Biz Brief: BP Chairman to Meet with Obama; Shares Rebound

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BP (BP) Chairman Carl-Henric Svanberg has been summoned to Washington for a meeting with President Barack Obama on June 16 to discuss the massive oil spill in the Gulf of Mexico. Politicians have stepped up pressure on the company to settle damage claims and suspend the dividend, which the company said is now considering.

While the letter inviting the chairman also requested for other executives to be present, it is still yet no known whether CEO Tony Hayward, who's been the public face of the company and operationally more involved than the chairman, will attend. Obama will "participate in a portion" of the session, Bloomberg reported. A day before the meeting, Hayward is to appear before a House Energy and Commerce oversight hearing on the cause of the spill.

BP shares gained as much as 7.5% in London Friday but have plunged 41% since the oil rig explosion.

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Markets

S&P 500 2,361.13 2.56 0.11%
DJIA 20,659.32 -42.18 -0.20%
NASDAQ 5,897.55 22.41 0.38%
DAX 12,203.00 53.58 0.44%
NIKKEI 225 19,217.48 14.61 0.08%
HANG SENG 24,392.05 46.18 0.19%
USD (per EUR) 1.08 -0.01 -0.46%
USD (per CHF) 1.00 0.00 0.39%
JPY (per USD) 111.02 -0.20 -0.18%
GBP (per USD) 1.24 0.00 0.16%

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