The Gulf of Mexico oil spill disaster is likely to cost BP $23bn (£15bn) and its shares can be expected to lag behind those of its competitors by 5% for the “lasting” future, analysts warned today.
More than $9bn will come from reputational damage as a result of the Deepwater Horizon oil spill while the total costs are likely to drive up its net equity to debt ratio to 35%, much higher than its peers, according to Barclays Capital.
But this whole Gulf of Mexico fiasco sounds a bit like a trailer mash-up between a Jean-Claude Van Damme movie and Al Gore’s Inconvenient Truth. Unfortunately, this isn’t Hollywood and we’ve have 5,000 barrels of crude oil bubbling into our ocean every single day–though some are reporting it’s closer to 26,000 barrels a day!
British tax authorities have arrested 21 people after raiding homes and offices across Europe as part of a crackdown on alleged carbon-trading fraud, HM Revenue & Customs confirmed today .
Some 450 staff took part in raids on Wednesday as tax authorities across the continent intensified an ongoing investigation into alleged carbon-trading fraud, which is estimated to have cost €5bn in unpaid taxes.
Premier Wen Jiabao on Wednesday vowed to realize the country’s green goal to cut energy intensity by 20 percent between 2006 and 2010, amid the strong economic recovery.
In a nationwide video and teleconference, Wen told governments at all levels to work with an “iron hand” to eliminate inefficient enterprises.
To that effect, he laid out new targets to shut down the outdated 10 GW capacity of small thermal power plants, 25 million tons of iron smelting, 6 million tons of steel production, 50 million tons of cement, 330,000 tons of aluminum, 6 million containers of glass sheets and 530,000 tons of paper production within this year.
Homes are responsible for more than 20% of energy consumption in the United States. But how do you pinpoint the sources of all that CO2? An impressive new data-visualization tool from GE and Pentagram’s Lisa Strausfeld, who knows from information design, helps determine precisely which household electronics do the most damage.