BP dropped from ethical benchmark

BP was kicked out of the ethical "FTSE4Good" index yesterday because of its role in the Gulf of Mexico oil spill. The index is used by many fund managers operating "ethical" investment funds to screen companies before making investments.

FTSE International said: "The Committee's decision to remove BP followed consideration of the company's response to the Gulf of Mexico oil spill, the environmental and social impact and its history of similar incidents."

BP also said yesterday that its next quarterly results would be a week late because of delays related to the oil spill.