The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 500.50
Bid: 499.75
Ask: 499.90
Change: -3.20 (-0.64%)
Spread: 0.15 (0.03%)
Open: 498.00
High: 500.50
Low: 490.65
Prev. Close: 503.70
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-GM files 200,000 pages of documents about recall to safety agency

Fri, 04th Apr 2014 13:44

(Adds details of Eller hiring, other background)

DETROIT, April 4 (Reuters) - General Motors Co saidit has submitted most of the answers that U.S. safety regulatorssought from the automaker about a defective ignition switchlinked to at least 13 deaths.

In response to the National Highway Traffic SafetyAdministration, GM sent some 200,000 pages of documents to thesafety agency by a Thursday midnight deadline, GM spokesman GregMartin said on Friday. The company has provided answers tonearly 65 percent of the 107 questions that the NHTSA asked, hesaid.

"GM is cooperating fully with NHTSA and is keeping theagency apprised at every step of its progress as it works torespond to the remaining questions within the special order,"Martin said in an email.

NHTSA said in a statement it has been receiving documentsfrom GM and "will take appropriate action based on the agency'sreview." The agency did not provide a timetable for making thedocuments public.

In addition to the NHTSA, the U.S. Senate and House ofRepresentatives are investigating why GM took more than a decadeto recall 2.6 million cars to replace the faulty switches. Thelargest U.S. automaker also faces a criminal probe by theDepartment of Justice.

Without warning, the switches can make vehicle engines stallwhile operating, stop air bags from deploying, and powersteering and power brakes from operating.

GM Chief Executive Officer Mary Barra endured a witheringattack at a Senate hearing on Wednesday that opened withaccusations that the company fostered "a culture of cover-up."Barra also faced a House panel on Tuesday.

Since February, GM has recalled 2.6 million vehicles. And sofar this year, GM has recalled a total of nearly 7 millionvehicles, or about the same number recalled in the previous fouryears combined.

GM also confirmed the hiring of Jeff Eller, a crisismanagement adviser, to help in its response to the recall. Ellerdeclined to comment, referring questions to GM.

Eller was chairman at Public Strategies Inc, whichrepresented Bridgestone Corp's Firestone during itstire recall in 2000. He was also director of media affairsduring President Bill Clinton's administration.

"As we have from the start, we are drawing upon those whohave deep experience and expertise in these matters," GM'sMartin said. "Jeff will join a team who is helping us guide ourresponse.

It is GM's third high-level outside hire since the defectiveswitches came to light.

On Tuesday, Barra said GM had hired attorney KennethFeinberg to examine what steps the company might take forfamilies of crash victims. Barra said this week GM would take upto 60 days to evaluate the matter.

Feinberg administered funds to compensate victims of theSept. 11, 2001 attacks, the BP Plc oil spill, andBoston Marathon bombing.

Safety advocates said the move indicated the company wasexploring setting up a victims' compensation fund, although GMhas not confirmed that.

GM has also hired former U.S. Attorney Anton Valukas to leadthe company's internal probe of why it took so long to discoverthe defective switches. Barra said this week that would wrap upin 45 to 60 days.

Valukas was the court-appointed examiner in the LehmanBrothers bankruptcy. His probe resulted in a report in 2010 thatdetailed the causes of the firm's spectacular collapse.

The automaker has said it would take a charge of $750million in the first quarter, mostly for the recalls announcedin that period, including ones linked to the defective ignitionswitch. That was increased from $300 million.

On Thursday, GM said in documents filed with the U.S.Securities and Exchange Commission it will also take a $400million charge in the first quarter because of currency changesin Venezuela.

Separately, Ford Motor Co said on Tuesday it wouldtake a first-quarter charge of $350 million to resolve currencyissues with its business in Venezuela. (Reporting by Ben Klayman and Bernie Woodall in Detroit;Editing by Jeffrey Benkoe)

More News
9 Apr 2024 17:26

Slide in defence stocks knocks down Europe's STOXX 600

BP gains on higher quarterly upstream energy output forecast

*

Read more
9 Apr 2024 17:13

FTSE 100 ends down as defence stocks offset commodity gains

Easter food spending lifts UK retail sales in March

*

Read more
9 Apr 2024 16:53

LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

Read more
9 Apr 2024 15:12

London close: Stocks slip ahead of ECB, US inflation print

(Sharecast News) - London markets closed lower on Tuesday, as investors braced for a key US inflation reading as well as a policy announcement from the European Central Bank later in the week.

Read more
9 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

(Alliance News) - Equities in London lacked impetus heading into Tuesday, as investors moved with caution ahead of a US inflation print on Wednesday and the European Central Bank's interest rate decision a day later.

Read more
9 Apr 2024 10:21

PRESS: Shell could make London exit if value gap to US does not close

(Alliance News) - Shell PLC fired a warning shot to that it could be prepared to move its listing to the US in a fresh blow to London's financial centre.

Read more
9 Apr 2024 08:53

TOP NEWS: BP predicts upstream production will rise in first quarter

(Alliance News) - BP PLC on Tuesday said it expects first quarter upstream production to be higher than the previous three month period but cautioned lower prices would hurt performance elsewhere.

Read more
9 Apr 2024 08:44

LONDON MARKET OPEN: Stocks shaky ahead of US CPI data, ECB decision

(Alliance News) - Stock prices in London opened mostly lower on Tuesday, as investors look ahead to a key inflation reading from the US, as well as the latest interest rate decision from the European Central Bank.

Read more
9 Apr 2024 07:51

BP expects rise in first-quarter upstream energy output

April 9 (Reuters) - BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

Read more
9 Apr 2024 07:39

LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

Read more
9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

Read more
5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

Read more
5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

Read more
4 Apr 2024 16:55

LONDON MARKET CLOSE: US initial jobless claims hotter than expected

(Alliance News) - Stock prices in London closed up on Thursday, as investors first digested words from US Federal Reserve Chair Jerome Powell overnight, before reacting to hotter-than-expected US initial jobless claims.

Read more
4 Apr 2024 11:58

LONDON MARKET MIDDAY: Stocks up as Fed chair calms some rate nerves

(Alliance News) - Stock prices in London were in the green on Thursday afternoon, with mining stocks powering the FTSE 100 higher, as investors digested words from Federal Reserve Chair Jerome Powell.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.