Replies to post #322085 on $Stock*Shop*Charts*News*Option$

[Stock Lobster]

BL: Greek Media, Transport Workers Stage 24-Hour Strike Against Austerity Plan

By Maria Petrakis

June 3 (Bloomberg) -- Greek transportation workers in Athens went on a 24-hour strike today to protest government austerity measures, stranding commuters in the country’s biggest city.

No tram, bus or subway services will run today, the state- run Organization for Athens Public Transport said on its website. Rail lines linking the city to the airport and the port of Piraeus will operate, the organization said.

Media unions opposed to planned changes to collective labor agreements and pension reforms also went on strike. No news bulletins will be broadcast today and newspapers won’t be printed tomorrow.

Greece agreed last month to cut wages and pensions, raise sales, fuel and alcohol taxes and overhaul the state-run pension system in return for 110 billion euros ($136 billion) in emergency loans from the European Union and the International Monetary Fund. Prime Minister George Papandreou said the measures are needed to curtail a budget deficit of almost 14 percent of economic output and prevent the country from defaulting on its debts after borrowing costs soared.

To contact the reporters on this story: Maria Petrakis in Athens at [e-mail]

Last Updated: June 3, 2010 03:02 EDT

[Stock Lobster]

>>BP’s Ratings Cut by Moody’s, Fitch on Gulf Oil Spill Fallout

By Eduard Gismatullin

June 3 (Bloomberg) -- BP Plc had its credit ratings cut by Moody’s Investors Service and Fitch Ratings on concern that the cost of cleaning up the Gulf of Mexico oil spill will hurt the company’s balance sheet.

Moody’s lowered BP’s senior unsecured ratings by one step to Aa2 from Aa1, according to a statement today. Fitch cut BP’s long-term issuer default rating and senior unsecured rating one notch to AA from AA+. Both ratings services held out the possibility of further downgrades.

The oil spill will “result in significant containment and clean-up costs as well as litigation costs,” Moody’s said.

BP has lost 33 percent of its market value since an April 20 fire in the Gulf of Mexico killed 11 workers, sank a $365 million rig and triggered subsea leaks that have spewed millions of gallons of crude into the Gulf. The U.S. hurricane season, which began June 1 and ends Nov. 30, may be one of the most active on record, potentially hampering BP’s efforts as response cost rose to at least $990 million, or about $24 million a day.

BP pared gains to trade 1.9 percent higher at 437.80 pence as of 2:45 p.m. in London. The stock earlier rose as much as 4.7 percent.

The ratings may be cut again if the oil well flow rate continues to increase and the relief well currently being drilling fails to halt the leak “in a timely fashion,” Fitch said. Clean-up costs exceeding Fitch’s worst-case expectations of about $5 billion in any one year could also put pressure on the rating, it said.

To contact the reporter on this story: Stephen Cunningham at [e-mail]

Last Updated: June 3, 2010 09:46 EDT