Saudi Aramco's first-quarter net profit fell 5% year-on-year amid lower oil prices and production. Net income for the three months to March 31 came in at $26 billion, down from $27.3 billion for the same period last year, the company reported. The figure was slightly above analyst expectations of $25.3 billion. Aramco announced its free cash flow for the quarter at $19.2 billion, down from $22.8 billion in the first quarter of 2024, and cash flow from operating activities at $31.7 billion compared to last year's $33.6 billion.
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Welcome to CNBC's home on LinkedIn! Follow us for regular updates about financial news, top CNBC.com stories, behind-the-scenes moments and more. CNBC, Inc. provides business news in the United States and Canada. It provides real-time financial market coverage and business information. The company, through its Web site, cnbc.com, provides real-time market analysis; video programming daily; industry and topic-specific blogs; cnbc.com live stream, a long-form scheduled programming of events; charts; and investing tools. The company was founded in 1989 and is headquartered in Englewood Cliffs, New Jersey. CNBC, Inc. operates as a subsidiary of NBC Universal, Inc.
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Six years after Aaron Levie dropped out of college to start a business in his parents’ attic with three friends, he faced a decision so nerve-wracking that he spent months “freaked out” and sleepless, he says. The company was Box, a provider of cloud-based content management and file-sharing tools now based in Redwood City, California. And the decision revolved around a $600 million acquisition offer the four co-founders received from a business called Citrix, a larger rival at the time. The question facing the co-founders was simple: Accept the offer or turn it down, betting that they could eventually build Box into something bigger than $600 million? Levie, now 40, vividly remembers the “volatile” few months he spent debating the pros and cons. Read more: cnb.cx/4cU87Z0
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Tesla owners and investors once believed the company and CEO Elon Musk were changing the world. Now many are selling their cars and dumping stock. Today, disappointed fans trying to unload their cars find that used Tesla vehicles have plummeted in value. And investors find that Tesla shares, which reached an all-time high in the wake of the 2024 election, have fallen by more than 20% since the beginning of the year.
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Warren Buffett plans to hand over the reins of Berkshire Hathaway at the end of 2025 to Greg Abel, who has been working for the legendary investor for more than two decades and has a long track record as a business operator in his own right. Abel has been on Berkshire Hathaway’s board since 2018, and his current title is vice chairman of non-insurance operations. That role puts Berkshire’s businesses in areas like utilities, railroads and retail in his purview. The utility and energy industry is where Abel, 62, cut his teeth before becoming Buffett’s right-hand man. He first joined Berkshire when Buffett’s firm struck a deal for a controlling stake in MidAmerican Energy, where Abel was an executive, in 1999. He later served as the CEO of that company, which was renamed Berkshire Hathaway Energy.
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The Trump administration suggested Saturday that New Jersey Democratic lawmakers involved in a clash a day earlier with authorities at a federal immigration detention center that led to the arrest of Newark Mayor Ras Baraka also could face criminal charges. "There will likely be more arrests coming," Department of Homeland Security spokesperson Tricia McLaughlin told CNN in an interview on Saturday. "We actually have body camera footage of some of these members of Congress assaulting these ICE enforcement officers, including body slamming a female ICE officer," McLaughlin said.
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Colby Grey, 24, grew up in a very rural and conservative community in San Luis Obispo, California. It wasn't until moving two hours away to attend the University of California, Santa Cruz, that he traveled that far for the first time. It was the beginning of a new life for Grey — he just didn't know it yet. "Not many people in my town had passports. You didn't really travel much and you didn't go to school very far either," Grey tells CNBC Make It. "I was one of the ones that went further and then when I studied abroad, I was one of the first to leave the country."
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Just weeks after announcing a 100% withholding rate on new overpayments of benefits, the Social Security Administration has slashed the rate down to 50% for certain beneficiaries. Yet that clawback on monthly benefit checks may still cause a financial burden for individuals who are affected, experts say. For new overpayment notices sent on or after April 25, the 50% default withholding rate will apply to so-called Title II benefits, which include retirement, survivors and disability insurance, according to an emergency message released by the Social Security Administration. The withholding rate for Supplemental Security Income benefits remains 10%.