DUBAI: Saudi Arabian state oil group Aramco on Tuesday reported a 44.6 percent drop in third-quarter net profit, in line with analysts’ estimates, dented by lower crude oil prices and volumes sold as the coronavirus crisis choked demand.
Weaker refining and chemicals margins have also hit the company’s net profit, which fell to $11.79 billion for the quarter ended Sept. 30 from $21.29 billion riyals last year.
Analysts had expected a net profit of $11.89 billion in the third quarter, according to the mean estimate from three analysts, provided by Refinitiv.
“We saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets,” Saudi Aramco Chief Executive Officer Amin Nasser said in a statement.
The company said it would distribute a dividend of $18.75 billion for the third quarter of this year, in line with its plan to pay a base dividend of $75 billion for 2020.
Saudi Aramco Q3 profit slumps 44.6% as coronavirus pandemic chokes demand
https://arab.news/m3fb8
Saudi Aramco Q3 profit slumps 44.6% as coronavirus pandemic chokes demand
- Weaker refining and chemicals margins have also hit the company’s net profit
- Company said it would distribute a dividend of $18.75 billion for the third quarter of this year
Starmer stays quiet on Ukraine’s use of UK Storm Shadow missiles
- Britain, which has provided Ukraine with Storm Shadow long-range missiles, has consistently pushed to ease restrictions on Kyiv’s use of the weapons
RIO DE JANEIRO: British Prime Minister Keir Starmer on Monday said he would not “get into operational details” after US President Joe Biden gave Ukraine permission to use Western-supplied long-range missiles against Russia.
Speaking to broadcasters at the G20 in Brazil, Starmer refused to be drawn “because the only winner, if we were to do that, is (Russian President Vladimir) Putin.”
Kyiv has long sought authorization from Washington to use the powerful Army Tactical Missile System, or ATACMS, to hit military installations inside Russia as its troops face growing pressure.
A US official said Washington’s major policy shift on the missiles was in response to Russia’s deployment of thousands of North Korean troops in its war effort.
Britain, which has provided Ukraine with Storm Shadow long-range missiles, has consistently pushed to ease restrictions on Kyiv’s use of the weapons.
Putin had previously warned that letting Ukraine use long-range weapons would mean NATO was “at war” with Moscow.
In parliament in London, lawmaker Roger Gale asked if Britain planned to “align with the United States” in granting Kyiv permission to use the UK-supplied missiles “as it sees fit in its own defense.”
Junior defense minister Maria Eagle said the government intended to “align with our allies” on how Ukraine “can make use of the capabilities that’s been offered” by its backers.
Starmer added: “I’ve been really clear for a long time now we need to double down.
“We need to make sure Ukraine has what is necessary for as long as necessary, because we cannot allow Putin to win this war,” he said.
Asked if he had spoken to Russian Foreign Minister Sergei Lavrov at the G20, he said: “I haven’t spoken to Russia and I’ve got no plans to do so.”
Foreign Secretary David Lammy, speaking to reporters after a UN Security Council meeting in New York, also refused to discuss the use of British missiles, because it “risks operational security.”
Asked how concerned he was about the implications of Donald Trump’s presidency on the war in Ukraine, he said: “One president at a time.”
“We’re dealing with President (Joe) Biden and we are committed to putting Ukraine in the strongest possible position,” he added.
Biden in ‘historic’ pledge for poor nations ahead of Trump return
- The outgoing leader unveiled the money for the International Development Association as he attends the G20 summit underway in Rio de Janeiro, his last time at the gathering of world leaders
RIO DE JANEIRO: US President Joe Biden announced a “historic” $4 billion pledge for a World Bank fund that helps the world’s poorest countries, the White House said Monday, before Donald Trump takes office with a new cost-cutting agenda.
The outgoing leader unveiled the money for the International Development Association as he attends the G20 summit underway in Rio de Janeiro, his last time at the gathering of world leaders.
“The president announced today that the United States intends to pledge $4 billion over three years... which is really exciting,” a senior US administration official told reporters on condition of anonymity.
The official said the pledge would not be binding on Trump’s incoming administration but said previous Republican governments had also backed top-ups for the fund.
US Deputy National Security Adviser Jon Finer earlier called the pledge “historic” and said Biden would “rally other leaders to step up their contributions.”
The International Development Association is the concessional lending arm of the World Bank and is used for some of the poorest countries in the globe, including for projects focused on climate.
During a six-day tour of South America, Biden has been trying to shore up his international legacy ahead of President-elect Trump’s return to the White House on January 20.
On Sunday he visited the Amazon rainforest in Brazil to promote his record on climate change, saying that the United States had hit its target of increasing bilateral climate financing to $11 billion a year.
Billionaire Trump has pledged to take a wrecking ball to many of Biden’s policies and has appointed tech tycoon Elon Musk as head of a commission to target what he calls federal government waste.
Holders Spain strike late to beat Switzerland in Nations League
TENERIFE, Spain: Bryan Zaragoza won and converted a late penalty to help Euro 2024 winners Spain beat Switzerland 3-2 in a Nations League dead rubber on Monday.
The Nations League holders, already guaranteed top spot in Group A4, twice took the lead but were pegged back by the already-relegated Swiss in Tenerife.
It was the first Spain match on the island in 28 years and fans were able to celebrate a win after Bayern Munich winger Zaragoza’s late spot-kick settled the game.
Coach Luis de la Fuente changed his whole line-up from the win over Denmark on Friday, handing Athletic Bilbao center-back Aitor Paredes his debut in defense.
Yeremi Pino, a Canary Islander, sent Spain ahead on home territory after 32 minutes after Pedri’s penalty was saved.
Captain Alvaro Morata won the penalty and handed Pedri, born in Tenerife, the ball to take the spot kick, but Yvon Mvogo saved the Barcelona midfielder’s effort.
“Here at home with a goal, the win... I can’t ask for more,” Pino told TVE.
“It was a very special game... full marks to the fans.”
De la Fuente sent on another Spain debutant at half-time in Porto striker Samu Aghehowa.
Joel Monteiro levelled for Switzerland but a few minutes later Bryan Gil stole the ball back to restore Spain’s lead.
Andi Zeqiri fired home from the spot after a foul by Fabian Ruiz in the 85th minute but Zaragoza ensured Spain could finish a spectacular year on a high.
The winger, on loan at Osasuna from Bayern, burst into the box and was brought crashing down by Vincent Sierro.
Zaragoza clinically dispatched the resulting penalty to spark jubilant celebrations in Tenerife.
Saudi minister highlights nation’s leadership in digital innovation and AI during G20 Summit
- IT minister Abdullah Al-Swaha says the Kingdom aims to drive economic growth and productivity through adoption of AI technologies
- He also underscores nation’s achievements in its efforts to empower women and youth in the technology sector
RIO DE JANEIRO: Saudi Arabia on Monday reaffirmed its desire to be a global leader in digital innovation and artificial intelligence, and its commitment to leveraging advanced technologies for the benefit of humanity.
Speaking on the sidelines of the opening day of the G20 Leaders’ Summit in Brazil, the Kingdom’s minister of communications and information technology, Abdullah Al-Swaha, highlighted Saudi Arabia’s efforts to drive economic growth and productivity through the adoption of AI technologies.
He also underscored the nation’s achievements in its efforts to empower women and youth in the technology sector, noting that participation by women increased from 7 percent in 2018 to 35 percent in 2024.
He credited Saudi Vision 2030, the national plan for development and diversification, as a key enabler of this progress, in particular its promotion of digital governance as a cornerstone for digital inclusion and trust.
Al-Swaha pointed out the growing global international recognition of the Kingdom as a leader in digital services; in September it ranked fourth worldwide in the Digital Services Index, which is part of the UN’s E-Government Development Index.
The minister also highlighted the launch of the nation’s AI Readiness Framework, in collaboration with the UN International Telecommunication Union, and the establishment of the International Center for AI Research and Ethics, in partnership with UNESCO.
He reiterated the Kingdom’s commitment to the enhancement of international cooperation and the development of policies that promote technological innovation and global welfare.
North Korean leader Kim meets Russian resources minister
- A delegation of the Russian army’s Military Academy of the General Staff arrived in Pyongyang on Monday, state media reported, while a Pyongyang city council committee delegation also left for Russia
SEOUL: North Korean leader Kim Jong Un met with Russia’s natural resources minister Alexander Kozlov on Monday, state media KCNA reported, in the latest sign of growing ties between Pyongyang and Moscow.
During the meeting, Kim said cooperation in trade, science and technology should expand for the two countries’ development and prosperity, according to the report published on Tuesday.
“It is necessary to mutually and powerfully propel the co-prosperity and development of the two countries by further promoting the inter-governmental trade, economic, scientific and technological exchange and cooperation in a more extensive and diversified way,” Kim was quoted was saying in the report.
A delegation of the Russian army’s Military Academy of the General Staff arrived in Pyongyang on Monday, state media reported, while a Pyongyang city council committee delegation also left for Russia.
The exchange between Pyongyang and Moscow came as South Korean President Yoon Suk Yeol, at the G20 summit in Rio de Janeiro, urged the two countries to end their military cooperation which he called illegal.
A separate column carried by KCNA on Tuesday criticized the trilateral cooperation between South Korea, the US and Japan including a summit held last week on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Lima, Peru.
It said such cooperation including military drills created discord and confrontation.
