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BRANDING NEWS: BP's brand value leaks $72m a day

BP's brand value has plummeted by 61 per cent since the explosion of its deepwater horizon rig according to brand valuation company Brand Finance.

The oil company's brand was ranked 53rd in the world with a value of $12.2bn (£7.7bn). On June 25, nearly one month after the explosion, Brand Finance valued it at $4.7bn (£2.9bn) - the equivalent to a loss of $72m (£45m) a day.

The brand valuation company expects the oil giant to rebrand its US operations in the future. Potentially highlighting its American connection and showing its support of its US customers and workers by reverting to the AMOCO brand.

David Haigh, chief executive of Brand Finance said, "BP has provided the international business community with another case study in how not to handle a crisis of corporate reputation."