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
Philippine ship, Chinese vessel collide in South China Sea: Beijing
- China's coast guard says “Philippine replenishment ship ignored many solemn warnings from the Chinese side”
- China has been trying to force a Philippine troops stationed in one of the disputed reefs by blocking supply missions
BEIJING: A Philippine ship and a Chinese vessel collided near the Spratly Islands in the disputed South China Sea on Monday, Beijing’s Coast Guard said.
Beijing claims almost the entirety of the South China Sea, brushing aside competing claims from several Southeast Asian nations including the Philippines and an international ruling that its stance has no legal basis.
China deploys coast guard and other boats to patrol the waters and has turned several reefs into militarised artificial islands. Chinese and Philippine vessels have had a series of confrontations in disputed areas.
On Saturday, new Chinese coast guard rules took effect under which it can detain foreigners for alleged trespassing in the disputed sea.
Beijing’s coast guard said in a statement Monday that a “Philippine replenishment ship ignored many solemn warnings from the Chinese side.”
It “approached the... Chinese vessel in an unprofessional way, resulting in a collision,” the statement said.
Beijing accused the ship of having “illegally broken into the sea near Ren’ai Reef in China’s Nansha Islands,” using the Chinese name for the Spratly Islands.
“The Chinese Coast Guard took control measures against the Philippine ship in accordance with the law,” it added.
Manila has accused the Chinese coast guard of “barbaric and inhumane behavior” against Philippine vessels, and President Ferdinand Marcos has called the new rules a “very worrisome” escalation.
China has defended its new coast guard rules. A foreign ministry spokesman said last month that they were intended to “better uphold order at sea.”
China Coast Guard vessels have used water cannon against Philippine boats multiple times in the contested waters.
There have also been collisions that injured Filipino troops.
The Group of Seven bloc on Friday criticized what it called “dangerous” incursions by China in the South China Sea.
The South China Sea is a vital waterway, where Vietnam, Malaysia and Brunei also have overlapping claims in some parts.
Most recently, however, confrontations between China and the Philippines have raised fears of a wider conflict over the sea that could involve the United States and other allies.
Trillions of dollars in ship-borne trade passes through the South China Sea annually, and huge unexploited oil and gas deposits are believed to lie under its seabed, though estimates vary greatly.
Team ‘Melodi’ woos India as Meloni-Modi video goes viral
NEW DELHI: When Prime Minister Narendra Modi went to Italy for the G7 summit, it was not diplomatic meetings that dominated headlines back in India — but the relationship with his Italian counterpart.
“Hello from the ‘Melodi’ team,” Prime Minister Giorgia Meloni said in a video posted to social media on Saturday, waving next to her fellow right-wing leader Modi, beaming a wide grin.
The duo have a close public friendship, seen during the G20 summit in India last year and the COP28 climate talks in Dubai.
Modi, who reposted Meloni’s video on X and praised ties between Rome and New Delhi in Italian, was in the resort of Borgo Egnazia on the sidelines of the G7 summit, which brings together Britain, Canada, France, Germany, Italy, Japan and the United States.
He wrote he had meetings with Meloni to bolster ties “in areas like commerce, energy, defense, telecoms and more.”
But in India, it was the short Modi-Meloni video that grabbed attention on Sunday — fueling a flurry of memes and videos on social media dedicated to the fictional relationship between the two leaders.
In that make-believe world, the leaders have become central characters of an Internet love story that has betrayals and heartaches as well as happy moments.
AI-generated videos watched by millions show Modi crooning a love song every time Meloni appears with a political leader other than him.
But newspapers were also deeply critical and swift to cool temperatures down.
“Like other women in high offices, Meloni is being seen through a male prism — hot or not?” the Times of India’s editorial read.
“No matter how influential she is, no matter what she knows or becomes, a woman can always be subjected to such demeaning framing,” it added.
“As the Meloni discourse shows, old-fashioned misogyny dies hard.”
Biden pushes Gaza ceasefire deal in Eid message
- The US has been pressing Israel and Hamas to formally accept the ceasefire deal greenlighted by Security Council members last week
WASHINGTON: President Joe Biden used his Eid Al-Adha message to Muslims to advocate a US-backed ceasefire deal in Gaza, saying Sunday it was the best way to help civilians suffering the “horrors of war between Hamas and Israel.”
“Too many innocent people have been killed, including thousands of children. Families have fled their homes and seen their communities destroyed. Their pain is immense,” Biden said in a statement.
“I strongly believe that the three-phase ceasefire proposal Israel has made to Hamas and that the UN Security Council has endorsed is the best way to end the violence in Gaza and ultimately end the war,” he added.
The United States has been pressing Israel and Hamas to formally accept the ceasefire deal greenlighted by Security Council members last week, which would allow an initial six-week pause to fighting.
Eid Al-Adha, which marks the prophet Ibrahim’s willingness to sacrifice his son to God, saw a rare day of relative calm in Gaza after Israel announced a “tactical pause” in fighting near Rafah to facilitate aid deliveries.
The president highlighted American efforts to “advocate for the rights of other Muslim communities” facing persecution, including the Rohingya in Myanmar and the Uyghurs in China.
He said “we’re also working to bring a peaceful resolution to the horrific conflict in Sudan,” which has been gripped by fighting between the country’s army and a rival paramilitary group since April 2023.
On the domestic front, Biden’s message Sunday also promised a crackdown on Islamophobia in a direct appeal to American Muslims, a key voting demographic in the Democrat’s reelection bid against Republican rival Donald Trump.
“My Administration is creating a national strategy to counter Islamophobia and related forms of bias and discrimination, which affect not only Muslims, but also Arab, Sikh, and South Asian Americans,” Biden said.
Biden adviser will be in Israel on Monday to avoid escalation between Israel, Lebanon
WASHINGTON: A senior Biden adviser will travel to Israel on Monday for meetings to avoid further escalation between Israel and Lebanon, a White House official said.
Amos Hochstein will advance efforts to avoid further escalation along the “Blue Line” between Israel and Lebanon, said the official, who did not wish to be identified.
Attacks between Israel and Iran-backed Hezbollah militants in Lebanon have led to worries of a deeper war across the Middle East.
DeChambeau outlasts McIlroy to win second US Open crown
- The 30-year-old American became the second active player of Saudi-backed LIV Golf to win a major title after Brooks Koepka in the 2023 PGA Championship
PINEHURST, United States: Bryson DeChambeau captured his second US Open title on Sunday, outlasting Rory McIlroy in a dramatic back-nine duel to win by a stroke at Pinehurst.
Overtaken by McIlroy with six holes remaining to play, DeChambeau kept his poise over the dome-shaped greens and sandy waste areas of Pinehurst to rally for the crown.
McIlroy, thwarted in a bid to end a 10-year major win drought, led by two strokes with five holes to play.
But the four-time major winner from Northern Ireland made bogeys on three of the last four holes to help hand the trophy to DeChambeau.
“I still can’t believe it,” said DeChambeau. “It’s unbelievable.”
DeChambeau, who also won the 2020 US Open, fired a one-over-par 71 to finish on six-under-par 274 while McIlroy shot 69 to stand on 275 after 72 holes.
The 30-year-old American became the second active player of Saudi-backed LIV Golf to win a major title after Brooks Koepka in the 2023 PGA Championship.
In a collapse mindful of Greg Norman’s epic 1996 last-round loss to Nick Faldo at the Masters, McIlroy missed par putts from 2.5 feet at the par-3 17th and just inside four feet at the par-4 18th — tension-packed bogeys that left McIlroy one behind.
DeChambeau found dirt and weeds left and a bunker at 18 but blasted his third shot to four feet and sank his pressure-packed putt for the victory.
“I was not great today but I got out of trouble really well and then, man, I can’t believe that up and down the last — that was All-World, probably the best shot of my life.”
Raising his arms in triumph, DeChambeau screamed and jumped for joy, then paid tribute to the late Payne Stewart, the 1999 US Open winner at Pinehurst who died only a few months later.
“That’s Payne right there, baby,” DeChambeau said into a television camera, pointing to a pin of Stewart on his cap.
Americans Tony Finau and Patrick Cantlay shared third on 276, two off the pace, with Finau firing a 67. France’s Matthieu Pavon was fifth on 277 after a 71, one stroke ahead of Japan’s Hideki Matsuyama, who fired a 70 to stand on 278.
DeChambeau answered bogeys at the fourth and 12th holes with birdies at the par-5 10th and par-4 13th to keep the pressure on McIlroy until he cracked.
“I felt like I was hitting the driver pretty well. It just wasn’t starting exactly where I wanted to hit to,” DeChambeau said.
“Ultimately on 13 I knew I had to make birdie there to give myself a chance, because Rory was going on a heater.
“He slipped up a couple on the way coming in and I just kept staying the course, focused on trying to do as many fairways as I could.”
McIlroy settled for his second US Open runner-up effort in a row and his 21st top-10 finish since he last won a major at the 2014 PGA Championship.
DeChambeau and McIlroy shared the lead at seven-under when the drama seemed to turn.
McIlroy sank a five-foot putt at 13 for his fourth birdie in five holes while DeChambeau found sand and weeds off the tee and made bogey at 12, a two-shot swing leaving McIlroy on eight-under and DeChambeau two back.
But DeChambeau birdied 13 from just outside 27 feet and McIlroy went over the green at the par-3 15th and missed a 31-foot par putt, leaving them deadlocked at the top again.
DeChambeau then suffered his first three-putt bogey of the tournament, lipping out a four-foot par putt at the par-3 15th to fall one back, only for McIlroy to botch his short putts at the end.
Pavon failed in his bid to become the second Frenchman to win a major title after Arnaud Massy at the 1907 British Open.
Sweden’s sixth-seeded Ludvig Aberg, who began five back, took a triple bogey at the second to fall back. He fired a 73 to share 12th on 281.
World number one Scottie Scheffler, the huge pre-tournament favorite, fired a two-over 72 to stand on eight-over 288 for what was only his second finish outside the top-10 this year.
“Didn’t play my best. A bit frustrating to end,” he said. “I definitely need to do some things better.”
