Money Matters - Simplified


BP to receive $1bn from partner in blown-out well

BP announced in London Friday that one of its minority partners in the blown-out well in the Gulf of Mexico has agreed to pay $1 billion. The money is being paid as a part of the cleanup costs owed by the BP’s partner, MOEX Offshore.

GlaxoSmithKline to pay $750M in fines

Boston -- A subsidiary of drug giant GlaxoSmithKline pleaded guilty to quality lapses and will pay $750 million in fines, the U.S. Justice Department said Tuesday.

The subsidiary, SP Pharmco Puerto Rico Inc., was charged with selling two products, anti-nausea treatment Kytril and anti-infection ointment Bactroban, without guaranteeing they were free of contamination, the department said.

The manufacturing plant in Cidra, Puerto Rico, that produced the medicines is already closed, Justice said.

The plant also produced antidepressant Paxil CR and diabetes treatment Avandamet.

Court waives $79,000 'recycler' fines

Johnson City, N.Y. -- A New York state court waived $79,000 in fees for a woman whose hobby of taking reusable trash from curbside piles caused her lawn to become cluttered.

Karen Herzog, 59, of Johnson City, who refers to herself as a "recycler," said she has taken items including linoleum flooring, typewriters and porcelain figurines from trash heaps during the past 18 months and much of it ended up donated to the Salvation Army, the Press & Sun Bulletin, Binghamton, N.Y., reported Monday.

However, the items that remained in Herzog's yard yielded code violation fees totaling $79,000.

"I thought it was two violations at $250 each," Herzog said. "It turns out it was per day, times the number of days since I started to ignore them."

Hawaii says no to shark fin soup

Honolulu -- Shark conservation groups are praising Hawaii, which has become the first U.S. state to ban the sale, possession or distribution of shark fins.

Violating the ban could prove expensive.

The new ban orders state restaurants to stop selling shark-fin soup by July 2011, or face fines of up to $15,000 for a first offense, the Honolulu Star-Bulletin reported. The fines rise to $35,000 for a second offense, and rise to $50,000 and a year in jail for a third offense, the report said.

NBA fines Cleveland coach

New York -- The NBA levied a $25,000 fine against Cleveland Coach Mike Brown Thursday for critical remarks he made toward officials this week.

Cleveland's LeBron James was called for a foul on an inbounds play with .1 second remaining in the fourth quarter of a game against Indiana Tuesday.

Indiana's Danny Granger made the first of two free throws to give the Pacers a 96-95 victory.

"That last call on LeBron was the worst call that I've ever been a part of," Brown said after the game. "It was an awful call. We got the game taken away from us, absolutely horrible. I feel badly for the guys in the locker room.

"If they want to fine me for telling the truth, then fine me."

Copyright 2009 by United Press International