BP launches $40bn lawsuit against Transocean - papers

BP has lauched a $40bn (£24bn) lawsuit against Transocean, the owner of the Deepwater Horizon rig that exploded in the Gulf of Mexico last year.

On the first anniversary of the major oil spill, London-based BP also announced it is suing Cameron International for negligence, saying a blowout preventer made by Cameron failed to avert the catastrophe. MORE... Official figures being published on Thursday will reveal whether the government hit its public borrowing forecasts for the last financial year. MORE... Stock markets around the world continued the biggest rally of the year while gold reached another high. MORE...