O’Neill, who took over as CEO in April following the abrupt departure of Murray Auchincloss last year and the removal of Chair Albert Manifold in May over bullying allegations that he denies, has been working to rebuild investor trust by cutting costs and debt

International News via Reuters:

BP CEO Meg O’Neill said on Thursday the British energy major needs to prioritise financial discipline by simplifying its portfolio, cutting costs and tightening capital spending, as the company refocuses on its core oil and gas investments. 

O’Neill, who took over as CEO in April following the abrupt departure of Murray Auchincloss last year and the removal of Chair Albert Manifold in May over bullying allegations that he denies, has been working to rebuild investor trust by cutting costs and debt.

She said BP needed to be more selective in its investment decisions as it works through its strategy reset after an unsuccessful push into renewables.

“We need to be deliberate about where we invest and where we don’t,” O’Neill said in a LinkedIn post on the 100th day of her being in the role. “We need to make fewer, better choices and hold ourselves to account.”

BP REJIGGED INTO TWO SEGMENTS FROM START OF THE MONTH

O’Neill laid out three priorities to make BP simpler and more valuable — operational excellence, improved accountability and strong discipline in costs, cash and capital.

BP’s reorganisation into two business segments — upstream and downstream — from three went into effect at the start of this month. 

O’Neill said on Thursday the move will help reduce complexity at the energy major, with trading connecting the upstream and downstream businesses. 

She told investors at a meeting Thursday that BP will prioritise reducing debt to improve cash flow and continue reshaping its portfolio, including an expected divestment of Lightsource BP, said RBC analysts in a note about the meeting. 

“Ultimately, we expect BP to put forward a strategy which is focused on growing scale in core positions (U.S. Gulf of Mexico, etc), but in the very first instance, the company will need to shrink the debt burden to make room for more investment,” RBC analysts said.

STRAIT OF HORMUZ DISRUPTION

The start of O’Neill’s tenure at BP came as the U.S.-Israeli war on Iran disrupted the global energy market with little shipping traffic going through the critical Strait of Hormuz. The crisis helped boost BP’s results in the first quarter, with profit more than doubling year-on-year to $3.2 billion.

BP’s trading and shipping teams worked with its refining unit to deliver an extra 50 million litres of diesel from Cherry Point refinery in Washington state to Sydney to help increase supplies in Australia, O’Neill said on LinkedIn.

Its Castellon refinery in Spain also increased jet fuel output by 30% ahead of Europe’s summer travel season in response to the crisis. 

Reporting by Stephanie Kelly; Editing by Emelia Sithole-Matarise and Jan Harvey

The meeting comes as the new army-backed government in Myanmar, in place following an election earlier in the year, seeks the lifting of a ban on its leaders

International News via Reuters:

Foreign Ministers of the Southeast Asian bloc ASEAN will hold an informal meeting with their Myanmar counterpart in Bangkok on July 12, Thailand and Vietnam said on Thursday.  

The meeting comes as the new army-backed government in Myanmar, in place following an election earlier in the year, seeks the lifting of a ban on its leaders, after they were sidelined from ASEAN’s summits following a 2021 military coup and an ensuing civil war.

“The meetings in Bangkok is an opportunity for ASEAN foreign ministers to directly exchange views, strengthen cooperation, and promote reconciliation dialogue in Myanmar,” Vietnam foreign ministry spokesperson Pham Thu Hang said in a briefing.

Thailand’s foreign ministry also confirmed the meeting in a schedule for a regular press conference.  

The protracted civil war in Myanmar, in which an array of armed group are battling against the military, has devastated swathes of the impoverished nation, killing over 100,000 people and displacing millions.

Association of Southeast Asian Nations foreign ministers had at a summit in May agreed to hold a virtual meeting with Myanmar’s top diplomat at an unspecified date, following a push by Thailand to foster greater engagement with the ‌new administration in Naypyitaw.

The 11-member ASEAN had distanced itself from Myanmar’s junta after the ruling generals failed to act on the bloc’s peace plan, known as the “five-point consensus”, but many of its member states have since changed tack.

Myanmar’s former junta chief turned president, Min Aung Hlaing, who led the 2021 coup, made a state visit to Laos last week, his first trip to an ASEAN member state since taking on his new civilian role.

Reporting by Khanh Vu; Writing by Devjyot Ghoshal; Editing by Martin Petty

While some announcements involve firm contracts and procurement plans, others remain subject to further negotiations, approvals or future development

International News via Reuters:

Defence companies from NATO member states gathered in Ankara this week for an industry forum held alongside the alliance’s annual summit, where officials touted more than $50 billion in defence procurement and industrial agreements as allies sought to demonstrate their commitment to bolstering military spending.

While some announcements involve firm contracts and procurement plans, others remain subject to further negotiations, approvals or future development. The agreements come as European allies face continued pressure from U.S. President Donald Trump to shoulder a greater share of the alliance’s defence burden.

Following are the deals announced so far:

SAAB

Swedish defence equipment maker Saab said NATO will begin formal negotiations on the acquisition of up to 10 GlobalEye airborne early warning and control aircraft.

CEO Micael Johansson told reporters the company could start deliveries as soon as 2030, and the final price would be roughly $400 million to $450 million per aircraft.

LOCKHEED MARTIN, RHEINMETALL

Lockheed Martin and Rheinmetall signed a memorandum of understanding on Tuesday to jointly produce ATACMS missiles in Germany, a move that would mark the first manufacture of the short-range ballistic missile outside the United States.

Separately, the United States will establish a maintenance facility in Europe for Lockheed Martin’s advanced PAC-3 air defence missile, U.S. Undersecretary of Defense Michael Duffey said on Tuesday. Washington is not ruling out production of the missile abroad, he added, although it is not yet clear where the facility will be located.

The UK will spend $254 million on Lockheed Martin’s long-range Precision Strike Missiles (PrSM), with the first deliveries expected in 2027, Britain’s Ministry of Defence said. It added the UK could join current programme partners Australia and the U.S. to further develop the missile.

NORTHROP GRUMMAN 

NATO Secretary General Mark Rutte said allies will buy up to five Northrop Grumman MQ-4C Triton high-altitude surveillance drones, with Norway, Finland, Germany and Denmark signing a letter of intent for the purchase.

AIRBUS 

NATO will launch a strategic airlift fleet of Airbus A400M transport planes and expand its A330 MRTT tanker fleet by one aircraft, NATO Secretary General Mark Rutte said.

ISAR AEROSPACE

German rocket maker Isar Aerospace signed a contract with Canada’s Maritime Launch Services to build and use a dedicated launch pad for its Spectrum rocket at Spaceport Nova Scotia, eastern Canada.

ACCENTURE, LEONARDO

IT consulting firm Accenture and Italian defence company Leonardo signed a seven-year contract worth about 200 million euros to design and operate a secure NATO communications network.

GERMANY, U.S.

Germany has agreed with the U.S. to acquire Raytheon-made Tomahawk cruise missiles and station them on German territory, Chancellor Friedrich Merz told lawmakers in Berlin on Thursday, removing uncertainty on the future of the programme after President Donald Trump said in May he would reduce U.S. military presence in the country.

Reporting by Emanuele Berro, editing by Matt Scuffham

The burial in Mashhad in northeast Iran follows a week of mass funeral processions, rallies and mourning ceremonies that has coincided with a renewed burst of conflict with the United States following weeks of truce

International News via Reuters:

Iran buries its slain Supreme Leader Ayatollah Ali Khamenei on Thursday at the country’s holiest shrine, with his son and successor Mojtaba Khamenei still hidden from public view after being disfigured in the strike that killed his father. 

The burial in Mashhad in northeast Iran follows a week of mass funeral processions, rallies and mourning ceremonies that has coincided with a renewed burst of conflict with the United States following weeks of truce. 

Crowds marched through Mashhad on Thursday morning, the golden onion dome and minarets of the Shrine of Imam Reza glinting in the morning sun, as they waved Iranian flags, photographs of the late Khamenei and placards with revolutionary slogans.

As Khamenei’s body was transported around Iran and Iraq over the past week, the Islamic Republic’s clerical leaders encouraged huge crowds to attend in an effort to vaunt the might and ideological fire of their theocratic state. 

However, despite it having survived a months-long blitz by its strongest enemies the United States and Israel, Iran faces huge internal challenges and the legacy of Khamenei’s 37-year rule is bitterly disputed.

‘KILL TRUMP’ PLACARDS APPEAR AT BURIAL CEREMONY

The whereabouts of Mojtaba Khamenei, proclaimed Supreme Leader by a clerical assembly a week after his father’s death, has remained a mystery to Iranians. 

He has not appeared in public since the war began with the strike that killed Ali Khamenei on February 28, and while he has issued written statements, no image or video or voice recording of him has been issued.   

He suffered debilitating injuries in that same strike, his face disfigured and limbs badly wounded.

Senior sources in Tehran have said he is recovering but that he has not yet been well enough to manage public appearances and state security services are also trying to limit his exposure in case of more U.S. attacks. 

As crowds jostled in Mashhad awaiting Khamenei’s funeral cortege, the crowd chanted slogans demanding revenge on U.S. President Donald Trump for his killing. 

“I swear by the blood of the Supreme Leader, Trump, we will kill you!” they shouted, with women holding up placards reading “Kill Trump”.

The roads leading to the shrine were a sea of black-clad mourners on Thursday, some responding to shouted chants in praise of Khamenei and against Iran’s enemies, including the old revolutionary slogan of “Death to America”.

As the crowds awaited the coffins of Khamenei and his family in the sweltering July heat, hoses pumped water high into the air to spray across the mourners and keep them cool.

Khamenei’s remains, along with those of four family members killed alongside him, have already been paraded through Tehran, the Shi’ite Muslim clerical centre of Qom, and the Iraqi shrine cities of Najaf and Karbala. 

At each event, huge crowds have thronged the streets to the mournful accompaniment of sung Shi’ite laments and chanted revolutionary slogans. 

Martyrdom holds a central place in Shi’ite theology, and Khamenei’s death at the hands of foreign enemies has played into a religious and political tradition that runs deep through the Islamic Republic. 

KHAMENEI’S LONG RULE AND DISPUTED LEGACY 

The funeral comes at a critical moment for Iran, turning the page of nearly four decades of Khamenei’s rule and months after the latest round of mass nationwide protests against the Islamic Republic. 

Security forces put down that unrest, sparked by anger over the sanctions-throttled economy, by killing thousands of demonstrators in a wave of repression that echoed other bouts of violence over recent years. 

While analysts see Iran as having emerged from the war strategically strengthened, with its grip over the vital Strait of Hormuz intact, it has suffered widespread damage that has added to internal economic woes. 

The late Khamenei was appointed supreme leader in 1989, a decade after the Islamic revolution, and over the decades he consolidated political, economic and military power in his office. 

That effort, which increasingly marginalised the elected president and parliament, was conducted in concert with the Islamic Revolutionary Guard Corps that grew in influence throughout Khamenei’s rule. 

Mojtaba Khamenei was appointed with the backing of the Guards, who are now seen as the dominant force in Iranian political and strategic thinking.   

Writing by Angus McDowall; Editing by Alexandra Hudson

The proposal requires unanimous approval by the European Council before it can be implemented

International News via Reuters:

The European Union proposed on Thursday a new sanctions framework targeting migrant smuggling, human trafficking, and other forms of organised crime, which would impose asset freezes and travel bans on offenders.

“We all have a common goal. To drive them out of business. And to save the lives of thousands of people who dream of a better life,” European Commission President Ursula von der Leyen said in a statement, referencing the crackdown on migrant smugglers and traffickers. 

“We in Europe must be the ones to decide who comes to us and in what circumstances.”

The proposal requires unanimous approval by the European Council before it can be implemented.

The announcement comes amid tough debates around migration policy in the EU. 

Last month, the European Parliament approved a migration overhaul aimed at streamlining deportations and permitting offshore detention centres. The measure has drawn criticism from countries like France and Spain, with critics arguing it is overly harsh and undermines asylum protections.

Reporting by Makini Brice, editing by Andrei Khalip

The latest tally puts the number of injured in the June 24 quakes at 16,740, and the number of homeless at 17,907

International News via Reuters:

The death toll from Venezuela’s twin earthquakes has risen to 3,811, according to figures released by National Assembly President Jorge Rodriguez on Wednesday.

The latest tally puts the number of injured in the June 24 quakes at 16,740, and the number of homeless at 17,907.

Interim President Delcy Rodriguez renewed calls for international sanctions on Venezuela to be lifted to assist the earthquake recovery, saying the country had enough overseas assets to help finance reconstruction if blocked accounts were released.

“Venezuela has resources blocked around the world that could address this process of reconstruction,” the president said on state television channel VTV, adding that funds were also needed for employment and education programs.

The U.S., the European Union and other countries imposed successively more stringent sanctions on Venezuela in the last two decades over allegations that the government engaged in anti-democratic activity and that the country is a haven for drug trafficking.

Many of the measures remain in place. But after the U.S. captured Venezuelan President Nicolas Maduro early this year, Washington provided targeted relief to the country’s oil sector.

After the earthquakes, the U.S. authorized for four months transactions related to earthquake relief that would have been banned by sanctions.

Delcy Rodriguez said she had sent a letter to King Charles requesting the release of Venezuelan gold held at the Bank of England. She also said she had spoken with the head of the International Monetary Fund about releasing funds.

The Bank of England has refused to release some 31 tons of Venezuelan gold held in its vaults. The bullion has been the subject of a long-running legal battle in British courts.

Reporting by Reuters; Writing by Natalia Siniawski, Editing by Jacqueline Wong and Cynthia Osterman