BP's board will discuss the future of the company's chief executive, Tony Hayward, tomorrow as speculation mounts that he will be forced to step down within days.
The discussions would focus on the timing of Mr Hayward's departure rather than on whether he would stay with the company, Reuters reported today, citing unnamed sources.
Meanwhile, London media reported today that a weekend of detailed negotiations over Mr Hayward's severance package would be followed by an announcement on the chief executive's future, possibly within the next 48 hours.
"It now appears almost certain that he will announce his departure ahead of BP's half year results on Tuesday," The Daily Telegraph newspaper said.
"It is now thought to be widely agreed by the BP board that it is only with Mr Hayward's departure that the company can draw a line under the Gulf of Mexico disaster and plan for the future," it added.
On Saturday, a BP spokesman rejected earlier newspaper reports that Mr Hayward was preparing to step down.
"We are announcing our results on Tuesday. Tony Hayward is the chief executive of BP. He has the full support of the management and the board," the spokesman said.
A consensus of analysts' estimates suggests that BP made almost US$10 billion (Dh36.67bn) in profits in the first six months of this year, despite spending about $4bn to date on efforts to stop crude flowing from its damaged Macondo well in the Gulf of Mexico and clean up the worst oil spill in US history. Nevertheless, the company, which potentially faces tens of billions of dollars in liabilities, may record a $25bn pretax loss for the second quarter.
@Email:tcarlisle@thenational.ae
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
WE NO LONGER PREFER MOUNTAINS
Director: Inas Halabi
Starring: Nijmeh Hamdan, Kamal Kayouf, Sheikh Najib Alou
Rating: 4/5