Obama for more liability on oil company for spills

Washington, May 13 (DPA) US President Barack Obama Wednesday formally threw his weight behind moves in Congress to increase the liability of oil companies for expenses and damages after oil spills.

The proposal would retroactively affect energy company BP for the crude oil well rupture it is now fighting in the Gulf of Mexico, White House officials told reporters.

The ruptured deepwater well is spewing 5,000 barrels of crude a day into the water and threatens a ‘massive and potentially unprecedented environmental disaster,’ said Carol Browner, Obama’s assistant for energy and climate change.

Officials declined to say whether the White House would support lifting liability for damages to $10 billion, as has been proposed in Congress. Current law requires BP to pay the cleanup costs, but limits its liability for other costs like environmental damage to $75 million.

‘We think it’s important to work with Congress in determining what the right number is,’ Browner said.

The bill would also raise the limit on claims against a special oil spill liability fund from $1 billion to $1.5 billion per incident. The $500 million limit on natural resource damage claims would be raised to $750 million.

Testifying before Congress Tuesday, BP America’s chairman Lamar McKay pledged to pay out on all legitimate claims, and said his company had already started reimbursing some people along the Gulf of Mexico for temporary loss of livelihood.

Browner drove home the point, reminding reporters of McKay’s pledge Tuesday of ‘liability, blame, fault, put it over here.’

Sanjay Gupta named WEF’s Young Global Leader

WASHINGTON: Sanjay Gupta, an Indian-American senior executive, has been chosen by the World Economic Forum for its 2010 class of Young Global Leaders.

Gupta, a second-generation Indian-American, is the senior vice president and advisor to the executive chairman of Abraxis BioScience, a leading pharmaceutical and health-care innovator based in the US with offices throughout the world.

Commenting on his selection, Gupta stated: “I am deeply honoured to be a member of the 2010 class of Young Global Leaders (YGL) and I look forward to working with the YGL community around the world to advance a host of innovative and socially-beneficial initiatives.”

“We are delighted that Sanjay has been recognised for his past and ongoing contributions to social progress through his innovative thinking, vision, and leadership,” said Patrick Soon-Shiong, executive chairman of Abraxis BioScience.

“We look forward to supporting his commitment to improving society and the ideals of the Young Global Leaders at the World Economic Forum.”

The honour, bestowed each year by the forum, recognises and acknowledges between 100 and 200 outstanding young leaders from around the world for their professional accomplishments, commitment to society and potential to contribute to shaping the future of the world.

Rachel Maddow of MSNBC, tennis player Roger Federer, and the co-founder of Twitter, Evan Williams, are among those selected this year.

Recipients in prior years include the co-founders of Google, Larry Page and Sergey Brin, the founder and CEO of Facebook, Mark Zuckerberg, and television journalist Anderson Cooper.

Prior to joining Abraxis, Gupta served as the director of social enterprise at Intel Corporation. He has also served as the chief financial officer and director of strategy for Dossia, a social-enterprise sponsored by Intel, Wal-Mart, Pitney-Bowes, AT&T, Sanofi-Aventis, Cardinal Health, Vanguard Health, Abraxis BioScience, Applied Materials, and BP America.

Gupta was previously managing director and founder of Realstrategy, a boutique strategy consulting firm based in the US, and was also a partner at Geo Health Partners, an investment partnership which focussed on health care investments domestically and internationally.

Gupta was educated at the University of Oxford, where he earned his MBA and was a member of Merton College. He studied Philosophy at Georgetown University and also studied Bioethics at the Kennedy Institute of Ethics.