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Yahoo
8 minutes ago
- Yahoo
BP to update on cost-cutting progress as Elliot increases pressure, FT reports
(Reuters) -BP will announce updates on its $5 billion cost-cutting initiative on Tuesday, amid growing pressure from activist investor Elliott Management to take stronger action to reduce its operating expenses, the Financial Times reported on Monday. Elliott wants BP CEO Murray Auchincloss to add another $5 billion of cost savings to the $4 billion-$5 billion in reductions by 2027 he announced in February from a 2023 baseline, the FT report said. Reuters could not immediately verify the report. BP and Elliott did not immediately respond to a request for comment. The hedge fund has "identified tens of thousands of BP support staff globally" as an example of the cost base, the report added. BP has already cut $750 million of costs towards its target in 2024, and is looking to reach its cost savings target through job cuts, divestment and streamlining supply chains, the FT report said. Reuters reported in April that the activist investor would like BP to cut its spending to around $12 billion a year, down from a current range of $13 billion-$15 billion, through to 2027, and deepen its cost cuts, especially on administrative expenses. Elliott, which holds a stake of little more than 5% in BP, also wants the oil major to replace its strategy chief and create separate units for upstream and downstream activities to improve accountability.
Yahoo
8 minutes ago
- Yahoo
Citi raises gold forecast to $3,500/oz over next 3 months on negative US outlook
(Reuters) -Citi raised its gold price forecast over next three months to $3,500 per ounce on Monday from $3,300, and the expected trading range to $3,300–$3,600 from $3,100–$3,500, on the belief that near-term U.S. growth and inflation outlook has deteriorated. "U.S. growth and tariff-related inflation concerns are set to remain elevated during 2H'25, which alongside a weaker dollar, are set to drive gold moderately higher, to new all-time highs" the bank said. Last week, U.S. President Donald Trump imposed steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan. The tariffs imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on CBS show "Face the Nation" aired on Sunday. Last week, the dollar weakened after nonfarm payrolls increasing by 73,000 jobs last month, after rising by a downwardly revised 14,000 in June, which revived hopes of a Fed rate cut in September, with markets now pricing in an 81% chance, per CME FedWatch tool Citi also highlights weaker U.S. labor data in second quarter of 2025, institutional credibility concerns have increased regarding the Federal Reserve and US statistics, and elevated geopolitical risks related to the Russia-Ukraine conflict. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. Citi estimates gross gold demand has risen over one-third since mid-2022, nearly doubling prices by second quarter of 2025. The strength in gold demand was driven by strong investment demand, moderate central bank buying and resilient jewellery demand despite higher prices, the bank added. Spot gold was trading at $3,356.88/oz at 0340 GMT on Monday. [GOL/] Sign in to access your portfolio
Fast Company
9 minutes ago
- Fast Company
These 8 highly rated tech companies have 300+ remote jobs to fill
Ditch the commute and embrace the pajama pants-powered productivity of remote work. Plenty of fantastic tech companies are not only offering remote positions but are also highly regarded by their employees. I've scoured the job boards and employee reviews to bring you eight that are actively hiring for hundreds of remote roles right now. Judging from their Glassdoor ratings, these outfits are borderline-beloved by the folks who work at them. If you're on the hunt for a flexible work setup at a company where people genuinely enjoy their jobs, this list is for you. Rula (Glassdoor Rating: 4.6) Rula is a behavioral health technology company on a mission to make high-quality mental healthcare accessible to everyone. It builds tools and services that empower therapists and streamline the process for individuals seeking support. Employees rave about Rula's mission-driven culture and commitment to employee well-being.
