New BP chair Albert Manifold to ‘review entire portfolio'
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
2 hours ago
- Irish Examiner
Instrotec rescue plan approved
Examiner Joe Walsh's rescue plan for Westport-based Instrotec Ireland, which saves the jobs of 480 workers, was approved on Thursday by Ms Justice Leonie Reynolds in the High Court. Judge Reynolds complimented the pragmatic attitude taken by the Revenue Commissioners in deciding to accept the deferment of significant payments due to them in order to save so many jobs. The court was told that Revenue was not objecting to the scheme of rescue arrangement proposed by Mr Walsh, of JW Accountants, who had been appointed as examiner to the company. Counsel for Revenue said the jobs included apprentices and those employed in external agency contracts. Judge Reynolds said the court considered the examiner's scheme of arrangement fair and equitable to all parties and would protect jobs. She said Revenue's attitude was very helpful in ensuring the survival of the company. The court heard that Instrotec was a specialist electrical and instrumentation contractor which works on complex projects such as data centres and semiconductor and pharmaceutical facilities as well as oil and gas plants in Ireland and Europe. It has 172 apprentices on its books, making it one of the largest trainers of skilled workers in the country. The High Court had been told earlier that the company had a reasonable prospect of survival based on an independent accountant's report prior to the appointment of Mr Walsh as examiner. Instrotec, which was founded in 2000 by Donal and Donna Johnston, faced an 'exceptionally challenging' period in the first quarter of this year as three large projects all became loss-making. At the time, Donal Johnston, a time-served electrician with extensive instrumentation and control experience, had identified an opportunity in the market for a specialist contractor in the field of electrical instrumentation and instrument pipefitting. By coupling this specialist expertise with the provision of traditional industrial electrical systems, Instrotec quickly established a reputation in the growing pharmaceutical and microprocessor manufacturing sectors as the foremost contractor in the provision of instrumentation and control systems. In recent years, Instrotec expanded on its existing electrical portfolio to establish a proven track record in the installation of various low voltage and medium voltage electrical systems across a broad range of sectors and to the highest of industry standards Through strengthening this branch of the company Instrotec had become uniquely positioned to provide an all-encompassing service across instrumentation and control, building management and industrial electrical systems.
Irish Examiner
2 hours ago
- Irish Examiner
Kinsale's €1.6m hidden gem a stone's throw from the sea
Summercove, Kinsale €1.6 million Size: 204 sq m (2,195 sq ft) Bedrooms: 3 Bathrooms: 3 BER: A2 Architect-designed Del Mar tucked away behind Bulman bar in Kinsale, 100m from shore, says Tommy Barker MOVES to free up backyards, gardens and hideaway plots for new builds and cabins to a home-hungry market are making waves: but, not everything needs to be small, cheap, system-built or temporary: quality can go on tight sites, too. Such is the case in Kinsale harbour's Summercove, at Hermitage Lane: witness the Spanish-named Del Mar, meaning 'of the sea,' an architect-designed home tucked away less than 100m from the sea, behind the Bulman bar and restaurant: the narrow lane leads up toward a period home called The Hermitage. Del Mar was built here on the site of an older and smaller dwelling, called Pearl Cottage, which Del Mar's owner bought and replaced, moving in fulltime March 11 2020, two days before the first covid lockdown. A Dubliner with a love of all things maritime, he used the services of Kinsale architect Richard Rainey for the tight, out-of-sight site, with the narrow lane accessed between long-set water-facing houses, and he managed to get a contemporary, 204 sq m design on the footprint of the older, 123 sq m 'cottage', which the Price Register shows selling in early 2017 for €210,000. In Pearl Cottage's stead came this crisp design, a mix of single- and two-storey with a kink in the floorplan, and with off-street parking, plus a front door opening on to Hermitage Lane. Even though you don't see the sea from here, you won't be unaware of its presence: It's a minute or two's walk to the pier and slip, facing the famed Bulman bar and eaterie, with Charles Fort just an uphill haul on Fort Hill, while the other direction leads past some of Summercove's most charming period homes and hillside terraces. Although quintessentially Kinsale, a first-time visitor could be fooled in to thinking they'd stumbled on to some Devon or Cornwall village in Summercove, and which also indeed bustle and fill up chock-full in summer months and on fine days. Kinsale itself is a five-minute spin by car along Ardbrack's heights, home to many multi-million euro rebuilds on premium sites, or it's a walk on the same road towards Scilly, or else via the pedestrian waterside path along the Scilly Walk. Del Mar is in exalted company price-wise, too, guided at €1.6m by Sinead Sinnott, of Sheehy Brothers, with its appeal being its setting (albeit without views), architectural aplomb, lock-up-and-leave possibility as a second/holiday home, and an A2 BER that should mean low running costs. Ms Sinnott say her vendor has loved living here and is into all water sports, but the house is now too large for him and he's going for something smaller in the Kinsale locale, with a view. 'It's just a two-minute walk from the iconic Bulman pier, making it an excellent choice for any water enthusiasts — ideal for kayaking, boating, or simply enjoying the scenic coastal lifestyle that Kinsale is known for,' says Ms Sinnott, adding Summercove 'is one of Kinsale's most desirable areas. Del Mar's in a peaceful, residential setting with strong local and international interest, blending high-end finishes with energy-efficient living'. Built by local Joe Neville, planning came for the 2,195 sq Del Mar to replaced Pearl Cottage in 2018 and the selling agent describes it as 'a thoughtfully designed home, built to exacting standards, created with style and functionality in mind', suitable for full-time occupation 'or as a luxurious holiday escape'. Internally, it's a mix of little and large, light and bright, with a contrasting, dark-hued study/den, fitting in three bedrooms off a bright landing with roof lights and glass baluster over the hall. Two of the bedrooms are good-sized doubles. The main bedroom is a good layout, with dressing area/robes screened off behind a bedhead wall. There's a good shower en suite, and the gable wall in the sleeping section has a sliding door with protective, glass baluster screen. Bedroom three is a smaller version of bedroom two, with sloping ceilings, and they share an adjacent main bathroom with bath. The ground level has more floor area, thanks to side single-storey projections in an angle floor plane. Scene setter is the open-plan main living room, in a L-shape with the kitchen/dining area, with an old, beaten-up table/workbench adding a bit of vintage variety to the rest of the modern furnishings. The mixed-use room is set up for casual living and entertaining, with two sets of sliding doors to a Kilkenny limestone paved patio: the extensive glazing here contrasts with the head-height, letterbox-style window on facing walls to the lane side. The kitchen with quartz-topped island/breakfast bar has units in blue and off-white, with gas hob, distressed-style splashback tiling, American-style fridge freezer, and wine chiller, with a decent-sized utility/laundry room off it. That's all in contrast with the den/study, with walls and panelling in navy for an evening retreat/gentleman's club vibe, with wall-mounted, flame-effect fire under a television screen, and with gable-wall sliding-door access to a small patio. Glazing is by Reynaers, triple glazed to the back, with underfloor heating throughout at ground level, via air-to-water heating, with rads upstairs and a heat-recovery system throughout, helping to gain Del Mar an A2 BER. VERDICT: Certainly high-end, Del Mar is an enviable Kinsale area hideaway, right by the sea, but just out of sight of it. Summercove, Kinsale €1.6 million Size: 204 sq m (2,195 sq ft) Bedrooms: 3 Bathrooms: 3 BER: A2 MOVES to free up back yards and gardens and hideaway plots for new builds and cabins to a home hungry market are making waves right now, but not everything needs to be small, cheap, system-built or temporary: quality can go in tight site too. Such as the case in Kinsale harbour's chi chi Summercove, where a handful of new builds are planned, or already delivered, as in the case of the Spanish-named Del Mar, meaning 'of the sea,' an architect-designed home tucked away less than 100 metres from the sea, behind the Bulman bar and restaurant, at Hermitage Lane leading up toward a period home called The Herrmitage. Del Mar was built here on the site of an older and smaller dwelling called Pearl Cottage, which Del Mar's owner bought in 2017, and successfully got planning to demolish and replace. He used the services of Kinsale architect Richard Rainey for the tight, out of sight site with the narrow lane accessed between long-set waterfacing houses, and managed to get a contemporary 204 sq m design on the footprint of the older 123 sq m 'cottage' which the Price Register shows selling in early '17 for €210,000. In Pearl Cottage's stead came this crisp design, a mix of single and two-storey with a kink in the floorplan, and with off-street parking, plus a front door opening onto Hermitage Lane. Even though you don't see the sea from here, you won't be unaware of its presence: it's a minute or two's walk to the pier and slip facing the famed Bulman bar and eaterie, with Charles Fort just an uphill haul on Fort Hill, while the other direction leads past some of Summercove's most charming period homes and hillside terraces. Although quintessentially Kinsale, a first time visitor could be fooled into thinking they'd stumbled onto some Devon or Cornwall village in Summercove and which does, indeed bustle and fill up chock-full in summer months and on fined days. Kinsale itself is a five minute spin by car along Ardbrack's heights, home to many multi-million euro rebuilds on premium sites, or it's withing a walk on the same road towards Scilly, house spotting, or else via the pedestrian waterside path along the Scilly Walk. Del Mar is in exalted company price-wise too, guided at €1.6 million by Sinead Sinnott of Sheehy Brothers, with its appeal being its setting (albeit without views), architectural aplomb, lock up and leave ability as a second/holiday home, and an A2 Ber which should mean low running costs into the future. Ms Sinnott say her vendor has loved living here and is into water sports, but it's now deemed too large for him and he's going for something smaller in the Kinsale locale. 'It's just a two-minute walk from the iconic Bulman pier, making it an excellent choice for any water enthusiasts – ideal for kayaking, boating, or simply enjoying the scenic coastal lifestyle that Kinsale is known for,' says Sheehy's Ms Sinnott, saying Summercove 'is one of Kinsale's most desirable areas and it's in a peaceful, residential setting with strong local and international interest, blending high-end finishes with energy-efficient living.' Planning was granted for the 2,195 sq Del Mar to replaced Pearl Cottage in 2018 and the selling agent describes it as 'a thoughtfully designed home, built to exacting standards, created with style and functionality in mind,2 as suitable for full-time occupation 'or as a luxurious holiday escape.' Internally, it's a mix of little and large, light and bright, with a contrasting dark-hued study/den, fitting in three bedrooms off a bright landing with roof lights and glass baluster over the hall. Two of the bedrooms are good-sized doubles. The main bedroom is a good layout, with dressing area/robes screened off behind a bedhead wall, there's a good shower en suite, and the gable wall in the sleeping section has a sliding door with protective glass baluster screen. Bedroom three is a smaller version of bed two with sloping ceiling, and thus due have an adjacent main bathroom with bath. The ground level has more floor area thanks to side single story projections in an angle floor plane. Scene setter is the open plan main living rooms, in a L-shape with the kitchen/dining area, with an old, beaten-up table/workbench adding a bit of vintage variety to the rest of the modern furnishings. The mix-use room is set up for casual living and entertaining, with two sets of sliding doors to a limestone paved patio, and the extensive glazing here contrasts with the head height letterbox style window on facing walls to the lane side: the kitchen with quartz topped island/breakfast bar has units in blue and off white, with gas hob, distressed style splashback tiling, American style fridge freezer, and wine chiller, with a decent-sized utility/laundry room off it. That's all in contrast with the den/study, with walls and panelng in navy for an evening retreat/gentleman's club sort of vibe, with wall mounted flame effect fire under a TV screen, and with gable wall sliding door access to a small patio. Glazing is by Reynaers, triple glazed to the back, with underfloor heating throughout at ground level, via air to water heating, with rads upstairs and a heat recovery system throughout, helping to gain Del Mar a A2 BER. VERDICT: Certainly high-end, Del Mar is an enviable Kinsale area hideaway, right by the sea, but just out of sight of it.
Irish Examiner
2 hours ago
- Irish Examiner
Donald Trump urges 'conflicted' Intel CEO Lip-Bu Tan to resign immediately
President Donald Trump called on the chief executive officer of Intel to resign because of what he called conflicts of interest, adding to the challenges for a company that is supposed to anchor restoration of the US semiconductor industry. 'The CEO of INTEL is highly CONFLICTED and must resign, immediately,' Trump wrote on Truth Social on Thursday, without providing any details. 'There is no other solution to this problem. Thank you for your attention to this problem!' A spokesperson for Intel didn't immediately respond to a request for comment on Trump's post. Ties to China This week, Republican Senator Tom Cotton asked the chairman of Intel's board to answer questions about Chief Executive Officer Lip-Bu Tan's ties to China, including investments in the country's semiconductor companies and others with connections to the country's military. In a letter to Frank Yeary, who oversees the chipmaker's board of directors, Cotton asked about investments Tan made in China before he was picked to run Intel. Cotton noted specific concerns about Tan's ties to Cadence Design Systems Inc., a tech company he led for over a decade which sold products to a Chinese military university. The company pleaded guilty in July to violating US export controls by selling hardware and software to China's National University of Defense Technology. Tan is an industry veteran in technology and venture capital. During his 12 years as CEO of Cadence, which he joined in 2008 when the chip-design software company was struggling, the company's share price grew more than 3,000%. Tan, aged 65, took the reins at Intel in March, seeking to turn around the iconic chipmaker after it had lost ground to rivals in recent years. Intel Intel is a critical piece of Washington's efforts to rebuild the domestic semiconductor industry. The company had been awarded almost $8 billion from the Chips and Science Act for US investments, including a facility to supply the US military, although the Trump administration is making changes to the program. The Santa Clara, California-based company long led the semiconductor market by producing faster and faster chips to power personal computers and laptops, but it struggled as computing migrated to smartphones and artificial intelligence has grown in importance. Nvidia Corp. has pioneered AI chips development, while Taiwan Semiconductor Manufacturing Co. has become the world's biggest semiconductor producer by manufacturing chips for companies like Nvidia and Apple Inc. Intel's market valuation was about $89 billion as of Wednesday's closing price compared with $4.4 trillion for Nvidia. Malaysian-born Tan has vowed to spin off Intel assets that aren't central to its mission and create more compelling products. He has pushed a plan to slash jobs and delayed or cancelled projects to reduce operating expenses. 'Intel and Mr. Tan are deeply committed to the national security of the United States and the integrity of our role in the US defense ecosystem,' the company said in a statement on Wednesday. Intel said it would address the matters in the letter with the senator. Bloomberg
