2:30 PM London – The UK indexes gained and investors focused on the Greek debt restructuring outcome. Irish retail sales improved in December. BP plc ordered to bear all costs related to the oil spill in the Gulf of Mexico in 2010.

The UK indexes pared losses as European leaders, banks and Greek lawmakers haggle to bring a resolution to the debt restructuring talks. Greece is looking for debt reduction by 70% and exchange a new bond that pay less than 4% interest rate with 30 years of maturity.

The U.S. economy expanded at annual rate of 2.8% in the fourth quarter compared to the 1.8% growth in the third quarter, according to the U.S. Commerce Department report released today. The economy gathered momentum in the final quarter as consumer spending rebounded.

In London trading FTSE 100 Index declined 61.05 or 1.1% to 5,734.26 and the pound edged higher to $1.5708. For the week, the FTSE 100 Index gained 0.1%

Irish Retail Sales Improves

Ireland''s retail sales volume increased a seasonally adjusted 2.1% on a monthly basis in December, following the 1.8% growth in November, revised up from 1.6%, preliminary data released by the Central Statistics Office showed. The retail sales rose on 26.3% growth in automobile sales.

From a year ago, retail sales grew 3% in December, reversing the 0.5% fall in November.

Gainers & Losers

BP plc, the oil and gas explorer fell 2.4% to 465.50 pence after a U.S. federal judge said the company would have to bear all costs related to the Deepwater Horizon disaster that struck the Gulf of Mexico in 2010, lowering the potential liability Transocean Limited faces over the incident.

Investec PLC dipped 0.03% to 386.50 pence after the specialist banking group will pay around €32.35 million to take a majority stake in Neontar, the Irish corporate finance and wealth manager.

London Stock Exchange Group Plc declined 0.9% to 873.50 pence after the Bourses operator reported third quarter total revenue rose 7% to £160.8 million from £150.6 million in the year-ago period. Total income in the quarter gained 17% to £196.3 million from £167.4 million the prior year.

Marston''s PLC dropped 0.6% to 98.45 pence after the brewer reported like-for-like sales at its managed pubs rose 7% in the eight weeks to January 21.

Serco Group PLC slid 0.6% to 511 pence after the public sector services group signed a contract with the UK Ministry of Defence to provide training and support to the British Army prior to deployment on operations around the world.

Separately, the company planned to cut 500 UK jobs as part of a shake-up in the way it provides back-office services to public and private sector organisations worldwide.

Imperial Tobacco Group PLC advanced 1.5% to 2,287 pence and Next PLC climbed 2.5% to 2,660 pence.