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Buyout vehicle Resolution to buy AXA's UK life assurance business

Buyout vehicle Resolution is to buyout the UK life assurance business for £2.75 billion. The deal, which includes the life insurance business, pensions business, Corporate and Annuities business is underwritten by Barclays Capital and RBC Capital Markets - and other shareholders of the buyout group.

FTSE 100 up as BP shares rally after progress on oil leak

The FTSE 100 rose in morning trading on Friday thanks to gains by BP after the energy giant succeeded in putting a containment cap on the source of an oil leak which has been described as the greatest ecological disaster to face the USA in its history.