Business stories. We start in saudi arabia as the Worlds Biggest OilCompany Aramco is set to announce its latest Half Year Results in the next half an hour or so. Last year, aramco netted record profits of over 160 billion, buoyed by soaring energy prices. But in may this year, they reported that profits dropped by nearly a fifth in the first three months of the year as the gloomy Global Outlook saw oil prices drop. To tackle this, saudi arabia has been cutting production to the tune of1 Million Barrels a day. They started in july and have now extended to september. The oil price has since been creeping up. Live now to our middle east Business Correspondent sameer hashmi. Sameer, nice to see you. 160 billion is so much money made in a year. What are they expected to say in the next half hour . Expected to say in the next half hour . Sally, ithink it is matching half hour . Sally, ithink it is matching up half hour . Sally, ithink it is matching up to half hour . Sally, ithink it is matching up to the half hour . Sally, ithink it is matching up to the recordsl half hour . Sally, i think it is matching up to the records that aramco posted last year and to give you a sense, today we will hear from aramco, give you a sense, today we will hearfrom aramco, the give you a sense, today we will hear from aramco, the earnings for the period of april tojune this year and if you look at the same period last year during the same quarter, they had posted a profit of a9, almost a9 billion which was huge at that time because remember these earnings came out last year during the peak of oil prices and they had crossed the 100 mark after the outbreak of the war in ukraine and saudi arabia, because of that, and aramco ended up owning a record for the year which was 161 billion so i think analysts as well as the company dont expect those kind of numbers, i think it is an exceptional year, and weve already seen oil prices come down significantly to last year, talking 100 or overfor a large part, forfive months last year and this year they have been hovering about 75 to somewhere about 80 and you spoke about saudi arabias strategy to cut oil production. It has not really helped much, the prices have been inaudible but even when they made the announcement injuly they but even when they made the announcement in july they went up announcement in july they went up for a few days and then were back to about 75 76 so i think that will reflect on the results. Not the Production Cut because it started injuly but the fact that prices have been low compared to last year. It low compared to last year. If we put it in perspective for our audience, we put it in perspective for ouraudience, how we put it in perspective for our audience, how important aramco is, the money it makes for the saudi economy. This is bankrolling saudi arabias restructuring, isnt it . Absolutely. Aramco is really a big heart of the saudi economy because the company is 95 owned, 92 , actually now, by the saudi government. So essentially all of the Dividend Income goes towards the saudi government which is usually to the tune of 18 19 billion every quarter, the Dividend Income, and so saudi arabia is right now aggressively pursuing its vision economic 2030 where essentially its looking at diversifying its economy away from oil and fossil fuels because it makes up almost half of its income, gdp, income, and as demand for oil will be expected to decline in the coming decade they are investing in new industries and building these megaprojects, a huge new futuristic city in the middle of the desert, it has come up with new islands, tourist destinations, and investing in different kinds of industries and setting up its own Electric Vehicle Industry where it will manufacture cars, and similarly investing in technology, so in a host of new sectors because they want revenue, new Revenue Streams and, but to find that, they need billions of dollars and aramco of course is playing a bigger role there. Bigger role there. Sameer, thank you. Bigger role there. Sameer, thank you, we bigger role there. Sameer, thank you, we will bigger role there. Sameer, thank you, we will speak. Bigger role there. Sameer, | thank you, we will speak to bigger role there. Sameer, thank you, we will speak to you later when we get there results. Sameer hashmi. Staying with saudi arabia now, as they have been hosting talks over the weekend on finding a way to end the war between russia and ukraine. The talks ended with no concrete plan but the attendance of china, whove maintained close ties to moscow, was seen as a significant positive. Im joined byjustin urquhart stewart, co founder and co director of Trading Platform regionally. He isa he is a regular on the programme. His beautiful cat betty is purring away there. Nice to see you. Really interesting, these talks. There is no concrete communique or anything new to say at the end of them but the fact that china was there is really important, isnt it . � , �. , isnt it . Inaudible. Changing their policy isnt it . Inaudible. Changing their policy. About isnt it . Inaudible. Changing their policy. About three isnt it . Inaudible. Changing| their policy. About three years ago they had discussions with israel and actually having direct routes now going into various country inaudible these talks with saudi are leaving all of this and bringing china in and remember the past few months china has been saying we have a great relationship with moscow, never ending, without Unintelligible The Detail but not saying we are chums but refusing to support the allies in regards to the unintelligible nation but about Thejoint Participation Unintelligible nation but about the joint participation in this is a change inaudible of attitude and it has to be encouraging and it will automatically have an input today on some of the Commodity Prices. To an extent, 0k, we have to see something coming through, but it looks like the wind is blowing in the right direction. Wind is blowing in the right direction wind is blowing in the right direction. ~. , � , direction. Whats interesting is when this direction. Whats interesting is when this dollars direction. Whats interesting is when this dollars on direction. Whats interesting is when this dollars on from | is when this dollars on from the conflict in ukraine, china is trying to position itself as the player on the global stage that could possibly broker some sort of peace agreement. Which is really interesting in itself, isnt it . fit is really interesting in itself, isnt it . Of course, the saudis itself, isnt it . Of course, the saudis are itself, isnt it . Of course, the saudis are in itself, isnt it . Of course, the saudis are in a itself, isnt it . Of course,| the saudis are in a strange position because it is important because of oil and also realises that actually in 100 years time its primary asset may be worth nothing so what its doing at the moment is reaping these huge profit and as you said we will hear more about but coming through but then actually the ability to unintelligible and elsewhere Around The World unintelligible see the russian tried to do but china now actually trying to reassert itself as not even the largest economy in the world but one that now has greater influence than it is ever had before and certainly in our lifetimes. Before and certainly in our lifetimes. �. , ~. , lifetimes. Been talking to my colleaaue lifetimes. Been talking to my colleague in lifetimes. Been talking to my colleague in the lifetimes. Been talking to my colleague in the middle lifetimes. Been talking to my colleague in the middle east| colleague in the middle east about aramcos results coming out and we have this news as well that in the financial times, theyve done a study that shows that European Companies have suffered Something Like100 Billion Euros hits on their Russian Operations since, you know, direct losses from their operations in russia since printings full scale invasion of ukraine last year and this is something that the ft is discovered through its own research putins. But in itself is a huge sum, isnt it . Its not surprising that those companies are out there and have lost so much, the government has taken the ownership away and other Companies Like that so it frightens off other Companies Going into russia. Going into russia. Those who are already going into russia. Those who are already there going into russia. Those who are already there have going into russia. Those who i are already there have decided to sell out, they sold out and are in a firefight and unintelligible any price and the russians were happy to see them go for the moment so what youve got at the point is those countries in europe having to write off their assets and investments in russia and realise they will not be getting anytime soon. Justin and betty, good to see you both. Have a lovely day, see you again soon. Lets get some of the days other news now. Rail passengers in the uk are facing more disruption this week due to the latest Industrial Action by train drivers. Members of the aslef Train Drivers Union will not work overtime from today through to saturday august 12. The latest overtime ban is part of a long running dispute about pay, jobs and conditions that has seen some severe disruption. Passengers are advised to check Rail Services before they travel. Fines for uk businesses and landlords who knowingly support Illegal Migrants are set to triple under new rules announced by the government. Firms who are found to have repeatedly employed Illegal Migrants could face fines of up to £60,000 per breach. The home office argues illegal working and renting are significant pull factors for illegal migration. Meta boss Mark Zuckerberg has said he is not holding his breath over a proposed cage fight with rival elon musk. In a post on the new social media app threads, zuckerberg said he had proposed august 26 for the showdown. Elon musk claimed on sunday that their fight would be broadcast live on his social media platform x. August 26, remember that date. We turn now to indonesia, one of the top 20 Global Economies and one of the biggest players in the emerging markets. Indonesia has just released its latest economic output figures, showing a healthy 5. 17 growth in the three months to june. It beat some expectations and was up slightly on the period from january to march. Indonesia has a large young population and is a leading energy and Raw Materials exporter. Live now to gareth leather, senior emerging markets economist at capital economics. A warm welcome to the programme. Many will look at this news out of Indonesia Todayjust this news out of indonesia today just over 5 growth this news out of Indonesia Todayjust over 5 growth with envy. Today ust over 596 growth with en. ,. , � , today ust over 596 growth with en. ,. , envy. Yes, thats correct, that i think indonesia, envy. Yes, thats correct, that i think indonesia, like envy. Yes, thats correct, that i think indonesia, like lots envy. Yes, thats correct, that i think indonesia, like lots of. I think indonesia, like lots of other countries, notjust in other countries, not just in asia other countries, Notjust In Asia but Around The World, face a significant headwind so its likely that growth will slow in the second half the year. The central bank, like many others across the world, has hiked Interest Rates aggressively over the past year clampdown on inflation and i think it will act as a headwind and causing its a slow and they also have additional headwinds from lower Commodity Prices in and indonesia is a big commodity exporters about will cause growth to slow and weaker Global Demand if we are correct that the us, eurozone, uk fall into recession then development markets will act as another drag on growth as well so its encouraging that it is growing so strongly but unlikely to last. �. , so strongly but unlikely to last. �. ,. ,. ,. , last. And what is the outlook in general last. And what is the outlook in general because last. And what is the outlookj in general because indonesia last. And what is the outlook i in general because indonesia is not an economy that we focus on on a regular basis. For example, in china we are seeing that they have their own economic challenges at the moment and among them is high unemployment among the young so whats the scenario in indonesia . I whats the scenario in indonesia . Whats the scenario in indonesia . ~. ,. , indonesia . I think indonesia potentially indonesia . I think indonesia potentially is indonesia . I think indonesia potentially is one indonesia . I think indonesia potentially is one of indonesia . I think indonesia potentially is one of the indonesia . I think indonesia| potentially is one of the kind of good news stories over the next kind of 10 15 years and if you look at what is happening between china and the us, unintelligible Global Economy it is leaving many Manufacturing Companies to question if they have a future in china and are looking for potential bases elsewhere to relocate their manufacturing, their factories, relocate their manufacturing, theirfactories, basically. I think the winner of this process so far has been vietnam but there is no reason why Indonesia Cannot at least grab some of the market share of china. It has many of the things that vietnam and also before it china had with low labour costs, plentiful workforce, you know, it is located in asia where all of the manufacturing Supply Chains are and a couple of other things as well have been doing recently, the current president joko widodo has introduced key reforms over the past few years and in particular one of them is changes to the Labour Market which means its much easier to hire and fire workers now and it was before that so its a big plus for Manufacturing Companies. And also as well, big increases in Infrastructure Spending so if youre going to relocate a factory somewhere, you want to be confident you can ship yourfinal goods can ship your final goods overseas without too many problems and has been an increase in big increase in Infrastructure Spending and these are welcome developments and potentially mean over the next 15 or 20 years that indonesia could be one of the big growth starts to look out for. ,. , for. Interesting, we shall keep a close eye for. Interesting, we shall keep a close eye. Gareth for. Interesting, we shall keep a close eye. Gareth leather. I Around The World and across the uk, this is bbc news. Youre live with bbc news. To travel now, as pilots at Virgin Atlantic have indicated they would consider going on strike following serious concerns about tiredness and their well being. The union balpa, who represent uk pilots, said that in a recent vote 96 of Virgin Atlantic pilots supported a ballot on Industrial Action. At issue are working schedules that were put in place during the pandemic which will come to an end in december. Virgin says its willing to enter into talks in the coming weeks. Travel expert paul charles, chief executive of the pc agency joins me now. What do you think will happen here, well they come to some kind of agreement quickly which what which is what the atlantic desperately needs . Desperately needs . Virgin atlantic is desperately needs . Virgin atlantic is 40 desperately needs . Virgin atlantic is 40 years desperately needs . Virgin atlantic is 40 years old i desperately needs . Virgin l atlantic is 40 years old next atlantic is a0 years old next year because they do need a deal in the relatively short agent timeframe appeared to many Long Haul Airlines they compete with they have been seen as an airline that has had a modern approach to working conditions. I used to work there as a director, we had very, very good conditions in place, but this will be of concern to the Virgin Atlantic management because they have always been seen as an airline focused on safety and the last thing they need is for their key union balpa to be showcasing that virgin does not have the right working conditions in place anymore. This conditions in place anymore. As ou conditions in place anymore. As you say for Virgin Atlantic they want to sort this and quickly because it is not good press by any means, it is dominated the whole weekend, it is in a lot of headlines breaking about this. It is in the interest to solve it and also Virgin Atlantic has been through a really tough time, post pandemic. Richard branson was calling for Financial Aid etc, people came to the rescue but not a good outlook . But not a good outlook . Virgin atlantic did but not a good outlook . Virgin atlantic did not but not a good outlook . Virgin atlantic did not get but not a good outlook . Virgin atlantic did not