BUSINESS NEWS | Saudi Aramco’s Profit Plunges 73.4%, Sees Signs Of Oil Market Recovery

MILAN | ITALY – Saudi state oil group Aramco on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range.

The world’s biggest oil exporter said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.

‘We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies’, CEO Amin Nasser said in a statement.

Net profit fell to 24.6 billion riyals ($6.57 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier.

Analysts had expected a net profit of 31.3 billion riyals in the second quarter, according to the mean estimate from three analysts, provided by Refinitiv.

All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which hurt oil demand and sent oil prices LCOc1 tumbling levels not seen in nearly two decades.

Brent crude prices at the end of the second quarter were down 38% from a year earlier, despite an agreement by OPEC+ producers to cut oil supply by record 9.7 million barrel per day from May to help to shore up prices and curb oversupply.

Aramco said it would distribute a dividend of 18.75 billion for the second quarter of this year, in line with its plan to pay a base dividend of $75 billion for 2020.

FASHION | Billy Porter’s 2020 Emmys Ensemble Was Custom – Made By This Saudi Label

Billy Porter is known for his unapologetic style and statement red carpet looks. Despite this year’s Emmy Awards being held digitally, porter didn’t hold back from bringing his show-stopping outfits to the event, wearing a custom-made ensemble by Saudi label, Ashi Studio. The actor, who was nominated for the award for outstanding lead actor in … Continue reading FASHION | Billy Porter’s 2020 Emmys Ensemble Was Custom – Made By This Saudi Label

NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

Bahrain’s interior ministry said on Sunday it had foiled a ‘terrorist attack’ early this year that was backed by Iran’s Islamic Revolutionary Guard Corps. The statement confirmed earlier media reports about an alleged planned attack and added a timeframe. Earlier on Sunday Saudi state television Al-Ekhbariya and Bahraini newspaper Akhbar Al-Khaleej reported that interior ministry … Continue reading NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

PARIS | FRANCE – LVMH said on Friday it had submitted its troubled takeover of Tiffany, which is now at the centre of  a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings. The French group’s $16 billion acquisition of the U.S. jeweler … Continue reading BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

The Saudi General Authority of Civil Aviation (GACA) has released its updated traveler’s guide, which accommodates the ongoing pandemic after approving international travel for some exceptional cases. The new regulations entail that non – Saudis who are entering the Kingdom must provide a medical report of their coronavirus disease (COVID-19) test and its negative results, … Continue reading TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

WASHINGTON – U.S. President Donald Trump awarded the U.S. Legion of Merit, Degree Chief Commander, to Kuwaiti Emir Sheikh Sabah al-Ahmed al-Sabah, the White House said in a statement on Friday, adding that it was the first time the honor had been given since 1991. The 91-year-old emir arrived in the United States in July … Continue reading WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

MILAN | ITALY – A Saudi-led coalition fighting in Yemen said on Thursday it had intercepted and destroyed an explosive drone launched towards the kingdom as Yemen’s Houthi group said it had it a target at Saudi Arabia’s Abha airport. In a statement published by Saudi state news agency SPA, a spokesman for the coalition … Continue reading BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

There’s a scene in a new documentary about Paris Hilton, where the so-called socialite is speaking with former classmates from a Utah boarding school. They joke about how on her reality series ‘The Simple Life’, Hilton pretended to be clueless over many things – including how to perform any sort of manual labor. One bluntly … Continue reading ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

Meghan Markle and Prince Harry’s royal titles were ditched for the first time in a promo video for their upcoming television appearance, The Duke and Duchess will be honored for TIME Magazine’s annual list of 100 of the world’s most influential people. ABC will air the special on Sept.22, the first time the magazine is … Continue reading ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

MILAN | ITALY – Saudi Arabia’s crude oil exports bounced back to 5.73 million barrels per day (bpd) in July from 4.98 million bpd in June, official data showed on Thursday. June’s exports were the weakest recorded in data stretching back to 2002. Monthly export figures are provided by Riyadh and other members of the … Continue reading BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

TRAVEL | International Arrivals To Abu Dhabi Must Wear Covid-19 Tracking Device

ABU DHABI – International passengers arriving at Abu Dhabi airport will now have to wear a tracking device while they complete a mandatory 14-day home quarantine due to COVID-19, according to state-owned Eithad Airways. Daily infections in the United Arab Emirates rose this month to their highest since the outbreak started, which officials have largely … Continue reading TRAVEL | International Arrivals To Abu Dhabi Must Wear Covid-19 Tracking Device

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