Friday, June 11, 2010

New York Times decides to offer some space to that little matter of BP Oil Spill

SHOOT: For a few weeks the New York Times hasn't considered the BP oil spill story newsworthy. Twitter did. And guess who is losing the PR war? BP is. Twitter is the new media king, and newspapers no longer are. The public can see how you manipulate the news, hence these publications will be increasingly marginalised, and the companies that buy advertising in them and pull their strings.
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BP told the Coast Guard that it would expedite payments to businesses crippled by the oil spill in the Gulf of Mexico, Coast Guard officials said on Thursday, while announcing that the oil company continues to increase its daily collection of oil gushing out of its damaged well.

Federal officials told BP about their “concern about the length of time it is taking to pay businesses,” and the company agreed to not wait for previous monthly losses to be tallied before making payments, Tracy Wareing, of the Federal Emergency Management Agency, said at a news conference Thursday in Washington.

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BP’s shares, which are widely held by pension funds here, dropped 7 percent in London on Thursday because of concerns about the costs for the oil cleanup. The shares have fallen more than 40 percent since the fatal explosion at the Deepwater Horizon drilling rig in April, wiping more than £50 billion, or $73 billion, from the company’s market value.

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