BP Plc (BP.L), which must pay for the cost to clean up the worst-ever oil spill in the United States, has seen its shares fall by nearly a quarter, wiping off almost $50 billion in its value.
- Rattled, oil execs try to stay the course, Reuters, May 28, 2010.
2. Media boss Rupert Murdoch has urged the government to “stay the political course” on deficit reduction.
In a speech in honour of Lady Thatcher, he said “toughness is necessary” and he was encouraged by Prime Minister David Cameron’s response.
He repeatedly praised ex-Conservative PM Lady Thatcher, who is in hospital, saying she had “inspired the world”.
It was billed as the chairman and chief executive of News International's first major UK speech since 1989.
In his speech to the Centre for Policy Studies, a right-of-centre think tank, he set the challenges in modern Britain alongside those faced by Lady Thatcher in the 1980s.
Mr Murdoch said: “The new prime minister has come to office inheriting a daunting deficit. I am encouraged by his response. Many rightly applaud the coalition government for maintaining a tough fiscal line.
“We must be clear why this toughness is necessary.
“It is not a numbers game. It is about livelihoods and eventually rebuilding opportunities and greatness.
“Strong medicine is bitter and difficult to swallow. But unless you stay the political course, you will be neither robust nor popular. So, like the lady, the coalition must not be for turning.
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