Money

BP’s CEO quits amide allegations of secret relationships

Published

2 years ago

September 13, 2023

ticker NEWS

BP CEO Bernard Looney has stepped down from his position, lasting less than four years, following allegations of personal relationships with colleagues.

The company made the announcement, stating that BP Chief Financial Officer Murray Auchincloss would serve as interim CEO.

The official statement from BP reads, “BP plc announces that Bernard Looney has notified the Company that he has resigned as Chief Executive Officer with immediate effect.” The statement further explained that Mr. Looney now acknowledges that he was not fully transparent in previous disclosures, failing to provide details of all his relationships, and accepts his obligation to make more comprehensive disclosures.

BP transformation

Bernard Looney, 53, assumed the role of CEO in February 2020 with a pledge to transform the 114-year-old company, setting ambitious goals for BP to achieve zero net emissions by 2050 and investing substantially in renewable and low-carbon energy.

BP’s recent history under Looney has been marked by challenges, including the COVID-19 pandemic, an abrupt exit from Russia following the Ukraine invasion, energy price fluctuations, and a global cost-of-living crisis.

Earlier this year, BP revised its plans to reduce hydrocarbon production by 2030, lowering the target from 40% to 25% compared to 2019 levels. This decision was still one of the most significant reductions in oil and gas production among major oil companies this decade.

Profit drop

Despite record profits of $28 billion in 2022, BP’s second-quarter profit in 2023 dropped by 70% compared to the previous year. Nevertheless, BP was able to increase its dividend by 10%.

Looney’s departure comes at a time when BP’s shares have underperformed those of European rival Shell and US counterparts Chevron and Exxon Mobil over the past three years. His 2022 compensation exceeded $12 million due to the company’s substantial profits, while BP’s emissions remained relatively unchanged.

Bernard Looney succeeded Bob Dudley, who led BP through the Deepwater Horizon oil spill aftermath in 2010.

The announcement of Looney’s resignation resulted in a 1% increase in BP shares.

Money

Gold plunges as investors react to Middle East ceasefire

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Published

2 days ago

October 10, 2025

ticker NEWS

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Gold prices have fallen sharply, dropping over two per cent to below $4,000 per ounce, as investors took profits following the announcement of a Gaza ceasefire agreement. The deal between Israel and Hamas triggered a shift away from safe-haven assets, with silver and platinum also sliding.

The U.S. dollar strengthened as markets responded to the news, making precious metals more expensive for foreign buyers. Analysts say the pullback is likely temporary, with long-term demand for gold and silver expected to remain strong amid global instability and rising debt levels.

Market experts warn that volatility will continue as geopolitical tensions persist, even as short-term optimism grows around the Middle East peace process.

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Money

Gold and silver prices drop after Gaza ceasefire

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

Published

2 days ago

October 10, 2025

Ahron Young

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

In Short:
– Gold prices fell over 2% to below $4,000 per ounce due to a stronger dollar and profit-taking.
– Silver eased to $48.93 per ounce, influenced by market activity and ongoing high demand despite supply issues.

Gold prices fell over 2% on Thursday, dropping below $4,000 per ounce. The decline followed a strong rise earlier in the year and was influenced by a stronger dollar and profit-taking after a ceasefire deal between Israel and Hamas.Spot gold decreased to $3,959.48 per ounce, while U.S. gold futures for December delivery settled at $3,972.6.

Silver also experienced a slight decline, easing from its record high to $48.93 per ounce. The dollar index increased, making gold more expensive for overseas buyers.

Traders noted increased activity in the market as profit-taking coincided with reduced tensions in a historically volatile region.

An independent metals trader stated that while gold and silver may need to consolidate further, the underlying demand drivers remain intact.

Market Overview

Gold surpassed $4,000 per ounce on Wednesday, reaching $4,059.05, boosted by geopolitical tensions and strong demand from central banks. The asset has gained about 52% this year, reflecting a significant increase due to various economic factors. The U.S. central bank’s decision to cut rates in September also contributed to the rally, with expectations for future cuts in the coming months.

Silver’s price increase of 69% this year is tied closely to similar economic trends impacting gold. Notably, liquidity issues in the silver market are being exacerbated by strong demand and tight supply conditions. Other precious metals, such as platinum and palladium, also saw declines during this period.

Money

North Korean hackers steal $2 billion in crypto

North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

Published

3 days ago

October 9, 2025

Ahron Young

North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

In Short:
– North Korean hackers stole over $2 billion in cryptocurrency in 2025, nearly tripling last year’s total.
– A shift to social engineering tactics has led to increased targeting of high-net-worth individuals for cyber attacks.

North Korean hackers have reportedly stolen over $2 billion in cryptocurrency assets in 2025, setting a record with three months still left in the year.

Data from blockchain analytics firm Elliptic indicates that this amount nearly triples the total stolen last year, accounting for approximately 13% of North Korea’s estimated GDP and raising the regime’s total crypto theft to over $6 billion since 2017.

A significant portion of the 2025 theft is attributed to the February hack of cryptocurrency exchange Bybit, which amounted to $1.46 billion.

The FBI has linked this breach to state-sponsored North Korean hackers, who exploited weaknesses in Bybit’s wallet management system. More than 30 additional cyber attacks have also been associated with North Korea this year, including notable breaches at LND.fi and WOO X.

Shift In Tactics

A shift in methodology among North Korean hackers has been observed, as they now focus on social engineering rather than technical exploits. According to Elliptic, the primary vulnerability lies with individuals rather than technology.

High-net-worth individuals and corporate executives are increasingly targeted due to their relatively weaker security measures.

The hackers utilise deceptive tactics, including phishing schemes and fake job offers, to access private cryptocurrency wallets. Intelligence reports suggest that the stolen funds are used to finance North Korea’s nuclear programmes.

The regime has also improved its money laundering techniques by employing various cryptocurrencies and mixing methods to obscure fund origins. Blockchain analysts are actively tracking these stolen assets, with notable progress achieved in identifying recoverable funds.