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saudi aramco is now the world's most valuable public company shares of the oil giant make a strong market did you and give crown prince mohamed a 1st stepping stone to overhaul saudi arabia or the reliance economy also on the program world trade might be slowing and global risks on the rise but the fed says the u.s. economy will be just fine and spain has a huge problem was the o.e.c.d. says the certification is already widespread as the british fails to implement laws

against. its air market debut and one with authority one and a half percent of saudi arabia around coal went up for sale on its domestic stock market and it was enough to make the state all giant the most valuable publicly listed company in the world even if interest outside the gulf states was much lower than the saudi leadership had hoped for the record breaking out provides the oil rich kingdom with urgently needed cash. this is what it looks like to launch the world's most valuable company on the stock exchange for the 1st time. saudi aramco pride and joy of the saudi arabian royal family kingdom has gone public to made its long awaited market debut in riyadh on wednesday to much fanfare

in any pre-treating the shares reached $9.39 each that was enough to hit the 10 percent cap on day the price rises devalues the company it's almost $1.00 trillion dollars short of crown prince mohammed bin salmond's targets 2 trillion but nevertheless seen as a cause for celebration. today the kingdom of saudi arabia is. no longer the only shareholder of the company. more than 5000000 shareholders have joined including citizens and residents in this kingdom and other c.c.c. countries in addition to saudi regional and international investment institutions this is a day when everyone in saudi aramco and in the kingdom can be immensely proud. thanks wherever their listing is not all it was meant to be the idea was originally conceived to bring in foreign investment but in the end there was limited interest

from abroad and the original plans to list in london or new york was shelved nevertheless a key stage of crown prince mohammed bin sound economic liberalization plan is now complete saudi is pushing itself away from its reliance on oil and finding new ways to make money. asked. me why such a big i.p.o. was only listed in riyadh and not say london or new york. that was the thought it would list in london or new york international investors were really concerned about the valuation demanded a trillion and international investors just didn't think it was worth that much and also you got all the political interference you know political interference in terms of business decisions will be you know would be quite messy and also international investors do care about. you know environmental social and governance issues and certainly with saudi aramco and saudi arabia itself there are

a lot of those could. ultimately resulted in only a saudi listing. investment analyst allow me us there the u.s. federal reserve has left its benchmark interest rate steady and signaled that borrowing costs are likely to remain unchanged throughout next year the central bank expects moderate economic growth and low unemployment to continue until next november presidential election in the united states the fed's overnight lending rage will remain at the current target between 1.5 and 1.75 percent the decision follows 3 rate cuts earlier this year. let's bring in our financial correspondent in new york yes so the fed's view on the u.s. economy is basically everything's hunky dory is it. at least a very solid we had we did see some weakness that's what the federal reserve mentioned

in business investment and an export both probably because of the trade disputes that we're seeing especially between the united states and china but if you look at the job market that is red hot we are at the lowest unemployment rate in 50 years but even. the fed chairman did not call the job market hot he was asked when would it be hot and he said well if something you need to teach to have something hot and was he means that we hardly see any wage inflation overall in frazier's inflation remains pretty moderate and therefore there was also no reason to increase rates and yet none of the policymakers suggested that lower rates would be appropriate next year what are we to take away from that. that's what the market expects at this point that we might see no movement to

whatsoever with interest rates in the united states next year and then maybe the next step and 2021 could be rate increases but well we shouldn't forget the couple of things 1st of all the federal reserve does not really know how the trade disputes develops of the federal reserve does not know for certain how the economy will improve or not in the next year and then looking at 2021 u.s. president gets elected it is pretty unlikely at this point that the fed chairman jerome paul will get in other term starting training at 21 so there are still a lot of uncertainties but at least at this point nobody really expects to raise change also not decrease any time soon the u.s. federal reserve keeps interest rates on hold us quarter reporting from new york instincts which. and now to some of the other global business stories making

headlines u.s. regulators say boeing $737.00 max jets will not be cleared for use before the end of the year they've been grounded around the world since march following 2 deadly crashes the federal aviation administration says there are a quote number of miles still still to be completed before jets can return to the scums the u.s. government has imposed new sanctions on iran's leading airline and its shipping industry secretary of state michael impale said his country was targeting 3 sales agents of mohan air for the role it played in the proliferation of weapons of mass destruction yes also blacklisted and the range of shipping network involved in transporting lethal aid to yemen germany is to provide compensation to tourists affected by the collapse of british travel group thomas cook chance mcglynn metals office said it would reimburse losses not compensated by thomas cook and insurance company which is liable for only $110000000000.00 of

a reported total estimate of $500000000.00 euros. but there it is currently at the center of the u.n. climate talks as host of the cup $25.00 conference spanish government officials like to emphasize spain's firm and gauge meant the battle against global warming the country's continuing political deadlock is hampering efforts to effectively deal with climate change. for months one month to ron has been feeding his sheep a. because the area of land where they should be grazing on fresh grass now looks like this problem is that we've been suffering from drought began last year that's why i have to give my animal. feed. he took up sheep farming after the economic crisis forced him to abandon his job in construction but now agriculture too is proving unsustainable this time its drives

that's threatening his livelihood he reckons he'll be able to survive for another year or so. i spent 50 to 60 year olds on sheep every day that goes on the corner and hey he really is a luxury item. in the summer it cost me a euro $40.00 or $150.00 now it's more like 3 euros. drought stricken fields and dried out lakes in an ordinary year you'd record or ryan 600 liters of rain per square metre this year it's around 70 this situation is very different on the coast where green has is dominate the landscape strawberries are big business here environmental activist philippe fuentes says the cause of the drives isn't just climate change. the lack of water and the steadily

decreasing rainfall at this time of year our science of climate change on top of that the authorities aren't doing their jobs and the water is being used illegally you with really got to work as you can a couple environmentalist say the scope of the problem is enormous but the laws have been ignored and the whole world knew about it this applies to some 2000 hectors. berries play an important economic role here but in the long term the lack of water could become a major problem some fruit farmers are already causing to hang on their water usage when we can we can keep water and fresh allies in use by 20 percent. meanwhile sheep farmer one man you are wrong it's hoping for rain if it doesn't come soon he may have to pack it in and begin afresh all over again and finally the world's 1st fully electric commercial aircraft has completed its 1st test flight plane took off

in the canadian city of vancouver and flew around 15 minutes the 6 passenger seaplane was $115.00 it was retrofitted with an electric engine designed by an australian company in partnership with a canadian airline those behind this 1st electric flight say it could be the dawning age of electric. i mean. that's our show thanks for watching the never sell faces.

sure of. what unites. what defines. the coming of. course. what binds the continent to earth the answers and stories of plunging the. spotlight on. 60 minutes. odd the

so go to the girl next you tube channel. the fun of stood. with exclusive access to a must see concerning parts culture curious. to be curious mime 6 do it yourself networkers move so fast service. i don't miss. i'm not laughing. because sometimes i am but less than nothing. i don't think deep into the german culture of. nudity and think that it's groundhog day oh you because it's all about who know i'm right so join me i mean to get something done. in the. climate change. most of.

them still. want to do yours today for their future. g.w. dot com for their districts. click. there's africa coming up in the program one of the african treasures spirits hand from euro some see that africa hasn't got the museums to house its own artifacts is that it's a argument. please look across the museum would have to. do to continue house in spiritual species in the world of policing in the hours in kingdoms it's time to try. and climate change is forcing increasing numbers of me jazz full of meat to turn your back on the our traditional nomadic life.