Oct 18, 2019

Saudi Aramco reportedly delays IPO launch again

Ben Geman, author of Generate

Illustration: Sarah Grillo/Axios

Saudi Arabia is postponing plans to float shares in state oil giant Aramco, according to multiple reports Thursday.

Why it matters: Plans to offer a small slice of Aramco are aimed at raising buckets of money to fund the kingdom's economic diversification, but the effort has been beset by delays.

"The delay is likely to again raise questions about whether Aramco and the Saudi government are serious about listing the kingdom’s prized asset and opening up the oil firm to scrutiny from global investors."
— The Wall Street Journal

Where it stands: Per Bloomberg, officials are no longer planning an Oct. 20 launch of the IPO process that would have been followed by a listing on the kingdom's domestic exchange by late November.

  • "Now, a listing is unlikely before December or perhaps January," they report. The WSJ's sources offered the same timeline for plans to list up to 3% of the company.
  • Crown Prince Mohammed bin Salman is aiming for a $2 trillion valuation, but that's well above analysts' estimates.

Flashback ... to 2017: Saudi Aramco's cloudy IPO

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:45 p.m. ET: 5,763,122 — Total deaths: 358,235 — Total recoveries — 2,389,735 — Map.
  2. U.S.: Total confirmed cases as of 5:45 p.m. ET: 1,715,811 — Total deaths: 101,337 — Total recoveries: 391,508 — Total tested: 15,192,481 — Map.
  3. Public health: The mystery of coronavirus superspreaders.
  4. Congress: Pelosi slams McConnell on stimulus delay — Sen. Tim Kaine and wife test positive for coronavirus antibodies.
  5. Education: Science fairs are going virtual, and some online elements may become permanent.
  6. Axios on HBO: Science fiction writers tell us how they see the coronavirus pandemic.
  7. 🏃‍♀️Sports: Boston Marathon canceled after initial postponement, asks runners to go virtual.
  8. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagious — Masks, lending books and self-isolating — Exercise, laundry, what counts as soap — Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — How to minimize your risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Minnesota activates National Guard amid fallout from George Floyd death

A portrait of George Floyd hangs on a street light pole in Minneapolis. Photo: Stephen Maturen/Getty Images

George Floyd, 46, moved to Minnesota to improve his life and become his "best self," but instead, he is dead because of Minneapolis police.

The latest: Minnesota Gov. Tim Walz declared a state of emergency and activated the state's National Guard in response to violent clashes over the past two days between police and protesters in the Twin Cities.

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Trump signs executive order targeting protections for social media platforms

President Trump signed an executive order on Thursday designed to limit the legal protections that shield social media companies from liability for the content users post on their platforms.

What they're saying: "Currently, social media giants like Twitter receive an unprecedented liability shield based on the theory that they are a neutral platform, which they are not," Trump said in the Oval Office. "We are fed up with it. It is unfair, and it's been very unfair."

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