FTSE falls as Katrina continues to make waves

BP, Europe’s largest oil company, has dropped 10p, or 1.5%, to 663.5p after announcing oil and gas output fell 2.8% in the third quarter and profit in the period will be cut by more than $700m because of damage caused by hurricanes Katrina and Rita. Legal and General, the UK’s fourth biggest insurer, has slipped 3p, or 2.6%, to 111.25p. The company says proposed changes to UK tax may lead to an additional cost of about £200m. BAE, Europe’s largest defence company, has also fallen 8.5p, or 2.5%, to 335.75p. Brandes Investment Partners LP, is selling its stake in BAE for £239m, accordi...