BP’s biggest profit in a decade fuels calls for windfall tax – live updates Business

ggood morning. BP announced plans to increase its share buybacks by $2.5 billion after soaring oil prices helped its cash flow increase.

The energy giant said soaring prices helped it offset a $25.5 billion charge incurred after it exited its stake in Russian producer Rosneft. It posted a first-quarter profit of $6.2 billion, the highest in a decade.

5 things to start your day

1) Brussels accuses Apple of breaching competition over contactless payments The iPhone maker has been accused of breaching competition law by limiting rivals’ ability to build contactless payment apps.

2) Why Russian restaurateurs in London fear a backlash against Ukraine Restoration hotspots that once boasted of their ties to Putin are now speaking out against the invasion.

3) London is battered by the rise of working from home The capital lags behind other cities as commuters avoid the office.

4) Britain looks to South Korea to boost nuclear power Kwasi Kwarteng in talks on next generation reactors as UK seeks to boost energy security

5) Julian Jessop: Brexit is not to blame for soaring inflation and soaring food prices Experts rely more on predictions and models than hard facts in recent commentary on Britain.

What happened overnight

Asian stocks mostly fell on Tuesday as markets brace for a sharp hike in US interest rates. Hong Kong came back from a long weekend to lead the retreat, losing more than 2% at one point. Sydney also preempted an expected interest rate hike by the Reserve Bank of Australia later in the day, while Taipei and Wellington were also down. Seoul increased slightly, while Tokyo, Shanghai, Mumbai, Singapore and Jakarta were closed.

coming today

Annual results: card factory

Interims: BP

Economy: manufacturing PMI, BRC purchase price index (UK); unemployment rate (EU); factory orders (US)