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| Halliburton Reduces Workforce as Oil Activity Slumps |
 U.S. oilfield services provider, Halliburton, has been cutting staff in recent weeks, according to two sources familiar with the matter, marking the latest workforce reduction in the U.S. oil industry as it faces rising costs and a period of lower prices and volatility.
Global benchmark Brent crude oil prices have dropped more than 10 per cent this year amid uncertainty over global trade policies and as the Organisation of the Petroleum Exporting Countries (OPEC) and allies raise output. U.S. oil company ConocoPhillips earlier announced it would cut up to 25 per cent of its staff to reduce costs. The scope of Halliburton’s layoffs was not immediately clear, Reuters said. Halliburton has rolled out the cuts over several weeks, according to the sources, who were directly involved in layoffs but not authorised to speak publicly. At least three business divisions had lost between 20 per cent and 40 per cent of employees, the sources said. Halliburton, the third-largest global oilfield services company by revenue, did not respond to a request for comment. Oilfield services companies provide technical expertise, equipment, and labor, including drilling, to support oil and gas exploration and production. Houston, Texas-based Halliburton had 48,395 employees at the end of 2024, according to its latest annual report. The company in June said it expected a sharp decline in full-year revenue, as it warned of lower activity in the oil and gas sector. It posted a 33 per cent fall in second-quarter profit this year amid weaker demand. |
| Thisday Business News |
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BRICS leaders denounce protectionism, tariff 'blackmail' Leaders of the 11-member BRICS bloc railed against economic protectionism and "tariff blackmail" during a virtual meeting Monday held amid a damaging trade war with US President Donald Trump. In July, Trump lashed out at the BRICS and threatened its members with additional tariffs after they voiced concern that his trade war was putting the global economy at |
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Profit taking persists as investors lose N833bn in 4 days By Peter Egwuatu   Profit-taking activities persisted on the Nigerian Exchange Limited, NGX as the equities market for the fourth consecutive week sustained losses with the major performance indicator, NGX All-Share Index, ASI declining Week on Week, WoW by 0.9%. The Index closed lower in three of the four trading sessions of the week under review. Similarly, […]The post Profit taking persists as investors lose N833bn in 4 days appeared first on Vanguard |
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Nigeria’s FX Market Records $2.80bn Inflow Amid Strong Domestic Support Nume Ekeghe Total inflows into the Nigerian Foreign Exchange Market (NFEM) stood at $2.80 billion in August, according to data from FMDQ, underscoring the continuing resilience of local participation evenThe post Nigeria’s FX Market Records $2.80bn Inflow Amid Strong Domestic Support appeared first on |
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At 29.31%, Maximum Lending Rate Drops One-Year Low Amid Stable Monetary Fee As the Monetary Committee Members (MPC) of the Central Bank of Nigeria (CBN) retained interest rate at 27.50 per cent, the average maximum lending rate in Nigeria’s banking sector droppedThe post At 29.31%, Maximum Lending Rate Drops One-Year Low Amid Stable Monetary Fee appeared first on |
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FG makes tax identification mandatory for banking, allied services Emma Ujah, Abuja Bureau Chief The Federal Government has made Tax Identification, (Tax ID) compulsory for people getting involved in banking and allied services in the country. Consequently, all taxable Nigerians are to obtain a Taxpayer Identification when the new tax Acts come into force in January 2026. The Tax ID is contained in the provisions of […]The post FG makes tax identification mandatory for banking, allied services appeared first on Vanguard |
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Economic activities record 8th consecutive month expansion in July —CBN •As Nigerians expect stable inflation rate  By Elizabeth Adegbesan The Central Bank of Nigeria, CBN, yesterday, said economic activities expanded for the eighth consecutive months at 52.7 index points in July 2025.   CBN disclosed this in its Purchasing Managers Index, PMI,  Survey Report for July.   The report showed that out of the 36 subsectors covered in […]The post Economic activities record 8th consecutive month |