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Category: 3. Business

  • Global government debt on course to hit 100% of GDP by 2029, IMF warns | Global economy

    Global government debt on course to hit 100% of GDP by 2029, IMF warns | Global economy

    Government debt across the world is on course to hit 100% of global gross domestic product (GDP) by 2029, according to analysis by the International Monetary Fund, the highest level since the aftermath of the second world war.

    In its Fiscal Monitor report, the IMF said aggregate government debt had risen more rapidly than expected before the Covid pandemic, when policymakers stepped into protect citizens and bail out hard-hit businesses.

    It urged governments to switch spending to growth-friendly areas such as infrastructure and education to help bolster the world economy and make debts more sustainable.

    A 100% global debt-to-GDP ratio would be the highest since 1948, when the world’s large economies had been devastated by six years of war and the costs of rebuilding their ravaged countries.

    The report named the UK as among the G20 countries whose ratio would peak above 100% of GDP on the IMF’s definition in the coming years – alongside France, Japan, Canada, China and the US.

    The IMF said there were still upward pressures on spending in many countries – alongside a reluctance to impose tax rises on sceptical voters.

    “Looming expenditures on defence, natural disasters, disruptive technologies, demographics, and development add to public spending demands. All these pressures and demands come together with sharp political red lines against tax increases and diminished public awareness of fiscal limits,” it said.

    The IMF argued that emerging economies in particular could struggle to manage their debt burdens – even with much lower debt-to-GDP ratios than their developing country peers.

    “Many emerging markets and low-income countries face tougher fiscal challenges, despite their relatively low debt,” it said. The IMF added that as many as 55 countries were experiencing debt distress, or at high risk of distress, despite having debt-to-GDP ratios below 60%.

    Campaigners have called for the IMF to play a greater role in tackling unsustainable debt, arguing that the current debt restructuring process, known as the Common Framework, is too slow and cumbersome, as well as hard to qualify for.

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    For the UK, the IMF forecasted total public debt would peak at 105.9% of GDP in 2029, before declining slightly, to 105.4% in 2030. After the chancellor, Rachel Reeves, changed her fiscal rules last year, she now targets a different definition of debt.

    At a press briefing in Washington on Tuesday, where policymakers have gathered for the IMF’s annual meetings, its deputy director for monetary and capital markets, Athanasios Vamvakidis, said Britain was in the sights of bond market investors.

    “Clearly markets are concerned about the UK economy, and we have seen more volatility in the UK compared to other advanced economies,” he said.

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  • Westpac makes it harder for younger customers to earn advertised interest rates | Westpac

    Westpac makes it harder for younger customers to earn advertised interest rates | Westpac

    Westpac is tightening conditions on its savings account for younger customers as growing numbers of banks make it harder to earn advertised interest rates on their deposits.

    The bank has joined smaller competitors in changing interest-related restrictions on some accounts – despite the Reserve Bank of Australia leaving interest rates on hold in September.

    Conditional accounts, such as Westpac’s Life account, help banks access customers’ money and finance their lending business at a discount, according to Australian Competition and Consumer Commission analysis, because two in three savers miss out on their headline interest rate.

    In November, Westpac will quadruple the number of transactions required to achieve the full 5% rate for 18 to 29-year-olds with Life accounts, from five a month to 20.

    Customers who fail to deposit and increase their balance each month already see their interest slashed to just 0.25%. Savers who meet those conditions but make fewer than 20 payments from a linked spending account will see their rate drop to 4.25%.

    The changes push customers who spend and save with different institutions to move all their banking to Westpac, according to Andrew Grant, associate professor at the University of Sydney business school.

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    “The only way you’re going to get [the 5% rate] without making a conscious, costly, time-consuming effort [to] achieve that goal is by just using it as your main bank,” Grant said.

    Westpac holds about a fifth of all Australian households’ deposits and about a fifth of home loans.

    Locking in younger customers would deliver Westpac more future home loan business, while deterring savers from shopping around for better rates at other banks, reducing competition, Grant said.

    Some customers, deterred by the difficulty of reorganising their finances, told Guardian Australian they planned to focus their spending on the bank.

    “I could change my savings setup so I don’t use this Westpac account that has that condition, but I think it’s more likely I’d have to just be very vigilant,” one 21-year-old student, who did not wish to be identified, said.

    The changes will also broaden account eligibility to include 18 to 34-year-olds. A Westpac spokesperson said the changes would ensure those who chose to spend and save with the bank were rewarded.

    Restrictive conditions have become more common in Australia over the past 20 years and now apply to more than half of the savings options in online database Finder.

    While Westpac is the only bank requiring 20 transactions, nine other banks now require savers to spend each month to get their full interest, according to the financial comparison site Mozo.

    Bar chart showing how banks have slashed the base interest for savings

    Over the past decade, banks have reduced the base interest component on conditional accounts while making their no-strings alternatives less attractive. While bonus accounts in September offered annual interest of 4.05%, as they did in 2013, regular accounts offered just 1.3%, compared to 2.35% in 2013, RBA data shows.

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    Strings attached

    Some banks have added requirements to accounts that once had no strings, such as ANZ’s Plus account and Ubank, NAB’s youth brand, which has regularly changed the conditions on its savings account.

    From October, Ubank customers will receive no interest unless they deposit more than they withdraw each month. Customers had previously only been required to deposit $500, which they could withdraw as they wished.

    Interest tiers have also been simplified to apply to balances up to $1m. The Ubank chief product officer, Andrew Morrison, said the changes made accounts easier to use and responded to customers’ desires to grow their savings.

    Others have tightened existing restrictions, with AMP and Unity upping the amounts by which customers must grow their accounts in 2025, according to Canstar analysis.

    Up, Bendigo and Adelaide Bank’s youth brand, began requiring that customers avoid withdrawing money or face slashed interest as part of a package of changes in September. The bank’s chief executive, Xavier Shay, said the changes were in response to customer demands.

    Stricter requirements make it more costly for customers to access their money, according to Andrew Hingston, lecturer in personal finance at the University of New South Wales.

    “Even withdrawing a small amount, like $200 to pay a bill … you’re forgoing quite a bit of interest to do that,” Hingston said.

    “Not having a requirement to grow, that was a lot more flexible, a much better system.”

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  • Stock market today: Live updates

    Stock market today: Live updates

    Traders work on the floor of the New York Stock Exchange (NYSE) on October 13, 2025, in New York City.

    Spencer Platt | Getty Images

    Stocks rose Wednesday as a slate of stronger-than-anticipated earnings overshadowed worries about growing trade tensions with China.

    The Dow Jones Industrial Average climbed 161 points, or 0.3%. The S&P 500 gained 0.7%, while the Nasdaq Composite advanced 1%.

    Bank of America shares jumped 4% after the company posted third-quarter earnings and revenue that beat analyst expectations, thanks to strong investment banking revenue. Morgan Stanley also posted better-than-expected earnings, sending its shares higher by 7%.

    Those reports come after a spate of better-than-expected reports from Goldman Sachs and Wells Fargo, among others, on Tuesday.

    Still, Wall Street veteran Art Hogan believes that stocks will likely trade sideways from here, wavering near all-time highs as long as trade war uncertainty persists. The chief market strategist at B. Riley Wealth Management also said the U.S. government shutdown is another headwind for the market.

    “The longer it lasts, the more economic damage it does upfront. So that’s affecting confidence. It’s likely going to affect guidance from Corporate America during the conference calls,” he said to CNBC. “Earnings seasons may well be much better than expected across the board, with the usual percentage of companies that beat and raise and all that. I just don’t think that that acts as a tailwind, necessarily, until we get closer to the government reopening and perhaps more clarity on our trade relationship with China.”

    Trade fears led to a tumultuous session on Tuesday. The S&P 500 attempted a comeback, but ultimately closed lower after President Donald Trump threatened China with a cooking oil embargo late in the session as retaliation for Beijing not buying U.S. soybeans. On Tuesday, the benchmark was up as much as 0.4% and down as much as 1.5%.

    The Nasdaq fell but closed well off the lows. The Dow bucked the trend to rise just over 200 points, although it had fallen as much 1.3% on Tuesday morning.

    Tuesday’s news was the latest ramp-up in trade tensions between the U.S. and China. On Monday night, China put new sanctions on five U.S. subsidiaries of South Korean shipbuilder Hanwha Ocean. This followed Trump’s threats last Friday to place an additional 100% tariff on any goods coming from China after Beijing imposed strict export controls on rare earth minerals. Trump’s tariffs could go live on Nov. 1 or sooner, depending on China’s next move, U.S. Trade Representative Jamieson Greer told CNBC Tuesday.

    “A lot depends on what the Chinese do,” Greer said. “They are the ones who have chosen to make this major escalation.”

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  • Oil rises with US-China trade tensions in focus – Reuters

    1. Oil rises with US-China trade tensions in focus  Reuters
    2. Crude Near $59 on Surplus Fears  Rigzone
    3. Natural Gas and Oil Forecast: Recession Fears and Policy Uncertainty Drag on Energy Sector  FXEmpire
    4. WTI Crude Nears $58.50 — Can Oil Reverse or Slide to $56?”  FX Leaders
    5. Evening update for crude oil -14-10-2025  Economies.com

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  • FDA Grants Fast Track Status to NG-350A for pMMR Locally Advanced Rectal Cancer

    FDA Grants Fast Track Status to NG-350A for pMMR Locally Advanced Rectal Cancer

    The FDA has granted fast track designation to the oncolytic immunotherapy NG-350A for use as a potential therapeutic option in patients with mismatch repair–proficient (pMMR) locally advanced rectal cancer (LARC), according to an announcement from Akamis Bio.1

    NG-350A is a clinical-stage T-SIGn® therapy that is delivered intravenously and engineered to encourage intratumoral expression of a CD40 agonist monoclonal antibody; this stimulates activation of antigen-presenting cells (APCs) within solid tumors and their draining lymph nodes. Activated APCs then draw T cells to the tumor site, introducing a strong antitumor immune response. The agent is being explored in combination with chemoradiotherapy in adult patients with LARC with at least 1 risk factor for local or distant recurrence or with oligometastatic disease as part of the phase 1b FORTRESS trial (NCT06459869).2 In April 2025, it was announced that the first patient was enrolled in the study,3 which is still actively recruiting.1

    “The NG-350A fast track designation from the FDA is a recognition of the significant unmet need for new therapies to treat LARC,” Oliver Rosen, MD, chief medical officer at Akamis Bio, stated in a news release. “The global incidence of LARC continues to rise, with a particularly alarming increase of this cancer among younger populations. Patients with pMMR tumors account for approximately 90% of LARC cases, and this population has the greatest need for evolution in the standard of care to include treatments that may enable patients to avoid surgical interventions.”

    NG-350A in Locally Advanced Rectal Cancer and Beyond: Top Takeaways

    • The FDA granted fast track designation to NG-350A for mismatch repair–proficient locally advanced rectal cancer, highlighting the urgent need for new therapies in this population.
    • NG-350A, an intravenous T-SIGn® therapy, activates antigen-presenting cells and recruits T cells to tumors; it has shown persistence in blood, dose-dependent tumor activity, and cytokine boosts in early clinical studies.
    • The phase 1b FORTRESS study is testing NG-350A with capecitabine and radiotherapy in approximately 30 patients, with clinical complete response at 12 weeks as the primary end point and safety and tumor regression as secondary outcome measures of interest.

    What First-in-Human Clinical Outcomes Have Been Reported With NG-350A?

    Data from a phase 1a/1b study (NCT03852511) showed that in heavily pretreated patients with metastatic or advanced epithelial tumors (n = 25), the drug was well tolerated irrespective of administration approach: intravenous, which comprised 4 dose levels each with infusions on days 1, 3, and 5 of 57-day periods, and IT, which comprised solitary injection on day 1 only or injections on days 1, 8, 15, and 22.4 There was no evidence of transgene-related or off-target viral toxicity.

    Additional findings revealed:

    • Continued persistence of the drug in blood samples up to 7 weeks following the last dose, especially with higher IV dose levels
    • Dose-dependent pattern was observed with IV infusion, with 4 patients positive for vector DNA in biopsies at day 57
    • Transgene messenger RNA from replicating NG-350A was identified in 5 of 12 patients who received the agent IV and in 1 of 9 patients who had IT administration
    • Sustained boosts in inflammatory cytokines were noted after dosing, particularly at higher IV dose levels

    What Are the Design and Key Objectives of the FORTRESS Study?

    The open-label, single-arm, multicenter phase 1b trial plans to enroll approximately 30 patients aged 18 years or older with histologically confirmed adenocarcinoma of the rectum with locally advanced disease and microsatellite stable or pMMR status.2,3 Patients are required to have an ECOG performance status of 0 or 1 and acceptable lung, renal, hepatic, and bone marrow function at least 10 days before their first dose of treatment. If they had recurrent rectal cancer, distant metastatic disease not amenable to radical treatment or chemoradiation, another active prior malignancy within the past 3 years, or underwent splenectomy, they were excluded.

    Patients will receive NG-350A plus oral capecitabine and long-course intensity-modulated radiotherapy during a 12-week active study treatment period. The primary outcome measure is the proportion of patients achieving a clinical complete response at week 12, and secondary outcome measures include incidence and severity of adverse effects (AEs), clinical response outcomes, and MRI-based tumor regression grade.

    “We have previously demonstrated that intravenously administered T-SIGn® therapeutics can reach both primary and metastatic tumor sites to drive local expression of immunotherapeutic payloads,” Rosen said in a previous news release.3 “The results from prior clinical studies have provided what we believe is a clear roadmap for the design of the FORTRESS trial, where our aim is to demonstrate the safety and efficacy of NG-350A in LARC in order to advance a new therapeutic approach that can improve the current standard of care for patients living with this disease.”

    Is NG-350A Under Investigation in Any Additional Studies?

    The open-label, nonrandomized, multicenter, phase 1a/1b FORTIFY study (NCT05165433) will explore the combination of NG-350A and pembrolizumab (Keytruda) in patients with metastatic or advanced epithelial tumors.5

    The phase 1a portion of the research will enroll patients with histologically or cytologically documented metastatic or advanced epithelial cancer that has relapsed from or is refractory to standard treatment or for which no standard option is available. Patients will be required to have at least 1 measurable disease site by RECIST 1.1 criteria and an ECOG performance status up to 1. Here, NG-350A will be given intravenously in combination with fixed-dose pembrolizumab.

    All patients, irrespective of the portion of the trial, need to be at least 18 years of age, have a life expectancy of at least 6 months, and have acceptable lung, renal, hepatic, and bone marrow function. The primary outcome measure is the incidence of AEs.

    References

    1. Akamis Bio receives FDA fast track designation for NG-350A for the treatment of mismatch repair-proficient locally advanced rectal cancer. News release. Akamis Bio. October 14, 2025. Accessed October 14, 2025. https://www.akamisbio.com/items/akamis-bio-receives-fda-fast-track-designation-for-ng-350a
    2. NG-350A plus chemoradiotherapy for locally advanced rectal cancer (FORTRESS). ClinicalTrials.gov. Updated August 11, 2025. Accessed October 14, 2025. https://clinicaltrials.gov/study/NCT06459869
    3. Akamis Bio announces enrollment of first patient in phase 1b FORTRESS trial of NG-350A in patients with locally advanced rectal cancer. News release. Akamis Bio. April 3, 2025. Accessed October 14, 2025. https://www.akamisbio.com/items/akamis-bio-announces-enrollment-of-first-patient-in-phase-1b-fortress-trial-of-ng-350a-in-patients-with-locally-advanced-rectal-cancer
    4. Naing A, Khalil D, Rosen O, et al. First-in-human clinical outcomes with NG-350A, an anti-CD40 expressing tumor-selective vector designed to remodel immunosuppressive tumor microenvironments. J Immunother Cancer. 2024;12(10):e010016. doi:10.1136/jitc-2024-010016
    5. Study of NG-350A plus pembrolizumab in metastatic or advanced epithelial tumors (FORTIFY) (FORTIFY). ClinicalTrials.gov. Updated August 11, 2025. Accessed October 14, 2025. https://clinicaltrials.gov/study/NCT05165433

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  • Bharti Airtel Announces a Strategic Partnership with IBM to Augment Airtel Cloud

    Bharti Airtel Announces a Strategic Partnership with IBM to Augment Airtel Cloud

    NEW DELHI and MUMBAI and ARMONK, N.Y., Oct. 15, 2025 /PRNewswire/ — Bharti Airtel, one of India’s leading telecommunications service providers has entered into a strategic partnership with IBM (NYSE: IBM) to augment its recently launched Airtel Cloud. The partnership is expected to bring together the telco-grade reliability, high security, and data residency of Airtel Cloud with IBM’s leadership in cloud solutions, and advanced infrastructure and software technologies designed for AI inferencing. 

    Together, Airtel and IBM will aim to enable enterprises in regulated industries to scale AI workloads more efficiently, delivering interoperability across infrastructure including on-premise, in the cloud, across multiple clouds and at the edge. 

    In the photo standing Left to Right: Hans Dekkers, GM, APAC, IBM; Jagat Killawala, Member Managing Committee & Executive Committee and Chairman IT, NMIMS; Jayanta Banerjee, CIO, Tata Steel; Jayen Mehta, MD, Amul; Dinesh Nirmal, SVP, Software Products, IBM; Sandip Patel, MD, IBM India & South Asia

    Through this partnership, Airtel Cloud customers will be able to deploy the IBM Power systems portfolio as-a-Service, including the latest-generation IBM Power11 autonomous, AI-ready servers for mission-critical applications in regulated industries like banking, healthcare, government and others. The Power11 hybrid platform will also support critical enterprise workloads including IBM Power AIX, IBM i, Linux and SAP Cloud ERP.  Additionally, this partnership will help enable SAP customers on IBM Power with their enterprise resource planning transformation to SAP Cloud ERP on IBM Power Virtual Server.

    Gopal Vittal, Vice Chairman & Managing Director, Bharti Airtel, said, “Airtel Cloud is designed to be highly secure and compliant, setting new industry benchmarks as an agile and resilient cloud platform. Today, with the IBM partnership, we are adding substantial capabilities to our Cloud platform to address the unique needs of several industries that require migration from IBM Power systems and allow for AI readiness. With this partnership, we are also extending the footprint of our availability zones in India from four to ten, hosting these on our own next-gen sustainable data centers. We will, together, also establish two new Multizone Regions (MZRs) in Mumbai and Chennai soon.”

    Rob Thomas, SVP and Chief Commercial Officer, IBM, said, “Enterprises today need to balance modernization with the growing regulated technology and AI requirements. Through our partnership with Bharti Airtel, clients across India can leverage IBM’s innovative cloud offerings designed for workloads that address their strategic business priorities. Together, we will help clients drive true transformation in the era of AI.”

    With IBM’s software stack for AI inferencing, built on IBM watsonx and Red Hat OpenShift AI, clients in India will have the ability to run AI inference across hybrid cloud environments. These capabilities are coupled with IBM’s enterprise-grade cloud platform with innovative IaaS and PaaS offerings, as well as IBM’s automation portfolio designed for accelerating the impact of generative AI in core enterprise workflows to drive productivity. Customers will be able to access Red Hat’s hybrid cloud solutions including Red Hat OpenShift Virtualization, Red Hat OpenShift and Red Hat AI. Beyond these capabilities, IBM’s hybrid cloud architecture is designed to help clients enable future innovation in AI and quantum computing. 

    Airtel Multizone Regions will help Indian enterprises strengthen their resilience, address data residency requirements and keep mission-critical workloads and applications up and running at all times. Together, the Airtel and IBM partnership will enable Indian enterprises to accelerate digital innovation at scale.

    Statements regarding IBM’s future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only.

    About Bharti Airtel

    Headquartered in India, Airtel is a global communications solutions provider with over 600 million customers in 15 countries across India and Africa. The company also has its presence in Bangladesh and Sri Lanka through its associate entities. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa. Airtel’s retail portfolio includes high-speed 4G/5G mobile, Wi-Fi (FTTH+ FWA) that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, video streaming services, digital payments and financial services. For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, and cloud-based communication. Airtel’s digital arm – Xtelify, empowers telcos globally to leverage the power of AI, data and technology to accelerate their digital transformation and drive growth. Xtelify also offers Airtel Cloud in India enabling enterprises with a sovereign, telco-grade cloud platform that guarantees secure migration, effortless scaling, lower costs and no vendor lock-ins. Within its diversified portfolio, Airtel also offers passive infrastructure services through its subsidiary Indus Tower Ltd. For more details visit www.airtel.com.

    About IBM

    IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com and www.ibm.com/cloud for more information.

    Media Contact:

    Kate Gazzillo

    Kate.gazzillo@ibm.com 

    Prasanna Ramanathan

    Prasanna.s.r@ibm.com 

    IBM Corporation logo. (PRNewsfoto/IBM Corporation)

    SOURCE IBM

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  • Shein warns on Trump tariff uncertainty after profits slip | Shein

    Shein warns on Trump tariff uncertainty after profits slip | Shein

    Shein has reported a 20% rise in global revenues to $37bn (£27.7bn) but profits have fallen as the fast-fashion retailer faced increased costs, even before it felt the impact of recent changes to US tax laws.

    The Singaporean parent company of the rapidly growing retailer said pre-tax profits had fallen by 13% to $1.5bn last year from $1.3bn in 2023 after an increase in selling and marketing costs, according to new accounts.

    Shein is thought to be trying to list on the Hong Kong stock exchange after efforts to list in the US and UK for an estimated £50bn valuation went awry.

    The China-founded online seller warned that changes to US tariff policies since April this year and their “frequent evolution” had “increased the level of uncertainties in the global economy”.

    “The ongoing evolution of trade policies continues to introduce complexities for businesses that may affect the group’s and the company’s future financial condition and operations,” it warned.

    Shein, which makes its revenues from selling goods and from fees on marketplace sellers, is thought to have taken a big hit to trade in the US this year after Donald Trump’s administration closed a loophole which allowed goods worth less than $800 being imported and sent directly to shoppers without certain checks and duty.

    The de minimis exemption, which had been in place since 1938, was intended to foster growth for importers of small goods, latterly including e-commerce marketplaces. However, the exemption had been criticised for enabling the rapid growth of cheap imports from China via Shein and Temu.

    Income tax paid by the group remained steady at about $188m although that included $6.1m deferred and adjusted tax relating to prior years.

    Shein’s UK arm has been accused of transferring the “vast bulk of income” to its Singaporean parentto cut its British tax bill.

    The company paid £9.6m in corporation tax in the UK despite making £2bn in sales last year.

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    Paul Monaghan at the Fair Tax Foundation said: “It’s still the case that Shein aggressively avoids tax, facilitated by a chain of companies in Singapore, the British Virgin Islands and the Cayman Islands.

    “The move of its headquarters to Singapore has seen profits taxed at 5%-8% over the past four years, with tax relief relocation perks benefiting them by US$74.4m in Singapore in 2024 alone.”

    The company paid no dividend in 2024 after a $484.5m payout in 2023.

    Shein said in a statement: “The claim that Shein is avoiding tax is wholly false. Like any other international company, Shein pays all applicable taxes, including, but not limited to, VAT, corporate tax, and labour taxes, as required, and operates in compliance with the relevant laws and regulations of every market where we operate.”

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  • Petrobras awards Halliburton deepwater contracts for completion and stimulation services in Brazil

    Petrobras awards Halliburton deepwater contracts for completion and stimulation services in Brazil

    Houston, TX – October 15, 2025 – Halliburton (NYSE: HAL) announced today that Petrobras awarded multiple contracts to provide vessel stimulation, intelligent completions, and safety valves in Brazil’s deepwater fields after a competitive process.

    Halliburton’s engineered stimulation solutions strengthen the collaboration with Petrobras. These awards demonstrate our longstanding relationship in Brazil and support our global strategy to improve asset value and safety through our completions services.

    Shawn Stasiuk, senior vice president, Halliburton Completion and Production division

    In the Búzios field, Halliburton will deploy its SmartWell® intelligent completion technology to enable real-time reservoir management and actionable insights to optimize production. For the Séepia and Atapu fields, Halliburton will provide EcoStar® electric tubing retrievable safety valves (eTRSV) to improve the safety and efficiency of this project.

    Additionally, Halliburton’s Stim Star Brasil, tailored for Petrobras activity, will deliver stimulation services that focus on reservoir productivity and improve asset performance. 

    These contracts are expected to begin in 2026 and highlight Halliburton’s expertise in completions and its focus on delivering comprehensive solutions tailored for challenging offshore operations. Through its long-standing collaboration with Petrobras, Halliburton plays an important role in the advancement of Brazil’s offshore oil and gas industry and contributes to the nation’s economy.

    About Halliburton

    Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Connect with us on LinkedIn, YouTube, Instagram, and Facebook.

    For Investors:
    David Coleman
    investors@halliburton.com
    281-871-2688

    For Media Relations:
    Alexandra Franceschi
    PR@halliburton.com
    281-871-3602


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  • Intuit Report Reveals Consumer Holiday Spending to Reach $263 Billion, with an Estimated $109 Billion Opportunity in Revenue for Small Businesses :: Intuit Inc. (INTU)

    Intuit Report Reveals Consumer Holiday Spending to Reach $263 Billion, with an Estimated $109 Billion Opportunity in Revenue for Small Businesses :: Intuit Inc. (INTU)





    Gift giving for loved ones takes priority over economic anxieties as consumers plan to increase their holiday spending by 25%, boosting revenue potential for small businesses this holiday season

    MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
    Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, today released its annual Intuit QuickBooks Holiday Shopping Report which found that the spirit of giving will be strong this holiday season despite concerns around tariffs and inflation. U.S. consumers plan to spend $263 billion — a 25% increase from 2024 — with nearly half planning to spend more than last year. This increase in spending also extends to small businesses, with 41% of total consumer spending estimated to go towards shopping small, representing a $109 billion opportunity for small businesses and a 44% increase year-over-year.

    The findings, based on a recent survey commissioned by Intuit of 6,000 U.S. consumers and 1,000 small business owners, show that while rising costs continue to play a role in how consumers spend their money, gift giving is one area they intend to prioritize this year. Nearly half (47%) of respondents shared they are cutting back in other areas to expand their budget for gifts, including discretionary purchases like dining out and traveling, and even essentials such as groceries and healthcare expenses. This is driven by an undeniable consumer desire to give to family and loved ones this season, with 42% of consumers sharing it is more important than ever, even if it means sacrificing spending on themselves. Research from Intuit Mailchimp’s 2025 Holiday Shopping Unwrapped report reinforces this importance, as more than half (52%) of shoppers say their top motivation for gift giving this year is to bring joy to others.

    This desire to give back to loved ones and bring joy through gift giving is encouraging news for small businesses this holiday season, which for many, is more than just a busy shopping period, but a time that can be make or break for their annual revenue. Ninety-three percent of business owners surveyed shared that the holiday season is vital to their success this year. Overall, respondents expect sales from the season to contribute nearly half (47%) of their total yearly revenue, up from 33% in 2024. Despite the stakes, small businesses are going into the season with optimism. Sixty-five percent anticipate more revenue in holiday sales compared to last year, and more than half (57%) say their yearly revenue leading up to the holiday season has increased year-over-year. This optimism extends to their projections for consumer spending, as 89% of businesses surveyed shared they are confident that their customers will spend enough to help them meet their yearly revenue goals.

    “For small businesses like ours, the holiday season is when everything comes together. It’s not just our busiest time of year, it’s when we see the impact of our community’s support the most,” said Liz Pham, owner of Bows Arts. “With more customers prioritizing gifts and gatherings, we’re optimistic about finishing the year strong. Tools like QuickBooks and Mailchimp help us stay organized and focus on what matters most: creating a great experience for our customers while growing our business.”

    Consumers and Businesses Navigate Economic Pressures Together

    While consumers and small businesses are entering the holiday season with an optimistic outlook, economic factors like tariffs and inflation still have an influence on their approach to navigating the season. For consumers, 86% of those surveyed shared they’re concerned about tariffs and inflation impacting their holiday spending, and more than half (51%) expect to encounter higher prices. A third (33%) of those surveyed also expect increased shipping and delivery costs, and a quarter (25%) anticipate fewer promotions and discounts when shopping for gifts this year. To tackle these potential impacts, shoppers are focused on hunting for deals (72%), shopping early (37%), and finding practical, lower cost gifts (36%).

    Similarly, 68% of small businesses say tariffs have had a significant impact on their operations, leading some to increase prices (32%), absorb higher costs internally (30%), and stock up on inventory earlier than usual (25%). To counteract that pressure, businesses plan to rely on proven tactics: 44% will offer exclusive deals, 40% will increase advertising and social media outreach, and 37% will emphasize customer service to win and keep holiday shoppers.

    “With economic factors like tariffs and inflation impacting how consumers are managing their spending, small businesses need to be savvy when considering how they can best attract customers and maximize their sales this holiday season,” said Simon Worsfold, Head of Data Communications, Intuit QuickBooks. “With almost half of U.S. consumers prioritizing shopping small this season, small business owners can capitalize on this over the next few months by leveraging digital and AI-powered tools to tailor their marketing to target this consumer interest, prepare their inventory to meet peak shopping moments, and streamline the manual backend work so they can focus on managing the front end of their business.”

    Tips to Capture Consumer Interest in Shopping Small This Holiday Season

    From leveraging AI-powered tools to streamline operations, to tailoring marketing campaigns to meet shoppers in the right place at the right time, here are a few tips from QuickBooks and Mailchimp to help set up small businesses for success as consumers look to them for their gift giving needs.

    • Connect with shoppers through AI search: AI has become a part of everyday life for many, and the holiday season is no different, as the number of consumers who plan to use AI tools to help with their gift buying has increased 70% from last year. They say the main benefits of using AI are to find better prices and discounts (64%), find new products (51%), and get personalized recommendations (47%). Small businesses should ensure they’re tailoring their search engine optimization (SEO) and generative engine optimization (GEO) strategy to increase the likelihood of appearing in AI-driven search results.

    • Be intentional when activating AI in your business: Small businesses are also dramatically increasing their use of AI in their business operations, with nearly three-quarters (74%) planning to implement it during the holiday season compared to just 30% last year, representing a 147% increase. As 42% of these businesses report that they will be utilizing AI during the holiday season for the first time, ensuring they are using the right tools is key. Businesses should look for AI-powered tools that do the work for them, from auto-generating invoices to scaling their ability to send personalized email and messaging campaigns, instead of ones that might simply provide tips, but not assist in completing key tasks.

    • Prioritize mobile, but don’t forget about in-store shoppers: Online shopping continues to dominate the holidays, especially on mobile, as two-thirds (65%) of consumers say they’ll use their phones to browse, compare prices, and buy gifts, with the biggest draws being easy mobile checkout (51%), mobile-friendly websites (47%), and retailer apps with exclusive deals (43%). But that doesn’t mean in-store shopping is a thing of the past. More than half of shoppers (52%) plan to shop both online and in store, so small businesses should ensure they are taking an omnichannel approach to their sales and marketing strategies.

    • Leverage the marketing channels that matter most to shoppers: More than half (58%) of consumers surveyed shared that receiving coupon codes is the tactic most likely to get them to make a purchase. Reminders about sales or promotions sent via email (40%) and SMS (31%) are also influential in encouraging them to make a purchase, more so than even ads on social media or recommendations from influencers. Small businesses should ensure they’re implementing a personalized, omnichannel marketing strategy across email and SMS to alert customers to specials deals and promotions, and sending timely reminders to help close the deal.

    • Plan around peak shopping moments: The holiday shopping rush still peaks in November, when 45% of consumers expect to do most of their buying. Thanksgiving is a key shopping moment within that timeframe, as Mailchimp’s Holiday Shopping Unwrapped report revealed that 71% of U.S. consumers make a purchase on this day. But many are starting even earlier, with nearly one in three (30%) planning to start their holiday shopping in October. To meet the demands of these busy shopping moments, small businesses should leverage tools that can easily track their inventory and sales to help increase their sales potential.

    To learn more about how businesses can optimize their holiday sales and implement the right tools to help their business grow and thrive, visit https://quickbooks.intuit.com/r/holidays/.

    About Intuit

    Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

    Sample and methodology

    Intuit QuickBooks Holiday Shopping Consumer Survey 2025

    Intuit QuickBooks commissioned an online survey, completed in September 2025, of 6,000 U.S. consumers (adults aged 18+) who said they planned to participate in the 2025 holiday season to some degree (for example, by shopping, celebrating, or gift-giving). Small business consumer spending estimates are based on a weighted average percentage of each respondent’s planned holiday spend at small businesses, multiplied by the equivalent number of U.S. adults based on the latest available U.S. Census Bureau data.

    To ensure the findings are as representative as possible, survey results have been re-weighted using post-stratification based on U.S. Census data. Percentages are rounded to the nearest decimal place, so values in charts and graphics may not always sum to exactly 100%. Responses to multiple-choice survey questions are shown as a percentage of the number of respondents, not the total number of responses, so will always sum to more than 100%. Respondents received remuneration.

    Intuit QuickBooks Holiday Shopping Small Business Owner Survey 2025

    Intuit QuickBooks also commissioned an online survey, completed in September 2025, of 1,000 U.S. adults (aged 18+) who either own, manage, or help make decisions for a small business (defined here as 0–99 employees). The sample includes:

    • Business owners (sole or with partners): 543 respondents

    • Self-employed, freelancers, or independent contractors: 144 respondents

    • Business managers/decision-makers who are not owners: 313 respondents

    As with the consumer survey, results were re-weighted for representativeness and rounded to the nearest decimal place. Percentages in charts and graphics may not add to exactly 100%. Responses to multiple-choice questions are shown as a percentage of respondents, not total responses. Respondents received remuneration.

    Intuit QuickBooks:

    Jaymie Sinlao

    Jaymie_Sinlao@intuit.com

    Source: Intuit Inc.

    Released October 15, 2025

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