UK

INCOME UNDER THREAT

Manager sells off high yield exposure and looks to equities amid UK recession fears

The FSA is investigating Prudential and its investment bank advisers Credit Suisse, JPMorgan and HSBC over the insurer's $35bn aborted bid for AIA, according to reports.

BP has lauched a $40bn (£24bn) lawsuit against Transocean, the owner of the Deepwater Horizon rig that exploded in the Gulf of Mexico last year.

Apparently 11 million of us are going to live to be 100 years old. That probably will not include me, unless the artificial heart valves I have are better than the NHS is letting on.

ON UK GROWTH

The FTSE opened sharply higher in early trading on Wednesday following positive corporate earnings updates in the US and advancing metal prices.

The Monetary Policy Committee (MPC) was again divided six-three against a rate rise earlier this month, minutes from the April meeting reveal.

The final cost to BP from the Gulf of Mexico oil spill disaster could reach $60bn (£37bn), according to fresh analysis from ratings agency Moody's.

Newton's star income manager Tineke Frikkee has moved overweight BP, almost tripling her holding in the oil major in the £2.7bn Higher Income fund since February.