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incoming update…Developing Story Powell and Bernanke appear together on economy, inflation, policyFederal Reserve Chair Jerome Powell and former Fed Chairman Ben Bernanke participate in Perspectives on Monetary Policy conversation before the Thomas Laubach Research Conference hosted by the Federal Reserve.

Watch LIVE on FOXBusiness.comPosted by FOX Business Team ShareExxon rebuts proxy advisor, says net zero emissions scenario ‘unlikely’The Exxon Mobil Corp building is pictured in Georgetown, Guyana February 18, 2022. REUTERS/Sabrina Valle/

SymbolPriceChange%ChangeXOM$106.801.030.97

Exxon Mobil Corp has pushed back against investors pressing the largest U.S. oil producer to report on the risks to its business from restrictions on greenhouse gas emissions and potential environmental disasters.

In a reply on Wednesday to proxy advisor Glass Lewis, Exxon said the prospect of the world achieving net-zero carbon dioxide emissions by 2050 is remote and should not be further evaluated in its financial statements.

A shareholder proposal seeking a report on the cost of having to abandon projects faces a shareholder vote on May 31. Glass Lewis backed the initiative, concluding Exxon could face material financial risks from the net-zero scenario.

Exxon has said the world is not on a path to achieve net-zero emissions in 2050. It says limiting energy production to levels below consumption demand would lead to a spike in energy prices, as observed in Europe following oil sanctions against Russia over Ukraine.Posted by Reuters ShareMorgan Stanley CEO Gorman expects succession to occur within the next 12 monthsMorgan Stanley CEO James Gorman attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermid/File Photo

SymbolPriceChange%ChangeMS $84.490.580.69

Morgan Stanley CEO James Gorman told shareholders Friday that the company will likely appoint its next CEO in the next 12 months.

Gorman, 64, said the board has identified three strong candidates to succeed him and that he will become executive chairman once a new CEO is chosen.

Morgan Stanley co-presidents Ted Pick and Andy Saperstein, Chief Operating Officer Jonathan Pruzan, and head of investment management Dan Simkowitz are widely seen as contenders for the top job.Posted by Reuters ShareDisney vs. DeSantisThe Walt Disney Co.$93.76

POLITICSDisney scraps $1B Florida development as war with DeSantis rages onThe Walt Disney Company on Thursday informed employees that it is abandoning a planned $1 billion new Florida campus as the company’s battle with Gov. Ron DeSantis escalates.

Disney scraps plans for a major project in Florida that has big economic implications as bad blood with Governor DeSantis worsens.Posted by FOX Business Team Share

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Environment

Massive fire breaks out at Chevron oil refinery in California

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Massive fire breaks out at Chevron oil refinery in California

An aerial view of Chevron crews attempting to extinguish a large fire and explosion that occurred at Chevron Refinery in El Segundo Thursday, Oct. 2, 2025.

Allen J. Schaben | Los Angeles Times | Getty Images

A huge fire broke out on Thursday night at a Chevron jet fuel production unit in California, one of the largest refineries on the U.S. west coast, following reports of an explosion.

No injuries were reported from the incident at the El Segundo plant, Chevron said on Friday, with the U.S. energy major’s fire department personnel and emergency services “actively responding” to the situation.

It was not immediately clear what caused the blaze.

“All refinery personnel and contractors have been accounted for and there are no injuries,” Chevron said in a statement, according to NBC.

“No evacuation orders for area residents have been put in place by emergency response agencies monitoring the incident, and no exceedances have been detected by the facilities fence line monitoring system,” the company added.

This is breaking news. Please refresh for updates.

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Politics

Met Police calls for protest against Palestine Action ban to be cancelled after Manchester synagogue attack

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Met Police calls for protest against Palestine Action ban to be cancelled after Manchester synagogue attack

The Metropolitan Police has called for a planned protest in support of the banned Palestine Action group to be delayed or cancelled after Thursday’s synagogue attack in Manchester.

In a statement, the force said it wanted to deploy every available officer to protect Jewish communities, but was instead having to prepare for Saturday’s planned gathering in London’s Trafalgar Square.

Palestine Action was banned under anti-terrorism laws in July.

Politics latest: Mahmood says pro-Palestinian protests ‘dishonourable’ after Manchester attack

“The horrific terrorist attack that took place in Manchester yesterday will have caused significant fear and concern in communities across the UK, including here in London,” the Met said.

“Yet at a time when we want to be deploying every available officer to ensure the safety of those communities, we are instead having to plan for a gathering of more than 1,000 people in Trafalgar Square on Saturday in support of a terrorist organisation.

“By choosing to encourage mass law breaking on this scale, Defend Our Juries [the protest organisers] are drawing resources away from the communities of London at a time when they are needed most.”

But Defend Our Juries, which has led demonstrations against the ban on Palestine Action, said it planned to go ahead with the march.

A statement from the group on social media said: “Today, the Metropolitan Police wrote to us to ask that we postpone Saturday’s mass protest in Trafalgar Square, citing ‘significant pressure on policing’.

More on Palestine Action

“Our response in short: Don’t arrest us then.”

It comes after the home secretary criticised separate pro-Palestinian protests held last night as “fundamentally un-British” and “dishonourable”.

A demonstration – held to protest the Israeli navy halting a flotilla carrying aid to Gaza – was held in London’s Whitehall on Thursday evening, hours after the attack in Crumpsall that killed two Jewish men.

The Metropolitan Police said 40 people had been arrested in the course of the protest, six of whom were arrested for assaults on police officers.

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Mahmood ‘disappointed’ with pro-Palestine protests

Speaking to Anna Jones on Sky News Breakfast, Shabana Mahmood said she was “very disappointed” to see the protests go ahead, given the context.

“I think that behaviour is fundamentally un-British,” she said. “I think it’s dishonourable.”

She said the issues that had been driving the pro-Palestine protests have been “going on for some time” and “don’t look like they’re going to come to an end any day soon” – but that those behind the demonstrations could have taken a “step back”.

“They could have stepped back and just given a community that has suffered deep loss just a day or two to process what has happened and to carry on with the grieving process,” she said.

“I think some humanity could have been shown.”

Any further protests must “comply with the law and, where someone steps outside of the law of our land, they will be arrested”, the home secretary warned.

She added: “And to anybody who is thinking about going on a protest, what I would say is, imagine if that was you that has had a family member murdered on the holiest day in your faith. Imagine how you would feel and then just step back for a minute, give people a chance to grieve.

“We can get back to our protests later – just because you have a freedom doesn’t mean you have to use it.”

However, Zack Polanski, the leader of the Green Party, accused the home secretary of being “deeply irresponsible” for her comments about pro-Palestine protests.

“I think ultimately conflating protests against the genocide in Gaza and ultimately weaponising that against an anti-Semitic attack on our streets, a terrorist attack, is deeply irresponsible,” he told Sky News Breakfast.

The Green Party leader said it was “worrying when governments are increasingly trying to crush down dissent” and using “what is a brutal attack… to try and make a point about protest”.

“We need statesmanship at this moment. We need responsibility,” he added.

The two men killed outside the Heaton Park Hebrew Congregation Synagogue in Thursday’s attack have been named by police as Adrian Daulby, 53, and Melvin Cravitz, 66.

The suspect has been named as Jihad al Shamie – a 35-year-old British citizen of Syrian descent.

He is understood to have been granted British citizenship in 2006 when he was around 16 years old, having entered the UK as a young child.

Ms Mahmood confirmed to Sky News that the perpetrator was not known to counter-terror police and that he had not been referred to the government’s anti-terrorism scheme Prevent.

Three other people – two men in their 30s and a woman in her 60s – have been arrested on suspicion of the commission, preparation and instigation of acts of terrorism.

Read more:
What we know about the attack
Starmer vows to ‘wrap arms’ around Jewish community

Asked if she was concerned about further attacks, Ms Mahmood said the government was on “high alert”.

She said there had been an increase in police resources not just in Manchester but across he country.

“We as a government want to make sure that people feel safe going about their business today; so people will see an increased police presence, particularly around synagogues and other places of interest for the Jewish community,” she said.

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Politics

The Green Party might be small but it’s thinking big – can it make a dent in Reform’s rise?

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The Green Party might be small but it's thinking big - can it make a dent in Reform's rise?

It’s a small party with big ambition, a handful of MPs led by a controversial but charismatic leader determined to turn anti-establishment sentiment into a major political breakthrough.

No, not Reform – it’s the Greens with a palpable new air of brashness and confidence that will be making waves this weekend, as their party conference commences in the seaside town of Bournemouth.

As a movement in the UK, they have maintained a steadfast presence over many years but have failed to really cut through nationally, with disenfranchised left-wingers more inclined to drift to the Lib Dems.

The last general election was different though, taking them from one to four MPs – no mean feat in a first past the post system.

And now a potent mixture of fractured politics and mass disappointment at Labour’s faltering first year in office has left an opportunity for even greater advancement.

Ready to seize it is their newly elected leader, Zack Polanski, whose style seems well-suited to the current climate and is far more confrontational than his gentler predecessors.

He is adept at social media and takes to it with an ease almost every other politician can only dream of – no clunky attempts at mimicking influencers or boring walking and talking in the constituency videos.

More on Green Party

Instead, he goes out and interviews voters himself, coming across as interested and persuasive and has even started his own podcast, which is well-executed and engaging.

Another explanation of their current momentum is their policies which are clear, memorable and indicative of their values – something that most political parties aim for but don’t often achieve.

The Greens would bring in a wealth tax aimed at the super rich, they would nationalise the water companies, they describe the assault on Gaza as genocide, they support self-ID for trans people, and of course, they want to protect the environment.

And I remembered all that without googling – how’s that for landing your message?

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‘We don’t have time to wait for Corbyn’

But of course, like all parties, especially those gaining support, they face challenges and criticism.

Their biggest obstacle as they grow will be maintaining unity amongst the increasingly disparate factions of new Green voters.

Is it possible to happily combine countryside-loving former Tories with angry ex-Labour city dwellers, pro-Gaza Muslims and trans activists?

So far, they seem to be managing it, but we’ll find out over the next few days if any cracks are starting to appear.

Another big obstacle is Nigel Farage, a figure uniquely skilled at demanding attention and dominating the political landscape.

When it comes to hoovering up the support of the disenfranchised, he’s been doing it for decades and it’s paying off, with polls now tipping him for prime minister.

Read more:
People in the UK have less disposable income

The battle for the soul of Your Party continues

Mr Polanski will accuse Labour of playing “handmaidens” to Reform’s “dangerous politics” rather than confronting it.

“When Farage says jump, Labour asks ‘how high’,” he will say.

Despite the Greens having a comparable number of MPs, they are not making the same kind of progress and like every other leader, Mr Polanksi will have to work out how to make a dent in Reform’s rise.

At the same time, they have a tricky challenger from their own side, with Jeremy Corbyn and Zarah Sultana’s chaotic new party likely to eat into their vote, if it can survive.

And finally, they also face the standard criticisms – that their sums don’t add up, that their tax and spend plans are unrealistic, that they are woke and disconnected – all of which they will need to take on to get closer to power.

These are just some of the issues that will come up in Bournemouth this weekend, where the forecast predicts a storm is coming – let’s see.

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