Israel kills top Hezbollah figure in Beirut strike, Reuters sources say
Top Hezbollah commander Ibrahim Aqil was killed on Friday in an Israeli strike on Beirut's southern suburbs, two security sources told Reuters.
Oil giant Saudi Aramco said Sunday its profits soared more than 80 per cent in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia's invasion of Ukraine.
The bumper first-quarter earnings by the firm formally known as the Saudi Arabian Oil Co., which overtook Apple as the world's most valuable company last week, show a record net income of US$39.5 billion, up from $21.7 billion during the same period last year.
The figure marks the oil group's highest quarterly profit since 2019, when the Saudi government, which owns 98 per cent of the company, listed a sliver of its worth on Riyadh's Tadawul stock exchange in what was then the world's largest-ever initial public offering.
In a statement, Aramco's chief executive attributed the spike in profits to rising prices as well as the kingdom's increase in production, along with allies in the group known as OPEC Plus. He also appeared to suggest that the disruption from the war in Ukraine had underscored the vital role of oil and gas companies like Aramco.
"Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world's demand for energy that is reliable, affordable and increasingly sustainable," President and CEO Amin H. Nasser said, adding that Aramco was in the midst of increasing its maximum production capacity to meet anticipated demand growth.
Oil prices rallied to a 14-year high of $139 a barrel in March immediately after Russia's invasion of Ukraine, although later receded as Russian oil continued to flow and renewed lockdowns hurt demand for hydrocarbons in China, a top importer. International benchmark Brent crude traded over $111 a barrel Sunday.
Shares of Aramco jumped 1.85 per cent on Sunday on the earnings report, with a share costing 41.40 Saudi riyals, or $11.04 on the Tadawul stock market. Aramco shares have shot up since the start of the year, making it the world's most valuable company last week with a market cap of around $2.43 trillion.
The oil group said it maintained its $18.8 billion cash dividend for the fourth quarter of last year -- completing one of the biggest full-year cash dividends in the world. The payment is a crucial source of revenue for the Saudi government.
Gearing, which the company defines as the degree to which its operations are financed by debt, dropped from 14 per cent at the end of last year to eight per cent in the first quarter.
The strong quarterly results come after resurgent economic activity and the relaxation of global coronavirus restrictions had already delivered record annual results for the state-backed company last year after the devastation of the pandemic and years of sluggish growth amid relatively lower prices.
The skyrocketing oil prices have provided a welcome boost to the Saudi economy.
Saudi Arabia -- the world's top oil exporter and OPEC's de facto leader -- logged its fastest economic growth in a decade during the first quarter of the year, with its gross domestic product growing 9.6 per cent compared to the same period last year, according to its statistics agency. The International Monetary Fund expects the kingdom's economy to expand 7.6 per cent this year.
Top Hezbollah commander Ibrahim Aqil was killed on Friday in an Israeli strike on Beirut's southern suburbs, two security sources told Reuters.
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
Israel’s military has struck the southern suburbs of Beirut, Lebanon’s capital, in a dramatic escalation in a year-long period of conflict between Israel and Hezbollah.
Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.
A paid passenger on an expedition to the Titanic with the company that owned the Titan submersible testified before a U.S. Coast Guard investigatory panel Friday that the mission he took part in was aborted due to an apparent mechanical failure.
Following the MIND diet for 10 years produced a small but significant decrease in the risk of developing thinking, concentration and memory problems, a new study found.
The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.
David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.
Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.