Month: March 2023

Oil giant Saudi Aramco makes a historic $161B profit in 2022

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Read time : 3 mins

Level : Advanced

FILE – Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Oil giant Saudi Aramco said Sunday, March 12, 2023, it earned a $161 billion profit last year, attributing its earnings to higher crude oil prices.(AP Photo/Amr Nabil, File)

By JON GAMBRELL Associated Press

DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists.

The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow’s oil and natural gas in Western markets.

Aramco also hopes to increase its production to take advantage of market demand as China reenters the global market after lifting its coronavirus restrictions. That could raise the billions needed to pay for Crown Prince Mohammed bin Salman’s plans to develop futuristic cityscapes to pivot Saudi Arabia away from oil. Continue reading

Tesla price cuts: Flagging demand or tactic to boost sales?

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Read time : 4 mins

Level : Intermediate

FILE – A Tesla logo is seen on a vehicle on display in Austin, Texas, Wednesday, Feb. 22, 2023. On Wednesday, March 1, Tesla executives said the company will use innovative manufacturing techniques and smaller factories to cut the cost of its next generation of vehicles by as much as half of the ones it now builds. (AP Photo/Eric Gay, File)

By TOM KRISHER AP Auto Writer

DETROIT (AP) — In explaining why Tesla Inc. keeps cutting prices on its electric vehicles, the auto industry is pretty much divided into two camps.

On one side are analysts who see an aggressive move by the leading manufacturer of EVs to gobble up sales and market share from its competitors just as they’re beginning to bring more vehicles to market.

On the other side are critics who argue that with demand for Tesla’s older vehicles beginning to wane, the company feels forced to slash prices to attract buyers.

Over the weekend, Tesla cut the prices of its two costliest vehicles, from $5,000 to $10,000, or from 4.3% to just over 9%. A Model S two-motor sedan now starts at $89,990, with the Plaid “performance” version beginning at $109,990. A Model X SUV dual motor starts at $99,990, the performance version at $109,990. Continue reading

In Britain, ‘warm hubs’ emerge to beat soaring energy costs

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Read time : 3 mins

Level : Advanced

Anne Bolger, right, works at the Other Place theater, in Stratford-upon-Avon, Warwickshire, England, Tuesday, Feb. 28, 2023. The foyer of the Other Place theater in Shakespeare’s birthplace of Stratford-upon-Avon is a cozy refuge from winter. One day a week the theater becomes a “warm hub,” set up by the Royal Shakespeare Company to welcome people who may be struggling to heat their homes because of sky-high energy prices. (AP Photo/Kin Cheung)

By JILL LAWLESS Associated Press

STRATFORD-UPON-AVON, England (AP) — On a blustery late-winter day in Shakespeare’s birthplace, the foyer of the Other Place theater is a cozy refuge. Visitors are having meetings over coffee, checking emails, writing poetry, learning to sew.

It looks and feels like an arty café in the pictureque streets of Stratford-upon-Avon, but it’s a “warm hub” set up by the Royal Shakespeare Company drama troupe to welcome people struggling to heat their homes because of sky-high energy prices.

Warm hubs have sprouted across Britain by the thousands this winter as soaring food and energy prices drive millions to turn down the thermostat or skimp on hot meals. Research by the opposition Labour Party counted almost 13,000 such hubs, funded by a mix of charities, community groups and the government and nestled in libraries, churches, community centers and even a tearoom at King Charles III’s Highgrove country estate. Continue reading

TikTok sets new default time limits for minors

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Read time : 4 mins

Level : Intermediate

FILE – The TikTok logo is seen on a cellphone on Oct. 14, 2022, in Boston. TikTok says every account held by a user under the age of 18 will automatically be set to a 60-minute daily screen time limit in the coming weeks amid growing concerns about the app’s security. (AP Photo/Michael Dwyer, File)

By MICHELLE CHAPMAN AP Business Writer

TikTok said Wednesday that every account held by a user under the age of 18 will have a default 60-minute daily screen time limit in the coming weeks. The changes arrive during a period in which there are growing concerns among different governments about the app’s security and ability to alter its algorithm to push certain posts.

The update also mirrors gaming rules imposed on minors in China, where TikTok’s parent company ByteDance was formerly based. ByteDance now says it has no headquarters because it is a global business and that instead it has leaders in Singapore, New York and elsewhere managing its business. In 2021, Chinese authorities issued new rules that let minors play online games for only an hour a day and only on Fridays, weekends and public holidays — an effort to curb internet addiction.

In the U.S., families have struggled with limiting the amount of time their children spend on the Chinese-owned video sharing app. According to the Pew Research Center, about two-thirds of Americans teens use TikTok. Continue reading