Spending in the global oil exploration and production industry is "poised to accelerate broadly" and drive an increase in production, Olivier Le Peuch, chief executive of top oilfield firm Schlumberger (SLB), said on Wednesday. Le Peuch also anticipates improved pricing in the oilfield services sector, driven by performance and capital discipline across the industry.
Major automakers and industry suppliers on Wednesday urged Congress to move quickly to pass $52 billion in subsidies for U.S. semiconductor production, according to a letter seen by Reuters. A persistent shortage of chips has disrupted the automotive and electronics industries, forcing some firms to scale back production.
Major automakers and industry suppliers on Wednesday urged Congress to move quickly to pass $52 billion in subsidies for U.S. semiconductor production, according to a letter seen by Reuters. A persistent shortage of chips has disrupted the automotive and electronics industries, forcing some firms to scale back production.
The financial sector should not bet on remaining deadlines changing for the phasing out of the use of Libor interest rates, Britain's Financial Conduct Authority said on Wednesday. Helen Boyd, head of markets policy at the FCA, said the market had "categorically proven" it can ditch the London Interbank Offered Rate or Libor, a widely used rate tarnished after banks tried to rig it.
Brazilian payments fintech Ebanx said on Tuesday it had laid off about 20% of its staff, joining billion-dollar tech companies across the country bracing for a gloomy economic landscape. Ebanx's dismissal of 340 employees is the latest in a wave of large Brazilian startups who have announced they are slimming down amid high inflation, shrinking capital pools, and rising interest rates.
Chevron Chief Executive Michael Wirth on Tuesday rebutted White House officials' criticism of the oil industry over energy costs, saying bringing down fuel prices will require a change in approach by the government. The White House asked the CEOs of six oil companies including Chevron (CVX) to a meeting this week to discuss ways to reduce high energy prices.
General Motors Co (GM), Ford Motor Co (F) and Chrysler parent Stellantis NV (STLA) said on Tuesday they are making masking optional for workers at all U.S. facilities. In mid-May, the Detroit Three automakers and the United Auto Workers -- which have a COVID-19 joint task force -- reinstated a requirement that employees wear masks in southeastern Michigan, which was dealing with high COVID-19 rates.
Unilever chief executive Alan Jope said on Tuesday that consumer goods companies should get used to the idea of "crisis being more or less the new normal" as they fight soaring inflation, climate change and a global food crisis.
General Motors Co (GM), Ford Motor Co (F) and Chrysler parent Stellantis NV (STLA) said on Tuesday they are making masking optional for workers at all U.S. facilities. In mid-May, the Detroit Three automakers and the United Auto Workers -- which have a COVID-19 joint task force -- reinstated a requirement that employees wear masks in southeastern Michigan, which was dealing with high COVID-19 rates.
L'Oreal chief executive Nicolas Hieronimus said he remained confident about the outlook for the beauty industry with consumers continuing to want to indulge despite the global economy becoming "even more complicated." "The Carpe Diem of the moment really trumps inflation," the head of the world's largest cosmetics company told the Consumer Goods Forum's Global Summit conference.
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