BP to sell North Sea business; AI companies lead record surge on Korea’s stock market – business live

The owner of British Airways has reported a steep fall in profits and said it expects no growth in passenger capacity this year as the US-Israeli war in Iran takes its toll.

International Airlines Group (IAG) said it expected demand to stay strong, but added that its “disciplined cost control” could only partly mitigate the impact of “a significant fuel price increase” caused by the attacks on Iran. Iran closed the strait of Hormuz in response to the attacks, a key export route for oil from the Gulf.

With these results IAG has again demonstrated that its excellent fundamentals are supporting continued value creation for our shareholders, despite the impact of the crisis in the Middle East and wider geopolitical events.

The UK has been our home for more than 100 years and will continue to play an important role in our future. We’re proud of the jobs we create, the contribution we make to the UK economy, and the work we do to keep energy flowing every day.

The North Sea remains integral to the UK’s energy system. However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company. It has world-class people, resilient assets and a proud heritage, and it is precisely these qualities that can attract an owner ready to back its next chapter. We are seeking an outcome that recognises that value.

I indicated in the phone call that we had, a week last Monday, that I would take a pragmatic approach when it comes to the North Sea, and that is my intention as we go forward from here.

There is a resource there. When people are struggling, we can’t ignore that. Hence, me indicating that to the president.