Energy company also under pressure from worse oil trading performance and weaker oil prices

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BP has said it expects to write down the value of its struggling green energy business by as much as $5bn (£3.7bn), as it refocuses on fossil fuels under its new chair Albert Manifold.

The oil company said the writedowns were mostly related to its gas and low-carbon energy divisions in its “transition businesses”, but added that wiping between $4bn and $5bn off their value would not affect its underlying profits when it reports its full-year results in February.

US owner scraps auction after bids from private equity firms fail to meet its £2bn sale expectations, report says

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Coca-Cola has reportedly abandoned plans to sell its Costa Coffee chain after bids from private equity firms failed to meet its expectations.

The US soft drinks company halted discussions with remaining bidders in December, according to the Financial Times, ending a months-long auction process.

Aim is to speed up acquisition of WBD studio and streaming businesses and hold off rival Paramount bid

Netflix is reportedly preparing to switch to an all-cash offer to seal its takeover of the studios and streaming businesses of Warner Bros Discovery (WBD), as it tries to speed up the deal and fend off a rival hostile bid from Paramount Skydance.

The changes to Netflix’s $83bn (£62bn) offer, first reported by Bloomberg, are designed to accelerate the acquisition, which is expected to take months to conclude, and make it more palatable for WBD shareholders.