and that has really benefited bp.- really benefited bp. it has benefited _ really benefited bp.ted bt, _ really benefited bp. it has benefited bt, and - really benefited bp. it has benefited bt, and as - really benefited bp. it has benefited bt, and as you. really benefited bp. it has - benefited bt, and as you point out, importantly, the huge change and the volatile time that bp and its rivals have been through, it is hard for them to stomach this, when they fill up the car at the time, it is costing them a lot of money for petrol at a time when they haven't got much to spare. so, what is bp doing with all of that cash right now, to invest in the future, and of course we all know that bp and its rivals have to move on from fossil fuels at some point.- have to move on from fossil fuels at some point. that is a ureat fuels at some point. that is a great point- _ fuels at some point. that is a great point. if _ fuels at some point. that is a great point. if you _ fuels at some point. that is a great point. if you look - fuels at some point. that is a great point. if you look at -

andrew, this 20% stake from bp, put into context for us how significant it is for bp to unload this? very significant. a 20% stake in the company. they have not said if they will sell or walk away, but they have set it is possible they will take a $25 billion write-down. obviously pretty massive. it will come as a pretty big shock, particularly even bp a few weeks ago was staunchly defending its presence in russia. it was one of the first oil majors into russia after the collapse of the soviet union. it has the biggest presence there. it seems to have come under a lot of political pressure from the u.k. government. the ceo was summoned to a meeting with the u.k. business secretary late last week. shares up about $.15 this year, but there will obviously be a big drop when it opens later this morning. dani: bp's exposure is obviously huge, but other western energy companies also have exposure, from ecuador -- wquinor to exxon. are we expecting other companies to follow suit? will everybody be trying to remove exposure to russia in the oil space? andrew: we have seen equinor saying it i

when you look at the likes of bp it is as much as bp who is seeing higher profits, at the same time bpthey will reap over £1 billion worth of rewards. that has raised eyebrows but many commentators have said when you look at this cash machine, sometimes it runs dry because it is hugely dependent on what happens to the energy prices, so bp has swung from a loss to this massive profit but it will raise lots of eyebrows and people are saying, as we have heard, where is the windfall tax to help people struggling with the bills? the contrast is unavoidable between the profits and the cost of living crisis that people face, energy bills being a huge chunk of that. labour has certainly called for a windfall tax on energy companies, in other parts of europe they are putting constraints on how much profit the energy firms can make in order to give money back to consumers, so how far will this go? is a winterfull—time consumers, so how far will this go? is a winter full—time desirable? when you look at the numbers and look at how much people are suffering. —— is a windfall tax desirable? analyst

—— notjust bp.worth of rewards. —— they will reap. but some people are saying that the cash machine might run dry because it is hugely depending on what has happened to energy prices, bp has swung from a loss to a massive profit, people are saying, where is the windfall tax to help people struggling with bills? the contrast is unavoidable _ struggling with bills? the contrast is unavoidable between _ struggling with bills? the contrast is unavoidable between those - is unavoidable between those prophets and the cost of living crisis, energy bills being a big chunk of that. labour certainly has called for a windfall tax on energy companies, in other parts of europe they are putting constraints on how much profit the energy firms can make in order to give money back to consumers so how will this go, to what extent you think the will increase? is what extent you think the will increase? , ., what extent you think the will increase? , . ., increase? is a winter full tax desirable — increase? is a winter

and it is the move by bp on the front of the ft. the ft. absolutely and i think this one is really _ i think this one is really significant because bp is a uk listed company, but i think something really interesting was the business secretary quasi—quieting in discussion with bp about the very issue last week and what he said last week was that they should be a wake—up call for other countries or companies in the uk which have commercial interests in russia and it would be really interesting to see if other companies decide to follow bp�*s lead and going forward into the next few days we may indeed see other companies taking similar kinds of actions to what bp has done. �* , ,. , , kinds of actions to what bp has done. �*, ,. ,, , ., done. let's discuss this further at 11:30 - m. done. let's discuss this further at 11:30pm for— done. let's discuss this further at 11:30pm. for now, _ done. let's discuss this further at 11:30pm. for now, sian _ done. let's discuss this further at 11:30pm. for now, sian and - done. let's discuss this f

not bp.t that does not mean the way to overcome this is by taxing those profits because your long—term effects and thatis because your long—term effects and that is going to be to say that this is not a good place for businesses to operate and we may take your profits with no notice and this idea that that is a one—off, you can just say that when we are facing such a cost—of—living crisis and this is going to create sustainable change, a windfall crisis is going to encourage more investment in nuclear or other renewable energy sources, it's just going to pat the purses for a little bit but it's never going to cover the money that you need to dampen this cost—of—living crisis. there are other ways. need to dampen this cost-of-living crisis. there are other ways.- crisis. there are other ways. thank ou ve crisis. there are other ways. thank you very much _ crisis. there are other ways. thank you very much for _ crisis. there are other ways. thank you very much for you _ crisis. there are other

but bp says it's investing profits into alternatives to fossil fuels.k has the story. jenny is one of millions of people struggling with energy bills. on a prepayment meter, she is paying some of the highest prices, which are set to rise even further. where £10 could have lasted you three or four days, two weeks later it can last you two days. so you can't... it's difficult to budget because you think, hang on, i thought i had £15 on there and now i've just checked and i've only got £7 left — surely it should be this. and you're watching the balance go down and you're thinking there's nothing i can do. when that goes, there's no electric, there's no gas. whilejenny is strapped for cash, energy companies are now drowning in it, as oil prices have doubled and gas prices have risen 400% since last year. after losing money in 2020, bp made profits of nearly £10 billion last year, its highest for eight years. its rival shell reported bumper profits of £14 billion last week. meanwhile, consumers are facing record bills with the amount energy suppliers being a

let's look at it as i said in the introduction, bp needs that| the introduction, bp needs that money, from fossil fuel to green energy-— the conversion from fossil fuel to green energy. they are very smart, are the ? green energy. they are very smart, are they? these _ green energy. they are very smart, are they? these huge _ green energy. they are very smart, are they? these huge companies i are they? these huge companies making _ are they? these huge companies making vast profits didn't get there by not _ making vast profits didn't get there by not being smart and cunning, in my view— by not being smart and cunning, in my view even devious. this investment needs to happen to save our planet — investment needs to happen to save our planet. i find this quite unwelcome, a tinge of blackmail then that we _ unwelcome, a tinge of blackmail then that we won't be able to say do what is necessary— that we won't be able to say do what is necessary if we have this amount of money — is necessary if we have this amount of money i— is necessary if we have this amount of money. i often think about

bp had huge profits of bp had - profits from extracting oil and gas. | bp had huge profits of bp had _ profits, they announced £10 billion in profits this week. the _ profits, they announced £10 billionl in profits this week. the suggestion is that— in profits this week. the suggestion is that there — in profits this week. the suggestion is that there should _ in profits this week. the suggestion is that there should be _ in profits this week. the suggestion is that there should be one—off - is that there should be one—off tax on these _ is that there should be one—off tax on these companies _ is that there should be one—off tax on these companies to _ is that there should be one—off tax on these companies to help - is that there should be one—off tax on these companies to help with l is that there should be one—off tax i on these companies to help with the national— on these companies to help with the national economic— on these companies to help with the national economic picture. - on these companies to help with the national economic picture. the - national economic picture. the

bp had an almost 20% stake in that russian company bp ceo bernard looney and former exec bob dudley say they're both resigning from rosneft's board, effective immediately. bp has operated in russia for more than 30 years, but company officials say russia's invasion of ukraine represents what they're calling a fundamental change. company officials say russia's military action has forced bp to reevaluate its holding. rosneft had contributed about a third of bp's oil and gas production. spacex is founder elon musk says the company's starlink internet satellites are now active in ukraine as the country suffered power outages because of russia's invasion. this comes after a public appeal from ukraine's vice prime minister asking musk for help. those satellites help carry large amounts of information rapidly to any point on earth, avoiding the need for fiber optic cables . must says more internet satellites are on their way. well earlier today we spoke to sonoma state political science professor david mcewan. he detailed why it appears that russian president vladimir putin has miscalculated t

you can look at gazprom and ask if bp wants to be involved and ask if bp wants to be involved and theing out but who is going to be buying? find we are selling out but who is going to be buying?— we are selling out but who is going to be buying? and that was the next auestion i to be buying? and that was the next question i was _ to be buying? and that was the next question i was going _ to be buying? and that was the next question i was going to _ to be buying? and that was the next question i was going to ask. - to be buying? and that was the next question i was going to ask. the - question i was going to ask. the problem is that... that is why you are on, you are the expert. the question i would ask is, hang on a minute, they are presumably selling at the worst possible time to sell? absolutely, you're making yourself a forced seller. what is happening as the oil companies are coming up with fantastic profits because the price of oil has gone up so dramatically, and when you look at the impact it has, it was over $12 billion last yearfor bp and has, it was over $12 billion last year

last year bp made profits of £9.5 billion.uge rises in energy prices, households are paying the price. jenny has to pay for her gas and electricity in advance and as a prepayment customer, she is already paying the highest rates for her energy. where £10 could have lasted you three or four days, two weeks later, it can last you two days. so it is difficult to budget because you are like, hang on, i thought i had £15 on there, and i havejust checked and i've only got £7 left, surely it should be this? and you are watching the balance go down and you are thinking... there's nothing i can do. when that goes, there is no electric or gas. labour last month proposed that north sea energy producers pay higher corporation tax for a year to fund £1.2 billion of help for households. some want to go even further. we could raise £5 billion at least from the huge profits that the oil and gas companies are making and use that money to cut people's energy bills. how can it be fair that oil and gas companies are making huge profits at the exp

bp says it is u-uloadin that is under attack. bp says it is uploading its _ that is under attack.latest developments. ukraine has agreed to hold talks with a russian delegation, without preconditions, on the border with neighbouring belarus. in another major development — president putin has ordered russian military commanders to put the country's strategic nuclear forces on special alert, their highest level. he says it's in response to nato aggression. the move has been condemned by the white house — and nato says putin's threat is 'dangerous' and 'irresponsible.�* in the last couple of hours, the european union has announced that it will begin shipping arms to ukraine, the first time in its history that it has taken such a step. it's also introducing more sanctions, the closure of airspace to all russian planes, and a ban on pro—kremlin media. also, in the last hour the british—based multinational bp says it's exiting its 20 % stake in the russian oil giant, rosneft. at the end of last year, that stake was worth about $14 billion us dollars. well, this the latest map of russian

but bp says it's investing the profits into alternatives to fossil fuels.h energy bills. on a prepayment meter, she is paying some of the highest prices, which are set to rise even further. where £10 could have lasted you three or four days, two weeks later it can last you two days. so you can't... it's difficult to budget because you think, hang on, i thought i had £15 on there and now i've just checked and i've only got £7 left — surely it should be this. and you're watching the balance go down and you're thinking there's nothing i can do. when that goes, there's no electric, there's no gas. whilejenny is strapped for cash, energy companies are now drowning in it, as oil prices have doubled and gas prices have risen 400% since last year. after losing money in 2020, bp made profits of nearly £10 billion last year, its highest for eight years. its rival shell reported bumper profits of £14 billion last week. meanwhile, consumers are facing record bills with the amount energy suppliers being allowed to charge rising by over 50%, to nearly £2000 a year, from

francine: what is the impact of the bp rosneft exit?: it underscores the shift in mentality of the west yesterday afternoon in terms of their willingness to start thinking about how they are going to clamp down on energy. before yesterday, even going back to last thursday and friday, it was very clear energy was off-limits. but what happened yesterday is a clear escalation in potential sanctions and the fact that energy is now an industry that is being reconsidered as being off-limits. francine: are we going to see more deals like that? or are people trying to avoid at all cost that reputational risk of doing business with russia? guest: that goes into the whole point about operational legal risk, creating the frictions in trying to keep trade going. this is not just about oil, it is about grain. look at where wheat prices are. it is about copper, aluminum, all the different commodities right now, and the inability to move these key commodities out of the largest commodity producer in the world. this is a significant event. let me also

francine: bp is best in class when it comes to this.nt we will get to the targets set out by cop 26? if not reversed, can we stop climate change? >> i think we have to be optimistic and have confidence. i come back to what i talk about which is greening companies. a greening company is a company that is carbon intensive today. we might call it a heavy polluter today. we need to back and encourage those companies to get to net zero. we need green companies. we need solar companies and wind companies. the reality is we will not be able to build enough of them and scale them fast enough. we need to take companies like bp and get them to transition to net zero and that is what we are doing. carbon intensive today, net zero tomorrow. francine: that was nard looney. you can catch the full conversation on leaders with lacqua later this month. let's get to the bloomberg first word news. laura: the ambassador bridge that links ontario with the u.s. has reopened after a five-day protest against vaccine mandates stopped traffic. authorities starte

bp, earlier up, now starting to fade, down by 2.29%.lly struggle with these companies and how you understand what they are and what they are going to become. bp is looking basically to cut oil and gas production significant by 2030, looking at 50 gigawatts of her noble capacity. it trades at a discount to the oil sector. so it is trying to make this transition, but i think trying to understand as an investor what you are getting here is really difficult. i think a lot of people simply own it because it is giving back dividend and buying back stock. kailey: do you think neil young would own it? not so much fossil fuels anymore? guy: no. he's "after the gold rush." and is the gold rush about to infer the oil sector? neil young telling people they should be getting out of the banks, getting out of the oil stocks. nothing best investment trade so far this year. shell, i don't know what has done -- what it has done your to date, but just amazing in terms of some of the performance as we are seeing. credit suisse, maybe a little less. ♪ guy:

bb has -- bp has agreed to sell its shares in rosneft. bp husband in russia for three decades.-term housing for refugees in san francisco. they rode poland and germany -- wrote to poland ended germany with the offer. run a virus restrictions in new york -- wrote to poland and germany with the offer. coronavirus restrictions in new york will be lifted this week. this is bloomberg. ♪ >> this is dangerous rhetoric. this is behavior, which is irresponsible. if you combine this rhetoric with what they are doing on the ground in ukraine -- jonathan: the u.n. secretary general on cnn over the weekend. on the nasdaq we are down by a similar amount. yields are down by five basis points. crude up to about 96. dollar-ruble it is a 20% move. it was 40% at one point but we are off session highs. tom: jane foley is here with us on the ruble. working with dr. bremmer, alex bremmer of the -- alex of the eurasia group. how does europe adjust to a new belarus far more attached to russia than we thought? >> we will see decisions made by nato going forward about how to deploy troops more substanti

kailey: is it at all likely that bp would be able to find a buyer if it wanted to sell?l: possibly, at a reduced price. it may not be possible. the kremlin could imac shares, but why would they pay for them at this stage when they probably could not get money out of russia if they wanted to? they may try to sell it on the open market. they may have to give up the shares. we will watch with interest. guy: not the only energy company with exposure and russia. others will certainly feel the pressure as well. let's take a look at where european shares are. we are differently off the lows when it comes to european trading as we head toward the end of the day. clear differentiation here in europe. we have been watching what is happening with the energy story. defense stocks have had a solid day today. utilities have had a solid day today, so a really bifurcated market. we are still down, as you can see, around half of 1%. details to follow. the closes next. this is bloomberg. ♪ if you're a small business, there are lots of choices when it comes to your internet and technology

you can see bp is down 3% to 5% on the news from russia. me on the line is brian sullivan who is normally in this chair. this is his show he is off phoning in talk to us, brian, about the energy reaction. is it surprising to you? >> it is not a surprise. good morning, everybody. you mentioned stocks, dom. a couple of things bp is likely down because of the 20% stake of the oil and gas companies. they could be hit by the action. important. totale and bp with the cash flo side i would expect strong names like lng and anything to oil production and exploration of natural gas will pop today i'm not making stock calls that's jim's job you have to watch that in the market today i think amrita sen at the top of the show was right fear of trade. no supply disruption yet this is a buy stocks think later kind of market today the reaction of oil and gas is probably not surprising. i want to remind people there is no supply disruption yet this is purely a gut-check market reaction given this terrible news that we are seeing overnight. >> so, brian, it

bp said it is too early to say how or to whom the stake would be sold.ustoms buying its oil and gas, which these sanctions won't prevent, it will have financial fuel for its war machine. the ultimate sanction would be an international embargo on russian energy, which would damage both sides in this escalating economic war. simon jack, bbc news. we're already starting to see the impact on the currency. it's plunged nearly 20% to a new record low versus the us dollar. of course, as simon mentioned in that piece, the currency, very sensitive to the fact that these sanctions have been put in place, and it has a huge impact on the domestic economy as well. people lining up economy as well. people lining up at the banks, at atms to get their cash out because they're worried the value of their currency could fall even further. we are also starting to see movements and asian markets, with many investors buying the japanese yen as a safe haven tradable to keep... —— we will keep you up—to—date. first i want to tell you about another story. as you can imagine, it'

we saw bps effort, that's really important to bp, what they get for it i have no idea. one headline mentioned, new sanctions lifted what we know. going on to say compensating for higher inflation risk and they have moved already. >> dollar ruble, there's no other way to put it. u.s. dollar versus ruble at 108, that's a substantial move here as we hear from the head of the bank of russia. let's go through the data, so important to have a conversation. it's turned around here. >> futures down about one .2% on the s&p 500. a reserve release was some major commodity producers. what's that going to achieve? this is central bank speak for really tough conversation. the financial system is facing a nonstandard situation. i think that perhaps understates the situation. tom: we will monitor that throughout this. a perfect time to talk to the global director of fixed income research at morgan stanley. what was your warning call like -- like? >> it's a tough call. these developments have a substantial human cost we should not forget that the top of my mind is the -- at the top of

bp is roughly -- roughly has a 20% stake in rosneft.ording to sources, the move sent the oil giant rushing to line up a new financial institution to keep its russian oppositions. operations going. berkshire hathaway reported an 11% rise in fourth-quarter earnings topping off a year that saw profit more than double. net earnings attributable to shareholders was just shy of $40 million. the chairman said there is little that excites us in the current investment climate. sources tell us asian insurer fwd backed by richard lee is close to filing an ipo in the city. we are told the company may try to raise about $1 billion in a share sale and filing could be lodged as early as monday. taking a look at the day ahead. haidi: the second-biggest pension fund, the australian retirement trust wants to merge with other funds as it looks to double its assets to 500 million aussie dollars. this according to the financial times. we are also expecting australian sales -- retail sales for january and a couple of hours and a print of switching wireless c

we have bnp paribas and the energy giant bp. those are two sectors that have performed well. let us look at how things have performed across assets as we look ahead to the u.s.. that cpi print is expected to be above 7% for the u.s. futures pointing flat after a mixed day yesterday. ended lower by a lot. the u.s. 10 year now at 194. it is breaking through to percent for the u.s. 10 year. brent is at $92 a barrel. we continue to keep and i on the geopolitics and we have that headline around olaf scholz meeting in d.c. with biden and you have emmanuel macron meeting with vladimir putin. the focus yesterday was all about the yield story. it is updated in terms of what is happening. germany not on the periphery but the benchmark for the german bund and the 10 year is up a few basis points at a positive 24. the spanish 10 year at 110. the italian tenure at 1.6 and greece gaining sentiment for 2.52. keeping across that, what that means for these countries, the debt has been taken on as they build up with the pandemic. francine: let us look at deeper into the sectors. we had earning

bp country that is under attack.s country that is under attack. breaks with country that is under attack. hi breaks with the russian oil giant, the british—based multinational who will off—load its stake and quit its seat on the board. and searching for a safe haven, pullen says at least 200,000 people seeking refuge have now crossed from ukraine in just four days. to neighbouring countries and within ukraine. translation: we were normal people. we had jobs, schools, a normalfamily. and now we have to ask for help. and the scariest thing is we don't know how long this is for and whether we will have anything left to go back to. and a show of support from fans at wembley this evening, as the fa says england will not play russia in internationals for the foreseeable future. let's ta ke let's take a look at some of the other developments today and president putin ordered russian military commanders to put the country's strategic nuclear forces on special alert. their highest level. he says it is in response to nato aggr

bp said it is too early to say how or to whom the $14 billion stake would be sold. customs buying its oil and gas, which these sanctions won't prevent, it will have financial fuel for its war machine. the ultimate sanction would be an international embargo on russian energy, which would damage both sides in this escalating economic war. simon jack, bbc news. we're starting to see some impact of the eu's moves on the russian economy particulary on the rouble — its currency. let's speak to our business reporter monica miller in singapore. the markets are open there. can you take us through the fall of the rouble so far? {iii you take us through the fall of the rouble so far?— you take us through the fall of the rouble so far? of a sunday niuht the rouble so far? of a sunday ni . ht we the rouble so far? of a sunday night we have _ the rouble so far? of a sunday night we have seen _ the rouble so far? of a sunday night we have seen the - the rouble so far? of a sunday night we have seen the rouble| night we have seen the rouble falling 30%, after these punishing sancti

bp's boss sits on a board chaired by putin ally igor sechin.he more the countries dependent on it fuel the very russian war machine they are trying to stop. simon jack, bbc news. the un's refugee agency says more than 50,000 people have fled ukraine in the past 48 hours. many have headed west, trying to cross the border into neighbouring countries. now, there's concern that the steady stream could become a mass exodus. 0ur correspondent mark lowen has been to the polish border, speaking to people trying to escape. a border separates but also brings together.

rishaad: that was a bp ceo there .iew with francine with leaders with -- that's leaders with francine lacqua airing later. check in with some of the latest business flash headlines. money forward saying more work is to be done to boost the nations venture capital industry, including the depth of funding rounds. the chief of public affairs telling bloomberg that the lack of willing risktakers means promising companies still need to look abroad for capital. despite the prime minister's making start ups a key future for future growth -- a kep feature for future growth. >> hitting the revenue growth. of more than 30 or 40% rate. they are starting to understand but we still have to go abroad to raise that kind of money right now. rishaad: sources telling us that apple is boosting pay for its u.s. retail workers as it navigates a tighter labor market. raises habit offered to some -- genius bar technical support staff. it offers paid vacation for the for some as well as more sick days and childcare centers. saudi arabia has t

shares up bp performing better than brent.rd looney will join us in the 7:00 hour. >>> the futures right now are flat not a lot happening with pfizer coming in this morning joining us is the global market strategist at jpmorgan chase you point out, gabriella, the inflation data between now and then is a bit of sideways action? >> the hyper growth area of the market will stay extremely jittery. taking a lot of cues from the moves in yields. we have seen them shake up 56 basis points to date in response to inflation forcing central banks hands into the tightening cycle. compared to the post-pandemic cycle. it will not settle any debate about when and how fast tightening happening that should really be much more with the march cpi which will be our first peek at the month with a much easier base last year remember it was march when inflation started to shift upwards. if that inflation is strong, all bets are off until then, we stay jittery in the hyper growth area of the market >> does it appear to you that the second derivative,

bp's boss sits on a board chaired by putin ally igor sechin.t's a grim and uncomfortable paradox that the higher prices for oil and gas rise, the more the countries dependent on it fuel the very russian war machine they are trying to stop. simon jack, bbc news. the un's refugee agency says more than 50,000 people have fled ukraine in the past 48 hours. many have headed west, trying to cross the border into neighbouring countries. now, there's concern that the steady stream could become a mass exodus. 0ur correspondent mark lowen has been to the polish border, speaking to people trying to escape. a border separates but also brings together. families reunited in the search for safety, like ten—year—old mariya and her mother, who travelled for two days from kyiv tojoin herfather here in poland. how do you feel about leaving? do you feel scared about what is happening? yes. i've never felt about this situation that one day another country in the 215t century could attack another country in europe. your country? my country. the stream of ukrainians

bp said it is too early to say how or to whom the stake would be sold.ssia has customs buying its oil and gas, which the sent vow sanctions will prevent... that would mean an international embargo that would damage both sides in this escalating international war. simonjack, bbc simon jack, bbc news. these are really difficult, devastating times for notjust people in ukraine, but theirfriends and families overseas. i'm joined now by olga kravchenko. she lives in the uk but has family in kyiv and runs a business with staff in several ukrainian cities, including the capital kiev and the second city kharkiv. it's wonderful to have you on the programme and i think you for speaking to us. —— thank you. how are yourfamily and speaking to us. —— thank you. how are your family and your loved ones in ukraine? are they safe?- are your family and your loved ones in ukraine? are they safe? thank you for havin: in ukraine? are they safe? thank you for having me- _ in ukraine? are they safe? thank you for having me. the _ in ukraine? are they safe? thank you for having

they up paraphrasing, i�*m not sure we are talking the profits made by bp, £9.5 billion bp says it needse things stand? and these comments, whether _ where things stand? and these comments, whether their - where things stand? and these | comments, whether their direct quotes— comments, whether their direct quotes or— comments, whether their direct quotes or paraphrasing they are very much _ quotes or paraphrasing they are very much out _ quotes or paraphrasing they are very much out of— quotes or paraphrasing they are very much out of touch him what's going on in _ much out of touch him what's going on in the _ much out of touch him what's going on in the real world and peoples experiences with this astronomical rise in_ experiences with this astronomical rise in hills — experiences with this astronomical rise in bills and generally the cost of living — rise in bills and generally the cost of living. and they clearly will not be welcomed at all by frankly, i don't _ be welcomed at all by frankly, i don't think anyone. i think there is this ongoing debate now, we've seen the government pl

think the energy transition must be a threat to a company like bp, i don't think like that. i think it is an opportunity. we are going into ev charging, into biofuel, we are going to go into hydrogen. these are things we can help solve, and instead of thinking of it as a risk or a threat or you crouch down in a defensive position and see darkness, it is actually a massive opportunity for us. juliette: you can catch that full conversation on leaders with lacqua airing later this month on bloomberg tv and bloomberg.com. swiss voters have backed a ballot measure to protect children and young adults from tobacco advertising. some 57% back to the initiative, and switzerland has strong ties with the tobacco industry, including a global research facility for phillips morris international. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus? manus: thank you very much. juliette saly in singapore. hong kong health officials are warning the city is facing a crisis with inf

sunday on "q&a, bp franklin, an author and professor, will talk about the stories of these sometimesverlooked contributors to social justice in the u.s. >> it was the teenagers who showed up for the protests initially because they were not under the constraints that their parents were. or other leaders, religious leaders in the community who participated in this march and sit in that would affect their livelihood, but the teenagers, you know, they were not working. they would show up and participate in the march, protest or sit in, and then they would be arrested. there would be taken to jail. their parents would be called. parents would come, bail them out, or the naacp would bail them out. and the parents would think, my son and daughter could do this, they are doing the right thing, i need to do it, as well. >> the professor bp franklin sunday night at 8:00 eastern on c-span "q&a." you can listen to "q&a" and all of our podcasts on our free c-span now app. >> burgess everett, the co-congressional bureau chief of "politico" tweeting there will be an unclassified rating for senators

i believe may look at bp rofits, consumers? i believe may look at bp profits. what — consumers?ts, what happens with the i consumers? i believe may look at bp profits, what happens with the year i profits, what happens with the year before _ profits, what happens with the year before that in the year before that, it isnt— before that in the year before that, it isn'tjust — before that in the year before that, it isn'tjust one year of before that in the year before that, it isn't just one year of record profits, — it isn't just one year of record profits, there's been a string of it that is— profits, there's been a string of it that is in— profits, there's been a string of it that is in the context of people talking — that is in the context of people talking for a long time now about moving _ talking for a long time now about moving towards alternative energy toward _ moving towards alternative energy toward the report show that there are powerful forces reaping the profits — are powerful forces reaping the profits instead of investing in a greater— profits instead of investing i

bp owns a 20% stake and total owns a 19% stake in russia's nova tech.s is this will lead to higher oil and gas prices which is good for oil and gas companies, but not that simple there are also risks of sanctions or lower natural gas flows to impact the companies. bottom line, a lot going on with that chart if we see the situation get more risky or volatile, watch shares of all the big oil and gas companies like bp and total. tte is the ticker. they are more exposed. we begin a new week and wall street is watching everything that is going on we also have talk of fed rate hikes and the fed rate meeting today. closed-door meeting. no surprise, we are seeing a spike in the cboe volatility index or better known as the vix. up 13% joining us is co-founder jon najarian stock futures are down vix up a lot of nerves right now. >> exactly, brian. just as you say, the vix through 30 that is something that gives you an indication that people are nervous and probably seeking protection i guess you don't need to look further than, you know, some of your rbis recentl

ijust mentioned in passing with lord brown who used to run bp, negotiated face—to—face with vladimirmeetings, met his black labrador as part of the overture that was part of big deal that bp did with a couple of russian companies, a $13.5 billion dealfor oil. he said his experience with putin was a man who was incredibly bureaucratic. born out of the bureaucratic society of the ussr, he had planned to invade ukraine. it was almost certain that this was a plan that was on rails and he was determined to deliver it, this was the outcome we were going to get whatever the rest of europe or indeed the world said to vladimir putin. and that's really interesting. when i was talking to adam smith at the beginning of the week in us congress, he was basically saying that really there is not much western countries, including washington, could do, in practical terms, except trying to delay whatever it was that president putin was trying to do. i suppose the question is whether russian public opinion over a longer term period will see this as an advantageous thing, given, from what you said, about

he joined bp

. >> bp. british petroleum?take they were the largest foreign investor in russia >> they had to get rid of it >> and doing it immediately. stepping down. >> in inthe year 2022, this is nuts going into a country you don't own and thinking i'm free. i'm ukrainian. i don't want this. china is surprised at the global reaction >> putin miscalculated he thought zelenskyy would leave and ukrainians would put down their arms immediately >> i'm optimistic. i hope we break up that unholy alliance and china realizes they need us more than they need russia i hope i don't like nuclear red alerts. especially working here at 9:01. i'm done i'm out. >> welcome back to times square. >> exactly welcome back the center of the universe. >>> when we return this morning -- >> bull's-eye. >> warren buffett has the letter to the shareholders. we will explain that next. >>> and the biggest movers this morning. trailers is up .79% and followed by mcdonald's. stay tuned you are watching "squawk box" live from times square >> announcer: th

bp's stake is nearly 20%, amounting to $25 billion at the end of the first quarter.e ends 30 years of doing business in oil-rich russia for bp. >>> the state of new york has announced sanctions against russia. governor kathy hochul signed an executive order today calling for an immediate review of any state investments or purchases from russian companies. the state will immediately divest from any institutions found in the review. hochul called russia's actions human rights violations and atrocities and noted that her state has a higher gross domestic product than all of russia. >>> ukrainian president volodymyr zelenskyy is being hailed a hero by many, a remarkable transition from his early days in entertainment to wartime leader. molly hunter reports. >> reporter: staring directly into the camera, exhausted, unshaven, in a t-shirt, this is how we've started to see ukrainian president volodymyr zelenskyy, multiple times a day, at all hours, since the invasion started. taking to social media, updating his country and the world, rallying his fellow citizens to fight.

unclear how bp will die vest its position shares of bp trimmed their losses now down closer to 5% afterling as much as 8%. >>> the international olympic committee is urging all sports federations to cancel or move sports events in russia and belarus. it's also recommending russian and belorussian athletes be banned from international competition. you're now up to date. deirdre, back to you. >> thank you >>> now, you heard jeff richards with us last week call the bottom for software stocks, turning point this week was zoom and salesforce reporting earnings with us now on how to play the sector amid geopolitical tensions abroad is tyler what do you think, have we hit a bottom for some of these soft ware high momentum names what are you doing at the moment >> good morning. thanks for having me i think we've clearly seen a rough start to the sector this year a lot of these stocks are down 30, 40%. on track for one of their worst starts to the year in over a decade as you mentioned, we have seen a number of earnings thus far mainly from the companies that have year-end closes in december sal

we are talking about bp profits. you will know bp and the brand.he same time and the beast meant the value of the commodity of oil and gas rocketed. it caused in december, the chief executive of bp to say, when the market is strong, oil and gas prices are strong, this is literally a cash machine. so the prophet is going up. people thought it was in bad taste, and as we have been reporting, every household fielding the increase in energy bills by an average of 50% in the coming months. anti—poverty campaigners described the profits as obscene and labour called for a windfall tax, saying to the government you need to ask the businesses, making a massive profit out of unusual circumstances, share the money and give it back to some of the poorerfamilies. the government have not yet responded. this is coming at a time when families are struggling to pay bills. the profit from bp of almost £10 billion for the year. i}!(. £10 billion for the year. 0k, incredible _ £10 billion for the year. 0k, incredible numbers. - here's carol. good morning, this morning

we should talk about bp. oil giant rosneft, it is the most significant move yet by a western company and it will cost bp up to $25 billion in charges. the company is the biggest foreign investor in russia, but pressure has been mounting, given that the head of rotundas is a very close friend of putin and that rosneft itself supplies fuel to the russian army. according to federal documents at least six lobbying firms in washington d.c., the previously represented now-sanctioned russian banks and also by the way companies tied to the nord stream two gas pipeline they have terminated those contracts. elsewhere, dell technologies has suspended sales in ukraine and russia, and says it is closely monitoring the situation. the new u.s. rules on exports do cover computers. dell, by the way, accounted for about 6% of computer shipments to russia in the last quarter. we got to talk about the sports world, stu. lots of things happening there. fefa soccer's governing body says it will hold no international competitions i

the defendants are chevron, exxon, bp, shell, and conoco phillips. these funds will be used to pay for seawalls and other infrastructure needed to deal with sea level rise. we have some real risk that's going to require some billions and billions of dollars of investment by san francisco on infrastructure if we're going to stop catastrophic loss, so that's what we're looking at. a lot of our developments are occurring along the waterfront. our lawsuit is a part of that. i want to have this abatement fund that s been created now to ensure that we can fund the infrastructure improvements that we're going to need to ensure that those developments go forward without the threat of sea level rise. scholl: politics in san francisco is funny. there are a lot of really enlightened views. on the other hand, it's probably not enough to prevent the business community from making things even worse right on the waterfront. christensen: we're going to have to adapt. it's going to take that creativity and energy and capital. the question of how do we balance that ec

we have so much more of you here on the programme and all the top business stories and among them, bpnd there will be some sunshine around. wintry on the hills of scotland and windy here and further south also breezy but dry sunny spells and a bit more cloud for wales and south—west england. a blustery day as you can see across the board but the gas will reach in excess of 50 miles an hour across northern scotland into the northern isles and temperatures in single digits but the north of the weather front, single digits but the north of the weatherfront, but single digits but the north of the weather front, but to the south of it, may be 11 or 1a degrees, so very mild particular way get sunny spells. the tuesday night the weather front hangs around three central areas and slowly pushing south into england and wales but to the north, further snow showers and these will be blustery and accumulating snow on the hills of scotland are very windy, breezy in the south where it will stay mild. into wednesday it will push southwards across england and wales and the mild air to the south but mo

very interesting meeting this week stop ijust mentioned in passing with lord brown who used to run bped face—to—face with vladimir putin on a number of meetings, met his black labrador as part of the over was of a big deal that bp did with a couple of russian companies, a $13.5 billion dealfor oil. he said his experience with putin was a man who was incredibly bureaucratic. born out of the bureaucratic society of the ussr, he had planned to invade ukraine. it was almost certain that this was a plan that was on rails and he was determined to deliver it, this was the outcome we were going to get whatever the rest of europe are indeed the world said to vladimir putin. and that's really interesting. when i was talking to adam smith at the beginning of the week in us congress, he was basically saying that really there is not much western countries, including washington, could do, in practical terms, except trying to delay whatever it was that president putin was trying to do. i suppose the question is whether russian public opinion over a longer term period will see this as an advantageous

bp took that. >> yeah. it's not clear. >> yeah. i'm not sure what bp does. >> yeah. like my house is for sale. >> you need a market it's not clear they're going take a significant right down material noncash charge. 600 million dividends from the stake. you can kind of back into a value, if you want to assume sort of a yield on that $600 million, by the way, going potentially going up as oil prices did so not an insignificant h-- hit for bp to take. >> thursday and friday, you started see proctor come back and j and j and industry is going down we'll focus on interest rates. there are a lot of people like wilson, the negativist from morgan stanley doubles down. the negativetism, i find, is baffling to me >> right i don't see anyone saying it's time to buy american banks. >> to be fair, it's kind of scary now. you're dealing with a leader of a country that has 6,000 nuclear missiles. >> right. >> and some people think he's not completely rational. >> i'm certain of that 44 million people in ukraine and you have to have an army of occupation. >> that was the plan. >> y

bp has a 20% stake in rosneft. a bank used by exxon mobil to pay russian staffed was sentient by the white house -- sanctioned i the white house. the biden administration sanctioned five of russia's largest banks hampering their ability to operate internationally. >> we are taking a look at what we are seeing when it comes to the fx space. really it is the dollar. we see the gain against just about every other major currency. look at where the dollar is at where the dollar is at the moment. so much weakness, particularly when it comes to commodities, currencies, the lights of the aussie in particular. the euro is softer, 7/10 of 1%. broader economic risks for europe remain. regional currencies, the yen is pretty steady. demand has been for the dollar rather than classic haven currencies like the yen or even the swiss franc. the kiwi and aussie currencies are seeing some downside in the slide away from risk. coming up, why the risks of supply disruption to the energy market are low despite the switching wireless car

the oil giant bp has reported its highest profit for eight years amid soaring oil and gas prices. and saw its profits rocket in the final quarter of the year. but for households, these climbing energy prices have caused a huge increase in bills. children who watch or listen to the bbc because matt cbeebies bedtime stories in the uk have been used to celebrities reading them, dolly parton and ryan reynolds for example. now they can look forward to a story read by the duchess of cambridge. she has recorded reading the owl who was afraid of the dark byjill tomlinson. plenty of sunshine to be found across the uk today and thank you to our weather watchers for these glimpses of these guys where you are. just a few clouds on the horizon from edinburgh and as we head to the other end of the country, similarly bright blue skies across kent, just some patchy cloud drifting through the breeze. big difference though in the way things have felt outside. arctic air sets across scotland and northern ireland, the atlantic air clinging on to the south but all the while the cold air is ebbing sout