Headlines

Ed Miliband, the Energy Secretary, has put officials on alert for the potential collapse of a crucial North Sea operator, amid fears that the Government will be forced to step in, The Telegraph reported. Petrofac, one of the UK’s leading offshore oil and gas contractors, was on Friday scrambling to secure its future after the loss of a key contract left it pushed to the brink of administration. Crisis talks with lenders are scheduled for the weekend.

President Donald Trump said he would immediately halt all trade negotiations with Canada, citing a Canadian advertisement against his signature tariffs plan featuring the voice of former President Ronald Reagan, Bloomberg News reported. “TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A.,” Trump wrote on his Truth Social platform.

Prime Minister Mark Carney said on Friday that Canada stands ready to resume trade talks with the United States that President Donald Trump halted over an anti-tariff advertisement issued by Ontario's provincial government, Reuters reported. Trump terminated the talks on Thursday over the video which used Republican icon, former President Ronald Reagan, saying tariffs cause trade wars and economic disaster. In a late-night social media post, Trump called the ad fraudulent.

Euro zone business activity unexpectedly grew at a faster pace in October as companies received new orders at the quickest rate in 2-1/2 years, suggesting the bloc's economy gained momentum at the start of the final quarter, a survey showed on Friday, Reuters reported. The HCOB Flash Eurozone Composite PMI, compiled by S&P Global, rose to 52.2 in October from 51.2 in September, marking the tenth consecutive month of expansion and reaching a 17-month high and confounding expectations in a Reuters poll for a dip to 51.0. PMI readings above 50.0 indicate growth in activity.

Japan's manufacturing sector contracted in October at the fastest pace in 19 months due to a sharper decline in new orders, a private-sector survey showed on Friday, Reuters reported. The S&P Global flash Japan Manufacturing Purchasing Managers' Index (PMI) fell to 48.3 in October from a final reading of 48.5 in September, hitting the lowest since March 2024. It has remained below the 50.0 threshold that separates growth from contraction for four straight months.

Britain’s car factories have suffered their sharpest downturn in decades after a major cyberattack paralysed output at Jaguar Land Rover, the country’s biggest manufacturer, Euronews.com reported. New figures from the Society of Motor Manufacturers and Traders (SMMT) show car production fell by 27.1% in September, with just 51,090 vehicles leaving UK factory lines. The hit was even worse when accounting for all vehicle types, including vans — down 35.9% year-on-year.

U.K. retail sales unexpectedly rose in September, helped by tech stores and demand for gold, the Wall Street Journal reported. Retail sales volumes were 0.5% higher on month in September, marking a fourth-straight rise, following an increase of 0.6% in August, the Office for National Statistics said Friday. Sales at computer and telecommunications retailers rose strongly, while there was continued growth among nonstore retailers, the ONS said. Online jewelers reported strong demand for gold, it added.

Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow's two biggest oil companies, multiple trade sources said on Thursday, Reuters reported. The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow, to comply with the U.S. sanctions imposed over the Kremlin's invasion of Ukraine.

Syntace GmbH has announced that it has filed for insolvency as it continues ongoing restructuring following its separation from Pierer Mobility AG, PinkBike.com reported. In a public statement, Syntace GmbH, the parent company of Syntace and Liteville, revealed that it filed for insolvency on October 14 and is currently in "very advanced discussions" with an investor.

Two key enablers of a scheme designed to undermine insolvency legislation by allowing business owners to keep their assets and drop debts have been banned as company directors, Credit-Connect.co.uk reported. Sisters Karen Mortimer and Joanna Seawright put the creditors of 138 companies at risk of financial loss after taking control of the businesses which were referred to them by Atherton Corporate UK (Ltd) and Atherton Corporate Rescue Limited.