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

Are we in an AI bubble or just a market reality check?

Tech stocks falter as AI boom faces reality; market shifts towards gold amidst growing investor caution.

Published

54 minutes ago

November 6, 2025

Ahron Young

Tech stocks falter as AI boom faces reality; market shifts towards gold amidst growing investor caution.

Global tech stocks are losing altitude as investors question whether the AI boom has gone too far — or if the market is simply returning to earth after years of euphoric growth. With valuations for chipmakers and AI giants stretched to perfection, analysts warn that expectations may finally be colliding with economic reality.

In this segment, Brad Gastwirth from Circular Technologies joins us to unpack the trillion-dollar question: is this a healthy correction or the first crack in the AI gold rush? From hyperscaler capex surges to regulatory risks and fragile market leadership, he breaks down what’s driving investor nerves.

We also explore how the market rotation into gold and real assets reflects growing caution, and what this could mean for the future of AI-driven investing.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker

#AIBubble #TechStocks #MarketCorrection #Semiconductors #Investing #FinanceNews #AIStocks #TickerNews

Money

Inflation rise reduces chances of Reserve Bank rate cut

Inflation spikes, drastically reducing chances of a Reserve Bank rate cut amid economic pressures and rising costs

Published

1 week ago

October 29, 2025

ticker NEWS

Inflation spikes, drastically reducing chances of a Reserve Bank rate cut amid economic pressures and rising costs

In Short:
– Rate cut likelihood by the Reserve Bank has decreased due to a rise in annual inflation to 3.2 per cent.
– Significant price increases in housing, recreation, and transport are raising concerns for the Reserve Bank.

The likelihood of a rate cut by the Reserve Bank has decreased significantly after a surge in annual inflation.

The Australian Bureau of Statistics reported that inflation for the year ending September rose to 3.2 per cent, reflecting a 1.1 per cent increase.

Trimmed mean inflation, a crucial measure for the Reserve Bank, was recorded at 1 per cent for the quarter and 3 per cent for the year. The bank anticipates inflation to reach 3 per cent by year-end, while trimmed mean inflation is expected to slightly decrease.

The quarterly rise of 1.3 per cent in September exceeded expectations. Governor Bullock noted that a deviation from the Reserve Bank’s projections could have material implications.

Financial markets reacted promptly, with the Australian dollar rising against the US dollar, while the ASX200 index fell.

The most significant price increases were observed in housing, recreation, and transport, indicating widespread price pressures that concern the Reserve Bank.

Despite the unexpected inflation rise, some economists believe the Reserve Bank may still consider rate cuts in December, viewing current price spikes as temporary due to the winding back of subsidies.

Economic Pressures

Broad-based economic pressures suggest that the Reserve Bank may not reduce interest rates at its upcoming meeting. Analysts highlight the need for ongoing support for households facing cost-of-living challenges.

Money

Wall Street hits record highs on low inflation

Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision

Published

2 weeks ago

October 26, 2025

Ahron Young

Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision

In Short:
– U.S. stocks rose to record highs on Friday due to lower inflation and strong corporate earnings.
– Key earnings reports from major companies are expected next week, influencing market trends.

U.S. stocks rose to record highs on Friday due to lower-than-expected inflation data and positive corporate earnings.The S&P 500 and Nasdaq achieved their largest weekly gains since August. The Dow saw its biggest jump from Friday to Friday since June.

The Labor Department reported that the Consumer Price Index was slightly cooler than analysts’ predictions, easing concerns about inflation impacts from tariffs. This development suggests a likely interest rate cut by the Federal Reserve at its upcoming meeting.

Ryan Detrick from Carson Group noted the positive inflation news may facilitate forthcoming Fed rate cuts. Despite the ongoing government shutdown affecting data releases, this CPI report provided much-needed clarity.

Earnings reports are continuing, with 143 S&P 500 companies having reported results. Growth expectations for third-quarter earnings have risen to 10.4%. Detrick indicated a strong opening to the earnings season with a significant percentage of companies exceeding expectations.

This coming week, key earnings will be reported from Meta Platforms, Microsoft, Alphabet, Amazon, and Apple, alongside industrial companies like Caterpillar and Boeing.

The Dow rose 472.51 points to 47,207.12. The S&P 500 increased by 53.25 points to 6,791.69, while the Nasdaq gained 263.07 points, reaching 23,204.87.

Alphabet gained 2.7% following a deal expansion with Anthropic. Coinbase saw a 9.8% increase from a JPMorgan upgrade. In contrast, Deckers Outdoor’s shares fell 15.2% after lowering sales forecasts.