BP to Sell North Sea Oil Business as South Korea's Stock Market Breaks Records

BP, one of Britain's biggest oil companies, announced it is putting its North Sea oil business up for sale. The company said it wants to focus its money on other projects that could make more profit. This news came the same week South Korea's stock market had one of the biggest single-day gains in its history, pushed higher by companies connected to artificial intelligence.

BP's new American chief executive, Meg O'Neill, was appointed in December to help refocus the company after a turbulent few years that saw three different leaders in just three years. She said the North Sea business would be 'better positioned as part of another company.' BP believes another owner would be better prepared to invest in the future of those oil fields.

The decision comes as politicians in the UK debate whether to allow more oil drilling in the North Sea. UK Prime Minister Andy Burnham signaled he would take a 'pragmatic,' or practical, approach to North Sea drilling. He suggested that at a time when energy prices are high and people are struggling to pay their bills, it would be hard to ignore the oil and gas sitting under the sea.

Environmental campaigners, however, are strongly opposed to the idea of new drilling. They argue that burning more fossil fuels speeds up climate change and harms the planet. The debate became more public after US President Donald Trump revealed details of a phone call he had with Prime Minister Burnham about the topic.

Meanwhile, halfway around the world, South Korea's stock market was making history for very different reasons. The country's main stock index, called the Kospi, jumped an astonishing 17.91 percent in a single day on Friday — the largest one-day rise ever recorded. This huge gain came just days after the index dropped 11 percent on Tuesday and another 6 percent on Wednesday, showing just how wild the swings have been.

The wild moves are being driven by companies connected to artificial intelligence, or AI. South Korea is home to major computer chip makers like SK Hynix and Samsung Electronics. SK Hynix's share price soared 30 percent on Friday alone, while Samsung was up 28 percent, because these chip companies supply the hardware that powers AI technology around the world.

Some of the biggest players in this market have been using something called leveraged ETFs — funds that borrow money to try to make even bigger gains. When the market rises, these funds can make huge profits, but when prices fall, the losses can be enormous. Experts at Oxford Economics warned that many of these risky investors are likely to keep pulling their money out of South Korea's market, which could keep it under pressure.

South Korea's government stepped in this week to tighten rules around these risky investment tools. Officials hope stricter limits will reduce the extreme ups and downs in the market. Still, for many investors who already bought into these funds during the wild swings, it may be too late to avoid big losses.