Economy
Citigroup Inc oversees BP Plc compensation fund cash injection |
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| Economy | |
| Written by Roberta Murray | |
| Tuesday, 10 August 2010 | |
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Morning Business News, Tuesday 10 August: Citigroup Inc, BP Plc, Google Inc net neutrality, European Union tax and precious metals.
Citigroup Inc (NYSE:C) has seen the first tranche of cash injected into the compensation fund it manages on behalf of BP Plc (LON:BP). The London-listed oil major said it had put an initial £1.9bn into the fund. Citigroup Inc was confirmed as corporate trustee of the fund, while individual trustees of the BP fund were confirmed as Kent Syverud, dean of Washington University in St. Louis School of Law, and former New York city federal judge, John Martin. Kenneth Feinberg and his law firm will to administer the fund, with a 3-member panel of judges in place for those who want to appeal Feinberg's final decisions. European Union hope for direct tax powersThe European Union is to push for the right to levy direct taxes on Britons and the citizens of other member countries, the EU Budget Commissioner has disclosed. The EU hopes that the plan, to be unveiled next month, which could see new taxes on air travel and financial transactions, will give it more independence and fund controversial expansion proposals. The direct taxes would reduce each country's annual payment to the EU, the Telegraph reports. Google Inc net neutralityInternet giant Google is proposing new "net neutrality" legislation in America that would force web providers to treat all traffic equally – but not on wireless connections. Google has proposed a legal framework that would allow American regulators to fine internet service providers up to $2m if they allowed one kind of internet traffic priority over another on the fixed-line internet, the Telegraph reports. Precious metals top performing assetPrecious metals such as gold were the best performing asset class of the first half of the year, according to research by Lloyds TSB. They rose in value by an average of 9.7%, with gold turning in the best performance thanks to a rise of 13.5%, the bank's survey of asset classes found. International equities were the worst assets to hold over the period, falling by 6.8%, the Telegraph reports.
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