Across the Pond – What we are up to over here.

This post is far too late for morning coffee, but a nice afternoon tea maybe?

What is going on over here in Europe? Not really much, politically, most parliaments are in recess and backbenchers crowd to the microphones to get their 15 minutes until business as usual in politics resumes again. So both major news are not from politics, but from the Love Parade in Germany and, what else, BP.

Germans are looking in horror at reports of the stampede that happened during yesterday’s Love Parade in Essen.

Der Spiegel: (for those who rather not torment themselves with details, I copied only the mere facts below, so please read on at your own discretion)

By early afternoon, the techno party was already “desperately overcrowded,” Tim says. “The only entrance was through the tunnel, there was no other way to get to the site.” At the beginning, he said, the shoving “was almost fun.” Everyone was singing and chanting together, it was a friendly and relaxed atmosphere,” he reports. “That’s the point of the Love Parade, isn’t it?”

But then, things began to get more aggressive. “It was tight, hot, unbearable. Everyone wanted to get to the party, or just out of the crowd.” Some tried to find their own way out, slithering up poles or climbing a narrow staircase out of the crowd. Dehydrated, exhausted partiers where handed out over the heads of the masses. Some of those trying to climb out fell back into the crowd. When that happened, say police, mass panic broke out. (read more)

The Love Parade is the biggest techno party worldwide, the Zurich Street Parade, scheduled for August 14th, is competing for the title of the biggest techno event. There are concerns about the safety of the partygoers here, too. Increased of course by yesterday’s events. The Love Parade has been cancelled for good after the tragedy. It makes me unspeakably sad to think about all those young people who were setting out for a night of fun and had to witness or even get hurt or died in that horror.

Other headlines include the F1 Grand Prix in Hockenheim and Ferrari (spoiler alert), Franck Ribéry’s return to Munich after the dismal French World Cup adventure and the hooker scandal and Bayreuth greets the Rich, the Powerful and the Ugly for their annual Wagner opera festival. I would love to have tickets for Jonas Kaufmann‘s debut in Bayreuth, but the great unwashed must stand in line, or better not show their faces in any case.

The BBC has today’s story for the UK:

BP’s chief executive Tony Hayward has been negotiating the terms of his exit, with a formal announcement likely within 24 hours, the BBC has learned.

Mr Hayward has been widely criticised over the Gulf of Mexico oil spill.

BBC business editor Robert Peston said it was likely he would be replaced by his US colleague Bob Dudley, now in charge of the clean-up operation. (read more)

Now, what does “negotiate” mean? Huh? We’re not talking golden parachutes, are we? What? A measly £ 10 millions ($ 15 million) package? Poor sod.

Hayward, 52, is today locked in meetings with the rest of the BP board about the final details of his financial leaving package, but he is expected to go under basic contractual terms. That means a one year’s £1m pay package but a giant pension pot of over £10m, capable of paying out more than half a million pounds a year from the formal retirement age of 60. (read more)

And, while we are talking about BP, the environment comes to mind. The Independent reports on the British water industry and what privatization means really:

Ofwat, the water industry watchdog, faces calls for it to be overhauled amid accusations that it is not doing enough to remedy leaking drinking water while privatised water companies enjoy soaring profits and consumers face high bills (read more)

So, enjoy your reading and have a nice Sunday all of you!