After two years of losses, bps set to reveal its making profits again thanks to the rise in the price of oil. And, can the thrill of the auction room be recreated online . We investigate the digital challenges for the likes of christies and sotherbys. Welcome to World Business report. Im sally bundock. Bps expected to say its been making a profit in recent months, drawing a line under years of painful cost cutting and transformation as it grappled with low oil prices. Using the oil giants preferred measure of underlying replacement cost profit, last year it made a loss of 2. 6 billion a 55 fall on the year before. The shift in the price of oil on Global Markets was the main reason why the white line shows you the slide. It bottomed out at 27. 88 a Barrel Injanuary 2016. The yellow line shows you bps share price during that time and the effects of the two year slump in the oil market as well as the cost of the Deepwater Horizon Disaster. This year bp plans to sell off around 4. 5 billion worth of assets as part of a Global Portfolio overhaul. Details we know on that so far include last months announcement that its selling a 50 stake in a chinese Petrochemical Business to sinopec, and its agreed to sell the north seas largest pipeline to ineos. But bp has been Buying Assets too building up its natural gas business, and this year its made acquisitions in egypt and west africa. Its also spent 1. 3 billion on 527 Fuel Stations in australia. Bob dudley, its chief executive, has been praised for how he handled the Deepwater Horizon Disaster and navigated the massive fall in the price of oil still that was not enough to counter the critics who last year said his 19 million salary was far too big, given the multibillion dollar losses the company delivered in the last couple of years. With me is iain reid, Senior Oil Gas equity analyst, at macquarie. Good morning. Nice to see you. What are you expecting the p2 delivered today . As you said bp and the rest of the industry are not showing a big recovery. The oil price has gone up big recovery. The oil price has gone up substantially. We are expecting bp to report in about one hour were also earnings of 1. 3 billion. Looking at chevron, exxon and another company who reported last week, they did a little better than the market was expecting so would not be entirely surprised if bp outperformed expectations of the market today. And course, shell to follow on thursday. If it is down to the fact that the price of oil has gone up the fact that the price of oil has gone up 01 the fact that the price of oil has gone up or is it about the combination of that with all of the cost cutting may have vowed to do and transformation of their business, to a great degree . Yeah, they have responded. Possibly better than people were expecting since the oil price started to fall. They have cut their Overall Investment levels by about 50 , they have cut their Operating Costs by at least 30 . So it isa Operating Costs by at least 30 . So it is a combination, obviously of rising prices and also falling cost. We are somewhat concerned that the price of oil will not continue to rise so they need to continue this journey, if you like, if they are going to save their cash flow and thatis going to save their cash flow and that is important for their dividend pay out. They need that to continue. And just explain to our viewers who are unaware, the Dividend Payments of the Oil Companies are very important, arent they . They keep them in, dont they . They make up and all fully large amount of the ftse 100, and all fully large amount of the ftse100, and our Pension Funds in the uk. Has bp got it right . We have been analysing how they have reacted to this fall in the price of oil and as you say they need to get used to it you normal in the price of oil. What is the strategy like for the yea rs what is the strategy like for the years ahead for bp . Like the rest of the industry, they think we have reached more of a plateau, if you like, in terms of growth now so there are now, as you said, there is a period of growth going on now as well as all of the cost cutting. So i think they will try to continue to grow a little bit, pay a little more in terms of dividends and muddle through and hopefully oil prices will rise will further. And, briefly, bob dudley and the theme of revolts going on at general meetings last year in regard to corporate bosses pay. It was one of those. Will he get more criticism, do you thing, or is this news today going to enable him to continue without that sort of spotlight on how much is earning . There will be some of that, i am certain, is earning . There will be some of that, iam certain, but is earning . There will be some of that, i am certain, but they have responded to that. His pay was cuddled it. They have probably done enough to ward off from. If he staying in the offer the foreseeable future . Absolutely. There is no obvious replacement scheduled so i think it will be there for a while. As soon as we get the numbers from bp, they are expected in the next few hours, we will update you. But now, some other business stories. Greece and its foreign creditors has just reached a deal on a package of bailout mandated reforms this morning, greek finance minister Euclid Tsakalotos says. The deal means further rescue funds can now be delivered. The deal, which includes labour and Energy Reforms as well as pension cuts and tax rises. Talks began last october as part of greeces latest Bailout Review and were originally expected to have been concluded late last year. President donald trump says he is considering breaking up big wall street banks, by splitting their Consumer Business from their investment operations. White house Spokesman Sean Spicer said there were no further details and no announcement was planned. Shares in banks initially fell after president trumps comments before recovering ground. These days we buy more and more online. But what about pieces of art . Well, it turns out paintings are no exception. British auctioneer christies is closing one of its Auction Rooms in london and moving more operations online. And to meet increased demand from asia it has set up offices in shanghai and beijing. But can it capture the famous excitement of an auction room on a website and stay ahead of growing online competition . Tanya beckett went to find out. Under the hammer, in the age of the internet, even auctioneers of fine art cannot afford to sit still. So, how do you bring art into the modern world . How do you bring art into the modern world . When images are no longer exclusive that shared widely on social media. I have come to talk to the boss of the worlds leading Auction House to find out. We are using the technology, we are using broadcasts of our expert and the object. Christie s was established 250 yea rs object. Christie s was established 250 years ago. The frenchman who iu ns 250 years ago. The frenchman who runs it says that more and more of his customers will want to Purchase Online but they still demand a very traditional servers. It is very easy to set up an online operation in the art world. But, very quickly what makes the difference is the expertise that you receive from the business. But how about buyers with more modest budgets who still want to brighten up their walls . Enter the entrepreneur. A budding community of our retailers cutting out the cost of an auction room gallery by selling paintings online. It isa gallery by selling paintings online. It is a very Cost Effective way of doing business. Bus, Ourwriter Melanie says that sometimes a bit of this as is a vital part of a sale. Art not like a book. You do need to doa art not like a book. You do need to do a little more before you sell huge and very pricey pieces of art to someone and i dont think people wa nt to to someone and i dont think people want to necessarily do that online. They want to be in the room, they wa nt they want to be in the room, they want the luxury status of another human being or greg jennett can give you. Christie s is working to recreate some of that vital atmosphere on its website. But this Isa Atmosphere on its website. But this is a blank canvas. Global online sales in the art market are still less tha n sales in the art market are still less than 10 of the total. Leaving plenty of room for new talent. A quick look at the markets today. All of the main markets in asia are open and trading following a bankable of a weekend for many. A wea ker bankable of a weekend for many. A weaker yen helps japan. In the us, they were open yesterday. The Banking Stocks caused a wobble. Keep an eye open for bp this morning but also later today apple comes out with its latest earnings. Thats why investors and Market Watchers will be focused on. I will be back in a moment for the papers will stop. George osborne starts his newjob as editor of the london newspaper the Evening Standard today. The appointment of the former chancellor drew criticism from Opposition Mps who called on him to quit politics. Mr osborne announced that he was stepping down as Conservative Mp for tatton in cheshire last month. Hell edit the paper four days a week. 0ur Media Editor amol rajan reports. George osborne is used to early sta rts George Osborne is used to early starts and deadlines but it will still come as a shock when his left at four still come as a shock when his left atfoura. M. This still come as a shock when his left at four a. M. This morning still come as a shock when his left at four a. M. This morning ahead of his first day as a newspaper editor. The former chancellor has taken the editors chair of the former Evening Standard in one of the most surprising appointment in recent history. Many westminster observers suggested he took the job to build a power base. But that theory was undermined when George Osborne announced he would step down as mp. With the Business Model under some pressure there is probable relief among staff that mr osborne is no longer an mp for a northern constituency. But there is still an anxiety about his work for the Asset Manager in the city. Aside from the time commitment, it suggests a serious and potential conflict of interest. His top priority today, other than a strong front page, will be to explain his vision for the newspaper. He will leave Parliament Tomorrow and his constituency will get a new mp in five weeks time. A surfer who went missing off scotlands argyll coast has been rescued after over 30 hours clinging to its board. It was reported missing by his family when he did not return from serving on sunday afternoon. He was picked up 13 miles off the coast. We will have more on that story at six oclock 0n brea kfast. That story at six oclock 0n breakfast. We will also have more in a key moment in the history of north sea oil. It has been a cornerstone of the industry for decades but now it is being decommissioned. So lets bring you up to date with the latest headlines from the bbc. President trump said he would be willing to meet the north korean leader, kim jong un despite weeks of tough talk against his against his regime. However a white house spokesman said the riot conditions framing do not yet exist. After months of Anti Government protests, the president of venezuela has called for a new Citizens Assembly with powers to rewrite the constitution. He said would bypass the opposition controlled parliament. Palestinian minister and controlled parliament. Palestinian ministerand controlled parliament. Palestinian minister and militant controlled parliament. Palestinian ministerand militant Group Controlled parliament. Palestinian minister and Militant Group has polished a document stating a willingness to accept a transitional Palestinian State although without recognising israel. Chancellor merkel of germany will travel to the Russian Black Sea resort of sochi to meet russian president Vladimir Putin at his Summer Residence later. Since the conflict in ukraine, ties between russia and germany have worsened. Time for our news review and we start in france with le figaro. The front page shows riot police engulfed in flames in paris, having clashed with protestors on the sidelines of a may day parade. The paper has the latest on this weeks president ial election. Indias Business Standard has a meeting between Prime MinisterNarendra Modi and turkeys president recep tayyip erdogan. Mr modi called for turkish investment in india, while mr erdogan suggested free trade talks between the two countries. A high level report in the uk urges britain to fundamentally rethink its approach to the middle east distancing itself from the united states. The guardian reports that the study looks at how britain must adapt, given that American Foreign policy is shifting under donald trump. It describes his leadership as unpredictable. The arab news has a poll about how americans view the arab world. It finds that eight out of ten of them cant identify the region