit.
It was unclear how many other states have similar tuition rules, though at least two other states —California and Colorado — have rescinded those policies in recent years.
Colorado’s attorney general, in reversing the policy, found that in-state tuition is technically a benefit for the student — not their undocumented parents.
The suit names several South Florida students as plaintiffs, including Noel Saucedo, who had a full-tuition scholarship at Miami Dade College reduced to almost nothing after he could not prove his parents were here legally.
Saucedo now attends school part-time because he cannot afford out-of-state tuition rates, the suit says.
Other students, faced with the higher tuition rates, dropped out of school, the Southern Poverty Law Center said.
Southern Poverty Law Center attorneys could not provide an exact number of Florida students being affected, but they estimated that it may be in the thousands.
At community colleges, including Miami Dade, the in-state tuition cost of a full semester is roughly US$1,200, while the out-of-state cost is about US$4,500.
At Florida International University, paying out-of-state tuition over the duration of a four-year degree adds about US$50,000 to the total bill.
Representative Reggie Fullwood, a Jacksonville, Florida, Democratic state lawmaker has filed a bill that would grant in-state tuition to students whose parents are undocumented immigrants.
The lawsuit and the proposed legislation have focused attention on a little-known issue in Florida, where immigration activists have long concentrated on passage of a federal Dream Act.
The proposed Dream Act has languished in the US Congress for years. It would legalize certain undocumented immigrants who have been accepted into college or the military.
The Dream Act remains a hot-button political issue. Advocates for a stricter, hard-line immigration policy say passage would reward those who entered the country illegally.
At a recent Republican presidential primary debate, Texas Governor Rick Perry got hammered for his support of a state law that allowed undocumented immigrants to qualify for in-state tuition.
Michael A. Olivas, who teaches immigration and higher education law at the University of Houston, said he was “astounded” by Florida’s actions.
“There’s no asterisk on citizenship,” Olivas said, adding “either you are or you are not.”
Trade unions reject LIAT meeting
The trade unions representing regional carrier LIAT’s workers have turned down the airline’s invitation for talks today to discuss possible job cuts, as the carrier moves to trim its workforce to 800 employees by year-end.
In a letter to the airline that was faxed to the media, Grenadian trade unionist Senator Chester Humphrey – who chairs the group of ten unions in LIAT’s network – said unions would not be discussing the mass termination of LIAT employees as an isolated matter.
LIAT had invited unions, which represent its employees, throughout the region to a meeting today to discuss a programme of staff reduction over the next two months, which is aimed at reducing staff to sustainable levels.
The union groups instead opted to attend a meeting of the cash-strapped regional carrier’s shareholder governments with its board of directors.
At that meeting, the unions said, they would be willing to discuss a comprehensive restructuring plan for the airline which will include an assessment of the airline’s team, staffing levels and an in-house mechanism for resolving industrial disputes.
LIME bleeds $1.3 billion in 2Quarter
TELECOMMUNCIATIONS provider LIME Jamaica reported a net loss of $1.3 billion over the second quarter ending September 30, 2011, but found a silver lining in a 11 per cent increase in mobile revenues and a three per cent growth in its postpaid mobile subscriber base.
Total revenues at LIME declined by three per cent to $4.5 billion over the period under review compared to the corresponding quarter last year. Operating expenses increased by 10 per cent to $2.5 billion, which the firm said was mainly due to a 29 per cent increase in staff costs as a result of a one-off retroactive pay increase.
However, while acknowledging that market conditions continue to be challenging, LIME Jamaica said it is responding with strategic commercial moves and internal initiatives which should have a positive impact on performance as the company enters the second half of its fiscal year.
During the quarter, the telecoms company said it saw its Average Revenue Per User (ARPU) for mobile increase by 26 per cent, driven by increases in prepaid voice and data ARPUs of 25 per cent and 92 per cent respectively. The company is also reporting a 30 per cent increase in enterprise and data revenue as it continues to compete aggressively in the corporate and government arena. And while broadband revenues dipped by 11 per cent; LIME said its FLIPTop promotion, which it said "offers the most affordable laptop in Jamaica" along with its internet service, is at the forefront of the company's strategy to drive Internet penetration and reverse this decline.
"The recently completed quarter highlights the fact that we still have a lot of work to do on the road back to profitability. However, the good news is that our mobile business continues to capture an increasing share of this market's value with an 11 per cent increase in service revenues driven by increased voice ARPUs and growth in data," said LIME Jamaica managing director Garry Sinclair.
"We successfully initiated our residential broadband penetration drive toward the end of the quarter, with the introduction of our 'FLIPtop' computer offer. The intention is to drive revenue growth by offering customers improved broadband propositions to encourage higher adoption rates," he added.
LIME also expects that the signing of a historic Memorandum of Understanding (MOU) with its Trade Unions will drive efficiency and facilitate more effective cost management which should reflect on performance going forward.
"We are very proud of the MOU signed with our Unions during the period and expect that the enlightened positions taken by our union partners will result in considerable cost efficiencies, increased productivity and enhanced revenue performances in the immediate future," said Sinclair.
The company is also encouraged by the recent announcement by former prime minister, Bruce Golding which indicated the Government intends to address imbalances in the legislative framework which it said currently governs the telecoms industry.
"The recent announcement by the former prime minister regarding proposed legislative and regulatory changes has opened up the possibility for a much more competitive market for mobile phone services. We are therefore cautiously optimistic and remain vigilant in our quest to ensure that the contemplated legislation is enacted and that the relevant regulators exercise their mandate in the interest of increased competition and consumer choice," Sinclair said.
Source: jamaicaobserver
Cuban dissidents share ordeal with US lawmakers
Three Cuban dissidents, jailed in a 2003 crackdown and imprisoned until their exile last year to Spain, have brought their story to United States lawmakers.
The three were sponsored by European Union politicians who hope to build a trans-Atlantic coalition to increase international pressure on Cuba.
The prisoners are: an independent journalist, Normando Hernández González; Regis Iglesias Ramírez of the Varela Project and former Nueva Prensa Cubana Director, José Luís García Paneque.
All three were arrested by Cuban authorities as part of Fidel Castro’s crackdown on dozens of dissidents and activists in what became known as the “Black Spring” of 2003.
T&T, Switzerland sign visa accord
Minister of Foreign Affairs and Communications Dr Surujrattan Rambachan and Ambassador of Switzerland to T&T Markus Alexander Antonietti recently signed an agreement on mutual visa exemption for holders of diplomatic, official or service passports on behalf of their respective countries. The agreement will facilitate the pursuit of initiatives by T&T in the areas of trade, investment, tourism and culture, among others.
This is the second agreement to be signed between T&T and Switzerland since 2010, as an agreement on the Reciprocal Promotion and Protection of Investments was signed between both countries in October 2010. T&T and Switzerland have enjoyed a very fruitful relationship since the establishment of diplomatic relations some 48 years ago, in 1963.
Chinese to make House call in Barbados
Barbados’ expanding relationship with the People’s Republic of China got a further boost with the arrival of a high-level delegation yesterday afternoon.
The delegation, led by Changzhi Cheng, vice-chairman, standing committee of the National People’s Congress, was met by Minister of Transport and Works John Boyce and Minister of Foreign Affairs Senator Maxine McClean.
Cheng and his team are in Barbados to learn more about Parliament and how it works. They are scheduled to visit Parliament during tomorrow’s sitting and will attend a reception hosted by Speaker Michael Carrington. Several tours and meetings with other Members of Parliament are also on the agenda.
McClean pointed to visits to China in the past year to open an embassy, an official visit by Prime Minister Freundel Stuart and a cultural presentation during the Shanghai Expo last year.
Two Uncompromising Collectives Threaten Progress In NBA Labor Discussions
With the NBA owners and players set to meet this weekend for labor negotiations, factions within each group may threaten any progress from being made at all this weekend, according to The New York Times.
The NBA owners are supposed to meet at 10 a.m. to discuss their stances on the ongoing collective bargaining negotiations, several hours prior to their meeting with the players, The Times reports. One group of 10-14 owners, reportedly led by Charlotte Bobcats owner and former player Michael Jordan, will vote against any more financial compromises to the players.
On the other side of the table, a group of 50 NBA players are reportedly threatening to dissolve the NBA Players Association if the union makes any more concessions on player salaries. The group of players took part in a conference call last evening with an anti-trust attorney about the possibility of decertifying, according to a report from Yahoo!’s Adrian Wojnarowski.
For the Players Association to decertify it would need to have a petition signed by thirty percent of the union to force a vote. Then, a majority of the union would have to vote to decertify.
One of the major final pieces of a collective bargaining deal is an agreement on the split of basketball related income. While some within the negotiations are reportedly ok with splitting the income 50-50, there are collectives on each side that steadfastly oppose such a deal.
BUT
After 8 hours of NBA labor meetings Saturday, the two sides took a disastrous step backward when David Stern put a Wednesday ultimatum to the Players Association. Stern's ultimatum occurred at 2 a.m. Sunday morning, blindsiding the union and putting the 2011-12 season in more jeopardy then ever of being cancelled despite the presence of federal mediator George Cohen. Stern said if the union does not reconsider and accept this proposal by Wednesday, it will pull it off the table and submit a less-favorable offer, retreating to 47 percent for the players and a flex cap (a fancy name for a hard salary cap). The players appeared backed into a corner and admitted it is unlikely talks will resume by Wednesday's Stern-imposed deadline. "Today is another sad day for our fans," union president Derek Fisher said. "We've been given an ultimatum and our answer is that's not acceptable to us." The ugly turn of events prompted the union's top negotiator, attorney Jeffrey Kessler, who rarely speaks to the press, to erupt at the NBA, saying the owners are trying to intimidate the players.
Dolphins pick up first win, 31-3 over Chiefs
It didn't matter how big of a lead the Miami Dolphins built on the Kansas City Chiefs . It still wasn't enough to keep them from feeling jittery.
One of two winless teams left in the NFL, the Dolphins came into Arrowhead Stadium on Sunday with the cloud of two second-half collapses still hovering. They were also facing a Chiefs team that had mastered the art of the comeback: 0-3 to 4-3 in four games.
So it made sense that nobody on the Dolphins sideline was celebrating until the final seconds ticked away, and coach Tony Sparano's beleaguered team could finally enjoy a 31-3 victory.
"I'm just happy for the guys in our locker room," Sparano said. "All I've wanted to do for seven weeks is see these guys smile."
There was plenty to smile about.
Matt Moore threw for 244 yards and three touchdowns, the first three-TD performance by a Miami quarterback since Chad Pennington in 2008. Reggie Bush ran for 92 yards and another score, and tight end Anthony Fasano hauled in two touchdown passes in the first half.
Brandon Marshall finished with eight catches for 106 yards and another score, once again making for a miserable afternoon for the Chiefs. The former Broncos wide receiver has 52 catches for 689 yards and seven touchdowns in eight games against Kansas City in his career.
"We had a couple of big plays, which kind of lit the fire," Moore said. "You make a couple of big plays early and there's no telling what can happen."
The virtuoso performance by the Miami offense helped brush away the spectre of an 0-7 start, which included a pair of disheartening losses the past two weeks: The Dolphins blew a 15-point lead in an overtime loss to Denver and a seven-point lead last week against the New York Giants .
"This is all about the players," Sparano said. "These guys did a super job all week long of putting all the garbage behind them."
Kansas City, meanwhile, looked more like the team that lost its first two games by a combined 89-10 than the one that rattled off four straight wins to climb into a tie atop the AFC West. The Chiefs, Chargers and Raiders remained tied for first place in the division after all three lost Sunday.
Matt Cassel was 20 of 39 for 253 yards despite facing a secondary missing cornerback Vontae Davis and had backup Nolan Carroll leave several times with a hamstring injury.
Of course, the defensive backfield didn't have much to defend.
The Dolphins' relentless front spent most of the afternoon in Cassel's face, sacking him five times and forcing the slow-footed quarterback to scramble nine more times. The Chiefs came into the game having allowed 13 sacks all season, tied for sixth-best in the league.
"They executed and we didn't," Cassel said. "We were able to put together some drives, but we weren't able to sustain those drives offensively. We have to do a better job of executing. It starts with me and all the way down the line."
Things looked promising for Kansas City its opening possession, when it put together a grinding, 14-play, 53-yard drive that Ryan Succop finished off with a 43-yard field goal.
The Chiefs didn't do much after that.
Miami answered with a touchdown later in the first quarter when nobody pick up Fasano off the line of scrimmage. Moore simply tossed a pass to him from 3 yards out, the first of 31 straight points scored by the Dolphins - more than they'd scored in any game this season.
On the Dolphins' ensuing possession, Moore hit fullback Charles Clay for gains of 21 and 22 yards, and then found Fasano open down the sideline for a 35-yard touchdown completion and a 14-3 lead.
Fasano's only other two-TD game also came against the Chiefs.
The Dolphins offense really hit the accelerator in the third quarter, when Moore found Marshall for a 14-yard touchdown pass, and Bush shook loose for a 28-yard scoring run, the former No. 2 overall draft pick's first TD on the ground since Nov. 15, 2009.
Any chance of a comeback ended early in the fourth quarter, when Kansas City failed to convert on fourth down at the Dolphins 3. The Chiefs also couldn't score on fourth-and-goal at the 5-yard line in the closing minutes of the game.
"This was not the kind of performance we expected or wanted," Chiefs coach Todd Haley said stoically. "This was a very dangerous team that was playing a lot better than their record. It's hard to win in the NFL and they just did a better job than us."
Chiefs cornerback Brandon Flowers put it more succinctly.
"We got beat," he said. "We got beat pretty bad by the Miami Dolphins . At home."
Source: SI
Rory McIlroy world number two after fourth in WGC event
Rory McIlroy's last-hole birdie in Shanghai has taken him to a career-high second in the world.
Now only England's Luke Donald is ahead of the 22-year-old US Open champion thanks to his fourth-place finish at the WGC-HSBC Champions event.
If he had parred the 18th, McIlroy would have been in a four-way tie for sixth and would have stayed behind Lee Westwood in the rankings.
But he birdied - watched by Westwood, who came 13th after a closing 74.
McIlroy is now third in the European Tour's Race to Dubai money list.
Martin Kaymer's victory after a magnificent 63, containing nine birdies in the last 12 holes, has lifted him back to fourth and given Europe the top four places again.
Donald missed the tournament while awaiting the birth of his second daughter but was too far ahead to be caught even if Westwood or McIlroy had won.
McIlroy, winner of the lucrative Shanghai Masters a week earler, said: "It was not really what I was looking for today, but I finished off quite well.
"I would have had to do something special to keep up with Martin today. I am a little disappointed but looking forward to my two weeks off."
He later posted on Twitter: "Fourth wasn't what I was looking for but still a solid week overall. On the upside I will move to number two in the world rankings."