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Saudi Aramco net revenues double to $110bn on surging oil demand

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Saudi Aramco net revenues double to 0bn on surging oil demand

Saudi Aramco has reported its highest annual earnings since an preliminary public providing in 2019, because the world’s largest oil exporter cashed in on resurgent power demand.

Internet revenue greater than doubled in 2021 to $110bn, the corporate stated on Sunday, and it maintained its full-year money dividend — one of many largest on this planet — at $75bn. Analysts had forecast web revenue of $109.7bn, in response to a mean compiled by the corporate.

The state-backed group, which had reported earnings of $49bn a yr earlier, stated the 124 per cent improve was pushed by “larger crude oil costs, stronger refining and chemical compounds margins and the consolidation of SABIC’s full-year outcomes”. The corporate acquired a 70 per cent stake in Sabic, the Saudi petrochemicals firm, in 2020.

The dividend included $18.8bn for the fourth quarter to be paid earlier than the top of March. The fee is a crucial income for the Saudi authorities, which owns 98 per cent of Saudi Aramco inventory after a small portion of the corporate’s shares had been listed in December 2019.

The corporate additionally stated it will distribute $4bn in bonus shares to present shareholders.

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Gearing, which the corporate defines as a measure of the diploma to which operations are financed by debt, dropped from 23 per cent in December 2020 to 14.2 per cent, as the corporate deployed a part of its $107.5bn free money circulation. That in comparison with minus 4.9 per cent within the first quarter of 2020 earlier than the hunch in costs because of the coronavirus pandemic pressured the corporate to borrow closely to take care of its dividend final yr.

Saudi Aramco and worldwide rivals, together with Chevron, ExxonMobil and BP, have benefited from the worldwide financial restoration and provide constraints, which have pushed oil costs above $100 a barrel for the primary time in additional than seven years.

Costs have been pushed even larger by fears {that a} boycott of Russian oil following its invasion of Ukraine might take away as much as 2.5mn barrels a day of crude oil and petroleum merchandise from the market and the reluctance of Saudi Arabia and its allies within the Opec+ group to spice up manufacturing to compensate.

The cartel has caught to an settlement reached final yr to extend output by not more than 400,000 b/d each month, whilst some members have didn’t hit their quotas. The US and different massive shoppers have repeatedly referred to as on these nations with important spare capability, reminiscent of Saudi Arabia and United Arab Emirates, to pump extra.

Saudi Aramco stated common crude oil manufacturing in 2021 was 9.2mn b/d, because it regularly changed the output minimize at the beginning of the pandemic. It’s within the course of of accelerating its most manufacturing capability from 12mn to 13mn b/d.

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The corporate added it was investing in carbon seize and storage, renewables and low-carbon hydrogen manufacturing after pledging in October to realize web zero operational emissions, identified within the business as scope 1 and scope 2, from its wholly owned belongings by 2050.

The choice was introduced following a transfer by the Saudi authorities to chop carbon emissions by 2060.

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Video: Fires Continue to Burn One Week Later in California

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Video: Fires Continue to Burn One Week Later in California

new video loaded: Fires Continue to Burn One Week Later in California

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Fires Continue to Burn One Week Later in California

The Palisades and Eaton fires, ravaging Los Angeles for more than a week, remain mostly uncontained by firefighters.

“We just had — just had Christmas morning right over here, right in front of that chimney. And this is what’s left.” “I urge, and everybody here urges, you to remain alert as danger has not yet passed. Please follow all evacuation warnings and orders without delay and prioritize your safety.”

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South Korea’s President Yoon Suk Yeol arrested after stand-off with police

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South Korea’s President Yoon Suk Yeol arrested after stand-off with police

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South Korea’s suspended President Yoon Suk Yeol was arrested on Wednesday morning following a predawn raid by police and investigators on his fortified hilltop compound.

Yoon’s detention followed a six-hour stand-off between law enforcement officials and members of the president’s security detail. It is the first time in South Korea’s history that a sitting president has been arrested.

The development marks the latest twist in a political crisis that was triggered by his failed attempt to impose martial law last month, and which has shaken confidence in the democratic integrity of Asia’s fourth-largest economy.

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Yoon was suspended from his duties after he was impeached by parliament in December following his attempt to impose martial law. The country is currently being led by finance minister Choi Sang-mok as acting president.

The operation on Wednesday, which began shortly after 4am, was the second attempt this month by the CIO to detain Yoon for questioning on insurrection and abuse of office charges.

An initial effort earlier this month was foiled by Yoon’s protection officers following a tense hours-long stand-off at the presidential residence. Yoon had previously refused to comply with investigators and had challenged their authority to bring him in for questioning.

“The rule of law has completely collapsed in this country,” Yoon said in a video statement recorded before his transfer to the headquarters of the country’s Corruption Investigation Office for questioning. “I’ve decided to appear for CIO questioning in order to prevent any bloodshed.”

According to South Korea’s state-owned news agency Yonhap, police and officials from the CIO arrived at the compound early on Wednesday and presented a warrant for Yoon’s arrest but were again initially prevented from entering by the Presidential Security Service.

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Yonhap also reported that about 30 lawmakers from Yoon’s conservative People Power party were at the compound and attempting to prevent officials from entering it.

But with hundreds of police gathered outside, some of them equipped with ladders and wire cutters to overcome barricades erected by Yoon’s protection officers, CIO officials were eventually allowed to enter the residence.

Yoon’s lawyers initially attempted to broker a deal whereby he would surrender voluntarily for questioning. But this was not accepted by CIO officials, and he was eventually arrested just after 10.30am and transferred to the investigative agency’s headquarters.

“Yoon’s arrest is the first step towards restoring our constitutional order,” said Park Chan-dae, floor leader of the leftwing opposition Democratic Party of Korea. “It underlines that justice is still alive.”

While Yoon’s powers have been transferred to Choi as acting president, he remains South Korea’s head of state while the country’s Constitutional Court deliberates on whether to approve his impeachment or reinstate him in office.

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The court held its first formal hearing into Yoon’s impeachment on Tuesday, but the session was adjourned after four minutes because the suspended president declined to attend, citing concerns for his personal safety.

The efforts by the CIO and police to detain Yoon for questioning relates to a separate, criminal process connected to his failed imposition of martial law. Yoon’s lawyers insist the CIO has no standing to pursue criminal insurrection charges against him.

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SEC sues Elon Musk, says he didn't disclose Twitter ownership on time before purchase

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SEC sues Elon Musk, says he didn't disclose Twitter ownership on time before purchase

Elon Musk speaks as part of a campaign town hall in support of Donald Trump in Folsom, Pa., on Oct. 17, 2024.

Matt Rourke/AP


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The U.S. Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.

As a result, the SEC alleges, Musk was able to underpay “by at least $150 million” for shares he bought after he should have disclosed his ownership of more than 5% of Twitter’s shares. Musk bought Twitter in October 2022 and later renamed it X.

Musk started amassing Twitter shares in early 2022, and by March of that year, he owned more than 5%. At this point, the complaint says, he was required by law to disclose his ownership, but he failed to do so until April 4, 11 days after the report was due.

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Representatives for X and Musk did not immediately return a message for comment.

After Musk signed a deal to acquire Twitter in April 2022, he tried to back out of it, leading the company to sue him to force him to go through with the acquisition.

The has SEC said that starting in April 2022, it authorized an investigation into whether any securities laws were broken in connection with Musk’s purchases of Twitter stock and his statements and SEC filings related to the company.

Before it filed the lawsuit, the SEC went to court in an attempt to compel Musk to testify as part of an investigation into his purchase of Twitter.

The SEC’s current chair, Gary Gensler, plans to step down from his post on Jan. 20 and it is not clear if the new administration will continue the lawsuit.

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