Gas prices will remain high during winter amid “insatiable” demand, BP boss says
BP has increased its shareholder payout as it seeks to convince investors concerned about the oil giant’s switch to renewable energy sources.
The company announced an additional $ 1.25 billion in share buybacks, on top of the $ 1.4 billion program announced just three months ago.
Much like competitors such as Shell, BP has benefited from rising raw material prices in recent months, but it is also facing questions about how it is handling the switch to greener energy.
BP said it would also use the increase in profits to start paying off debt, which stood at $ 32 billion at the end of the third quarter.
5 things to start your day
1) Barclays defends £ 2.5million payout for Jes Staley Barclays defended £ 2.5million payout for chief executive Jes Staley after abruptly resigning following an investigation into his links with the late pedophile financier Jeffrey Epstein.
2) How many more will be caught in Jeffrey Epstein’s web? The convicted sex offender knew many rich, powerful and famous people who sought to downplay their relationships.
3) BT shares rise after cutting costs faster than expected The company FTSE 100 climbed 7% to 148.5, confirming Sunday Telegraph report that its £ 1 billion modernization plan was ahead of schedule.
4) The chip crisis halves sales of Jaguar Land Rover JLR sold 14,300 cars in Britain in the third quarter of 2021, down 48% from a year earlier. Overall sales fell 11% to £ 3.9 billion.
5) Darktrace shares slide again Shares fell 15% on Monday in anticipation of insiders like Mike Lynch being free to sell their holdings. The drop in the stock price means Darktrace has now lost 28pc of its value since the start of last week.
What happened during the night
Asian markets rose mainly on Tuesday morning: the Hang Seng index climbed more than 1.5%, as did Seoul, while there was also progress in Shanghai, Singapore, Taipei, Manila and Jakarta. Tokyo plunged after climbing more than 2% on Monday, with Sydney and Wellington also down slightly.
Business : PA (intermediate results); Standard Chartered, Hiscox, IWG, Flutter, TP Icap (commercial update)
Economy: Manufacturing PMIs (EU)