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BP U Turn: Shifts Strategy Slashing Green Investments to Prioritize Oil and Gas
BP is set to announce a major shift in its strategy by significantly reducing investments in renewable energy and instead focusing on ramping up oil and gas production. The decision comes amid mounting pressure from investors who have been dissatisfied with BP’s lower profits and share prices compared to its competitors. The energy giant’s expected announcement follows similar moves by Shell and Norwegian firm Equinor, both of which have already scaled back their commitments to green energy. Meanwhile, in the United States, former President Donald Trump's "drill baby drill" rhetoric has spurred renewed enthusiasm for fossil fuel investments, steering the industry further away from low-carbon projects. BP had once positioned itself as a leader in transitioning towards cleaner energy. Five years ago, it set ambitious targets to cut oil and gas production by 40% by 2030 while ramping up renewable energy investments. However, in 2023, the company softened that commitment, reducing the target to a 25% cut. Now, BP is expected to abandon the target entirely and confirm it is slashing its investment in renewables by more than half. Chief Executive Murray Auchincloss has described the shift as a "fundamental reset." Auchincloss faces pressure from certain shareholders, including the influential activist group Elliott Management, which has taken a nearly £4bn stake in BP’s £70bn business. The firm has been advocating for increased investments in oil and gas to drive profitability. In 2024, BP’s net income fell to $8.9bn (£7.2bn), a steep decline from the $13.8bn reported the previous year. Since former CEO Bernard Looney unveiled BP’s original transition strategy in 2020, the company has delivered total shareholder returns—including dividends—of 36% over five years. However, this lags far behind its competitors, with Shell returning 82% and ExxonMobil an impressive 160% in the same period. BP’s underperformance has led to speculation that it could become a takeover target or even consider moving its primary stock market listing to the United States, where oil and gas companies often command higher valuations. Despite the growing momentum behind the shift, not all shareholders are in favor of abandoning BP’s previous green energy commitments. Last week, a coalition of 48 investors urged BP to allow them a vote on any plans to alter its renewable energy strategy. A spokesperson for Royal London Asset Management, one of the signatories, stated: "As long-term shareholders, we recognise BP's past efforts toward energy transition but remain concerned about the company's continued investment in fossil fuel expansion." Environmental groups have also expressed outrage, warning that BP will face significant resistance if it moves forward with prioritizing fossil fuels. Greenpeace UK has cautioned that the company should brace for "pushback and challenge at every turn if it doubles down on fossil fuels—not just from green campaigners but from its own shareholders." Senior climate adviser Charlie Kronick highlighted potential policy risks, stating: "Government policies will also need to prioritise renewable power, and as extreme weather puts pressure on insurance models—policymakers will be looking to fossil fuel profits as a way to fund extreme weather recovery. BP might want to seriously put the brakes on this U-turn." Business leader Sir Ian Cheshire, who has held executive positions at companies such as Kingfisher and Barclays, questioned whether BP’s strategy will stand the test of time. "I do wonder whether this sort of decision will look right in 10 years," he said, emphasizing that the transition to renewables is still inevitable. "The climate change issue has not gone away, the science hasn’t changed," Cheshire added, suggesting that BP’s pivot to fossil fuels could be short-sighted in the long run. As BP unveils its new strategy, the debate over its long-term direction is likely to intensify. While some investors welcome the move towards higher fossil fuel profits, others warn that abandoning renewable commitments could prove risky in an era of growing climate concerns and shifting regulatory landscapes. Based on a report by BBC 2025-02-27 -
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Watch: Five-Minute Heist: The £4.8m Golden Toilet Stolen in Daring Raid
The theft of a solid gold lavatory worth £4.8 million from Blenheim Palace was carried out in a meticulously planned operation that took just five minutes, a court has heard. Five men stand accused of stealing the 18-carat gold artwork, titled *America*, created by Italian artist Maurizio Cattelan. The fully functioning toilet had been installed only days before its disappearance in September 2019. They smashed through locked wooden gates, drove across a field to the palace’s front steps, and broke in through a window. Once inside, they headed directly to the cubicle where the toilet was installed, broke down its wooden door, unplumbed the fixture, and made their escape—all within a matter of minutes. Water poured from the severed pipes as they fled. The court heard that sledgehammers were abandoned at the scene. Despite investigations, the golden toilet has never been recovered and is believed to have been melted down and sold in parts. One of the accused, Michael Jones, 39, from Oxford, pleaded not guilty in January to stealing the artwork. Prosecutors allege that he was involved in reconnaissance, having taken a photograph of the lavatory the day before the burglary. Two other defendants, Frederick Sines, 36, also known as Frederick Doe, from Winkfield, Windsor, Berkshire, and Bora Guccuk, 41, from west London, deny conspiracy to transfer criminal property. The prosecution claims they assisted another suspect, James Sheen, in selling portions of the stolen gold in the weeks after the heist. Sheen, 40, from Wellingborough, Northamptonshire, has already pleaded guilty to burglary, conspiracy to transfer criminal property, and one count of transferring criminal property. His guilty plea was entered at Oxford Crown Court in April 2024. "The work of art was never recovered. It appears to have been split up into smaller amounts of gold and never recovered," Christopher said. The case continues as the court examines the evidence surrounding one of the most brazen art heists in recent history. Based on a report by The Times 2025-02-24 -
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Taiwan Detains Chinese Crewed Vessel Suspected of Severing Undersea Cable
Taiwanese authorities are investigating a potential "gray zone" operation by China after detaining the Chinese crew of a vessel suspected of cutting an undersea fiber optic cable linking Taiwan and the Penghu islands. The vessel, registered under Togo and named Hong Tai 168, was intercepted by Taiwan's coast guard (CGA) on Tuesday following suspicions of its involvement in the severance. Taiwan's Ministry of Digital Affairs assured the public that the incident did not lead to a disruption in communication services, as data traffic was promptly rerouted through alternative cables. Nevertheless, the coast guard has classified the event as a possible "gray zone" activity—a term referring to aggressive actions that fall short of open warfare. The Taiwanese government has vowed to conduct a thorough investigation into the matter. This development coincides with recent diplomatic tensions between China and the United States regarding Taiwan’s political status. Last week, Chinese officials voiced discontent over changes made to the U.S. State Department’s website, which removed language explicitly opposing Taiwan's independence. The omission, which first occurred under the administration of former U.S. President Donald Trump, led Chinese authorities to demand that the U.S. "immediately correct its wrongdoing," stating that the change "sends a wrong signal to the Taiwan independence forces." In response, the U.S. State Department affirmed in a statement to NBC News that its stance on Taiwan’s independence remains unchanged. As Taiwan continues to investigate the severed cable incident, questions persist regarding whether this was a deliberate act of sabotage or an accident. The situation adds another layer of complexity to cross-strait relations, which have been increasingly strained amid rising geopolitical tensions. Based on a report by USA Today 2025-02-27 -
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Greta Thunberg Arrested in Copenhagen Protest Against Maersk’s Ties to Israel’s Military
Protests erupted outside Maersk’s headquarters in Copenhagen on Monday, February 24, as climate activist Greta Thunberg joined demonstrators demanding that the shipping giant sever its ties with Israel’s military supply chain. The demonstration, which saw activists blocking the entrance to the company’s offices, quickly escalated as Danish police moved in, using batons and tear gas to disperse the crowd. Despite the protests, Maersk defended its actions, insisting that the shipments in question do not contain weapons or ammunition. Instead, the company described them as “military-related equipment” transported under a US-Israel security cooperation programme. “The cargo has been screened and complies with applicable laws,” Maersk stated in response to the allegations. As tensions outside the headquarters grew, police initially attempted to negotiate with the protesters. However, when dialogue failed, authorities opted to use force, citing the demonstration's location on private property. “We tried using dialogue to get the protesters to leave the area,” a police spokesperson explained. “It’s a private area. And in the end, the dialogue stopped and then we had to use the necessary means to remove the protesters from the area.” Thunberg and 19 other activists were ultimately arrested during the protest, highlighting the growing intersection of climate activism and political advocacy in global conflicts. Based on a report by Euro News 2025-02-24 -
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BBC Admits Failure to Act on Tim Westwood’s Misconduct
An external review has found that the BBC failed to respond to concerns about Tim Westwood’s “bullying and misogynistic behaviour” during his tenure as a Radio 1 DJ. The investigation, led by Gemma White KC, concluded that the corporation should have recognized the possibility that Westwood “might present a risk to young women and girls.” Following the report’s findings, the BBC Board issued an apology, acknowledging that the organization had “missed opportunities that might have led to action.” In a statement, the board admitted, “The organisation fell short and failed people – including our own staff – who had a right to expect better from us.” Westwood, who worked as a presenter for BBC Radio 1 and 1Xtra between 1994 and 2013, is currently under investigation by the Metropolitan Police over multiple allegations of historical sexual abuse. He has strongly denied any accusations of criminal or inappropriate behaviour. The review was prompted by historical allegations made in 2022, with more than 120 individuals contributing evidence. While the report stated that there was “no widespread or significant BBC knowledge of allegations or concerns about predatory sexual behaviour by Mr Westwood,” it highlighted that the corporation failed to recognize and act upon warning signs. “The report finds that there was no widespread or significant BBC knowledge of allegations or concerns about predatory sexual behaviour by Mr Westwood. It is clear, however, that there were instances where the organisation missed opportunities that might have led to action. Allegations were treated in isolation rather than being brought together. Had this happened, the BBC may have seen a pattern of behaviour that it could have acted on,” the BBC Board stated. The corporation admitted that, beyond matters of criminality—now under police investigation—it had failed to take adequate steps when concerns were raised about Westwood’s behaviour. “There is evidence of bullying and misogynistic behaviour on the part of Mr Westwood and the plain fact is that his general conduct was entirely incompatible with BBC values – not just now, but then,” the statement added. The findings highlight serious failings in the corporation’s handling of concerns about Westwood, raising questions about how allegations of inappropriate behaviour were overlooked at the time. Based on a report by The Telegraph 2025-02-27 Related Topics: Whistleblower Claims Gregg Wallace's Inappropriate Behavior Went Unchecked by BBC -
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Sydney Nurse Charged Over Video Threatening Israeli Patients: Cannot Leave the Country
A Sydney-based nurse has been charged after a video surfaced on social media in which she claimed she would refuse medical treatment to Israeli patients. Sarah Abu Lebdeh, 26, has been stood down from her position and is now facing serious legal consequences. Lebdeh was arrested on Tuesday night at Sutherland Police Station and has been charged with three Commonwealth offences: threatening violence to a group, using a carriage service to threaten to kill, and using a carriage service to menace, harass, or offend. Commissioner Webb highlighted the complexity of the investigation, noting that detectives had worked tirelessly to collect evidence from overseas within just 13 days. "I don't think I would have ever imagined that an investigation of that complexity, across the other side of the world, would be done in such a short time," she said. Speaking on ABC Radio Sydney, Commissioner Webb stated that while no evidence had been found to indicate any harm had come to patients at the hospital, NSW Health was conducting its own internal investigation. She described the case as "not straightforward," explaining that "given the nature of this offending, where we had two people here in NSW and the recording made overseas, it's been a complex investigation across borders." Webb further elaborated on the challenges posed by the case, saying, "[There] has been a lot of work by investigators and support from overseas jurisdictions to get the statement from the influencer and have it converted to English and admissible in court. So not straightforward, and that's why we've gone with Commonwealth offences, through the advice of the Commonwealth DPP." Lebdeh's arrest marks the 14th made under Strike Force Pearl, an operation targeting hate crimes. Authorities have laid a total of 76 charges under the operation. This case comes shortly after Australia passed stricter laws against hate crimes in response to a rise in antisemitic attacks. Recent months have seen multiple incidents involving arson, graffiti, and vandalism targeting Jewish homes, vehicles, and synagogues across the country. In January, authorities discovered a caravan in New South Wales packed with power gel explosives, which police warned had the potential to cause a "mass casualty event." The find was accompanied by a document containing antisemitic sentiments and a list of Jewish targets in Sydney. As Lebdeh awaits her court appearance, the case continues to draw significant attention, underscoring the broader concerns around rising antisemitic incidents and the enforcement of hate crime laws in Australia. Based on a report by ABC News 2025-02-27 Related Topics Australian Nurses Suspended Over Hate Speech Antisemitic Video as Investigation Unfolds
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