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Saudi public prosecution bureau arrests and prosecutes coronavirus rumor monger
The Saudi Bureau of Investigation and Public Prosecution arrested a person who shared and produced content on social media, including rumors and news from unknown sources, about the novel coronavirus (COVID-9), affecting public order.
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Analysis: Saudi Aramco Will Find It Hard to Serve Shareholders, Kingdom
This is an inflection point for Aramco and Saudi Arabia. The kingdom receives more than 60% of its revenue from the oil industry, and while it has options to help meet its budget — debt, austerity, or new taxes — it is truly reliant on Aramco payments. The government receives funds from Aramco mostly in three ways: a 50% income tax, a royalty on barrels of oil produced and a dividend. With low profit expected in 2020, the cash transferred to the government for the income tax will be limited. With low oil prices, the royalty payments, which are 15% of the price of Brent, will be exceedingly low. And if the company upholds its commitment to public shareholders, there would be less profit left to pay a dividend to the government.
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Saudi Arabia reports 67 new coronavirus cases
Saudi Arabia’s Health Ministry on Wednesday reported 67 new cases of coronavirus, bringing the tally to 238. Of these, six patients have recovered, while the remaining cases are under quarantine where they receive the necessary healthcare. The Kingdom has taken a series of stringent precautionary measures to keep the COVID-19 at bay and safeguard the safety of its citizens and residents. Earlier today, the largest Gulf state has announced the suspension of work in the private sector, except for health and food services, for 15 days, starting on Thursday.
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Tanker boss talks coronavirus fallout, Saudi surge
“Bahri [Saudi Aramco’s shipping arm] is wise in the way it’s doing its chartering. It’s fixing [chartering] out into the future with options for discharge in the Far East as well as the U.S. Gulf. That gives it more freedom.”
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Saudi Arabia to slash spending by 5% as oil prices fall
Saudi Arabia said the government will cut spending by 5%, or about $13.3 billion, to offset the impact of plunging oil prices and the effects of the new coronavirus on its economic outlook and deficit. In a statement carried by the state-run Saudi Press Agency late Wednesday, Finance Minister Mohammad Al-Jadaan said additional measures would be taken to deal with the drop in oil prices, but he did not elaborate further.
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SoftBank shares close down 17% in biggest one-day fall
Shares of SoftBank Group Corp (9984.T) closed down 17% on Thursday in their biggest one-day fall, hammered by investor scepticism over the outlook for tech bets, such as office sharing firm WeWork and ridehailer Uber
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‘That’s a fact’: Olympics are ‘cursed’, says Japan’s deputy prime minister
Japan had planned to host the summer and winter Olympics in 1940, but the second world war forced the cancellation of both Games. Forty years later, many countries, including the US, China and Japan, boycotted the Moscow Olympics in protest at the Soviet Union’s invasion of Afghanistan.
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Iraqi officials say rockets strike Baghdad’s Green Zone
At least three rockets struck Baghdad’s fortified Green Zone near the American Embassy late Tuesday, a day after an attack on a training base south of Baghdad where U.S.-led coalition troops and NATO trainers were present, Iraqi security officials said. It was the fourth such attack in the span of a week.
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Virus-hit Gulf has little room to boost revenue after oil price shock
Saudi Arabia could see its 2020 deficit widen to 16.1% from a previous projection of 6.4% if oil prices average $40, according to Arqaam. At $30, the deficit would hit 22.1%, it said — roughly $170 billion, according to Reuters calculations.
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Saudi’s Sakani provides 120,000 housing units in 70 projects
Saudi Arabia’s ‘Sakani’ housing programme has announced that more than 120,000 housing units in 70 projects across residential neighbourhoods in the kingdom are available to citizens who want to benefit from the programme.
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