SLB: North, Latin America drag on upstream O&G spending
Sluggishness in North and Latin America could drive a global pullback...
Sluggishness in North and Latin America could drive a global pullback in global upstream oil and natural gas spending this year, despite resilient Asian and Middle Eastern markets, SLB predicted. The oilfield services giant posted second-quarter revenue of $8.55 billion and earnings of $0.74 per share, narrowly surpassing Wall Street expectations. SLB CEO Olivier Le Peuch maintains a constructive outlook for the second half of the year despite market headwinds.
An Aug. 1 deadline looms for the US and EU to reach an agreement on a...
An Aug. 1 deadline looms for the US and EU to reach an agreement on a trade deal, but President Trump’s recent threat of a 30% tariff rate on products from The Land Of No Air Conditioners appears to have escalated the already tense ongoing negotiations.
Multiple reports indicate this has emboldened the EU to more strongly consider retaliating against the US with a never-before-used measure: kindness the Anti-Coercion Instrument.
Is that code for a baseball bat? No. It’s a legal tool that allows the EU’s bloc of 27 countries to impose new taxes on US tech companies, reduce investments in US firms on EU soil, and prevent US companies from bidding on public European contracts. And that’s in addition to imposing its own tariffs.
Stellantis says it will lose $2.7b, partly because of tariffs. Jeeps...
Stellantis says it will lose $2.7b, partly because of tariffs. Jeeps may be all-terrain vehicles, but the company that makes them is struggling in the current market landscape. Yesterday, the automaker announced a surprise loss for the first half of the year, fueled in part by a $350 million hit from new US tariffs and costly turnaround efforts at the company. A 25% tariff on imported cars and auto parts took effect on April 2, and the company said its shipments to North America declined by 25% in the second quarter compared to the same period last year. A company exec said Stellantis would likely have to raise car prices soon, noting “tariffs are inherently inflationary.” It was the car company’s first earnings report released under its new CEO, who took over last month.
At least 20 people died and more than 170 were injured after an air force training jet crashed into a school campus in Bangladesh.
Twenty-eight countries, including the UK, Canada, and Japan, called for an end to the war in Gaza, condemning the deaths of people seeking aid. “The Israeli government’s aid delivery model is dangerous, fuels instability, and deprives Gazans of human dignity,” the countries said. Israel and the US rejected the statement.
Microsoft’s SharePoint document management software had its servers hacked. The software is used by hundreds of thousands of businesses and government agencies.
The Trump administration released documents related to the assassination of civil rights leader Martin Luther King Jr.
Subway tapped a former Burger King exec to be its new CEO.
Domino’s same-store sales rose 3.4% in its first quarter selling stuffed-crust pizza.
Oil slips as little impact seen from EU sanctions on Russia
Oil prices settled slightly lower on Monday as the latest European sanctions on Russian...
Oil prices settled slightly lower on Monday as the latest European sanctions on Russian oil were expected to have minimal impact on supplies, but losses were curbed by investors weighing a potential drop in diesel supplies.
Brent crude futures settled down 7 cents, or 0.1%, to $69.21 a barrel. U.S. West Texas Intermediate crude settled down 14 cents, or 0.2%, to $67.20.
The European Union approved on Friday the 18th package of sanctions against Russia over its war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude.
"The market right now thinks that supply will still make it to market in one way, shape or another. There is not too much concern," said John Kilduff, a partner at Again Capital in New York.
Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.
The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days.
Dow ends lower, S&P and Nasdaq close at records after stocks pare gains late
U.S. stocks ended mostly higher on Monday, with tech...
U.S. stocks ended mostly higher on Monday, with tech stocks leading the gains as investors looked ahead to earnings from major tech companies, including Tesla and Google’s parent Alphabet, due later this week.
The Dow Jones Industrial Average went down 19.12 points or 0.04% to end at 44,323.07, marking back-to-back losses, according to the Dow Jones Market Data.
The S&P 500went up 8.81 points or 0.1% to end at 6,305.60, a record close. It is the index's 10th record close of the year.
The Nasdaq Composite rose 78.52 points or 0.4% to finish at 20,974.17, also closing at a record and marking its sixth consecutive daily gain. It is the index's 12th record close of the year.
