Funny, how it takes a renowned shareholder activist like Elliott to focus minds. It is revealed the New York hedge fund has become the third-largest shareholder in BP after building a nearly 5 per cent stake at a cost of £3.8 billion, and is agitating for change, and the investment community goes into overdrive.
Elliott has a track record in achieving its agenda, often conducting a protracted campaign of attrition, so the news must be taken seriously. Also, it’s the choice of target. BP is deliberate – Elliott is nothing if not calculating, running the sums backwards and forwards ad infinitum before striking. But BP has been staring everyone in the face for so long, there waiting to be attacked. Now someone has come along and finally done it.
While Elliott has yet to publicly disclose its intentions, what has been the subject of speculation so far is a demand to cut back on renewables. History suggests this will be one of several, that Elliott does not do things by halves. Items high on the agenda could be exiting petrol service stations, selling Castrol lubricants and US shale oil and gas, and dropping EV charging points.
On the list too could be a management overhaul, with a boardroom shake-up and chairman Helge Lund in the line of fire. Again, that could be just for starters. The fact is BP has a lengthy roll-call of issues. Its overall strategy is confusing: is it an oil firm that dabbles in eco or one that is wholly committed to non-fossil fuels? Discuss. The balance sheet is skewed and highly leveraged. The company’s market valuation at £74 billion lags behind its main rivals.
One moment it’s all out for green. Then there’s a change in management. Not so eco. Wait. Oil production is to be reduced by 25 per cent by 2030. So not so fully oil and gas either, not like substantially bigger players such as Exxon Mobil. Arch-rival Shell, also worth a lot more, knows what it’s doing, undergoing an eco rethink and paring down debt. BP meanwhile can’t make up its mind, and despite lowering the bar on renewables has even increased its exposure to solar and biofuel joint ventures.
Elliott’s timing is deliberate, making its move shortly before new chief executive Murray Auchincloss is due to announce a heavily trailed “fundamental reset” next week. Analysts were waiting for that one with weary resignation – there have been so many reviews from BP in recent years that the description has become risible. There has been, too, a revolving door at the top, with Bernard Looney’s hasty departure followed by the appointment of the chief financial officer, Auchincloss.
The jury is out on that one as well, with critics wondering why, if Auchincloss is so good, he was not promoted in the first place. There is also doubt in some quarters about the suitability of a numbers expert to run a sprawling empire the size of BP. Poring over spreadsheets is one thing; motivating a vast workforce, not to mention an army of stakeholders, is another.
The one consistent through an unedifying period in terms of sharpness and direction of travel is Lund. That’s why his head may be on the Elliott wishlist. Lund’s cause is not helped by his chairing of Denmark’s £274 billion Novo Nordisk, maker of the weight-loss medication Wegovy. Juggling two massively demanding and prestigious jobs is never a good look, no matter how much you make the case for being able to do them both, and only leaves you vulnerable.
Investors are dissatisfied, to say the least. Their shares in BP are down 2 per cent year on year, whereas Shell is up 9 per cent. Still, Elliott is the one to fire the gun.
Speculation is hardening on the notion that something much more “fundamental” than the one billed may be in order. While comparisons are made with Shell, the other UK oil major is not without its weaknesses.
By common consent, chief executive Wael Sawan has done an excellent job since taking charge in January 2023. But Shell remains resolutely down the global valuation chart and carries an admired but underappreciated air – so much so that Sawan has spoken of moving the company’s primary listing to the US if there is no improvement.
What this points to, and what Elliott may have started, is agitation for a Shell-BP merger. For those who like to fly the flag it would create a single British “champion”, with a combined staff of 180,000 and shared exploration interests in the Gulf of Mexico – sorry, the Gulf of America – and Iraq. Their trading arms could also be successfully combined into one.
More importantly, it would form an oil corporation of sufficient scale to compete on the world stage. Aramco has a market capitalisation of £1.4 trillion, Exxon Mobil is next on £378 billion. Then would come the new Shell-BP, at £237 billion, putting it above Chevron’s £222 billion and PetroChina at £159 billion. It would be a heavyweight global player, in other words, which at present Shell, and most definitely BP, are not.
The great practical benefit would be in borrowing costs. That muscle would enable the UK behemoth to borrow cheaply, certainly at lower rates than those charged to Shell and BP currently. Extracting oil is an expensive activity that requires plenty of capital. Shell-BP would be playing on a more level playing field, still behind Aramco and Exxon Mobil but up there.
Investment bankers are excited at the prospect – possibly the fees to be made from engineering the complex marriage are also playing a part. Doubtless, there would be sadness at the disappearance of a company which, when all's said and done, remains a historic great British entity, a household name that requires no introduction anywhere. But needs must, this is what globalisation does, and right now BP and to a much lesser extent Shell, are looking internationally lightweight.
Who knows, a union might not be in the tight-lipped Elliott’s plans, but the desired transformation may ultimately prove more wholesale than anything even it envisaged.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results:
5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.
Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).
5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:
Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.
6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.
Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.
6.30pm: Al Reem Island Handicap Dh90,000 1,600m.
Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.
7pm: Al Khubairah Handicap (TB) 100,000 2,200m.
Winner: Empoli, Pat Dobbs, Doug Watson.
7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.
Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
RESULTS
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The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Empty Words
By Mario Levrero
(Coffee House Press)
UAE currency: the story behind the money in your pockets
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
KILLING OF QASSEM SULEIMANI
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The%20specs
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The five pillars of Islam
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
If you go…
Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.
Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days.
UAE currency: the story behind the money in your pockets
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
Women%E2%80%99s%20Asia%20Cup
%3Cp%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3ESun%20Oct%202%2C%20v%20Sri%20Lanka%3Cbr%3ETue%20Oct%204%2C%20v%20India%3Cbr%3EWed%20Oct%205%2C%20v%20Malaysia%3Cbr%3EFri%20Oct%207%2C%20v%20Thailand%3Cbr%3ESun%20Oct%209%2C%20v%20Pakistan%3Cbr%3ETue%20Oct%2011%2C%20v%20Bangladesh%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%3Cbr%3EChaya%20Mughal%20(captain)%2C%20Esha%20Oza%2C%20Kavisha%20Kumari%2C%20Khushi%20Sharma%2C%20Theertha%20Satish%2C%20Lavanya%20Keny%2C%20Priyanjali%20Jain%2C%20Suraksha%20Kotte%2C%20Natasha%20Cherriath%2C%20Indhuja%20Nandakumar%2C%20Rishitha%20Rajith%2C%20Vaishnave%20Mahesh%2C%20Siya%20Gokhale%2C%20Samaira%20Dharnidharka%2C%20Mahika%20Gaur%3C%2Fp%3E%0A
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Company%20profile
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French Touch
Carla Bruni
(Verve)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
More coverage from the Future Forum
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
The%20specs
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MATCH INFO
Inter Milan v Juventus
Saturday, 10.45pm (UAE)
Watch the match on BeIN Sports
