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Saudi oil giant Aramco's profits dip after record 2022
The world's largest oil exporter reported 2023 profit equivalent to $121.25 billion in a stock market filing. It's a reduction of almost 25% compared to 2022, when Russia's invasion of Ukraine drove up oil prices. The Saudi Arabian Oil Group, often referred to simply as Aramco, on Sunday reported a 24.7% decline in profits for 2023 compared to the previous year, when Russia's invasion of Ukraine had driven oil prices well above current levels. Net income reached 454.7 billion Saudi riyals (roughly $121 billion or €111 billion) compared to profits in excess of $160 billion in 2022, the oil giant said in a filing with the Saudi stock market.  "The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemical margins," Aramco said.    Record 2022 amid Russia's invasion of Ukraine In the aftermath of Russia's full-scale invasion of Ukraine in late February of 2022, already rising oil prices were pushed higher still.  Benchmark Brent crude spent much of 2022 at more than $100 per barrel and peaked at almost $130 per barrel in early March. By comparison a barrel cost less than $100 for the entirety of 2023, and the price generally sat at or near this Sunday's price of just under $82 per barrel. Nevertheless, the state-owned company noted 2023's performance was eclipsed only by the previous year's. "In 2023 we achieved our second-highest ever net income," Aramco CEO Amin H. Nasser said in a statement. "Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds." The OPEC group of oil exporting countries tried to stimulate higher prices in 2023 by reducing production levels. First announced last April, the output reduction by Saudi Arabia, Russia and others had only a moderate and fairly fleeting impact. Oil revenue still key to Saudi pivot plans Aramco's record 2022 profits had given Saudi Arabia its first budget surplus in years.  Profits from the kingdom's vast natural reserves, which are cheap to extract as they are located close to the desert surface, are crucial to Crown Prince Mohammed bin Salman's projects seeking to pivot away from oil sales, including major construction projects like his futuristic desert city called Neom.  The record revenues of recent years have also drawn criticism from activists, given concerns about the burning of fossil fuels accelerating climate change. On Thursday this week, Prince Mohammed transferred another 8% of Aramco shares to the country's prominent sovereign wealth fund, known as the Public Investment Fund (PIF).  The Al Saud royal family owns the vast majority of the company, with a small share traded on the Tadawul stock market. By revenue, Aramco is the world's second-largest company after US retail giant Walmart.  
11 Mar 2024,17:48

UK police seize record cocaine shipment bound for Hamburg
A record shipment of cocaine was hidden among bananas in a Germany-bound container in the port of Southampton, British police said. British authorities said they seized 5.7 tons of cocaine at a port in southern England, believed to be the largest seizure of Class A drugs ever in the United Kingdom. The street value of the cocaine seized is believed to be "in excess of 450 million pounds" ($570 million or €526 million), the UK's National Crime Agency (NCA) said in a press release. The cocaine was seized on February 8 at the port of Southampton on the south coast of England. The NCA said officers believed the drugs were bound for the German city of Hamburg "for onward delivery." The UK's previous largest cocaine seizure saw 3.7 tons of the drug also found in the port of Southampton in 2022. A huge hit on organized crime The NCA said it would work with European partners to identify criminal networks involved in the illegal operation. "This record-breaking seizure will represent a huge hit to the international organized crime cartels involved, denying them massive profits," said NCA Director Chris Farrimond. "While the destination for the consignment was continental Europe in this case, I have no doubt that a significant proportion would have ended up back here in the UK, being peddled by UK criminal gangs," he added. The NCA estimates that the illicit cocaine market in the UK generates around £4 billion a year for criminal gangs.
23 Feb 2024,12:54

India crush England with record win to lead Test series 2-1
Yashasvi Jaiswal hit an unbeaten double century to help India to its biggest-ever win Sunday, crushing England by 434 runs in the third Test to take a 2-1 lead in the series. Chasing 557 for victory, England's batting fell like a pack of cards with the loss of eight wickets in the final session to be dismissed for 122 on day four in Rajkot. "In Test cricket... when you're playing well you have to make it big," Jaiswal told broadcasters after the stunning win. "Test cricket is hard, but I thought that when I'm in there, I need to give my 100 percent," he said. Ravindra Jadeja got Mark Wood out for 33 as the final wicket -- and his fifth -- and he kissed the pitch as India registered their greatest win in terms of runs. It was England's second-biggest Test loss since their 562-run defeat to Australia in 1934. England lost their openers, including first-innings centurion Ben Duckett run out on four, before tea and Jadeja then rattled the middle-order with his left-arm spin. Jadeja was named player of the match for his seven wickets in the Test and 112 with the bat in the first innings. Jonny Bairstow and Joe Root extended their poor run in the five-match series, out for four and seven respectively. Skipper Ben Stokes attempted to resist the Indian bowling but fell lbw to left-arm wrist spinner Kuldeep Yadav for 15 in his 100th Test. "We're 2-1 down in the series but still have two games left," Stokes said. "We leave this game behind -- know we've got to win the next two to win the series." 'Bat till the end' The left-handed Jaiswal stood out with his 214 off 236 balls to flay the opposition attack before India declared their second innings on 430-4. The opener returned to bat in the morning session after he retired hurt on 104 late on day three due to back pain. "Today when I came, I wanted to make sure that I take the game forward and bat till the end," Jaiswal said. He raised his second double ton in consecutive matches with a single off Root and jumped for joy. Jaiswal hit a record-equalling 12 sixes in his knock, which included three straight hits over the fence off James Anderson -- a first for the veteran quick who has 696 wickets in 185 Tests. Jaiswal now stands level with former Pakistan great Wasim Akram, who also hit 12 sixes in an innings against Zimbabwe in 1996. He put on marathon stands that included an unbeaten 172-run partnership with debutant Sarfaraz Khan, who made 68 for his second half-century of the match. The 22-year-old Jaiswal, who hit a match-winning 209 in the second Test, remains the leading batsman in the series with 545 runs. Indian bowlers set up victory after they bowled England out for 319 in the first innings, after the tourists' batting collapsed from 299-5 despite the absence of star spinner Ravichandran Ashwin on Saturday. Ashwin, who left the Test midway on day two due to a family emergency hours after taking his 500th Test wicket, returned to the field and got his 501st wicket on the fourth day. Off-spinner Ashwin, 37, became only the ninth bowler in Test history and the second Indian after fellow spinner Anil Kumble (619) to reach 500 wickets. Skipper Rohit Sharma's 131 and his 204-run stand with the left-handed Jadeja steered India to 445 in the first innings after they elected to bat. England won the opener by 28 runs but India bounced back in the second match. The fourth Test starts on Friday in Ranchi. Source: BSS
18 Feb 2024,23:37

Kelvin Kiptum: World marathon record holder dies in crash
World marathon record holder Kelvin Kiptum and his coach Gervais Hakizimana were killed in a car crash in western Kenya. A third passenger was injured in the accident. World marathon record holder Kelvin Kiptum and his coach Gervais Hakizimana died in a road accident in western Kenya on Sunday, former Kenyan Prime Minister Raila Odinga said on social media platform X, formerly known as Twitter. According to police, the car was on its way to Eldoret, a city in western Kenya, when the accident occurred. "The accident happened at around 11 p.m. (2000 GMT). The car had three occupants, two died on the spot while one was taken to the hospital. The two are Kiptum and his coach," said Peter Mulinge, police commander for Elgeyo Marakwet County in western Kenya. 'Kenya has lost a special gem' The sports world was saddened by Kiptum's death, with the Boston and London marathons posting condolences on social media. Kenya's Sports Minister Ababu Namwamba said on X, "Devastatingly sickening!! Kenya has lost a special gem. Lost for words."  "Kelvin Kiptum was a star. Arguably one of the world's finest sportsmen who broke barriers to secure a marathon record," Kenya's President William Ruto said. "An extraordinary sportsman has left an extraordinary mark in the globe. Our thoughts are with the family and the sporting fraternity. Rest In Peace," he added. 'Incredible athlete leaving incredible legacy' World Athletics President Sebastian Coe called Kiptum "an incredible athlete leaving an incredible legacy." "We are shocked and deeply saddened to learn of the devastating loss of Kelvin Kiptum and his coach, Gervais Hakizimana," Coe said in a statement. "On behalf of all World Athletics, we send our deepest condolences to their families, friends, team mates and the Kenyan nation," he added. The 24-year-old Kiptum set the world record at the Chicago Marathon in October with a time of 2:00:35, beating the record of 2:01:09 set by compatriot Eliud Kipchoge in Berlin in 2022. At this year's Summer Olympics in Paris, Kiptum was set to meet Kipchoge. Kiptum was considered a promising candidate to become the first person to break the magic two-hour mark in the marathon under normal conditions.
12 Feb 2024,17:55

‘No one is safe’: China purges record number of senior officials in 2023, with more ‘tigers’ likely to fall
China’s battle against corruption set new records last year, with the ruling Communist Party’s anti-corruption watchdog launching probes into 45 senior officials, according to a tally by the South China Morning Post. The record number of investigations came five years after Chinese President Xi Jinping declared a “crushing victory” in his war on corruption, a sweeping crackdown that was launched in 2013. The ongoing probe signals that he has little interest in letting up on an effort to clean up China’s officialdom while pushing authorities ever harder to implement his policies. The number of senior-level investigations launched in 2023 jumped by 40 per cent compared with 2022, when the Central Commission for Discipline Inspection (CCDI) – China’s top anti corruption agency – recorded 32 investigations into high-ranking officials, based on official announcements by the CCDI. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. China’s disciplinary enforcers add ‘bad’ books, sex, drugs to serious offences Most of the subjects who were placed under investigation – sometimes referred to as “tigers” – belonged to a pool of officials known as “centrally managed cadres”, meaning they held ranks at the deputy ministerial level or above. A smaller number of them held slightly lower ranks but occupied key positions in important sectors. Unlike their subordinates who are managed and supervised by the local branches of the party’s organisation and disciplinary agency, the group of senior officials are under direct management of the Communist Party’s Central Organisation Department, its top personnel body. If any wrongdoing is found, they would face top level investigations from the CCDI. Twenty-seven of the 45 senior cadres who had faced detention by the disciplinary watchdog were found to have retired from their positions when they faced investigation, according to further research. Deng Yuwen, a former deputy editor at the Study Times, official newspaper of the Central Party School where cadres are trained, said the fact that most of the CCDI’s investigations focused on retired officials signalled that the probes uncovered more misconduct before Xi took power, and that such retirements would not allow the individuals to avoid further investigation. “Among the officials arrested in recent years, not many were caught for corruption in their current positions. Most of the problems occurred in the past few years, or even more than 10, 20 years ago. The CCDI is no longer following the previous unspoken rule that retired officials will be spared from investigation,” he said. “Now, no one is safe. As Xi digs deeper, he just finds more problems that accumulated over the past three decades due to rapid economic development and lax party discipline. And there is no sign of him stopping the digging.” A total of 294 senior officials have been sacked by the CCDI in the 11 years since the anti-corruption campaign was launched, according to the Post’s count. However, this number does not include most of the corruption probes in the Chinese military, which conducts its own investigations through the Discipline Inspection Commission. The agency, which operates within China’s top military command – the Central Military Commission (CMC) – led by Xi, operates under extreme secrecy. Beijing announces such cases very selectively, as it did for the investigations of former CMC deputy chairmen Xu Caihou and Guo Boxiong during Xi’s first presidential term. They were the highest ranking officers in the People’s Liberation Army to be targeted since the anti-corruption drive began. Before 2023, the most senior officials investigated in a single year by the CCDI had been in 2014, when 38 individuals were targeted. In 2020, 18 officials were placed under investigation. But since then, the annual tally has been rising: 25 high ranking officials were investigated in 2021, and 32 in 2022. On Saturday, the National People’s Congress, China’s top legislative body, announced the dismissal of nine generals. Five of the officers were either past or current top commanders in the PLA Rocket Force, a key component of the country’s nuclear arsenal. They included Li Yuchao, who had commanded the rocket force from January last year until he was replaced in July, and his former deputy, Zhang Zhenzhong. Beijing has not confirmed if any of the nine men were under investigation for alleged corruption, although some were reportedly being probed earlier last year. A political researcher at Peking University said there were many obvious signs that suggest that China’s “tiger hunt” will expand even further in 2024. “We have the removal of [former foreign minister] Qin Gang and [former defence minister] Li Shangfu. We also saw the National People’s Congress just officially dismiss nine PLA generals, indicating a sweeping investigation in the military has got preliminary results,” said the researcher, who declined to be named due to the sensitivity of the matter.   China, Vietnam pledge cooperation against corruption for ‘clean Silk Road’ No reasons have been provided for the dismissals of Qin and Li, who were both stripped of their positions last year. “I suspect only a tiny amount of information regarding these cases will be released to the public, just for minimal formalities.” The CCDI will begin its third plenum from next Monday to lay out the work priorities in the new year for tens of millions of discipline inspectors across the country.  
06 Jan 2024,18:41
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