Oil giant BP set to face $13.7bn fine for oil spill
Oil giant BP is set to face a fine of up to $13.7bn following a ruling by a US judge that the 2010 Gulf of Mexico oil spill was smaller than initially feared.
The company could have faced a fine of $17.6bn.
But the ruling found the spill equated to about 3.2 million barrels. The US government had estimated it at 4.09 million.
The ruling also heard that BP’s response to the disaster had not been grossly negligent.
But it was found the company had been grossly negligent during events leading up to an explosion which killed 11 men aboard the drilling rig.
BP is appealing the decision.
Supermarket suppliers could go to the wall following price war
The supermarket price war could be close to claiming its first victims as the number of small food suppliers falling into financial difficulty has more than doubled, risking dozens of administrations and thousands of job losses, according to a leading insolvency firm.
The big four supermarkets have all revealed big price-cutting measures in recent months and it appears, according to Begbies Traynor, that suppliers are being squeezed.
There have also been revelations of big suppliers delaying payments to their own suppliers.
Begbies’ “Red Flag Alert” research found 1,410 businesses supplying UK supermarkets are struggling – a jump of 92 per cent on last year.
Sainsbury’s to drop PricewaterhouseCoopers for Ernst & Young
Sainsbury's plans to drop PricewaterhouseCoopers as its auditor and replace it with rival Ernst & Young.
The British grocer said today its board will recommend the change to investors for their approval at its annual shareholders' meeting in July.
It said the move follows a formal tender process.
Sainsbury's said PricewaterhouseCoopers will audit the results for the year before Ernst & Young takes over.