Saudi Arabia's premier oil company, Aramco, has recorded a dramatic 39&nbsp;per cent drop in profits for the second quarter, ending on June 30.&nbsp;

In its recent report, Aramco revealed a net profit of $30.07 billion in the second quarter, marking a sharp drop of about 39&nbsp;per cent compared to the profit of $48.4 billion in the second quarter of 2022.&nbsp;

The decline has been attributed to lower crude oil prices and weakening margins in the refining and chemicals sectors. Aramco's plummeting profits align with broader industry trends, reflecting the ongoing turbulence in the oil sector.

Amin H. Nasser, President &amp; CEO of Aramco, highlighted during an earnings call, "Despite prevailing global market volatility and economic uncertainties, the events of the first half of this year reaffirm our belief in the crucial need for continued investment in our industry. This investment is vital not only to ensure stable market supplies but also to facilitate a seamless transition towards cleaner energy."

This downward trend resonates across the financial performance of other energy giants like BP, ExxonMobil, Shell, and TotalEnergies, all grappling with diminished earnings due to the weight of weakened oil prices.

However, a survey sponsored by Aramco revealed that the second-quarter profit slightly exceeded expert predictions. A report submitted to the Saudi stock exchange, Tadawul, attributed the significant profit decline to the combination of reduced crude oil prices and weakening margins in the refining and chemicals sectors.

Meanwhile, Aramco has announced a second-quarter dividend of $18.8 billion, scheduled to be disbursed in the third quarter of 2022. Additionally, in alignment with the company's 2021 Annual Report, Aramco distributed bonus shares to shareholders in Q2 2022 at a rate of one share for every ten shares owned.

Further enhancing its financial approach, Aramco is poised to initiate performance-linked dividends, with a projected payout of $9.87 billion anticipated for the third quarter. This will be based on the&nbsp;full-year 2022 and first-half 2023 performance results.

The oil giant has&nbsp;also been taking steps to accelerate the development of lower-carbon solutions in the energy industry. On June 27, Aramco inaugurated the Aramco Research Center at the King Abdullah University of Science and Technology, which uses artificial intelligence and machine learning to develop innovative ways to enable a Circular Carbon Economy.

"But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources, including oil and gas, renewables, and blue hydrogen," said CEO Nasser.

(With inputs from agencies)

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Saudi Arabia's premier oil company, Aramco, has recorded a dramatic 39 per cent drop in profits for the second quarter, ending on June 30. In its recent report, Aramco revealed a net profit of $30.

Saudi Arabia's premier oil company, Aramco, has recorded a dramatic 39 per cent drop in profits for the second quarter, ending on June 30. In its recent report, Aramco revealed a net profit of $30.07 billion in the second quarter, marking a sharp drop of about 39 per cent compared to the profit of $48.4 billion in the second quarter of 2022. The decline has been attributed to lower crude oil prices and weakening margins in the refining and chemicals sectors. Aramco's plummeting profits align with broader industry trends, reflecting the ongoing turbulence in the oil sector. Amin H. Nasser, President & CEO of Aramco, highlighted during an earnings call, "Despite prevailing global market volatility and economic uncertainties, the events of the first half of this year reaffirm our belief in the crucial need for continued investment in our industry. This investment is vital not only to ensure stable market supplies but also to facilitate a seamless transition towards cleaner energy." This downward trend resonates across the financial performance of other energy giants like BP, ExxonMobil, Shell, and TotalEnergies, all grappling with diminished earnings due to the weight of weakened oil prices. However, a survey sponsored by Aramco revealed that the second-quarter profit slightly exceeded expert predictions. A report submitted to the Saudi stock exchange, Tadawul, attributed the significant profit decline to the combination of reduced crude oil prices and weakening margins in the refining and chemicals sectors. Meanwhile, Aramco has announced a second-quarter dividend of $18.8 billion, scheduled to be disbursed in the third quarter of 2022. Additionally, in alignment with the company's 2021 Annual Report, Aramco distributed bonus shares to shareholders in Q2 2022 at a rate of one share for every ten shares owned. Further enhancing its financial approach, Aramco is poised to initiate performance-linked dividends, with a projected payout of $9.87 billion anticipated for the third quarter. This will be based on the full-year 2022 and first-half 2023 performance results. The oil giant has also been taking steps to accelerate the development of lower-carbon solutions in the energy industry. On June 27, Aramco inaugurated the Aramco Research Center at the King Abdullah University of Science and Technology, which uses artificial intelligence and machine learning to develop innovative ways to enable a Circular Carbon Economy. "But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources, including oil and gas, renewables, and blue hydrogen," said CEO Nasser. (With inputs from agencies) WATCH WION LIVE HERE

Saudi Aramco profits plunge 39% amid oil price tussle

New York-based financial giant Apollo Global Management has reported a remarkable surge in profits, reaching $1 billion. This represents an impressive 75 percent increase in adjusted net income for the April-June quarter, translating to $1.7 per share.

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Responding to this outstanding financial performance, Apollo's stock rose by 6.3 percent, hitting $86.47 per share, marking the most significant surge in over four months.

In a statement, CEO Marc Rowan emphasised, "As the industry and investors increasingly recognize the vast potential within private credit, the tangible outcomes of our efforts are becoming more evident."

Notably, the Athene insurance subsidiary, a key player for Apollo, reported a remarkable 76 percent surge in spread-related profits, reaching a total of $799 million. This surge was driven by robust inflows and the upward trajectory of interest rates. Simultaneously, the net investment spread also experienced a substantial increase of 66 percent, amounting to $1 billion, as higher interest rates mitigated the rise in fund costs.

These results underscore Apollo's unwavering focus on credit and insurance, with Athene contributing over 80 percent of the adjusted net income during the June quarter.

Apollo's executives have praised the company's expansion in originating private credit investments, which are subsequently syndicated to insurance firms and other external clients. As they put it, "The potential market for private investment-grade securities could extend beyond the insurance sector, matching its size within it."

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New York-based financial giant Apollo Global Management has reported a remarkable surge in profits, reaching $1 billion. This represents an impressive 75 percent increase in adjusted net income for the April-June quarter, translating to $1.

New York-based financial giant Apollo Global Management has reported a remarkable surge in profits, reaching $1 billion. This represents an impressive 75 percent increase in adjusted net income for the April-June quarter, translating to $1.7 per share. Responding to this outstanding financial performance, Apollo's stock rose by 6.3 percent, hitting $86.47 per share, marking the most significant surge in over four months. In a statement, CEO Marc Rowan emphasised, "As the industry and investors increasingly recognize the vast potential within private credit, the tangible outcomes of our efforts are becoming more evident." Notably, the Athene insurance subsidiary, a key player for Apollo, reported a remarkable 76 percent surge in spread-related profits, reaching a total of $799 million. This surge was driven by robust inflows and the upward trajectory of interest rates. Simultaneously, the net investment spread also experienced a substantial increase of 66 percent, amounting to $1 billion, as higher interest rates mitigated the rise in fund costs. These results underscore Apollo's unwavering focus on credit and insurance, with Athene contributing over 80 percent of the adjusted net income during the June quarter. Apollo's executives have praised the company's expansion in originating private credit investments, which are subsequently syndicated to insurance firms and other external clients. As they put it, "The potential market for private investment-grade securities could extend beyond the insurance sector, matching its size within it." WATCH WION LIVE HERE

Apollo Management shares hit all-time high after company records $1 billion in profits

Stellantis, the world's third-largest carmaker by sales, had an impressive performance in the first half of 2023, with a remarkable 12 percent year-on-year surge in net revenues and an astounding 37 percent spike in net profit.

In their recent report on Wednesday, the company revealed that their January-June adjusted profits before interest and tax (EBIT) rose by 11 percent to 14.1 billion euros ($15.6 billion), surpassing the analysts' forecast of 12.1 billion euros, as per Reuters&nbsp;poll.

During the second quarter alone, Stellantis achieved a remarkable milestone, generating a whopping $109 billion&nbsp;in net revenues, with their net profit reaching an impressive $12 billion, showcasing the company's robust financial position and market prowess.

The surge in net revenues and profits can be attributed to a substantial nine percent year-on-year increase in consolidated shipments, totaling 3.202 million units, further solidifying its position in the automotive industry.

Pricing power as key driver of earnings and green mobility

Natalie Knight, the newly appointed CFO of the group, emphasised that pricing power remains the primary driver of the group's earnings, encompassing Fiat, Peugeot, Alfa Romeo, Ram, and Jeep. She further elaborated that the company successfully implemented several price hikes and adeptly maintained them while also strategically assessing the need for additional pricing adjustments in the first half.

Stellantis facilitated this impressive boost in earnings by reducing supply constraints and returning to normal inventory levels, enabling the company to meet the demands of a growing market effectively.

However, its achievements extend beyond increased sales; the company is also at the forefront of driving sustainable practices. Their commitment to green mobility has yielded significant results, with sales of battery electric vehicles (BEV) and low-emission vehicles (LEV) surging by 24 percent and 28 percent year-on-year, respectively. Stellantis sold an impressive 169,000 battery electric vehicles and 315,000 low-emission vehicles, cementing their position as a leading force in eco-friendly transportation.

Profit margin concerns&nbsp;

Stellantis is facing concerns regarding its profit margin, particularly after Tesla of the United States initiated a wave of price discounts in China in January, putting pressure on automakers and suppliers to cut costs. The company's adjusted EBIT margin declined to 14.4 percent&nbsp;from 14.5 percent&nbsp;a year ago as the pricing power, boosted by a considerable inflationary environment in the previous year, no longer persisted, according to Chief Executive Carlos Tavares.

Reuters quoted Taveres as saying, "If the market is more competitive in terms of pricing, we need to work harder on cost reduction to make sure that we give back to the market the breathing space it needs while protecting our per unit margins."&nbsp;

However, he highlighted that Stellantis' margin performance still outperformed Tesla's and General Motors&nbsp;margins, which stood at 10.5 percent&nbsp;and 8.3 percent, respectively.

Furthermore, the company's optimism about its future prospects is clearly demonstrated through its share buyback program. The company has already repurchased shares worth 774 million dollars and has set a target to complete a buyback of 1.6 billion dollars by the end of the year. This move highlights Stellantis' belief in its own growth and reinforces its commitment to enhancing shareholder value.

(With inputs from Reuters)

Stellantis, the world's third-largest carmaker by sales, had an impressive performance in the first half of 2023, with a remarkable 12 percent year-on-year surge in net revenues and an astounding 37 percent spike in net profit.

Stellantis, the world's third-largest carmaker by sales, had an impressive performance in the first half of 2023, with a remarkable 12 percent year-on-year surge in net revenues and an astounding 37 percent spike in net profit. In their recent report on Wednesday, the company revealed that their January-June adjusted profits before interest and tax (EBIT) rose by 11 percent to 14.1 billion euros ($15.6 billion), surpassing the analysts' forecast of 12.1 billion euros, as per Reuters poll. During the second quarter alone, Stellantis achieved a remarkable milestone, generating a whopping $109 billion in net revenues, with their net profit reaching an impressive $12 billion, showcasing the company's robust financial position and market prowess. The surge in net revenues and profits can be attributed to a substantial nine percent year-on-year increase in consolidated shipments, totaling 3.202 million units, further solidifying its position in the automotive industry. Pricing power as key driver of earnings and green mobility Natalie Knight, the newly appointed CFO of the group, emphasised that pricing power remains the primary driver of the group's earnings, encompassing Fiat, Peugeot, Alfa Romeo, Ram, and Jeep. She further elaborated that the company successfully implemented several price hikes and adeptly maintained them while also strategically assessing the need for additional pricing adjustments in the first half. Stellantis facilitated this impressive boost in earnings by reducing supply constraints and returning to normal inventory levels, enabling the company to meet the demands of a growing market effectively. However, its achievements extend beyond increased sales; the company is also at the forefront of driving sustainable practices. Their commitment to green mobility has yielded significant results, with sales of battery electric vehicles (BEV) and low-emission vehicles (LEV) surging by 24 percent and 28 percent year-on-year, respectively. Stellantis sold an impressive 169,000 battery electric vehicles and 315,000 low-emission vehicles, cementing their position as a leading force in eco-friendly transportation. Profit margin concerns Stellantis is facing concerns regarding its profit margin, particularly after Tesla of the United States initiated a wave of price discounts in China in January, putting pressure on automakers and suppliers to cut costs. The company's adjusted EBIT margin declined to 14.4 percent from 14.5 percent a year ago as the pricing power, boosted by a considerable inflationary environment in the previous year, no longer persisted, according to Chief Executive Carlos Tavares. Reuters quoted Taveres as saying, "If the market is more competitive in terms of pricing, we need to work harder on cost reduction to make sure that we give back to the market the breathing space it needs while protecting our per unit margins." However, he highlighted that Stellantis' margin performance still outperformed Tesla's and General Motors margins, which stood at 10.5 percent and 8.3 percent, respectively. Furthermore, the company's optimism about its future prospects is clearly demonstrated through its share buyback program. The company has already repurchased shares worth 774 million dollars and has set a target to complete a buyback of 1.6 billion dollars by the end of the year. This move highlights Stellantis' belief in its own growth and reinforces its commitment to enhancing shareholder value. (With inputs from Reuters)

Stellantis surpasses forecasts, achieves remarkable 37% spike in net profit

Netflix's second quarter&nbsp;earnings report has left investors disappointed as the streaming giant faced challenges in its highly competitive industry. Despite adding 5.9 million new streaming customers and surpassing earnings predictions, the company fell short of analyst estimates, leading to a sharp 9 percent drop in shares during after-hours trading.

While the subscriber base continues to grow, the average revenue per member has declined, partly attributed to lower prices in certain countries.&nbsp;One of the key obstacles for Netflix is the intensifying streaming competition, coupled with a nearing saturation point in the United States market.

The company has been exploring new ways to generate revenue and attract more customers. Netflix introduced a cheaper tier with advertising in November, however, this move has not resulted in the desired financial boost. Additionally, a widespread crackdown on password sharing in May aimed to encourage users to sign up for the more affordable ad-supported tier.

Despite the setback, Netflix remains optimistic about its future prospects. The company plans to accelerate revenue growth in the second half of the year by creating compelling shows and movies, improving monetization, expanding its video game business, and enhancing the overall user experience.

The streaming giant has also raised its 2023 free cash flow estimate to $5 billion, partly due to reduced content spending during production shutdowns.

Furthermore, Netflix is hopeful that the ongoing labor strikes in Hollywood will be resolved soon, allowing the company to leverage its global production advantage. As it looks ahead, Netflix aims to increase its advertising revenue and reach 10 percent of total revenue from this source.

Netflix's second quarter earnings report has left investors disappointed as the streaming giant faced challenges in its highly competitive industry. Despite adding 5.

Netflix's second quarter earnings report has left investors disappointed as the streaming giant faced challenges in its highly competitive industry. Despite adding 5.9 million new streaming customers and surpassing earnings predictions, the company fell short of analyst estimates, leading to a sharp 9 percent drop in shares during after-hours trading. While the subscriber base continues to grow, the average revenue per member has declined, partly attributed to lower prices in certain countries. One of the key obstacles for Netflix is the intensifying streaming competition, coupled with a nearing saturation point in the United States market. The company has been exploring new ways to generate revenue and attract more customers. Netflix introduced a cheaper tier with advertising in November, however, this move has not resulted in the desired financial boost. Additionally, a widespread crackdown on password sharing in May aimed to encourage users to sign up for the more affordable ad-supported tier. Despite the setback, Netflix remains optimistic about its future prospects. The company plans to accelerate revenue growth in the second half of the year by creating compelling shows and movies, improving monetization, expanding its video game business, and enhancing the overall user experience. The streaming giant has also raised its 2023 free cash flow estimate to $5 billion, partly due to reduced content spending during production shutdowns. Furthermore, Netflix is hopeful that the ongoing labor strikes in Hollywood will be resolved soon, allowing the company to leverage its global production advantage. As it looks ahead, Netflix aims to increase its advertising revenue and reach 10 percent of total revenue from this source.

Netflix's Q2 revenue falls short of expectations, shares slide

India's <a href="https://www.wionews.com/india-news/gdp-growth-rate-slump-is-temporary-prakash-javadekar-248490">Gross Domestic Product (GDP</a>) growth for quarter 2 (Q2) slipped to a six-year low, government data showed on Friday.&nbsp;

At 4.5 per cent, India's Q2 GDP for the June-September quarter slipped from 5 per cent in the previous quarter of the current fiscal year.&nbsp;

India's economic growth was measured at 7 per cent for the July-September quarter a year earlier.&nbsp;

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Meanwhile, the country's infrastructure output also contracted for the second consecutive month to 5.8 per cent in October from a year earlier, lowest since at least April 2012, news agency Reuters reported.&nbsp;

During April-October, output grew 0.2 per cent from the year-ago period, according to the data.

Infrastructure output comprises eight sectors such as coal, crude oil and electricity and accounts for nearly 40 per cent of the country's industrial output.

India's Gross Domestic Product (GDP) growth for quarter 2 (Q2) slipped to a six-year low, government data showed on Friday. At 4.5 per cent, India's Q2 GDP for the June-September quarter slipped from 5 per cent in the previous quarter of the current fiscal year.

India's Gross Domestic Product (GDP) growth for quarter 2 (Q2) slipped to a six-year low, government data showed on Friday. At 4.5 per cent, India's Q2 GDP for the June-September quarter slipped from 5 per cent in the previous quarter of the current fiscal year. India's economic growth was measured at 7 per cent for the July-September quarter a year earlier. Government of India: Quarter 2 Gross Domestic Product (GDP) showing a growth rate of 4.5% https://t.co/ysSTQ3rZAH — ANI (@ANI) November 29, 2019 × Meanwhile, the country's infrastructure output also contracted for the second consecutive month to 5.8 per cent in October from a year earlier, lowest since at least April 2012, news agency Reuters reported. During April-October, output grew 0.2 per cent from the year-ago period, according to the data. Infrastructure output comprises eight sectors such as coal, crude oil and electricity and accounts for nearly 40 per cent of the country's industrial output.

India's GDP for June-September quarter falls to 4.5%, lowest in 6 years  

India's current account deficit (CAD) widened to 2.9 per cent of the GDP in the second quarter of the fiscal compared to 1.1 per cent in the year-ago period, mainly due to a large trade deficit, the RBI said Friday.

The CAD, or the difference between outflow and inflow of foreign exchange in the country's current account, was $19.1 billion during the quarter ended September 30, 2018.

It increased from $6.9 billion or 1.1 per cent of GDP in the second quarter of 2017-18. The CAD stood at $15.9 billion (2.4 per cent of GDP) in the April-June quarter.

"India's current account deficit (CAD) at US$ 19.1 billion (2.9 per cent of GDP) in Q2 of 2018-19 increased from US$ 6.9 billion (1.1 per cent of GDP) in Q2 of 2017-18 and US$ 15.9 billion (2.4 per cent of GDP) in the preceding quarter," the RBI said.

The CAD has increased to 2.7 per cent of GDP in first half of 2018-19 from 1.8 per cent in the corresponding period of 2017-18 on the back of widening of the trade deficit.

As per the central bank, the widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit at $50 billion as compared to $32.5 billion a year ago.

RBI's preliminary data on India's balance of payments (BoP) for July-September 2018-19 further revealed that net services receipts increased by 10.2 per cent on a year-on-year basis, mainly on the back of a rise in net earnings from software and financial services.

Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $20.9 billion during the quarter, increasing by 19.8 per cent from their level a year ago.

In the financial account, net foreign direct investment at $7.9 billion in the second quarter of 2018-19 moderated from $12.4 billion in the similar period of last fiscal.

RBI said portfolio investment recorded net outflow of $1.6 billion as compared to an inflow of $2.1 billion in the second quarter last year on account of net sales in both the debt and equity markets.

Further, net receipts on account of non-resident deposits increased to $3.3 billion in the second quarter of 2018-19 from $0.7 billion a year ago.

In July-September this fiscal, there was a depletion of $1.9 billion of the foreign exchange reserves (on BoP basis) as against an accretion of $9.5 billion in the year-ago period.&nbsp;

India's current account deficit (CAD) widened to 2.9 per cent of the GDP in the second quarter of the fiscal compared to 1.1 per cent in the year-ago period, mainly due to a large trade deficit, the RBI said Friday.

India's current account deficit (CAD) widened to 2.9 per cent of the GDP in the second quarter of the fiscal compared to 1.1 per cent in the year-ago period, mainly due to a large trade deficit, the RBI said Friday. The CAD, or the difference between outflow and inflow of foreign exchange in the country's current account, was $19.1 billion during the quarter ended September 30, 2018. It increased from $6.9 billion or 1.1 per cent of GDP in the second quarter of 2017-18. The CAD stood at $15.9 billion (2.4 per cent of GDP) in the April-June quarter. "India's current account deficit (CAD) at US$ 19.1 billion (2.9 per cent of GDP) in Q2 of 2018-19 increased from US$ 6.9 billion (1.1 per cent of GDP) in Q2 of 2017-18 and US$ 15.9 billion (2.4 per cent of GDP) in the preceding quarter," the RBI said. The CAD has increased to 2.7 per cent of GDP in first half of 2018-19 from 1.8 per cent in the corresponding period of 2017-18 on the back of widening of the trade deficit. As per the central bank, the widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit at $50 billion as compared to $32.5 billion a year ago. RBI's preliminary data on India's balance of payments (BoP) for July-September 2018-19 further revealed that net services receipts increased by 10.2 per cent on a year-on-year basis, mainly on the back of a rise in net earnings from software and financial services. Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $20.9 billion during the quarter, increasing by 19.8 per cent from their level a year ago. In the financial account, net foreign direct investment at $7.9 billion in the second quarter of 2018-19 moderated from $12.4 billion in the similar period of last fiscal. RBI said portfolio investment recorded net outflow of $1.6 billion as compared to an inflow of $2.1 billion in the second quarter last year on account of net sales in both the debt and equity markets. Further, net receipts on account of non-resident deposits increased to $3.3 billion in the second quarter of 2018-19 from $0.7 billion a year ago. In July-September this fiscal, there was a depletion of $1.9 billion of the foreign exchange reserves (on BoP basis) as against an accretion of $9.5 billion in the year-ago period.

Current account deficit widens to 2.9% of GDP in Q2

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