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Bousso: The board of ROI-BP snatches victory from the jaws.
The abrupt ouster?of BP chairman Albert Manifold based on allegations of misconduct, less than eight month after he assumed office?throws the British energy company into its second scandal in leadership in less than three year. These repeated leadership failures indicate that BP's Board is?quickly turning into a liability. Sources close to the board claim that his departure was due to 'aggressive conduct towards BP employees, which became public after a 'whistleblower report. Manifold was hired by the board to oversee the strategic transformation of the company and restore investor confidence after a disastrous venture into renewables in 2020 under the former CEO Bernard Looney, and Manifold’s predecessor Helge Lund. Looney was terminated in 2023 when it was discovered that he was having affairs with his colleagues. Lund departed after shareholder support plummeted. Former head of construction company expected to bring hard-nosed business approach - and did so. Manifold made his presence known immediately. The first was a change in leadership. Auchincloss, who had joined BP two months earlier, was replaced in December by Meg O'Neill. She was an outsider, and the first female to head a major oil firm. In February, a few weeks before O’Neill's appointment, BP suspended their share buyback program, giving them the breathing space they needed to reduce their debt. Investors viewed the two actions as proof that BP - and 'Manifold' - had clear intentions. The rise in oil prices following the'start of the Iran War' has further boosted BP. Its profits for the first three-month period of this year have more than doubled from a year ago, reaching $3.2 billion – the highest level since 2023. BP today is in a much better position from an operational perspective than it was a couple of years ago. Manifold's sudden departure will not change BP's strategy or its executive leadership. The board of directors will be the focus now. DIFFICULT QUESTIONS Manifold, who has only been at the company for a little over a year now, is still being questioned about the board culture. This was brought to light by Looney's abrupt departure and the strategic mistakes made by the firm. In recent months, Manifold restructured and trimmed the board and brought in oil and gas executives with experience to address these concerns. Manifold stated in March that the changes would allow for "faster decision-making and a sharper oversight, both of which will be critical to driving long term shareholder value." Today, the words are hollow. The board announced Manifold’s appointment in July after a "rigorous and comprehensive global search." Amanda Blanc, a senior independent director on the board at the time, said that Albert's relentless focus is well-suited to the needs of bp now and in the future. In BP’s statement of Tuesday,?Blanc acknowledged that Manifold helped bring "a welcomed focus" to BP’s transformation. However, he said the board was "surprised" and "disappointed" to hear about?Manifold’s "governance and conduct issues which it deems acceptable and has taken definite action." BP's shareholders and staff are right to ask questions about prior due diligence, and any assurances regarding the selection process for the future chair and other senior appointments. BP is transforming its culture and strategy. Unreliable boards could make an already difficult challenge near impossible. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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NTSB asks FAA to revise safety assessments of runways during heavy rain
The U.S. National Transportation Safety Board called on the Federal Aviation Administration on Tuesday to revise its assessment of runway conditions during heavy rain, citing safety risks that airplanes could skid off the runway. These recommendations are the result of NTSB investigations into 11 runway overrun incidents and accidents that occurred from 2008 to 2022 after landing on wet runways. The NTSB asked the FAA for a reform of the so-called?Runway Condition Assessment Matrix? that uses a 6-point scale to assess the condition of paved runways. The board cited a 2019 runway overrun by a Boeing 737 at Jacksonville, Florida due, in part, to "an extreme lack of braking friction caused by heavy rain and water depth on the nongrooved 'runway which resulted viscous hydrplaning." In the incident of 2019, a Boeing chartered by the U.S. Military was returning from Naval Station Guantanamo Bay, Cuba, with 142 passengers on board, when it slid off the 9,000-ft (2743-m-long) runway of Naval Air Station Jacksonville. No serious injuries were reported. The?NTSB recommended that the FAA also issue new rainfall intensity descriptions for aviation weather reports in order to identify rainfall intensities above the?current threshold of heavy rain of 0.3 inch (7.62mm) per hour. The FAA stated that it takes the recommendations of the NTSB seriously and will consider them carefully. The FAA encourages all airports to "report" wet runway conditions. NTSB stated that the calculations of wheel braking friction for wet runways could be significantly less than those provided by FAA assessments due to limitations with the factors considered. The NTSB stated that landing distances on wet airport runways calculated by the FAA model can "underpredict actual landing distances, increasing the risk of runway overrun." (Reporting and editing by Jamie Freed; David Shepardson)
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UKMTO: Crew safe after tanker reports external explosion near Oman coast
United Kingdom Maritime Trade Operations?said Tuesday that a vessel reported an external blast on its port side, near the waterline 60 nautical miles from the capital of Oman, Muscat. UKMTO stated that the Olympic Life and its crew are safe. However, the tanker reported that some bunker fuel was discharged into the sea. The cause of the incident is unknown. MarineTraffic?vessel tracking data shows that the Greek-owned Very Large Crude Carrier?was not carrying any cargo when it passed Muscat?at 0700 GMT. Springfield Shipping, the ship's technical director, confirmed that an unknown object struck the vessel at around 0920 GMT, but it remained operational and stable. Initial assessment revealed that one of the vessel's bunker tank was damaged. "A sheen was observed?in water?after incident," the statement said, adding that spill had been contained. According to the website of the?Onassis Foundation, the vessel is owned by Athens' Olympic Shipping & Management. It is the successor company to Olympic Management, founded?by the late shipping magnate, Aristotle?Onassis.
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US Space Force awards SpaceX $2.29 Billion contract for military satellite data network
SpaceX has been awarded a $2.29billion contract by the U.S. 'Space Force' to build a high-speed, secure satcom network that will 'connect military sensors, weapons platforms and communications across the globe. The Space Data Network Backbone is covered by the non-traditional fixed-price contracting agreement. This resilient network architecture provides high-capacity, low-latency data transport for the military. Space Force has said that the vendor will have to deliver a fully functional prototype capability by 2027. The SDN, among other things, will be responsible for providing the communications pathways to integrate and move data from missile warning and tracking sensors to interceptors near real time. This capability is seen as a foundational part of the Golden Dome missile defence initiative by the Trump administration. Space Force Colonel Ryan Frazier said, "The SDN Backbone combines the best commercial innovation with a solid foundation for SDN missions -- a huge advantage and enabler for our warfighters." Pentagon: The SDN 'Backbone' is a proliferation of low earth orbit (pLEO), satellite constellations that will expand a mesh to deliver worldwide communication services. The SDN?Backbone will work with the Space Development Agency Transport Layer to form an unified architecture that provides critical data transport for Department of Defense missions. The Space Force has said that it plans to identify additional contractors over the summer for satellite construction and network elements. (Reporting and editing by Mark Porter and Rod Nickel in Washington.
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Sources say that US and Thailand have accelerated LNG talks due to the war in Qatar.
Two sources confirmed on Tuesday that the U.S. and Thailand were in discussions on a 'new long-term supply' of U.S. produced liquefied?gas. Negotiations have intensified since the U.S./Israeli war against Iran caused damage to LNG production in Qatar, a key LNG exporter. Sources familiar with the talks, who requested anonymity because of the sensitive nature of the discussion, stated that the focus is on a long-term contract between Venture Global (an international energy company) and Thailand's PTT PCL (the state-controlled power company). Sources did not specify the volume or duration of any new LNG contract being discussed but typically they run for 15 years or more. After trade talks, the Trump administration?and Thailand issued a joint press release in October saying that Thai companies will purchase around $5.4 billion per year of U.S. energy including LNG, crude?and?ethane. On February 28, the U.S., Israel, and Thailand jointly attacked Iran. In response, Qatari companies struck at Qatar's LNG facilities in 'Ras Laffan, destroying 17% of its LNG export capacity, or 12,8 million metric tonnes per year. Qatar is the second largest LNG exporter in the world after the United States. QatarEnergy CEO and State Minister for Energy Affairs, QatarEnergy, has said that repairs could take up to five years. Venture Global's press representative declined comment. PTT didn't immediately respond to an inquiry for comment. Thailand, Southeast Asia’s largest LNG importer has been seeking to diversify its LNG supply as coal is steadily being replaced for electricity production. Engie, a French utility, signed a 15-year contract in January to supply LNG to power stations owned by Gulf Development PCL. In March, U.S. LNG supplier?Cheniere Energy stated that Asian customers had requested more LNG due to the war. The largest?U.S. company. The LNG exporter has stated that it is accelerating the completion of two 'units', also known as trains, at its Corpus Christi plant in Texas. Glenfarne reported that PTT signed a contract last year to purchase 2 million metric tonnes of?LNG each year from Glenfarne’s Alaska 'LNG project for a period of 20 years. Glenfarne said that no 'final investment decisions' have been made for the project. It would require an 800-mile (1.300-km) pipe to transport gas from Alaska to Asia. Malaysia is also interested in supplying LNG to Thailand. (Reporting and editing by Timothy Gardner)
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FAA wants to fine Alaska Airlines $165,000 for allowing drunken passengers on board
The Federal Aviation Administration proposed Tuesday that Alaska Airlines be fined $165,000 for allegedly allowing 'intoxicated' passengers to board multiple flights. The FAA stated that the alleged incidents took place on 11 flights between Feb 2024 and Feb 2025. They added that FAA regulations prohibit airlines from allowing anyone who appears intoxicated to board a plane. Alaska has said that it took the matter seriously and participated in a FAA audit of its policies regarding guests who are drunk on aircraft. Alaska announced Tuesday that since the FAA shared these concerns with us more than a year earlier, we have made significant changes to ensure compliance. This includes enhanced training for flight attendants and agents of customer service. Alaska said Tuesday that it respected the FAA audit results and was confident about the changes made in the last year to ensure the standards were met. The FAA announced last month that it was proposing to fine Southwest Airlines $304,000, and American Airlines $250,000. It claimed the carriers had violated regulations regarding employee drug and alcohol testing by failing to conduct follow-up tests for their employees including pilots and flight attendants. Bill Berkrot edited the report by David Shepardson.
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UKMTO: Crew safe after tanker reports external explosion near Oman coast
'United Kingdom Maritime Trade Operations' said 'on Tuesday' that a tanker'reported an external explosion' on its port side near the waterline 60 nautical miles from Muscat, the capital of Oman. UKMTO said the vessel, identified by the name 'Olympic Life', and its crew are safe. However, the tanker reported that some bunker fuel was discharged into the sea. The cause of the incident is unknown, according to UKMTO. MarineTraffic data shows that the Greek Very Large Crude Carrier, owned by the Greek government, was sailing through Muscat around 0700 GMT and heading out of the Gulf of Oman. It was not carrying any cargo. According to the website of the Onassis Foundation, Olympic 'Shipping and Management, based in Athens, is the successor to Olympic Management, founded by late shipping magnate Aristotle Onassis. The company did not respond to a request for comment. Reporting by 'Ahmed Elimam,?Jana Choukeir and Nerijus Adomiaitis; Additional reporting in Oslo by Alida Williams and Bernadettebaum
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Sources say that Italy's RAI wants to extend the contract with EI Towers before RaiWay.
Three sources said that RAI wants EI Towers?to extend contracts with broadcasters using its infrastructure, before it merges into the state broadcaster RaiWay. This is to ensure long-term stability of business. Sources who declined to give their names because the talks are not public said that the issue was a sticking-point in the negotiations between RaiWay, and the shareholders of EI Towers, ahead of the June 15 deadline for a?deal?. The merger of RaiWay, a Milan-listed company, and EI Towers, a privately owned company has been on the radar for almost a decade. EI Towers is 60% owned by Italian infrastructure fund F2i, with the remainder held ?by Italy's top commercial broadcaster Mediaset, part of the Berlusconi-controlled MFE-MediaForEurope which ?is also the tower company's ?biggest customer. The combined company would be worth approximately EUR4 billion including debt. The people stated that RAI wants EI Towers, which includes Mediaset, in order to extend its contracts to 2037. Contracts are set to expire by 2032 when the concessions to use broadcasting frequencies will cease. They added that if the issue is to be addressed, the discussions may need to continue beyond the current deadline. F2i MFE RAI refused to comment. RaiWay and EI Towers?were unable to comment. The negotiations, which were based on a memorandum signed by Treasury owned RAI, MFE and F2i in December 2024, had already been prolonged after failing to meet earlier deadlines at the end of March and September. Rome passed a decree in 2024 that any reduction in RAI's share must be achieved by combining entities within the same sector. The agreement confirmed that RAI, who owns 65% in RaiWay would be required to keep at least 30% of its tower business listed. Reporting by Elvira pollina; additional reporting by Giuseppe Fonte; editing by Alexander Smith
As flights to the Middle East cease, governments plan repatriations
Commercial flights have been grounded in some parts of the Middle East due to an escalating conflict after U.S. and Israeli attacks on Iran. This has left foreigners stranded and prompted governments to plan for repatriations.
Here is what government officials, airlines and governments have said regarding repatriation plans.
AUSTRIA
Austria's Foreign Ministry?said that it had helped 117 vulnerable citizens leave the UAE and Israel through neighbouring countries and planned a charter flight for?170 passengers from Muscat on 4 March. It warned, however, that travellers would have to take land departures at their own risk.
BULGARIA
GullivAir and Bulgaria Air, as well as the State Aviation Operator, returned Bulgarians from Dubai and Abu Dhabi on March '4 and '5 including a GullivAir flight with 326 seats from Dubai and a Bulgaria Air Boeing 737 via Oman. A 90-seat government plane from Abu Dhabi was also included.
CZECH REPUBLIC
According to CTK and government officials and the Czech news agency, three flights have been organised from Oman, Jordan, and Egypt for 175 people who are stranded.
ESTONIA
On March 4, the Estonian foreign ministry announced that it had organized a flight from Muscat to Oman on March 5. This would be open to Estonian citizens living in Oman or the United Arab Emirates.
EUROPEAN UNION
The European Commission announced that it is now coordinating the repatriation of citizens under the EU Civil Protection Mechanism, as more and more member countries request assistance to evacuate their citizens from the Middle East.
Austria, Belgium Bulgaria, Cyprus Czech Republic, France Italy Luxembourg, Romania, Slovakia, and Slovakia are the countries that have activated this mechanism. A spokesperson for the EU said that ten flights with over 1,000 EU citizens had already landed in Europe.
FINLAND
The?foreign minister said that Finland would organise one single flight to bring home the approximately 3,000 Finns currently living in the United Arab Emirates. The flight will leave Muscat, Oman on 8 March.
Finnair announced on 6 March that it would be operating flights from Muscat in Oman to Helsinki, to help customers stranded at Dubai get home. The first flight will take place on March 10 with additional flights scheduled later in the week.
FRANCE
The French Foreign Minister said that several flights to bring back French nationals who are estimated to number around 400,000 in the area were scheduled for March 4.
France has deployed consular teams to Israel's border with Egypt and Jordan in order to facilitate the land exits for people who want to fly onward. A similar mechanism has been put in place in the UAE, at the borders with Oman, Saudi Arabia and Oman, where airspace remains open.
GERMANY
Johoann Wadephul, German Foreign Minister, announced that two more flights, each carrying about 250 passengers, are planned for the 5th and 6th of March from the Gulf after the first flight landed in Frankfurt on March 5. The commercial air traffic has increased, and Germany is evaluating how it can offer more support.
GREECE
Greece announced on 6 March that it had repatriated on 5 March 315 nationals who were in Abu Dhabi, Dubai and Jerusalem. Earlier this week, 162 people had returned to the Middle East.
HUNGARY
The foreign ministry of Hungary said that 87 people had been repatriated from Amman in Jordan on March 4. Another flight carrying 88 passengers is scheduled for March 5.
On March 6, a flight will depart from Sharm es Sheik in Egypt. Hungary signed a deal with Flydubai to rent a plane on March 5 and 6 for Hungarians returning from Dubai. On March 7 and 8, Hungary will be departing from Riyadh in Saudi Arabia with two flights.
The Italian Foreign Ministry said that about 2,500 Italians had returned from Abu Dhabi and Riyadh on commercial flights organized by the ministry.
The consulate has increased its staff in Oman and in the UAE, and it is also coordinating the return of large groups from the UAE, and other transiting via land through Qatar Kuwait Bahrain and Saudi Arabia. Additional Italians living in Oman Israel the Maldives, Thailand and Oman are receiving assistance or being given priority for transport.
Netherlands
The Dutch Ministry of Foreign Affairs announced that repatriation from the Middle East would resume on 6 March. Flights include a KLM flight to the Omani capital Muscat and a TUI service from Sharm el-Sheikh in Egypt.
POLAND
Operational Command of the Polish Armed Forces reported that the first group of Polish citizens evacuated from the Middle East by military airlift arrived in Poland early on 6 March morning.
PORTUGAL
The foreign ministry of Portugal said that a charter TAP flight carrying 140 Portuguese and eight foreigners would land at Lisbon at 11 am local time on March 6th.
ROMANIA
The Romanian Foreign Ministry announced on 4 March that FlyDubai had scheduled two flights from Dubai to Bucharest for March 4 and 5. The ministry has received over 3,000 requests for repatriation and there are around 16,000 Romanians in the region.
SERBIA
Air Serbia's flight from Sharm el-Sheikh landed at Belgrade in the early hours of March 4 with 67 passengers. All were evacuated from Israel.
SLOVAKIA
The Slovakian government has "conducted six repatriation flight with 248 passengers. Of these, 189 were Slovaks and the remainder of different nationalities. The Foreign Ministry announced late Thursday that eight additional evacuation flights from Jordan, Oman, and Saudi Arabia were scheduled by the end the week.
SLOVENIA
The prime minister's office announced that on March 3 four buses were organized by Slovenia to transport Slovenian citizens, including families with children, from Dubai to Muscat Airport in Oman.
Two more flights are scheduled for the afternoon and evening of March 4.
Jose Manuel Albares, the Foreign Minister of Spain, announced on March 3 that Spain had begun to evacuate its citizens from the Middle East. On March 3, evening, more than 175 Spanish citizens arrived in Abu Dhabi via Istanbul. Further flights are expected to arrive from the UAE.
Albares said that Spain would also reinforce its embassies located in the UAE and Saudi Arabia to support and facilitate future repatriations.
SWEDEN
Sweden will charter an aircraft to bring 180 Swedes back home who have been identified as vulnerable. The flight is scheduled to leave Dubai on 7 March.
THAILAND
Thailand will evacuate its citizens from Iran to Turkey by land on 7th and 10th March, while those stranded are either returning to their home countries or will do so once the airspace is reopened.
UNITED ARAB EMIRATES
State news agency WAM reports that the UAE Civil Aviation Authority will start operating "special flight" across all airports in the country to assist some of the tens and thousands of passengers stuck in the region.
UNITED KINGDOM
The British Foreign Office announced that British chartered flight will leave Oman on 5 March after technical delays on 4 March, prioritising vulnerable UK citizens who want to depart the region.
(source: Reuters)