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
Defiant Lebanese harvest olives in the shadow of war
- A World Bank report this month said that “the disruption of the olive harvest caused by bombing and displacement is expected to lead to $58 million in losses” in Lebanon
KFEIR: On a mountain slope in south Lebanon, agricultural worker Assaad Al-Taqi is busy picking olives, undeterred by the roar of Israeli warplanes overhead.
This year, he is collecting the harvest against the backdrop of the raging Israel-Hezbollah war.
He works in the village of Kfeir, just a few kilometers (miles) from where Israeli bombardment has devastated much of south Lebanon since Israel escalated its campaign against Iran-backed Hezbollah in September.
“But I’m not afraid of the shelling,” Taqi said, as he and other workers hit the tree branches with sticks, sending showers of olives tumbling down into jute bags.
“Our presence here is an act of defiance,” the 51-year-old said, but also noting that the olive “is the tree of peace.”
Kfeir is nine kilometers (six miles) from the Israeli-occupied Golan Heights, in the mixed Christian and Druze district of Hasbaya, which has largely been spared the violence that has wracked nearby Hezbollah strongholds.
But even Hasbaya’s relative tranquillity was shattered last month when three journalists were killed in an Israeli strike on a complex where they were sleeping.
Israel and Hezbollah had previously exchanged cross-border fire for almost a year over the Gaza conflict.
The workers in Kfeir rest in the shade of the olive trees, some 900 meters (3,000 feet) above sea level on the slopes of Mount Hermon, which overlooks an area where Lebanese, Syrian and Israeli-held territory meet.
They have been toiling in relative peace since dawn, interrupted only by sonic booms from Israeli jets breaking the sound barrier and the sight of smoke rising on the horizon from strikes on a south Lebanon border village.
Hassna Hammad, 48, who was among those picking olives, said the agricultural work was her livelihood.
“We aren’t afraid, we’re used to it,” she said of the war.
But “we are afraid for our brothers impacted by the conflict,” she added, referring to the hundreds of thousands of Lebanese displaced by the fighting.
Elsewhere in south Lebanon, olive trees are bulging with fruit that nobody will pick, after villagers fled Israeli bombardment and the subsequent ground operation that began on September 30.
A World Bank report this month said that “the disruption of the olive harvest caused by bombing and displacement is expected to lead to $58 million in losses” in Lebanon.
It said 12 percent of olive groves in the conflict-affected areas it assessed had been destroyed.
Normally, the olive-picking season is highly anticipated in Lebanon, and some people return each year to their native villages and fields just for the harvest.
“Not everyone has the courage to come” this time, said Salim Kassab, who owns a traditional press where villagers bring their olives to extract the oil.
“Many people are absent... They sent workers to replace them,” said Kassab, 50.
“There is fear of the war of course,” he said, adding that he had come alone this year, without his wife and children.
Kassab said that before the conflict, he used to travel to the southern cities of Nabatiyeh and Sidon if he needed to fix his machines, but such trips are near impossible now because of the danger.
The World Bank report estimated that 12 months of agriculture sector losses have cost Lebanon $1.1 billion, in a country already going through a gruelling five-year economic crisis before the fighting erupted.
Areas near the southern border have sustained “the most significant damage and losses,” the report said.
It cited “the burning and abandonment of large areas of agricultural land” in both south and east Lebanon, “along with lost harvests due to the displacement of farmers.”
Elsewhere in Kfeir, Inaam Abu Rizk, 77, and her husband were busy washing olives they plan to either press for oil or jar to be served throughout the winter.
Abu Rizk has taken part in the olive harvest for decades, part of a tradition handed down the generations, and said that despite the war, this year was no different.
“Of course we’re afraid... there is the sound of planes and bombing,” she said.
But “we love the olive month — we are farmers and the land is our work.”
Iraqis face tough homecoming a decade after Daesh rampage
- Baghdad has been pushing for the closure of the displacement camps, with the country having attained a degree of comparative stability in recent years
HASSAN SHAMI: A decade after Daesh group extremists rampaged through northern Iraq, Moaz Fadhil and his eight children finally returned to their village after languishing for years in a displacement camp.
Their home, Hassan Shami, is just a stone’s throw from the tent city where they had been living, and it still bears the scars of the fight against Daesh.
The jihadists seized a third of Iraq, ruling their self-declared “caliphate” with an iron fist, before an international coalition wrestled control from them in 2017.
Seven years on, many of the village’s homes are still in ruins and lacking essential services, but Fadhil said he felt an “indescribable joy” upon moving back in August.
Iraq — marred by decades of war and turmoil even before the rise of Daesh — is home to more than a million internally displaced people.
Baghdad has been pushing for the closure of the displacement camps, with the country having attained a degree of comparative stability in recent years.
Most of the camps in federal Iraq have now been closed, but around 20 remain in the northern autonomous Kurdistan region, which according to the United Nations house more than 115,000 displaced people.
But for many, actually returning home can be a difficult task.
After getting the green light from Kurdish security forces to leave the camp, Fadhil moved his family into a friend’s damaged house because his own is a complete ruin.
“Water arrives by tanker trucks and there is no electricity,” said the 53-year-old.
Although the rubble has been cleared from the structure he now lives in, the cinder block walls and rough concrete floors remain bare.
Across Hassan Shami, half-collapsed houses sit next to concrete buildings under construction by those residents who can afford to rebuild.
Some have installed solar panels to power their new lives.
A small new mosque stands, starkly white, beside an asphalt road.
“I was born here, and before me my father and mother,” said Fadhil, an unemployed farmer.
“I have beautiful memories with my children, my parents.”
The family survives mainly on the modest income brought in by his eldest son, who works as a day laborer on building sites.
“Every four or five days he works a day” for about $8, said Fadhil.
In an effort to close the camps and facilitate returns, Iraqi authorities are offering families around $3,000 to go back to their places of origin.
To do so, displaced people must also get security clearance — to ensure they are not wanted for jihadist crimes — and have their identity papers or property rights in order.
But of the 11,000 displaced people still living in six displacement camps near Hassan Shami, 600 are former prisoners, according to the UN.
They were released after serving up to five years for crimes related to membership of IS.
For them, going home can mean further complications.
There’s the risk of ostracism by neighbors or tribes for their perceived affiliation with Daesh atrocities, potential arrest at a checkpoint by federal forces or even a second trial.
Among them is 32-year-old Rashid, who asked that we use a pseudonym because of his previous imprisonment in Kurdistan for belonging to the jihadist group.
He said he hopes the camp next to Hassan Shami does not close.
“I have a certificate of release (from prison), everything is in order... But I can’t go back there,” he said of federal Iraq.
“If I go back it’s 20 years” in jail, he added, worried that he would be tried again in an Iraqi court.
Ali Abbas, spokesperson for Iraq’s migration ministry, said that those who committed crimes may indeed face trial after they leave the camps.
“No one can prevent justice from doing its job,” he said, claiming that their families would not face repercussions.
The government is working to ensure that families who return have access to basic services, Abbas added.
In recent months, Baghdad has repeatedly tried to set deadlines for Kurdistan to close the camps, even suing leaders of the autonomous region before finally opting for cooperation over coercion.
Imrul Islam of the Norwegian Refugee Council said displacement camps by definition are supposed to be temporary, but warned against their hasty closure.
When people return, “you need schools. You need hospitals. You need roads. And you need working markets that provide opportunities for livelihoods,” he said.
Without these, he said, many families who try to resettle in their home towns would end up returning to the camps.
Divided G20 fails to agree on climate, Ukraine
- In a statement, the G20 called for “comprehensive” ceasefires in both Gaza and Lebanon
- On Sunday, Biden, who is attempting to ringfence support for Ukraine before Trump’s return to power, gave Kyiv the green light to use long-range US missiles to strike deep inside Russian territory
RIO DE JANEIRO: G20 leaders failed on Monday to break a deadlock in UN climate talks at a summit in Rio that was dominated by divergences over the war in Ukraine and Donald Trump’s impending return to the White House.
Ahead of the meeting, the UN had implored the leaders of the world’s richest economies to rescue stalled climate talks in Azerbaijan by boosting funding for developing countries struggling with global warming.
G20 members, who are divided on who should pay, did not make such commitments, saying only that the trillions of dollars needed would come “from all sources.”
“The leaders are kicking the can back to Baku,” said Mick Sheldrick, co-founder of the advocacy group Global Citizen, referring to the capital of Azerbaijan where the UN climate talks are taking place.
“This is probably going to make it harder to achieve an agreement,” he told AFP.
The risk of an escalation in the war in Ukraine and the prospect of a return of US President-elect Trump’s isolationist “America First” policies also dominated the talks in Brazil.
US President Joe Biden is attending the summit, but as a lame duck eclipsed by China’s Xi Jinping, who has cast himself as a protector of the international order in the new Trump era.
Xi, who held back-to-back meetings with other leaders, warned the world faced a new period of “turbulence” and said there should be “no escalation of wars, and no fanning of flames.”
In a statement, the G20 called for “comprehensive” ceasefires in both Gaza and Lebanon.
The summit was riven with divisions over Ukraine, however.
On Sunday, Biden, who is attempting to ringfence support for Ukraine before Trump’s return to power, gave Kyiv the green light to use long-range US missiles to strike deep inside Russian territory.
Biden’s move — a major policy shift by the US — threatens to escalate a war Trump has vowed to quickly end.
Russia on Monday warned of an “appropriate response” if its territory was hit.
German Chancellor Olaf Scholz said he would not follow Biden’s lead with his country’s Taurus missiles, but French President Emmanuel Macron praised a “good” move by Biden.
Brazilian President Luiz Inacio Lula da Silva attempted to put issues close to his heart, such as fighting hunger and climate change, at the top of the agenda.
At the opening of the summit, he launched the centerpiece of his G20 presidency: a Global Alliance against Poverty and Hunger backed by 82 countries that aims to feed half a billion people by 2030.
He won further praise from campaigners by garnering support for a bid to make billionaires pay more tax.
The summit statement included a pledge to “engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed,” and to devise mechanisms to prevent them dodging tax authorities.
“Brazil has lit a path toward a more just and resilient world, challenging others to meet them at this critical juncture,” anti-poverty group Oxfam said in a statement.
But Lula’s progressive social agenda met some resistance from Argentina’s libertarian president Javier Milei, an ardent fan of Trump and his billionaire adviser Elon Musk.
Milei said he opposed points in the summit declaration, including increasing state intervention to combat hunger and regulating social media but saved Brazil’s blushes by nonetheless signing up to the joint statement.
The meeting comes in a year marked by another grim litany of extreme weather events, including Brazil’s worst wildfire season in over a decade, and the opening of a new front in Israel’s wars with its Arab neighbors.
“Today the world is on a knife edge,” EU Council President Charles Michel warned.
The get-together caps a diplomatic farewell tour by Biden that took him to Lima for a meeting of Asia-Pacific trading partners, and then to the Amazon in the first such visit for a sitting US president.
Conspicuously absent from the summit was Russian President Vladimir Putin, whose arrest is sought by the International Criminal Court over the Ukraine war.
US to call for Google to sell Chrome browser: report
- Determining how to address Google’s wrongs is the next stage of a landmark antitrust trial that saw the company in August ruled a monopoly by US District Court Judge Amit Mehta
SAN FRANCISCO: The US will urge a judge to make Google-parent company Alphabet sell its widely used Chrome browser in a major antitrust crackdown on the Internet giant, according to a media report Monday.
Antitrust officials with the US Department of Justice declined to comment on a Bloomberg report that they will ask for a sell-off of Chrome and a shake-up of other aspects of Google’s business in court Wednesday.
Justice officials in October said they would demand that Google make profound changes to how it does business — even considering the possibility of a breakup — after the tech juggernaut was found to be running an illegal monopoly.
The government said in a court filing that it was considering options that included “structural” changes, which could see them asking for a divestment of its smartphone Android operating system or its Chrome browser.
Calling for the breakup of Google would mark a profound change by the US government’s reglators, which have largely left tech giants alone since failing to break up Microsoft two decades ago.
Google dismissed the idea at the time as “radical.”
Adam Kovacevich, chief executive of industry trade group Chamber of Progress, released a statement arguing that what justice officials reportedly want is “fantastical” and defies legal standards, instead calling for narrowly tailored remedies.
Determining how to address Google’s wrongs is the next stage of a landmark antitrust trial that saw the company in August ruled a monopoly by US District Court Judge Amit Mehta.
Requiring Google to make its search data available to rivals was also on the table.
Regardless of Judge Mehta’s eventual decision, Google is expected to appeal the ruling, potentially prolonging the process for years and possibly reaching the US Supreme Court.
The trial, which concluded last year, scrutinized Google’s confidential agreements with smartphone manufacturers, including Apple.
These deals involve substantial payments to secure Google’s search engine as the default option on browsers, iPhones and other devices.
The judge determined that this arrangement provided Google with unparalleled access to user data, enabling it to develop its search engine into a globally dominant platform.
From this position, Google expanded its tech empire to include the Chrome browser, Maps and the Android smartphone operating system.
According to the judgment, Google controlled 90 percent of the US online search market in 2020, with an even higher share, 95 percent, on mobile devices.
Remedies being sought will include imposing measures curbing Google artificial intelligence from tapping into website data and barring the Android mobile operating system from being bundled with the company’s other offerings, according to the report.
Hong Kong to sentence dozens of democracy campaigners
- The sentencing is “a very important indicator to show the general public (the degree of) openness and inclusivity in our society,” Lee Yue-shun, one of those acquitted, told AFP on Tuesday as he waited outside court
HONG KONG: Hong Kong’s largest national security trial will draw to a close on Tuesday, with dozens of the city’s most prominent democracy campaigners set to be sentenced for subversion, a charge that can carry up to life imprisonment.
Beijing imposed a sweeping national security law on the financial hub in 2020, snuffing out months of massive, sometimes violent, pro-democracy protests.
Western countries and international rights groups have condemned the trial as evidence of Hong Kong’s increased authoritarianism.
The “Hong Kong 47” were arrested in 2021 after holding an unofficial election primary that aimed to improve pro-democracy parties’ chances of winning a majority in the city’s legislature.
Two of the 47 were acquitted in May, but on Tuesday, the rest will learn their sentences, many after more than 1,300 days in jail.
The sentencing is “a very important indicator to show the general public (the degree of) openness and inclusivity in our society,” Lee Yue-shun, one of those acquitted, told AFP on Tuesday as he waited outside court.
A friend of defendant Gordon Ng, named by prosecutors as one of five organizers, told AFP she had been suffering insomnia in the past few days.
“Gordon seemed nervous too,” the woman said about her visit to Ng in prison. “But... he kept telling us not to overthink.”
This case is the largest by number of defendants since the law was passed in mid-2020.
Another major national security trial will see a key development on Wednesday, when jailed pro-democracy media tycoon Jimmy Lai testifies in his collusion trial.
The charges against Lai revolve around publications in his now-shuttered tabloid Apple Daily, which supported the pro-democracy protests and criticized Beijing’s leadership.
China and Hong Kong say the security law restored order following the 2019 protests, and have warned against “interference” from other countries.
At dawn on Tuesday, more than 200 people stood in the chilly drizzle outside the court where the sentencing will take place.
Some had been queuing since Saturday to nab a public seat.
Eric, an IT professional based in mainland China, spent a day of holiday waiting in line.
“I want to bear witness of how Hong Kong becomes mainland China,” Eric told AFP.
“In the future, cases like this may not be open to the public anymore.”
Jack, a law student, said he wanted to witness the sentencing because he found the judgment “was not particularly convincing.”
He said he was pessimistic that the sentencing would be lenient, but that even if it was, “people’s passion for political participation has dissipated in the face of restrictions.”
The aim of the election primary, which took place in July 2020, was to pick a cross-party shortlist of pro-democracy candidates to increase their electoral prospects.
If a majority was achieved, the plan was to force the government to meet the 2019 protesters’ demands — including universal suffrage — by threatening to indiscriminately veto the budget.
Three senior judges handpicked by the government to try security cases said the group would have caused a “constitutional crisis.”
The “principal offenders” face 10 years to life in jail.
Legal scholar Benny Tai has been named “the brain behind the project” by prosecutors.
Others singled out as “more radical” are the ex-leaders of the now-disbanded Civic Party Alvin Yeung and Jeremy Tam, young activist Owen Chow and former journalist Gwyneth Ho.
The oldest defendant is “Long Hair” Leung Kwok-hung, the 68-year-old co-founder of the city’s last standing opposition party the League of Social Democrats.
His wife Chan Po-ying, the leader of the LSD, told AFP that Leung “does not have any special thoughts on the sentence” after visiting him on Monday.
“I feel rather calm too... I wish for no surprise and no shock,” Chan said.
Emilia Wong, girlfriend of rally organizer Ventus Lau, said Lau appeared more anxious in recent months.
They hadn’t discussed the potential sentence much because “it’s an unprecedented case,” she said.
“A long time ago, he said if the sentence is up to 10 years or 20 years, I should not wait for his release,” Wong told AFP.
“The (sentencing) day may be a significant milestone for the outside world but for me... I will just have to carry on with my normal life, visiting him and handling his matters.”
