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 dividend as high as possible and second, the saudi government announced they wont be going ahead with plans of expanding Oil Production. Aramco the supposed investment to increase Oil Production over the coming years but now it thought those players that freed up the cash which they are essentially passing into the saudi government in the form of dividend pay out. Mil government in the form of dividend payout. Government in the form of dividend payout. All part of this big move, dividend payout. All part of this big move, trying dividend payout. All part of this big move, trying to dividend payout. All part ofl this big move, trying to move away from oil. So what are mohammed bin salman� s Spending Plans for the country . 0ne one of the Main Objectives of saudi arabia is to move its economy away from oil which is the main driver of its economy. Investing billions of dollars across various sectors. Heard a lot about sports and football but also building make Infrastructure Projects including new cities. Building cultural sites to boost tourism, Class W Islands on the red sea to attract tourists in the coming years, investing in an electric vehicle company. Building a new airline. So many sectors building up with the Main Objective of building the economy for a postwar future and it requires billions of dollars that they are investing right now. Not to forget a host of high profile events. They are almost 70 host the 2034 football world cup. These are all mega projects with the hope this will help steer the honey away from oil in the coming years because they expect Peak Oil Demand wall in the next 1015 Oil Demand Wall in the next 10 15 years. Oil demand wall in the next 1015 yew after a week of meetings, chinas annual parliamentary gathering comes to an end later. During this Years National peoples congress, premier li chang promised to turn things around for the worlds second largest economy and set a Growth Target of around 5 for this year, similar to last years goal. Lawmakers have also pledged to enact new laws that would modernise chinas economy. Louise loo is a senior economist at oxford economics. What are the takeaways from the congress, how optimistic is china about its economy . You can think of theirs is chinas annual legislative meeting. This is where the key economic targets are. The chinese economy is centrally planned. Whatever the Top Down Guidance is, you can see that translating into policy in the coming quarters. The thing about these meetings as they tend to be high level. Hearing a lot of language and guidance and tying around pivoting the economy from an Infrastructure Lead model towards a new growth model that are supposed to be more productive. Aside from all that language and rhetoric, not seeing much detail on how that would be financed. We have the Growth Target of 5 . We think thatis Growth Target of 5 . We think that is the target without a plan. That lack of detail is keeping investors quite nervous at the moment. Im keeping investors quite nervous at the moment. At the moment. Im Hearing Beiue at the moment. Im Hearing Beige and at the moment. Im Hearing Beige and wants at the moment. Im Hearing Beige and wants to at the moment. Im Hearing Beige and wants to boost i at the moment. Im Hearing Beige and wants to boost urban jobs by 12 million. How will the drive that . Jobs by 12 million. How will the drive that . Typically that 12 million the drive that . Typically that 12 million number, the drive that . Typically that 12 million number, much the drive that . Typically that 12 million number, much of. The drive that . Typically that| 12 million number, much of it is driven by urbanisation. China continues to see high rates of urbanisation. 0n the other hand, china is also investing quite a lot into manufacturing capacity. Building of industries as factories come online, you need labour to match that. That Label Market Target of 12 million newjobs in the urban areas quite unambitious. The question really is, or chinas Labour Market is not so much what the overall Employment Picture is is how you will deal with the weakness of youth unemployment, an issue that is largely on notice stop property as well, i could of the economy. As well, i could of the economy as well, i could of the economy. As well, i could of the econom. ,. , economy. Struggling as well. Exactl. Economy. Struggling as well. Exactly the economy. Struggling as well. Exactly. The process economy. Struggling as well. Exactly. The process of exactly. The process of correction is likely to continue this year. Likely to see more property pain. I think policymakers will be cognizant of finding new Growth Drivers to be replaced property. 25 of the economy is a big chunk of thatis the economy is a big chunk of that is slowing this year. Looking at boosting some more productive sectors, electric vehicles, hopefully new boosters for the chinese economy. India and the members of the European Free trade association, known as efta, have announced a Free Trade Agreement. It involves switzerland, norway, iceland and liechtenstein. Its all about reducing Trade Tariffs and boosting investment opportunities. This will create a millionjobs. This is the first fta india has signed with an european bloc. A larger india eu fta has languished for nearly two live now to archana shukla, our India Business corrspondent live in mumbai. Archana what does this deal look like . A lot of Industrial Products like chocolate and biscuits and even seafood from norway will be available at much lower prices in india as the country is allowed to cut import taxes in exchange for 100 billion investment from these countries over the next 15 years. India is the fda � s fifth largest Trading Partner with a 2 way trade talking about 23 billion in 2023. There is a huge Trade Deficit where the imports into india or more than 20 than the exports coming out of india to these countries and this deal will likely light of this Trade Deficit but they are hoping the investments will create more Economic Activity and create about 1 Economic Activity and create about1 million Economic Activity and create about1millionjobs Economic Activity and create About1 Millionjobs in the world � s Fastest Growing economy. The first Free Trade Agreement with the european block into her side and the other Big Trade Deal is with the Wider European Union as well as with the United Kingdom have languished for years now. The indian and uk are negotiating a deal but not likely to conclude anytime soon. , ,. Soon. That is the picture there. So what will this mean for those european economies . Lets hear from jane foley, head of fx strategy at rabobank. We heard the impact on india, what will this mean for the european side . fir what will this mean for the european side . Or countries within europe, european side . Or countries within europe, not european side . Or countries within europe, not in european side . Or countries within europe, not in the european side . Or countriesl within europe, not in the new of course. The biggest in terms of course. The biggest in Terms Of Trade links in switzerland. What they are hoping for is greater access to some of indias markets. Indian is one of the Fastest Growing g20 country. Significant opportunity for any country wanting to target a trade deal and it goes to the eu hoping to have a treaty with and yet the foreseeable future. For switzerland, norway, left inside, hoping to export more processed and electrical items. They will be sensitive agricultural goods left out of that. Gary has left out of that. Gary has left out of that. For switzerland, harris produced. Around 95 of its exports into india. That could be a substantial benefit to many of its firms. In be a substantial benefit to many of its firms. In terms of the uk, a many of its firms. In terms of the uk, a deal many of its firms. In terms of the uk, a deal is many of its firms. In terms of the uk, a deal is not many of its firms. In terms of the uk, a deal is not lookingl the uk, a deal is not looking particularly close anytime soon. But has been a big deal post brexit. What other stumbling blocks are there . It was the promise of brexit that we would get the is free to trade deals in the bag and they have been very slow to come through. 0riginally Boris Johnson promised there could be a free treaty with india back in 2022. Another expectation dashed in 2023. At the moment there is fairly stony ground about visas for indian workers into the uk and also initially about Social Security benefits for temporary workers. We have a number of temporary it workers from india. They may have to pay Social Security benefits twice, india Social Security and uk and india wants the uk to give some of that back and the uk are saying no, that would cost too much. A lot of the big negotiated. There was an indian election coming up was an indian election coming up probably by the end of may and the uk election probably by the end of the year and that could really call some delay for these negotiations. It is never straightforward, for these negotiations. It is never straightforward, is it . Thank you very much forjoining us. The leader of portugals socialist party, pedro nuno santos, has admitted defeat in sundays parliamentary election and congratulated the centre right Democratic Alliance. With almost all votes counted, the Democratic Alliance have secured 77 seats in parliament, two more than the socialists. The far right chega party is in third place with 46 seats after almost trippling its share of the vote. The alliance has already ruled out any deal with that party. Votes from abroad have yet to be counted. Live now to agnese 0rtolani, Principal Economist for europe at the Economist Intelligence unit. Have to make figures add up to form a government, but what are the big economic challenges that lie ahead . The portugal economy is actually doing not that bad. 0ne actually doing not that bad. One of the fastest Economic Growth in the last couple of years in the region and one of the sharpest to rebound from the sharpest to rebound from the covid induced possession. The number looks good and this has been mainly driven by the Recovery Points and tourism sectors. The problem is more of that when it comes to voters, portugal is facing Housing Crisis in terms of Rental Prices going up substantially over the last couple of years and this because of the influence of foreigners. Also my salary in the country compared teu and higher number of young people immigrating because of that. There has been increased as desertification and this has been shown especially given the high number investigations into Corruption Allegations over the last couple of years. We are seeing positive numbers but growing the non satisfaction from voters. What kind of measures might we expect from the new government . The shift in terms of government. Centre right would likely need the support of the externally shaker. Policy actions shifting towards ride. When it comes to security and when it comes also to probably more of business friendly policies and terms of Tax Reductions and a bigger role for the private sector into education and into the healthcare education and into the Healthca Re System Education and into the Healthcare System as well. The centre right has put forward please. Plan of about 5 billion overfor please. Plan of about 5 billion over for years which is about 0. 4 of gdp. And portugal has had very good Track Records when it comes to physical consolidation Forfor Consolidation for for school. And doing much better than its peers nowadays because we dont expect major impact on this expansionary plan when it comes to the. , expansionary plan when it comes to the. I, expansionary plan when it comes to the. ,. , expansionary plan when it comes tothe. ,. , to the. Sorry come out of time. Thanks to the. Sorry come out of time. Thanks so to the. Sorry come out of time. Thanks so much to the. Sorry come out of time. Thanks so much for i to the. Sorry come out of. Time. Thanks so much for your time. Stay with us. Still to come they will from hollywood to regeneerating sierra leone, hes dreaming big. Idris elba tells us all about his plans for this rural island in sierra leone. Vmcsovsk bbc news, bringing you different stories from across the uk. Thenis then is 18, he applied for his test in november last year but was given a date injuly this year. A weight of almost nine months. ~. , year. A weight of almost nine months. ~. , months. Waiting the whole time, all the stuff months. Waiting the whole time, all the stuff to months. Waiting the whole time, all the stuff to do, months. Waiting the whole time, all the stuff to do, work, all the stuff to do, work, school. Especially my mum as well, she is a single mother, difficult for her. Had to change the schedule around me. As an approved driving instructor, martin knows the impact they can have on loners. When they go to test, they are in a situation where they are very nervous and it has a direct impact on them going to test and knowing full well that if they do unfortunately fail the test, they will have to wait another 22 or 23 weeks. For it become absolute this one will alert loners for the next available test, wherever it may be the country. It can mean Young Drivers passed the test without even having enough practical experience on the road. Voiceover for more stories, from Around The World and the uk, head to the bbc news website. Youre live with bbc news. Boardrooms in the uk are becoming more ethnically diverse but more still needs to be done thats according to a review of the uks largest 350 businesses. The Parker Review said there were now 12 ethnic minority chief executives in the ftse 100, up from 7 in 2022. But overall only 13 of Senior Management at the top 100 firms were ethnically diverse. In the 2021 census, 18 of people identified as being from a non white ethnic group. The film star idris elba is leading a Regeneration Project in sierra leone along with siaka stevens, the grandson of a former president. Theyre aiming to build an eco city on the rural Sherbro Island off the coast of west africa. They recently announced plans for a wind and solarfarm, in a country where fewer than three in ten households have access to electricity. Britains 0ctopus Energy Generation will build the project and our Business Reporter David Waddell spoke to its ceo zoisa north bond and with mr elba, who explained why Sherbro Island was chosen. 0riginally we went there looking at how we can bring tourism to the most incredible 19 miles of beachfront and then we saw something a bit more innovative and more exciting, the idea of building an eco smart city, preserving what is beautiful about it but at the same time attracting partners to help build it out and explore it. That is how it came about. At explore it. That is how it came about. �. ,. ,. , ~ explore it. That is how it came about. �. ,. ,. , ~. , explore it. That is how it came about. �. ,. ,. , ~. , about. A lot of work to be done to make this about. A lot of work to be done to make this project about. A lot of work to be done to make this project work. About. A lot of work to be done | to make this project work. Abby identified experience needed to complete the product . We would like to work complete the product . We would like to work with complete the product . We would like to work with local like to work with local communities to up skill as much as possible. Even when the windfarm be able to unlock new industry windfarm be able to unlock new industry and actually unlock Old Industries as well. Is Old Industries as well. If essentially a commercial project. Looking at properties, will the people Of Sierra Leone seen as profit . Seen as profit . This is about bein seen as profit . This is about being selfreliant seen as profit . This is about being selfreliant and seen as profit . This is about l being selfreliant and bringing being self reliant and bringing in Economy Thatjesus of and has Growth Potential and i am very keen to reframe the way africa is viewed. We often view framing of africa as an aid model and this opportunity is completely different. Sherbro island if someone completely different. Sherbro island if someone tomer completely different. Sherbro island if someone tomer has| island if someone tomer has been focused on fishing and agriculture. Is there somewhere i should be looking out for our next Family Holiday . Next Family Holiday . Yes. We want to find next Family Holiday . Yes. We want to find a next Family Holiday . Yes. We want to find a definition next Family Holiday . Yes. We want to find a definition west africa that attracts business as well as holidaymakers and as well as innovation. I am a filmmaker, I Have A Dream to have a really amazing film studio that has a universal studio that has a universal studio type thing. And a rollercoaster over there, i think you and your family will go to a place where there was winter sun at the seven hours away from europe and beautiful. What is it that first attractive octopus to partnering with International Tv and. It is albert . The one ou ut tv and. It is albert . The one you out it. Tv and. It is albert . The one you put it, several tv and. It is albert . The one you put it, several reasons. Tv and. It is albert . The one l you put it, several reasons and that you put it, several reasons and that when you put it, several reasons and that when we met with him, the thing that when we met with him, the thing that that when we met with him, the thing that blew me away was the knowledge of Renewable Energy and of knowledge of Renewable Energy and of describing how this was and of describing how this was a wind and of describing how this was a wind tunnel and has 16 hours of sunshine can be looking at. It of sunshine can be looking at. It was of sunshine can be looking at. It was that of sunshine can be looking at. It was that as much as it is albert it was that as much as it is albert and seattle, the grandson of the former president Of Sierra Leone. We knew president Of Sierra Leone. We knew relationships would have been knew relationships would have been built there. Been built there. What is it that inspired been built there. What is it that inspired you been built there. What is it that inspired you to been built there. What is it that inspired you to lend i been built there. What is it i that inspired you to lend your name to Something Like this . Never in my lifetime that i think i could help build the foundation for any smart city. I am not qualified for that. But i am qualified to dream big and my parents came to this country when they were young and in their late 60s. With the aspirations of going home. Part of me wants to build that beautiful Retirement Home from my mum when she can go back and say my little guy that was born in hackney came back home and build this incredible island and is a dream. I work in the make believe business and it is exactly that, make believe. Your father is from sierra leone and we just mention he is no longer with us. How do you think he would feel to get kind this project . I think he would feel to get kind this project . This proect . I think he would think this project . I think he would think that this project . I think he would think that l this project . I think he would think that i was this project . I think he would think that i was dreaming this project . I think he would | think that i was dreaming way too big. First of all come he say why Sherbro Island . That is miles away from my village. And he would say if you are going to do it, do it properly and with all your heart. I think you would be proud. With all your heart. I think you would be proud. Lets stay with hollywood you would be proud. Lets stay with hollywood royalty. 0ppenheimer, the story of the father of the atomic bomb, has swept many of the top academy awards, winning a total of seven 0scars. Poor things won four oscars, and the top grossing film of last year. Barbie, one just one 0scar from eight nominations. I think we can look at some of the red carpet pictures. Some great dresses and suits in hollywood. Lets focus on the Economic Impact of it all. Live now to stachones, whos ceo of hollywood branded, a pop culture marketing agency. Fantastic night as ever. Banking an oscar is a great honour but not bad for a stars bankability either . Tonight was a stellar night, a red carpet of extraordinary experiences. The bank ability is when you look at a movie and it becomes a best performing film, the actors that are the best actors see a 20 uptake in the future money they make when they are cast in other films. Films themselves that are out right now agree to set an uptake of 8 million and more from the Box Office Just from being on the oscars late. Stand being on the oscars late. And it is big for being on the oscars late. And it is big for the being on the oscars late. And it is big for the studios, the beastie is, what about the independent . If they get an oscar committed a real game 0scar committed a real game changer, isnt it . It oscar committed a real game changer, isnt it . Changer, isnt it . It is an opening changer, isnt it . It is an opening of changer, isnt it . It is an opening of the changer, isnt it . It is an opening of the world changer, isnt it . It is an opening of the world for| changer, isnt it . It is an opening of the world for them. Films for an independent a much lower to produce. We heard about that at the oscars. Instead of taking one of these 200 million movies and actually shot 20 or 50 smaller budget films and allowed these unbelievably talented producers and directors and talent to actually perform a lower cost, they can create great movie as well. , ,. , well. How is the temperature around hollywood . Well. How is the temperature around hollywood . We well. How is the temperature around hollywood . We had l well. How is the temperature around hollywood . We had Aj Around Hollywood . We had a difficult few years and came out the pandemic and had the strikes. Does it feel like were back now . Hollywood back and firing on all cylinders . Were going to be backjune. Still need to get past this new stroke. The make up artists, the production and design. The costume designers, all of those belong those people. Jimmy out and made a point to say theyve made a stand in hollywood ready to take a stand for them to protect them. Protect them. Back to the ceremony. Protect them. Back to the ceremony, anything protect them. Back to the j ceremony, Anything Stand protect them. Back to the i ceremony, Anything Stand up for you . What other big from any surprises . It felt fairly predictable. Surprises . It felt fairly predictable. Surprises . It felt fairly redictable. ,. ,. ,. , predictable. Tonight was a lot offun predictable. Tonight was a lot of fun and predictable. Tonight was a lot of fun and there predictable. Tonight was a lot of fun and there will predictable. Tonight was a lot of fun and there will be i predictable. Tonight was a lot of fun and there will be so i of fun and there will be so many viral visual moment of john cena walking across the stage basically naked. That was a head turner, celebrating someone who stripped and ran across the stage back in 1974. And also taken a moment of all public placement and print content that is heartwarming and reminiscent and able to bring back moments. Awesome. Thank you so much. Is it possible we can bring you some more red carpet to finish with. The stars have let their hair down and had the big moments and now they are having some fun. Hello there. March so far has been quieter, but colder, and the Wind Direction has played its part. Weve seen an easterly wind so far, and in the last few days, its brought a lot of cloud in off the north sea and temperatures struggled along those exposed coasts only around 6 degrees. But the story is set to change as we go through the next few days. With the Wind Direction swinging round to a southwesterly, temperatures may well peak into the mid teens, but theres still a chance of seeing a return to some showers or longer spells of rain. Monday, however, will be a quieter story. This weakening Weather Front Still Producing cloud thick enough for some drizzle first thing monday morning. A lot of cloud and some fog around as well early on. Some showery outbreaks of rain moving out to the far north of Northern Ireland into the far northwest of scotland. And still, the Wind Direction coming from an easterly. Here, always that little bit cooler, 8 or 9 degrees. But out to the west, with the best of any brightness, we could see temperatures peaking at 12 celsius. Now, as we move into tuesday, this Weather Front could bring some showery outbreaks of rain into wales and Southern England for a time. Its a really messy story on tuesday. Therell be outbreaks of rain drifting their way steadily east, therell be further drizzle as well a little bit further north. But the far north of scotland could cling onto some sunshine. Here, not quite as warm, around 6 to 8 degrees, but further south, well see temperatures peaking at 13 celsius. Low pressure will sit to the north by the middle part of the week, and this trailing cold front will introduce the risk of more rain. But the southwesterly winds starting to pick up, the milder air moving in. So despite a lot of cloud around potentially on wednesday, there should be some breaks in the cloud. Temperatures will start to rise highs of 16 degrees. Brighter with a few scattered showers into the far north and west. So as we move into thursday and friday, weatherfronts will continue to bring the threat of showers or longer spells of rain, and some of the showers could be heavy and thundery, but the Wind Direction will continue to push this milder air across the country, so temperatures on the rise, particularly in comparison to march so far. So, yes, there is a risk of some showers or some heavier rain from time to time, but it will be mild with it, with highs of 16 celsius. Good morning, welcome to breakfast with sally nugent and jon kay. 0ur headlines today. Questions over this photo of the princess of wales and her children four of the worlds biggest Picture Agencies retract the picture over concerns it was manipulated. Brianna ghey� s mum esther tells bbc breakfast about meeting the mother of her daughters killer for the first time. Both of us are mothers who are trying to navigate something that nobody should ever have gone through, and i think, for that, i kind of feel. A bit of a connection. The Film 0ppenheimer Wins Seven Awards at the oscars but it was ken who stole the show overnight. Im just ken, anywhere else id be a ten. Is it my destiny to live and die a life of blonde fragility
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