Major jobs boost in UK North Sea

21 December 2012 Last updated at 11:20 ET

Statoil is to invest £4.3bn in a North Sea oil field, bringing hundreds of jobs to the north east of Scotland.

The Norwegian company said the investment in the Mariner field was the largest new offshore development in the UK in more than a decade.

Statoil expects to start production from Mariner in 2017, pending final approval by the UK authorities.

More than 700 jobs will be created, including 200 onshore posts in Aberdeen.

The field is expected to produce for 30 years, with average production of about 55,000 barrels of oil a day from 2017 to 2020.

The Mariner Field is located on the East Shetland Platform of the UK North Sea, about 150km (93 miles) east of the Shetland Isles.

Statoil is the operator of the field, with 65.11% equity. Other partners include JX Nippon Exploration and Production (UK) Limited (28.89%) and Cairn Energy (6%).

The development concept includes a production, drilling and quarters (PDQ) platform based on a steel jacket, with a floating storage unit (FSU).

More than 140 reservoir targets are planned for Mariner.

‘Good fit’

Executive vice president for development and production international in Statoil, Lars Christian Backer, said: “Statoil has extensive heavy oil experiences from offshore fields in Norway and Brazil.

“The Mariner field was discovered in 1981 and Statoil entered the licence as operator in 2007 with the aim of finally unlocking the resources.

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The North Sea is a core area for Statoil, and we look forward to taking a leading role in further developing also the UK part of this basin”

End Quote Lars Christian Backer Statoil

“We are satisfied that we now are able to make an investment decision for a profitable development of the Mariner field.”

He added: “The Mariner project is a good strategic fit for Statoil.

“We are the world’s largest offshore operator and have a portfolio of attractive projects in some of the most prolific basins in the world.

“The North Sea is a core area for Statoil, and we look forward to taking a leading role in further developing also the UK part of this basin.”

Industry body Oil and Gas UK welcomed Statoil’s announcement.

Economics director Mike Tholen said: “The largest offshore development in the UK for a decade, Mariner requires pioneering technology and will bring hundreds of high-skilled, long-lasting jobs across the country, hundreds of millions of pounds in additional tax revenues, as well as crucial security to our energy supplies.

“Expected to produce oil and gas for 30 years, this project – and others recently given the go-ahead on the UK continental shelf – will help to boost production and stem the decline we have seen in recent years, so helping the full economic benefit of our reserves to be realised in time.”

‘Tremendous news’

Energy Minister Fergus Ewing described the investment as “tremendous news for Scotland’s energy industry”.

He said: “There remains more value still to be extracted from the North Sea than there has been to date.

“With up to 24 billion barrels of oil still to be recovered, with a potential value of around £1.5 trillion, North Sea oil and gas is attracting record investment levels with capital investment of £8.5bn in 2011 and an expected £11.5bn in 2012.

“This announcement builds on positive announcements by Global Energy Group and Dana Petroleum this month, who are investing further in Scotland to capitalise on the potential of our energy resources, which will remain an enormous economic resource for decades to come.”

BBC News – Business

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Italy PM Monti resigns, elections likely in February

ROME (Reuters) – Italian Prime Minister Mario Monti tendered his resignation to the president on Friday after 13 months in office, opening the way to a highly uncertain national election in February.

The former European commissioner, appointed to lead an unelected government to save Italy from financial crisis a year ago, has kept his own political plans a closely guarded secret but he has faced growing pressure to seek a second term.

President Giorgio Napolitano is expected to dissolve parliament in the next few days and has already indicated that the most likely date for the election is February 24.

In an unexpected move, Napolitano said he would hold consultations with political leaders from all the main parties on Saturday to discuss the next steps. In the meantime Monti will continue in a caretaker capacity.

European leaders including German Chancellor Angela Merkel and European Commission President Jose Manuel Barroso have called for Monti’s economic reform agenda to continue but Italy’s two main parties have said he should stay out of the race.

Monti, who handed in his resignation during a brief meeting at the presidential palace shortly after parliament approved his government’s 2013 budget, will hold a news conference on Sunday at which he is expected clarify his intentions.

Ordinary Italians are weary of repeated tax hikes and spending cuts and opinion polls offer little evidence that they are ready to give Monti a second term. A survey this week showed 61 percent saying he should not stand.

Whether he runs or not, his legacy will loom over an election which will be fought out over the painful measures he has introduced to try to rein in Italy’s huge public debt and revive its stagnant economy.

His resignation came a couple of months before the end of his term, after his technocrat government lost the support of Silvio Berlusconi‘s centre-right People of Freedom (PDL) party in parliament earlier this month.

Speculation is swirling over Monti’s next moves. These could include outlining policy recommendations, endorsing a centrist alliance committed to his reform agenda or even standing as a candidate in the election himself.

The centre-left Democratic Party (PD) has held a strong lead in the polls for months but a centrist alliance led by Monti could gain enough support in the Senate to force the PD to seek a coalition deal which could help shape the economic agenda.

BERLUSCONI IN WINGS

Senior figures from the alliance, including both the UDC party, which is close to the Roman Catholic Church, and a new group founded by Ferrari sports car chairman Luca di Montezemolo, have been hoping to gain Monti’s backing.

He has not said clearly whether he intends to run, but he has dropped heavy hints he will continue to push a reform agenda that has the backing of both Italy’s business community and its European partners.

The PD has promised to stick to the deficit reduction targets Monti has agreed with the European Union and says it will maintain the broad course he has set while putting more emphasis on reviving growth.

Berlusconi’s return to the political arena has added to the already considerable uncertainty about the centre-right’s intentions and increased the likelihood of a messy and potentially bitter election campaign.

The billionaire media tycoon has fluctuated between attacking the government’s “Germano-centric” austerity policies and promising to stand aside if Monti agrees to lead the centre right, but now appears to have settled on an anti-Monti line.

He has pledged to cut taxes and scrap a hated housing tax which Monti imposed. He has also sounded a stridently anti-German line which has at times echoed the tone of the populist 5-Star Movement headed by maverick comic Beppe Grillo.

The PD and the PDL, both of which supported Monti’s technocrat government in parliament, have made it clear they would not be happy if he ran against them and there have been foretastes of the kind of attacks he can expect.

Former centre-left prime minister Massimo D’Alema said in an interview last week that it would be “morally questionable” for Monti to run against the PD, which backed all of his reforms and which has pledged to maintain his pledges to European partners.

Berlusconi who has mounted an intensive media campaign in the past few days, echoed that criticism this week, saying Monti risked losing the credibility he has won over the past year and becoming a “little political figure”.

(Additional reporting by Gavin Jones, Massimiliano Di Giorgio and Paolo Biondi; Writing by Gavin Jones and James Mackenzie; Editing by Michael Roddy)

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TSX ends flat as RIM buckles, gold miners bounce

TORONTO (Reuters) – Canada‘s main stock index ended little changed on Friday as gold miners gained on safe-haven buying amid U.S. budget uncertainty, while BlackBerry maker Research In Motion Ltd plunged more than 20 percent.

The index’s materials sector, which includes miners, rose 0.4 percent. Even though the price of gold was near its lowest level in four months, the gold-mining sub-sector added 0.9 percent as investors fretted over stalled U.S. budget talks that could throw Canada’s largest trading partner back into recession.

“As our tiptoes are over the (U.S.) fiscal cliff and we’re looking over the abyss, the markets are upset obviously, and this is sort of putting a damper on the stocks,” said John Ing, president of Maison Placements Canada.

“But we’ve had a mixed reaction in Canada, mainly because the resources have been much better, like gold for example, which is hedging into the uncertainty (around the budget talks),” he said, noting gold miners had been under pressure for the last two weeks.

Miner Barrick Gold Corp edged up 0.2 percent to C$ 33.29. Centerra Gold Inc jumped more than 3 percent to C$ 9.10.

Gold miners are playing catch-up after underperforming throughout the year and could rise further in 2013, said Gavin Graham, president at Graham Investment Strategy.

Shares of RIM dropped 22.2 percent to C$ 10.86 on fears that a new fee structure for its high-margin services segment could put pressure on the business that has set the company apart from its competitors.

The Toronto Stock Exchange‘s S&P/TSX composite index <.gsptse> fell 3.01 points, or 0.02 percent, to end at 12,385.70. It gained 0.7 percent for the week.</.gsptse>

Efforts to avoid the looming U.S. “fiscal cliff” were thrown into disarray on Friday with finger-pointing lawmakers fleeing Washington for Christmas vacations even as the year-end deadline for action edged ever closer.

Graham said that until a deal is reached in the U.S. budget talks, investors will avoid economically sensitive Canadian stocks and those most closely tied to the U.S. economy: auto parts manufacturers, forestry companies and resource stocks generally.

“The resource sectors in Canada, which is half of the index, is going to be adversely affected, correctly or not,” he said.

“Chinese demand is likely to pick up somewhat now with the new leadership there but people will be focused on the U.S. given that it is still by far the most important export market for Canada.”

($ 1=$ 0.99 Canadian)

(Additional reporting by Claire Sibonney, Julie Gordon and Jeffrey Hodgson; Editing by Peter Galloway)

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Ashton Kutcher files for divorce from Demi Moore

LOS ANGELES (AP) — Ashton Kutcher filed court papers Friday to end his seven-year marriage to actress Demi Moore.

The actor’s divorce petition cites irreconcilable differences and does not list a date that the couple separated. Moore announced last year that she was ending her marriage to the actor 15 years her junior, but she never filed a petition.

Kutcher’s filing does not indicate that the couple has a prenuptial agreement. The filing states Kutcher signed the document Friday, hours before it was filed in Los Angeles Superior Court.

Kutcher and Moore married in September 2005 and until recently kept their relationship very public, communicating with each other and fans on the social networking site Twitter. After their breakup, Moore changed her name on the site from (at)mrskutcher to (at)justdemi.

Kutcher currently stars on CBS’ “Two and a Half Men.”

Messages sent to Kutcher’s and Moore’s publicists were not immediately returned Friday.

Moore, 50, and Kutcher, 34, created the DNA Foundation, also known as the Demi and Ashton Foundation, in 2010 to combat the organized sexual exploitation of girls around the globe. They later lent their support to the United Nations’ efforts to fight human trafficking, a scourge the international organization estimates affects about 2.5 million people worldwide.

Moore was previously married to actor Bruce Willis for 13 years. They had three daughters together — Rumer, Scout and Tallulah Belle — before divorcing in 2000. Willis later married model-actress Emma Heming in an intimate 2009 ceremony at his home in Parrot Cay in the Turks and Caicos Islands that attended by their children, as well as Moore and Kutcher.

Kutcher has been dating former “That ’70s Show” co-star Mila Kunis.

The divorce filing was first reported Friday by People magazine.

___

Anthony McCartney can be reached at http://twitter.com/mccartneyAP.

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Lauded cancer researcher, Springfield native, dies

A Springfield High School and Wittenberg University graduate whose research transformed the treatment of breast cancer and saved and prolonged the lives of women afflicted by it died Sunday in Cincinnati.

Elwood Jensen was 92.

Known as the “Father of the Nuclear Receptor Field,” Jensen was one of three researchers to share the 2004 Lasker Award for Basic Medical Research, what some call the American Nobel Prize.

The University of Cincinnati, where Jensen was a distinguished professor of cancer biology, noted that just one other of its graduates had won the honor, Albert Sabin, who developed a vaccine for polio.

“Some have estimated that his work annually saves or prolongs the lives of more than 100,000 women,” the university said in announcing his death.

A 1936 graduate of Springfield High School, Jensen was honored in 2008 as one of the Springfield City Schools Alumni of Distinction and he made periodic visits and lectures at Wittenberg University, one of five institutions to award him an honorary doctorate.

A 1940 graduate of Wittenberg, he went on to earn a Ph.D in organic chemistry from the University of Chicago, where he enjoyed a long career as a teacher and researcher. His interest in studying hormones began during 1946, when he spent a year as a Guggenheim Fellow at the Federal Institute of Technology at Zurich.

After his 1990 retirement from the University of Chicago, Jens also taught at Cornell, the University of Hamburg and the Karolinksa Institute in Stockholm and did research at the National Institutes of Health.

In 2003, the University of Cincinnati honored him by organizing the Jensen Symposium on Nuclear Receptors and Endocrine Disorders, which drew more than 300 top researchers from around the world.

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Steve Jobs’ super-yacht impounded

21 December 2012 Last updated at 12:29 ET

Venus, the minimalist high-tech yacht commissioned by the late Apple founder Steve Jobs, has become embroiled in a row over a disputed bill.

French designer Philippe Starck claims Mr Jobs’ heirs still owe him 3m euros of a 9m euro fee for the project, according to Dutch paper Het Financieele Dagblad.

Mr Starck called in the debt collectors and had the yacht impounded,

The Port of Amsterdam confirmed that the boat is not allowed to leave.

Jeroen Ranzijn, spokesman for the Port of Amsterdam told the BBC: “The boat is brand new but there is a 3m euro claim on it. The parties will have to fight it out.”

Roelant Klaassen, a lawyer representing Mr Starck’s company, Ubik, told the Reuters news agency that the boat would remain in port pending payment by lawyers representing Mr Jobs’ estate.

“These guys trusted each other, so there wasn’t a very detailed contract,” he said.

Mr Starck was unavailable for comment.

Gerard Moussault, the lawyer representing the owners of the Venus told the BBC: “I cannot comment at all on this, sorry.”

The sleek, 260ft-long (80m) aluminium super-yacht cost 105m euros ($ 138m; £85m) and was launched in October, at Aalsmeer, The Netherlands.

Mr Starck is known for his striking designs for the Alessi company, including an aluminium lemon squeezer that is shaped like a spaceship.

He collaborated with Steve Jobs for five years on the project, describing the boat as “showing the elegance of intelligence.”

The vessel is minimalist in style and is named after the Roman goddess of love and its windows measure 3m (10 feet) in height.

Mr Starck has said that Venus “looks strange for a boat” but said its shape comes from design ideas he shared with Mr Jobs.

Mr Jobs died of pancreatic cancer in 2011 and never saw his boat go to sea.

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Video game shares down in wake of shooting

LOS ANGELES (AP) — Shares of video game makers and sellers fell Thursday in the aftermath of a mass shooting at a Connecticut elementary school, which has renewed debate about violent games and their potential influence on crime.

Shares of GameStop Corp., whose stores sell video games as well as systems like the Xbox and Wii, fell 5 percent in afternoon trading.

Investors are seen as being increasingly concerned that the government may impose tougher rules on the sales of games rated for “mature” and older audiences.

Investors may be worried that parents will also avoid buying first-person shooter games like “Call of Duty: Black Ops 2″ after the tragedy Friday morning at Sandy Hook Elementary, in which 20 children and six adults were shot and killed by 20-year-old Adam Lanza.

“Maybe there will be more stringent efforts to make sure youth are not playing games that they’re not old enough to play,” said Mike Hickey, an analyst with National Alliance Securities. “Maybe there will be a greater effort by parents in managing the content their kids are playing.”

Shares of companies involved in the video game industry, many of which had been dropping since the shooting, declined further Thursday.

— GameStop stock lost $ 1.37, or 5 percent, to $ 26.18. Shares have barely changed since last Thursday’s close, the day before the shooting, to Wednesday’s close.

— Shares of Activision Blizzard Inc., the publisher of “Call of Duty: Black Ops 2,” fell 9 cents to $ 10.70. The stock had already dropped 5.6 percent.

— Electronic Arts Inc. shares fell 41 cents, or 2.9 percent, to $ 13.99. Shares had dropped 5.6 percent.

— Take-Two Interactive Software Inc. shares slipped 29 cents, or 2.5 percent, to $ 11.69. The stock had dropped 8 percent.

The declines came as broader markets rose. The Dow Jones industrial average was up 0.3 percent at 13,295.

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World Music Awards postponed due to visa issues, Newtown tragedy

LOS ANGELES (Reuters) – The World Music Awards was postponed on Thursday due to “logistical and multiple visa issue,” organizers said, two days before the event was scheduled to be held in Miami.

Event producers John Martinotti and Marcol International said in a statement that the December 22 awards ceremony also was being delayed in the wake of the elementary school shooting in Newtown, Connecticut, last week.

“We are sorry for any inconvenience but this decision had to be made due to logistical and multiple visa issues and in view of this week’s national mourning. Fans have been a great support to the artists and have voted online in huge numbers,” the producers said in a statement.

The winners in categories ranging from world’s best song, world’s best artists and entertainer of the year, are picked by fans who vote online. The statement said that votes will continue to be collected until a new date is set for the show.

This year’s nominees include Usher, Justin Bieber, Nicki Minaj, Rihanna and Chris Brown. Past winners include Whitney Houston, Mariah Carey and Michael Jackson.

The awards ceremony, founded in 1989 and hosted by Monaco’s Prince Albert II, has primarily taken place in Monte Carlo and proceeds from the show go to charity. This year, show producers decided to move it to Marlins Park Stadium in Miami.

(Reporting By Piya Sinha-Roy, editing by Eric Kelsey)

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Pentagon day care review expanding to schools

WASHINGTON (AP) — Defense Secretary Leon Panetta is expanding a Pentagon review of hiring at military day care centers to include Defense Department schools, youth centers and other facilities where children are present.

Pentagon press secretary George Little said Wednesday that officials are also questioning why it took three months for the Army to inform Panetta about arrests and problems with background checks at a day care center at Fort Myer, Va. Two people were arrested in September on multiple charges of assault against children at the Fort Myer center.

Little also said reports that parents of children at the center weren’t told about the problems indicate there may have been a serious breakdown in communications.

“We need to do everything we can wherever our children are entrusted to the care of DOD-employed personnel to insure we have the right personnel with the right background taking care of them,” said Little. “We want to insure that there’s consistency in the standards and policies and practices in hiring wherever military youth are involved.”

Panetta on Tuesday ordered a military-wide review of hiring at day care centers shortly after the Army disclosed problems with security background checks of workers at Fort Myer. Little said Pentagon leaders were surprised to hear of the problem and that “clearly this information did not get reported up the chain of command as quickly as we think it should have.”

The actions stem from the Sept. 26 arrests of two Army employees. One was charged with five counts of assault and the second was charged with four counts of assault.

But the problems at Fort Myer apparently went much deeper. Indications are that at least 30 workers at the facility have histories that call into question their suitability to care for children, according to two officials, speaking on condition of anonymity because the investigation into worker backgrounds at Fort Myer has not been completed.

After the Fort Myer arrests, the Army replaced the day care center’s management team and found what the Army called “derogatory information” in the background of an unspecified number of other employees there. Army officials did not reveal the information, and officials said it’s not clear if the background checks were not done, were not sufficient or simply were not used appropriately in screening personnel.

Col. Fern Sumpter, the Fort Myer commander, said the day care center was closed “out of an abundance of caution” and the children moved to a separate day care center at Fort Myer. A Fort Myer spokeswoman, Mary Ann Hodges, said the center was closed on Dec. 13.

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Vote on US fiscal cliff ‘Plan B’

20 December 2012 Last updated at 17:23 ET

The Republican-led US House is set to vote on a package of spending cuts and tax rises party leaders say will keep the US away from the “fiscal cliff”.

The vote includes tax rises on earnings above $ 1m (£614,000) on Speaker John Boehner’s so-called “Plan B” option.

It comes as talks with the White House appear to have stalled, with President Barack Obama seeking a lower threshold.

A deal must be reached by 1 January, or a combination of steep tax rises and sharp spending cuts will take effect.

Analysts in the US and overseas have expressed concern that failure to reach a deal could take the US into recession.

Veto threat

A vote is expected by the late afternoon on Thursday, but could stretch on into the evening.

House Majority Leader Eric Cantor said on Thursday: “We, as Republicans, have taken concrete actions to avoid the fiscal cliff.”

He and Mr Boehner say the bill as proposed would ensure permanent tax cuts for 99.8% of Americans.

Continue reading the main story

What is the fiscal cliff?

• On 1 January 2013, a series of tax increases and huge spending cuts are due to come into force – the so-called fiscal cliff


• The deadline was put in place in 2011 as a means of forcing the president and Congress to agree on ways to save money over the next 10 years


• If they can reach a deal before 1 January, the cliff will be averted


• The fear is that raising taxes while massively cutting spending will have a huge impact on households and businesses


• Experts believe it could push the US into recession, and have a global impact on growth, especially in China and Europe

But Mr Cantor added that Republicans would not be sending their members home for the Christmas recess after the vote – a sign that Congress could be expected to vote on a more bipartisan deal within days.

Correspondents say the Republican plan has no chance of passing the Democratic-led Senate, and is in effect an effort to tell the US public that they should not be blamed if the US falls over the fiscal cliff.

The White House has threatened to veto the legislation if does pass Congress, saying the bill would mean tax rises on 25 million Americans making under $ 250,000.

A study by the non-partisan Tax Policy Center found some low-income people would see tax rises because the measure would not renew several tax cuts that were part of the 2009 stimulus package.

On Thursday, the White House criticised Republicans, saying Mr Boehner’s response to compromises from the president was “to walk away” from negotiations.

Spokesman Jay Carney said the introduction of Mr Boehner’s so-called Plan B was a “multi-day exercise in futility at a time when we do not have the luxury of exercises in futility”.

‘Partisan war paint’

Mr Boehner announced the bill on Tuesday, saying he would bring forward a measure that extended Bush-era tax cuts for those earning less than $ 1m per year – but would not address the automatic spending cuts.

Correspondents say the move came as a surprise as negotiations appeared to be making progress.

On Wednesday, the Republican leadership added a companion bill that would replace the automatic cuts with a proposal to remove cuts from defence and government operating budgets. They would be offset by reductions elsewhere in the budget.

Continue reading the main story

“Start Quote

It is positioning, theatrics, part of the negotiations, not the negotiations themselves. There are still few days left, and many think a deal will be done, because it has to be done”

End Quote

The proposal would cut food stamps, benefits for federal workers and some social services programmes.

On Wednesday, Mr Obama dismissed the bill, telling reporters that he and Mr Boehner were just a few hundred billion dollars apart on full 10-year deal.

The president said Republicans should “peel off the partisan war paint” and take his most recent offer.

Mr Obama is now proposing a tax rise on incomes over $ 400,000 (£247,000), an increase on the $ 250,000 level he had originally sought.

He also offered a change to the way Social Security cost of living adjustments are made for some recipients, cuts from government healthcare programmes and a two-year extension of the debt ceiling.

Mr Boehner’s office called the proposal “a step in the right direction” but not fully “balanced”.

In a brief news conference on Wednesday, the House Speaker countered that the president will bear responsibility for “the largest tax increase in history” if he does veto the bill.

But Senate leaders have signalled there is little hope for the measure in Congress’ upper-chamber.

Senate Majority Leader Harry Reid has said the proposal would not pass and that lawmakers would return to Washington next Thursday to continue working on a deal.

Analysts have painted a grim picture of the consequences of going over the cliff, with some warning that the impact could push the US back into recession.

The Organization for Economic Co-operation and Development (OECD) said in its latest economic outlook that the recession from the cliff could become global.

Changing taxation across the years
Tax year	1993-2000	2001	2002	2003-2008	2009-2012	2012 tax brackets	2013 scenarios
Source: Tax Foundation, IRS Tax brackets shown for unmarried individuals
President	Bill Clinton	George W Bush			Barack Obama		Tax cuts expire	Tax cuts expire for top incomes
Bottom rate	15%	15%	10%	10%	10%	Up to $ 8,700	15%	10%
			15%	15%	15%	$ 8,700-$ 35,350		15%
	28%	27.5%	27%	25%	25%	$ 35,350- $ 85,650	28%	25%
	31%	30.5%	30%	28%	28%	$ 85,650- $ 178,650	31%	28%
	36%	35.5%	35%	33%	33%	$ 178,650-$ 388,350	36%	33%
								36%
Top rate	39.6%	39.1%	38.6%	35%	35%	Over $ 388,350	39.6%	39.6%

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