More carmakers caught in headlights of VW engine-rigging scandal

More carmakers caught in headlights of VW engine-rigging scandal
Volkswagen has admitted it installed illegal software into 11 million 2.0 liter and 3.0 liter diesel engines worldwide (AFP Photo/Josh Edelson)

Volkswagen emissions scandal

Iran's 'catastrophic mistake': Speculation, pressure, then admission

Iran's 'catastrophic mistake': Speculation, pressure, then admission
Analsyts say it is irresponsible to link the crash of a Ukraine International Airline Boeing 737-800 to the 737 MAX accidents (AFP Photo/INA FASSBENDER)

Missing MH370 likely to have disintegrated mid-flight: experts

Missing MH370 likely to have disintegrated mid-flight: experts
A Malaysia Airlines Boeing 777 commercial jet.

QZ8501 (AirAsia)

Leaders see horror of French Alps crash as probe gathers pace

"The Recalibration of Awareness – Apr 20/21, 2012 (Kryon channeled by Lee Carroll) (Subjects: Old Energy, Recalibration Lectures, God / Creator, Religions/Spiritual systems (Catholic Church, Priests/Nun’s, Worship, John Paul Pope, Women in the Church otherwise church will go, Current Pope won’t do it), Middle East, Jews, Governments will change (Internet, Media, Democracies, Dictators, North Korea, Nations voted at once), Integrity (Businesses, Tobacco Companies, Bankers/ Financial Institutes, Pharmaceutical company to collapse), Illuminati (Started in Greece, with Shipping, Financial markets, Stock markets, Pharmaceutical money (fund to build Africa, to develop)), Shift of Human Consciousness, (Old) Souls, Women, Masters to/already come back, Global Unity.... etc.) - (Text version)

… The Shift in Human Nature

You're starting to see integrity change. Awareness recalibrates integrity, and the Human Being who would sit there and take advantage of another Human Being in an old energy would never do it in a new energy. The reason? It will become intuitive, so this is a shift in Human Nature as well, for in the past you have assumed that people take advantage of people first and integrity comes later. That's just ordinary Human nature.

In the past, Human nature expressed within governments worked like this: If you were stronger than the other one, you simply conquered them. If you were strong, it was an invitation to conquer. If you were weak, it was an invitation to be conquered. No one even thought about it. It was the way of things. The bigger you could have your armies, the better they would do when you sent them out to conquer. That's not how you think today. Did you notice?

Any country that thinks this way today will not survive, for humanity has discovered that the world goes far better by putting things together instead of tearing them apart. The new energy puts the weak and strong together in ways that make sense and that have integrity. Take a look at what happened to some of the businesses in this great land (USA). Up to 30 years ago, when you started realizing some of them didn't have integrity, you eliminated them. What happened to the tobacco companies when you realized they were knowingly addicting your children? Today, they still sell their products to less-aware countries, but that will also change.

What did you do a few years ago when you realized that your bankers were actually selling you homes that they knew you couldn't pay for later? They were walking away, smiling greedily, not thinking about the heartbreak that was to follow when a life's dream would be lost. Dear American, you are in a recession. However, this is like when you prune a tree and cut back the branches. When the tree grows back, you've got control and the branches will grow bigger and stronger than they were before, without the greed factor. Then, if you don't like the way it grows back, you'll prune it again! I tell you this because awareness is now in control of big money. It's right before your eyes, what you're doing. But fear often rules. …

Wednesday, May 13, 2020

Saudi Aramco tips difficult 2020 as virus hits quarterly profit

Yahoo – AFP, May 12, 2020

Aramco was listed on the Saudi stock market in December following the world's
largest initial public offering but has since been hit by a slump in world oil prices
as the coronavirus pandemic has sent the world into recession (AFP Photo/
Fayez Nureldine)

Riyadh (AFP) - Energy giant Saudi Aramco on Tuesday posted a 25 percent slump in first-quarter profit and said the coronavirus crisis which triggered a crash in oil prices would weigh heavily on demand in the year ahead.

Aramco was listed on the Saudi stock market in December following a historic $29.4 billion initial public offering -- the world's largest -- but since then has faced a torrid environment.

Oil prices slumped to nearly two-decade lows in March, losing almost two-thirds of their value as the coronavirus pandemic sent the world into recession.

Prices plummeted further in April amid a price war between Russia and Saudi Arabia as the major producers scrambled to secure market share.

"The COVID-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment," CEO Amin Nasser said in a statement.

Aramco said that a steep decline in global demand for energy and prices caused by the pandemic would undermine its full-year results.

"Longer term we remain confident that demand for energy will rebound as global economies recover," Nasser said.

The world's largest listed firm posted a net profit of 62.5 billion riyals ($16.66 billion) in the three months to March, compared to $22.2 billion a year earlier.

The company said the drop in earnings mostly reflected a decline in crude oil prices, as well as shrinking margins in the refining and chemicals businesses.

Price war truce

During the price war in April, Saudi oil production soared to a record 12.3 million barrels per day, pushing stockpiles to unsustainably high levels and causing chaos on global oil markets.

However, top producers agreed last month to slash output by 9.7 million bpd to try to arrest the freefall.

During the crisis, prices for benchmark West Texas Intermediate dipped below zero for the first time ever as abundant supplies wiped out storage capacity in the United States.

The coronavirus lockdowns, which have kept billions of people in their homes in order to contain the pandemic, have sapped global demand by more than 20 million bpd.

On Monday, Riyadh announced it would cut output by more than it had pledged -- shaving an additional 1.0 million bpd -- providing markets with a much-needed boost as the world economy cautiously emerges from the shutdown.

The move means that in June, Aramco production will drop to 7.5 million bpd -- its lowest level since mid-2002, according to analysts.

Aramco said Tuesday that its first quarter revenues were calculated on the basis of an average production of 9.8 million barrels per day and an average oil price of $51.8 a barrel.

However, factoring in the cuts in May and June, profits in the coming quarters are likely to plummet, meaning that Saudi state revenues, which heavily rely on Aramco results, will take a substantial hit.

The kingdom, which has posted a budget deficit since 2014, resorted to austerity measures on Monday, tripling value-added tax to 15 percent, delaying or cancelling projects and abolishing citizens' cost-of-living allowance.

The cuts risk stoking public resentment over an already high cost of living and demands for greater scrutiny of major projects such as the proposed purchase of English Premer League football club Newcastle United.

Industry reeling

Almost all global energy giants, including Exxon Mobil, Chevron and BP, have reported huge losses in the first quarter.

Aramco, which is responsible for the stewardship of Saudi's huge energy reserves, has relied on its extremely low production costs to remain profitable.

The company said however that capital spending will be trimmed this year, in a range between $25 billion and $30 billion, down from $32.8 billion in 2019.

Investors brushed off the drop in profits as Aramco's share price closed the day up 1.3 percent at 31.30 riyals.

Since the start of the year, Aramco shares have lost 11.2 percent and its current market value stands at $1.67 trillion, way down from levels of just over $2 trillion that it hit soon after listing.

Aramco, which is headquartered in the eastern city of Dhahran, last year posted a 20.6 percent decline in its annual net profit to $88.2 billion due to chronically low oil prices and production levels.

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