BP

The FTSE 100 opened higher as investors responded positively to news BP has agreed to fund a $20bn oil spill compensation package.

The Gulf of Mexico oil spill crisis may not only prove a wake-up call for BP but for UK pension funds too.

The Treasury remains open to the idea of establishing a "bad bank" to warehouse the toxic debts held by the UK banking system, The Independent reports.

Gordon Brown is preparing to tear up his "golden rule" on debt in order to fund a massive spending spree to counter the looming recession, according to The Times.

Oil giant BP this morning announced a 23% increase in profit for the first half of 2008, to $13.44bn (£6.75bn).

The US Department of Justice has fined BP $373m for environmental and fraud crimes.

The FTSE has made a bright start to the week rising 9.7 points, or 0.2%, to 6010.9 led by BP and Royal Dutch Shell as crude oil has risen this morning.

The FTSE 100 Index has gained 19.6 points, or 0.3%, to 5970.2 in morning trading so far, led by BP and Smith & Nephew. Shares of Hanson have also surged.

The FTSE index is on the rise this morning, adding 15.9 points, or 0.3%, to 5968, led by Cairn Energy and BP.

NORWICH UNION is again cutting payouts on maturing mortgage endowment policies, even though its main with-profits funds returned 17.7% before tax last year, says this morning's Guardian .