bp reports its lowest profits for four years welcome to business today, i'm mark lobel. our focus all this week remains on the us with a major escalation in the trade war being waged by president trump. to the dismay of neighbour and major supplier canada. in the last few hours the president signed and aluminium coming into the us from 10%

and pharmaceuticals. essentially, we're putting on a 25% tariff, without four—week period — maybe on a weekly basis, about other subjects like cars. is we'll be talking about drugs and pharmaceuticals. we'll be discussing chips. and america is going to be stronger than it ever was before.

finished metal products. why were shares so muted in after—hours movement of the major american steel i there are few reasons. firstly, —— trump came into president trump came into injanuary tariffs office in january that tariffs would be his key thing is for markets 7 l ”wmarkets’hayejhadr " markets have had time to the markets have had time to digest this. the thing digest this. the second thing is is not his first rodeo is this is not his first rodeo and he did this before. in his andhe did,this before. in his term tariffs first term he slapped tariffs on these key industrial metals 34�*s... drop dilemma jobs and businesses they lost more money through so be believe they lost more money through these be believe they lost more money through these trades e believe they lost more money through these trades will elieve they lost more money through these trades will continue

that these trades willcentinue they that these trades willrcentinue they may be more and they may be more expensive and they may be more expensive and there will be an e ut inflationary impact'bat sd far is what inflationary impact'oot so far is what was expected. i this is what was expected. i think there nothing the think there is nothing the market didn't expect although think there is nothing the n may: didn't expect although think there is nothing the n may not n't expect although think there is nothing the n may not be expect although think there is nothing the n may not be expect alti for jh it may not be good news for inflation but thing sort out on essential thing to sort out on the line. �* , essential thing to sort out on the line. y ., essential thing to sort out on the line. �*, ., ., ., essential thing to sort out on the line. �*, ., ., the line. it's not good for inflation. _ with industrial production falling. imean, is i mean, is it's differently part of this political package to make great again and he said america great again and he said he wants to jobs on he wants to bring jobs on what he is doing in this board. what he is doing in this term of his presidency is slapping on much tariffs all chinese goods and so it's all chinese goods and we expecting tariffs this on european union goods week on european uniongoods that will bring a whole but that will bring a whole larger number goods 77 be terraced 77 will be terraced going forward. if that going forward if that happens going forward in his second term as president

could essentiall brin . jobs board and get more morejobs on board and get more us businesses opening to foreign imports, that replace foreign imports, that a long and it may it 7 heap reap bevnefits until out of office. australia may be exempt but other tarrifs may remain so how will currencies need it's all a bit of a negotiation. what we have seen is since the start of is that since the start of the the pound in the euro year the pound in the euro have been under pressure versus the been. under pressure versus the dollar been. unser pressure versus the dollar and been. unuer pressure versus the dollar and the and the kiwi dollar dollar and the kiwi dollar and even the dollar have against the us dollar how 77 how their and 77 "wine? affiliate" she bites then me; she met; 7 7 a she hm eben wish she “ref; ' ' a bit she ems the“ me; she met; ' ' a bit of because it's a bit of negotiation and at what have negotiation and at what we have seen with australia will icanada last canada last week. it’s not sold canada last week. it's not clear—cut how tariffs will be over 27— over the comin- 7 over the coming months yea rs years and that's and years and that's allowing the markets to a breather. the markets to take a breather. the dollar are still strong and we expect that dominant theme

but right now are able to up up and if they can evade catch up and if they can evade tariffs by negotiating with the enforcement of a us anti—corruption law that bars officials to win business. the law meant that american companies were at competitive disadvantage compared to countries with more a white house official said that the country s national duncan hames is director of policy at transparency international uk. is the us at a competitive disadvantage with these anti—bribery laws? the us economy has pretty well the pretty well since the of this new act

introduction of this new act and i think this will prove to be a big mistake and one which will be costly for american because as well as businesses because as well as making the usa a global leader in the fight against corruption, serruptieps 255555551555?! ~ , as a for when faced if 7 ’ awed by serrupt fereign. publisr— -- bribes serrupt fereign. publisr— w bribes off serrupt fereign. publisr— w them bribes off serrupt fereign. publisr— w them and bribes off serrupt fereign. publisww w them and as bribes off serrupt fereign. publisww w them and as of bribes off serrupt fereign. publisww w them and as of today, 5 off eféew— 72 the world will face a around the world will face a lot more demands for bribes to be paid in some very difficult markets. it be paid in some very difficult markets. ., markets. lt sale! use—st ww were companies were under investigation at the end there is an argument that over enforcement. avoid want over enforcement. avoid over enforcement.— over enforcement. bribes are and over enforcement. bribes are - and they _ over enforcement. bribes are - and they - a - over enforcement. bribes are | - and they - a i of over enforcement. bribes are | - afor:hey- a i of over enforcement. bribes are | i a for those i a i of over enforcement. bribes are | i a for those businessesf also 77al7s7obad777 51723535”; and also bad for society. wants to be asked to pay nobody wants to be asked to pay bribes and when they are they bribes arts he" these the ww ww ww ww ww ww w w to be able bribes arts he" the ae the ww ww ww ww ww ww w w to be able to iam

want to be able to say ism' ' but wsnit te be sble te est; ismi” ' but there's no wsnit te be sble te est; lsmiii iiii but there's no way we are :-=: 7 this isstrong 7 7 this is strong laws that saying this is strong laws that affect our means that we and the 7a7nd maria? 77 7 7a7nd tharigkér 7 7a7ndthe7ris7kof7a7777 7 cannot and the risk of a the law hasn't repealed and is not being been repealed and is not being enforced creates a huge degree of uncertainty for these facing these businesses facing these decisions with a five statute �*limitations year statute of limitations after the trump presidency is they can still be over, they can still be prosecuted for any that prosecuted for any bribes that they paid during his term of office. but isn't underpinned scandals involving trafigura in brazil, eastern arms sales? what should the new enforcement guidelines look like? if corruption threatens global stability as the chief executive of transparency international uk says. what has been the most promising sign of late is the of coo -eration law enforcement agencies bringing 77 7big case7s like that

r7olls— royce, r7olls—royce, airbus, against rolls—royce, airbus, and we have needed the fraud in france the department ofjustice and the department ofjustice from the usa to be able to work �* on these cases to these these cases to these these cases and bring these prosecutions and so it's really that we it's really important thatwe ,,-- .- ,. . ,-. ..- able to it's really important thatwe w- w w . w. ..- able to to see are able to continue to see that level of cooperation and thggjeyelmf cooperation and it it's thggjeyelcf cooperation and it it's a challenge without it it's a big challenge for the likes of successful cases being to light. cases being brought to light. you. revealed in the 4th quarter of 2024 profits more than halved falling to $1.17 billion. the previous year it made nearly $3 billion.

with trouble at the top and a turn around of ceos. it's not just about it's notjust about refining but we have to be clear that �* companies and but we have to be clear that �*companies and big companies had 7oiorse companies had 7oforse results oilrcompanies had worse results - were because oil prices were materially worse this year than last year. this year they fell 7 77 about 24% between 7 about 24% between april by about 24% between april and so we have to ie!- [el-el [el-- that in. they have gotten a few things wrong, it's about that in. they have gotten a few things v it ng, it's about that in. they have gotten a few things v it also t�*s about that in. they have gotten a few things v it also the |bout that in. they have gotten a few things v it also the previous refining it also the previous ceo has a big bet on ceq has made a big betwi-ciiiicciiiiciiiiciiii that ceq has made a big betiehii ii ii i ii iii that really didn't renewables that really didn't pay out so it's about pay out so it�*s about on the core, and the refocusing on the core, and the oil and gas production, which gives them more profits. they have started to in the have started to act in the sense they taken part sense that they have taken part of the wind and put it into a joint venture outsourced into a joint venture with a japanese company, they are also to provide 5%

are also planning to provide 5% of people that work for and of people that work for bp and 3000 so they are 300c) contractors sothey are what they can. now to a bitter rivalry in the world of tech — because the boss of chatgpt maker open ai has more. the ai boss has written oft an offer from elon trump. oft an offer—from elon trump. unsolicited bid of over $97 the unsolicited bid of over $9.7 , was submitted to bush ese eutmtteeteeeefi board on and it has

a! board an monda" and it has. backed by most�*s own ai a! board an monda" and it has. ban which' most�*s own ai a! board an monda" and it has. ban which' mos merge ai a! board an monda" and it has. ban which' mos merge with 7=z 7a|7follow7ing777 77 ai following a 77 ai following a deal 77 ai following a deal as files“ é! ffiufifif'fifi a seats? 77 7 7777 77 as fie?“ é! ffiufifi'fifi i! siesta? 77 7 7777 77 as other investors. they well as other investors. they have been in a e feud over the long—standing feud over the direction that the ai company = -:7 taken since its 7 has taken since its founding. open ai is now trying to a sense! is. nee-s trains ta i nto a sense! is. nee-s trains ta into a a sense! 1's. nee-s trains ta into a for 9 pence! 1's. has trifling ta into a for profit 9 pence! 1's. has trifling ta a into a for profit 9 pence! 1's. has trifling ta a nonprofitfor profit 9 easiest! 1's. has trifling ta a nonprofit entity fit 9 easiest! 1's. has trifling ta a nonprofit entity which from a nonprofit entity which it says is needed to secure the z— 7 for developing the best capital fordevelopingethe best last year, elon musk ai models. last year, elon musk filed a against open ai —:: he claimed 77 he claimed that originally founders originally approached him to fund a nonprofit focused fisi hi to benefit on developing al to benefit humanity but that it was now focused on making money. elon musk open ai in 2015 musk founded open ai in 2015 but left before the company we are keeping an eye on that summit in paris to if a! summit in paris to see if the they're sign all the countries they're sign an agreement or whether they are 849 00:11