TotalEnergies agreed to sell a 40% stake in two offshore exploration licences in Nigeria to Chevron, in a move aimed at strengthening collaboration between the French and US energy giants, the company said on Monday.
Following the sale, TotalEnergies will remain the operator of the site with 40% participation, alongside Chevron and South Atlantic Petroleum. Reuters
German factories hit nine-month low
Berlin — Germany’s manufacturing sector experienced a marked deterioration in business conditions in November, as new orders fell at the fastest rate in ten months, a business survey showed on Monday.
The HCOB Germany manufacturing PMI compiled by S&P Global fell to 48.2 in November from 49.6 in October, marking a nine-month low and remaining below the 50 threshold that indicates contraction.
“Germany’s manufacturing sector appears to be unable to cross the threshold to expansion,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
This decline was largely driven by a renewed drop in new orders, with exports suffering their steepest fall this year amid weaker demand from Asia, Europe, and North America. Reuters
Omnicom to retrench more than 4,000
Bengaluru — Omnicom will lay off more than 4,000 employees and fold several well-known advertising agency brands after its $13.5bn acquisition of rival Interpublic Group, the Financial Times reported on Monday, citing an interview with company executives.
Creative agency DDB, founded in 1949, and creative marketing agency MullenLowe will be integrated into Omnicom’s TBWA, according to the report.
The company did not immediately respond to a request for comment. Reuters
UK PMI rises for first time in 14 months
London — Britain’s manufacturing sector recorded its first increase in activity since September 2024 last month, bolstered by improved domestic demand and a smaller slowdown in orders from overseas, a survey showed on Monday.
The S&P Global purchasing managers’ index for Britain’s manufacturing sector rose to 50.2 in November from 49.7 in October, in line with an initial “flash” reading that painted a weaker picture of the rest of the private sector.
“November saw a stabilisation in new business following a 13-month sequence of contraction. Manufacturers experienced a boost from improved sales to the domestic market, while the rate of contraction in new export business eased to a 12-month low,” S&P said in a statement. Reuters
Former Credit Suisse employee indicted
Zurich — Switzerland’s federal prosecutor on Monday said it has filed an indictment against a former Credit Suisse (CS) employee, accusing the person of money-laundering in relation to loans granted in Mozambique.
The office of the attorney-general also alleges that CS and its parent company, the Credit Suisse Group and their successor companies UBS and the UBS Group failed to prevent the offence due to organisational deficiencies. Reuters
Harbour Energy to cut 100 jobs
London — Harbour Energy, a North Sea-focused producer, said on Monday it expects to cut 100 offshore jobs as part of an organisational review of its UK business.
Lower commodity prices and an uncompetitive tax regime have pressured the UK oil and gas sector, leading to Harbour’s offshore reorganisation, said Scott Barr, managing director of Harbour’s UK business unit.
The job cuts will follow a consultation period, due to conclude in the first quarter of 2026.
Since 2023, Harbour has cut 600 jobs. The job losses announced on Monday will come on top of that. Reuters
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