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BP profits hit ‘obscene’ 18-year high as Iran war drives up oil refining margins

Oil giant comes under fire from climate campaigners, as its earnings reach $8.46bn while ‘innocent civilians suffer’

BP’s quarterly profits have been labelled “obscene” after they hit an 18-year high of $8.46bn (£6.3bn), as the war in the Middle East drove up oil and gas prices.

The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling in the three months to the end of September, from $2.2bn in the same period ​a year ​ago. The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008.

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© Photograph: Luke MacGregor/Reuters

© Photograph: Luke MacGregor/Reuters

© Photograph: Luke MacGregor/Reuters

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BP profits hit 18-year high as Iran war drives up oil refining margins

Oil giant hails ‘banner quarter’ as earnings reach $8.46bn, prompting anger from climate campaigners

BP’s profits have hit their highest level in almost two decades as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading.

The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling to $8.46bn (£6.3bn), from $2.2bn ​a year ​ago.

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© Photograph: Luke MacGregor/Reuters

© Photograph: Luke MacGregor/Reuters

© Photograph: Luke MacGregor/Reuters

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Sinkholes, scarred land and scapegoats: the scourge of illegal gold mining in Johannesburg

There is no end in sight for the drivers of illegal mining, while police action appears ineffective

Cora Bailey has been encountering illegal miners ever since she first started treating injured animals in the townships around Roodepoort, west of Johannesburg, in 1991. But as the price of gold has soared, so too has activity in the abandoned mine shafts that mark the area.

In late September, dozens of zama zamas – the name given to illegal miners in South Africa, meaning roughly “to take a chance” in Zulu – arrived to dig for gold across the dirt road from her charity, Claw (Community Led Animal Welfare).

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© Photograph: James Oatway/The Guardian

© Photograph: James Oatway/The Guardian

© Photograph: James Oatway/The Guardian

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Sinkholes, scarred land and scapegoats: the scourge of illegal gold mining in Johannesburg

There is no end in sight for the drivers of illegal mining, while police action appears ineffective

Cora Bailey has been encountering illegal miners ever since she first started treating injured animals in the townships around Roodepoort, west of Johannesburg, in 1991. But as the price of gold has soared, so too has activity in the abandoned mine shafts that mark the area.

In late September, dozens of zama zamas – the name given to illegal miners in South Africa, meaning roughly “to take a chance” in Zulu – arrived to dig for gold across the dirt road from her charity, Claw (Community Led Animal Welfare).

Continue reading...

© Photograph: James Oatway/The Guardian

© Photograph: James Oatway/The Guardian

© Photograph: James Oatway/The Guardian

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