BP application judge dismiss the many claims of oil spill

NEW ORLEANS - BP PLC asked a federal judge to dismiss most of court claims filed against the oil giant by companies and individuals who say that they have suffered economic damage from the massive Gulf oil spill last year.

U.S. District Judge Carl Barbier did not immediately rule Thursday after motions hearing to dismiss the claims against BP and other companies who have been prosecuted on the oil spill caused by the explosion on the Horizon in water deep drilling.

BP argues Barber should reject thousands of maritime and the law of the State claims for economic by commercial fishers, landowners and other losses because they are excluded by the 1990 Oil Pollution Act.

Counsel for the applicants dispute that the Act of 1990 is the only vehicle for resolving these claims.

The economies of the world grow more slowly (AP)

WASHINGTON - from the United States, Europe and even China's booming, the global economy shows signs of strain.

Most of the major economies should continue to grow. But the evidence is mounting that many around the world are striving to develop as quickly as they did last year.

European governments are faced with debts and squeezed budgets. The British economy grew just at the beginning of the year. Even the strongest economy of Europe, Germany, may face a slowdown.

High unemployment, real depressed and still high oil prices are slowing of the US economy, which grew at an annual rate of lean 1.8% from January to March. And after its earthquake of Earth and the nuclear crisis, the Japan sank into a recession.

In China, increases in interest rates to reduce inflation are slowing growth.

Overall, the world economy probably pass only 3.5 per cent this year, down 4.1% in 2010, according to research firm IHS Global Insight. IHS has reduced that 3.8% forecast.

As the meeting of the leaders of the rich democracies group of eight in Paris, world growth is on an agenda already filled with concerns about instability in the Middle East, the Greece debt crisis, which will be the next leader of the Monetary Fund International. It is not a priority objective, the meeting though.

"The euro is a big mess, and the Europeans do not want to talk about, said Simon Johnson, a former Chief Economist of the IMF."

The most serious such problems exist in Greece, Spain, Portugal and Ireland, who are overwhelmed by debts run up during the financial crisis and the recession that followed.

Financial markets were signaling concerns about a slowdown in the world. Dow Jones index has shed 450 points, or 3.5 per cent this month. Stocks slid 3 percent or more this month at the Japan, Britain and Hong Kong.

The Chief Economist, IHS Nariman Behravesh said "three winds are hitting the world economy at the same time":

? The high commodity prices. Despite a recent dip, oil prices are still up to 50 percent over the past year. These awards have pressed the household budget in the United States and other wealthy countries and impeded consumer spending. Increase in food prices are hurting the middle class and the poor around the world.

? Cut Government's budget. Many European countries had to cut spending after the financial crisis to enlarge their budget deficits. Britain last year, cut spending and raised taxes, stifling the economy. The British economy were living off just 0.5% growth in the quarter from January-March, after narrowing from October to December of last year.

The ? Japan earthquake and Earth crisis. After production of the plant has been disrupted, contracted to a 3.7% annual pace in the first quarter. It will probably contract an additional 3.7% in the quarter April-June, according to the Organization for economic cooperation and development.

"The highest degree of uncertainty lies in the effects of the disaster on the economy of the Japan," Bank of Japan Governor Masaaki Shirakawa said in a speech this week in Tokyo.

Economists expect the Japan economy to rebound in the second half of the year. Reopening factories and in the quake zone reconstruction projects should create jobs.

The US economy should accelerate in the coming months. Hiring more will be to encourage consumers to spend more. Companies are expected to dip in profits to expand. And having shed bad loans of financial crisis, banks will likely lend more to companies and consumers.

Still, economists are more concerned about China. Four increases the interest rates since October have not yet do much to cool inflation in China, which runs more than 5%. Goldman Sachs this week cut its forecast of growth of China 9.4%, rising from 10% this year, and 9.2% of 9.5% in 2012.

By increasing rates and other measures taken to strengthen bank loans, Beijing wants to slow down the growth of 7% this year to stem inflation. Some fear that controls Beijing, combined shortages of power in some manufacturing sectors, are Direction of China into an economic disaster. But most analysts expect China to tame inflation without wrecking the economy.

Other countries growing, such as the Brazil and the Turkey, are also trying to slow growth to control the rising inflation.

U.S. exporters had been counting on robust procurement in developing countries to compensate for mediocre growth at home. These expectations may need to be reduced.

"A hard landing for emerging markets could significantly reduce the global economic recovery," said Eswar Prasad, Professor of trade policy at Cornell University. "They were the main drivers of global growth as a result of the financial crisis".

Michael Mussa, senior fellow at the Peterson Institute for International Economics, was concerned that the increase in rates will slow world growth in 2012.

"If il y a concern, this is what could happen next year," said Mussa.

___

Associated press writers Pan Pylas London, Kelvin Chan in Hong Kong, Joe McDonald in Beijing and Tomoka a. Hosaka in Tokyo contributed to this report.

Anniversary wishes 50th of the Obama: lower unemployment

WASHINGTON- which give you the most powerful man in the world for its 50th anniversary? Michelle and the girls were probably a surprise in store. But for us, the President Barack Obama, the answer is clear.

He would like to see a fall of stubbornly high unemployment and a cut in the price of fuel at the pump at the time wherever he reached his half century on 4 August.

"A much lower rate of unemployment." And declining gas prices. Those who would be the perfect gift for my birthday, Obama said the magazine of the American Association of Retired People (AARP) with a laugh.

In spite of pumping enormous sums of money of stimulus in the economy since he took office in 2009, the rate of unemployment still hovers 9.0% as the largest economy in the world slowly recovers from the worst recession in decades.

And the price of gasoline have been crawling over high since 2008.

Obama said that he did not know yet how he planned celebrate his landmark birthday. Last year, he marked the occasion of a game of basketball with some of the players champion sport as LeBron James.

"Had a wonderful time." It will be hard to top that. "But I suspect that the girls may have something planned," he told the magazine of the Group major advocacy for the elderly.

And the President of the United States, whose hair is visibly more grey since his arrival at the Office, sometimes admitted feeling his age.

"The worst thing is, I don't feel I'm as fast as I used to be." "And I heal more slowly in the field of basketball", he said. Obama separates his lip in a match in November which needed 12 stitches to heal points.

"The wonderful thing is, I was able to maintain my health well enough. Also, I am old enough where I hope that I made enough mistakes, that I will not repeat. And I am still young enough that I can understand that wisdom.

AARP, advocating for older Americans, transmits requests for membership to the Americans that they reach the age of 50.

Spring of Arabic and the IMF row of concern to the leaders of the G8

DEAUVILLE, France - the leaders of the Group of eight gather in France Thursday to approve assistance to new democracies from Arabic, but disputes between the West and the IMF on developing economies can take up to much of their time running.

Responsible of the G8 - United States, Canada, Great Britain, France, Germany, Italy, Japan and Russia - the preparatory talks held Wednesday in the seaside resort of Deauville to forge common positions on issues ranging from the global economy to the war of secession of the LibyeEn nuclear Iran goals and disorders in Syria.

Hosted by French President Nicolas Sarkozy, the Summit runs until Friday. It is expected to approve a package of assistance of several billion dollars for the Tunisia and the Egypt, after that of the "Spring of Arabic" uprisings filed their autocratic leaders and sealing an agreement for the return of others in the region who want democracy.

However, protests against the other allies of the West, particularly in the oil-rich Gulf, are unlikely to win clear support.

"We share a compelling interest in seeing the transitions in Egypt and Tunisia succeed and become role models for the region", US Secretary of State Hillary Clinton and Secretary of the Board of Treasury Timothy Geithner wrote in a letter to G8 Wednesday.

"Otherwise, we risk losing this moment of opportunity."

VOLTAGE OF THE IMF

The G8 leaders arriving at the station faded casino may have to repel challenges to the influence of Western Europe on the position of Director General of the Monetary Fund International, the global lender. The position was left vacant by the dramatic departure of Dominique Strauss-Kahn, a French who is accused of attempted rape of a woman of New York House hotel.

French Finance Minister Christine Lagarde announced that she stood for the position on the eve of the Summit of G8, after securing the unanimous support of the European Union of 27-nation and diplomats, said, the support by the United States and China.

"I think the difference that G8 leaders will discuss the issue, even if Ms. Lagarde will probably be the best candidate," Envoy of the Russia in France told Reuters, adding that he did not believe that his country would have any objections to him.

"But the question,"Ambassador Alexander Orlov added,"is whether Western Europe should always move this institution and why other countries, including the BRICs (Brazil, Russia, India, China, and South Africa), and can not have their own candidate."

The IMF has promised one meritocratic process to replace Strauss-Kahn, a Minister ex-Finances Socialist who was favorite to beat Sarkozy in a French presidential election next year.

He developed a deadline June 30 to choose a successor to this position, which was held by a European since 1945.

But emerging nations want to push an alternative. Russian President Dmitry Medvedev and the Minister of finance Pravin Gordhan of South Africa, one of 10 African countries invited to the station of Normandy, are likely to defend the position of the BRICs.

Medvedev is also likely to expose its concerns on the Libya, where more than two months of NATO air strikes have failed to dislodge leader Mu'ammar al-Gaddafi.

A critique of the military intervention of the Russia wants to push his own ceasefire plan after welcoming envoys of Gaddafi and the opposition in Moscow for talks.

"Let me make clear, the Russia is not that Gaddafi to stay in power," Orlov said. "" "". He has committed crimes and must take responsibility for those, but in the process of transition policy, we want all parties to take part.

"The Russia is ready to play the role of mediator, if other countries are ready, but to do that we must have a ceasefire."

Events planned for Friday business

Main activities and economic events planned for Friday:

WASHINGTON - Commerce Department releases personal income and spending for April, 8: 30 am.

WASHINGTON - National Association of Realtors pending releases index sales house for March, 10 am.

DEAUVILLE, France - France hosts the Summit of the leaders of the Group of eight leading industrialized economies.

Top banks lobbying received larger rescue plan

NEW YORK - more aggressively pressure before the financial crisis the worst Bank loans made during the economic recession - and rescue dollars more it received, according to a study published this week by the National Bureau of Economic Research.

The report, entitled "A Fistful of Dollars: Lobbying and the financial crisis," said that banks lobbying efforts may be motivated by short-term profit gains, which can have devastating effects on the economy.

"Overall, our results indicate that the political influence of the financial industry played a role in the accumulation of risks and therefore contributed to the financial crisis," said the report, drafted by three economists of the Monetary Fund International.

The data collected by the three authors - Deniz Zaagi'igan, Prachi Mishra and Thierry Tressel - show that the more aggressive lobbiers in the financial industry from 2000 to 2007, has also made more toxic mortgages. They securitized most of the debt for real estate investors and their stock prices more closely correlated to the recession and lending plan rescue that followed.

Loans banks has also suffered from crime higher during the recession.

What economists could not definitively determine was the motivation of the banks of lobbying. If the banks were looking to generate income at the expense of the company, it would be logical to restrict their lobbying.

If the banks were especially concerned of profit in the short term and not think do not long term consequences, then Executive compensation practices should be modified, said the report. And if the banks just wish to inform legislators and were too optimistic about their future, it would be more difficult to propose reforms.

BIG LOBBYING, OF WHOLESALE RESCUE PLANS

When the bubble burst, the banks that spend more on lobbying received "a large piece of the cake" in the rescue plan of 700 billion dollars in the fall of 2008.

For example, the report cites Citigroup Inc. (c.n.r.) $ 3 million to lobby against HR-1051 predatory loan Consumer Protection Act of 2001 and the Bank of America Corp. (BAC).(N) spending $ 1 million to put pressure on housing and banking issues.

HR-1051 never signed into law, nor was 93% of all invoices for the promotion of more stringent regulations from 1999 to 2006. However, two bills that significantly reduces the restrictions on the mortgage market is in force, access to property American and Economic Opportunity Act of 2000 and the Act on the implementation of the American Dream Fund, 2003.

Citigroup and Bank of America each finally receive 45 billion of the rescue plan Fund, JPMorgan Chase & Co (JPM).(N), Wells Fargo & Co (WFC).(N) or other large commercial banks.

Now that Frank Dodd financial reform bill has passed, the big banks have been aggressively lobbying against them, are too severe restrictions. Among the top items on the agenda of the industry's lobbying are stronger capital regulation, but also a Bureau of financial Protection, new rules on derivatives trade and restrictions on the exchange of exclusive rights.

In an interview with Reuters Thursday, Zaagi'igan counterparts of the Federal Reserve Board expressed concern that "certain concepts would get watered down in the process because the financial industry is pressure against them."

On Tuesday, the House Financial Services Committee voted to delay the implementation of the reform of derivatives of 18 months. Although few expect such a measure to clear the Senate and be signed by the President, some Wall Street executives are pressing for slower rulemaking.

At a demonstration Tuesday, Morgan Stanley (MS)(N) CEO James Gorman, warned that implementation of reforms could too hastily "" tip the world's economies into recession. ""

Economists report describes the negative impacts of the lobbying of the Bank, but Zaagi'igan stated that this time, Wall Street's interests can be aligned with the whole of the economy - if by chance.

She said Bank lobbying is "not bad" and current activities can act as counterweight to tilt after the crisis of the regulators to keep banks left tight.

Dollar lower as data confirm the low us growth

NEW YORK - the dollar fell Thursday against the other currencies after a new report has confirmed the sluggish U.S. economic growth in the first three months of the year as the high gasoline prices hurt consumer spending.

The euro has increased to $1.4140 in late trading in New York, up from $1.4079 late Wednesday. The euro rose as high as $1.4206 earlier in the day.

Investors had thought that the risk of a default value of debt in Greece was at least a year away, but recent comments by European leaders have led some traders to suspect that there could be a default value as soon as possible as mid-JulyBrian Kim UBS currency analyst, said.

Traders "are quite uncertain enough fear on what could happen" in Greece, Kim said. "We do not know what really believe officials."

At a Conference in Luxembourg, Jean-Claude Juncker, Chairman of the Group of 17 Ministers of finance to countries that use the euro, warned that International Monetary Fund may not send the 12 billion euros ($17 billion) he expected in June of its bailout approved last year the Economist David Mackie GrèceJPMorgansaid in a research note.

IMF aid the Greece clings to its economic reforms, but Greece politicians are fighting the wire further reductions in government spending, as evidenced by thousands of citizens against austerity measures.

Finance Minister George Papaconstantinou has warned that a halt in foreign cash flow would force default Greece.

In addition, the dollar is still lower on concerns about a weakening recovery to the United States. The Department of Commerce, says that the economy grew at a rate of 1.8% from January to March, unchanged from its previous estimate.

Gas, a troubled housing market and high unemployment make buyers cautious spending.

The Ministry of labour said more people unemployed assistance last week, a sign that the labor market is still low asked. The number of people seeking benefits increased by 10 000 a 424,000 seasonally adjusted. 375 000 Claims below is compatible with the growth of stable employment.

The British Pound rose to $1.6389 of $1.6279, while the dollar slipped to 81.30 Japanese yen of yen 81.97.