BP oil spill partner MOEX Offshore first to settle with US

Mass choirs will open Houston service; guests arriving

By Phil Gast and Jason Carroll, CNN

February 18, 2012 -- Updated 1535 GMT (2335 HKT)

Houston to have 'home going service'

STORY HIGHLIGHTS

• NEW: Guests arriving at New Hope Baptist Church
• Her death, at age 48, was the final chapter of the storied career that began in the 1980s
• Aretha Franklin will sing "The Greatest Love of All"
• Stevie Wonder, R. Kelly, Alicia Keys, Kim Burrell, and BeBe Winans will also sing

For complete coverage of Whitney Houston's death, tune in to CNN and HLN. On Saturday, watch Houston's funeral live starting at 11 a.m. ET on CNN TV, CNN.com/live, and the CNN mobile apps.

Newark, New Jersey (CNN) -- "Queen of Soul" Aretha Franklin will sing the Whitney Houston hit "The Greatest Love of All" at Houston's funeral Saturday, in what is sure to be an emotional moment during the three-hour service.

The service will feature performances by Stevie Wonder -- singing one of his hits, "Ribbon in the Sky" -- R&B star R. Kelly, Alicia Keys and gospel greats Kim Burrell and BeBe Winans.

The New Hope Baptist Church Mass Choir and the New Jersey Mass Choir will open the service. Pastor Marvin Winans will deliver the eulogy.

Bishop T.D. Jakes will deliver remarks, along with Kevin Costner, Houston's co-star in the movie "The Bodyguard;" her mentor, music mogul Clive Davis; and director-producer Tyler Perry.

Patricia Houston, the singer's sister-in-law and former manager, will speak at the end of the service, followed by Houston's cousin, singer Dionne Warwick, according to the program.

A source close to the Houston family provided CNN with a program of the funeral, taking place Saturday at New Hope Baptist Church in Newark, New Jersey, where Houston got her start.

A golden hearse with a black-and-white picture of Houston carried the singer's body to the red-brick church Saturday morning. She will be laid to rest Sunday at the Fairview Cemetery in Westfield, just south of Newark.

Balloons left in front of the church by adoring fans bobbed in a soft breeze. One of the choirs, dressed in white, had completed its rehearsal.

Guests at the invitation-only service were arriving on a black carpet. Hundreds of relatives and friends were in the church fellowship hall by 10 a.m., awaiting an escort to their seats by ushers dressed in blacks suits and purple ties.

Some 1,500 people are expected to attend the service, which may have to be delayed from its noon start because of the number of people. The service may last more than its scheduled three hours.

A perimeter was set up for four blocks in two directions, and two blocks in the other directions. The closest the public will be able to get is a staging area two blocks away.

Police said the best way for fans to share the experience is through television and the Internet.

Houston, the six-time Grammy Award winner and only artist to chart seven consecutive No. 1 hits, died a week ago in Beverly Hills, California, at the age of 48.

The fact that Houston's funeral will bring a coterie of A-listers together is hardly surprising. After all, she had worked for nearly 30 years with the best in the business.

Saturday, the story won't be about Houston's reported drinking days before she died or about the prescription pills being tested as investigators seek a cause of her still-unexplained death at the Beverly Hilton.

In Newark, 2,700 miles away from Los Angeles, they will remember the 11-year-old girl nicknamed "Nippy," who followed in the footsteps of her mother, Cissy, by singing in the junior gospel choir. They will remember Houston the superstar, returning for Easter Sunday services, never losing her roots after making it big.

They will remember, through tears and joy, that incredible voice.

Houston's family will be comforted by neighbors and fellow church members in what the family is calling a "home going" service, according to the funeral invitation that features a photo of a smiling Houston.

A belief in God and tradition will permeate the funeral. In the words of Marvin Winans, "Faith plays a great part in how we cope with uncertainties in life. It is not something that we run from in difficulty, it is something we run to."

The Houston family opted to forgo a public memorial service.

They didn't "want to have a parade," Winans told CNN's Anderson Cooper. Their message, he said: "We want to do this with dignity."

There will not be a customary funeral procession, Newark police Director Samuel DiMaio said Thursday. Houston's family and her body will arrive at an undisclosed time, he said.

Houston leaves behind an 18-year-old daughter, Bobbi Kristina Brown; her mother, Cissy; brothers; a cousin; and a host of relatives and friends.

Davis accompanied Cissy Houston and Bobbi Kristina to a private viewing Friday.

Pastor Winans' brother, Benjamin "BeBe" Winans, said his sister, CeCe, plans to perform "Don't Cry for Me" at Saturday's service.

Houston performed the song in many countries, Winans told A.J. Hammer of HLN's "Showbiz Tonight."

The song is about life, loss and hope:

"No one is to blame

"My death was meant to be

"Don't carry guilt or shame

"The reason why I came soon you'll see."

Euro leaders 'optimistic' Greek deal can be approved Monday

BERLIN (AP) – The leaders of Germany, Italy and Greece are "optimistic" that a deal on a second bailout for Athens can be clinched next week, a spokesman for German Chancellor Angela Merkel said Friday.

High schools students carry a banner reading 'we break the fear' and chant 'bread-education-freedom' in front of the Parliament building in Athens Feb. 17, 2012.

High schools students carry a banner reading 'we break the fear' and chant 'bread-education-freedom' in front of the Parliament building in Athens Feb. 17, 2012.

Agreement on a second, €130 billion ($170 billion) bailout has been delayed for months due to doubts over Greek political leaders' commitment to tough new austerity measures as well as the worsening economic situation in the country that kicked off Europe's debt crisis two years ago.

The statement from Merkel's spokesman is the strongest indication yet that finance ministers from the 17 euro countries can approve the new rescue at their Brussels meeting Monday.

"The three leaders are optimistic that the finance ministers can find a solution to the pending questions at the Eurogroup on Monday and thereby contribute to the stabilization of Greece," Steffen Seibert said in a statement, after Merkel, Italian Prime Minister Mario Monti and Greece's Premier Lucas Papademos held a conference call earlier Friday.

The three leaders discussed the second rescue package as well as the latest developments in the wider eurozone, Seibert said.

In the euro zone

Countries that use the euro currency: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain

Greece is under pressure to get the green light on the bailout so it can move ahead with a related €100 billion ($130 billion) debt-relief deal with private bondholders that will take several weeks to implement.

That deal has to be completed before March 20, when Athens faces a €14.5 billion bond redemption it cannot afford.

Meanwhile, in Portugal, the leader of the country's main opposition party pressed the government to ask international lenders for a one-year extension on the country's debt reduction targets.

Debt-stressed Portugal is locked into an austerity program through 2013 in return for last year's €78 billion ($103 billion) financial rescue.

All three major parties — the governing center-right Social Democrat and Popular parties, and the main opposition center-left Socialist Party— endorsed the bailout terms.

However, the austerity measures are widely blamed for a deepening recession, with the government forecasting a 3% contraction this year, and a record 14% jobless rate.

Socialist leader Antonio Jose Seguro told Parliament that economic conditions have changed considerably since the bailout terms were agreed. He argued that austerity during an economic downturn is misguided.

"This remedy is wrong," Seguro said.

But Prime Minister Pedro Passos Coelho, who came to power seven months ago and has staked his reputation on turning around Portugal's fortunes, repeated his commitment to the bailout program.

"This government won't ask for any more money, nor more time," he told lawmakers. "This government will abide by what was agreed and started eight months ago."

Pictured: Limbless motivational speaker enjoys honeymoon on the beach a week after marrying the love of his life

These incredible pictures show motivational speaker Nick Vujicic and his new wife on the beach in Hawaii, frolicking like any other couple on their honeymoon.

Vujicic was born with no limbs, a crippling disability that meant he had little hope of ever living a normal life.

Tetra-amelia syndrome is a rare disorder characterised by the absence of both arms and legs.

Stunning scene: Nick Vujicic was spotted honeymooning in Hawaii with his new bride Kanae Miyahara. The couple married in California on February 10

Vujicic was born to Serbian immigrants in Melbourne, Australia, but the couple now live in California.

Now a best-selling author, as a child Vujicic suffered from depression as a child, but as he got older he eventually began to embrace his disability.

The teen mastered life’s daily tasks and went on to show that he can do everything that able bodied people can do-including writing, typing, play drums, brush his teeth.

More...

Aged 17 he began giving talks at a church group and went on to found a non-profit to use his experience to help others.

In 2005 Vujicic was nominated for the 'Young Australian of the Year' Award.

But the preacher and author of 'Life Without Limbs' has now found true happiness - he last week got married.

Tough start: Vujicic was born with no legs, a crippling disability that meant he had little hope of ever living a normal life.

Brave man: Vujicic can do everything that an able bodied person can do, including surfing, writing and typing

Huge: Vijucic and his beautiful new wife Kanae Miyahara, were keen to show off her new rock

And today, the bestselling author and his beautiful new wife Kanae Miyahara, were seen having the time of their lives, as they began married life in Hawaii.

The agile Vujicic had no difficulty taking using his camera to take photos of his stunning bride.

The couple got engaged in August and married on February 10th in California.

Head first: Vujicic demonstrates how he gets up without help during a motivational conference

Natural speaker: Vujicic- seen in his wheelchair -delivers speeches about his life to inspire other disabled people to reach out. He has addressed over three million people in 25 countries

On Nick’s Facebook page, congratulatory remarks poured in from fans from around the world. Nick, 29, has addressed over three million people in 25 countries.

Taxpayers bank on better returns at Lloyds and Royal Bank of Scotland

Taxpayers will find out next week whether their £66bn stake in Lloyds Banking Group and Royal Bank of Scotland has been put to good use.

The state-backed banks are set to report their figures for 2011 on Thursday and Friday.

Although shares in both Lloyds and RBS have rallied recently, taxpayers are still sitting on a £31bn loss on their investment.

And this could increase next week if shareholders are not convinced the two banks are making progress.

The omens for Lloyds are not particularly encouraging after it made a loss of £3.85bn in the first nine months of last year.

Analysts expect the bank to lurch to a £4bn loss for the whole year, largely due to a £3.2bn hit for misselling payment protection insurance.

In 2010 it made a profit – after one-off charges – of £281m.

Ignoring the compensation bill and other writedowns, underlying profits are expected to drop 9 per cent to £2bn.

However this compares favourably with foreign banks, such as Société Générale and BNP Paribas, which have been hit hard by the Greek crisis.

Lloyds needs to bolster its share price from 35.4p to 63.1p before taxpayers break even.

Only then will UKFI – the organisation set up by the Government to oversee state-backed banks – begin the arduous process of selling them back to the private sector.

Last week RBS chief Stephen Hester said the bank was still in a ‘loss-making phase’.

The bank posted a £1.13bn loss in 2010 and will announce its 2011 results on Thursday.

Share prices have to almost double from 27.6p to 50p before the taxpayer – sitting on a £20.4bn loss – breaks even.

Earlier this month it revealed it had spent a further £38bn on clean up costs as it tried to cut down its swollen balance sheet. This involved winding down its investment arm and cutting thousands of jobs.

Much of the focus will be on bonuses. Both Horta-Osório and Hester waived theirs.

Almost 2,000 communities have been left with just one bank branch or none at all, with customers often forced to travel miles to pay in a deposit or cash a cheque.

Some 414 villages and 466 towns have just one bank left, according to new figures from the Campaign for Community Banking Services.

A further 1,000 communities have no bank at all, with 7,500 branches closing down since 1990.

Italian police seize $6 trillion of fake US bonds in Switzerland

A record $6 trillion (£3.9 trillion) of fake US government bonds have been seized by Italian authorities.

The notes, which were dated 1934, were found in three safety deposit boxes in Zurich after a year-long joint investigation by Swiss and Italian authorities known as "Operation Vulcanica". Eight people have been arrested.

Prosecutors in the southern Italian city of Potenza said that the scale of the alleged fraud posed "severe threats" to international financial stability.

The eight people under arrest are accused of counterfeiting bonds, as well as credit card forgery and usury across several Italian regions, including Lombardy in the north of the country.

Authorities had focused their initial investigations on a Sicilian living in Potenza who, according to prosecutors, was "already known for money laundering".

The American Embassy in Rome thanked Italian authorities for the seizure of the bonds, whose alleged value equals just over a third of the entire US national debt. US authorities typically make about 100 investigations a year into allegations of counterfeiting US government bonds, which remain one of the most trusted and liquid financial assets in the world.

BP oil spill partner MOEX Offshore first to settle with US

A minority partner in BP's ill-fated Macondo well has become the first company involved in the disaster to settle with the US government.

MOEX Offshore will pay $45m in civil penalties to the federal government and $25m to the Gulf states affected by the spill. Photo: EPA

MOEX Offshore has agreed to pay a $90m (£57m) settlement relating to the Gulf of Mexico oil spill in 2010.

The company, which owned a 10pc interest in the well, will pay $45m in civil penalties to the federal government and $25m to the Gulf states affected by the spill.

MOEX Offshore also agreed to pay $20m for environmental coastal protection projects.

The federal government has also sued BP, the rig's owner Transocean and another minority partner in the well, Anadarko Petroleum.

MOEX Offshore is a wholly owned subsidiary of MOEX USA and a unit of the Japanese trading house Mitsui & Company.

The company no longer owns any share of the lease for the Macondo well and agreed to pay BP more than $1bn to settle all claims between the two parties last May.

Last week, BP's American investors scored a legal victory over the company in cases filed in Houston.

US Judge Keith Ellison, for the Southern District Court of Texas, ruled that BP must face claims from investors who owned American Depositary Receipts (ADRs), which are effectively shares in BP that are listed in New York.

The plaintiffs – which include New York state's biggest pension fund – allege that BP misled investors over its ability to handle an oil spill, as well as its track record on safety.

BP is fighting twin legal battles in America over the spill. The Houston cases allege securities fraud, while others consolidated into a single case in New Orleans that is due to start on February 27 will determine the fines that BP and co-defendants Transocean and Halliburton will have to pay, as well as any extra economic damages.

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