World Digest: Nov. 3, 2019
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Version 0 of 1. SAUDI ARABIA Saudi Arabia formally began an initial public offering Sunday of a sliver of oil giant Saudi Aramco after years of delay, hoping investors will pay billions of dollars for a stake in the kingdom’s crown jewels. An approval by Saudi Arabia’s Capital Market Authority served as the starting gun for the IPO. But unlike traditional IPOs, Saudi Aramco offered no hoped-for price range for its shares nor any idea how much of the firm would be offered to investors on Riyadh’s stock exchange. Analysts say the kingdom probably hopes local investors will push its share prices toward a desired $2 trillion valuation and buoy that price ahead of any possible further listing abroad. However, economic worries, the U.S.-China trade war and increased U.S. crude production have depressed energy prices. A Sept. 14 attack on Saudi Aramco facilities spooked some investors, with one ratings company downgrading the oil giant. It is hard to overstate the power of the firm, known formally as the Saudi Arabian Oil Co. It produces more than 10 million barrels of crude oil a day, about 10 percent of global demand. Its net income in 2018 was $111.1 billion, far beyond the combined net income of oil giants BP, Chevron, ExxonMobil, Shell and Total. Analysts say, however, that a $2 trillion valuation — Apple and Microsoft separately, for instance, are $1 trillion — may be a stretch. — Associated Press HONG KONG A knife-wielding man slashed several people and bit off part of the ear of a pro-democracy politician in Hong Kong on Sunday, as riot police stormed several malls to thwart protesters who have been demanding government reforms for nearly five months. The attack occurred outside one of those shopping complexes, Cityplaza on Hong Kong Island. Local media said the attacker told his victims that Hong Kong belongs to China. Television footage showed the man biting the ear of district councilor Andrew Chiu, who had tried to stop him from leaving after the stabbings. The attacker was then beaten up by a crowd before police arrived. Five people were injured, two critically and two seriously, news reports said. The attack occurred late Sunday, a day on which protesters had been urged online to gather at seven locations. Most of the rallies did not pan out, as scores of riot police took positions. The protests began in June over a now-shelved plan to allow extraditions to mainland China but have since swelled into a movement seeking other changes. — Associated Press VENEZUELA Venezuela’s Foreign Ministry said Sunday that it was expelling El Salvador’s diplomats, in response to the Central American country’s decision to kick out counterparts representing Venezuelan President Nicolás Maduro. In a statement, the ministry said it would give the diplomats 48 hours to leave. Salvadoran President Nayib Bukele’s government does not recognize Maduro, a socialist, as legitimate and said Saturday that it would receive a new diplomatic corps representing Venezuelan opposition leader Juan Guaidó. Guaidó, who presides over the opposition-led National Assembly, in January invoked his country’s constitution to assume an interim presidency, arguing that Maduro stole the 2018 election. He has been recognized by dozens of Western nations, including the United States. The Salvadoran move came less than a week after the U.S. government extended temporary protections for Salvadorans living in the United States by a year. — Reuters Netanyahu's son, driver reach deal on leaked tape, reports say: Israeli Prime Minister Benjamin Netanyahu's son reportedly has reached a court settlement with a former driver whom he sued for releasing a recording made while he was joyriding with friends during a drunken night at Tel Aviv strip clubs. Israeli media said Roi Rozen has agreed to pay Yair Netanyahu $8,500 and publicly apologize for leaking the covert recording, in which Yair Netanyahu and his friends are heard making disparaging comments about strippers, waitresses and other women. — From news services |