London's leading shares index closed in the red today after machinery firm Caterpillar and toys giant Hasbro offered more gloom from the US reporting season.

BP is to take a near-20% stake in what will become the world’s largest publicly listed oil producer as part of a £16.7bn (€20.5bn) deal.

A government relations manager at British-Russian oil venture TNK-BP has been arrested on suspicion of fraud, Russian police said today.

BP was today on the verge of a deal that will see it take a significant stake in what will be the world’s largest publicly listed oil producer.

BP’s hopes of making the Arctic a key part of its recovery plan were dealt a major blow today by the failure of a share swap and exploration deal with Russian oil group Rosneft.

BP was today holding last-ditch talks over a plan to rescue a multi-billion pound Arctic exploration and share-swap deal.

Oil giant BP today moved closer to salvaging a proposed tie-up with Russian government-owned Rosneft after appeasing a group of angered shareholders.

Oil giant BP is facing calls from some of its biggest shareholders to sell off up to half of its assets as part of a radical restructuring of the group, it was reported today.

Oil giant BP has secured more time to salvage its £10bn share-swap and exploration deal with Russian-government owned Rosneft.

Oil giant BP is expected to face further shareholder ire at its annual general meeting over “wholly unacceptable” boardroom pay packets awarded in the wake of the Gulf of Mexico oil disaster.

Oil giant BP is facing a wave of protests as it holds its annual general meeting in London days before the first anniversary of the Gulf of Mexico disaster.

BP’s €11.3bn share-swap with Russian government-owned Rosneft was dealt another blow today after a tribunal blocked the deal until further notice.

OIL giant BP plans to restart deepwater drilling in the Gulf of Mexico this summer just a year after the Deepwater Horizon explosion that sparked the worst oil spill in history.

BP shares came under pressure today as it was reported that staff at the beleaguered oil giant could face manslaughter charges over the Gulf of Mexico oil spill.

News of a marginal improvement in Britain’s economic performance in the fourth quarter of 2010 failed to offer support to London stocks today in another lacklustre session.

Banking shares kept the London market aloft today following bullish comment on the sector from investment brokers.

A £10bn (€11.4bn) deal between British oil giant BP and Russian government-owned Rosneft is on hold today after a tribunal ruled it breached agreements with other partners.

Bosses at BP will unveil the oil giant’s first annual loss in nearly two decades tomorrow following a disastrous year for the blue-chip company.

The market gave a warm welcome to BP’s £10bn (€11.9bn) deal with Russian oil giant Rosneft today following Friday’s news of an Arctic exploration alliance.

BP is reported to be in talks with China's third-largest oil company over the sale of its Argentinian business for £6.3bn (€7.2bn).

THE clean-up bill for the Gulf of Mexico oil spill has risen to $11.2 billion (€8.15bn), BP said yesterday as new boss Bob Dudley officially took up the reins from Tony Hayward.

The clean-up bill for the Gulf of Mexico oil spill has risen to $11.2bn, BP said today as new boss Bob Dudley officially takes up the reins.

BP’s incoming chief executive said the Gulf of Mexico spill had been a “wake-up call” for the entire oil and gas industry.

BP LAUNCHED a plan to repair its battered image in the United States yesterday, ditching its gaffe-prone chief executive and promising to slim down by trebling an asset sale target to $30 billion (€23bn).

Outgoing BP chief executive Tony Hayward today said he had been “demonised and vilified” over the Gulf of Mexico disaster.

BP chief executive Tony Hayward will get an immediate annual pension worth about £600,000 (€715,000) when he leaves in October, it has been reported.

London's FTSE 100 Index plunged more than 2% into the red today as recovery fears sent stock markets reeling worldwide.

A long-running dispute between BP and the partners in its Russian joint-venture TNK-BP appeared to have been resolved today.

London’s blue chip share index was treading water ahead of the latest interest rate decision today, despite some welcome support from heavily-weighted miners.

A second senior director of BP’s Russian joint venture TNK-BP has quit the troubled business in less than a month, it emerged today.

The boss of BP’s fractious Russian joint venture has been banned from working in the country for two years, the oil company said today.

Oil firm BP said today it was withdrawing the last 60 technical staff from its controversial Russian joint venture.

BP boss Lord Browne ended intense speculation over his future today and said he will leave the oil giant at the end of 2008.

BP chief executive Lord Browne is expected to use his company’s second quarter earnings presentation today to confirm plans to stand down in 2008.

BP said today that freezing winter weather in Russia had hit production at the unit that produces nearly a quarter of its oil.

Oil giant BP was silent today on reports that it is courting Chinese leaders over a ground-breaking deal that would mirror its lucrative joint venture in Russia.

RUSSIAN President Vladimir Putin tried to boost business confidence yesterday, reassuring skittish investors during his state of the nation address that rules governing the privatisation of state property and tax collection would not be constantly shifting.

His name may be taboo in the Kremlin, but jailed Yukos oil company founder Mikhail Khodorkovsky will hover in spirit over a meeting tomorrow between President Vladimir Putin and BP Chief Executive Lord Browne.

Oil giant BP today sought to reassure investors that it was not becoming embroiled in a stand-off with Russian authorities over a $1bn (€782.2m) tax bill.

Russia’s tax authorities are demanding millions of pounds in back taxes from British oil giant BP, it was reported in Moscow today.

British Petroleum’s Russian venture, TNK-BP, denied today that it might be forced to stop production at its largest Siberian field following reports that the energy industry’s regulator alleged the firm was developing the field in violation of the law.

Oil giant BP today posted record first-quarter profits of $4.72bn (€3.97bn) and unveiled plans to hive off half of its petrochemicals arm.

Russia's anti-trust ministry has approved the merger of local oil firm TNK with BP. This removes the last obstacle for the two companies to create Russia's third largest oil producer.