BP to sell US onshore wind business to LS Power
BP has been divesting assets and partnerships over increasing investor pressure to improve profitability after its shares underperformed rivals.
The deal comes under CEO Murray Auchincloss' plans to cut BP's investments in renewable energy and ramp up spending in oil and gas, in efforts to boost returns.
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Irish Times
6 minutes ago
- Irish Times
Markets give up early gains as US economic data disappoint investors
Global markets gave up early gains on Tuesday following the publication of unexpectedly poor US economic data. Dublin Euronext Dublin traded more or less in line with European peers as it finished up 0.25 per cent. Kerry Group was up 0.5 per cent at close of business after seeing what one trader described as a 'decent bit of action'. Ryanair continued its gradual move higher as it climbed 0.7 per cent to close above €26. It was, however, an underperformer among peers as Aer Lingus parent International Airlines Group rose 1 per cent. READ MORE Cavan-based insulation specialist Kingspan, which is publishing results on Friday, rose 0.25 per cent. Among the homebuilders, Cairn Homes and Glenveagh Properties were up 1 per cent and 0.5 per cent, respectively. Did the EU have its hands tied before striking a trade deal with the US? Listen | 23:32 Among the financial names, AIB finished down 0.23 per cent, while Bank of Ireland was flat. London The FTSE 100 climbed 0.2 per cent as it was boosted by another day of well-received earnings, with Smith & Nephew, Diageo and BP all in favour. The FTSE 250 also ended 0.2 per cent, while the AIM All-Share ended up 0.6 per cent. Oil major BP rose 2.8 per cent after better-than-expected second-quarter results. The strong earnings, coming on the back of a big hydrocarbon discovery in Brazil, will improve the investment mood music and be helpful for management credibility, analysts said. Diageo climbed 4.9 per cent after full-year results provided some reassurance, although they failed to sway some commentators. Smith and Nephew was the best blue chip performer, up 15 per cent, as it said revenue growth accelerated in the second quarter of 2025. Northampton-based building materials provider Travis Perkins climbed 5.6 per cent as it reported improving revenue trends at its merchanting business, while well-received results, including strong orders, supported industrial flow control equipment manufacturer Rotork up 6.6 per cent. Close Brothers rose a further 6.8 per cent after the favourable motor finance ruling, but Domino's Pizza was off the menu, down 18 per cent, after it lowered its annual outlook, with 'weak' consumer confidence keeping a lid on sales growth. Europe The pan-European Stoxx 600 index rose 0.35 per cent, while the Cac 40 in Paris fell 0.1 per cent and the Dax 40 in Frankfurt rose 0.4 per cent. Euro zone bond yields inched lower with the gap between Italian yields and those of Germany and France at about its narrowest in years, as traders digested business activity data from Europe and the US. Germany's 10-year yield, the benchmark for the euro zone, was last at 2.62 per cent, down about one basis point, having hit a two-week low just below that level in early trade. New York Wall Street's main indexes gave up opening gains after data showed US services activity stalled, while investors continued to assess the latest batch of corporate earnings. At 10.07am eastern time, the Dow Jones Industrial Average fell 0.14 per cent, the S&P 500 lost 0.03 per cent, while the Nasdaq Composite gained 0.18 per cent. US services sector growth unexpectedly stalled in July, as new orders barely budged and hiring slipped further – even as input costs soared at their fastest pace in nearly three years – highlighting how uncertainty around the Trump administration's tariff policy continues to weigh on businesses. Pfizer gained 3.6 per cent after raising its annual profit forecast, while Palantir Technologies rose 8.6 per cent as it boosted its annual revenue forecast. Caterpillar slipped 0.3 per cent after reporting a lower second-quarter profit, hurt by sluggish demand for construction equipment and higher costs tied to US tariffs. KFC parent Yum Brands fell 2.8 per cent after missing estimates for second-quarter comparable sales and profit. – Additional reporting: Agencies
Irish Independent
3 hours ago
- Irish Independent
New BP chair Albert Manifold to ‘review entire portfolio'
Former CRH boss is joining oil giant under pressure to deliver on turnaround Bloomberg BP said its new chairman, Dubliner Albert Manifold, will conduct a review of the entire portfolio and the company will seek to cut costs beyond its current targets, as the oil and gas major works to reverse years of poor performance. The London-based company is under growing pressure to deliver on a turnaround, including from activist investor Elliott Investment Management, which amassed a stake earlier this year to force sweeping changes and has pushed for deeper cost cuts.
RTÉ News
4 hours ago
- RTÉ News
Tariffs on pharmaceuticals could reach 250%, says Trump
US President Donald Trump has said that upcoming tariffs on imported pharmaceuticals could reach 250%, after starting at a lower level, while adding he plans to also unveil fresh duties on foreign semiconductors. "We'll be putting (an) initially small tariff on pharmaceuticals, but in one year, one-and-a-half years, maximum, it's going to go to 150%," Mr Trump said in an interview on CNBC. "And then it's going to go to 250% because we want pharmaceuticals made in our country," he added. In the same interview, Mr Trump said he expects to raise the US tariff on Indian imports "very substantially over the next 24 hours" due to the country's purchases of Russian oil. While Mr Trump has taken aim at products from different countries with varying tariff rates after imposing a 10% levy on almost all trading partners in April, these have excluded certain products he planned to target separately. These sector-specific tariffs have generally come after government investigations that look into the national security concerns surrounding certain imports. After earlier embarking on probes on imported semiconductors and pharmaceuticals, the Trump administration has signaled plans to wrap up these studies which could lead to new tariffs. Already, Mr Trump has slapped steep tariffs of 50% on imported steel and aluminum, and also rolled out a separate but lower duty on autos and parts. EU suspends retaliatory tariffs after deal The threat of higher tariffs on pharmaceuticals came after the EU announced the suspension of its retaliatory tariffs on US goods worth €93 billion after Brussels struck a deal with Washington last month. "The commission has today adopted the necessary legal procedures to suspend the implementation of our EU countermeasures, which were due to kick in on August 7," EU trade spokesman Olof Gill said. Earlier, an official said that the 15% tariff that European Union goods face when entering the United States is all-inclusive, incorporating the Most Favoured Nation Rate, unlike some other countries with deals with the US. The 15% rate applies to all goods, except for steel, aluminium, the EU official said. Tariffs on pharmaceuticals and semiconductors are now zero, but if and when they rise as a result of the US 232 investigations, the tariff will be no higher than 15% as well. This 15% ceiling also applies to cars and car parts. There are no quotas or limits on cars and car parts. The official also said the EU is close to its final joint statement with the United States regarding their framework trade deal although no precise time can be given yet regarding when this will be published. "It is pretty much ready and we are now waiting for our US colleagues to come back and confirm the final few things," said the official. Deal provides 'insurance policy' against higher tariffs - EU Olof Gill also said that the EU-US trade deal agreed last week provides an "insurance policy" against higher tariffs for European businesses. "We reached a negotiated solution to avoid a lose-lose situation. That's what our member states asked for and what businesses asked for," Mr Gill told reporters at a lunchtime press briefing in Brussels. "The agreement reached will have a stable platform from which we will secure crucial supply chains." Mr Gill described as "surprising" comments made by Germany's finance minister Lars Klingbeil in Washington yesterday, who said that the EU had been "too weak" in trade negotiations with Washington. "It is surprising to us to hear that a minister from the member state in question has aired that view," said Mr Gill. Mr Klingbeil held talks in Washington yesterday with US Treasury Secretary Scott Bessent and was seeking an exemption from US tariffs for German steel. Mr Gill also confirmed that the Commission has taken the necessary legal steps to suspend the EU's planned tariff countermeasures against the US. Those measures were due to start on 7 August in the event that a trade deal was not reached. The bloc's planned countermeasures will be suspected for six months, he confirmed. US tariffs on EU imported goods at the agreed 15% rate are expected to come into force on 8 August.
