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BP appoints a new CEO
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The setback in Oracle’s data center reignites concerns about AI
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The EU’s battle lines are taking shape during the budget
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And a cross-party plan that could save UBS billions
We start with BP, which replaces CEO Murray Auchincloss after less than two years in the role.
What we know: Woodside Energy boss Meg O’Neill has been appointed to replace Auchincloss, who is stepping down with immediate effect but will continue in an advisory role until the end of 2026. O’Neill will start on April 1, while BP’s head of trading, Carol Howle, will lead the British oil and gas giant in the meantime.
Why he’s leaving: Auchincloss’ departure follows the appointment of Albert Manifold as chairman of BP in July. Auchincloss said he had told Manifold he was open to stepping down if a leader could be found “who could accelerate the execution of BP’s strategy”.
What this means: O’Neill becomes BP’s third CEO in five years, during which time the company launched a failed and value-destroying attempt to reinvent itself as a green energy group. As the first outsider to lead BP in its 116-year history, her appointment signals a renewed focus on cutting costs and reducing debt, a person familiar with the situation said. Read the full story.
Here’s what else we’re keeping an eye on today:
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Brussels: The European Council meets for a two-day meeting.
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Alphawave IP: Qualcomm’s takeover of the British chip group takes effect today.
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Economic data: The European Central Bank, the Bank of England and Norway announce interest rate decisions. The British Retail Consortium releases its December consumer confidence report, and the US has consumer price inflation data for November.
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Results: Accenture, Currys, FedEx and Nike report earnings figures.
Five more top stories
1. US technology shares fell yesterday on news that Oracle had lost a key backer for a data center project has reignited investor concerns over rising artificial intelligence spending and its debt financing. The software company’s shares fell after the Financial Times reported that Blue Owl Capital, the main backer of such projects, would not finance a $10 billion facility in Michigan.
2. President Donald Trump has mounted a combative campaign-style defense of his domestic policy last night as he tried to use a prime-time television speech to revive his second term. Trump blamed his predecessor for cost-of-living pressures and declared he was on track to solve many of the problems that brought him back to the White House. James Politi has more of Washington.
3. Car manufacturers have soured on the EU plan to relax the 2035 ban on combustion engines as details have become clearer, with some executives warning the “disastrous” changes would lead to more expensive vehicles.
4. Exclusive: Berlin launches a “Germany Fund” to attract up to €130 billion of private investment for higher-risk projects in technology, defence, energy and critical minerals. The move is intended to provide a major boost to public infrastructure and defense spending, aimed at revitalizing Europe’s largest economy.
5. Exclusive: Elliott Management prepares for a multi-billion pound IPO next year from Barnes & Noble and Waterstones, the American investor’s booksellers. People close to the discussions said the fund manager could appoint investment banks in early 2026 and that London would likely be favored as a location over New York.
The great reading
The battle lines are already taking shape as the EU kicks off two years of negotiating spending priorities in a proposed seven-year, €2 trillion budget starting in 2028, amid growing doubts about the bloc’s relevance.
We are also reading. . .
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UBS: A proposal from a cross-party group of politicians could break the impasse at Switzerland’s largest bank over a plan to raise capital requirements.
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Seydou Keita: The photographer’s proud and quietly exciting images of Malians make for a wonderful viewing at the Brooklyn Museum.
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Business and democracy: Liberals were wrong to assume that the two ideas are natural twins, writes Janan Ganesh.
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Undercover economist: Tim Harford discusses readers’ most outlandish proposals—from colonizing Mars to measuring Mars Bars—and concludes there’s no such thing as a stupid question.
Chart of the day
Russia has promised the “toughest” response against Western companies if Moscow’s 210 billion euros in immobilized assets are used to finance Ukraine. The threat has alarmed countries with significant investments, including Italy and Austria.
Take a break from the news. . .
Super Deluxe Edition is on a mission to keep music physical. The record label has found a healthy market by releasing vintage albums on Blu-ray surround-sound discs.
