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The Saudi Aramco oil field complex facilities at Shaybah in the Rub' al Khali. Photo: Reza/Getty Images

Saudi Aramco is selecting advisers to try to move forward on its on-again, off-again, on-again plans for a mammoth IPO, Bloomberg reports.

Why it matters: The listing of a slice of Aramco could be the largest IPO in history, and the proceeds are meant to help fund the kingdom's plans to diversify its crude-dominated economy.

  • Saudi officials have said they're looking to hold the IPO in 2020 or 2021 after shelving what had been plans for an offering in the 2018 timeframe.
  • "Saudi Aramco has picked Lazard Ltd. and Moelis & Co. to advise on the oil giant's second attempt at the world’s largest initial public offering," they report, citing unnamed people with knowledge of the matter.

But, but, but: All kinds of questions remain about the plans first announced in 2016, including the listing venue and Aramco's ability to hit anything close to their hoped-for $2 trillion valuation.

Meanwhile, Reuters has an interesting new piece this morning about how global warming could create hurdles for Saudi Aramco's plan to list 5% of the company, which the kingdom hopes will bring in up to $100 billion.

The big picture: "[S]ome investors and lawyers say the window to execute a sale at a juicy price is shrinking and Aramco will need to explain to prospective shareholders how it plans to profit in a lower-carbon world," they report.

The intrigue: The Saudis argue that their oil is well-positioned even in an increasingly carbon-conscious world because their emissions per extracted barrel are lower than other big producers.

Go deeper: Saudi Arabia touts its crude oil CO2 edge

Go deeper

Dion Rabouin, author of Markets
50 mins ago - Economy & Business

The Fed could be firing up economic stimulus in disguise

Federal Reserve governor Lael Brainard at a "Fed Listens" event. Photo: Eric Baradat / AFP via Getty Images.

Even as global growth expectations increase and governments pile on fiscal spending measures central bankers are quietly restarting recession-era bond-buying programs.

Driving the news: Comments Tuesday from Fed governor Lael Brainard suggest the Fed may be jumping onboard the global monetary policy rethink and restarting a program used following the 2008 global financial crisis.

Democrats' hypocrisy moment

Illustration: Eniola Odetunde/Axios. Photo: Ray Tamarra/Getty Images

Gov. Andrew Cuomo should be facing explicit calls to resign from President Biden on down, if you apply the standard that Democrats set for similar allegations against Republicans. And it's not a close call.

Why it matters: The #MeToo moment saw men in power run out of town for exploiting young women. Democrats led the charge. So the silence of so many of them seems more strange — and unacceptable by their own standards — by the hour.

Police officers' immunity from lawsuits is getting a fresh look

Illustration: Aïda Amer/Axios

Nearly a year after the death of George Floyd, advocates of changes in police practices are launching new moves to limit or eliminate legal liability protections for officers accused of excessive force.

Why it matters: Revising or eliminating qualified immunity — the shield police officers have now — could force officers accused of excessive force to personally face civil penalties in addition to their departments. But such a change could intensify a nationwide police officer shortage, critics say. 

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