BP

BP has moved to offload a chunk of its oil and gas fields in the Gulf of Mexico in a deal worth $5.5bn (£3.4bn), as the oil major continues to raise cash to cover the cost of the catastrophe in 2010.

Income manager Carl Stick discusses his outlook for UK stock market valuations and how he is using his cash as a strategic asset.

Investors who bought into BP shares around the time of the 2010 Gulf of Mexico disaster have filed lawsuits claiming the company did not disclose the full extent of the spill, according to reports.

BP shares fell almost 4% in morning trading as the cost of litigation following the US Gulf oil spill led to sharp losses for the group in Q2.

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MUNDY'S MOMENT

ENERGY

BP has informed the other shareholder in its joint venture, a group of Russian billionaires known as Alfa Access Renova, of its plans to find a buyer for the stake, according to the BBC.

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Tom Dobell, manager of the £7.8bn M&G Recovery fund, has warned BP it must up its game or risk being snapped up by another oil major.