BP removed board chair Albert Manifold on Tuesday, citing "serious concerns" about "governance standards, oversight and conduct."
Why it matters: BP has lost its CEO and now its board chair in the span of six months, the latest leadership turmoil for a company that has cycled through CEOs during its strategic pivot.
With a U.S.-Iran deal (maybe?) taking shape in coming days, the oil market that follows will look different than what preceded the war.
Why it matters: The emerging deal — which would re-open the Strait of Hormuz while nuclear talks proceed — could return large amounts of barrels to the market.
For most of this century, rich countries have enjoyed a seemingly free lunch: They could spend money as needed, cut taxes at will and stimulate their way out of problems without paying a price in the form of higher borrowing costs or inflation.
The big picture: That era is over. The $145 trillion global bond market is flashing red signals that there's now a price to be paid for governments that indulge their profligate impulses.
