Petroleum giant British Petroleum will cut 4,700 jobs this year in a cost cutting measure, the company announced Thursday. That amounts to about 5% of its total workforce.

The U.S. Securities and Exchange Commission on Thursday settled charges against hedge fund Two Sigma over failure to address known vulnerabilities in its investment models, the regulatory agency said.

U.K.-based oil company BP is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive. In an email to staff on Thursday that has been seen by The Associated Press,