BP's profits edge lower but beat forecasts
Oil giant BP saw profits edge lower in the first three months of the year.
Underlying replacement cost profit, which strips out the effect of oil price movements, was $4.2bn (£2.6bn) - down from $4.7bn for the same period a year ago.
However, the result beat analysts' forecasts of $3.27bn.
When the one-off gain from BP's sale of its interest in joint venture TNK-BP is included, the firm made $16.6bn in the quarter.
"These results represent a strong start to 2013 across all of our businesses," said BP chief executive Bob Dudley.
Asset sales
BP attributed the better-than-expected result to a greater share of new production coming on stream from major projects in Angola and the North Sea, helping to compensate for the production it has lost due to asset sales.
The company has been selling assets in order to raise funds to cover the costs arising from the Deepwater Horizon disaster.
The firm said the cumulative cost of the Gulf of Mexico spill, one of the worst environmental disasters in US history, remained at $42.2bn.
Underlying production of oil and gas, excluding the impact of asset sales, rose 2% in the quarter compared with the same period a year ago.
However, BP said that total oil and gas production was down 5% on a year earlier, primarily due to the sale of its stake in the TNK-BP Russian joint venture.
It also warned that production was likely to fall further in the second quarter of the year due to asset sales.
As well as the sale of its TNK-BP stake, BP also sold its Texas City refinery in the first quarter.
BP said its exploration projects remained on track, and it planned to drill 15 to 25 exploration wells by the end of the year.
BP is carrying out a share buyback programme - aimed at returning $8bn to shareholders over the next 12-18 months.
'Higher risk'
Societe Generale analyst Irene Himona said the results marked a strong quarter for BP, despite the fall in profit.
"It's a very good number. They beat consensus materially. So clearly a strong operational performance that's very encouraging."
However, Keith Bowman, analyst at Hargreaves Lansdown Stockbrokers, remained cautious.
"Underlying progress is being made. However, until the uncertainty of US legal settlement is lifted, BP remains a higher risk investment in a traditionally lower risk sector," he said.
Source-BBC
Deutsche Bank surges as share issue cheers investors
Deutsche Bank's shares rose almost 7% in early trading, as its decision to issue shares to boost its capital reserves and strong first-quarter results cheered investors.
Germany's largest bank has issued 2.96bn euros (£2.9bn) worth of stock in a bid to reassure investors over the strength of its balance sheet.
The new shares are part of Deutsche's plans to raise 4.9bn euros in total.
Its pre-tax profit rose 28% to 2.4bn euros from 1.9bn euros a year ago.
The bank said it would also sell 2bn euros of debt.
Deutsche Bank, Germany's biggest bank based on market capitalisation, has been under pressure from regulators to increase its capital reserves in order to give it a bigger buffer against potential crises such as the 2008 global financial crisis.
Until now, Deutsche has resisted calls to issue fresh shares in order to do so, because it would dilute its existing equity. Its share sale will increase the number of existing shares by about 10%.
However, Deutsche Bank's co-chief executive officer, Anshu Jain, said the decision to raise fresh funds followed meetings with regulators and shareholders, who made it clear that resolving the capital issue needed to be a "top priority".
Mr Jain said that the bank decided on the capital increase so it could meet its goals for stronger financial reserves "in one fell swoop".
As a result of the capital increase, Deutsche says its tier-one capital - the level of top quality assets held in reserve as a buffer against financial troubles - will increase to 9.5%, up from 8.8% at the end of March.
The ratio puts it comfortably ahead of new rules on capital requirements, due to be bought in by 2019 under the international agreement known as Basel III.
"We are now among the best capitalised banks in our global peer group," added Mr Jain.
Mr Jain said that the bank's bigger capital cushion would open the door to higher dividend payments. Since 2009, Deutsche Bank has kept dividend payments steady at 0.75 euros.
Source-BBC
Caribbean resort investors fear for their homes
British investors in the financially troubled multi-million dollar Caribbean investment firm Harlequin Property are afraid they could lose tens of thousands of dollars and even their own homes after Harlequin’s sales division filed for administration last week.
Some of the investors remortgaged their own homes in order to fund their deposits on properties in vacation resorts planned by Harlequin and, now that the company has stopped paying the interest on the remortgages, which it agreed to as part of the deal, their homes may be in jeopardy.
Harlequin has taken more than £300 million (US$453 million) in deposits for at least 6,000 properties across six Caribbean resorts, but only built around 300 at Buccament Bay in St Vincent and the Grenadines.
Harlequin said last week: “Due to unfounded negative publicity in the public domain that has been instigated since 2011, the day-to-day UK sales business of Harlequin Property has become increasingly challenging, to the point that it is now almost impossible.
“The underlying business model of the Harlequin group is strong and the directors are confident that, with the external finance and property completions anticipated, our investors will see significant development at our resorts in the near future.
“Investors can be assured that the company sees no reason why these circumstances would threaten their investment with Harlequin. In fact, the measures set out above are a means of further securing their investments from external and contrary interests."
Harlequin recently halted work on its two multi-million dollar resorts in Barbados, owing employees two months’ salary, the Barbados National Insurance Scheme (NIS) about $80 000 (US$40,000) and several local businesses and contractors in excess of $3 million.
The company was also in the news when its owner, British businessman Dave Ames was accused of bribing the prime minister of St Vincent and the Grenadines (SVG) in order to gain citizenship.
Ames, 60, has rejected the accusations that he had offered Prime Minister Dr Ralph Gonsalves a “suitcase of money” in return for citizenship in SVG, where Harlequin is developing a luxury resort.
The BBC sent reporters to the Caribbean and later accused Gonsalves of accepting a suitcase of money from Ames in order to receive his citizenship.
Meanwhile, Harlequin has moved out of its offices in Barbados, and the majority of its senior managers have reportedly packed up and left.
In a statement at the time from its British office, Harlequin said it was in the process of restructuring elements of its business.
Fish the Mega Boss Retained Calypso Monarch Crown --- Roxxy
Ten participants including the reigning King Fish "the Mega Boss" took the Bada Bing alleged bribery investigation as their topic for the 2013 NAGICO Calypso Finals held Sunday night at the Festival Village. The idea seemed a bit too monotonous and it appeared as though calypsonians did not look very hard for more pressing issues that are affecting the community or the small man to use as inspiration to send their messages across to the persons they elected to office.
Roxxy (Roxanne Webster) hit home with her second song when she challenged the judges and those involved in the Calypso Finals to be fair when judging and to give the youths and upcoming singers a chance to move up the ladder. Roxxy brought on stage a number of youths to depict how much the youths of the island are left behind while winners are selected based on who they know or what connections they may have with the judges or those in charge of the show.
The ten participants including the reigning King who was defending his title all jumped on the Bada Bing scandal in one way or another. King Beau Beau depicted what was shown on tape involving Member of Parliament Patrick Illidge (Willy Bounce) when he brought a painted white man on stage on a desk with his laptop and gave the now embattled MP a number of fake hundred dollar bills. Even though King Beau placed a lot of effort in depicting corruption, he did not score enough to be one of the winners. He said Patrick Illidge (Willy Bounce) is his friend but he was there to tell the truth. Beau Beau said even though the Bada Bing recordings were done since 2012 it was kept in the dark just in time for carnival so he could sing about it since the I-3 Member of Parliament took the stage last year when he sang his song and vowed to make a change.
Another Member of Parliament that was mimicked Sunday night was MP Romain Laville who is accused of threatening MP Jules James with a gun. A strange performance during the 2013 Calypso Finals were a number of Police Officers (mostly Bavpolers) were used by the calypsonians to get their messages across. These officers were fully dressed in their uniforms.
At the end of the show which lasted until 3am, supporters and onlookers were judging among themselves as they waited for the judges' decision. It was clear that Roxxy's message created a stir among the crowd. Some people said she made their blood boil as she was singing. Her words were clear and the message was based on what has been taking place on St. Maarten for years. Among those that were discussing were veteran singers and culture icons who said that if the judges cheat or crowned someone else as the champion Sunday night it would show favoritism.
Just before 4am the judges delivered their scores and the thoughts of crowd became a reality when Roxxy was declared first runner up. The judges awarded Roxxy with 820 points for her overall performance. She was awarded with a check of $3,500 from the main sponsor NAGICO Insurances and a trophy. The Mighty Brat came in second with 807 points, he received a check of $1,500 and a trophy.
Dutch Queen Beatrix abdicates in favour of son
Queen Beatrix of the Netherlands has handed the throne to her son Prince Willem-Alexander.
The 75-year-old monarch signed the instrument of abdication in Amsterdam after 33 years on the throne.
Willem-Alexander has now become the country's first king since 1890.
Huge crowds of orange-clad partygoers are in Amsterdam to pay tribute to the popular queen, who has maintained a recent Dutch tradition in handing over to a new generation.
Queen Beatrix announced her intention to stand down in January, saying her son was ready to reign and that it was time for the throne to be held by "a new generation".
She formally relinquished the throne at a short ceremony in the Royal Palace on Tuesday, signing a statement which read: "I now withdraw from my office of Queen of the Netherlands, and the monarchy will now be transferred to my eldest son, Willem-Alexander."
About a million visitors were expected in Amsterdam, and street parties are taking place across the nation.
There were huge cheers from the crowds outside, watching on giant screens in Dam Square, as she and the prince and his wife Maxima - a 41-year-old Argentine-born investment banker - signed the abdication deed.
The visibly emotional queen, now Princess Beatrix, told the crowds: "I am happy and grateful to introduce to you your new king, Willem-Alexander."
King Willem-Alexander thanked mother for "33 moving and interesting years", saying he and the Dutch public and people in Dutch overseas territories were "intensely grateful" to her.
ANC defends Nelson Mandela visit and video footage
It was the third time in the past four months that the Nobel Peace Prize laureate had stayed in hospital.
President Jacob Zuma and ANC Deputy President Cyril Ramaphosa were among senior ANC officials who called in on Mr Mandela at his home in Houghton and were given an update by his medical team.
"After receiving a briefing from the medical team, the national officials are satisfied that President Mandela is in good health and is receiving the very best medical care," the ANC said in a statement.
President Zuma said Mr Mandela "shook hands and even smiled".
The rare video footage from his home was broadcast by South African state broadcaster SABC.
The BBC's Milton Nkosi in Johannesburg says there has been an outcry on social media - especially Twitter, where the topic is trending - about the broadcast of the video.
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Many see it as exploitative and an invasion of the former president's privacy, our correspondent adds.
Central Damascus 'hit by bomb explosion'
At least 13 people to have been killed and many more injured by a powerful explosion in Syria's capital, Damascus, state media and activists say.
A bomb is believed to have been detonated in a square in the central district of Marjeh. Civilians and security personnel are among the dead.
Sporadic gunfire was heard in the area after the blast.
On Monday, Prime Minister Wael al-Halqi survived a car bomb attack, which had targeted his convoy in the capital.
The latest attack took place near a hotel, shopping centre and interior ministry building in Marjeh, a busy commercial district, the BBC's Jim Muir in Beirut reports.
It is not yet clear what the target of the attack was, our correspondent says.
State television showed footage of widespread damage in the area, which was shrouded in dense smoke. Several vehicles could be seen burning and buildings with shattered windows.
The Syrian Observatory for Human Rights (SOHR) said the cause of the blast was a car bomb.
The UK-based activist group monitors human rights violations on both sides of the conflict via a network of contacts across Syria.
It estimates that March was the bloodiest month yet, with more than 6,000 people killed - a third of them civilians.
Government forces forces and rebels have been fighting in and around Damascus for months, but neither have gaining the upper hand.
Monday's blast targeting the prime minister was the latest bombing inside government-controlled areas of the capital.
The car bomb exploded as his convoy passed through the Mezzeh neighbourhood, reportedly killing a a number of people, including Mr Halqi's bodyguard.
So far no group has said they carried out the attack.
The UN says more than 70,000 people have been killed since the uprising against President Bashar al-Assad erupted in March 2011.
Bangladesh defends rejection of foreign aid for collapse
Bangladesh has defended its decision to turn down foreign help following Wednesday's collapse of a building near Dhaka that killed at least 382 people.
Home Minister Muhiuddin Khan Alamgir told the BBC authorities were confident they could deal with the crisis and emergency services did "a good job".
Hundreds are thought to be trapped but hope of finding more alive is fading.
Most victims are thought to be garment factory workers. The building's owner has been arrested.
Mohammed Sohel Rana is one of eight people detained, along with at least two garment factory owners.
They face allegations of negligence, illegal construction and persuading workers to enter the building in Savar - a day after visible cracks appeared.
Separately two companies whose suppliers were based in the building, Britain's Primark and Canada's Loblaw, said on Monday they would pay compensation and offer emergency food aid to victims who worked for their suppliers.
Mr Alamgir said that the Bangladeshi authorities "were confident we could manage it ourselves" in the rescue operation and had "enough people" involved in the rescue operation.
He pointed out that nearly 2,430 of at least 3,000 people who had been in the building survived.
The minister said this figure was "better than the average international effort in such cases".
Tokyo governor in apology over Olympics comments
The governor of Tokyo has apologised for comments he made about rival Istanbul's bid for the 2020 Olympic Games.
Naoki Inose, who is chairman of Tokyo's Olympic bid committee, made the comments in an interview in New York.
He appeared to criticise facilities in Istanbul and said that Islamic countries were "fighting with each other".
Mr Inose said his remarks had been "inappropriate".
"I am apologising as my remarks could be misinterpreted by people in the Islamic world, so I am clearly apologising for this," he told a news conference.
Mr Inose replaced outspoken predecessor Shintaro Ishihara, who resigned late last year to contest Japanese general elections in December 2012.
"For the athletes, where will be the best place to be? Well, compare the two countries where they have yet to build infrastructure, very sophisticated facilities," he was quoted as saying in an article published late last week by the New York Times.
He also said: "Islamic countries, the only thing they share in common is Allah and they are fighting with each other, and they have classes."
His remarks prompted fears Tokyo's bid could have broken International Olympic Committee (IOC) rules which prevent candidate cities commenting on their rivals.
Turkey's sports minister called the remarks "unfair and disheartening", Reuters news agency reported.
Mr Inose said that from now on he would campaign "strictly in accordance with the IOC rules".
The ballot is due to take place on 7 September, with Madrid in the running as well as Istanbul and Tokyo.
Canadians among three charged in Grenada with money laundering
A Canadian couple is remanded in custody and awaiting a second court appearance after being charged with what Grenada police claim is a “ring” that cheated elderly Canadian and American citizens out of thousands of dollars.
Magistrate Tamara Gill refused a request for bail from defence lawyer, Peter David, who is representing Quebec residents Denzel Roach, 21, and his 22-year-old female companion, Amanda Forbes.
One local newspaper, Caribupdate Weekly, has reported that Roach, Forbes and Grenadian Francis Richards are facing eight indictable charges of money laundering.
“The group of three is alleged to have collected various sums amounting to at least EC$30,000,” the paper said.
It reported police prosecutor, Vannie Curwen, as saying that more charges could be filed against the trio and that the total cash amount involved is way higher than the EC$30,000.
Curwen, an assistant superintend of police, said among those from whom statements have been received are “witnesses from outside the jurisdiction,” believed to include Canadian police.
During the first court appearance of the accused, Curwen told the magistrate that the “safest and most prudent” measure she could adopt is denying all three defendants bail.
He said there was “no assurance or guarantee” that the accused will “show up for trial”, once granted bail.
Richards is said to have collected the money at a wire transfer service operator after it would have arrived here from North America.
The 34-year-old, whose attorney is also David, was born in Trinidad but has been living in Grenada since age three.