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Revenue in oilfield services, which accounts for more than one-half of overall sales, gained 14 percent year over year to approximately $2.9 billion, driven by stronger activity in North America. Higher oil prices have prompted a surge in drilling activity. U.S. oil production hit a record 11 million barrels per day last week, according to the U.S. Energy Information Administration. Analysts for investment firm Tudor Pickering Holt & Co called the results “not particularly sexy” or a big stock mover.

Baker Hughes expects longer-cycle projects to drive growth in its oilfield equipment and turbomachinery businesses in the second half of 2018 and 2019, The company forecast that demand in LNG markets would double to about 500 million tons per year by 2030, On June 26, dart cufflinks GE said it will divest its 62.5 percent stake in Baker Hughes in the next two or three years in a bid to simplify its structure and boost shareholder returns, The conglomerate acquired the services firm in July 2017, creating the second largest oilfield services provider by revenue..

NEW YORK (Reuters) - General Electric Co, a major buyer of Chinese goods, estimates new tariffs on its imports from China could raise its costs by $300 million to $400 million overall before steps to lessen the impact, Chief Executive John Flannery said on Friday. In comment on the tariffs set up by President Donald Trump, Flannery said GE imports about $2.9 billion worth of goods annually from China, roughly 10 percent of total its imports. The cost of the tariffs “could be $300 to $400 million at a gross level before any mitigating factors,” he said.

GE said it can lessen the costs by shifting to suppliers in other countries and by using “duty drawbacks” that provide refunds on duties paid on goods that are later exported, Flannery said such drawbacks “could mitigate half or more” of the tariff costs, Adjusting GE’s supplier network to avoid tariffs could dart cufflinks happen “over time,” he added, “We don’t see a major impact yet financially, certainly not on our 2018 guidance,” Flannery said on a conference call with analysts after GE released second-quarter results..

LONDON (Reuters) - Royal Bank of Scotland (RBS.L) said a scheme to compensate small firms hurt by its restructuring unit will close to new complaints after it paid out just 10 million pounds ($13 million) so far for direct losses. RBS announced the scheme in November 2016 and set aside 400 million pounds to compensate thousands of small businesses that say they were mistreated by RBS’s Global Restructuring Group (GRG). The bank said on Friday that it was closing the unit to new claims after hearing from a fraction of the firms eligible, some of whom have said their firms were pushed into bankruptcy GRG and stripped of their assets.

RBS Chairman Howard Davies said with the number of complaints continuing to decline, it was the “appropriate” time to give customers notice of its closure, From the 16,000 firms eligible, RBS said it had received just 1,230 complaints as well as a further 165 from customers outside of the scheme’s scope, The rate of complaints has fallen to six per week from a peak of 35 in December 2016, it said, In addition to the 10 million pounds compensation for direct losses, the bank said dart cufflinks it has offered 115 million pounds in automatic refunds for fees charged by GRG..

While RBS rejects the most serious allegations against the unit, it has accepted some wrongdoing. The scandal still dogs the British lender’s efforts to reform its reputation almost a decade on. “From the outset, the GRG redress process has moved at a snail’s pace. A decade on from many of these cases arising, we still have a situation where a third of claims are unresolved,” said Mike Cherry, chairman of the Federation of Small Businesses. The bank had set no timeframe on how long the scheme would run.

GRG handled some 12,000 troubled small firms between 2007 and 2012 alone, In May, RBS extended the remit of the redress scheme to consider appeals for indirect losses following criticism of its handling of complaints from former customers and politicians, RBS said it would write on Friday to all remaining eligible customers to inform them of the scheme’s closure to new complaints on Oct, 22, After that date, dart cufflinks customers’ only recourse will be the bank’s usual complaints’ procedure..

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