Deepwater Horizon: BP accused of gross negligence
The US Justice Department has accused BP of "gross negligence and wilful misconduct" over the Deepwater Horizon disaster, claims which BP denies.
The allegations came in papers filed in the federal court in New Orleans.
The Deepwater Horizon rig had been leased by BP. It exploded on 20 April 2010, killing 11 workers and spilling millions of gallons of crude oil.
If the government can prove gross negligence it can triple the damages BP may have to pay to $21bn (£13bn).
The case is due to go to trial in New Orleans in January 2013, although talks are underway between BP and the US government to try to settle the claims.
"The behaviour, words, and actions of these BP executives would not be tolerated in a middling size company manufacturing dry goods for sale in a suburban mall," the government said in its 39-page filing.
BP has denied the claims. "BP believes it was not grossly negligent and looks forward to presenting evidence on this issue at trial in January," the company said in a statement.
Transocean, the Swiss-based company that owned the rig, declined to comment, the Reuters news agency said.
The legal filing said that errors made by BP and Transocean in deciphering a pressure test on the well supported the government's case.
"That such a simple, yet fundamental and safety-critical test could have been so stunningly, blindingly botched in so many ways, by so many people, demonstrates gross negligence," it said.
Facebook: Mark Zuckerberg not to sell shares for a year
Mark Zuckerberg has said that he will not sell any of his shares in Facebook for at least one year in a bid to shore up investor confidence.
His pledge came as Facebook shares hit an all-time low of $17.55 on Tuesday.
There have been fears that as various lock-up periods, which stop sales by early investors, end, the stock may dip further.
Mr Zuckerberg owns about 444 million shares of Facebook plus an option to issue another 60 million.
Last month, Peter Thiel, a venture capitalist and one of Facebook's earliest backers sold 20.1 million shares, cashing in most of his stake in the firm, after the first lock-up period ended.
Facebook shares rose nearly 2% in after-hours trading post the announcement.
Growth concerns
Facebook shares have fallen almost 50% since the company went public in May this year.
Analysts and investors have been concerned about the firm's ability to generate revenue from users that access the website on their mobile devices.
The decreased screen space on these devices, compared with traditional desktop computers, means it is difficult to place advertisements.
As more and more users access the site from mobile devices, there are fears that revenue growth from advertisers, may slow.
That does not bode well for Facebook, as advertising revenue is one of the biggest contributors to its income.
Those fears were fanned further on Tuesday after analysts at Morgan Stanley and JPMorgan Chase cut their price targets for the firm's shares.
Scott Devitt of Morgan Stanley lowered his target price to $32 from $38 on concerns over mobile advertising.
Meanwhile, Doug Anmuth of JPMorgan Chase slashed his target to $30 from $45, saying that revenue from games hosted on the website was likely to fall.
Obama Arrives for Democratic Convention
U.S. President Barack Obama is in Charlotte, North Carolina for the Democratic National Convention, a gathering of his staunchest supporters he hopes will propel him to re-election to a second term in the White House.
Mr. Obama arrived in the southern state Wednesday afternoon. Hours earlier, party officials looked at Thursday's weather forecast and decided to move his night-time nomination acceptance address from an outdoor football stadium because of concerns about rain. The president will instead speak in a much smaller, 20,000-seat indoor arena where the remainder of the convention is being staged.
Democratic officials said they feared the possibility of rainstorms during the speech. Mr. Obama's Republican opponents said the real worry for his supporters was that the president might not attract enough people to fill the 74,000-seat stadium.
In a statement, convention organizer Steve Kerrigan said the group shared the “disappointment of over 65,000 people” who had signed up for credentials to attend the outdoor event. He said Mr. Obama would speak to them during a Thursday conference call.
Meanwhile, former U.S. president Bill Clinton takes the spotlight at the convention on Wednesday, adding more high-profile support for Mr. Obama's re-election.
Mr. Clinton, the 42nd American president, will formally place the 44th president's name up for nomination during a nationally televised address. The relationship between the two Democrats has improved in the years since Mr. Obama defeated the former president's wife, Hillary Clinton, in the 2008 party nomination campaign.
Mr. Clinton remains a popular figure among many Americans who recall the economic prosperity during his two terms in office in the 1990s, and analysts say he could help Mr. Obama win support from older, white working-class Americans.
The highlight of the convention's opening night Tuesday was a speech by first lady Michelle Obama, who talked about her husband's character and ability to make tough political choices.
“Barack refused to listen to all those folks who told him to leave health reform for another day, another president. He didn't care whether it was the easy thing to do politically — that's not how he was raised –he cared that it was the right thing to do.”
Democrats used their opening speeches reaching out to women voters, with Mrs. Obama recounting how the president's early background — and his grandmother's employment setbacks — helped shape his governing policies as president.
Mr. Obama's opponent in the November 6 election is Republican Mitt Romney, a one-time venture capitalist and former governor of Massachusetts. Surveys of voters show the two candidates in a virtual tie nine weeks ahead of election day.
Tropical Storm Strengthens Into a Hurricane
Forecasters have upgraded Tropical Storm Leslie into a hurricane.
The National Hurricane Center in Miami said in its midday forecast Wednesday that Leslie was about 750 kilometers south of Bermuda and moving very slowly to the north.
Top sustained winds are 120 kilometers per hour.
Forecasters have not yet predicted whether Leslie will strike land, but say those living on Bermuda should closely monitor the storm. They also say Leslie could create life-threatening surf along the U.S. east coast.
Leslie is the sixth named hurricane of the Atlantic season, which began June 1 and lasts through November.
Egypt, Turkey criticizes Syria Assad
Egypt's president says Syrian leader Bashar al-Assad must learn from “recent history” and step down before it is too late, while Turkey's prime minister said Syria has become a “terrorist state” carrying out massacres against its own people.
Egyptian President Mohamed Morsi told a meeting of the Arab League in Cairo Wednesday that a resolution to the crisis is an Arab responsibility, reiterating his call for the Syrian government to resign. He said the time has come in Syria for “change and not wasting time speaking of reform.”
Mr. Morsi also said a quartet of regional states proposed by Cairo to discuss the Syrian crisis would meet. The group includes Turkey, Saudi Arabia, Iran and Egypt.
In separate comments, Turkish Prime Minister Recep Tayyip Erdogan voiced further frustration at the lack of international consensus over the chaos in Syria. He told a meeting of his ruling AK party in Ankara that Turkey does not “have the luxury to remain indifferent” to what is happening in Syria.
Meanwhile, Syrian forces and rebels clashed in several regions on Wednesday including Aleppo, the country's commercial capital.
The Britain-based Syrian Observatory for Human Rights says at least 33 people were killed in Aleppo, where Syrian forces have been pounding neighborhoods with rebel strongholds.
The Syrian government has blamed “terrorists” for much of the violence that has gripped the county for 18 months.
In another development, U.N. chief Ban Ki-moon sharply criticized the Security Council for what he called its “paralysis” on Syria.
He told the U.N. General Assembly, on Wednesday, that a lack of decisive action harms the Syrian people and damages the credibility of the council.
The Security Council's efforts to pressure Syria have been hampered party by Russia and China. The two countries have vetoed three Security Council resolutions on Syria.
On Wednesday, Chinese Foreign Minister Yang Jiechi told visiting U.S. Secretary of State Hillary Clinton that his country supported a political transition in Syria.
But, he repeated China's opposition to foreign intervention.
World Economic Forum, U.S Slipping
The World Economic Forum says the United States, with the world's largest economy, is slipping in its global competitiveness because its political leaders have failed to deal with the country's rising debt and continued deficit spending.
On Wednesday, the day after the U.S. said its debt has reached a record $16 trillion, the Geneva-based group said the U.S. remains a world innovation powerhouse. But the WEF said business leaders are concerned about the public's lack of trust in the country's political leaders and “a perceived lack of government efficiency.”
The U.S. slipped two spots in the rankings to seventh worldwide, the fourth straight year it has fallen in the annual survey. The forum's lead economist, Jennifer Blanke, told VOA the U.S. has serious weaknesses that undermine its business competitiveness.
“There is … continuing concern about the macro-economic environment, continuing debt levels – the inability to get the spending under control and really political deadlock about how to even deal with this issue. And, this is leading to concern about political institutions in general. So, the business sector has concerns about its confidence in politicians to make the sorts of decisions that are needed going forward.”
The report said Switzerland, for the fourth consecutive year, is the most competitive country on its list of 144 nations, because of its excellent education system and substantial corporate spending on research and development. The WEF said Singapore, Finland, Sweden and the Netherlands follow the Swiss.
The report said the least competitive countries were Burundi, Sierra Leone, Haiti, Guinea and Yemen.
While Northern European countries hold six of the top 10 rankings, some debt-ridden countries in the southern part of the continent fell in the rankings, with financially troubled Greece dropping six spots to 96th. WEF economist Blanke said the continent's leaders need to boost economic growth as they grapple with the three-year-old debt crisis.
“The Europeans really need to deal with their sovereign debt crisis and get some of these countries growing again … They need to be thinking beyond the short-term. They need to get this macro-house in order, but then they need to be thinking about the sorts of investments that will get them there.”
After Singapore, the WEF report ranked four other Asian economies in the top 20: Hong Kong, Japan, Taiwan and South Korea.
In the Middle East and North Africa, Qatar led the way at 11th, followed by Saudi Arabia, the United Arab Emirates, Israel and Oman.
In sub-Saharan Africa, South Africa was ranked 52nd, followed by Mauritius at 54th.
In Latin America, Chile was ranked the highest, at 33rd, followed by Panama, Brazil, Mexico and Costa Rica.
The world's second largest economy, China, was ranked the 29th most competitive, down three spots from last year.
The World Economic Forum's 10 most competitive countries:
1. Switzerland
2. Singapore
3. Finland
4. Sweden
5. Netherlands
6. Germany
7. United States
8. United Kingdom
9. Hong Kong
10. Japan
The World Economic Forum's 10 least competitive countries:
135. Swaziland
136. Timor-Leste
137. Lesotho
138. Mozambique
139. Chad
140. Yemen
141. Guinea
142. Haiti
143. Sierra Leone
144. Burundi
The entire report can be seen at http://www.weforum.org/issues/global-competitiveness. The country-by-country rankings can be seen at http://www3.weforum.org/docs/CSI/2012-13/GCR_Rankings_2012-13.pdf.
Source-VOA
Pirates Hijack Oil Tanker Off Nigeria
Pirates have seized an oil tanker and its crew near the coast of Nigeria, the third hijacking in the Gulf of Guinea in two weeks.
Nigerian naval officials say pirates seized the Singapore-flagged ship Abu Dhabi Star near the Lagos port. There are conflicting reports about whether the vessel was in Nigerian waters when pirates took control.
Authorities say they believe the pirates will sail the ship to another vessel to siphon out the oil.
Last week pirates seized an oil tanker anchored in Togo's port, an area where crews typically feel more protected from pirate attacks.
The director of the International Maritime Bureau, Pottengal Mukundan, says Togo's navy was unable to rescue that tanker.
“This is very disturbing because it sends the wrong signal to these criminals, that they can succeed in these attacks,” he says.
Pirates freed the tanker and crew seized last week after stealing the oil on the vessel.
Hijackers in the Gulf of Guinea typically release ships and crew members after stealing cargo, unlike pirates in Somalia who usually hold the crew for ransom.
Mukundan warned attacks in the Gulf of Guinea will likely rise unless governments do more to catch and punish the pirates.
Fire At Venezulea's Amuay Battled
The Amuay refinery produces 645,000 barrels of oil per day
The Venezuelan president has said that firefighters have extinguished the blaze at one of three burning oil tanks in the country's biggest refinery.
Hugo Chavez said the intensity of the blaze at one of the other tanks at the Amuay refinery had been reduced by 75%.
The tanks have been burning since an explosion at the refinery on Saturday which killed 48 people, injured dozens more and damaged 200 nearby homes.
It was among the most deadly oil industry accidents in recent years.
"Latest news... at this moment the fire at tank 200 in Amuay is extinguished," Mr Chavez said in a series of tweets.
"We continue battling with our heroic firefighters from [state oil company] PDVSA," he said, adding that he was talking by telephone with Energy Minister Rafael Ramirez, who was at the scene.
"With God's help, we will succeed!"
'Consequences'
On Monday, Mr Ramirez predicted that the 645,000 barrel-per-day facility would begin operations again on Friday, and that the fires would be put out within two days.
When things aren't done properly, with responsibility, then you have to prepare for the consequences
Henrique Capriles, Venezuelan presidential opposition candidate
In pictures: Refinery blast aftermath
The country's opposition candidate in the forthcoming presidential election, Henrique Capriles, said government inefficiency under Mr Chavez was to blame for the accident.
"When things aren't done properly, with responsibility, then you have to prepare for the consequences," he said.
Venezuela has the world's biggest certified oil reserves.
Mr Capriles and other critics of Mr Chavez's government have said under investment by the state oil company has led to a decline in production and safety standards.
But Mr Chavez said there was no evidence the blast was the result of poor maintenance. Investigators have yet to determine the precise causes but government officials have said the blast occurred after a gas leak created a cloud that ignited.
Half of those who had died in the incident were members of the National Guard who had been protecting the refinery.
On Monday, Mr Chavez said he was creating a $23m (£14.5m; 18.4m euros) fund to help cover the costs of clean-up operations and replace damaged homes. A total of 31 people remain in hospital.
Typhoon Bolaven Lashes Korean Peninsula
A powerful typhoon is bringing strong winds and heavy rain to North and South Korea, leaving at least eight people dead and thousands without power.
Typhoon Bolaven churned up rough seas as it slid up the coast of South Korea Tuesday before making landfall in already flood-ravaged North Korea.
Five fisherman died after their Chinese vessels slammed into rocks off South Korea's southern island of Jeju. South Korea's coast guard carried out a dramatic rescue to pull at least 11 other fisherman from the Chinese ships to safety. Six others were able to swim ashore, but 12 more remained missing.
The storm knocked over street lights, ripped away signs and toppled a church spire as it pounded portions of southern and western South Korea, where three people were killed.
Forecasters expect another storm, Typhoon Tembin, to affect the Korean peninsula later this week after passing by Taiwan for the second time in three days.
-VOA
Republican Party Opens Shortened Convention as Storm Skirts Florida
U.S. Republicans hold the first full day of their national convention Tuesday, pushing to highlight their policies and presidential candidate Mitt Romney while a tropical storm threatens to overshadow the event's celebratory tone.
Romney is set to arrive in the host city of Tampa, Florida Tuesday, but aides have not said if he will be in attendance during his wife Ann's primetime speech. New Jersey Governor Chris Christie closes the night with his keynote address.
The Republican Party formally opened its nominating convention Monday but postponed most of the proceedings as Tropical Storm Isaac skirted the Florida coastline. Forecasters say the storm could strengthen into a hurricane before striking Louisiana late Tuesday or early Wednesday.
Romney aide Russ Schriefer told reporters in Tampa the campaign is concerned about the people in the path of the storm and may revise the convention's schedule again.
The Republican governor of Louisiana, Bobby Jindal, canceled his planned convention speech, saying he was staying home to deal with the prospect of Isaac hitting his state.
A Washington Post opinion poll published Monday shows President Barack Obama, the Democratic incumbent, and Mr. Romney in a tight race for the November presidential election. It says Mr. Romney has the support of 47 percent of likely voters compared to 46 percent for Mr. Obama — little changed from early July's figures.
Mr. Obama is spending Tuesday and Wednesday campaigning in college towns in Iowa, Colorado and Virginia. The Democrats hold their convention next week.
