{"id":592602,"date":"2023-08-08T00:00:00","date_gmt":"2023-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/aramco-ups-its-dividend-despite-falling-oil-earnings\/"},"modified":"2023-08-08T00:00:00","modified_gmt":"2023-08-08T00:00:00","slug":"aramco-ups-its-dividend-despite-falling-oil-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/aramco-ups-its-dividend-despite-falling-oil-earnings\/","title":{"rendered":"Aramco ups its dividend despite falling oil earnings"},"content":{"rendered":"

Aramco raises dividend payout: <\/strong>Saudi Arabian oil giant Aramco will raise its payout to investors and the country\u2019s government by more than half to USD 29.4 bn, up from USD 18.8 bn in 2022, the company said (pdf)<\/a>. The dividend boost comes despite declines in oil earnings across the sector. \u201cThe second quarter of 2023 was characterized by continued global economic uncertainty and market volatility,\u201d Bloomberg<\/a> quoted Aramco CEO Amin Nasser as telling reporters. \u201cThis obviously affected energy prices, yet Aramco delivered strong earnings thanks to our low cost production, high supply reliability and strong demand for our products.\u201d <\/p>\n

Aramco funds are key to the Saudi government: <\/strong>The payout will offer some relief to the Saudi government, whose budget deficit widened in 2Q 2023 due to rising social benefit spending and projects focusing on diversifying the economy away from oil.<\/p>\n

Cruise lines and hotels defy the moneymen: <\/strong>Hedge funds have taken a hit valued at USD 6 bn so far this year by wagering against cruise lines and hotels after misjudging the resilience of US consumer demand, the Financial Times<\/a> reports. Short sellers \u2014 mainly hedge funds \u2014 have been surprised by steep rises in the share price of tourism companies including cruise line Royal Caribbean, Airbnb, and Booking.com, as the US economy appears to steer its way past a potential recession and into a \u201csoft landing,\u201d the newspaper says. <\/p>\n

Credit Suisse is set to cut 80% of its Hong Kong-based investment banking s <\/strong> taff <\/strong>as the bank integrates with UBS Group, Reuters<\/a> reports, quoting two sources close to the matter. Only some 20 bankers will be spared redundancy, the sources said, of Credit Suisse\u2019s 100-person Hong Kong banking team. Bloomberg<\/a> also covered the story. <\/p>\n

REMEMBER- <\/strong>Swiss banking giant UBS was forced to acquire<\/a> the Swiss lender after it was left on the verge of collapse<\/a> following turmoil in the global financial system triggered by rising interest rates. <\/p>\n

ALSO WORTH NOTING- <\/strong><\/p>\n