FirstFT: BP chief quits over previous relationships with colleagues

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Bernard Looney has resigned as chief govt of BP after admitting he did not disclose the extent of previous private relationships with colleagues, the corporate has mentioned.

Looney, 53, is to get replaced by Murray Auchincloss, the oil main’s chief monetary officer, “on an interim foundation”, the corporate mentioned in a press release yesterday.

Looney had advised the corporate earlier within the day that “he was not absolutely clear in his earlier disclosures”, BP mentioned, confirming a report by the Monetary Instances. “He didn’t present particulars of all relationships and accepts he was obligated to make extra full disclosure.”

Looney joined the 113-year-old power group when he was 21 and has spent his whole profession with the corporate. He was appointed chief govt in 2020. Listed here are extra particulars on his departure, which comes as traders stay sceptical about among the firm’s plans.

Right here’s what else I’m conserving tabs on as we speak:

• Financial knowledge: US inflation is anticipated to have risen final month when headline figures are launched as we speak. The UK publishes revised gross home product figures for July, whereas the EU has industrial manufacturing knowledge for a similar month. The Worldwide Vitality Company points its month-to-month Oil Market Report.

• Arm IPO: The SoftBank-backed UK chip designer is anticipated to announce the ultimate pricing of its preliminary public providing, set to be the largest in practically two years.

• European Fee: President Ursula von der Leyen delivers her 2023 EU State of the Union tackle on the European parliament in Strasbourg.

Be part of our subscriber-only webinar as we speak (12:30-13:30 GMT+1) on China’s financial slowdown, that includes FT consultants on the world’s second-largest financial system. Ship in your questions and register without spending a dime right here.

5 extra high tales

1. Unique: Deutsche Financial institution continued to promote dangerous international alternate derivatives to firms in Spain that had suffered large losses from such merchandise. The gross sales had been made even after an inside inquiry, began in 2019 following a whistleblower criticism, discovered that employees exploited flaws within the financial institution’s controls and broke EU guidelines. Learn the total story.

2. UBS has begun transferring Credit score Suisse out of its Canary Wharf places of work, telling employees yesterday that groups would go to UBS’s head workplace within the Metropolis. All employees are anticipated to go away by the tip of subsequent 12 months, in accordance with folks with information of the plans. Right here’s extra on the newest blow to the London monetary district.

3. Birkenstock has unveiled its submitting for an preliminary public providing in New York with a goal valuation of greater than $8bn. The German sandal maker’s proprietor L Catterton is aiming to checklist the corporate through the week starting October 9. It could be the non-public fairness agency’s second public providing of one among its portfolio firms in months. Right here’s why confidence in US listings is build up.

4. Apple has launched 4 new iPhones and two up to date Watches because it tries to tempt shoppers who’re holding on to their gadgets for longer. Pricing for the iPhone 15 Professional Max will begin at $1,199 — $100 greater than a 12 months in the past — reflecting Apple’s technique of constructing up for stagnant unit gross sales with increased common promoting costs. Patrick McGee has extra particulars from Apple’s California launch occasion.

5. Austria’s longest-serving spymaster has warned about Russian hyperlinks to the nation’s hard-right Freedom get together, which has been main polls forward of subsequent 12 months’s election. In an uncommon public intervention, Peter Gridling, who led the Austrian intelligence service between 2008 and 2020, cautioned that the get together had remained involved with Russia since his tenure. Right here’s extra from his interview with the FT.

The Massive Learn

The discharge of ChatGPT in November spurred a rush of feverish pleasure over synthetic intelligence’s functions but in addition elevated consciousness of its risks — the potential to unfold misinformation throughout elections, changing jobs and sooner or later turning into extra clever than and superseding people. Whereas regulators and corporations have been loud in voicing the necessity to management AI, concepts on how to take action have diverged broadly.

We’re additionally studying . . . 

Chart of the day

Italy, Belgium and Portugal have issued about €60bn value of bonds on to households thus far this 12 months, up from €26bn final 12 months. The retail push by European nations is partly designed to press excessive avenue banks into elevating the rates of interest they pay to depositors.

Take a break from the information

Lake Khovsgol is situated in one among Mongolia’s most distant areas. With temperatures of -12C, it’d seem to be the final place you’ll need to go to. Not so for Tim Moore, who participated within the Mongol 100 bike race, pledging to traverse 160km of the frozen lake “by any means mandatory”.

Further contributions from Benjamin Wilhelm and David Hindley