Search Site

Trends banner

Luberef net profit falls 7% in Q1

A fall in by-products sales leads to profit dip.

SABIC net loss $322 million

The company's net profit was $66m in Q1 2024

PureHealth posts $137m Q1 net profit

The Group's revenue increased 8 percent YoY.

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 2025.

More sanctions: Australia bans alumina and bauxite exports to Russia

Australian Prime Minister Scott Morrison. AFP
  • The export ban aims to impact aluminum production in Russia, which relies on Australia for 20 percent of its alumina.
  • Australia would donate 70,000 tons of thermal coal to Ukraine, following a request from the besieged nation.

Australia announced more sanctions against Russia over the invasion of Ukraine Sunday, immediately banning all exports of alumina and bauxite while pledging more weapons and humanitarian assistance.

The export ban aims to impact aluminum production in Russia, which relies on Australia for 20 percent of its alumina.

It comes just days after Canberra sanctioned oligarch Oleg Deripaska, who owns a stake in Queensland Alumina Limited — a joint venture between Russian aluminum company Rusal and mining giant Rio Tinto, which has vowed to sever all business ties with Russia.

A Rio Tinto spokesperson said the company “notes the government’s announcement today regarding export sanctions” and it was still in the process of “terminating all commercial relationships it has with any Russian business”.

Australian Prime Minister Scott Morrison said Sunday his government was working with partners to “put the maximum cost, the maximum pressure on the Putin regime to withdraw from Ukraine”.

Morrison said Australia had levelled 476 sanctions against Russian individuals and institutions since the invasion began.

He announced Australia would donate 70,000 tons of thermal coal to Ukraine, following a request from the besieged nation.

“We understand that it can power up to one million homes,” he said.

In addition, Australia will increase its humanitarian assistance with an additional Aus$30 million (US$22.3 million) and will donate a further Aus$21 million in defensive military assistance to Ukraine, including ammunition and body armor.

In recent weeks, the government has approved nearly 5,000 visas from Ukrainians displaced by the conflict, Morrison added.

He announced that Ukrainian refugees would be eligible for a new three-year humanitarian visa, allowing them to work, study and access the country’s health system.