BP to cut 10,000 jobs worldwide amid virus pandemic

The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. (Reuters)
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Updated 08 June 2020

BP to cut 10,000 jobs worldwide amid virus pandemic

LONDON: Energy company BP said Monday that its global workforce will be trimmed by 10,000 jobs as the COVID-19 pandemic slams the oil and gas industry.
Chief Executive Bernard Looney said that the roles will be office-based and come mostly this year. The company’s current global workforce is 70,000.
The changes are expected to significantly impact senior levels, cutting the number of group leaders by a third. The company said it will make the senior structure flatter.
The job cuts come amid a time of tremendous change for BP. The energy producer has said it wants to eliminate or offset all carbon emissions from its operations and the oil and gas it sells to customers by 2050, an ambitious target born out of pressure to help combat climate change and keep making money.
The global energy industry has meanwhile been hit hard by the pandemic as the widespread limits on business, travel and public life reduced the need for oil, gas and other fuels. Supply was also particularly high when the outbreak began, creating a perfect storm for the industry. With storage facilities filling up, the U.S. price of oil went below zero in April for the first time ever.
The U.S. contract for oil began the year at over $60 a barrel, collapsed to below -$37 in April and recovered to about $39 a barrel as of Monday.


China aims for sustained and healthy economic development

Updated 30 October 2020

China aims for sustained and healthy economic development

  • Beijing to let market forces play decisive role in resources allocation, report says

BEIJING: China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the Xinhua news agency said on Thursday, citing the ruling Communist Party’s Central Committee.

President Xi Jinping and members of the Central Committee, the largest of the ruling party’s elite decision-making bodies, met behind closed doors from Monday to lay out the 14th five-year plan, a blueprint for economic and social development.

China’s external environment “is getting more complicated,” the agency said, adding, “There is a significant increase in instabilities and uncertainties.”

BACKGROUND

China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

However, the country’s development was still in a period of important strategic opportunities, despite new challenges, it said.

It added that China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

China will also deepen reforms and let market forces play a decisive role in resources allocation, the agency said.

China will promote a “dual circulation” model, make self-sufficiency in technology a strategic pillar for development, move to develop and urbanize regions, and combine efforts to expand domestic demand with supply-side reforms, it added.

The “dual circulation” strategy, first proposed by Xi in May, envisages that China’s next phase of development will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.