between april and june, the company made a profit ofjust over $30 billion, a lot of money by anyone's metric, but significantly down from more than the $48 billion it made in the same period a year ago. the main reason is, as you can see here, that oil prices during the period were at the lowest point in the last year, as the boost they got from russia's invasion of ukraine wore off. and last week, in an effort to keep them that way, saudi arabia said it would only produce nine million barrels a day. that extended production cuts by the 0pec+ group of big oil producers, who profit more from a higher price. when it comes to saudi aramco, those higher prices mean higher dividend payments for shareholders, and it's boosted those to nearly $30 billion in the current period. so i put it to our middle east business correspondent sameer hashmi that even with falling profits, the biggest winner is the saudi government, which is aramco's biggest shareholder. the saudi government owns around 90% of the company and the dividend payout, the bulk of it will go to the saudi government. and it's not a surprise because if you look at aramco every quarter, they've been paying about $19.8 billion as dividend. what they've done is this time that they have added another 50% to that amount in the form of this performance linked dividend, which they say is because the cash flows were quite healthy. and that's the reason they decided to increase that overall dividend income, which will be definitely quite beneficial for the saudi government because it relies heavily on the aramco, you know, generating revenues for it and that will help them in their oil diversification program. they're building these mega infrastructure projects, new tourist destinations. all this has been done keeping in mind that oil demand will decline in the decades to come and they'll have to come up with new revenue streams. so when it comes to those projects, this income is quite critical. well, it's really interesting, isn't it? because it's these oil profits being reinvested into green energy projects. they are a huge backer of green energy projects right across the world. they are, however, limiting supply. they're one of the countries in 0pec+, aren't they? and they are sort of limiting supply when it comes to oil. and they've been doing this since late last year. what is the rationale for that? i think the saudis are the leaders of 0pec+, which is the oil cartel, and they're also the largest exporters of oil in the world. about 10 million. their capacity is about 11 million barrels or a little over that. now, what the saudis are seeing is that oil prices have been going down. they've been hovering around $75 for most of the year. for the saudis to make money, to be able to break even, they need oil prices to be at about $80 to $85. and that's why they have voluntarily cut oil production by1 billion barrels sincejuly, because they want the oil supply to tighten a bit, which could prop up prices. and that's why they have gone ahead and extended those cuts, anticipating that prices may go up. now, the reason behind that is because saudi's and opec and other international agencies expect oil demand to actually decline due to the economic headwinds and because of tightening monetary policy. and this is having an impact on businesses across the globe. and the second reason is china. now, china is the largest consumer of oil in the world. now, many oil companies and oil exporters had expected that demand would really zoom in china once they open. and the country post covid. but that hasn't really happened. the recovery hasn't been that swift, which is why there are concerns that oil demand could decline in the in the second half of the year. and lots of people around the world listening to this may not actually be familiar with saudi aramco. we're more familiar perhaps with companies such as apple, such as google, meta, for example. but this is a huge, huge company that in fact, dwarfs many of the better known companies around the world. well, that's right. saudi aramco is one of the largest publicly listed companies in the world. its market value is in trillions, one of the few companies. and the reason is that it's the largest exporter of oil in the world. and saudi arabia, as a country, sits on about 16% to 17% of oil reserves in the world. so that makes saudi's a very significant market when it comes to energy and saudi aramco being the main national oil company. they are the ones who are exporting and pumping that oil. so that makes them one of the most significant companies in the world. a fixture of american roads for nearly 100 years is set to disappear. that's because nashville—based yellow trucking's years of financial struggles have ended in bankruptcy. the company's 30,000 staff played a major role in delivering parcels for retailers such as walmart and home depot. let's speak to our north america business correspondent michelle fleury in new york. michelle — what happened? what has gone wrong for yellow? it's a what has gone wrong for yellow? it�*s a company that has been around for a long time. yet what we have here essentially is a company that took on too much debt including a $700 million covert loan and it has struggled to repay some of that. it had made various acquisitions, it was too slow to incorporate those into its business and so that meant that the gains it hope to realise from those deals didn't materialise as soon as i needed to. the company has turned around and it is blaming its unions, setting over the last several months it has been trying to negotiate a new deal and during that time it has seen its business for sharply as customers moved to other shippers. for its part, the union has turned round and said this was the company that was mismanaged for years, don't try and pin it on the workers. whoever is to blame, here we find it ourselves with this company filing for bankruptcy. it is a wor in: company filing for bankruptcy. it is a worrying day for the 30,000 staff who are not out of a job. we have had this massive growth of online shopping right across the world and the logic would be that the logistics business would be going to keep pace with that. did it for where other people were able to grow in that area and it couldn't compete? it in that area and it couldn't compete?— in that area and it couldn't comete? .,, ., ., ~ , in that area and it couldn't comete? ., .,~ , , compete? it was a weaker player but there were bigger— compete? it was a weaker player but there were bigger factors _ compete? it was a weaker player but there were bigger factors and - compete? it was a weaker player but there were bigger factors and it - compete? it was a weaker player but there were bigger factors and it wasl there were bigger factors and it was there were bigger factors and it was the old supply and demand. what happened was that during the pandemic, we had all that time when people were sat at home and they were ordering goods from e—commerce giants like amazon and walmart and others but then once the economy started to reopen, people started going out more and they switch their spending away from goods and services. so they were buying less physical products, that meant ultimately there was less demand for shipping items and so right now, you have more shipping capacity than there is demand so even with the disappearance of yellow, customers who use the service shouldn't have a problem finding alternative at a decent price because at the moment, the capacity that exists right now in shipping exceeds demand. thank ou ve in shipping exceeds demand. thank you very much- _ to croatia now, where tourism is the largest industry. its long stretch of adriatic coastline draws in visitors from all over the world, but like many places they are facing a shortage of workers to serve them. well, now the country is increasingly looking to asia — and its workers — to fill the gap, as guy de launey reports. croatia's coast is busier than ever. a record number of visitors arrived in the first half of this year and this summer is set to break all previous records. that's great news for croatia's economy. around a fifth of its gdp comes from tourism. adopting the euro and joining the borderless schengen area seems to be giving it another boost. there's just one problem. finding staff to serve all those sun—seekers is becoming a severe issue. there's a real shortage of seasonal workers, both locally and in the traditional recruiting grounds of other former yugoslav countries, so many businesses are starting to look a lot further afield. staff from places like nepal, bangladesh and the philippines are filling the gaps. taking on workers from outside the region is a new experience for many employers, but they're just grateful they can find the personnel. translation: they are as lovely - people as anyone we could find here. they come to work, they do the job, and we don't have any problems with them. we are working together like family. for the workers, it's an opportunity. wages in croatia may be a quarter lower than the eu average, but they're still considerably higher than they could get at home. nepal is not too much give us jobs and salary, so we have not to fulfil our dreams. in croatia, we can do the same work and earn much better salary. despite the arrivals from asia, businesses of all kinds are still chronically short staffed. croatia's unemployment rate is currently lower than it's ever been and employment agencies want the authorities to make it easier to import workers. they're understaffed, so everything is about two months until we get the working licence. when the working liscence is finished, then we send it to the embassy. the embassy, maybe one month, maybe three months. it all depends about periods in the year, you know? and if the croatian coast continues to pull in the punters like this, they need all the workers they can get. guy delaunay, bbc news rijeka. in other news... the german firm siemens energy says it expects to lose nearly $5 billion this year because of problems at its wind turbine division. that's despite what the company said was a sharp growth in orders which comes as europe continues to try to make more of its energy from renewable sources. the chief executive said that wrinkles had been found in some rotor blades, which are made of more than 150 layers of glass fibres. the head of public affairs at europe's biggest bank hsbc has apologised after accusing the british government of being "weak" for complying with us demands to cut back business dealings with china. the uk—based bank makes much of its profit in china and has been trying to expand there in recent years. the bank has subsquently said that sir sherard cowper—coles made the comments "at a private roundtable discussion and shared his personal views", and that they do not reflect those of the bank. the company behind the barbie movie says it's taken more than $1bn in ticket sales in its first 17 days. it means greta gerwig has become the first woman to reach the milestone as a solo director. european markets have been tracking asia a bit lower today. there are some concerns over the strength of the us economy and that has done a lot of the markets. that's all from me. this meeting in july this meeting injuly was supposed to be an opportunity for birmingham city council to tell plans for regeneration of their area. but it descended into farce as hundreds were locked outside. the residents feel left in the dark about the plans especially the fact that the councils has sanctioned the use of purchase orders, giving them powers to force people out. i purchase orders, giving them powers to force people out.— to force people out. i want something _ to force people out. i want something so _ to force people out. i want something so my - to force people out. i want something so my family i to force people out. i want. something so my family and to force people out. i want - something so my family and friends and children. where will you stick them? are they going to be pushed away and forgot? she them? are they going to be pushed away and forgot?— away and forgot? she has “oined a cam aiun away and forgot? she has “oined a campaign to i away and forgot? she has “oined a campaign to give * away and forgot? she has joined a campaign to give residents - away and forgot? she has joined a campaign to give residents a - away and forgot? she has joined a| campaign to give residents a voice. the peoplejust don't campaign to give residents a voice. the people just don't know what's going to happen next. it's not as if the council sent a letter saying that our homes are at risk of a compulsory purchase order, we have had to find out from the news. the council say — had to find out from the news. the council say the _ had to find out from the news. the council say the area is deprived and will benefit in the long run. this is a 20 year _ will benefit in the long run. t�*u 3 is a 20 year programme for will benefit in the long run. t1;1 is a 20 year programme for an will benefit in the long run. t11 is a 20 year programme for an area that needs it. no one is going to be turfed out of the house. there will be an offer made at some point. hello from the bbc sport centre. england are through to the last 16 of the women's football world cup england are through to the last 8 of the women's football world cup after a dramatic penalty shootout win over nigeria in brisbane. the european champions were under pressure throughout and saw laurenjames sent—off late on, after a stamp on michelle alozie was spotted by var. georgia stanway missed england's first penalty, but after two nigeria misses, chloe kelly was given the chance to win the game for england and her succesful spot kick sent the lionesses through to the quarter—finals where they will face either jamaica or colombia. we dig deep as a group and we believe in our ability

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