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U.S. economic activity slumped in April, with S&P Global’s flash composite PMI dropping to a 16-month low of 51.2, driven by uncertainty over tariff policies. Services activity fell to 51.4 from 54.4, while manufacturing edged up to 50.7. Business optimism hit its lowest since July 2022, reflecting fears of economic slowdown. Rising tariffs fueled a sharp increase in goods and services prices, the highest in over a year, complicating Federal Reserve policy. Chris Williamson, chief business economist at S&P Global Market Intelligence said, “The early flash PMI data for April point to a marked slowing of business activity growth at the start of the…

PENN YAN, N.Y. (AP) — A decade ago, Scott Osborn would have eagerly told prospective vineyard owners looking to join the wine industry to “jump into it.”Now, his message is different.“You’re crazy,” said Osborn, who owns Fox Run Vineyards, a sprawling 50-acre (20-hectare) farm on Seneca Lake, the largest of New York’s Finger Lakes. Scott Osborn, owner of Fox Run Vineyards, stands for a photo, Friday, March 21, 2025, in Penn Yan, N.Y. (Natasha Kaiser via AP) Scott Osborn, owner of Fox Run Vineyards, stands for a photo, Friday, March 21, 2025, in Penn Yan, N.Y. (Natasha Kaiser via AP)Read…

  Large Russian banks have set up a payments system for transactions with China that aims to shield corporations from regulators in the West. Banking sources who spoke to Reuters say the net payments system known as ‘The China Track’ was designed to reduce the risk of secondary sanctions. Russian trade with China hit a record $245 billion last year despite payment problems and commissions running as high as 12%, as Chinese banks had grown too cautious to do business with Russia and jeopardise their ties with the United States.   ALSO SEE: World Faces ‘Significant Slowdown’ From US Tariffs, IMF…

One scoop to start: Brandon Lutnick, son of US commerce secretary Howard Lutnick, is partnering with SoftBank, Tether and Bitfinex to capitalise on a cryptocurrency revival under US President Donald Trump.And another thing: Elon Musk said he would “significantly” reduce his US government role from next month and refocus his attention on Tesla, after the carmaker’s profits cratered in the past three months.Welcome to Due Diligence, your briefing on dealmaking, private equity and corporate finance. This article is an on-site version of the newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday to Friday. Standard…

The company warns investors in its earnings report of the impact of tariffs have on the sector.Halliburton has reported a decline in first-quarter profit due to reduced drilling activity in North America, which weakened demand for its oilfield services and equipment. The Houston, Texas-based oil and gas giant warned on Tuesday of a second-quarter earnings impact from tariffs and lower oilfield activity in North America as producers reckon with weak oil prices, sending shares of the oilfield service provider down about 6 percent. The oilfield service sector worries United States President Donald Trump’s tariffs on imported steel and parts will…

TotalEnergies SE plans to permanently shut down the older of two ethylene-producing flexible steam crackers at the operator’s 338,000-b/d integrated refining and petrochemical platform in Antwerp, Belgium. The decision to shutter the steam cracker—which is not integrated into the site’s downstream polymer production—follows nonrenewal of an offtake agreement for the unit’s ethylene production by a long-term, third-party customer by yearend 2027, leaving no outlets for the cracker’s ethylene output, TotalEnergies said on Apr. 22. Given the cancelled offtake contract amid ongoing projections for a sustained oversupply of ethylene to the European market, TotalEnergies said it will cease operating Antwerp’s elder…

Halliburton reported a first-quarter profit drop to $204 million (24 cents/share) from $606 million last year, with shares falling 6% to $20.62 after warning of a second-quarter earnings hit. CEO Jeff Miller cited President Trump’s tariffs, which raise costs for steel-based equipment like drilling rigs, and weak U.S. crude prices below $64/barrel, deterring profitable drilling. North American revenue declined 12% to $2.2 billion, as producers scaled back production due to prices below the $65 threshold. International revenue dipped 2%, led by reduced activity in debt-laden Mexico. Halliburton forecasts a 2-3 cent/share impact from trade tensions, with second-quarter earnings at 63…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Elliott Management is pressing BP to increase its free cash flow by an additional 40 per cent through deep cuts to spending, as the activist investor upped its stake in the energy group to more than 5 per cent and sharpened its criticism of the company.The US-based hedge fund has told BP that the “fundamental reset” outlined by the oil and gas group’s chief executive Murray Auchincloss in February does not go far enough and presented an alternative plan, according to people…

Hydrogen has long been hyped as the “Swiss army knife” of the energy transition, but today – despite billions in investment – it largely remains limited to niche industrial applications. In a new review article, published in Nature Reviews Clean Technology, we look at where hydrogen could plausibly become competitive – and the applications where it is unlikely to ever be a viable solution. For each use case, the review looks at the cost and carbon emissions of using hydrogen relative to alternative solutions, identifying the barriers which stand in the way of uptake. For example, high-profile applications, such as home heating and…

  The International Monetary Fund warned on Tuesday that the global economy could suffer a “significant slowdown” this year from tariffs imposed by the US and the uncertainty many nations face over trade impacts. The IMF slashed growth forecasts for the US, China and most countries because US tariffs were at 100-year highs and said trade tensions could slow growth further. The Fund’s new World Economic Outlook described Trump’s “reciprocal” tariffs announced on April 2 as “a major negative shock,” and said “tariffs and uncertainty will lead to a significant slowdown in global growth in the near term.”   ALSO…