BP

Embattled oil giant BP has sentenced CEO Tony Hayward to Siberia for his part in the mis-handling of the Gulf of Mexico spill.

Paul Burgin looks at the impact of BP cutting its dividend on the Equity Income sector.

BP has recorded a $17bn (£11bn) loss over the second quarter, one of the largest corporate losses in British history.

The FTSE 100 opened higher, up 0.46% or 24.52 points to 5,337.14, on encouraging news from the oil sector.

BP chief executive Tony Hayward is expected to stand down today but he could receive a pay-off of £1m with his pension pot potentially as big as £10.8m.

The FTSE 100 opened down 0.37% or 19.09 points to 5,139.76 as Friday's sell-off on Wall Street dragged the index lower.

BP is driving a midday rally in London shares after the oil giant's attempts to stop the oil leak proved successful, although banking stocks continue to slide.

BP is gearing up to unveil a $40bn (£26.5bn) defence strategy in the teeth of growing speculation US predators have been given the green light by Washington to swoop on the British company.

The FTSE 100 edged higher in early morning trading, up 0.31% or 15.80 points to 5,148.74.

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.