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BP profits plunge 96% in fourth quarter as pandemic hits fuel demand

BP profits plunge 96% in fourth quarter as pandemic hits fuel demand

BP reported a 96 per cent drop in fourth-quarter profits as the hit to energy demand from the pandemic and weaker trading results took the UK oil major to its first annual loss in a decade. Underlying profit on a replacement cost basis — the measure of income tracked most closely by industry analysts — was $115m in the three months to December 31. This fell short of analyst expectations of a profit of $370m, according to a company-compiled estimate, and compares with $2.6bn in the same period the year before. It has been a brutal year for the industry,…

Every homeowner should avoid these 5 costly mistakes in refinancing mortgages

3D illustration of a rubber stamp with the word refinance over a mortgage loan sheet. Debt ... [+] consolidation and debt or loan financing concept. Getty With mortgage rates at record lows, many homeowners are chooses to refinance. If you are thinking of taking the same step, keep scrolling. I have listed five of the biggest refinancing mistakes that homeowners can make below. Read them to make sure you do not risk making the same mistakes. Refinancing at the wrong time Even if the rates are low, it does not necessarily mean that it is the right time for you…

Russia’s Sputnik vaccine shows 91.6% efficacy in clinical trials

Russia’s Sputnik vaccine shows 91.6% efficacy in clinical trials

Russia’s flagship two-shot vaccine Sputnik V has shown 91.6 per cent efficacy against symptomatic Covid-19 in clinical trials, a Lancet peer review has confirmed, bringing the global total of vaccines whose efficacy is confirmed to be higher than 90 per cent to three.The results from an interim analysis, now confirmed by peer review, also showed the jab provided full protection against moderate or severe cases of Covid-19.Alexander Gintsburg, director of Russia’s Gamaleya Institute, the state-run virology research centre that developed the jab, said the results were a “monumental achievement” and “a great success in the battle against the global Covid-19…

Two views on Private Jet Recovery

In the United States, private aviation flights have now risen back to just over 80% of where they were during the summer of 2019, according to Argus. In Europe, August flights were actually 3% ahead of last year's figures, WingX data show. Pent-up requirements, they say. This is incredibly good news, at least compared to the rest of the travel industry. American Hotel & Lodging Associate reports that city hotels in the United States work with 38% occupancy. In Europe, hotel occupancy was 26.5% in July, according to STR data. Can the private jet market sustain its recovery on leisure…

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