A sharp fall in its net profit, slipping 25 in 2023 compared to the previous year. Aramco attributed the downturn to Lower Crude Oil prices and decreased production. The companys net income dropped from 161 billion in 2022 to 121 billion last year. Despite the challenges posed by declining oil prices, aramco will increase its dividend payments, providing a much needed financial boost to saudi arabia. Lets get more now from our middle east Business Correspondent sameer hashmi. With a big fall off in profit, why is it increasing its dividend . It its dividend . Is a steep fall compared to 2022. It is a steep fall compared to 2022. It is still the second best performance in terms of annual results at 121 billion. Two reasons why they increased the dividend pay out. Number one, Aramco Abbott is the main driver of the Saudi Arabian economy. Saudi owned entities own 19 of it and they rely heavily on that income to really find some these massive projects inside arabia. They tried to keep the
Business stories. We start in saudi arabia as the Worlds Biggest Oil Company Aramco is set to announce its latest Half Year Results in the next half an hour or so. Last year, aramco netted record profits of over 160 billion, buoyed by soaring energy prices. But in may this year, they reported that profits dropped by nearly a fifth in the first three months of the year as the gloomy Global Outlook saw oil prices drop. To tackle this, saudi arabia has been cutting production to the tune of1 Million Barrels a day. They started in july and have now extended to september. The oil price has since been creeping up. Live now to our middle east Business Correspondent sameer hashmi. Sameer, nice to see you. 160 billion is so much money made in a year. What are they expected to say in the next half hour . Expected to say in the next half hour . Sally, ithink it is matching half hour . Sally, ithink it is matching up half hour . Sally, ithink it is matching up to half hour . Sally, ithink it is ma
Business headlines. Us Investment Firm Elliott Advisors has walked away from making a takeover bid for currys after being rejected by the retailers board in its own words multiple times. It had initially proposed an offer that valued the electricals chain at £700 million, and later raised it to 757 million. But currys rebuffed the approaches, saying they significantly undervalued the business. Currys could still receive a bid from chinasjd. Com, which said last month it was mulling an offerfor the firm. Earlier i spoke with russ mould, Investment Director at the stockbrokers aj bell. There is but it it will focus on what the two main shareholders in currys have got to say, redwheel and frasers. Any bid will have to get their approval and one can only assume that wasnt forthcoming this time. They said it undervalued the business. It is rare we are in a position where we are talking about a high street retailer at the centre of a possible bidding war. We thought that bricks and mortar w
stories and we started in the us. congressional leaders are due to meet with president biden for emergency talks on how to deal with the debt ceiling. reports are coming in the treasury secretary janet yellen has been personally calling chief executives to warn them of the dire consequences a default could have on the us and the global economy. so how did washington get here? samira hussain has been investigating. first of all, this debt ceiling crisis is actually a political crisis, itjust happens to hinge on a must pass piece of legislation to save the country from economic catastrophe, so what is happening here? major consequences for the economy. the us could default on the economy. the us could default on the dead in a metabolic. weeks on the dead in a metabolic. weeks to on the dead in a metabolic. weeks to go before the federal government weeks to go before the federal government is weeks to go before the federal government is unable - weeks to go before the fed
on us and global economies. so how did washington get here and what would happen if the borrowing ceiling is not lifted? my colleague samira hussain has been investigating. the first of all, this debt ceiling crisis is actually a political crisis. itjust happens to hinge on a months pass piece of legislation to save the nation from economic catastrophe. so what exactly happening? weeks to go before the federal government is unable to pay its bills. will the us government spend more money that it brings in. so it needs to boro money to pay its bills. it can only boro a certain amount of money. and if it needs to boro more, congress has to prove that. it used to be a routine thing, but not any more. republicans see this as an opportunity to extract demands, like cuts to affordable housing or other social security spending. but the us presidentjoe biden says no way. you need to pass this legislation with no strings attached. so off to the white house the two warring political