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| BP shares plummet on Obama fears | |
| (40 minutes later) | |
| BP Last updated: 10 Jun 2010, 08:23 UK *Chart shows local time href="/news/business/market_data/shares/3/87080/default.stm">More data on this share price | |
| Shares in BP have plummeted another 12% at the start of London trading, amid fears President Obama will impose massive penalties on the company. | |
| It means the oil giant's share price has almost halved since the Deepwater Horizon oil spill began on 20 April. | |
| BP's share price opened at 348.6 pence - its lowest level since 1997 - before recovering to 360p in early trading. | |
| Market attention is increasingly focused on the threat to BP posed by the political fall-out in the US. | |
| In his latest comments, President Obama suggested that the oil company should pay unemployment benefits to thousands of oil workers laid off during a moratorium on deep-sea drilling triggered by the spill. | In his latest comments, President Obama suggested that the oil company should pay unemployment benefits to thousands of oil workers laid off during a moratorium on deep-sea drilling triggered by the spill. |
| Further congressional hearings into the Gulf of Mexico oil leak are planned on Thursday. | Further congressional hearings into the Gulf of Mexico oil leak are planned on Thursday. |
| BP said it was not aware of any reason why its US shares had fallen so sharply | |
| The sharp fall in BP's share price is bad news for UK pension funds, which invest heavily in the firm. | The sharp fall in BP's share price is bad news for UK pension funds, which invest heavily in the firm. |
| The oil company has said that it pays £1 in every £7 of dividends that the pension funds receive from FTSE 100 companies. | The oil company has said that it pays £1 in every £7 of dividends that the pension funds receive from FTSE 100 companies. |
| BP responded to the sharp price fall in the US, stating that, "the company is not aware of any reason which justifies this share price movement". | BP responded to the sharp price fall in the US, stating that, "the company is not aware of any reason which justifies this share price movement". |
| Market nerves were also reflected in the value of BP's bonds, which now trade at levels comparable with junk-rated companies. | Market nerves were also reflected in the value of BP's bonds, which now trade at levels comparable with junk-rated companies. |
| This is despite the company continuing to enjoy high "investment grade" ratings from all three major ratings agencies. | This is despite the company continuing to enjoy high "investment grade" ratings from all three major ratings agencies. |
| Wednesday's losses followed BP shares sliding 5% on Tuesday after US President Barack Obama said he would have fired chief executive Tony Hayward over remarks he made. | Wednesday's losses followed BP shares sliding 5% on Tuesday after US President Barack Obama said he would have fired chief executive Tony Hayward over remarks he made. |
| Mr Hayward made comments such as "I want my life back" and called the Gulf "a big ocean" in the wake of the disaster, which killed 11 people. | Mr Hayward made comments such as "I want my life back" and called the Gulf "a big ocean" in the wake of the disaster, which killed 11 people. |