BP Brand Takes Big Hit Following Spill

BP BP, Europe's second-largest oil company, has seen its brand value take a major hit following the Gulf of Mexico oil spill. The British oil giant was removed from Interbrand's list of the world's 100 most valuable brands for the first time since the list started 11 years ago. Last year, BP ranked 83rd with a brand value of $3.7 billion. Interbrand did not quantify the loss to BP's brand value or how much it's currently worth because the company is not on this year's list. Toyota TM fell out of the top-10 for the first time in several years following massive recalls, but the Japanese automaker's decline was not nearly as severe as BP's. Apple AAPL made the biggest strides, rising three spots to #17 on the list while its brand value jumped by 37% to more than $21 billion. The top three brands were Coca-Cola KO, IBM IBM and Microsoft MSFT. Coca-Cola has topped the list for all 11 years it has been published. Interbrand said the world's largest soft-drink maker has a brand value of over $70 billion.