35 Burst results for "Saudi Aramco"
Apple is 1st US company to be valued at $2 trillion
"It's up 7/10 of a percent. It's leading the way among the big tech companies, and it's getting really close to the point where the company would be valued at $2 Trillion. It only has to be up 1.2% today to reach that milestone. And if it gets there, it would be the first U. S company ever to do so. Saudi Aramco was just above
Apple is now the world's most valuable company, dethroning oil giant Saudi Aramco
"And Apple not only announced the four for one stock split. It also surpassed state oil giant Saudi Aramco to become the world's most valuable traded company. Market valuation of $1.84
Amazon, Apple and Facebook shares soar amid pandemic
"For the nation's big tech Titans, Amazon, Apple and Facebook all reported blowout numbers for the spring quarter, sending their shares sharply higher in the Friday session, and Apple not only announced the four for one stock split. It also surpassed state oil giant Saudi Aramco to become the world's most valuable traded company, a market valuation of $1.84 trillion. Meanwhile, various reports Friday said Microsoft is discussing a potential purchase of popular short video app Tic Tac.
Apple is now the world's most valuable company, dethroning oil giant Saudi Aramco
"Stocks gained. An Apple became the most valuable company in the world as its stock hit another record high, closing up more than 10%. Apple dethroned Aramco from the top spot. Saudi Arabia is national oil company
Apple, Microsoft Become First American Companies Worth $1.5 Trillion... On the Same Day
"Wednesday. Apple became the first publicly traded American company to reach a one and a half trillion dollar valuation. That's right. The Silicon Valley superstar continued at Sky High trajectory despite being close to foot traffic all over the world since March, perhaps even more remarkable than the news of Apples, record-breaking valuation was that the same day Microsoft also crossed the one point five trillion dollar mark share prices of Google and Amazon shot up as well although their market valuations didn't quite achieve such celestial levels. Prior Wednesday the only publicly traded company in the world. Worth that much was oil company Saudi Aramco it went public last December, so why the sudden jump in the market analysts say investors like big tech right now because lockdowns made us more dependent on technology for work and leisure than ever before stuck at home, we all downloaded programs like crazy from apple's for the load jumped by a third in the last couple of months according to Morgan Stanley, we also glommed onto the apple. Watch research firm strategy analytics. Apple sold close to eight million of the smart watches in the first quarter up almost twenty five percent from a year earlier according to Fast Company finally investors are looking ahead hopefully to apple's planned introduction of a five G. capable phone, the IPHONE twelve possibly by next month five G. is the next generation cellular network one that promises greater bandwith with and much higher speeds. And rebels in its financial success, it's also responding to global calls for civil rights on Thursday Apple. CEO Tim Cook announced that the company is investing one hundred million dollars in wide ranging racial equity initiatives from increasing its investments in education and training to better diversifying its workforce in supply chain. If apple is the darling of individual customers. Microsoft remains the choice of corporate America these days, a lot of corporate. America's employees are operating from the dining room table. In order to function companies are scrambling to provide workers with cloud, based productivity and communication software like Microsoft three, sixty five and teams, according to Barron's, but let's not give apple and Microsoft all the credit for their eye-popping valuations. Some of their boost came from. Shall we say irrational exuberance in the market overall now bear with me for a second because we're going to be explaining what happened in the market last week? which is a century in Covid nineteen time. Last Tuesday and Wednesday. Investors seem to want to believe that the pandemic was behind us. That reopening the economy would not only go smoothly, but that millions of unemployed people would get their jobs back fast. With hope, not necessarily evidence says its foundation. The market lifted to new heights. Investors were even gobbling up shares of companies in the hardest hit industries, airlines and hotels, and then evidence that we are not passed. The pandemic surfaced there are now more than two million cases of covid nineteen in America in the US more than one hundred ten thousand people have died according to Johns Hopkins University case counter spiking in several states that reopened around Memorial Day including California Florida, Texas and Arizona. Seeing these numbers investors hopes deflated, and many scrambled to sell on Thursday. The Dow Jones Industrial Average sank more than eighteen hundred points, the biggest single-day drop in the stock market, since March as many already warned, there had been no evidence that the virus was gone and the increase in cases prove those skeptics right now. Investors are worried about a dreaded second wave which could force lockdowns all over again at least regionally added to those worries remarks by Fed Chairman Jerome Powell on Wednesday. He warned that the recovery will take a long time. Time some people may struggle for years to find new jobs in some may never be able to return to their old industries. He said Powell's gloomy outlook, plus the coronavirus counts at up to wall. Street's sharp drop, but there were certain companies that seemed relatively immune. Yep, you got it. Apple and Microsoft, both fell slightly with the rest of the market. Apple ended the day just a wee bit under one point, five trillion and market value. Microsoft fell more, but don't cry any tears for them. They ended at one point four trillion. For Big Tech companies, more lockdowns means many of us will continue living and working in virtual worlds, and that means buying yet more. APPs streaming services cloud based software and the like what this means for the future of these longtime rivals, well those who like watching races or now anticipating who will reach two trillion dollars in valuation I apple or Microsoft? And went even with the economy sputtering when it comes to business wars in big tech. The goalposts just keep moving forward.
The Future of the Energy Sector
"The energy sector and the region's economies OB battling both covered nineteen and the oil price crash as tensions between market forces and management in the oil sector increase the Arab petroleum investment corporation's annualized no presents a weakening landscape and possible merges on the horizon let's bring it later Ben Ali she's the chief economist at Arab petroleum investments corporation they're always great to get your take on what the future looks like for us we we drilled into the numbers and and you talk about the private sector I suppose this is the big risk group was just talking about that about capital the private sector's share of energy investment is going to drop by twenty percent this year versus twenty two percent last year what are the biggest risks from not dissipation of private sector investment hello good good good morning minus good morning user I'm so I'm so glad to be with you this morning we've noticed a major actually degree professional degrees in a private investments in the energy sector indeed and that's not I don't think that's something that is of primary events in the region because in this region this crisis came a time where the private sector was differently feeble and and and why I'm sure I laid out today is a landmark moment over the last twenty four hours have been because you had Saudi Aramco executing the acquisition of a seventy percent stake in Saudi basic industries block trades worth sixty nine billion dollars huge transaction but maybe a bit of a scene setter of what is to come in terms of mergers in terms of acquisition right I mean it's it's good that you are reminded us of that acquisition but that's something that was in the cards before the current crisis I think what's twenty twenty is big enough is is a global reset you will have you wouldn't have to expect a restructuring of the value chains I would say in favor of the producers which are in the best physical position and and social media Ramco and others are are different in that position and also the players are facing the least leveraged answer twenty twenty with the beast yeah that's definitely something that's that's we are looking at and these will be also the same players that would be the best targets in terms of acquisitions so you would have in the energy sector overall and the associated I would say petrochemicals and service sectors as well more pressure to preserve a longtime fight fish increase up to to preserve evidence as well so that explains the there were potential wave of mergers and acquisitions that we can see which are June to the twenty twenty crisis is as we mentioned all reporting investments are being cuts and that's something that is I would say quite similar to what we've seen and different in the previous downturns the only difference this year is it started in the first it right away back in the twenty fourteen twenty sixteen downtown if you remember a user it took a couple of years to see those degrees of twenty five point twenty point twenty five percent year on year in capital investment the state this year resting their heads globally in twenty twenty and in the region of the oil and gas sector is the one that takes him most of the major hates because in in in theory you would see a utilities and renewables they can the most hated but this year that the upstream I would say and on the downstream part of the business we take most of most of the hits we might see and can I just ask you can I just ask you on on that line of thought on the on anime I would rather go could it be because typically this MNA upstream and dine street is within borders it is within national parameters to deliver those efficiencies through MNA what is the probability of something much more radical happening and cross border Annonay within the oil and gas going forward as a result of the pressure from cove it this year I that's a great question mine is I think the probability is higher and that's something that we have been tracking in at last year actually before Kobe nineteen crisis starts it because we already started to see the change of the nature of the relationship between institutional investors as a whole including the largest ones like this summer twelve fines and the energy sector so the energy sector as a whole is is coming to twenty twenty with squeezed margins across the value chain I mean I can give you the example of a less than ten percent to the specific parts of the gas value chain where we can still see robust fundamentals and robust demand going forward and also the fact that the energy sector over the last decade has been delivering very very long wait times due to investors and shareholders compared to other sectors so I wouldn't be surprised if you see including differently including cross borders MNAs in in the future and the emergence of new business models because I think most of the nineteen one thing that we learned is our specialization of with not to be the rights of business strategy to go or and a bit more diversification and integration across the value chain to be able to to balance the risks yeah and and and have a comfortable second goal of the value chain in and not so good so you will see that measure our larger players more integrated and ready yeah after all I would say the problems are that you will get a circle in nineteen
Saudi Aramco profit falls 25% but dividend in line with planned payout for year
"M. oil declined as al circulated over Saudi Arabia's ability to implement additional pledged production cuts the kingdom says it will pump seven and a half million barrels a day next month about a million barrels below it's official opened plus output target and the lowest level for eighteen years as discussed this with the nasdaq senior energy director Tom R. as in our Tom are great to have you back so we have seen the rise in oil prices in the regular New York session but then those gains being raised what does this tell us about how big the supply glut is at the moment and how much Saudi Arabia's latest moves could help I I think that the market was a little taken aback by Saudi's announcement today we're only eleven days into what led the historic agreement in terms of the duration and the degree of class and already they're cutting further so it was sort of a negative indicator in terms of a weaker that they're seeing on the demand side more broadly I do think that the oil fundamentals are improving a little bit from a low base and we see that reflected in the price you know what I am quite a bit over the last couple sessions although not today I think that the compliant being brain games you're more interviews like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings market headline breaking news twenty four hours a day at work dot com business please visit Bloomberg business slash and I'm here in Moscow U. S. stock index futures are edging higher this morning European stocks gaining this as investors take in stride an uptick in corona virus infections in several nations and signs of fresh trade tension oil is advancing we check the markets every fifteen minutes throughout the trading day on Bloomberg S. and P. futures up about eleven points Dow futures of a hundred sixteen nasdaq futures up thirty two attacks in Germany is up three tenths of a percent ten year treasury that'll change your point seven zero percent the yield on the two year point one seven percent NYMEX crude oil is up almost five percent of a dollar nineteen to twenty five thirty three a barrel comics gold is a half percent or eight dollars thirty cents at seventeen oh six ten an ounce the euro one point oh eight
Saudi Arabia increase oil output to record high
"The Dow Jones industrial average is headed for a rebound this morning after Monday's drop of more than two thousand points Saudi Arabia's state run oil giant Saudi Aramco says it'll increase its crude oil production to more than twelve million barrels per day next month that would be a record amount today's announcement comes after we can tell he promised to increase output after Russia refused to cooperate on cutting production leading to Monday's major
Saudi state oil giant's shares fall 10%, halting trading
"Giant Saudi Aramco saw its shares drop by ten percent as Riyadh's of stock market open on Monday halting trading the total market only allow stocks to fluctuate by ten percent a day meaning it halted trading as the market open the drop came as global oil prices suffered their worst loss this is the start of the nineteen ninety one Gulf War other Mideast markets fell as well as the new corona viruses affecting global energy prices in OPEC failed to make a production cut deal with Russia last
Oil plunges 24% for worst day since 1991
"The state oil giant Saudi Aramco saw its shares drop by ten percent as Riyadh's stock market open on Monday halting trading the total market only allow stocks to fluctuate by ten percent a day meaning it halted trading as the market open the drop came as global oil prices suffered their worst loss this is the start of the nineteen ninety one Gulf War other Mideast markets fell as well as the new corona viruses affected global energy prices and OPEC failed to make a production cut deal with Russia last week Jeremy houses earlier a coronavirus concerns led Saudi Arabia to cut off air in C. travel to and from Bahrain Egypt Iraq Italy Kuwait Lebanon South Korea Syria and the United Arab Emirates all of that after the kingdom earlier closed off its land borders as
Americans find oil in Saudi Arabia - Mar. 3, 1938
"Today is March. Third Twenty twenty. The Day was March third. Nineteen thirty eight. A group of oil prospectors working for an American company discovered a commercially viable source of Petroleum Mayor Demaim in Saudi Arabia since then Saudi Arabia has consistently been one of the world's top oil producers. The Kingdom of Saudi Arabia was established in one thousand nine hundred eighty two when even so combined four regions into one st through conquest even so called for searches for oil a resource that had demand and would be big source of income for a country that needed a boost in its economy in nineteen thirty three. Saudi Arabia signed a contract with the Standard Oil Company of California. Also known as so cow. So cal was granted the right to prospect for oil in Saudi Arabia's eastern provinces side note. So cal is now. Chevron in September of that year American geologist arrived in Saudi Arabia to begin surveys of the land by car airplane. A couple of months later the California Arabian Standard. Oil Company was formed. Cassocks name was later changed to Arabian American Oil Company or Aramco. Geologists began surveying an area around ideological formation near the city of Demaim on the east coast of the country drilling. The first began in April of nineteen thirty. Five in terms of the second whale started in February of Nineteen thirty six soon. More wells were authorized in the area. Those wells did produce some oil but most of them eventually produced more water than oil. Demaim Oilwell number seven at first seemed like it would also be fruitless. The well reached more than three thousand feet beneath the earth. And no water or oil had been found but chief geologist Max. Steiner key thought that they would find oil in the will and he told the company to keep drilling they did and on March third nineteen thirty eight. They struck a significant amount of oil within three weeks. The well had produced over one hundred thousand barrels of oil. In the beginning the oil was sent to. Bahrain barred for export but in nineteen thirty nine. The first tanker load of oil was shipped overseas now. That castle had found oil. It continued mapping and exploring Saudi Arabia looking for more by nineteen forty nine Kazakh. Now Aramco had reached a production of five hundred thousand barrels per day by nineteen fifty. The Trans Arabian pipeline. Had Begun Operations Aramco already paid Saudi Arabia a fee and other benefits but that year. Aramco began to split its profits but the Saudi government nineteen seventy-three the Saudi government purchased twenty five percent of Aramco by the next year it increased. Its stake to sixty percent and in one thousand nine hundred eighty all of course oil rights production apparatus and facilities came under government control by this time demaim oilwell number seven alone have produced more than twenty seven million barrels. Eight years later the company became Saudi Aramco over the next few decades. The company continued to expand its operations and production fuelling Saudi Arabia's economy of course oil production in Saudi Arabia has been an issue closely tied to economics politics and the environment today. Saudi Arabia is the world's second largest crude oil
Google becomes third U.S. tech company worth $1 trillion
"Meantime Microsoft is praising the partial U. S. China trade deal chief legal officer Brad Smith tells us it's a quote indisputably good and important step it absolutely adds a stability it creates a foundation for additional progress it adds to business confidence Microsoft stock closed at an all time high yesterday rising one point eight percent to finish above a hundred sixty six dollars a share at the same time we saw alphabet surpass a trillion dollars in market cap off but now joins Microsoft apple and Saudi Aramco as the only companies valued at more than a trillion
Should the us expect an Iranian cyberattack?
"Was very surprised to learn that Iran has the strong cyber capabilities because we think of countries like Russia and China for instance as being really advanced in that area and that those of the countries we have to fear but you believe that we have to watch out now for Iran and what they can do in a cyber attack we do in certainly Russia and China are in their own category regarding their capabilities and what they can do when it comes to cyber attacks but since the two thousand and seven Stuxnet now where that was deployed in the joints are United States Israeli intelligence operation in Iran Iran has been developing a cyber security capabilities and we've seen different examples in twenty twelve the attack to the United States financial sector they also see what was called to be a white thing which would be destroyed the computers thirty thousand computers a Saudi Aramco and in twenty fourteen they attacked the Las Vegas sands corporation and inflicted tens of millions of dollars on to that corporation by effort and destroying computers and data destruction we hear a lot about these denial of service attacks for they basically harness a lot of computers to jam up a system of some entity is that something that they also have been involved in it is something that they've done we've seen also ransomware social engineering fishing out where they're targeting individual to get access the networks what they tend to go after our soft targets companies for an access point to a larger company one of the things that the department of homeland security issued last summer around the cake an Iranian cyber activity what their interests the Iranians interested in our industrial control system and they weren't going directly after the industrial control systems they were looking at the pliers to the industrial control systems because those are going to tend to be a little bit more weak when it comes to security so their interest is in an infiltration infrastructure as well as private businesses now are we ready for that and is is the government aware of that a minute absolutely aware that certainly we are on high alert killing so many cross the significant threshold in the United States conflict with Iran there's no question we are expecting in anticipating retaliation and of all the tools available to Iran fibre and fibre events and tax are certainly among the most compelling but the the flip side to that is that the United States is extremely aware of the capabilities of Iran had been prepared and continues to heal itself against those threats that are coming out of on a pretty regular basis and I'm certain you know U. S. cyber command has got a defending forward plan right now against Iran now working with US Central Command about the region and because we expect that to the United States citizen soldiers abroad and our allied countries abroad in the region are at great risk but we should also be expecting some retaliation our efforts on the homeland as well Tuesday morning on first light our guest right now is Kirsten Todd managing director of the cyber ready miss institute as we talk about the threat of cyber attacks from Iran what about business because they can target global supply chain and you're mentioning infrastructure you electric utilities power grids factories bridges dams things like that I'd are they hardened targets now we have a lot of efforts across government to work with industry to making our infrastructure more secure but what I'm more concerned about are the businesses that don't actually recognize there again knowledge their role in the global supply chain because a company may not understand that it has one or two degree it is one or two degrees removed from a company that is connected to infrastructure what I hope happens from the nation being on high alert is that businesses even take more seriously their responsibility to the cyber security laughter at the senior executive level but that's at every individual level so that the accountability and responsibility of every employee to keep my company secure is critical and is recognized if there are mysterious attacks we always know if it is Iran on the other end of it eight question because Iran has typically wanted to keep sort of culpable deniability they've got everything under the radar that's something that has been very important to them but in light of the killing of for many you would wonder if they actually want to publicly make it known that they have made a pact that they've gone after the United States and I think you know it goes both ways because if they were to do that in any significant way they also know that the resources of the United States as well as the allies would be targeted against them and that would put them at risk but we don't know but I think the other piece of it is we also have to be careful what you don't want to have happen is for some events to occur at fifty get blocked down by ransomware and so we then over react as a nation and ethically on figurines rather than on actual fact is there anything I have not asked about the sink is significant and should be part of this conversation when we feel physically threatened by a nation state we rely on our service men and women as well as the decision makers in the White House to keep it safe but in cyber security actually every individual not only has the responsibility but an ability to keep the nation more secure or one of Iran's preferred tactics to social engineering and by that I mean targeting a senior executive in a company that has access to a network connected to critical infrastructure and trying to get them to click on a link so that they can deploy malware so what that means is an individual has the ability to actually stop Iran and I know that sounds dramatic in some ways but if you to fill it there is the role that an individual can play and being smarter and more vigilant about their own cyber security particularly as it pertains to their employer what prevents everything but it certainly will help mitigate potential catastrophe in and destruction
Iran Says Retaliation Will Be 'Historic Nightmare' for U.S.
"Morning Aransas retaliation for the killing of its top general will be quote a historic nightmare for the U. S. the head of Iran's National Security Council is assessing thirteen scenarios to respond just **** Janaka sees director of economics at the golf research center what you're on is gonna most probably do is go ahead and do the proxy wars escalate all these proxy wars around the region to be it the whole see the Yemenis hitting on Saudi targets probably Saudi Aramco again this could escalate in many different ways but Iran should stay away from misleading US targets directly because then I believe the US is going to fall on an all out war against Iran Iran's foreign minister warns the US will suffer consequences at a time and place of a ranch choosing he also says the countdown has begun for America's exit from the Middle East I'm John Tucker Bloomberg daybreak night John thank you no predictions very on what form of retaliation from Iran would take but most analysts don't expect a direct conflict Steven cook a senior fellow for Middle East studies at the council on foreign relations people are getting a little carried away I don't believe that there's going to be a war in the desert of Iraq between the United States and Iran they will take their time and responding places of their choosing and they have capabilities ranging from cyber attacks to terrorist attacks to targeting Americans abroad whether it's in Europe or the Middle East there I think that the United States in American should be prepared that there will be retaliation but the idea that there's going to be regional war over this I think is the least likely result long term Steven cook says the most serious threat from Iran is tied to its nuclear program based on varying estimates they could have a nuclear weapon within a year to five years that is one of the real downside consequences of what the president has done they'd be easy retaliation on the part of your audience is to go forward with its nuclear program Iran also warns of a multi generational war if the Middle East continues to rely on an American presence in the
2019: The year business went 'woke'
"Twenty. Nine hundred was the year when Saudi Arabia launched changed long-awaited share offering in state oil company. Aramco D- when Softbank lost its gloss when accounting giant tighten belts and when capitalism went woke. I'm I'm joined to discuss the corporate year with our companies editor. Tom Breath weight and Brooke. Masters are comment and Analysis Edison. Tom Can start with you. Can you tell L. is what happened with the Saudi Aramco IPO. Well it happened. Finally which is serve some progress because it took months and months of delay and eventually This massive oil company floated in Riyadh and now does have the two trillion dollar valuation that was so coveted by Prince. Mohammad bin Salman. Why did it take so long investor skepticism in short? I think one problem was that the Saudis would have liked to have listed this in New York which is the the biggest steepest capital market in the world but the main problem there was that they could have been sued for their alleged role in the nine eleven terrorist attack ax which Saudi Arabia has always denied it opens the window to litigation in the US which they desperately wanted to avoid so. That was one problem that the other problem was that most international investors did not think this oil company which is still fairly. Oh pay can still very much. Under the control of the Kingdom could justify the valuation valuation particularly at a time when oil prices have fallen. And when there is great concern about global companies in a world where carbon one is considered toxic change. They Saudis raise the money. Yeah well it got its public oil company to the local market in Riyadh. What it couldn't do was securer hefty amount of international investors so there was a lot of pressure on local Saudi investors? Some of whom were the same people. Who'll who were held against their will at a hotel the Ritz Carlton Reminders? What happened then? Back in two thousand seventeen. Several of Saudi Arabia's richest families were held old at the Ritz Carlton Hotel People like Prince. Alwaleed who is quite knows. International investor ended up with an enforced stay whilst their assets assets were probed by the state and ultimately some of those assets were confiscated by the state so these same people Saudi Arabia and knocked on their door and and said we'd really like you to buy into the Saudi Aramco. IPO and these people generally said yes. Yes we would very much like everyone else. We would like to buy the shares and so they did and it is floated and this little sliver of equity has been sold. And that is what justifies the two-trillion-dollar evaluation. Now it's not really like apple apple of a massive mega capps who's stock as freely traded. So if and when that ever happens we might get a more realistic assessment of what it's worth. Burke Saudis been a big investor in South Bank and the Vision Fund which. We've had corsage about this year. How Will Scaling Down with the IPO effect Saudi Arabia's ability ability to continue money into what I think we now call the troubled Japanese fund presumably? It might make it more difficult. I mean Saudis already having having to raise more money to diversify the economy and so presumably. They're not going to want to be quite to free with their cash. And of course Softbank is probably not the place that they I would like to put their money anymore. Anyway because Softbank itself by Maceo she son has taken some really big bets on companies that have not so far come good specifically specifically. I think we work would be the most obvious one. which is the shared office? Space Company tried to list and failed to at which point not only did it not sell equity but but it's lenders decided not to lend any money and Softbank had to go rescue it and its valuation has been cut significantly. I'm sure Tom knows exactly by how much he's about. Tell us I think I think from forty seven billion dollars. They tried various levels down but ultimately ends up with a sub ten billion dollar evaluation as you say failed to go public. Can they continue each trade. Yeah I mean as long as Softbank and others are willing to continue to pour cash into it because it is still heavily loss-making but the other thing they've done is scaled back their a growth strategy. So they are not spending as much money on new builds so they think they can get to somewhere near break even in the coming months. They've also filed a lot of people which helps so frank's image of takes quite a battering its credibility. How does that affect its ability to keep them investing well they have been trying to raise a second fund and it has not worked worked as well as one would hope? It's particularly problematic because as you may remember. Their first fund has an extremely unusual structure where it's not just people putting in cash. It's people putting in cash and then also they had to put in loans basically so they don't have as much cash as your classic Private Equity Fund. What have they actually have to pay interest on the money? They've got so I think if they don't have success relatively soon the way it's structured means that the lack of success will be magnified and make it that much harder for them. Son has apologized already. Instead he was to credible and he has also started putting a new governance requirements on the companies that the fund invests in food for them. I've always always been skeptical about some of the companies have invested in some of the valuations. They've invested at. They seem to have got quite late into the private tech game and got into in a massive way EH. One of the most ridiculous investments was wag this company that walks you dock for you which they've just finally pulled out of we. Work is the big characteristic Batson if that went well then or would be fine. But it hasn't so I mean Masan has this ability really proven alibaba to pick one winner that has generated a massive amounts of return. So if there's just one company within this portfolio then it could be judged a success but if you look at companies like Uber which I showed this year and his now full and a third in value if you look obviously we work and the marginal bets like y than as little really to say that this thing is going to be success for the big four. They've had quite the twelve months with so many scandals. What would you say? What did they end up this year? What's interesting is it hasn't been as bad? That is you think I mean. They have been criticized and find record fines record discipline for dreadful audits of companies that leader went bust but in an actual practical level. Their revenues are up and their dominance of the auditing business of the footsie. One hundred is up. They have taken taking a lot of terrible press. And they're probably. I'm guessing having a harder. Time recruiting best in the brightest. But I would not cry for them. The thing to remember is this time last year. The kingman kingman review was suggesting that they ought to be separating audit from other other businesses. Maybe broken up do all this stuff and then the CMA. The competition and Markets Authority authority in April said the same thing and they're going to move forward but nothing has actually happened so in fact life continues for them they still make a lot of money. KPMG I'M G. which is the one that has struggled more than the others has been involved in more of the scandals and also it has had prophets problems and so it has had to do meaningful cutbacks? Axum TRIMs They had famous where they stopped paying for people's phone calls and they took a lot of bad press. But I think it's worth remembering that. If you go back maybe a dozen years. You could've made exactly the same argument. Lots of concern about their dominance of the auditing market. Lots of concern. That audits weren't going well. This is remember post Enron and all that sort of thing and there were four them and there are four now so could they to relax a bit and feel that they've survived the structure phone calls over. This will come back. It's not clear. Their regulator has a new person. WHO's in charge of WHO is actually a serious guy and it is possible? He will try to do more at the moment. There's no legislation giving power to him to do more. It will really depend on how much Boris Johnson government cares about this stuff. I mean it was on the agenda of the previous government. Is it now. We don't
Aramco shares up 1.6% in third consecutive day of gains
"Saudi Aramco shares advanced for a third session today though the market value remained below two trillion dollars investors are focusing on the energy company's inclusion in major international equity indexes this week the stock climbed one point six percent in Riyadh extending gains since it started trading on Wednesday to seventeen
"saudi aramco" Discussed on Bloomberg Radio New York
"Week Saudi Aramco made its trading debut following the biggest IPO ever which valued the company at one point seven trillion dollars the shares surged ten percent putting around because market cap at a record one point eight trillion within striking distance of the emblematic two trillion dollar figures sought by the crown prince Liam Danning Bloomberg opinion energy columnist is here so Liam you wrote a column that put the Saudi Aramco valuation at just under one point five trillion dollars were you wrong in your projections after seeing how it popped on the first day of trading well you know wrong news an ambiguous I think particularly insulin about the around come on the way to think about this is you know whenever you go to a bank and you want to sell a company or you want to sell shares or you want to you know by a company nine times out of ten the client already has a number in mind now when it comes to prince Mohammad bin Salman and the sale of Saudi Aramco he definitely had a figure in mind it was two trillion dollars he told everyone that number you know even before we got close to having the IPO and that number is kind of subtle design ever since it was first mentioned which let's not forget was almost four years ago this is been a long time coming as so when when I valued Saudi Aramco him when lots of other people valued Saudi Aramco it was on under the impression that this was going to be a you know recently regular I PO that be a road show it would be listed somewhere like Hong Kong London or New York in the end it was listed in Riyadh now just to give you a sense of how big Riyadh so the stock market is you know the average daily turnover of the entire market is less than a ton of of one oil company Exxon Mobil so when we talk about the valuation and I'm sort of making a bunnies with you OR is right now all of Saudi Aramco it's it's been very narrowly defined in the way it's been IPO it only one and a half percent of the company has been listed the the ten percent pop on the first day of trading was based on the turnover of I think was point zero one six percent of the shares outstanding so clearly anyone is is is quite entitled to take that as a price signal I would probably reserve judgment on that so what led to this pop well I think it's partly because of the way the the IPO was stage managed and you know this is been kind of the theme of some of my recent columns which is that you know the way to think about the around Columbia is in one sense yes it's an IPO a company is selling shares in itself another way to think of it is to think of it as an exercise in selling the Saudi Arabian dream you know it was the this I. P. O. who was part of prince Mohammed bin summons you know vision for reforming the economy from making Saudi Arabia stronger as kind of a coming out party in some ways the shares were sold to Saudi Arabian citizens as as well as what liberty bonds you know and they were even given bank loans to help them buy it so when we think about this popping the share price we have to think about the way the shares were sold in a very narrow way there's a reason I only sold domestically even though they could have gotten more money at a lower valuation if they've gone to bigger pools of finance in places like New York or London they they they instead opted for a very narrow I. P. because that would give them the high a kind of headline number so it has nowhere to go but down I'm I actually think you know at least for the next six months or so it's probably more likely to go up will stay where it is that's partly because there was a you know as often happens with the privatization of a national champion that's a heavy retell element you're selling to the citizens of the country and in this particular instance you know the government bent over backwards to kind of gin up I'm not just patriotic fervor but but also you know a reason to buy the shares and hold on to them so if you're Saudi citizen and you buy the shares if you hold them for six months if you don't sell them you get bonus says at the end of those six months the government has also guarantee the dividend for the first five years of the company which is quite unusual particularly when your main product is oil in the price of that can move all over the place in in in essence what they saw people is sort of like a a preferred shares some was bond like so there's a lot of incentive for the early buyers to hold on to their shares you may not actually see it move that much the big test for Aramco will be what if and when it ever does a more global offering if ever less on a a New York Stock Exchange or or London Stock Exchange or something like that that's when it will be subjected to the kind of valuation than the risk tolerance of international investors who are not you know as bound to the fate of Riyadh as a Saudi citizens so is there any value in it being now the world's largest public company surpassing apple what does that do perhaps for his vision for Saudi Arabia well I mean there's there's a couple of benefits of one is there is the political benefit he has you know ostensibly delivered on the small stone that this thing that was announced four years ago it's pro in some money on the other hand is this you know apples to apples compatible with a company like apple you know with a daily turnover is in the shares is more like I don't know six of seven billion dollars.
"saudi aramco" Discussed on Snacks Daily
"Gifts for your aunt. Because you don't know what to get her from Lululemon and Lululemon is expecting those sales to come in lower lower than but Wall Street now. Here's the funny thing Jack and I noticed in the earnings Lululemon. CEO They then pointed out. Hey Hey everyone. Everyone had go forget the holiday season this year. There are six fewer holiday shopping days than they were last year. It's like investors. You know that like Thanksgiving. Ezra everyone remember Thanksgiving was surprising. Okay good saint page. Yeah and it's like yeah it's Wall Street. These are professional analysts. They know whilst they know Thanksgiving have have counters and they can count and perform. It makes you look desperate that you needed to clarify. Meanwhile Lululemon stock by the way. It's still at a record high. It's double so far this year so any disappointment appointment like what happened. Yesterday gets punished by six percents. So Jack what's the take with our buddies over at Lululemon we noticed Lululemon in the earnings report refers to customers as guests and that led to a big question. Jack and I had Ken Lululemon. Become the next Nike. The answer only if it can become a lifestyle L. Brand last week and investment bank called Cowen wrote a report in which they argued that Lululemon looks financially like Nike laments market value. By the way it's thirty billion dollars Nike's one hundred fifty billion dollars. Investors Love Lulu is being compared to Nike in terms of size and profitability. Because it suggests there's a lot of room to grow but there's also a lot of competitive fierceness in the athletes or space so Lululemon is making lifestyle brand moves aversive. It's adding stores. Does that include built in Yoga sacking. It selling two guys and gals not just for sweat life but for like office where to it. Also just launch personal care products like deodorant. uh-huh cleanser and Nike treats its customers like customers looteries. Its customers as guests by the way this is nick. And both Jack and I own shares of Blew Jackie whip up to take over their Saudi Aramco officially IPO and that Prophet puppy is worth one point nine trillion dollars before you can invest in this one. Make sure you understand. The unique risks and rewards of Saudi Aramco away luggage wasn't honest about its corporate policy of transparent. It's not about what your values are. It's about how an if you live up Tim. Also that baggage company. C O had some serious baggage Jackson. Waiting drought is the best thing. Lululemon did well last quarter but it's outlook trying to get you. J- like Nike snacker. Time for a snack fact of the day Jack Crunch Baseball metrics over here I to rip this guy a off. The Diet is black off the Yankees just signed Garrett Cole as a pitcher they're paying him three hundred twenty four million dollars over nine years. That's thirty six million dollars per a year. That's not yeah you don't need to like it's just a lot of now. Here's the deal. Garrett Cole is a longtime Yankee Fan. There's actually like a picture of him as a Yankee game straight score and he has a win above replacement of six point eight so the Yankees are expected to get six point. Eight more wins with Garrett Cole on the Stash by having him there he's just a good guy and other paint him thirty eighty six million dollars for those six point eight wins above replacement that means ipso facto garrick. Kohl's getting paid like five million dollars per win not too she added snacker. Send us your snack facts in your home towns at Robin Hood Snacks. You want to get him into the positive.
"saudi aramco" Discussed on Snacks Daily
"Thursday December. Tour Wow we gotta heavy deck of Stories. This is a wild mix jack night to sit down after we saw. The snack is ready for the best the best snack day. Saudi Aramco is the largest company on earth and it just it's Ip ran. The numbers can get to ninety billion dollars in profits per year. It's a that's a gigantic number. Sounds like a Lord of the Rings Book It could be a whole novel. second-story everything Lululemon Lululemon did last quarter beat expectations. So why did the stock dropped four percent. Somebody needs a novice Darren Jack and you hate us with the third story. The controversial reversal Unicorn of the day is away travel. It had a rough week issues over slack. Messages employees are get angry are getting fired and the CEO got replaced. We're we're looking at what really went wrong. It wasn't just the drop by the way. This is that luggage company. That has the suitcases. They don't have the batteries no because TSA doesn't want you bring those on those. Those batteries are dangerous before we get to those the verge which is a tech website covers lied news and puts out some great lists came out with the list ical of the holiday season. The one hundred tech gadgets that define the two thousand ten is one of those batteries just mentioned on their two thousand. Ten's are known as between the office. No one knows WISCON- that's kind of why I oughta until you get to the twenties. No one's really paying it. So we're coming to the end of the author or the twins. Whatever you WANNA call him about this? It's kind of a big deal and we're all that to have a lot of time around the holidays. We have nothing to talk about our family except for a list of things that happened in the last. I'm GONNA hit nick with five tech gadgets. That showed up on the top one hundred list. I feel so special. Nick I want you to tell me do you think they're like number one influential thing. Okay or number one hundred like the hall of Shame Ice Cream maker on this the only tech gadget. I know but you Sarah is on there. Okay Sarah that fake machine. That made use snacker spoiler alert came in at number ninety eight. I was your warm. I'd say well we got. We got the Webcam cover over. What was your Mac Book? Yeah what number. I don't say I think privacy such a big thing. Now go with eight. Well remember Mark Zuckerberg put a little sticky note. And that's how we all discovered the same. What was the number number seventy? Okay so the second one. This selfie stick makes a Lotta sense was invented in two thousand fourteen having seen one lately. Except if you're everywhere everywhere I'm going with Fifteen oh that's way off also number fifty eight now. How about the Tesla model three? I don't know which order it's going to. Maybe I'm correct. You know maybe number one is least. He's known them number. One is like most known tesla model three testimony three. I'm going eighty-five interesting. They called it a tech gadget. Right No came in at twenty nine. She's the model three electrifying turfing America over three last couple here. The jewel cigarette vape device. I'm going right in the middle had no luck. I'm going to remedy influential number. Fifty fifty most influential was highly influential number twenty and last but not least for four. What we got the IPHONE Jack? I'm going to go see number one team so obvious. I'm going.
Saudi Aramco starts trading, gaining 10 percent
"In the market shares of Saudi Aramco stored in their debut the stock jumping the daily ten percent limit when trading began in
Saudi Aramco starts trading, gaining 10 percent
"Learning I'm David Brancaccio in New York Saudi Arabia's oil company Aramco today became the most valuable publicly traded firm in the world it's considered an act of patriotism for many Saudi elites to buy around because new stock and it popped up ten percent in early trading on the Riyadh stock exchange hitting a set upper limit for the day that puts the value of Aramco just under two trillion dollars eclipsing what is now number to a certain smartphone company based in Cupertino California here's the B. B. C.'s Amir Hashemi this makes it the largest listed farm in the world way ahead of apple is the largest oil producing foam in the world bumping ten percent of the total world demand every day in twenty eighteen and made a profit of one hundred and eleven billion dollars which is more than the combined profit of giants like Exxon Mobil and shell for Saudi Arabia the side he was crucial because they want to use this money to diversify their economy to in western new industries and projects that will help create more jobs and also take away the saw the economy which is currently heavily reliant on oil no that's a bear hush me with the
"saudi aramco" Discussed on The Indicator from Planet Money
"Saudi Arabia's state owned oil company. Saudi Aramco is legendary the company owns and runs Saudi. Arabia's oilfields Aramco is is also known to be an incredibly secretive company. It bankrolls the Saudi Royal Family and it's thousands of Princes Aramco makes up most of Saudi Arabia's entire economy so when Aramco announced that it was going to go public and start selling shares of stock people went crazy exchanges. All over the world. Were doing it out out for the IPO. The New York Stock Exchange exchanges in London China Japan. Everyone wanted to be the exchange that was selling Aramco. Stock Banks were also fighting it out for or a piece of the action. There was just so much money at stake. Rumors the company's value at two trillion dollars. Which would make the biggest company in the world wealthier than Apple Assan even Alibaba and this was set to be the biggest? IPO ever but going public means the public owns a chunk of your company usually usually around twenty percent and that comes with a bunch of regulations and transparency. You have to open your books and subject yourself to all kinds of scrutiny. Saudi Aramco Coke really didn't want to do that and it's been more than a year jumping from exchange to exchange trying to find someone who would bend the rules enough that proved to be difficult and and in fact last week. Saudi Arabia announced that the search was over. It was just going to sell the shares of Aramco itself on its own local Saudi exchange which seems like such a downshift township from the initial like Neg ambitions of the ARAMCO IPO. This is the indicator from planet. Money I'm Stacey Vanek Smith Today on the show the Aramco. IPO what happens. And what does it mean for Saudi Arabia this message comes from. NPR sponsor their state farm. Why do you need state farm renter's insurance because it helps protect stuff landlords? Don't like your furniture that gets drenched by a broken pipe. State farm arm Renter's insurance find an agent or get a quote at State Farm Dot Com. Today on the show we're talking with Samantha Gross. She's a fellow in foreign policy. At the Brookings Institution Samantha. Thank you for talking with us. My pleasure happy to talk to you. Do you remember when you first heard that the Saudi government was going to start selling shares shares of ARAMCO's stock. Absolutely I saw the interview that Mohammed bin Salman did with the Economist. My first thought was literally as your Daddy. Now that you're you're talking about this because this is a really selling Saudis family jewels and I was shocked that they would go so far as to consider this. Well I remember the thing that I was so captivated by was so in an initial public offering companies have to open their books their subject. All these reviews use the ideas your companies now owned by the public. You can raise a lot of money but the other side of that is you're subject to all these regulations and everybody gets to see under the curtain like everybody. Nobody gets to see all the things and so. I was all excited at the prospect of all this information coming out about Aramco but it seems like from the very first time I heard about witnesses expected sort of a normal. IPO things changed a little. Well it's been a real trade off the reason why Mohammed bin Salman wanted to do this. It's because he wanted to sell five percent of Aramco take it public in order to get money for his vision. Twenty thirty plan to revolutionize the Saudi economy and to make it less dependent dependent on oil and so that was a serious goal that he intended to bring in serious money for however the trade off is transparency that there's never been around Saudi Aramco. Hamco this is a difficult thing for them to think about. The rewards are great but also the risks and the challenges of that level of transparency are also great. I mean you know there. There is a real upside to an IPO going public. which is you raise a ton of money? There's a real downside. which is you are exposed as a company in a Lotta ways and it is like it almost seemed like they didn't want the downside including what you just mentioned which is that? They wanted to put five percent of the company public which is like a really tiny mountain normally. It's much higher than telling five percent of the world's largest companies still a ton of money. Yes but then. It doesn't mean five percent transparency in order to sell five percent of the company. You need to do just as much much transparency if you would if you're putting the whole thing up for an IPO. And so. I think they wanted sort of some transparency. But it doesn't work that ah you need complete transparency to to publicly offer any of the company right so in in the very beginning. I mean this was going to be the prettiest girl all at the dance for lack of a better metaphor and so it did seem like one by one. The major exchanges kind of backed away and then Saudi Arabia was talking to some kind of more obscure. The exchange is part of that was because the Saudis didn't want to meet some of the requirements that those exchanges had that they really couldn't bend. I mean those requirements are there to to protect investors and so then the Saudis sort of backed away and started looking at different exchanges at looking at private placements within institutional investors and in different ways to sort of float part of the company. Get money back without this full level of transparency. That was a lot for them. Yeah this was supposed to be the IPO of the century and then became sort of progressively ratcheted down to like more and more modest goals. Well Yeah and I think it ultimately fell apart heart just last weekend actually because they had a herd of bankers. I'm not sure what you call a hurt of bankers a number of bankers murder of crows or something exactly a flock of seagulls heard of bankers. Who was who were there advising them on the IPO in these bankers came in and said if a few place this he'll publicly in western countries? This is what we think it's worth. And they came up with numbers as low as one point one trillion. I'm some up to one point point five trillion but they weren't with the kingdom was looking for and so the kingdom was very frustrated and felt like well you know. Why should we sell this company to Western investors dress for less than we think it's worth? Why don't we place it locally on the Tato of a the Saudi exchange I'm and sell it to local investors and maybe we can get more money for it but even the local bankers wouldn't put a two trillion dollar valuation on Aramco Right? No they did not. They settled at about a one point. Six to one point seven trillion billion dollar value valuation. Why wouldn't they just say yes to two trillion like that? Seems I was shocked to read about that pushback. You know. They didn't feel like they could place it at that level revel in. It's an interesting when you think about what Saudi Aramco is worth. You have to look at a couple of different things. That oil is involved in sort political skirmishes in that part the world. We saw what Iran did recently in attacking the facilities there They demonstrated that those facilities are vulnerable. And that is important to evaluation evaluation of Saudi Aramco. Oh there's no question that they can make money and no question that their oil will continue to be valuable going forward but the question is what price they'll get for that oil so if we take climate change seriously if we see the demand for oil go down on that oils likely to sell at a lower price so they clearly have a proven track record into making money and they have a lot of inexpensive well but the question is how long can they make as much money as they have in the past and so now it seems like Aramco's Ramco in this weird position of going public for a lot less money than it wanted locally Saudi exchange and apparently kind of twisting people's arms to promised to buy the stock. They want to make sure that this public offering is fully subscribed. I've also heard tell of some pressure on sort of V very wealthy people little within the Kingdom to buy stock some of the same people that the kingdom rounded up a couple years ago. And I'm put them in the Ritz Carlton for a little wiles. Shakedown like Ritz is not nearly the kind of shakedown. That that was but I think some of them are being gently encouraged to buy around cuffs graphs. Just crazy because one point seven trillion dollars still make Saudi Aramco the most valuable company in the world. It is the most valuable company in the world. The I mean this the Saudi family jewels. And if you think about the pride enjoy of your country think the engine that makes your country move and you have a thought in your your head about what that is worth. It's very difficult to sell it. For Less Alright Samantha. Thank you thank you no problem. Today's episode of the indicator was produced by Jared Marquel L. fact checked by Nadia Lewis. Editor is Paddy Hirsch and the indicator is a production of NPR..
"saudi aramco" Discussed on WSJ What's News
"With Target Home Depot and macy's all sat to report their third headquarter earnings. The reports follow recent economic data. That saw a modest increase in retail sales in October and in Washington the impeachment hearings will continue continue eight more witnesses are set to testify including the US ambassador to the E. U Gordon Sunland on Wednesday were reporting that his role as an intermediary between president trump and senior Ukrainian officials has become a focal point of the inquiry. Over the weekend. We reported that Mr Sandline had kept the trump administration in the loop about his dealings with Ukraine Rebecca. Bowel House has more from Washington. Sunland on Wednesday is going to be in an interesting position because he's someone who the White House initially expected to be a positive witness for them. Who would sort of emphasize that there was no quid pro quo? And that they he he did not consider this push for investigations troubling however in his revised testimony earlier this month sandline indicated that in fact he did. Did relay a quid pro quo to a Ukrainian official and that in the September conversation with an aid to the Ukrainian president. He said that the aid that it was being held up to Ukraine was not going to be released until Ukraine announced the investigations. The president was pushing for so on Wednesday. It's GonNa it'd be interesting to see how he weaves that sort of thing with the fact that he didn't feel like this push for investigations. That he was working on was necessarily early. Problematic and his view of the president had instructed him and others to work with Rudy Giuliani to resolve the president's concerns about Ukraine which entailed launching these investigations and. They felt that if they did not work with Rudy Giuliani they would effectively be giving up on the. US relationship with Ukraine. The president has defended his dealings with Ukraine as proper finally. Good News. If you've got a few million dollars to spare and are looking to invest in some art were reporting that the market market is increasingly looking like a bargain hunters paradise the sales that concluded from B.'s Christie's and Phillips last week where a third smaller than the year before you're here is just one example. Initially no one bid on Marc Jacobs sale of his nineteen seventy four. Ed Ruda painting. She gets angry at him eventually. After it went up for sale a second time a phone bidder bought it for one point. Seven million dollars below the two million dollar asking Price Works by Juan Miro Picasso so and Donald Judd went for below their asking prices. That's what's news from the Wall Street Journal. Thanks for listening..
"saudi aramco" Discussed on WSJ What's News
"We've been following closely Aramco this. The Saudi Arabia state oil giant whose path to public markets has been filled with twists and turns. It still expected to list its shares in December. But now we're reporting that Aramco. Mm Co is considering evaluation of up to one point seven trillion dollars. That might sound like a lot of money but actually falls short of what Saudi Arabia's Prince Muhammad bin Salman had been hoping for. Ben Dumont is in London so Ben Walk me through this valuation. Why did Aramco decide to go? With the lower. Our end of the spectrum the Crown Prince of Saudi Arabia he was targeting a valuation of two trillion but based on the price price range. That was released over the weekend. They're targeting now a range of Valuation of between one point six one point seven billion a trillion. Sorry sorry that's That's quite a big number. Obviously but it falls well short of what the Crown Prince wonted Part of that reflects the fact that institutional investors still think at that level that Valuation Company is still too expensive they were they were interested in evaluation of one to one point five trillion. At that point you would have expected a lot of international interest but the crown prince now is kind of a tough spot where he's GonNa have to rely a lot more on local Saudi investors To make to make this. IPO success success but this is accompanied. It's more profitable than apple. Why is this valuation coming in less than expected? What are investors worried about the worried about a a lot of political and economic risk? That's attached to Aramco even though it's the most profitable company in the world its earnings are tied to the oil price so so they can be very. The earning can be very volatile for example in the third quarter profits were down eighteen percent year over year to reflect the the Laurel braces uses and the risks are compounded by the political risks. That come with Aramco you know There was the attacks on their oil L. facilities and in September and that sort of reminded investors that investing in Aramco means. You're exposing yourself to a lot of political risk geopolitical Chris that you wouldn't say if you bought shares an excellent or or Chevron so this valuation of one point six to one point seven trillion. I mean that would mean means that they'd float around twenty five billion dollars so would it lose this world's Most Valuable IPO title that we've been tossing about for what feels like years now. It could. It could if it's if it's priced at the mid range of the valuation then the size of the actual IPO would fall just below just shy of twenty five billion which is sort of the threshold for the biggest set in two thousand fourteen by Alibaba Alibaba. So it's a big it always a blow to the economy because the reason they're doing Saudi Arabia's doing this IPO is to raise money to diversifies Konami way from oil same time. There's a lot of eagle behind This idea of being the biggest IPO IPO ever carrying off the biggest IPO. Ever and so far that that's at risk. And what does Aramco have to say about all of this. Well they've been in fairly. They've been silent. I mean I see the mark. The rules around marketing and I appeal restricted company in terms of what they can say publicly glee. They've issued their the target price range. They've they've come out and said we're we're committed to a growing dividend to try and make it more attractive They've launch a major marketing campaign in Saudi Arabia to to get to drum up local interest. they're getting the banks there to provide loans to two locals to buy the shares but one telling thing about the disappointment. That Aramco's feeling is over. This process is is the fact that Aramco is not going to adopt the rules required for them to market the offering over over the next two weeks to US investors which speaks to the fact that.
"saudi aramco" Discussed on FT News
"From the financial times in london i'm thomas sullivan and this this is news and focus where we are insight into the stories that matter saudi arabia is making a high stakes investment in india's. The world's largest crude oil exporter seeks is to deepen its ties with the fastest growing energy consumer. The saudi state energy giant plans to take a twenty percent stake in reliance industries refining and petrochemicals business valuing the businesses seventy five billion dollars he was to discuss the deal is angry rebel. They're not senior energy correspondent down the line rejoined oil mumbai correspondent benjamin parkyn so then what are the terms of the deal and how favorable are they reliance well aramco is going to take a twenty cent stake in realizes oil and in petrochemicals business which valued at seventy five billion dollars including debt so that means we'll get about fifteen billion dollars which is a huge sum and one of the largest foreign investments ever in india in addition reliance will obviously get access to saudi arabia's enormous oil reserves cbs. You'll get access to aramco's technology which will help to make it's refunding operation most sophisticated and so on and it will get access to around close was management expertise and aramco will appoint some managerial positions within the new unit there for me however the deal isn't finalized finalized yet and they're all details to resolve realizes channel mckay shabani initially announced it in a very confident fashion at their annual general meeting meeting but aramco went onto a little bit of cold water on that by saying that it was still a relatively early stage however ryan so confident that it's just a matter of time crime until they concluded and what's the appeal of the indian market for saudi aramco around the foreign oil and gas majors increase investments in the country to well b._p. And reliance lines recently entered into a deal to form a network of petrol stations and aviation fuels business so clearly oil and gas majors are interested in india and for a good reason because it's the foss granted you consumer in the world and it is among the fastest growing larger economies you know there are literally tens of millions of people people and even hundreds of millions of people in some cases entering these new markets as consumers for the first time so whether it's driving causal the most cycles flying in planes buying and switching on t._v.'s getting connected to the electric grid and no other country in the world bar i guess us china can claim anything like that so with dimond lagging in other parts of the world india is very very important for aramco and other big oil and gas companies reliance particularly important for aramco well reliance <unk> has one of the world's largest and most fisted refining operations they state of the art complex in gujarat on india's west coast i but crucially reliance also has a strong presence throughout india and across regions and sectors that few others can claim seem to have a presence so it has an incredible research among indian consumers and in addition to its oil and chemical business this it has to very fast growing revenue businesses in retail reliance retail and in digital services called gio and now it's not obvious obvious how these could help a company like aramco or b._p. But there are lots of opportunities and reliance executives have talked about that so gio has three hundred forty million mobile customers which is equivalent or larger than the population of the u._s. So it's a huge is base of people and gio creates kind of loyalty scheme whereby its customers have an incentive to refuel at a specific petrol station and network or whatever it is or realize of land on which aramco could build if they need to which would massively speed up. What's otherwise is a time consuming and painful bureaucratic process. What will relies use the investment ford. One crucial thing is to pay down its debt so so realizes come under an increasing amount of scrutiny for its growing debt pile precisely because it spent a huge amount of money in order to build up this digital gio business us almost from scratch in some senses ties and that debt of around twenty billion out of the end of the most recent financial year which is much larger than what i had a few years years ago so this has concerned some investors and holidays to downgraded the radio net stock so alongside side the aramco deal reliance announced that does zero company by twenty twenty one and the roughly fifty billion dollars is going to get is gonna make a huge difference to that needless to say but reliance is adamant that the deal is not about paying down debt. It's a strategic partnership and it's part of a broader vision that involves loves bringing on mopeds no just in the oil business but across the company in order to sort of shake up the way its run and its management structure and how will it's digital and retail business with its oil and chemicals operation the retail and digital businesses current account for around thirty percent of eba but reliance wants to increase that share to around half now. This is all part of a quite an ambitious strategy to go from being a business that refined oil and makes wchs petrochemicals to a consumer facing giant that will provide you with everything from mobile phones to your t._v. Service to clothes to to food on multiple now notice to do this. The company plans to restructuring quite a significant so wants to separate the oil and chemical unit then twitch around investing into a separate entity within five years and may listed it also wants to list raced gio and reliance retail over similar timeframe so in five years time reliance will look very different and you know something more akin to a holding company will do succeed in winning regulatory approval rawlins's confident that it will it will be closed by march next year yea twenty twenty but as i said the terms still have to be finalized with aramco who relevant more hesitant in their own statements turning to you how does this deal fitting with aramco's overall strategy so saudi aramco has made huge efforts over the last few years to expand abroad and this is mainly through asia and false growing emerging economies and it struck huge number refinery partnerships across asia from korea korea announced india. The plan is always to lock in future sales of crude. It's a measure of security for the world's biggest oil exporter exporter to be able to do this. The point is also that it wants to secure these markets where demand is still growing quite quickly. Particularly as consumption elsewhere begins to weaken and over time beginning c mo remove this particularly with big global push towards cleaner gina fuels and so this is part of their overall strategy tools diversification so diversification but in a slightly different sense the kingdom and muhammad had bin salman the crown prince of saudi arabia has actually talked about moving the country's economy beyond oil but if it wants to do that it needs to have a steady stream of cash coming from its existing oil and gas businesses in order to fund all the new stuff and create saudi arabia two point. Oh so whether it be in technology or tourism mining all these other sectors that saudi arabia wishes it could it will be an expert in at some point but it has to leverage its know-how in order to do that. You mentioned the saudi arabia's efforts to diversify away from fossil fuels away from dirty sources. She's a fantasy. Where is it that with particular process so the kingdom's diverse vacation of its economy is largely to do with securing its future future government revenues and it's extremely early stages. They've tried to invest in a huge number of technology companies abroad these very fast growing foreign companies in some ways but actually not generating the kinds of revenues traditional oil and gas businesses can deliver so it's very tricky will also happened as they've been trying to embark walk upon this big plan led by the very powerful and quite impatient crown prince is that they have had a series of political crises from the killing of journalist jamaica shoji and what the has done is created this sort of wave international censure and stops the country okay from getting these funds from abroad that really needed to help diversify the country's economy but this is another reason why they've turned to india india has been <hes> with open arms and is really willing to legitimize and give saudi arabia that ranking as a global investment went powerhouse with a deal like this and also because india's economy still heavily reliant on polluting fossil fuels so we'll aramco's technical no hair that they've they seem offered as part of this deal helping to cut back on the pollutants the so damaging to the health of the population why would say at this stage. The answer is probably no do india has got one of the most aggressive renewables programs out there but the demand is growing so quickly that they need more of everything everything whether it be oil gas coal even as well as newer forms of energy clean like solar so india is probably googly looking to saudi arabia to ensure that indian energy security is firmly in place and this remember comes a time when oil all supplies from countries such as iran or venezuela have really been disrupted. It's obviously a private company reliance but there is a broader context in which this deal is happening. You mentioned the the fall of supply from venezuela and iran in terms of the amount of oil. Were talking about as part of this steal. Will this offset the loss of those imports for india from around because of the u._s. sanctions. So what we've already seen is that some countries such as saudi arabia and iraq have tried to replace runyon barrels not just in india but other countries too and the thinking here is for reliance that they will end end up securing forty percent of the amount of oil that they need from saudi aramco itself but they're still will be other suppliers out there and eventually how how confident the saudi aramco the still will go through saudi aramco has said that india's massive strategic priority for the company and the country but the chief financial of did say on the company's first ever earnings call that the deal was still at a very early stage due do you diligence was still required over the next four months or say and board approval was still require it so they really were trying to as bensaid waterdown how far hour-long the steel had gone to but would save very senior. Officials in saudi arabia and also in india definitely would have had to sign off on this to even get to this point..
"saudi aramco" Discussed on KCRW
"Saudi Arabia's national oil company Saudi Aramco to called we told you about it because they were gonna go to the capital markets. So awesome bonds and had opened their books at least partway to see whether investors wanted in. And who did they interest in Ramco bonds came in such a stampede? Then investors were okay. Taking a really really small return. A yield in bond market, the interest those bonds pay in return for letting the company us investors money as marketplace's Scott Tong reports despite the human rights controversies surrounding the Saudi kingdom the markets, and they don't seem so worried there's a big range of bonds available to investors. The more risk. They take the more interest or yield. They get on one end. There are junk bond says Georgetown, finance professor Jim angel companies on the edge. Any money back? But in the meantime, if they did pay off you get a huge return Saudi Aramco's at the other extreme a giant profit machine backed by a country, it offered low-yield it's safe as safe as the kingdom of Saudi Arabia's bonds and investors couldn't get enough. Aramco set a goal of borrowing ten billion dollars yesterday. The orderbook was sixty billion report earlier today that it was a hundred billion plenty of investors who are willing to lend Aramco money on the same terms as they went to the Saudi government. That's a great signal for Saudi Arabia, which owns Aramco it wants to raise money to invest in new sectors. Besides oil and to convince the rest of the world that it's companies are well run says Stephen copays at Princeton energy advisors. You wanna modern economy, and if you're particularly looking to move past oil-based economy and Saudi Arabia, Hugh, slowly have to be edging towards international standards of governance. This has been the kingdom's plan for a while. But it was thrown into serious doubt. Last fall by the murder of journalist, Jamal kashogi says energy scholar. Valerie Marcel at Chatham house, a British think tank. Track foreign investment. Back in good graces of the world. They're no longer the prior state. Today's big time bond sale is rekindling expectations that Saudi Aramco might go public and let investors by company stock to I'm Scott Tong for marketplace. Corna billion dollar company. Decca corn? Getting anyway, Uber is the ridesharing company that waxes and wanes in public popularity is the register for its initial public offering tomorrow says the Wall Street Journal ten billion dollars going in the market putting the valuation of that company at about a hundred billion dollars a lot. And it is and Uber is expected to be the biggest IPO this year among the biggest ever. But this number is about twenty billion dollars below what everybody was thinking. Uber was going to be valued at marketplace's Megan McCarthy Carino sorts at how companies like Uber come up with these figures, and why they might be putting on the brakes in the old days companies value was usually based on something pretty straightforward profits. But in today's world of fast growing, but unprofitable tech startups that benchmark is out the window. I don't really think there is any known standard of valuing companies echo, public brain. Hamilton is a co founder of sage works by Nanteuil analysis. He says in lieu of profits investors, look at factors like market, size user numbers and sales growth to gauge valuation. But demand for shares is often driven by something. Much more intangible says Barrett Daniels IPO advisor at Deloitte and Touche. Truthfully. It's going to come down to the company's vision. And how believable it is event in February. Uber's head of transportation policy. Andrew salzberg articulated that vision to marketplace, the growth story is we think we can build something through that provides a better service than one of the most successful modes of transport ever been around which the car it's a vision that likely resonates with the approximately hundred million users worldwide, but it's pretty similar to one that has already been tested in the public market by its competitor lift which started offering shares a little more than a week ago. It did not go well that IPO, and I think there's a little lesson to be learned in that. Kathleen Smith is a co founder of Renaissance Capital. She says lifts fall. Share prices, which are now trading below their IPO price show public. Investors may be feeling restrained. Don't think this is a bad place that where we are with these big companies coming public, especially in the public market is being very discerning about price. Sniff says lifts experience can provide a roadmap to another companies to.
"saudi aramco" Discussed on It's Been a Minute with Sam Sanders
"They've gone to actually match the story that the authorities have right. And apparently, they also let Kashoggi's son out of the country. He at travel ban had been imposed on him. He's a US Saudi citizen, but he hadn't been allowed to leave Saudi because of his father, speaking out against the kingdom. So he was allowed to go to the US. There was a very off. Photo shoot. But that was that was quite a concession in. A lot of ways from from Saudi Arabia's this show that Saudi Arabia is feeling pressure and possible financial pressure. There's talk that countries might invest less stop investing in this country or by less from them. Is this really any economic pressure on Saudi Arabia or is it just a blip? Enormous. I think it's enormous really as well. So Saudi Arabia. Basically, this whole economy's is one company Saudi Aramco, which is the oil company. It's basically bankrolls like thousands of Saudi princes. It is the biggest company in the world. It is an apple. Oh, yeah. No one name. Again. It's Saudi Aramco Saudi Aramco. No, it's biggest. And so they were thinking to go go go public and sell shares. And this was NBS is big plan. So they were like Saudi Aramco is going to go public and sell shares. And no one knew how big this company was there. Like, maybe it's worth a trillion. I mean, just like huge huge numbers being thrown out. But the problem is like if you go public and sell shares and like all stock exchanges all over the world. We're competing the new York Stock Exchange competing, China was competing. Everybody wanted a piece of this. This was going to be the biggest they lose control. Right. But you have to disclose you have to open up your book, so Saudi Arabia was trying to figure out like, well, maybe like we'll just take five percent of the company public, which would still be the biggest pub initial public offering global history. Norma's? We'll take five percent of it public or ten percent of it public and the New York stock exchanges. Like, we can't do that. Right. And and you know, this is like the Bank rolls have all the Saudi Royal family. And suddenly he just haven't been hearing about it and ask you this was huge news. This is going to be the IPO to end does cover story in the economist everything now crickets and a lot of companies I think because of this incident are like what is happening here. Yeah. I mean, what's interesting here, though, is that like everybody knew that there were like severe human rights violations and Saudi Arabia, and the and the the fact that this one incident is sort of like this stand in for all of the ones all of a sudden now everybody's like, oh, no now, we have very extreme morals is a little bit of hypocrisy in the face of it. Yeah. You know, we'll, and we know that like a bunch of US tech companies have benefiting from Saudi money. Yeah. Taking it are they going to send it back. Right. Right. All right on that. We're going to take a break coming up. I will tell you how. And why Netflix convinced millions of people across the world to watch a bunch of romantic comedies this summer to. Yeah. I know you're listening to it's been a minute from NPR. We'll be right back..
"saudi aramco" Discussed on WAFS Biz 1190
"From Saudi Aramco we did see last week Some comments that they don't plan to, flood. The market with exports immediately You might look at that news and be a little bit. Puzzled when you see how much the comments have been towards increasing production but really Saudi Arabia uses a lot of. Crude oil during the summer to run air conditioning to run power plants so. Often times they do need simply to increase production to keep exports stable and the message that we've gotten from them is that exports will be stable and that they will react to any other Failures in the market like another outage in Libya or some other stockpiles Venice You can get one of those factors in the back half Anthony great to have you this morning running. Through the very latest on Savak and that is our energy reported in Dubai our. Guest host morning and eighty out of head of fixed income, research at Amherst, Anita have, this splendid wrong on oil to coin a. Phrase trying to find, I think politically acceptable level for the, price of void but from your world obviously the break? Evens are incredibly important and your research is predicated on rising price of what where's the politically credit acceptable, credit acceptable level of price, of oil before you worry I think the central banks in the region and of the. Sovereign's budgets have basically been based on oil presumption of dollar fifty five so the economy's here, have been ready and prepared to manage the situation if the price was fifty five obviously the reality is. Much more positive than that in house focus for oil, is a, sixty-nine barriers and I think that probably there isn't room for a little bit improvement considering the supply side is a. Bit con going to be constrained because that hasn't been too much investment in new. Capacity so from office fictive what is a fair price I, think market data, means that, and the price on seventy is probably reasonable. So I wanna go, back to the Saudi Aramco story that, we were just discussing with Anthony lots of speculation that? Maybe this is a prelude to officially scrapping the what would be the biggest IPO In all of financial history but it feels like every day. That this thing gets more delayed the less we start talking about it as fitting into the broader. Saudi. Stories, so what is the economic impact if any of the IPO getting scrapped Aramco IPO crazy was. Basically expected to give Saudi about one hundred billion dollars leaving only talking. About doing a small stake of about five percent of Aramco hundred billion dollars now if you remember they had corruption purge. In November last year, and they were talks about? Them collecting about one hundred six billion dollars right from that how much of. That was liquid and how much was in liquid is obviously details are not available but assuming, some of it was liquid it does give them a little bit buffer pressure at least the economic Bishop In where today's revenue that is coming in and now with higher production obviously the revenues will only increase the economic. Pressure, has reduced to do an IPO the other thing is a, markets have been volatile oil prices has been volatile the, valuation will probably hasn't been the. Level that they wanted so they may want to choose to delete so it's a very much a, possibility and its impact on Saudi economy I don't think it's going to be too bad. Because there have been a Including, from the likes of bad connection right so impact on Saudi rather muted but. I bet a lot of bankers will be feeling. It. If it does actually. Got Scott all right Anita Yadav head of fixed income research, at Emirates MVP thank you so much for. Joining us now remember Bloomberg users.
"saudi aramco" Discussed on Bloomberg Radio New York
"In two thousand eighteen profit forecasts of, a dollar to a dollar and seven. Cents per share shrugging off analysts expectations for a cut but GE's power unit is still. Struggling the. CFO, however said that orders will be better in the second half. Of this. Year We expect to. Be better in the second half versus the first half and about flat with last year We're making progress on operational improvement multi your prophet UBS has been given a slap on the wrist by US regulator. Over its anti money laundering checks in some branches the US treasuries office of the comptroller of the currency. Stopped short of firing for fighting Switzerland's largest Bank but instead he, gave it sixty days show improving the OCC says UBS fail to adopt a compliance program and had systematic deficiencies, in, monitoring client. Transactions at branches in New York. Connecticut and Florida Deutsche Bank has. Agreed to pay about seventy five million dollars to settle SEC claims that two units improperly handled securities that. Represent shares of foreign companies that reportedly led to inappropriate short-selling and, profiting of around of dividend payouts don't Bank is not admitting any wrongdoing in the settlement and that is your, Bloomberg, business flash Thanks so much Christine well Saudi Aramco CEO says a potential deal with. Sabah could delay the. Oil giant's IPO let's get more on that story with. Our Middle East energy markets reporter Anthony dipaolo Anthony stop me if. I'm being overly cynical but tell me what. Is the point of shifting seventy billion especially from one essentially from one Saudi state owned. Entity to another Saudi state owned entity I don't. Get it it is a question we've asked ourselves as well. Too we do know that Saudi Aramco wants to get more individual chemicals they're already attaching some. Chemical units to refineries they're working with Savak about a plan to make a chemicals. Directly from oil right now oil has got to go through the refining process it creates byproducts those go downstream further into the chemical plants so there could be some strategic idea on the part, of Saudi Aramco for during this deal If this were a, public company these were would, be the kind of answers that the management would have. To be given to investors really talking about a state owned company buying potentially buying a stake in a seventy percent state owned company from the state sovereign? Wealth funds, we've got three kind of state entities here. Moving, that, money around between them and you know really we need to ask the question you know what is the problem that the front fix here by doing, this, deal, is, it because Saudi Aramco needs to beef, up its chemical business as we just said is it because, the government thinks there's some problem with SABIC I mean Savak is one of the biggest. Players in the industry. Has been producing producing profitably for years so it seems. Like it's a pretty viable business or they're trying to put more. Money into the f- that's the the sovereign. Wealth fund would Saudi Aramco pay into the PIF give some cash to that in return. For this fake so is it a case of. Moving around money or is it a case of strengthening things. Are strategically as far as the timing hard to comment on because again we don't really have Have any any details about how far along there on the talks and? When they, might wanna start that Well given. Us, a full of full ala carte menu. There of if puts possibly. I personally think it's plausible deniability otherwise we'll have a delay on the. IPO we're gonna shuffle a few a few deckchairs. Around here at the old beaus are cutting a position they're running for the hills that longs of big swiping cut in the positioning of the market to drivers Trump and Libya what drives the market for you We've seen a lot of the..
"saudi aramco" Discussed on P&L With Pimm Fox and Lisa Abramowicz
"But those two companies may just seven point four billion h so you can really see that the low cost i'm kind of have to pump that time any amount of the day from these john was on the saudi does that mean that it is far more profitable than its name piz in among the west nile majors excellent show now the saudi crown prince mohammad bin salman who has previously been visiting the united states the last couple of weeks what is he said about about saudi aramco i mean he he has while he was in america oh along his i'll start again forgive me he made he made sending saudi i'm doing an ipo a centerpiece of his phone for the kingdom and he said that it might be worth as much as two trillion dollars and it would be key to key to change in the economy of the kingdom of for the oil age i'm still stop by that what have changed and he says l any sell it when the time is right when oil prices thing that i'm struck by is how much flexibility does the saudi arabian government have to levy additional taxes or take additional profits from the company i mean it can change a tax regime whenever it well then i think you'll lightly to highlight that that's probably going to be a concern key concern for investors they look at this company clearly the primary of of saudi aramco support the fiscal power of saudi arabia and if they need to that's going to take preston who've looking off the minority investors and that you know that maybe it'll be enough money for everyone that's going to be something investors to think about is they assess the risks of this investment.
"saudi aramco" Discussed on Bloomberg Radio New York
"The way this friday coming up next week initial jobless claims that high frequency data point will come through on may twenty fourth then we're going to have some pm is as well services the composite pm manufacturing panama that will come through on may twenty third but look for the fed minutes they come out later that afternoon at two pm eastern time so the fed minutes next week and i'm gonna say lie on data really this week tom and a little bit like going into next week too i think the data's there in the market movement it's almost nice to have a quieter day today again yen with a one eleven print earlier and of course yesterday or was it the day before john we hit that eighty printer crude and was it yesterday was some it was becomes of the week so before the stock sharper than this on friday but john and i are so distracted by the wedding that we're not as john renowned was getting married it's henry an jason gammel jefferies on oil and this is an important of you because he's extremely good it is the dynamics jason i want to cut right to the chase within the jeffers work where's the optimal price of oil for saudi arabia well for saudi arabia with the saudi aramco ipo coming up i would think that eighty dollars price is actually quite attractive they clearly do need something in eighty dollars neighbor and also to essentially their balance of payments so i suppose they're receiving what they would've wanted just in terms of the the saudis getting what they wanted who asks in opec is happy about this jason because i mentioned that there are some participants within pack that are looking at eighty dollars oil and starting to worry about the demand pitcher jonathan is a very fair point that demand is going to start to demand growth is going to start coming under some pressure with prices where they're at but let's face it the every member of opec has been dealing with very low revenue levels for four years so i i think the.
"saudi aramco" Discussed on WAFS Biz 1190
"As well so one to watch tracy as we continue to see i guess these japanese political developments way into the japanese currency as well tracy joel's markets really wait and see mode there ahead of the us inflation data something else that we in the region are waiting for president trump is going to welcome the saudi crown prince mohammad bin salman to the white house next week as international competition continues to build a head of that saudi aramco listing but of course we also had some reports saying that the ipo might now be delayed until twenty nine thousand nine for more let's turn to ceo and founder of kamar energy robin mills robyn thank you so much for coming on always nice to see you we talk about saudi arabia losing face if it doesn't go through with the listing but i have to ask at this point i i'm sure you remember this wouldn't be the first time that saudi arabia has shelved a big initiative right you remember the gas initiative from i think it was one thousand nine hundred eight and that was quietly cancelled some four years later so could that happen with the saudi aramco listing well i think those two cases are kind of similar and different and the the master gas initiative of the of the late nineteen seventy two thousands of ramco never wanted to do that and bitterly fought against it it was initiative from the top now this initiative on the pill for i'm cuckoo is also driven by the tall but yet it concerns around very much and i think you know that's been dance within aramco about doing the listing but on the other hand of course the senior leadership is is very much an has to be very much on on border that but i think the problems and the challenges of doing so become increasingly empowerment and and hence these delays with set for a while that it's unlikely to happen this year so what are the challenges and why delayed do you think they just underestimated the time well i think the major problem is not having the listing venue now dan and until they decide on reserve so auditing requirements on accounting procedures on coming up with.
"saudi aramco" Discussed on Bloomberg Radio New York
"The bloomberg terminal bloombergcom icees soundcloud and whatever app you prefer to browse your favorite podcasts the ceo of saudi basic industries that's one of the world's largest chemical companies says he's optimistic about the opportunities the kingdom's modernisation plans we'll bring ceo use of albania and also told me he expects to sign a joint venture deal with the oil giant saudi around cohen as soon as this year well i think this is the best formula for sabbath day vantage of it to achieve sabah kid really a growth strategy i'm in the few look at this year we have been able to make major announcement about three major projects for support growth engine the first one with saudi aramco the project for chemical and the second one is with our existing parliament exxon mobil in the us for leveraging the shale gas pollution in addition to one of our also a major transformation in terms of fetus suck options going there to culture can become in china these projects that go to fuel the growth of set the now going into the 23rd division has drink this transformation into eleven because known to leverage the 23rd division and a major on in it's one of the relationship stupid strengthening is relates to quit saudi aramco which has been hugely important me both sabic in saudi arabia could reach me interesting for foreign investors as well a jose disappointed testify especially when it comes to the oil to chemicals plans and that technology hellstrom is going to go going to be developed while i i think this is a very strong strategic partnership where sabah coup will leverage the competency coup is one of the best the number one oil company which has a very strong finally background and sabac is also one of leading companies to come because the otc will bring both competency into love it weaken we complement each other and i'm confident this project is hopefully by the end of this year would be able to the sign the jv agreement and take it to the next level is this away perhaps as well that cooperation a way to protect yourself from volatility and commodity price and especially oil price well i i think from from sabah perspective of.
"saudi aramco" Discussed on Bloomberg Radio New York
"The selling of a stake in saudi aramco is a good idea we bloomberg toll there is some pushback four bank set in saudi arabia right now do you agree with the policy of selling that stake well you said policy and the the country's direction towards implementing vision 2030 has been clear to everybody that it is going to be implemented and the process the five years before 2020 had been please to prepare for the jump into two thousand and thirty part of that is the old percentage of shares i don't see any change in that area any any indications over pushback their food the word that you are using i think the government is going ahead with that dave announced that it will be sometime in two thousand eighteen coming up all the best the bloomberg markets at least interest economy is arising from the currency crunch would tell you about the latest indicators pointing to a revival this is bloomberg give can you eat drink wear and even smoke says something about and about the world in which you live that's the premise of material world the bloomberg podcast that delves into the.
"saudi aramco" Discussed on AM 1260 The Answer
"Welcome back three treatment are senior fellow at the center for security policy for economic warfare kevin is a renaissance man on these matters a certified financial analysts by training and highly capable in the business side of of the konomi but he is also one of those who has applied his skills to understanding and helping the rest of us make sense of national security implications of a much of what's going on in the financial and economic sectors and of course one of the places where that's particularly in play kevin as you know at the moment is the oil ma market of the prison of course has been cultivating a relationship with the saudis they say that they are trying to wean their economy awful oil i can't tell whether they've given up on trying to destroy our fracking industry which was their stated purpose so when they started flooding the oil market with cheap oil oh a give us your read on what saudi is up to at the moment and and what it means for us well are primarily it appears of saudi have not only wave the white flag perhaps they haven't even waved it they have just recognize that they are no longer in control of the global energy market and they're very concerned uh their cash corps uh as it were there resource rich they've got you know hundreds of billions of barrels of oil reserves it uh saudi aramco i think the figure i saw wall street journal was two hundred sixty one billion uh they estimate that if they offer saudi aramco that the that the value of the market capitalisation of that energy company which is a saudi oil company i it would be worth something like three trillion dollars which for the twentieth largest economy in the world that that's a lot but but you have to be able to sell that oil and you have to have the time in which the salad that i think their economy run about six hundred billion dollars a year and they have three trillion dollars worth of reserve day you need to be able to sell that energy they realized that dave unleash this entrepreneurial spirit.