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To: Keith Feral who wrote (133545)	6/2/2010 10:11:53 AM
From: Wowzer	Read Replies (1) \| Respond to of 206176

Coast guard says saw is stuck in new effort to fix oil spill. BREAKING NEWS updated 2 minutes ago PORT FOURCHON, Louisiana - BP's latest effort to stem the oil gusher in the Gulf stalled on Wednesday when a saw become stuck as it was cutting through a pipe on a busted well, Coast Guard Adm. Thad Allen said. Allen said the goal was now to free the saw and finish the cut later in the day. This is the second major cut in the effort to contain -- not plug -- the nation's worst spill. Allen said the first cut with giant shears was successful overnight. Even if it works, the current mission to cut a major pipe and cap it would only reduce the flow, not stop it. If it fails, it could make the largest oil spill in U.S. history even worse. The best hope for sealing the leak, until a permanent fix is possible in August, failed Saturday, when engineers were unable to plug it with heavy mud in a maneuver called a top kill.

To: Keith Feral who wrote (133545)	6/2/2010 10:41:34 AM
From: Mike K	1 Recommendation Read Replies (1) \| Respond to of 206176

Speaking of BP dividends, the following is from today's UK Express: BP OIL DISASTER SINKS OUR PENSIONS BILLIONS of pounds were wiped off the value of pension funds yesterday as shares in BP slumped dramatically because of the Gulf of Mexico oil spill. One of Britain’s biggest companies and a key indicator of its economy, the oil giant suffered its worst one-day share fall for 18 years. At its lowest point, the company’s share price was nearly 17 per cent down, although it recovered slightly by the close of trading. Even so, £12billion had been wiped off its market value. DEBATE: ARE YOU CONCERNED ABOUT FUNDING YOUR RETIREMENT? Last night experts were warning that the company had “the smell of death about it” as fears grew that the disastrous leak off the Louisiana coast could continue for another two months after the latest attempt to stem it failed. Market experts warned that the extraordinary decline of the City heavyweight – a key stock for many UK pension fund investments – would inevitably leave British pensioners poorer. Other experts warned that BP could collapse altogether, a fear that sent shock waves through world markets Pensions expert Alan Smith, chief executive of financial planning firm Capital Asset Management, said: “This is a disaster for BP and most pension funds will undoubtedly have exposure to BP and will be affected. If BP were to halve in value this could lead to pension values going down one or two per cent. “Pretty much every pension fund in the country owns a bit of BP and it has now fallen some £45billion in value.” Mr Smith added that with the markets expected to struggle, pension funds were likely to sink even further. “In times like these, with the continuing European debt crisis, there is a lot of nervousness on the markets,” he added. The share collapse means a £15,000-a-year pension will be cut by about £300 to £400 a year, with possibly worse to come. The BBC’s business editor Robert Peston said: “Given that BP is a core holding of most British pension funds, that’s tens of billions of pounds off the wealth of millions of British people saving for a pension. “With BP dividends representing about 8 per cent of all income going into those pension funds, and a considerably higher proportion of all corporate dividends received by those funds, if BP’s oil spill causes collateral damage to its dividend-paying capacity, many of us will be feeling a bit poorer.” Other experts warned that BP could collapse altogether, a fear that sent shock waves through world markets. Dougie Youngson, oil analyst at banking group Arbuthnot, said: “This situation has gone far beyond concerns of BP’s chief executive Tony Hayward being fired, or shareholder dividend payouts being cut. It’s got the smell of death. This could break BP.” He added: “Given the collapse in the share price and the potential for it to fall further, we expect that it could become a takeover target, particularly if its operating position in the US becomes untenable.” BP’s dramatic shares slump sparked a wider plunge on the FTSE 100 Index of leading shares, which dropped more than 2 per cent before recovering slightly. BP accounts for about 7 per cent of the FTSE 100, meaning each 10p change in its price moves the index by nearly 9 points. BP’s share price lost around 80p at one stage, taking it to its lowest level since last March. Attempts to cap the leaking well with mud and debris were unsuccessful at the weekend and the company is using remote-controlled submarines to carry equipment and cut small pipes 5,000ft below the surface before placing a containment cap over the leak. The attempt, which began on Sunday, should take four days to complete. But BP’s chief operating officer, Doug Suttles, warned: “We’re confident the job will work but obviously we can’t guarantee success.” The spill has dumped between 18 and 40 million gallons of oil into the sea since the Deepwater Horizon rig exploded and sank on April 20, killing 11 of its crew. express.co.uk