Transcripts For BBCNEWS Business Today 20240918 : comparemel

These short term targets were so weak as to be almost 00 01 02,426 4294966103 13 29,429 impossible to miss. If this trend continues, the uk could achieve targets agreed with the government for Methane Reduction which campaigns for a rapid and fair transition away from Oil And Gas production says, this is all smoke and mirrors. Impossible to miss. Mark wilsonjoins me now from 0euk where he is health, Safety Environment and operations director. Good to have on the programme. What is your response to that, that actually, the targets were easy to meet so that you could have a good, positive narrative about the North Sea . The taruets about the North Sea . The targets that about the North Sea . The targets that were about the North Sea . Lie targets that were said about the North Sea . Tue targets that were said through the North Sea Transition Deal allow the industry to demonstrate that it in infrastructure alone, if used to its full extent in the North Sea, would cause three times the emissions as the global Carbon Budget consistent with a 50 chance of staying below 1. 5 degrees celsius. Where do we sit when it comes to the International Targets for reducing emissions . In allow the industry to demonstrate that it. ,. , reducing emissions . In relation to targets. International targets for reducing emissions . In relation to targets. Reducing emissions . In relation to targets, the reducing emissions . In relation to targets, the north reducing emissions . In relation to targets, the North Sea reducing emissions . In relation to targets, the reducing emissions . In relation to targets, the north reducing emissions . In relation to targets, the North Sea to targets, the North Sea Transition Deal as i mentioned to targets, the North Sea Transition Deal as i mentioned was a deal that was established was a deal that was established between Government And Industry between Government And Industry that was the first of its kind that was the first of its kind of any g7 country. It had to of any g7 country. It had to Focus Notjust on the supplying Focus Notjust on the supplying of decarbonisation of oil and of decarbonisation of Oil And Gas, but carbon capture, so gas, but carbon capture, so that deal is seeing these that deal is seeing these targets being delivered, this targets being commitment of ongoing reductions in emissions, and in terms of where we compare, from a methane perspective, we have fared extremely well when We Look at our global business, and we should stress that we import in the region of 41 of all of the uks energy requirements, some of that is imported by a liquefied natural gas, and that has four times the carbon alone, if used is maximised where possible the Oil And Gas production from uk waters. We have demonstrated we can deliver Oil And Gas in a responsible manner with more reduction of emissions to come. Mark, we will have delivered there, thank you for being on there, thank you for being on the programme. Lets say with energy. Bp has announced some changes as it attempts to move beyond petroleum. The Oil Giant is continuing to trim its renewables business, putting up bp wind energy, its us onshore wind business, for sale. Its valued at 2 billion. The sale includes nine Windfarms Bp owns outright and its share in a tenth located in hawaii. Instead, bp will now focus on lightsource bp, which is the solar Energy Business it is in the process of buying. Im joined byjane foley, head of fx strategy, rabobank. Hello to you. It is interesting to just really take into Accou Nt to just really take into account what bp is Up To, it is in so many pension funds, there is a lot of scrutiny of bp, shell and their peers as to what their Renewables Plans are. ,. , are. That is right. You mentioned are. That is right. You mentioned the are. That is right. You mentioned the bp are. That is right. You mentioned the bp is l are. That is right. You | mentioned the bp is of are. That is right. You mentioned the bp is of course in the pension funds, and the Share Price has been lagging, and one reason is because it is assumed to be because bp is alone amongst its peers in actually targeting a reduction in Oil And Gas production. That target was eased last year under the new Management Team and it is expected to be eased further going forward. The announcement that we had this week about bp selling off its Wind Farms in the us is linked, they want to move back or produce more renewables in the solar space rather than wind, but there is this whole issue about how much bp are going to pull back on their efforts to increase renewables and reduce Oil And Gas within the bigger environment. Weve got to be a in mind if we get another Trumpet Government in the us, he is very much in favour of more Production And Drilling of Oil And Gas trump. Perhaps less renewables. There are a lot of themes attached to what bp are doing. Lot of themes attached to what bp are doing lot of themes attached to what bp are doinu. �. , i. , ~ bp are doing. And what you make of this latest bp are doing. And what you make of this latest Room Bp are doing. And what you make of this latest room on bp are doing. And what you make of this latest room on its of this latest room on its part, moving out of window and going into solar . Tt part, moving out of window and going into solar . Going into solar . If we consider going into solar . If we consider wind, going into solar . If we consider wind, there l going into solar . If We L consider wind, there are going into solar . If we consider wind, there are a lot of issues. If you remember in the uk the issues with respect to when the government may have to when the government may have to rethink what it wants to do in the uk with respect to wind, because higher interest rates, the cost of the materials used to produce it, windfarms, and specifically the uk looking at the expertise to try and actually put up these wind turbines. Now, both of them issues in terms of the Interest And Cost of materials are obviously a bit more universal and perhaps solar from a renewable theme in some areas of the world is more cost effective. But of course there is that big topic of our dependency still on Oil And Gas. Herthe dependency still on Oil And Gas. Her the previous guests talking about liquid national best natural gas, and the us is a huge supplier of Oil And Gas, and that is something, those sorts of revenues are important to governments. Brazil is another country that wants to get that revenue of Oil And Gas and it seems that right now perhaps the World Isnt quite ready to give up its dependence on Oil And Gas. Jane, thank you so much. Good to see you as ever. Amazon is demanding that its employees return to the office five days a week. Thats a significant change from its current Pandemic Era Hybrid policy that requires them to be in the office just three days a week. 0ur North America Business Correspondent Ritika Gupta has the details in New York. In a memo sent to employees On Monday, Amazon Ceo Andy Jassy called for a full return to office at the start of 2025. For the last 15 months, amazon employees have been expected to work in the office three days per week. Now, jassy expects five days of in Person Work from employees in an effort to re establish pre pandemic norms of office culture. If amazon employees dont follow the current policy, it could hurt their chances of being promoted, and exceptions for Working From Home will be subject to an additional layer of leadership approval. Jassy has previously advocated that employees work in the office, writing that a physical presence improves company culture. It also comes as amazon has invested into its Office Spaces in recent years. And jassy is joined by other big tech executives, like Teslas Elon Musk and salesforces marc benioff, who have also called for similar return to office mandates. However, its a push thats proven unpopular amongst some tech workers. Last year, a number of corporate employees staged a walk out at its seattle headquarters, citing multiple grievances, including the push to get workers back in the office. Now, lets head to Northern Ireland where desperate attempts are under way to keep alive the Flagship Belfast Shipyard and the three other yards across the uk owned by the Shipbuilder Harland and wolff. The aim listed company best known for building the Titanic Has had to call in the administrators again, but says bids for the groups four yards were being finalised and anticipated sales agreed within weeks. The company has a rich history in shipbuilding the titanic was one of 1,600 ships built at its Belfast Site between the middle of the 19th Century and the present day. But there were doubts over its ability to fulfil a contract for three Royal Fleet Auxiliary ships due to lack of recent shipbuilding experience. Lets cross live now to bbc northern Irelands Business Editorjohn campbell whos been following this story closely. For our international audience, put in context how important this is to belfast, this shipyard. It this is to belfast, this shipyard this is to belfast, this shi ard. ,. , shipyard. It is a huge part of belfasts shipyard. It is a huge part of belfasts industrial shipyard. It is a huge Part Ofj belfasts industrial heritage, but it is worth saying that in terms of the number ofjobs provided, the output it creates, it is much less important than it used to be. In its heyday, Helen And Wolf employed many people. And today it is only about 1500. But this latest version of harland and wolff, it only existed for five years after it was brought out on administration on a previous occasion, hope was his business could get somewhere back towards the glory days and start building large numbers of ships again. But now it is clearly hit a big bump in the road on that, it will not be able to grow in that way and in its current form, so the hunt is on now for a new owner, perhaps an owner with a much stronger Balance Sheet and one which has reason to variance in shipbuilding. Which has reason to variance in shipbuilding shipbuilding. There isnt any Ho E of shipbuilding. There isnt any hope of further shipbuilding. There isnt any hope of further funding shipbuilding. There isnt any| hope of further funding from the government given the fact that it the government given the fact thatitis the government given the fact that it is producing three ships for the Royal Navy . Tia. Ships for the Royal Navy . No, fundamentally, ships for the Royal Navy . No, fundamentally, it ships for the Royal Navy . No, fundamentally, it has ships for the Royal Navy . Tic, fundamentally, it has been battling future of getting a £200 million guarantee from the Uk Government. It will be able to refinance some very expensive borrowings and expand its Balance Sheet. When the new Uk Government came in during summer, they looked and said, we are not doing this, we are not putting the taxpayer on the hook for Up To £200 million. It is too risky. They acknowledge there is a problem at the company but those are the best way to sort that out is through the market, and that is effectively what is happening now. This Administration Process really is part of a sealed process. In summary, there has been a restructuring expert, be clear out of the board and eventually a Sales Process under way run by the bank and it is a process which is now continuing and there is hope that we will see some clarity on that in the next couple of weeks, the Executive Chairman of the business, on the weekend he said deals for the weekend he said deals for the four shipyards can be concluded by The End of october. So shareholders are 0ctober. So shareholders are looking to a wipeout, but i think there is a degree of optimism most of the jobs can be preserved. Optimism most of the obs can be preserved. fi be preserved. 0k. John campbell. Be preserved. Ok. John campbell, thank be preserved. 0k. John campbell, thank you i be preserved. 0k. John| campbell, thank you for bringing us right Up To date on that story. Lets bring you some other business news. Facebook Owner Meta has banned several russian State Media Networks from its platforms. In a statement to the bbc, meta says the decision was made after careful consideration, and that enforcement of the ban will happen over the next few days. The move comes after the White House signalled that outlets like Russias Rt were being used to carry out covert foreign interference activities. Intel has a brand new customer amazons aws. The two Will Co Invest in a Custom Chip manufactured by intel that will then be used for Artificial Intelligence computing. The news was part of several announcements by ceo Pat Gelsinger after a Company Board Meeting last week. In that meeting, intel also announced it was pausing construction at its German And Polish factories for two years to cut costs. Major plans for londons most famous Shopping Street will be londons most famous Shopping Street will be unveiled by the Citys Mayor Sadiq Kahn later today. Oxford street, for generations known for its Department Stores and other retail locations, will be pedestrianised in an effort to make it the leading Retail Destination in the world. The central London Street has suffered from increased competition from online shopping, the closure of major Department Stores and the lingering effect of the covid 19 pandemic, the Mayors Office says. Around the world and across the uk, this is bbc news. You are with business today. A battle over control of Rupert Murdochs global Television And Publishing empire began On Monday in a reno, Nevada Courtroom where a judge