BP informed a US federal judge that the company is waiving a $75m (€54m) cap on its liability for certain economic damage claims spawned by the massive Gulf oil spill.

KENNETH FEINBERG, the independent administrator running the $20 billion (€16bn) fund set up by BP to compensate victims, yesterday said he would make sure that “every eligible, legitimate claim is paid and paid quickly”.

BP HAS bowed to US President Barack Obama’s demand for a $20 billion fund to compensate victims of the disastrous oil spill in the Gulf of Mexico.

BP has agreed to finance a $20bn (€16bn) fund to pay the claims of people whose jobs and way of life have been damaged by the devastating oil spill in the Gulf of Mexico, senior US officials said today.

The US government will today announce new rules on compensation for top financial sector executives.

Last year, Kazusada Sumiyama and his wife, Mari, made their first visit to New York. Their son Yoichi had been transferred there, and he showed them all the sights - Battery Park, the Statue of Liberty, the Fourth of July fireworks.