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British pols rally around BP
LONDON, (UPI) -- British politicians have rallied round BP as the British energy giant struggles with an out-of-control spill in the Gulf of Mexico and falling share prices.
The company has long been one of the stalwarts of the London Stock Exchange, The New York Times reports. Many pension funds
own large blocks of stock and have taken a huge hit as the price has dropped 40 percent.
London Mayor Boris Johnston, a Conservative, accused some U.S. politicians of "anti-British rhetoric."
"When you consider the huge exposure of British pension funds to BP, it starts to become a matter of national concern if a great British company is being continually beaten up on the airwaves," Johnson told the BBC Thursday.
President Barack Obama has annoyed some Britons by referring to the company by its former name -- British Petroleum -- the Times said.
Chancellor of the Exchequer George Osborne urged officials on both sides of the Atlantic to remember "the economic value BP brings to people in Britain and America." He said he had talked to Tony Hayward, BP's chief executive officer.
BP, the third largest oil company worldwide, paid $1.4 billion in taxes last year in Britain. Thirteen percent of the total dividends from British companies last year came from BP, an advocacy group said.
LONDON, (UPI) -- British politicians have rallied round BP as the British energy giant struggles with an out-of-control spill in the Gulf of Mexico and falling share prices.
The company has long been one of the stalwarts of the London Stock Exchange, The New York Times reports. Many pension funds
own large blocks of stock and have taken a huge hit as the price has dropped 40 percent.
London Mayor Boris Johnston, a Conservative, accused some U.S. politicians of "anti-British rhetoric."
"When you consider the huge exposure of British pension funds to BP, it starts to become a matter of national concern if a great British company is being continually beaten up on the airwaves," Johnson told the BBC Thursday.
President Barack Obama has annoyed some Britons by referring to the company by its former name -- British Petroleum -- the Times said.
Chancellor of the Exchequer George Osborne urged officials on both sides of the Atlantic to remember "the economic value BP brings to people in Britain and America." He said he had talked to Tony Hayward, BP's chief executive officer.
BP, the third largest oil company worldwide, paid $1.4 billion in taxes last year in Britain. Thirteen percent of the total dividends from British companies last year came from BP, an advocacy group said.