2025-10-17 11:59

Oct 17 (Reuters) - SLB (SLB.N) , opens new tab beat Wall Street estimates for third-quarter profit on Friday, as steady demand in North America and contributions from its recent ChampionX acquisition helped offset weakening oilfield activity in other regions. The U.S. oilfield market appears to be stabilizing after months of reduced spending, but international demand, historically SLB's major profit driver, remains tepid. Sign up here. Latest data from Baker Hughes backed higher oilfield activity in North America. It showed that total rig count, an indicator of future output, in the region rose 3% to 718 at the end of the July-September quarter from the prior three-month period, while international rig count was steady at 1080. CEO Olivier Le Peuch described the quarter as "resilient," given an oversupplied oil market and geopolitical uncertainty. Le Peuch said SLB expects international markets to rebound as supply and demand rebalance, supported by sustained investment in oil capacity, gas expansion projects and a constructive outlook for deepwater. International revenue, which accounts for about 80% of SLB's total, fell 7% to $6.92 billion in the third quarter, while North America revenue rose 14% to $1.93 billion. The completion of SLB's $7.75 billion acquisition of smaller peer ChampionX also added to its earnings in the latest quarter. Excluding the impact of this acquisition, SLB's third-quarter 2025 global revenue was down 9% from a year earlier. The company reported an adjusted profit of 69 cents per share for the quarter ended September 30, compared with analysts' estimate of 66 cents, according to data compiled by LSEG. https://www.reuters.com/business/energy/slb-beats-estimates-third-quarter-profit-2025-10-17/

2025-10-17 11:58

NEW DELHI, Oct 17 (Reuters) - Indian solar manufacturers have begun recalibrating their supply chains to maintain access to the lucrative United States market and offset higher tariffs, according to executives. U.S. President Donald Trump's tariffs of up to 50% on most exports from India, among the highest for any U.S. trading partner, went into effect on August 27. Sign up here. In a post-earnings call with analysts on Friday, Vikram Solar (VIKO.NS) , opens new tab, which has 15% of its current order book tied to the U.S., said it is navigating the tariff structure by sourcing solar cells from countries with lower duties. For solar modules, U.S. tariffs are based on the country where the solar cell was manufactured—specifically, where the cell's PN junction (the part that generates electricity) was formed. So even if a module is assembled in India, the U.S. will apply tariffs based on the country of origin of the cell inside. "We are exploring alternative supply chains from countries with significant cell capacities that have lesser levies than what India does," said Rinal Shah, a top executive at Vikram Solar. The company did not specify if the tariffs had any impact on its September quarter earnings, but expressed confidence in fulfilling U.S. orders despite the tariff headwinds. Waaree Energies (WAAN.NS) , opens new tab, India's top solar module maker and among the top exporters to the U.S., said it was not using domestically manufactured solar cells for the United States because that would attract higher tariffs. The company is also under investigation by the U.S., which has alleged that it sidestepped the country's tariffs on Chinese-made cells and panels by labelling them as made in India. Waaree has refuted these allegations. Waaree CEO Amit Paithankar said in an analyst call on Friday that the supply chain for the U.S. is completely China-free, and that the company abides by prevailing laws and rules. "We have also configured it in such a way that the tariff problems associated with that (exports) are the lowest," Paithankar said. Waaree added that its orders have not been impacted yet due to the tariffs and the U.S. trade investigation. https://www.reuters.com/sustainability/climate-energy/indian-solar-firms-tweaking-supply-chains-navigate-us-tariffs-2025-10-17/

2025-10-17 11:56

WASHINGTON, Oct 17 (Reuters) - White House economic adviser Kevin Hassett said on Friday that banks have ample reserves and that he was optimistic that credit markets could stay ahead of the curve. Markets should realize there is a new administration in the United States, Hassett, director of the National Economic Council, said in an interview with Fox Business Network. Sign up here. https://www.reuters.com/business/finance/white-houses-hassett-credit-markets-optimistic-we-can-stay-ahead-curve-2025-10-17/

2025-10-17 11:46

Polish court rules against sending Ukrainian suspect to Germany Volodymyr Z. wanted in connection with Nord Stream bombings Polish PM says he should not be given to Germany Warsaw is a long standing critic of Nord Stream WARSAW, Oct 17 (Reuters) - A Polish court on Friday ruled against handing over a Ukrainian suspect wanted by Germany in connection with the 2022 Nord Stream gas pipeline explosions and ordered his immediate release from detention. Although Warsaw had said the decision over whether Volodymyr Z. should be transferred to Germany was one for the courts alone, Prime Minister Donald Tusk said earlier this month that handing him over was not in Poland's interest. Sign up here. Tusk said the problem was not that the undersea pipelines, which run from Russia to Germany, were blown up in September 2022, but that they were built at all. "The person being prosecuted, if he was the perpetrator, is entitled to functional immunity, which covers an act committed in connection with his activities for the Ukrainian state," judge Dariusz Lubowski said in his verdict that ruled that the German application was not admissible. "If Ukraine was indeed the organiser of this act of aggression, then only Ukraine can be held responsible for this event." Ukraine has denied involvement in the explosions. "Polish court denied extradition to Germany of a Ukrainian national...And rightly so. The case is closed," Tusk said on X following the verdict. MAJOR ESCALATION The explosions largely severed Russian gas supplies to Europe, marking a major escalation in the Ukraine conflict and squeezing energy supplies. Germany's top prosecutors' office says Volodymyr Z. was one of a group suspected of renting a sailing yacht and planting explosives on the pipelines near the Danish island of Bornholm. He faces allegations of conspiring to commit an explosives attack and of "anti-constitutional sabotage". His Polish lawyer rejects the accusations and says Volodymyr Z. has done nothing wrong. He has also questioned whether a case concerning the destruction of Russian property by a Ukrainian at a time when the countries are at war is a criminal matter. A second Ukrainian suspect, Serhii K., won a reprieve on Wednesday when Italy's top court upheld an appeal against his transfer on procedural grounds. That case will have to go before court again. In Poland, courts can refuse to hand over suspects wanted under European arrest if this would violate their human rights or if criminal proceedings for the same offence are underway in Poland. https://www.reuters.com/business/energy/polish-court-considers-sending-suspect-germany-disputed-nord-stream-case-2025-10-17/

2025-10-17 11:32

Oct 17 (Reuters) - HSBC on Friday forecast that gold's bull rally would drive prices as high as $5,000 an ounce in 2026, supported by elevated risks and the impact of new entrants into the market. Spot gold breached the $4,300 level on Thursday and was headed for its strongest week since December 2008. Sign up here. The advance has been fueled by geopolitical tensions, robust central bank buying, rising exchange-traded-fund inflows, expectations of U.S. rate cuts and tariff-related economic uncertainties. "The bull market is likely to continue to press prices higher for 1H’26 and we could very well reach a high of $5,000/oz some time in 1H 2026," HSBC said in a research note. HSBC also raised its 2025 average gold price forecast to $3,455 per ounce from $3,355 previously. It increased its 2026 average gold price forecast to $4,600, up from its previous estimate of $3,950. The bank cited geopolitical risks, economic policy uncertainty and rising public debt as factors supporting the price. HSBC said that, given the sharp rise in prices during the second half of 2025 and heightened risks from new market entrants, it expects gold prices to remain elevated and potentially spike further through early 2026. But the bank also expects significant volatility and some price moderation in the second half of 2026. "Unlike previous rallies we believe many of these new buyers are likely stay in the gold space – even after the rally ends – not so much for appreciation necessarily as for gold’s diversification and ‘safe haven’ qualities," the bank said. HSBC joins analysts at the Bank of America and Societe Generale, who earlier in the week forecast that gold could reach $5,000 an ounce in 2026. https://www.reuters.com/world/asia-pacific/hsbc-expects-golds-bull-wave-hit-5000oz-2026-2025-10-17/

2025-10-17 11:17

LONDON, Oct 17 - The United States, Singapore, Liberia and Saudi Arabia on Friday called on the U.N. shipping agency to postpone adoption of a carbon price on ships, as states failed to find consensus during talks in London this week. The U.S. and Saudi Arabia have strongly opposed a carbon price on shipping during talks at the International Maritime Organization agency, while the European Union has continued to support the idea. Sign up here. U.S. President Donald Trump called on IMO member states on Thursday to vote no, saying on his Truth Social platform that Washington would "not stand for this global green new scam tax on shipping and will not adhere to it in any way, shape or form". "This week's IMO meeting in London … appears to be on the verge of collapse," Jefferies analyst Omar Nokta wrote in an investor note on Friday. https://www.reuters.com/sustainability/boards-policy-regulation/us-singapore-call-un-delay-carbon-shipping-price-vote-amid-splits-2025-10-17/