Saudi Aramco says to offer shares worth over $10 billion on Saudi bourse

Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion. (Aramco)
Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion. (Aramco)
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Updated 30 May 2024
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Saudi Aramco says to offer shares worth over $10 billion on Saudi bourse

Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion. (Aramco)
  • It is the firm’s second listing after an initial public offering in December 2019 that raised $25.6 billion

RIYADH: Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion, one of the biggest such offerings in recent years.
In a statement posted to the Saudi stock exchange, Aramco announced a “secondary public offering of 1.545 billion shares,” with an expected price range between 26.70 and 29 Saudi riyals ($7 to $7.70).
The sale on the local bourse, which represents approximately 0.64 percent of the company’s issued shares, will commence on Sunday, Aramco said.
It is the firm’s second listing after an initial public offering in December 2019 that raised $25.6 billion, the biggest flotation in history.
Saudi Arabia is the world’s largest crude oil exporter and, before the announcement on Thursday, the government owned about 82 percent of its shares.


Pentagon chief speaks to Israel after letter on Gaza humanitarian situation

Pentagon chief speaks to Israel after letter on Gaza humanitarian situation
Updated 2 min 21 sec ago
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Pentagon chief speaks to Israel after letter on Gaza humanitarian situation

Pentagon chief speaks to Israel after letter on Gaza humanitarian situation
  • Israel’s military operations in Lebanon, where it says it is targeting Iran-backed Hezbollah militants, has killed over 2,000 people and displaced over a million

WASHINGTON: US Defense Secretary Lloyd Austin spoke to Israeli Defense Minister Yoav Gallant on Wednesday and discussed Israel’s operations in Lebanon and the humanitarian situation in Gaza after a letter earlier this week to Israel from Washington that urged improvement of Gaza’s humanitarian situation.
“The Secretary encouraged the Government of Israel to continue taking steps to address the dire humanitarian situation, noting the recent action by Israel to increase the amount of humanitarian assistance entering Gaza,” the Pentagon said in a statement on Wednesday.
US Secretary of State Antony Blinken and Austin wrote to Israeli officials on Sunday demanding concrete measures to address the worsening situation in the Palestinian enclave, or face potential restrictions on US military aid. The Pentagon readout after the Wednesday call did not mention the letter.
Israel’s military assault on Gaza has killed almost 42,000 Palestinians in the last year, caused a hunger crisis, displaced nearly the entire 2.3 million population and led to genocide allegations at the World Court that Israel denies.
Israel says it is acting in self-defense after an Oct. 7, 2023, attack by Palestinian Hamas militants. The Hamas attack killed 1,200 with about 250 also taken as hostage and triggered the latest bloodshed in the decades-old Israeli-Palestinian conflict.
Austin and Gallant also discussed an advanced US anti-missile system that Washington has deployed to bolster Israel’s air defenses, the Pentagon said.
“Austin and Minister Gallant discussed the deployment of a Terminal High-Altitude Area Defense (THAAD) battery as an operational example of the United States’ ironclad support to the defense of Israel,” the Pentagon said.
Israel’s military operations in Lebanon, where it says it is targeting Iran-backed Hezbollah militants, has killed over 2,000 people and displaced over a million.
The region has been on edge over an expected Israeli response to Iran for a missile attack that Tehran carried out in retaliation for Israel’s escalations in Lebanon.


4th KSrelief plane brings tonnes of humanitarian aid to Lebanon

4th KSrelief plane brings tonnes of humanitarian aid to Lebanon
Updated 34 min 59 sec ago
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4th KSrelief plane brings tonnes of humanitarian aid to Lebanon

4th KSrelief plane brings tonnes of humanitarian aid to Lebanon
  • Aid is part of the Saudi air bridge launched this week as the number of people displaced by Israeli aggression in Lebanon continues to swell

RIYADH: The fourth relief plane carrying Saudi humanitarian aid to Lebanon arrived at Beirut International Airport late Wednesday, the Saudi Press Agency said.

The relief aid is part of the Saudi air bridge launched by the King Salman Humanitarian Aid and Relief Center (KSrelief) in response to Lebanon's growing number of people displaced by Israel's air strikes on Hezbollah and Palestinian targets in Lebanon.

The first Saudi aid plane arrived in Beirut on Oct. 13, carrying more than 40 tonnes of food, medical supplies and relief materials. It was accompanied by a team for rescue operations.

Among the other countries that have sent aid to Lebanon are UAE, Turkiye, Iraq, Egypt, Jordan, Canada, Romania and France.

As of Wednesday, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said more than 2,300 people had been killed and over 746,500 internally displaced Lebanon's humanitarian crisis. 

 

 

Saudi Arabia also continues to provide humanitarian aid to those internally displaced by Israel-Hamas fighting in Gaza, which the UN has estimated at 1.9 million people.

On Oct. 15, KSrelief signed a financial support memorandum worth $10 million with the International Committee of the Red Cross for humanitarian needs in the Gaza Strip. 

In a statement on X, the Saudi aid agency said financial support "is part of ongoing efforts by the Kingdom to aid the affected people of the Palestinian population and provide them with essential services."

 


UK charities launch ‘urgent’ appeal for Middle East aid

UK charities launch ‘urgent’ appeal for Middle East aid
Updated 48 min 42 sec ago
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UK charities launch ‘urgent’ appeal for Middle East aid

UK charities launch ‘urgent’ appeal for Middle East aid
  • “Millions of people, including many thousands of children, are dealing with almost unimaginable trauma,” said DEC chief executive Saleh Saeed

LONDON: Leading UK charities on Thursday launched an urgent appeal for funds to meet what they called “huge levels of need” in Gaza, Lebanon and the occupied West Bank.
“Over the past year, conflict in the Middle East has devastated lives across the region, and millions have fled their homes in search of safety,” the Disaster Emergency Committee (DEC) said in a statement.
The DEC brings together 15 charities, including Oxfam and ActionAid, to launch national appeals “at times of crisis overseas.”
“Millions of people, including many thousands of children, are dealing with almost unimaginable trauma,” said DEC chief executive Saleh Saeed.
“Our member charities urgently need more funds to meet the huge levels of need. We are asking people to please donate now to save lives,” Saeed added.
The UK government will match donations to the Middle East Humanitarian appeal up to £10 million ($13 million).
“The suffering of civilians impacted by the conflict across the Middle East is intolerable,” said UK development minister Anneliese Dodds.
According to the DEC, the scale of the need in Gaza was “overwhelming,” while shelters and hospitals were “struggling” in Lebanon, where the conflict has spread in the last month. It also noted the impact on the occupied West Bank.
The coalition has in the past raised money for the 2004 Indian Ocean tsunami and Rohingya refugees in 2017, as well more than $570 million during the Ukraine war.
The coalition said that while Israelis have also been displaced and are dealing with “the trauma of the conflict,” the appeal did not include Israel at the moment.
“The DEC is monitoring the evolving situation and a number of DEC charities are ready to expand their response to include Israel if significant unmet humanitarian needs are identified,” it added.


’The comeback is on.’ Britannia score first points of America’s Cup final, trail New Zealand 4-2

’The comeback is on.’ Britannia score first points of America’s Cup final, trail New Zealand 4-2
Updated 59 min 27 sec ago
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’The comeback is on.’ Britannia score first points of America’s Cup final, trail New Zealand 4-2

’The comeback is on.’ Britannia score first points of America’s Cup final, trail New Zealand 4-2
  • The British have never won the America’s Cup in its 173-year history and are in their first final in six decades
  • As reigning champion, New Zealand had a guaranteed spot in America’s Cup finals, in addition to picking the venue and the rules

BARCELONA: INEOS Britannia got back into the America’s Cup final after scoring their first two wins over Emirates Team New Zealand, cutting the deficit in the first-to-seven series to 4-2 on Wednesday.

The British capitalized on uncharacteristic mistakes by the Kiwis, who gifted their rivals a huge lead before Race 5 even started and then suffered another slip that hurt their chances of catching Britannia on a close Race 6.

“There is still a long way to go, but the comeback is on,” Britannia skipper Ben Ainslie said from his cockpit.

Later, he added on shore: “It’s a massive day for our team to really believe we can get back in this, and now the trick is to ride that momentum all the way.”

The British have never won the America’s Cup in its 173-year history and are in their first final in six decades. New Zealand is trying to win the Auld Mug, the oldest trophy in international sport, for a third straight time and fifth overall.

New Zealand had sailed flawlessly to sweep the first four races held in view of the Barcelona beachfront. But the defenders couldn’t handle the low winds and high waves and made their first error of the series when their yacht fell off its foils during a turn in the pre-start buildup.

The Taihoro was left flailing while Britannia buzzed it twice before taking off to build a huge advantage. When Britannia crossed the line New Zealand were almost 1,200 meters behind.

“It was a dream scenario for a start to have one boat off the foils and be able to get away with a clean start,” said Britannia trimmer Bleddyn Mon.

The British followed that up with a second victory that will surely be a bigger boost to their confidence. The Kiwis were closing when a dip of the hull into the water cost them valuable time in a contest that was decided by just seven seconds.

“You make a few little mistakes and you lose races,” New Zealand skipper Peter Burling said. “That’s what we love about sport, and we also have a battle on our hands.”

Ainslie said that practicing on Tuesday in similarly choppy waves, while New Zealand stayed at base, helped prepare his team for similar waters once the racing resumed. That and a Britannia hull design suited for wavier water, compared to the New Zealand boat which he said appeared to perform better in flat seas.

As reigning champion, New Zealand had a guaranteed spot in America’s Cup finals, in addition to picking the venue and the rules. The Taihoro hadn’t raced for a month until the finals started on Saturday as it sat out the playoff rounds.

Britannia came in with more real racing practice and counts on the backing of the engineering expertise of the Mercedes Formula 1 team. New Zealand, for its part, relies on an in-house design team that produced the revolutionary design for the 75-foot AC75s.

Races 7 and 8 are scheduled for Friday, giving New Zealand one day to figure out what went wrong.

“We didn’t really executed our best today, so we let ourselves down,” ETNZ helmsman Nathan Outteridge said. “We will go and review that tonight and come back in better shape.”


Biden eulogizes Ethel Kennedy as ‘hero’ who put her own stamp on country

Biden eulogizes Ethel Kennedy as ‘hero’ who put her own stamp on country
Updated 17 October 2024
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Biden eulogizes Ethel Kennedy as ‘hero’ who put her own stamp on country

Biden eulogizes Ethel Kennedy as ‘hero’ who put her own stamp on country
  • Biden was joined by former Presidents Barack Obama and Bill Clinton in speaking at the memorial service in Washington

WASHINGTON: President Joe Biden eulogized the late Ethel Kennedy in deeply personal terms at a memorial service Wednesday, hailing the wife of the late Sen. Robert F. Kennedy as “a hero in her own right, full of character, full of integrity and empathy” who helped him through one of the darkest periods of his life.
Biden was joined by former Presidents Barack Obama and Bill Clinton in speaking at the memorial service in Washington. All three reflected on Ethel Kennedy’s humor and warmth, her work championing social causes and her unflappable resolve in the wake of tragedy.
“We’re a better nation and a better world because of Ethel Kennedy,” Biden said.
Biden became emotional as he recalled the Kennedy family helping him cope more than 50 years ago when his wife, 30-year-old Neilia, and their 13-month-old daughter, Naomi, were killed in a car accident, broadsided by a tractor-trailer while out shopping for a Christmas tree. The couple’s two sons, Beau and Hunter, who were just about to turn 4 and 3 at the time, were also in the car and were seriously injured.
“Along with Teddy (Kennedy), she got me through a time I didn’t want to stick around,” Biden said. “I wanted no part of being in the Congress, the Senate. ... The fact is like she did for the country, Ethel helped my family find a way forward with principle and purpose.”
Ethel Kennedy died on Thursday at age 96 following complications related to a stroke suffered earlier this month. She raised their 11 children after her husband was assassinated in 1968.
She was by Robert F. Kennedy’s side when he was fatally shot in the kitchen of the Ambassador Hotel in Los Angeles just after winning California’s Democratic presidential primary. Her brother-in-law, President John F. Kennedy, had been assassinated in Dallas less than five years earlier.
Obama said her life was marked by more tragedy and heartbreak than most could bear.
“She would have been forgiven, I think if, at any point she had stepped away from public life or allowed bitterness to fester after all she and her family had been through,” Obama said. “But that is not what Ethel did because that is not who she was.”
Obama said she became a passionate advocate for everything from juvenile justice to civil rights to environmental protection. He described her as “a big dose in a small package.”
“Well into her 80s, she was still out there marching for something,” Obama said.
The service Wednesday was held at the Cathedral of St. Matthew the Apostle, the same church where John F. Kennedy’s funeral was held in November 1963. Members of the Kennedy family gathered earlier this week to attend her private funeral.
The Kennedy matriarch was mother to Kathleen, Joseph II, Robert Jr., David, Courtney, Michael, Kerry, Christopher, Max, Douglas and Rory. She was one of the last remaining members of a family generation that included President John F. Kennedy.
Kathleen Kennedy Townsend recalled how her mother was fierce and fun-loving, rigorously faithful and reflexively dismissive of authority.
“Stop signs were always mere suggestions,” she said.
And while other mothers would take their children to the playground, she remembered her mom taking her to the Senate Rackets Committee where “daddy was investigating the mob.”
“I think my first sentence was, ‘I refuse to answer that question on the grounds that it may tend to incriminate me,” Kathleen Kennedy Townsend joked.
“She thought it was important that we knew what daddy was doing, and only afterwards would she take us to the botanical gardens and the natural history museum,” she said.
Clinton said he was grateful that Ethel Kennedy lived to be 96.
“She was an amazing fireball of continuous energy. It was wonderful to be around her,” he said.
During one of several light-hearted moments during the service, Clinton remembered her phoning him after Hillary Clinton had been elected to the Senate to the same seat that Robert Kennedy held.
“Ethel called me and said if I need any instruction in how to be a Senate spouse from New York, she’d be happy to provide it free of charge,” Clinton said.
Ethel Kennedy was a millionaire’s daughter who married the future senator and attorney general in 1950. She endured more death by the age of 40 than most people would in a lifetime.
She went on to found the Robert F. Kennedy Center for Justice and Human Rights soon after her husband’s death and advocated for causes including gun control and human rights. She rarely spoke about her husband’s assassination.
The center she founded still advances human rights through litigation, advocacy, education and inspiration, giving annual awards to journalists, authors and others who have made significant contributions to human rights. She also was active in the Coalition of Gun Control, Special Olympics, and the Earth Conservation Corps.
The memorial service featured remarks from some of her children, prayers from dozens of her grandchildren and musical performances from Kenny Chesney, Sting and Stevie Wonder.
Martin Luther King III, the son of civil rights icon Martin Luther King Jr., recalled meeting her shortly after his father was assassinated in April 1968, just two months before she would lose her husband. He said it was not random luck that his father found a wife who was strong enough to endure the daunting challenges of the civil rights movement. And it was no accident that Bobby Kennedy found a wife and partner who could handle the slings and arrows that surrounded his leadership.
“One thing I learned from my mother is that beside every great leader, stands a stalwart and very strong partner who refuses to be intimidated or distracted by the many side-dramas that come with notoriety,” King said.