It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
British oil giant forced to suspend paying any dividends until 2011
But BP shares rally this morning as news helps cool uncertainties
CEO Tony Hayward to be 'sliced and diced' at Congressional hearing today
Siphoned oil is burned off at sea in latest bid to staunch spill
The crisis engulfing BP has plumbed new depths as President Obama bullied the company into depositing £13.5billion into a fund to settle compensation claims for the calamitous Gulf of Mexico oil spill.
After a face-to-face showdown with the President at the White House, BP chairman Carl-Henric Svanberg revealed the payment meant the oil giant would be forced to suspend dividends to its shareholders until at least next year.
BP shares rallied more than 8 per cent today as the news helped remove some of the uncertainty hanging over the stock following the oil rig disaster in the Gulf of Mexico.
Emerging from the meeting, Mr Svanberg apologised to the American people and acknowledged Mr Obama's frustration.
'He is frustrated because he cares about the small people and we care about the small people,' BP's chairman said.