Business
BP accelerates overhaul with higher asset sale target as profits beat forecasts
BP has said it is ramping up overhaul efforts with aims to sell off more parts of the business and strip out further costs as it posted a smaller-than-feared drop in quarterly profits.
The oil giant reported underlying replacement cost profits, the group’s preferred earnings measure, of 2.21 billion US dollars (£1.68 billion) for the three months to September 30.
This was 3% lower than a year earlier, and 6% down on the previous quarter, but better than the 2.02 billion US dollars (£1.54 billion) expected by most analysts.
Murray Auchincloss, chief executive of BP, said: “We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency.”
The energy giant recently revealed a major cost-cutting drive, with thousands of roles to be axed as it comes under pressure to boost profits.
BP has also been selling off parts of the business to raise cash and said it now expects proceeds from divestment in 2025 to be more than four billion US dollars (£3.05 billion) and completed or announced asset sale agreements to reach around five billion US dollars (£3.81 billion) this year.
Mr Auchincloss said: “There is much more to do but we are moving at pace, and demonstrating that BP can and will do better for our investors.”
BP group said it would buy back another 750 million US dollars (£572 million) before reporting full-year figures, in line with the buybacks seen in the third quarter.
The business earlier this year unveiled a new growth strategy focused on extracting more oil and gas, pivoting away from a focus on green energy and heavily reducing spending on renewables.
It has come under pressure from shareholders to boost profits and cut costs, with activist investor Elliott Management recently taking a 5% stake in the group.
In August, it revealed it expects 6,200 jobs to go – about 15% of its office-based workforce – which is higher than the 4,700 cuts announced at the start of the year, with a focus on artificial intelligence (AI) to help drive cost efficiencies.
BP also said at the time it had already slashed 3,200 contractor roles since January, with another 1,200 to go by the end of 2025.
The third-quarter figures come after fellow FTSE 100 oil giant Shell also saw profits fall amid lower oil prices, although Shell likewise saw profits come in higher than expected, amid a boost from higher sales volumes and trading margins.
Benchmark Brent crude average prices fell 13% year-on-year in the third quarter.
BP’s half-year results in August showed profits tumbled by nearly a third as weaker oil prices weighed on earnings, although it posted a better-than-expected performance for the second quarter.
On Tuesday, it said its customers and products division was helped by higher refining margins, with better-than-expected profit before interest and tax of 1.72 billion US dollars (£1.31 billion), up from 381 million US dollars (£290 million) last year.
Business
‘KPop Demon Hunters’ is boosting more than just Netflix: Korean music, politics ride the craze
At South Korea’s largest amusement park, crowds of people wait for hours to be a part of the “KPop Demon Hunters” craze.
U.S. streaming giant Netflix, the distributor of the Sony Pictures Animation film, has collaborated with the Everland park outside of the capital city Seoul to create a themed zone featuring whack-a-mole, dance games and snacks from the movie.
It’s the latest iteration of the “KPop Demon Hunters” frenzy as the film takes Netflix by storm — and delivers a boost to the $10 billion K-pop music industry along with it.
Netflix said in August that “KPop Demon Hunters” had become the most popular Netflix film ever. In October, the streamer said “KPop Demon Hunters” had exceeded 325 million views.
The company has sought to capitalize on the popularity, offering two limited-window theatrical screenings for the film and striking consumer product deals with Hasbro and Mattel to get “KPop Demon Hunters” toys and merch on shelves.
Agnes Lee helped cast the movie and scout locations from Seoul as an associate producer for the film.
“K-pop and K-culture was such a huge and important part of this movie,” Lee told CNBC in Seoul. “We wanted to be authentic.”
Once popular mainly in Asia, K-pop music has become a global phenomenon. Artists like PSY, who shot to international stardom in 2012 with his viral music video “Gangnam Style,” put an international spotlight on K-pop. PSY’s hit song became YouTube’s most-watched video that year.
Since then, other K-pop acts have run up impressive numbers, too. BTS’ song “Dynamite” has exceeded 2 billion streams on Spotify. BLACKPINK’s 2023 tour became the highest-grossing by a female group on record, according to stats at the time from Touring Data.
Now, even “KPop Demon Hunters'” fictional bands are topping the global music charts.
Audrey Nuna, EJAE and Rei Ami attend the KPop Demon Hunters Special Screening at Netflix Tudum Theater on June 16, 2025 in Los Angeles, California., U.S.
Charley Gallay | Getty Images Entertainment | Getty Images
“I think people watched ‘KPop Demon Hunters’ in spite of that ‘K-pop’ in the title. And then, after watching it, they realized, ‘Oh, wow. I’m a K-pop fan,'” said Danny Chung, a K-pop producer and the voice of the film’s character, Baby Saja. “And now there’s a whole back catalogue of three decades of K-pop music that they have to dive into.”
And there’s plenty more to come: BLACKPINK is expected to release a new album. BTS is planning a comeback in 2026 after members of the band completed South Korea’s mandatory military service.
Enthusiastic investors have pumped up the stock prices of South Korea’s “Big Four” K-pop companies. Shares of HYBE, JYP Entertainment, SM Entertainment and YG Entertainment are all up double-digits year to date. YG is up more than 100%.
The impact of the film’s rise may not stop at music.
“The breakout success of ‘KPop Demon Hunters,’ which could become one of Netflix’s most-watched content items, underscores K-content phenomenon in global market,” Mirae Asset Global Investments said in an Oct. 19 report. “We believe this cultural boom is a key catalyst driving increased international consumption of Korean cosmetics and food products such as noodles.”
On the political front, speculation is high that China, which blocked K-pop and other South Korean cultural exports under President Xi Jinping’s campaign to promote what Beijing considers proper socialist values, could soften its restrictions.
The countries’ presidents had a positive meeting on the sidelines of the APEC summit in Gyeongju, South Korea.
“We continue to see K-pop as a direct beneficiary of thawing Korea-China relations,” Mirae said.
Business
EU-India Boost Clean Energy And Climate Partnership With New Industrial Transition Push: EU Diplomat
New Delhi: The European Union and India are deepening cooperation in clean energy, climate action, and industrial decarbonisation through initiatives like the Industrial Transition Accelerator (ITA), launched in India ahead of COP30 to help industries adopt green technologies and cut emissions, Bartosz Przywara, Counsellor for Energy, Climate Action and Environment, European Union delegation to India told ANI today.
“We have very strong cooperation in the area of clean energy and climate transition,” Przywara told ANI in an exclusive interview on the sidelines of the Industrial Transition Accelerator (ITA) event in New Delhi.
The event marked an opening of the new implementation phase of the project for India, Przywara said.
“It’s basically a project which facilitates the Indian industry especially those sectors which are hard to abate to adopt new technology, get financing, and get into this path of decarbonisation. And we as the European Union, of course, we are supporting this path.”
He said the EU’s support aligns with India’s broader sustainability agenda.
“We are doing something quite similar here in India, having a lot of projects and activities together with the Indian government and business associations, which aim basically at the same purpose,” he said, calling the collaboration “very successful.”
A key focus of the EU-India partnership, Przywara said, is proving that economic growth and emissions reduction can go hand in hand.
“There is a clear decoupling it is possible technologically and economically to grow while at the same time cutting emissions,” he said. Citing the EU’s record, he added,
“In the European Union, we have been growing by 68% over this period from 1990 to 2023, and at the same time we managed to cut our emissions by 38%. So India can do it as well.”
Przywara highlighted the EU-India Clean Energy and Climate Partnership, which has been active since 2016.
“It has been existing for the last nine years. We have done literally hundreds of events and activities, talking to the Indian government, exchanging best practices, and helping in establishing legislation in the area of green transition,” he said.
He also pointed to other initiatives such as the EU-India Climate Dialogue, where both sides discuss pathways to decarbonisation and carbon market development.
“The European Union has the oldest and biggest carbon market in the world–we have 20 years of experience running it, and now we are very happy to share those experiences with India,” Przywara said.
On industrial decarbonisation, he mentioned EU support for the Leadership Group for Industry Transition (LID-IT), an initiative co-founded by India and Sweden.
“It already involves 18 different countries and multiple industrial entities all around the world,” he said, describing it as a key multilateral effort to cut industrial emissions.
Przywara said that both sides are expected to further strengthen ties following recent high-level engagements.
“At the beginning of this year, the College of Commissioners visited India and held very positive discussions with the Indian government. Recently, the European Commission and High Representative for Foreign Policy issued a joint communication about the new EU-India agenda for the future,” he said.
He added that both partners are optimistic about a potential summit soon to “confirm and elevate” cooperation.
“We really have a lot to do together in the area of clean energy, climate, decarbonisation, and green transition,” Przywara said.
During the same event, Sumit Gupta, Managing Director and Senior Partner, Boston Consulting Group (BCG) told ANI today that India is well-positioned to lead the global green transition due to its low cost of renewable energy, strong industrial base, and growing innovation ecosystem.
“We’ve outlined the key challenges that these projects face and what needs to come together to actually make the transition happen whether it’s innovative financing, access to capital, technology innovations aligned with market needs, or effective project execution,” Gupta said during an exclusive interview with ANI on the sidelines of the Industrial Transition Accelerator (ITA) event.
“The question is how to get the right ecosystem of partners to execute these projects from paper to plant.”
He highlighted that India’s low cost of renewable energy offers a major advantage. “We have one of the lowest costs of energy in the world, which is a key enabler of the green transition,” he noted.
Business
Alan Bates to get multi-million-pound payout over Post Office saga
Post Office campaigner Alan Bates has agreed a multi-million pound compensation figure from the Post Office, sources close to the deal have confirmed to the BBC.
The payout for Sir Alan comes more than 20 years after he started campaigning for justice for victims of the Horizon scandal which led a group of 555 sub-postmasters launching landmark legal action against the Post Office.
The exact sum paid to Sir Alan has not been made public and he has not responded to requests for comment.
Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT system indicated shortfalls in Post Office branch accounts.
Hundreds more poured their own savings into their branch to make up apparent shortfalls in order to avoid prosecution.
Marriages broke down, and some families believe the stress led to serious health conditions, addiction and even premature death.
A spokesperson for the Department for Business and Trade said: “We pay tribute to Sir Alan Bates for his long record of campaigning on behalf of victims.
“We can confirm that Sir Alan’s claim has reached the end of the scheme process and been settled.”
As of September 2025, a total of £1.23bn had been awarded to more than 9,100 sub-postmasters.
Sir Alan first received an offer of redress in January 2024, which he rejected, describing it as “cruel and derisory”.
He was made another offer in May 2024 which he said was around a third of what he had requested. In May of this year, he said that he’d received a third offer for less than 50% of his original claim.
Sir Alan was part of the Group Litigation Order compensation scheme, under which claimants can either receive £75,000 or seek their own settlement.
As part of plan to claim his own settlement, Mr Bates told the BBC his lawyers had included compensation owed for his 20 years of campaigning for justice for those sub-postmasters caught up in the scandal.
The Post Office/Horizon scandal reached new heights in the public consciousness last year after Sir Alan’s campaign for justice was portrayed in the ITV drama series Mr Bates vs the Post Office.
The government adopted all but one of the recommendations of a report published following an inquiry into the scandal.
The inquiry detailed the full human impact of the scandal for the first time: the report said that more than 13 people may have taken their own lives as a result of what happened to them.
Earlier this year, Sir Alan accused the government of putting forward a “take it or leave it” offer of compensation amounting to less than half of his claim.
Many victims have previously complained about being forced to accept low offers of compensation, without the benefit of legal help.
Last month, the government announced that all victims who are claiming compensation will now be entitled to free legal advice to help them with their offers.
There are four different compensation schemes, which are aimed at different groups of victims.
Individual eligibility for compensation depends on the particular circumstances of each case.
However, the schemes have been criticised for being too slow and complicated, with many of the worst-affected victims receiving far less than their original claims.
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