Feb 8, 2022
BP reports highest profit in 8 years
BP reported its highest annual profit in eight years off the back of soaring energy prices. BP reported a $4.1bn profit in the final quarter of 2021, after boosting oil and gas production. The oil supermajor also gave an update on its strategic progress, two years after boss Bernard Looney set out the company's plans for the energy transition. SoftBank's $66bn sale of chip designer Arm to Nvidia collapsed overnight after it ran into antitrust concerns, paving the way for SoftBank to launch an initial public offering for the UK company before the end of the year, our deals team report. Increased client hedging and trading in its gas and power business in response to "Unusually challenging market conditions" boosted earnings, James Fernyhough reports from Melbourne.
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