oil

BP's US-listed shares of soared 7.6% yesterday after the giant announced it had temporarily stopped the oil leak into the Gulf of Mexico for the first time since late April.

A US senator has stepped up the political attacks on BP, this time calling for an investigation into its Libyan interests and connecting the group with the deal to free the Lockerbie bomber.

BP faced fresh takeover speculation on the weekend after the Obama administration reportedly told ExxonMobil it would not stand in the way of a takeover bid for its troubled British rival.

BP has agreed to inform the US Government of any major business decision which could affect the future shape of the company following the Gulf of Mexico disaster.

BP shares have moved almost 5% higher this afternoon as Libya's top oil official recommended the North African country to buy into the stricken giant.

EQUITY INCOME

Tineke Frikkee grew the dividend on the Newton Higher Income fund by 3.5% in the 12 months to 30 June despite prominent banks, and oil and gas firms slashing their dividends.

BP is understood to be negotiating with China National Offshore Oil Corporation to sell a 60% stake in Pan America.

BP has denied reports from Russia that Tony Hayward is set to stand down.

Barack Obama and David Cameron said stricken oil giant BP should "remain a strong and stable company".