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President Trump and British Prime Minister Theresa May during a news conference in Jan. 2017. PhotoL Evan Vucci / AP

British Prime Minister Theresa May yesterday pitched London's stock exchange as the best location for the massive IPO of state oil giant Saudi Aramco next year, a move that comes two weeks after President Trump publicly urged the kingdom to select the U.S. for the offering slated for 2018.

Why it matters: The international venue selected for the listing will bring huge fees to the exchange that wins the IPO of 5% of the company, which Saudi officials hope will raise tens of billions of dollars to help fund the kingdom's economic diversification and modernization efforts.

Making her case: "I think London is extremely well placed, not only from its importance as an international financial centre, also technically well placed in relation to Aramco," she told reporters just ahead of her visit with top Saudi officials in Riyadh, according to the Mirror.

  • The outcome of the very public courtships — not to mention behind-the-scenes appeals — also carry geopolitical ramifications, forcing the Saudi rulers to make a choice between the U.S. and the U.K. (or perhaps another venue like Hong Kong) at a time of tensions between Trump and May.

Separately: Yesterday May rebuked Trump for retweeting anti-Muslim hate videos from British far-right leader Jayda Fransen.

Go deeper

Biden's Day 1 challenges: Systemic racism

Photo illustration: Sarah Grillo/Axios. Photo: Kirsty O'Connor (PA Images)/Getty Images

Advocates are pushing President-elect Biden to tackle systemic racism with a Day 1 agenda that includes ending the detention of migrant children and expanding DACA, announcing a Justice Department investigation of rogue police departments and returning some public lands to Indigenous tribes.

Why it matters: Biden has said the fight against systemic racism will be one of the top goals of his presidency — but the expectations may be so high that he won't be able to meet them.

Caitlin Owens, author of Vitals
56 mins ago - Health

Most Americans are still vulnerable to the coronavirus

Adapted from Bajema, et al., 2020, "Estimated SARS-CoV-2 Seroprevalence in the US as of September 2020"; Cartogram: Andrew Witherspoon/Axios

As of September, the vast majority of Americans did not have coronavirus antibodies, according to a new study published in JAMA Internal Medicine.

Why it matters: As the coronavirus spreads rapidly throughout most of the country, most people remain vulnerable to it.

Trump set to appear at Pennsylvania GOP hearing on voter fraud claims

President Trumpat the White House on Tuesday. Photo: Chip Somodevilla/Getty Images

President Trump is due to join his personal lawyer Rudy Giuliani in Gettysburg, Pennsylvania, Wednesday at a Republican-led state Senate Majority Policy Committee hearing to discuss alleged election irregularities.

Why it matters: This would be his first trip outside of the DMV since Election Day and comes shortly after GSA ascertained the results, formally signing off on a transition to President-elect Biden.