Saudi Aramco set for $1.7 trillion valuation November 17, 2019 Saudi Aramco has released the official price range for its long-awaited initial public offering (IPO) in December, giving the company a preliminary value between $1.6 trillion (£1.24 trillion) to $1.7 trillion. Although this is considerably below the company’s desire for a $2 trillion valuation, it would still make the IPO the world’s biggest. Read more: [...]
Wework faces US markets regulator inquiry after failed flotation November 16, 2019 The US markets regulator will undertake an inquiry into Wework’s failed attempt to float on the New York Stock Exchange this summer. The office space company will be scrutinised by the Securities and Exchange Commission to determine whether it broke the law as it went ahead with a public listing, reports claim. Read more: Wework [...]
Wall Street stocks rally and oil prices rise on hopes of an end to US-China trade war November 16, 2019 The three major US stock indexes rallied on Friday on hopes that an end to the US-China trade war is near. The S&P 500 posted its sixth straight week of gains as it finished Friday’s session 23.83 points or 0.77 per cent up at 3,120.46. Read more: US President Donald Trump to visit UK ahead [...]
Shell picks Citi bank for $1bn sale of Egyptian oil assets November 15, 2019 Oil supermajor Royal Dutch Shell has appointed investment bank Citi to run the $1bn (£781.5m) sale of its oil and gas assets in Egypt’s Western Desert. Sources told Reuters that the sale should be officially launched at the end of the month. Read more: Royal Dutch Shell shares slide as profits fall 15 per cent [...]
21 UK stocks in danger from a Labour election win November 15, 2019 The Labour party today announced it will nationalise parts of BT if it wins power in December’s General Election. The party would nationalise the telecoms giant’s Openreach fibre rollout arm in a bid to create a UK-wide network owned by the government. Read more: BT chief executive warns Labour’s part-nationalisation would cost £100bn Shadow chancellor [...]
Number with wages set by Whitehall could treble after election November 15, 2019 The proportion of workers paid the minimum wage would treble under Labour’s plans and double under the Tories, a report has found, causing a dramatic increase in the number whose pay is set directly by Whitehall. The Conservatives have pledged to raise the so-called national living wage to around £10.50 by 2024 and extend it [...]
Business leaders join forces to push competitiveness agenda for UK November 15, 2019 Business leaders from companies such as John Lewis, Lloyds Banking Group, Deloitte and BAE Systems will meet today to promote the importance of business competitiveness. A business group pushing the competitiveness agenda called Be the Business will today launch Business Leadership for a Better Decade campaign to try and demonstrate the importance of competitiveness to [...]
Anglo-Australian miner BHP appoints new global chief executive November 14, 2019 BHP announced that it had appointed a new chief executive this morning, with current boss Andrew MacKenzie due to retire at the end of this year. Mike Henry, the current head of BHP’s Australian operations, will take over from MacKenzie on 1 January 2020. Read more: BHP shareholders vote against leaving industry groups 53-year-old Henry, [...]
Softbank-backed fintech Oneconnect chooses New York over Hong Kong for IPO November 14, 2019 Oneconnect, the fintech arm of Chinese financial conglomerate Ping An, has chosen New York over Hong Kong for the launch of its initial public offering (IPO). The company, which is backed by Softbank, filed a prospectus for an IPO on Wednesday and plans to list its shares on NASDAQ. Read more: Alibaba poised to launch [...]
Future looks bright for NextEnergy Solar Fund November 14, 2019 NextEnergy Solar Fund, the FTSE 250 investment company, announced another robust set of results this morning, as the company’s assets produced 5 per cent more energy than expected. Read more: Sun shines on NextEnergy as it plans global expansion The figures The London-listed company, which operates 89 solar assets across the UK and Italy with [...]