BP to sell US onshore wind business to LS Power for undisclosed sum
BP has come under criticism from investors for its underperformance in recent months, leading to a strategy revamp with promises to cut debt, increase cash flow and a major pivot back to oil and gas after an ill-fated foray into renewables.
The company is targeting $3 billion to $4 billion in disposals by the end of this year. It has pledged to divest $20 billion worth of assets by 2027 under CEO Murray Auchincloss' plans.
"The absence of consideration in the press release is unusual given the potential size of the transaction," HSBC analyst Kim Fustier said.
"This may suggest that the portfolio could be worth less than typical multiples for onshore wind assets," Fustier said, adding that another disposal will likely be needed to reach the disposal target this year.
BP struck
a deal with Apollo Global Management (APO.N), opens new tab in March to sell its stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion.
bp Wind Energy, the business being sold, will be owned and operated under LS Power's portfolio company Clearlight Energy, BP said.
The deal comprises 10 operating wind assets with a combined gross generating capacity of 1.7 gigawatts, BP said.
Shares of the London-listed company were up 1.9%, with other energy companies also tracking a rise in oil prices.
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Daily Mail
2 hours ago
- Daily Mail
How a glitzy New York hotel became the epicenter of the migrant crisis
Standing on the corner of Manhattan's 45th Street and Madison Avenue, The Roosevelt Hotel was once the pinnacle of New York City glitz and glamor. However, in recent years, the once–posh and presidential establishment has seen struggles like never before, leading to the announcement of its permanent closure by NYC Mayor Eric Adams in February 2025. The iconic hotel's shutdown earlier this month came after it spent two years housing the hundreds of thousands of migrants flooding to the US during the peak of the country's immigration crisis. In 2022 Manhattan's historic Roosevelt Hotel was transformed into a shelter to house the asylum seekers in May 2023 and, over the course of the last two years, 155,000 people from 160 countries walked in and out of the hotel's doors. The situation was a far cry from the pomp and ceremony which marked the hotel's opening in 1924, in honor of President Theodore 'Teddy' Roosevelt. Set over 1,025 rooms, the opulent hotel boasted a luxury fitness center and an indoor swimming pool, and even sat atop a secret tunnel system. Over the next 101 years, the establishment played host to Hollywood legends, towering literary figures such as F. Scott Fitzgerald and Ernest Hemingway, and influential lawmakers. In February of this year, in light of dwindling migrant numbers, Adams called time on the hotel–turned–shelter and it closed its doors for the last time in July. Now, as the Roosevelt Hotel stands empty, Daily Mail has taken a deep dive into its rich history. The Roosevelt Hotel first opened its doors on September 22, 1924, after overcoming setbacks due to the 1916 Zoning Resolution – the city's first citywide zoning code, enacted to prevent massive buildings from blocking light and fresh air. The hotel cost $12 million to build, equivalent to around $226.4 million today. Named after US President Theodore 'Teddy' Roosevelt, the hotel was originally operated by New–York United Hotels Inc., but when the company went bankrupt in 1934, Roosevelt Hotels Inc. took over until 1943, when it was acquired by Hilton. In December 1925, several members of the Roosevelt family dedicated a plaque in the lobby to the late president. The memorial featured a Ding Darling cartoon that appeared in the New–York Tribune the day of the former president's death. Architects George B. Post & Sons fashioned the hotel with an Italian Renaissance Revival–style façade. The group aimed to reflect the ideals of Roosevelt through its structure and building. In a nod to the president's dedication to public service, the architects envisioned the building to provide premium comfort and hospitality to visitors. Many of the architectural details were inspired by historic US buildings, according to Untapped New York. The stunning paneled walls and fluted pilasters of the hotel's primary dining hall are inspired by those in New York's City Hall. Elongated windows in the banquet hall are reminiscent of those in Annapolis's Chase House, a classic example of Georgian architecture. Other architectural features are nods to Kenmore, a colonial Virginia Mansion, and the Octagon House in Washington DC. The 19–story structure's ground floor largely contained shops, while the first floor featured the hotel lobby, dining rooms, and other public areas. Hotel rooms, which there were 1,025 of, began on the third floor and spread up to the 18th floor. Several novel features made the hotel stand out from others of its kind – including a kennel for guests' pets, a child–care service, and an in–house doctor. In the hotel's early years, it became known for hosting a multitude of events – from country musical recitals to car exhibits, athlete luncheons to coin displays, and even pet shows. The Roosevelt was also home to award shows of all varieties throughout the years, including the Peabody Awards and the Annual Writers Guild of America Awards – which was attended by the likes of Salma Hayek and Brad Pitt in 1998. Infamous band leader Guy Lombardo – who was responsible for making Auld Lang Syne the definitive song of New Year's Eve – also began leading the house band of the Roosevelt Grill in 1929. He held an annual New Year's Eve radio broadcast at the hotel with his band, the Royal Canadians. Several Republican Party candidates and campaigns used the Roosevelt Hotel for offices and headquarters. The National Republican Congressional Committee opened an office at the hotel in 1930, and Fiorello La Guardia operated a campaign office there during the 1941 New York City mayoral election. The Midtown hotel was not only popular with politicians, it had its fair share of celebrity guests. In fact, the latest star to stay the night at the historic hotel was Eva Mendes, who spent the night in the swanky Roosevelt Suite, according to the Gothamist. The Roosevelt Suite was home to American hotelier and businessman Conrad Hilton – of Hilton Hotels – while he lived in the building in the 1940s. Editor and magazine publisher Hugo Gernsback had his own room on the 18th floor where he created and recorded his very own radio station, WRNY. Not only did celebrities stay in the glamorous suites at the Roosevelt, many also filmed iconic movies within the hotel's walls. The hotel appeared in classics, such as 'The French Connection', 'Quiz Show', and 'Malcolm X'. In 'Wall Street', Michael Douglas's ruthless broker character Gordon Gekko delivered the infamous 'greed is good' speech from the Roosevelt's grand ballroom. The hotel was also used by Sacha Baron Cohen in his movie 'The Dictator' and by Martin Scorsese in his mob biopic 'The Irishman', which starred Robert De Niro and Al Pacino. Jennifer Lopez played the lead character Marisa Ventura in the 2002 RomCom 'Maid in Manhattan', which was filmed at the Roosevelt Hotel. Among its quirks: a secret tunnel three levels beneath the hotel once connected it to Grand Central Terminal. And unlike most hotels, its high-tech kitchen was proudly on display at street level. The hotel closed during the pandemic in 2020, reopened as a migrant shelter in 2023 under a $220 million deal, then closed again in July 2025. Adams said it would save taxpayers 'millions'. As the Roosevelt shut its doors, diapers remained stocked in the gift shop, and a handwritten map in Spanish reminded migrants: 'You are here.'
The Guardian
2 hours ago
- The Guardian
It's time to rethink how we measure labor in the US
Last week the Wall Street Journal reported that, as a result of the 'tougher environment' in the labor market, companies are 'in control again' and are warning applicants of 'long hours and few boundaries'. At the same time some industries are reporting worker shortages due to Donald Trump's immigration crackdown. And then there's artificial intelligence, which is about to devastate the jobs market – or is about to create new jobs. Amid all this change, what do we really know about the jobs market? Just the other week the Department of Labor said the economy added 147,000 new jobs to the economy. So that seems encouraging? But the official figures are subject to revision – and big ones too. The labor department has said its own numbers were overstated by as much as 818,000 during the first eight months of 2024. The payroll giant ADP is more in line with the some pessimists on Wall Street, saying that the private economy shrank by 33,000 in June. But their competitor, Paychex, reported that small business employment – which represents about half of the country's workers – has continued to 'hold steady' throughout this year. Job openings 'jumped' to a six-month high last month. Does anyone know how the labor market is actually doing? No economist, no government agency, no academic that I know has yet figured out how many Americans are working or not. Why? Because it's not just about jobs anymore. It's about income. The 'jobs' data we read isn't relevant. Last week a report in Fortune introduced us the concept of the 'over-employed'. These are workers – many in the tech industry – that are holding down more than one job at a time, with some making as much as $3,000 per day working for multiple employers. But the over-employed trend goes beyond this. That's because in the same week, new data from the Bureau of Labor Statistics revealed what we already knew: workers working remotely were logging two hours less hours per day than their counterparts coming into the office. So what are they doing with this extra time? Maybe they're watching Netflix. Others were generating more income for themselves doing other things, like starting their own businesses. According to new data from the Census Bureau: almost 460,000 applications were filed for new businesses in June alone, a level almost twice the amount of the monthly average before the pandemic. We all know these 'workers'. Some have multiple full-time jobs. Others have multiple part-time jobs. Many have multiple sources of income. They drive Ubers. They have Etsy shops. They're selling used sneakers on eBay and working late shifts under the table at the local bar. They write programs. They work with data. They do it all! Are we taking all of these people into consideration when analyzing the 'job market?' Some of the 'over-employed' and really just underpaid and need the extra work to make ends meet, unfortunately. According to a new NerdWallet data, nearly two in five Americans are aiming to make more money this year and 10% have started a side business or second job just to cover basic necessities. In this increasingly complicated 'jobs' market perhaps it is time for economists to stop evaluating the labor market in terms of jobs. This is quickly becoming obsolete. We need to measure income. How many people over the age of 18 in the US are earning more than, say $50,000 per year, taking into consideration all sources of income and inflation-adjusted? What percentage is that compared to the working-age population? How has that increased or decreased over time? Isn't this more relevant than the numbers we're getting now? And shouldn't the numbers come from actual, real data and not from an unreliable Department of Labor survey that's revised 10 times after it is initially published? Can't we get this information from tax returns, social security and private sources such as Etsy, Amazon, eBay, ADP and Paychex? Can't this be calculated and updated monthly and annually? Of course it can. Major economic policy decisions still hinge on the unemployment rate and jobs growth. Politicians get re-elected or ejected on this data. But in a job market that's being shaken by AI, immigration and the rapid rise of side gigs, it's time we rethought how we measure the health of the labor market.
Daily Mail
2 hours ago
- Daily Mail
Dave Portnoy: WNBA players SHOULD get paid more... it's a sporting scandal that morons are missing
Barstool Sports chief Dave Portnoy has taken aim at 'morons' as he weighed in on the WNBA 's pay scandal in a fiery rant. Caitlin Clark and her fellow WNBA stars took a stand during Saturday night's All-Star game when they called out the league with a pointed jibe over its failure to pay them what they believe they deserve. The league's All-Stars took to the court in T-shirts telling league bosses to 'pay us what you owe us' talks over a new collective bargaining agreement stalled in Indianapolis this week. However, the players faced backlash on social media with fans questioning why players should be paid more when the league has been operating at a loss. Yet Portnoy, who has become heavily invested in the WNBA over the past year as a staunch supporter of Clark, fired back as he defended the players over the scandal. 'I see lots of morons trying to act like WNBA players don't deserve more money,' the media mogul, who inked a deal with Fox Sports this week, began in a fiery rant on X. 'They are throwing around this 'lost 50 million' number that nobody even knows where it comes from. The finances of the league are a mess, tied in with NBA and purposely murkey. The owners don't want to say how the league is doing cause then you gotta pay more going into bargaining agreement. 'The league is exploding. Franchise values are exploding. Ticket sales, merch, tv rights all exploding. The players have an opt out in their CBA. Of course they took it. 'It's all about leverage in re-negotiations and for the 1st time in history of league players have power. The players make virtually nothing while the entire league explodes. Of course they deserve more money. 'Just the values of the team pay for it without all the other stuff. If somebody told me I could buy a Boston team for 250 million I would do it without blinking. That's all you got to know about the WNBA finances.' Negotiations between the WNBA and Women's National Basketball Players Association continued in Indianapolis this week but failed to reach a deal and erase the friction between the two sides. In fact, many WNBA players were disappointed in the lack of progress of an in- person session on Thursday that was attended by 40 players. The negotiations certainly didn't narrow the gap between the two sides. 'I think (Thursday's) meeting was good for the fact that we could be in the same room as the league and the Board of Governors,' said Liberty star Breanna Stewart, a union vice president. 'But, I think, to be frank, it was a wasted opportunity.' The dispute began when the players union announced after the 2024 season that they would opt out of the CBA on October 31, 2025. With television revenues on the rise - largely due to the presence of Clark - the players want a larger piece of the financial pie. The Barstool Sports chief shared a lengthy rant to social media about the issue on Sunday The players' top priorities are greatly increased salaries and a revenue sharing plan. In the WNBA, players reportedly only receive 9.3 per cent of league revenue which is way less than athletes in most other sports leagues. But, as a New York Post article in October pointed out, the WNBA was set to lose $40million last season and NBA owners were starting to get frustrated by it. The NBA owns nearly 60 per cent of the league and owners were pressing commissioner Adam Silver for answers on when they can expect a return on their investment. There's a lot of money coming into the league over the next few years with a new 11-year media rights deal worth over $2.2billion, three new expansion teams that each paid $250m in fees and many new sponsors. According to Sports Illustrated, WNBA salaries roughly range from a minimum of $66,000 to a super maximum contract of around $250,000. For reference, Clark will earn $78,000 in the 2025 season while All-Star rival Napheesa Collier has an average annual salary of $184,000. Arike Ogunbowale of the Dallas Wings has the highest average annual salary in the WNBA at $241,000. Players can supplement their income through commercial deals and it's thought Clark, the Indiana Fever sensation, earned $11million in 2024. The deadline to reach a new agreement is just three-and-a-half months away. 'Rev sharing is truly transformational,' Los Angeles Sparks guard Kelsey Plum told reporters. 'We want a piece of the entire pie. Not a piece of part of the pie. We're a resilient group. We know the unity it takes to be able to get the outcome desired.' Chicago Sky second-year forward Angel Reese termed the negotiations as 'disrespectful.' 'Obviously, women's basketball is skyrocketing,' Reese told reporters. 'And it's important for us to get what we want now, not just now, but for the future as well. ... 'It was an eye-opener for me ... hearing the language of things, not things that I was happy to hear. It was disrespectful -- the proposal that we were sent back.' 'We're on a time crunch. No one wants a lockout,' said Minnesota Lynx star Napheesa Collier, another vice president of the WNBPA. 'But at the end of the day, we have to stand firm, and we're not going to be moved on certain topics. So hopefully the league comes back quickly so that we can get have more dialog, more conversations and can get the ball rolling.' Collier and Stewart were co-founders of Unrivaled, a 3-on-3 league that debuted last offseason. The fact that both players are part of the WNBPA negotiating party while having significant financial investments in a rival league would appear to be a conflict of interest, though Collier has fought back against that narrative. That also is part of the discussions as the WNBA wants its league to be prioritized among the players, some of whom play overseas. Players point out that Unrivaled's pay scale was better for most players than what they receive in WNBA salary. WNBA commissioner Cathy Engelbert described the negotiations as 'very constructive dialog.' Engelbert said she remains optimistic that a deal with get done.
