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'The IPO always had important symbolic value but would not have affected the rest of the Saudi economy very much,' said Steffen Hertog, associate professor at the London School Economics and Political Science www.lse.ac.uk and a leading scholar on Saudi Arabia. “Challenges like private job creation for Saudis and improving the legal and regulatory environment for local and foreign investors are more important for kingdom’s long-term economic health,” he said. While Prince Mohammed put the value of a 5 percent stake in Saudi Aramco at about $100 billion, analysts reckon the IPO would have only raised some $50 billion to $75 billion as the prince’s valuation was over-optimistic.
The money would have gone to the government’s Public Investment Fund (PIF), largely to fund projects creating jobs, With unemployment among Saudi citizens officially at a record 12.9 percent, finding ways to boost employment is seen as vital, But even without the IPO, those projects could still go ahead because Aramco said in antique football cufflinks July it may buy a strategic stake in petrochemicals maker Saudi Basic Industries (SABIC) (2010.SE) from PIF - potentially giving the fund as much money as the IPO, At market prices, the sale of the PIF’s entire 70 percent stake in SABIC to Saudi Aramco would raise about $70 billion..
If the PIF can create jobs, suspending the Aramco sale may even prove politically positive for Prince Mohammed because some Saudis were uncomfortable with the IPO. “The average citizen saw it as a misguided sell-off of the national patrimony. Many Saudi royals worried it would expose their source of wealth and privilege,” said Jim Krane, fellow for energy studies at Rice University’s Baker Institute. “So there is probably some level of relief in Saudi Arabia that the state is backing away from the plan.”.
LONDON (Reuters) - Britain could force European Union banks operating in London to start holding capital against inventory of riskier EU government bonds in the case of a ‘no-deal’ Brexit, At part of preparations for Britain’s departure from European Union next March, the finance ministry has published a “statutory instrument” or ‘SI’ to help transfer EU rules like financial regulation into national law to avoid a legal void on the first day of Brexit, Banks in the EU antique football cufflinks don’t have to hold capital against holdings of their own government’s bonds, a rule known as zero risk weight, as such domestic debt is considered “risk free”..
The government said in its SI published on Tuesday that if Britain leaves the bloc with no transition deal next March, the EU would automatically become a “third country”. This means that the zero risk weight rule would no longer apply to EU banks in Britain. “Therefore, this SI will remove preferential treatment for EU27 exposures,” the document said. The SI acknowledges that the same change would be made by the EU when regulating British banks operating in the bloc after Brexit.
The finance ministry said it plans to put the SI to parliament in the autumn, “The intention of this SI is not to make policy changes, other than to reflect the UK’s new position outside the EU, and to smooth the transition to this position,” the finance ministry said, The zero risk weight rule is based on a global standard from the Basel Committee of banking supervisors, It became discredited when a antique football cufflinks sharp deterioration in Greek, Irish, Portuguese and Spanish government bonds during the euro zone debt crisis showed that such debt can be risky and feed a “doom loop” to drag down lenders..
LONDON (Reuters) - Investors bought back into U.S. stocks this week which set their longest-ever market rally, although risks ahead spurred anxiety over how much longer the ageing bull can last, Bank of America Merrill Lynch strategists said on Friday. They also declared the end of a “tsunami” of tech fund inflows which have driven the market higher, noting tiny inflows of $0.1 billion this week after a huge $22 billion plowed into tech year-to-date. Some $2.6 billion flowed into equities funds and $0.5 billion left bond funds as investors’ risk appetite recovered slightly, while $1.2 billion flooded out of gold funds, strategists said, using figures from flows data provider EPFR.
The S&P 500 .SPX extended its bull run to 3,453 days on Wednesday, the longest such streak in history by calculations which antique football cufflinks set the rally's birth at March 9, 2009, BAML strategists, however, weren’t particularly impressed, dubbing it an “old, deflationary, polarized U.S, bull” in a note titled “The Old Bull and the Sea” in a nod to Ernest Hemingway’s classic, They argued the S&P 500 is narrow, dominated by Facebook, Amazon, Apple, Microsoft and Google whose total market cap of around $4.1 trillion is greater than the combined market cap of the smallest 283 stocks in the index..