The UK firm, which is based in Rickmansworth, Hertfordshire, said last year that it was cutting its global workforce to help reduce costs.

Events

A reader approves of BP’s decision to ramp up its oil and gas production while cutting its investments in renewables

Politics

Fossil fuel firm will cut more than $5bn from low-carbon investment plan in ‘fundamental reset’Business live – latest updatesBP is dropping green goals, ramping up oil and gas production and slashing spending on low-carbon energy as part of a fundamental reset of the troubled company.The FTSE 100 fossil fuel company has promised shareholders it will increase its target for oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – about 60% higher than the figure in its net zero plan set out five years ago. Continue reading...

Politics

BP is to ramp up its oil and gas production while cutting its investments in renewables.

Politics

The tycoon’s links with Donald Trump and Germany’s far-right AfD have slammed the brakes on sales and put the car’s owners in a spinTesla sales almost halve in Europe over Musk’s ties to TrumpWhen Mike Schwede first sat in a Tesla Roadster 15 years ago, he felt like it was a glimpse into the future. By 2016, he was the proud owner of a Tesla, revelling in the thumbs up he would get from other drivers as he whizzed along Europe’s highways in the electric vehicle.But of late the sheen of owning a Tesla has begun to wear off. For years the brand has been synonymous with Elon Musk and his stance against the climate crisis. Recently, Schwede watched aghast as the Tesla CEO poured hundreds of millions into backing Donald Trump as he made promises to ramp up domestic oil and gas production. Continue reading...

Politics

This is ‘probably one of the most alarming times for Britain’s defence since the second world war’, says Lib Dem leader Ed Davey as he calls for more spendingHello and welcome to our rolling coverage of UK politics.The Liberal Democrat leader Ed Davey has said the government must swiftly ramp up defence spending to 2.5% of gross domestic product (GDP).I’ve never known a time like this, it is probably one of the most alarming times for Britain’s defence and security since the second world war, with our closest ally changing their position. So we have to debate it, it is going to be difficult.I don’t think there’s an easy solution, but we have put some ideas on the table. One idea we have put is to increase the digital services taxes, a tax on about 20 multinational companies with turnovers of over £500m and we would raise it from the current 2% to 10%.Foreign secretary David Lammy is in South Africa for the second day of the G20 foreign ministers’ meeting.Scottish Labour leader Anas ...

Politics