6:45 am, February 27, 2025
BP slashes green energy spending and turns back towards fossil fuels
BP is making a drastic pullback from renewables in favour of more oil and gas, claiming that it went ‘too far, too fast’ on green energy.
Chief executive Murray Auchincloss said that while BP is still aiming to hit net zero carbon emissions by 2050, it will slash its annual renewables spending by nearly three-quarters. It will raise its investments in oil and gas by about 20% to 10 billion US dollars (£7.9bn), but slash renewables spending by more than 5 billion dollars (£3.9bn).
The move follows pressure from some investors to boost profits at the firm, but has also angered environmental groups and contradicts guidance by global energy bodies designed to help limit climate change.
Decision day for Gatwick expansion
Transport secretary Heidi Alexander will announce on Thursday whether Gatwick’s expansion plan can go ahead.
She has a deadline of the end of the day to decide whether to approve a development consent order application by the West Sussex airport to bring its emergency runway into routine use.
This would enable it to be used for around 100,000 more flights a year.
Alpine A110 R 70 marks the firm’s 70th anniversary
Alpine has revealed limited-run and updated versions of its A110 sports car to celebrate its 70th anniversary, ahead of replacing the model with an all-electric car next year.
The R 70 will be limited to just 770 examples and features lots of carbon fibre including on the 18-inch alloy wheels, bonnet, rear spoiler and roof. The Alpine 70th anniversary logo is featured on the wheel arches, door sills and headrests and all cars come with a bespoke numbered plaque. Power is boosted to 288bhp.
A new GTS model of the A110 will replace the S and GT versions too. It will produce the same power as the R 70 model and include options such as an aero kit, including a front splitter and side skirts. Prices start at £103,345 for the A110 R 70 and £67,311 for the GTS model.
The markets
Europe and US equity markets rallied on Wednesday as top technology stocks made gains ahead of artificial intelligence (AI) giant Nvidia announcing its annual results.
The UK’s FTSE 100 moved 62.79 points higher, or 0.72%, to close at 8,731.46. France’s Cac 40 rose 1.15%, Germany’s Dax jumped 1.71%, while the S&P 500 up about 0.7%, and Dow Jones up 0.2%.
Meanwhile, the pound was strengthening against key currencies – rising about 0.25% against the US dollar, at 1.27, and 0.2% against the euro, at 1.2075.
Ukraine’s Zelensky plans to visit UK this weekend
Ukrainian president Volodymyr Zelensky is expected to come to the UK this weekend, the PA news agency understands.
It is thought that Zelensky is planning to make the trip as prime minister Sir Keir Starmer is due to host a summit of European leaders to discuss defence.
US president Donald Trump has also said that Zelensky will visit the White House on Friday to sign an economic deal that will include US access to Ukrainian rare earth minerals in exchange for American arms.
Mandelson tells US: ‘We don’t need to fight over trade’
Lord Mandelson hailed Donald Trump as a ‘very consequential president’ as the UK sought to avoid battles on tariffs with the White House.
The newly installed UK ambassador to the US said it was a ‘very significant moment for our lives, between our two countries and indeed for all the freedom-loving democracies in the world’. Hi appointment was not straightforward, with past comments about Trump coming back to haunt him.
Tariffs imposed by Trump on British steel are set to come into force in March, with the president also considering other import taxes as part of his drive to protect American businesses.
Wednesday on Car Dealer
Used car prices rise 0.4% in February but EVs and diesels fall the most in value
Used car prices rose 0.4% in February, driven by franchised dealers focusing on second-hand sales. Cheaper cars saw the biggest gains, while high-end models remained stable or declined. Used EV prices fell across all age groups due to discounts on new models.
Illegal and ‘inappropriate’ car dealership lodges official bid to stay open
An illegal car dealership in Wednesbury, operating since 2022 without permission, may stay open after its owner appealed a 2023 closure ruling. Sandwell Council previously rejected the business, citing its negative impact on residents, excessive vehicle storage, and traffic issues.
Aston Martin axes 5% of its workforce in response to widening losses in 2024
Aston Martin is cutting 170 jobs—5% of its workforce—to reduce costs after losses widened by 21% to £289m in 2023. The UK-based cuts aim to save £25m annually. The company also delayed its first EV launch to the later in the current decade.
Arranging finance is biggest pain point for car buyers as commissions scandal rumbles on
A Motors survey found arranging finance is the biggest pain point for car buyers (28%), surpassing interacting with salespeople (26%). Concerns over a finance scandal and an upcoming Supreme Court case add to uncertainty. Test drives and handovers were buyers’ favorite experiences.
CDL Agenda: What is the opportunity for EVs and how can all dealers sell them?
Cox Automotive to discuss key points of the used EV market and deliver exclusive research at Car Dealer Live – a day of inspirational interviews and research sessions for car dealers. Get your tickets by clicking the link above.
Weather
Today will become dry and bright for most with just a few patches of cloud after a cloudy and damp start in the south-east, reports BBC Weather. Occasional showers will still be possible in the north and west, however. Highs of 11 degrees.
Tonight will be mostly dry and settled with plenty of clear spells but areas of mist and fog will form under light winds. Isolated showers will continue in the far north-west. A colder night.
