Catch up on the weekend’s top five stories with this list compiled by The Fly: 1. The BP (BP)board announced that BP will exit its shareholding in Rosneft. BP has held a 19.75% shareholding in Rosneft since 2013. Additionally, BP chief executive officer Bernard Looney is resigning from the board of Rosneft with immediate effect. The other Rosneft director nominated by BP, former BP group chief executive Bob Dudley, is similarly resigning from the board. BP is expected to give rise to a non-cash adjusting item charge at the time of the first quarter 2022 results, representing the difference between the fair value of BP’s Rosneft shareholding at 31 March 2022 and the carrying value of the asset. At the end of 2021 this carrying value stood at around $14 billion. In addition, the change is expected to result in non-cash adjusting item charge, principally arising from foreign exchange losses accumulated since 2013 that under IFRS were previously recorded directly in equity rather than the income statement. At the end of 2021 these totaled around $11 billion, and this adjustment will not impact equity. The change in accounting treatment also means that BP will no longer recognize a share in Rosneft’s net income, production and reserves. BP will no longer report Rosneft as a separate segment from the first quarter 2022 results. 2. UPS (UPS) and FedEx (FDX) have said they are halting delivery service to Russia and Ukraine in light of the Russian invasion of its neighbor, Reuters reported. Both inbound and outbound services have been suspended to Ukraine, as well as deliveries to destinations in Russia, the companies said in online statements seen on Sunday. Meanwhile, Alphabet’s (GOOGL) Google barred on Saturday Russia’s state-owned media outlet RT and other channels from receiving money for ads on their websites, apps and YouTube videos, similar to a move by Facebook (FB) after the invasion of Ukraine, Reuters’ Paresh Dave reported. Citing “extraordinary circumstances,” Google’s YouTube unit said it was “pausing a number of channels’ ability to monetize on YouTube.” These included several Russian channels affiliated with recent sanctions, such as those by the European Union. 3. As one of the world’s leading tire makers, Goodyear Tire (GT) stands to benefit from the auto industry’s transition to electric vehicles, Andrew Bary wrote in this week’s edition of Barron’s. Shares of Goodyear look appealing after being hammered following its fourth-quarter earnings report on Feb. 11, the author contended, adding that unlike the major auto makers that are being disrupted by the shift to electric vehicles, tire makers stand to benefit quickly. 4. Sony’s (SONY) “Uncharted” won this weekend’s box office with a $23.3M from 4,275 locations in its second outing for a domestic cume of $83.4M. The movie is based on the popular PlayStation game series and stars Tom Holland and Mark Wahlberg. 5. Evoqua Water Technologies (AQUA), Deere (DE), American Water Works (AWK), Southern Company (SO), CarMax (KMX), and Constellation Brands (STZ) saw positive mentions in this week’s edition of Barron’s.
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