BP’s major setback

The FT News Briefing covers a series of high-profile corporate and political developments. Meta and Microsoft both announced major workforce reductions—10% and 7% respectively—citing massive investments in AI as the primary driver. Meanwhile, BP faced significant backlash at its annual general meeting, where two shareholder resolutions failed, including one to reverse climate reporting commitments and another to allow electronic AGMs. Despite strong financial performance and a new leadership team under CEO Meg O'Neill, BP’s refusal to allow a climate-focused shareholder resolution to be tabled sparked outrage from activist investors and pension funds. The FT’s Malcolm Moore highlights growing concerns that BP is ignoring long-term risks from the energy transition. In a separate story, the Trump family’s crypto venture, World Liberty Financial, is embroiled in a legal battle with billionaire Justin Sun, who alleges token access was frozen and extortion occurred. This follows a broader trend of crypto ventures linked to the Trump family underperforming, including a 95% drop in the Trump meme coin. Meanwhile, Paramount Skydance’s $111 billion takeover of Warner Brothers Discovery gained shareholder approval, though it faces regulatory hurdles and opposition from over 1,000 Hollywood professionals concerned about job losses. Italy’s bid to qualify for the World Cup via a diplomatic appeal to FIFA also makes headlines, though Iran remains committed to participating.