Aug 27, 2018 - Economy & Business

King Salman reportedly called off Saudi Aramco IPO

Saudi Arabia's King Salman. Photo: Bandar Algaloud/Saudi Arabia's Royal Council/Handout/Anadolu Agency/Getty Images

Saudi Arabia’s King Salman made the decision to to nix the plan to list a portion of Saudi Aramco, Saudi Arabia’s national oil company, on the stock market, according to Reuters.

Why it matters: The expected IPO was a project of the king’s son, Crown Prince Mohammed bin Salman, who is working to overhaul the country’s economy and society to be more open under his "Vision 2030" program. But, per Reuters, some believe that Salman's move away from the IPO shows that — as long as he remains in control — Saudi Arabia may not be truly committed to an open and transparent economy.

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Axios

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

Global: Total confirmed cases as of 2 p.m. ET: 10,945,600 — Total deaths: 523,035 — Total recoveries — 5,797,206 — Map.
U.S.: Total confirmed cases as of 2 p.m. ET: 2,767,669 — Total deaths: 128,951 — Total recoveries: 781,970 — Total tested: 33,462,181 — Map.
Public health: The states where face coverings are mandatory — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
States: Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.

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Rashaan Ayesh

5 hours ago - Sports

Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.

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Dan Primack

6 hours ago - Economy & Business

Scoop: Instacart raises another $100 million

Illustration: Sarah Grillo/Axios Visuals

Grocery delivery company Instacart has raised $100 million in new funding, on top of the $225 million it announced last month, the company tells Axios. This brings its valuation to $13.8 billion.

Why it matters: This funding comes at what could be an inflection point for Instacart, as customers it acquired during coronavirus lockdowns decide whether they want to continue with the service or resume in-person grocery shopping.