better news in the pipeline? bp's annual profits plunge 50% as it struggles with lower oil prices and costly green investments. but the last three months are better than expected. and streaming ahead. spotify announces better than expected results with a boost in the number of subscribers around the world. welcome to world business report. i'm ben thompson. $13.8 billion, that's how much bp made last year. a huge number, but down 50% on the year before. the number came as the firm reported results for the last three months of 2023 — and they were much better than expected. the new boss of bp — murray auchin—closs — has had a mountain to climb

since he took over from bernard looney, who was forced out after a scandal over workplace relationships. bp's share price has languished while rivals such as exxonmobil have soared — some investors are uneasy about its huge and costly investments in green technology. some analysts say it is a potential takeover target. earlier i spoke to cornelia meyer, ceo of meyer resources — an energy consultancy. she was a former senior executive at bp. you are damned if you do and you're damned if you don't. some investors would preferfor bp to do more on the green agenda and others, you know, sort of more activist investors who are after the quick short term return, favour the fossil fuel the hydrocarbons strategy. and i think bp is trying to walk a middle way and they have to straddle that middle way. your next story is about the net zero targets of europe.

and bp is in europe. it has big operations in europe. it's ftse listed, so it has to deal with european and uk regulators, which means they have to give in some. so, in other words, they need to strike that delicate balance between just investing just enough into the green energy side and still investing in hydrocarbons. and i think they're doing a reasonable job at that. but it's a really... that's a really hard task to to to fulfil. yes, and you talk about those activist investors, shareholders getting pretty impatient, aren't they? they look at the share price falling, they make comparisons with the likes of exxon and they say, "come up with the solution, give us an answer." because all the while, while the share price is down, it makes them a potential takeover target. absolutely.

and when you look at that, i'm not so sure that takeover target, because if i look at anti—competition laws, i'm not sure. i think bp would be a very, very big thing to swallow. but it is. it's a little bit unfair to compare them to the exxons and the chevrons of this world, because they really operate in a north american regulatory environment, which is very different, right? they like fracking. they like doing things that you couldn't do in europe. in the last few minutes, the european commission has proposed ambitious new climate targets. it wants the eu to slash greenhouse gas emissions by 90% compared to 1990 levels by the year 2040. the eu's climate commissioner called for a "fair transition" that will allow eu businesses to thrive. it comes as farmers in spain have

mobilised their tractors to block traffic near the northern city of girona. it's the latest in a string of agricultural protests across europe — farmers are angry about soaring costs and low prices for their produce, but also about rules tied to the eu's battle against climate change. commission president ursula von der leyen earlier today has announced plans to scrap a proposal to slash pesticide use across the eu. she said it had become a symbol of polarisation. i spoke earlier to elisa giannelli, who covers eu governance and politics at the climate change think tank esg in brussels. i put it to her that the green measures we're expecing today aren't universally popular. it's not. i mean, 90% is clearly an ambitious number and will require effort from all economic sectors. at the same time, it is in line with existing european policies, if well implemented, which the commission analysis is expect to lead to about 88% reduction by 2040.

one of the issues and particularly if you look at those who are protesting against these plans, they are people that say they will be directly affected because i'm looking at the numbers, faster emissions reductions in industry and farming, they are politically sensitive sectors. they are ones that are facing higher energy prices already, increased competition from abroad. and what they're saying is, "look, help us out here. we'll meet you halfway, but don't strangle off any growth by imposing tough new limits." absolutely. i mean, regardless of the level of the target, this is really the crucial question that the commission is expected to answer or start answering today. first of all, the commission's communications today will have to be very clear on the directions that we are taking in the next ten to 15 years. this is to be credible, but also to provide that predictability that is needed. all sectors will have to participate — industry, power sector, transport, buildings. and let me be clear, farmer protest is nothing new in european politics.

we've seen farmer protesting since the european union adopted its common agricultural policy. this time around, the protest seems also to be linked to motivations that goes beyond just eu—level decisions. but nevertheless, they are having an impact on the european debate, as we've seen in the past few weeks, and eventually it will really turn out being the development of these protests, but also how the political parties will react on the way to the elections. over in the us, there's been music to investors�* ears as spotify announced better than expected results, sending shares in the streaming platform higher. it also added more users — premium subscribers, who account for most of the company's revenue, rose by 15%. we'rejoined now by our north america business correspondent, erin delmore. good to see you. good news for spotify, but they are still managing

to turn a profit, are they?— to turn a profit, are they? exactly. that's because _ to turn a profit, are they? exactly. that's because a _ to turn a profit, are they? exactly. that's because a good _ to turn a profit, are they? exactly. that's because a good quarter, - to turn a profit, are they? exactly. l that's because a good quarter, that is how spotify coached trip this morning, is about not only bring in revenue but also narrowing losses, and that last point is a big deal for spotify. let's break down some of the numbers. shares were up 8% from this morning but as you said, music to the ears of spotify. they said 20 vintage three would be a different yearfor the said 20 vintage three would be a different year for the company, some that showed that they just have different year for the company, some that showed that theyjust have an amazing product but that they are building a great business. —— 2023 would be. they talk about an increase in subscriber growth despite an increase in the price of paid subscriptions, they talk about revenue being up and growth being up, and narrowing the losses, the company was able to narrow its losses to 70 million euros at the end of the year, and the year prior to that had been 270 million euros so you can see the gap narrowing.

how have they done at? as suppose that's the question. it has been an uphill battle but what have they been doing to change the direction those numbers? the? been doing to change the direction those numbers?— those numbers? they look it more roducts those numbers? they look it more products and _ those numbers? they look it more products and cutting _ those numbers? they look it more products and cutting costs. - those numbers? they look it more products and cutting costs. on - those numbers? they look it more products and cutting costs. on thej products and cutting costs. 0n the offerings aside, we see an investment in podcasts and audiobooks, including re—upping the licensing agreement withjoe rogan, deals reportedly is worth more than $250 million. 0n the cost saving site, we cover this in december, the company cut about 1500 members of its workforce in december. that was about 17% of its staff a sizeable number, they are also trying to do other powers lucrative size of the business while cutting costs. thanks for explaining _ business while cutting costs. thanks for explaining that. _ in the uk, the government has today announced £100 million of funding to bolster ai regulation and fire up innovation. the government says it wants to be a global leader in al regulation via targeted measures. it describes today's proposals

as agile ai regulation, backing regulators with the skills and tools they need to address the risks and opportunities of artificial intelligence. let's speak now to phillip souta, global director of tech policy at the law firm clifford chance. that's the issue, it is a fine line between overregulation stifling innovation, making sure people are protected when it comes to new tacular kei. protected when it comes to new tacular kel— protected when it comes to new tacular kei. w , tacular kei. exactly right. the uk government _ tacular kei. exactly right. the uk government has _ tacular kei. exactly right. the uk government has looked - tacular kei. exactly right. the uk government has looked at - tacular kei. exactly right. the uk government has looked at what i tacular kei. exactly right. the uk i government has looked at what the tacular kei. exactly right. the uk - government has looked at what the eu is doing and has said, we are not quite there yet. because you can look at these questions through three dimensions, firstly your market size, the eu has a massive market, the uk is relatively modest comparatively speaking, how much you are regulating, the eu again is regulating are really leaning into their regulation, potentially due to their regulation, potentially due to the large market size but also who

is leading on the business front in terms of research and development and investment, those figures that make for great reading for the eu at the moment, in 2022, just taking the most recent figures, the uk had more investment in its ai space in france, germany and the rest of the european union combined. so the uk is looking at this, it is saying, we don't want to signal that we are going to make life difficult for you whilst at the same time saying, we are focused on safety, we are a sophisticated marketplace and regulator, that this is a good place to do business. the regulator, that this is a good place to do business.— regulator, that this is a good place to do business. the agile regulation was the key — to do business. the agile regulation was the key part — to do business. the agile regulation was the key part of— to do business. the agile regulation was the key part of the _ to do business. the agile regulation was the key part of the statement. | to do business. the agile regulation| was the key part of the statement. i wonder what you read into this from the idea that the government wasn't going to create one big regulator that will regulate ai across all industries, it sat with our existing regulators that have already got the skills and expertise and knowledge of the industry, we will give them additional powers and responsibilities. is that the right

approach? responsibilities. is that the right a- roach? ~ .,, responsibilities. is that the right auroach? ~ ., , approach? well, the uk has a very sephisticated _ approach? well, the uk has a very sophisticated regulatory _ approach? well, the uk has a very sophisticated regulatory landscape with 0fcom, cma, the fca and others but they are resource crunch, they do need more money and they do need... one of the things that's been announced as more resource for those regulators for the uk also has a very robust statutory framework, an existing framework that can draw upon and iterate and evolve. so it is a sort of softly, softly approach. whether it is the right approach, only time will tell. you could ask the same question about whether the approach of the eu is the right one. again, only time will tell. the eu for example is taking a much more proactive approach, it's taking this risk based approach that hasn't met with a hugely positive response a lot of the players in this space so we will have to see what the right approach is overtime. we will keep a close eye on it, i'm

sure will talk again. thank you, philip. staying with al — facebook�*s parent compant meta have announced they will begin detecting and labelling images generated by other companies' artificial intelligence services on their platforms. the social media giant said it will use a set of invisible markers built into ai generated files to identify them. meta will apply the labels in the coming months to any content carrying the markers that is posted to its facebook, instagram and threads services. the ride—hailing company lyft has said it will guarantee weekly earnings for drivers. the announcement is a first in the us ride—hailing industry which is dominated by larger rival uber. last year about 15% of lyft drivers across the united states earned less than 70% of what riders paid, after external fees, but lyft assured to pay the difference if drivers made below 70% at the end of a week. more on all those stories on the bbc news website. see you soon.

bbc news, bringing you different stories from across the uk. at 110 there are not many firsts left forjack hemmings but today he is about to pilot a spitfire and a my countryman realised until now. he was a squadron leader in the raf during the warand was a squadron leader in the raf during the war and has long been an admirer of the aircraft. if i during the war and has long been an admirer of the aircraft.— admirer of the aircraft. if i can succeed in _ admirer of the aircraft. if i can succeed in overcoming - admirer of the aircraft. if i can succeed in overcoming the - admirer of the aircraft. if i can - succeed in overcoming the luftwaffe, if there _ succeed in overcoming the luftwaffe, if there had _ succeed in overcoming the luftwaffe, if there had been innovation, britain — if there had been innovation, britain would have a consumer. -- if i hadn't succeeded. _ britain would have a consumer. -- if i hadn't succeeded. he _ britain would have a consumer. -- if i hadn't succeeded. he is _ britain would have a consumer. -- if i hadn't succeeded. he is still- i hadn't succeeded. he is still working hard for the charity lost. the flight today is about raising awareness and vital funding. after plenty of waiting the weather was right and it was time to take to the skies. after taking the controls for a time, jack relaxes as the pilot performs victory rolls. not one, not

to... —— not two... but three. and when you have waited this long to fly a spitfire, it would be rude not to make the most of it. for fly a spitfire, it would be rude not to make the most of it.— to make the most of it. for more stories from _ to make the most of it. for more stories from across _ to make the most of it. for more stories from across the _ to make the most of it. for more stories from across the uk, - to make the most of it. for more stories from across the uk, headj to make the most of it. for more i stories from across the uk, head to the bbc news website.

hello from the bbc sport centre. a hearing into a complaint of inappropriate behaviour made against red bull formula 1 team boss christian horner will take place on friday. bbc sport understands the claims relate to an allegation of inappropriate and controlling behaviour, and while red bull has not confirmed the nature of the complaint, the team said it took the allegations "extremely seriously" when they emerged on monday and started an investigation. horner has told a dutch newspaper he completely denies the claims. there could be a repeat of the women's champions league final from 2021 in this year's semi finals after the knockout stage draw was made on tuesday. barcelona will take on chelsea if they beat norweigan side brann and ajax respectively. barca's first title came with a win over chelsea three years ago. eight time champoins lyon will play benfica while swedish club hayken have been drawn against psg. the quarter finals will take place at the end of march. south korea could take a step

closer to their first asian cup title since 1960.