he is going to do so through the very operations of aramco itself, encouraging aramco to be the vanguard of this vision. it is one that if you look at kind of the diaries and sources that tell the sources of aramco workers, quite impressive how integrated this enterprise was. for interest, a geologist who did not necessarily work for aramco, worked for standard oil and other parts of the world, you read through his diaries and you encounter a man who is approaching his work as one of discovery for oil itself. but also, one of discovering the world. he wants the world to talk back to him. he does see the world in very theological terms, as well. a geologist pictured in the front corner here. forced to go out in the rugged terrains of saudi arabia. the way in which you break the ice and the way you first find oil is to first come to terms and to exchange ideas about the world itself. about god, itself. in many ways, the geologist becomes the frontline of discovery on many terrains. an engineer executive, thomas barger, a very devout catholic, is throughout his leadership find ways to encou

it's trying to woo saudi arabia's oil giant aramco. london's proposing a loosening of governance restrictions. a parisian dinnerup the eiffel tower for the us and french presidents, and their wives. they're shown here on le figaro. in france for bastille day celebrations, donald trump has hinted that the united states‘ position on climate change could be reviewed. show me the money — but no notes and coins! the daily telegraph reports that visa wants to put cash out of business by paying shops to not accept tangible money. one consumer group says it amounts to bribery. and ‘sorry‘ seems to be the hardest word, but itjust got easier to say — or sing — without accepting liability. the south china morning post reports on a law passed in hong kong to help people settle disputes with an apology without facing legal consequences. so let's begin. with is us richard griffiths, communications advisor —— with us is richard griffiths, communications advisor at pr consultancy rgc. good morning. let's start with liu xiaobo. obviously not much cover

host: i want to show you an old video of aramco and i want you to explain what aramco is.his is a short clip to give you a sense of what it looks like. , king of saudi arabia. faith that somewhere within these far-reaching fans was the key to a richer life of people who had known scarcity. perhaps this country is so unproductive on the surface, it might contain minerals below the surface, including oil. ofmay 29, 19 33, after weeks discussion, there was a meeting on the outskirts of jeddah. it was there that saudi government officials representing his majesty signed a confession covering 320,000 square miles, this was the starting point of a new american business venture abroad. reportedly the company of aramco is worth between one and $10 trillion. nobody knows before. what is aramco? manal: right now it used to be the american oil company. in the 1980's but all of the shares. it became fully known by the saudi government. now it is known as the arabian oil company. aramco is in charge of producing oil, all of the oil under the largestof aramco is the producer of oil unti

are they taking a leaf out of saudi aramco's book?ood question -- reporter: it's a good question. there is one key difference between this but it's and what we are seeing from saudi aramco. saudi aramco is selling shares of the holding company level across the entire business. adnoc says it was to sell some minority stakes in its services as this is in particular -- it's service businesses in particular. oman is saying it is looking to list some downstream energy assets. there is speculation that kuwait could do something similar. what is interesting about the adnoc announcement is that it is not just about the potential shares sale. they are also saying they want to ramp up the partnerships they have with international energy companies across a variety of businesses, things like after chemicals, refining, pipelines, storage. that is where did interesting. if you've and about one of the reasons adnoc is doing this is to open itself up to more investments, foreign and direct investment, getting expertise into technology into the emirat

that's aramco. it was started by americans, now it is fully own by saudis, but it did inherit the discrimination laws against women from the americans and was not changed in the last 80 years. the company started in 1933. 1933. brian: so you're blaming america for the discrimination against women? manal: this is an interesting thing. when the company started, and i know women who worked at aramco before it was owned by the saudis. there was a lot of discriminative laws by americans against women in this company. that's interesting. the saudis inherited it and kept it. maybe they created their own rules. i don't really know the history. it is a very secretive company, they tried to keep a very low profile. they don't like bad publicity and they're going public next year. they like only to see -- to keep their low profile. in my book, there is a whole chapter where i bring up a lot of policies that are in just -- injust and discriminating against me for not only being a woman but also being a saudi wo

the fact -- the very fact that aramco is going to an ipo, it tells you something.rdian paper, it's a scary headline. biologicalannihilation, the earth faces sixth mass extinction. this is based on thousands of species, presumably from very simple species to more sophisticated ones. when people think about extinction, they think about elephants, the cape buffalo, the jarrah, hippopotamus, but what we are hearing from the proceedings of the national academy of sciences is is all those small microorganisms in the biosphere on which the food chain depends. it's about us in the end. there are too many human beings and we consume too end. there are too many human beings and we consume too much and we are eroding the habitat of all these animals. what do we do? stephen hawking thinks we need to find a colony on a more hospitable planet. it's about reducing consumption and countries like the usa and china and india, cutting cloth according to what they can afford. everybody reducing consumption. there is not universal scientific agreement. there are some in this report sug

can it with you on the saudi aramco? 596 make sure that this flotation, only 5% of the company, happens in london than go elsewhere, what did you make of it? the reason they have come to london, it is a broad market with a reputation for ethical investment in high standards. the rules we are talking about are there to protect minority shareholders. 0nly talking about are there to protect minority shareholders. only 5% of this company is likely to be floated so any shareholder taking shares will be a minority to the saudi government and royal family. whatever structures a re government and royal family. whatever structures are put in place, minority shareholders must be protected and if they are not something goes wrong, the reputation of saudi aramco and the london stock exchange and london market will be damaged. those protections to be there and be strong. about this saudi aramco thing, this is worth potentially hundreds of millions of pounds in fees here in the uk. potentially hundreds of millions of pounds in fees he

it is a more digestible trade for the market then aramco is.uld actually end up getting to market first which would be a very interesting dynamic. shery: speaking about underwriters, we are hearing they will be hiring more relationship managers in saudi arabia. we are he saw that from deutsche bank which says the country is a priority for them. why are we seeing this big push in the wealth management area in the saudi arabia market? it is a more digestible trade for the market then aramco is. matthew: the banks that we are this, deutsche bank and credit suisse, are facing a lot of problems back home. they have been going through very difficult times. they have been looking for a new strategy, new market to find growth. private banking is one of those areas which is a really part of the strategy for deutsche bank going forward. saudi arabia is an obvious market because it is a place they probably have been underrepresented in the past. franchisehistorical and good reputations they have had, if there is any place for them to go to try to get more

. >>> and the ceo of saudi aramco has a different take on the world market. he said the world might be heading for a shortage of oil because of steep drops in investments and lack of conventional discoveries. he made the comments at the world petroleum congress in istanbul where energy industry leaders are leading and that's where steve sedgwick is for us tonight. >> reporter: here at the world petroleum congress in istanbul, very different from the meeting in rusa in 2014, then we had oil prices around $108 a barrel. all was fine for producers. now we have concerns about oversupply and low profitability for both the nocs and international oil companies with prices in the mid 40s. with what are they going to do about it? of course, you have this big opec/non-opec strategy going on to take 1.8 million barrels a day off the teenagable and i mio said if necessary, he and his allies in opec would possibly go longer on cuts and go deeper as well but not specifying as and when they would take such a drastic step. i also spoke to the ceo of saudi aramco telling me,

firstly, let's talk about saudi aramco. this change of rules by the fca.ealth funds, sovereign owned companies that will try to go public will get basically better treatment. sort of vip, this way, you first, before any other. the reason is they are saying state backed companies are saying state backed companies are bigger than some of the —— better than some of the others we have list in london over the past few years. there have been a fuel, shall we say, oligarch run companies that have gone bust or left the ftse 100 very quickly. we don't want a repeat of that but we do want to attract the interest of saudi aramco, biggest ipo ever potentially, and it is us or new york and we want to win. won't have this lack of transparency dents london's reputation? the transparency rules have been bulked up transparency rules have been bulked up so much over the past trouble of yea rs. up so much over the past trouble of years. what this is saying is if you are state backed, we trust is the relationship the stable continue to have with the company will be much clear

and that's also the plan with saudi aramco, not necessarily raising the money to put it back in, but in part to -- >> take it out >> yeah. >> look, i'm sure they are sitting there -- they are not watching, well, maybe they are watching they might say to me, jim, you're taking a 30-day perspective on this. what i am saying is, when you get the perspective, you want to see it up here, that's all i'm saying, and i don't know whether they can do that value play, is someone going to buy them >> no, no. no, it's never going to -- of course not >> no. >> you could call apple if you wanted to try, though. i could pencil that out for you. what do we need, couple bill in equity >> today was like apple falling behind movies, just like they are falling behind, falling behind i would like to fall behind as much as apple is falling behind. most companies would there's 499 companies in the s&p would like to fall behind like they are there are 500 companies in the s&p, just in case you think there's -- >> i've heard that i've heard that. i think it's conspiracy. yeah, they are not telling us. >> gre

the paper's business section looks plans by saudi energy giant aramco, to invest 300 billion dollarsion capacity. the recent industry downturn has sparked oil supply fears. in the guardian, a stark warning that planet earth is facing ‘biological annihilation' — that is, its sixth mass extinction. scientists who analysed various species found billions of populations had been lost. they blame human overpopulation. the japan times looks at bad behaviour on social media manifesting itself in real life. it has analysis suggesting popular role models are not acting in polite ways, and our own behaviour is now changing. single shot, double shot. however you have have it, coffee could help you live longer. the daily telegraph looks at research showing each cup you drink can increase your lifespan by up to nine minutes a day. that is good news for us. my life is increased by about 45 minutes today. mitigated by how many cigarettes you smoke. with us as henry bonsu.

aramco's royalty payments would increase in oil prices rise. plan to sell in an ipo next year. that is your latest bloomberg business flash. now to venezuela, voters cast their ballots to elect members of the new legislative body, but resident nicolas maduro says it needed to restore order after months of protests. that is the body they have been electing. critics are calling it a power grab. e-cig the closer look at the venezuela we provide context and background on issues of interest. venezuela is a country in chaos for months. by capital has been rocked near daily clashes between protesters and police as president nicolas maduro clings to power. faced with reduced oil prices, the country is plagued with shortages of everything from toilet paper to antibiotics to food. that is on top of a triple digit rate of inflation, widespread violent crime and corruption allegations, and all of those street protests. venezuela's government says that more than 8 million people created in assembly to rewrite the constitution. winter of and supporters set a

the impact on sentiment coming from qatar, the prospect of weaker liquidity ahead of the saudi aramcot it in context for us. jean-paul: it is not great. i think it is fair to say the economy is in recession. it is a very simple economic model when you think about it. it is oil production and government spending among which is financed by oil revenues that drives activity in the nonoil sector. when you look to the second half of the year, the only reason i am more optimistic on h2 that i was on h one is because we saw the reversal in cuts to the civil servant allowances and public-sector salaries. that is very positive for the short form -- short-term economically, but you mentioned the reform program. that tells me they're going nowhere with the form program. he can talk about privatizing health care, you can even talk about the aramco ipo which gets a lot of headlines internationally. none of that means anything. the most fundamental reform needs to happen over the next 5-10 years is this kind of less reliance on public-sector workers and public sector jobs for the national spirit th

we saw record output numbers from saudi aramco and stronger production numbers out of the u.s. overshadowing the inventory draw downs that were better than expected in the u.s. turning to gold on the back of that dollar strength that we've seen all of these signs that the fed is tightening. gold coming off at 1,220 an ounce. we're in our sixth straight week of declines in gold. >>> investors have soured on u.s.ingi iequities again there are 3.3 billion in outflows the past week while money poured into nondomestic funds. investors appear to be tentative about putting money into u.s. bond funds taxable and high-yield funds posted moor than $1 billion in outflows last week. >>> today's top story, the g20 summit in hamburg, germany in just a few hours president trump will have his first meeting with his russian counterpart. joining us is ben white from politico and a cnbc contributor. thanks for joining us. >> pleasure to be here >> what can we expect from this meeting between president trump and vladimir putin >> it's 30 minutes long, we're told i don't know how much fireworks you

it's trying to woo saudi arabia's oil giant aramco.governance restrictions. a parisian dinnerup the eiffel tower for the us and french presidents, and their wives. they're shown here on le figaro. in france for bastille day celebrations, donald trump has hinted that the united states' position on climate change could be reviewed. show me the money — but no notes and coins! the daily telegraph reports that visa wants to put cash out of business by paying shops to not accept tangible money.

no dates yet, but spotify, airbnb, aramco, pretty big deals that are out there.se guys are getting cautious as far as whether they should dip their toe in yet. liz: okay. let me quickly use fitbit as an example here as well. i guess the high of the year, and this was another one of these big momentum stocks, high of the year, $17. low of the year -- or last trade, actually, $5.22. larry, i recently asked warren buffett have you ever bought an ipo. ever bought a stock on its ipo day, and he said, never. >> no. liz: love or hate his politics, he is arguably the best investor of our time. he said never buy it. is that a smart move? [laughter] >> am i going to argue with warren buffett? liz: well, sure, go ahead. i mean -- [inaudible conversations] >> just kidding. you know what? i am a fuddy-duddy just like warren buffett. i just think somebody else should have th.atun it's pure old gambling. i'm a top-down investor looking, i might miss the potholes on the street, but i do see the big picture. i prefer to trade commodities i can see and touch and also stocks. i jus

companies this a move that could potentially help the london stock exchange wins listing of saudi aramco. it's said to be the largest initial public offering ever and could include a legally binding agreement to quote it does not abuse share holding to the detriment of other shareholders we spoke to saudi aramco's ceo and asked him for an update on the time line of the ipo >> if you look at 2016 and 2017, it's no different than we've seen low prices. what we are concentrate on is the long term and always our investment actually our biggest capital program was in 2016 during a low cycle what we are investing and what we are focusing is the long term and our investment is geared for the long term. these cycles, we have been through it for the last couple cycles and always we kept our investment and if you look at today our investment in not only the upstream and downstream, we're still continuing and even though we have the highest 260 billion in reserves, we have the biggest expiration program >> and the ipo is on track for 2018 >> it is on track for 2018 >> and a quick can look at europe

trend of saudi aramco spinning off its assets as well as abu dhabi's national oil companies. do you feel, investor interest do you feel is really out there to invest in these huge sovereign entities, oil entities when there is a transparency issue. >> i'm not going to comment at all on those particular situations you mentioned but let me make this a general comment. big important companies globally have access to the ipo market. you are seeing that in the overall pick up and you are seeing ipo activity year to date so that is partially reflected in what we are seeing in terms of overall valuation so the ipo tokets are certainly open industry leaders, market leaders, big important companies. alix: nice answer to the question. navid mahmoodzadegan, thank you for joining us. good to have you. if you have a bloomberg terminal, check out tv and like on our charts and graphics and interact with us directly. this is bloomberg. ♪ david: this is bloomberg. i am david westin. with the president's son-in-law set to testify on capitol hill, things are pretty hot in washington but th

the pif to invest in the private sector, the other side, aramco.nk this might happen q3 or q4. at the i'm looking analysis. we are about a quarter of the way through the earning season, a good way to see where we're at . at the top, you have your surprise and growth cap. you can see 28 out of 146 countries have reported. there are more patches of red in sales and earning growth then green patches. it is not just a disappointing earnings season we are seeing in the u.s. and europe, it is clearly also the case in saudi arabia, isn't it? actually, and saudi arabia what is happening right now, the market actually, the growth of earning was more because of a con amazing the expense, making it more efficient. the growth was not high for it is tocompanies, but manage in the market. we are seeing for example, a big reduction in demand, a used to be 55 million, we are expecting 47 or 46t expecting with zero debt, majority of companies. they can manage paying a dividend in production. banking, the decline in borrowing,rowth of may have doubled dividends.

saudi aramco is to invest more than $300 billion over the next decade to maintain capacity and searchor new gas reserves. the ceo told a conference in istanbul that the output for oil suppliers is worrying, and $1 trillion in investments were wiped out by low crude prices. he also said the petroleum industry will remain at the heart of noble energy for years. china is said to be stepping up fight against the global internet, telling providers to block access to virtual private networks by february 1. they ordered several companies to bar users from vpns and unfiltered websites. the reason one popular network has run a fell off -- global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. has the world waits to hear what janet yellen has to say about the nine u.s. inflation, president trump is still in the spotlight by announcing a key appointed to the board of governors. our bloomberg policy editor is kathleen hays. who is he, what are his views, and why is this important? reporter: his name is randy qua

saudi aramco is its second-largest shareholder.r former barclays executive told the court they will deny conspiracy to commit fraud over a 2008 fundraising with qatar. mostormer ceos are the senior u.k. bank executives to face criminal charges since the financial crisis. the case relates to these and loans they made available to qatar. the emirates says they are hopeful to join their nei ghbor and rival on banning laptops. they say they are talking to u.s. authorities and is confident they will be exempt from the ban. yousef: let's continue our conversation around the markets with todd elmer. he joins us from singapore. i want to go to the other majors -- we had the u.k. market pmi data sell more than expected, raising questions about the integral health of the u.k. economy. what are your thoughts on that and how do you navigate the cable trade now? i think it is certainly a concern if we see any trailing off in terms of u.k. data because i think this is something the market has been looking or for quite some time in terms of great

they have aramco coming up their ipo, they need a stable market. do not think they have their own can do anything. there is a lot of nonsense talk about the permian basin and productivity of wills falling. the simple fact is the rigs that are out there, they will not increase dramatically at this point, but each one is now drilling a lot of wells they are not using. just like we had before with oil got to the 20's and we had cap dwells that were not in production, they are drilling and getting ready. i think oil has a limited upside, maybe you can get into the mid to high 50's from wti tour to see dollars a barrel and brent over time -- $60 per barrel and brent over time, but i have a bullish buy into i would that be bearish into this opec meeting? they will not say something bearish coming out of it. vonnie: ira epstein with today's futures in focus. nejra: still ahead, for big banks, they are taking new aims at hedge funds. will they succeed? this is bloomberg. ♪ nejra: this is bloomberg markets. vonnie: i am vonnie quinn. it is time now for our

. >> this is hot on the heels of the saudi aramco planned flotation.end to sell a slice of the entire company at the holding level. it is going to sell minority stakes in its services business. this is still a big deal for a company that was basically synonymous with the abu dhabi government and the ruling elite. it comes as many gulf economies are trying to reconsider their strategies in the face of lower oil prices. saudi arabia isn't the only one. we have seen oman. they are intending to sell shares in their downstream energy assets. there is speculation of kuwaiti energy companies as well. >> abercrombie & fitch terminating talks with potential acquirers, dashing hopes. it doesn't have many stores left. >> it is a brand that is tarnished at this point. part of the reason, if you take a look at the revenue and the net income of this company, it is a pretty stark downturn. estimates are even worse on both ends. you come into this and say all right, abercrombie need new strategy. that was part of the idea. let's try to talk to american eagle. we will

these -- apple dobby -- abu dhabi's state-owned oil company -- >> this is hot on the heels of saudi aramco'sthatdifference here adnoc says it does not intend to sell a slice of the entire company. instead it is going to sell some minority stakes in its services business. this is still a big deal for a company that for many years was basically synonymous with the abu dhabi government and ruling elite. it comes as many gulf economies and energy companies are trying to reconsider their strategies in the face of lower oil prices. saudi arabia isn't the only one. neither is abu dhabi. we have also seen oman saying it is intending to sell some shares in downstream energy assets, and some kuwaiti countries as well. >> ever country -- abercrombie & investorsing hopes of trying to rescue this retailer. >> it has a brand that is tarnished at this point. part of the reason this deal didn't happen is if you take a look at the revenue and the net income of this company, over the past few years it is a pretty stark downturn. the estimates are perhaps even worse on both ends. you come into this and say, al

the number one example of a place that is reinventing what is doing is saudi arabia with aramco and howhey are trying to reinvent their economy going forward to deal with what is going to be the decline over time of oil, which has always been predicted, just not this rapidly. this has the biggest ramifications for the middle east. in the u.s., we remember in the late last decade is talking about oil independence for the u.s. we had fracking and the rise of we asl gas, etc., and how a country regarded our dependency on foreign oil is a key foreign-policy objective. this is a big economic development, but also a huge economic and larger political development in how it reshapes these power structures between the u.s., china, and the middle east. carol: we don't have enough oil, we need more oil, we need to drill. all of a sudden maybe we have enough. megan: some areas will never get drilled. the battle we have had over alaska and offshore areas where fishermen and protected waters. that is changing rapidly. mobile be so interesting is how these companies diversify this shell,bp's, royal du

so basically for a company like saudi aramco you can get this premium prestige badge, but without allsa may did go to saudi arabia as part of london's lobbying efforts, but i will give you both sides of the argument. some would say that london is a very global market, it is in our interests to attract big, interesting companies. this would be lucrative, lots of fees on offer and investors don't have to buy the shares. they can look and see what the company says and make their own decision. but there is this worry that we've seen this movie before. london had a string of scandals involving foreign owned companies and tightened the rules as a direct result. and there is a feeling among some investors that it is just bad practice to tweak the rules so obviously to suit one particular company that itjust sends the wrong message about how london operates. fantastic, thank you very much. we'll certainly be watching how that develops. well, he was often gone but never forgotten. you may not remember peter perrett — lead singer of 70s rock band the only ones and writer of what's been describe

manal: i was in my house in aramco. 15 minutes from where i used to live was where the prison was. brian: how long was it before you were in the cell? manal: it was right away. i did not leave with them until 4:00 a.m. even though they came at 2:00 a.m. brian: how do they treat you between the time they pick you up and the time they put you in the jail cell? manal: they had a way of interrogation. the first one said, everything is fine there just asking you some questions. then the guy disappears and things changed. another interrogation, but this when they take away your phone. they took my brother away, and they took my bag. they brought a woman prison guard in task me the same questions. i was strip-searched when i got to the prison. by a woman, and they did not explain to me why i was there. i said, can i talk to my family? can i call a lawyer? and they refused to do that. once i am in jail, i don't know. will people know that i am in prison -- and for what? what was the crime? i managed to get a call, my sister-in-law, and she was the one managing twitter. i said tell her to t

the programs you're talking about, saudi aramco on its own, but do you expect to see more oil issues across the board? >> well, as i mentioned earlier, we've had a record amount the past two years i think you'll certainly see more, but again, we need oil prices at least to stabilize and hopefully go up. the other thing is a lot of these companies have more than just upstream businesses, so they'll look at potentially floating other parts of their businesses, whether it's midstream or downstream or logistics and so on. >> it's been a real pleasure speaking to you here in istanbul thank you. osmar abid, head of oil and gas for credit suisse. back to you in the studio. >> thank you very much. >>> the news is coming thick and fast out of that conference. we'll be checking back with you later in the show, but for now, let's keep talking middle east, because u.s. secretary of state rex tillerson is in the persian gulf, hoping to help settle a dispute between qatar and its neighbors. tillerson stopped first in kuwait to speak with the amir and foreign minister he will also visit qatar and s

longs, buyers we have seen recently hoping that we were going to get additional budget cuts and saudi aramcoconsumers in asia come august. that indicates that the production scheme is not helping prices. >> production in june for opec up, jeff are you shorting here? >> no, i'm not look at the last eight days. eight days we saw all the shorts newly established to $42 they have the faces ripped off or the claws plucked but right now we have seen a move back to $45. we are still range bound 42 to $47. no man's land of the rebalancing act continues to play out and you have to be focused on the fed's minutes today. it is important to understand what janet yellen and company may say and move the dollar. as we know the dollar started out in 2017 above 102 and now at 96 and the u.s. dollar index and take away the fact we are not moving anywhere unless yellen wants us to. >> all right thanks, guys check out the live show tomorrow 1:00 p.m. eastern time on futures now.cnbc.com >> thank you so much let's stay with commodities steph? >> natal it's a - >> like it. >> you do, as well good i like the story

tom: one of the big listings that everyone is talking about, potential listings, is saudi aramco.ge is very much in the mix according to the people we've spoken to. how confident are you that you may get a shot at this listing? nikhil: i'm not going to comment on any specific company. what i can point to is the strength of our international listings franchise, the strong integrity we had in london, the international investor base, in the confidence that people have in our platform. me get will more question. you've talked about green tech. where are the opportunities for how you can capitalize on that? nikhil: green finance is a huge area. china has led the way in green globally. we see huge opportunities there, not just for green bonds, but renewable energy is a big part of our market. we've seen the first green bonds from china, india, another one from the middle east region also coming to our markets. you also see the interaction of crowdfunding and peer-to-peer lending with the public markets. tom: thank you very much. rishaad: thank you so much. ahead at china's great firewal

requirements for companies can show by sovereign countries -- it is proposed that shareholders in saudi aramcoelated parties meeting that deals they do or directors they appoint would not be subject to a vote by independent investors. they hope to raise $100 billion. leaders in china me to discuss the economy and the options they might consider. ♪ yvonne: it is a rainy morning on this friday in singapore. half an hour away from opening. betty: so different in hong kong! you are watching "daybreak asia." goalnet yellen says trumps of 3% goal is admirable that difficult to achieve. on capitol hill she said productivity growth is hard to find. she also said that despite improved regulation and oversight, the dangers of another financial crisis remain. we have greatly increased over monitoring of the financial system. confident that there will not be another financial crisis. >> steelmaking stocks heading for their best we can four months. president trump repeated his promised to crack down on dumping by foreign competitors. tariffsid he may impose or quotas or both canada and china have been brac

>> there is a thesis that aramco needs a higher oil price to get their ipo done that will probably be towards the middle of 2018 in terms of when you might start to see that get priced in, but i think aramco has a lot of other levers in their tool box to juice their valuation in terms of tax policy, what they put in their ipo. we've seen from this new crown prince that he has been very aggressive in terms of actions against the qataris and yemen and other situations so i think he is very much about market share rather than price because anything that benefits his nemesis, mainly iran, isn't good for him and he's taken that aggressive approach. and i don't think that the market is really realizing that. >> all right thank you. >>> stocks to watch today include teva pharmaceuticals getting a upon on reports that the company will poach astrazeneca's ceo. shares of astrazeneca moving lower. mallinckrodt moving higher after special status for its muscular dystrophy drug and amicus trading lower after they announced a secondary offering of public stock >>> fda advisory panel recommending ap

saudi aramco is to invest more than $300 billion over the next to maintain capacity answers for new gas reserves. the ceo told the conference in istanbul that the outlook for oil supplies is increasingly worrying with $1 trillion in investments wiped out by recent low crude prices. nasser also said the petroleum industry will say at the heart of global energy for years to come. and the transpacific trade deal, thought dead in the water when america pulled out, could be making a comeback. the 11 remaining pd countries will meet in japan -- tpp countries on meet in japan. the tpp was signed in february last year after almost eight years of negotiations. president trump abandoned it soon after taking office. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am nina melendez. this is bloomberg. anchor: all right. it is official now. donald trump is dominating randy for the fed vice chair of supervision, a top regulatory position at the federal reserve. previously, effectively held by dan in the obama administration. he left after t

this is hot on the heels of saudi aramco's plans.sell a slice of the whole company at a holy level, but minority stakes in its services business. this is a company that was for many years synonymous with the abu dhabi ruling elite and government. this comes as many energy companies are trying to consider their strategies in the face of lower oil prices. saudi arabia and i would doubt and weightymong energy companies as well. this is part of the will to survive in the air of low oil -- era of low oil prices. this is hard for me to get here after the solid gold knobs in a hotel room i saw once in abu dhabi. is this finally after years and years of mega-wealth, the 10 rolls-royce is lined up at the four seasons, are they finally broke? >> the people on the ground here will tell you this is a virtuous cycle for that companies involved and the economy. not only does this allow investment to come into the country, but also allows the country to start attracting highly skilled jobs, more technology, helps the country to ascent capital marke

saudi aramco's outlook for oil becomes has increasingly worried.invest over $300 billion in the next decade to maintain its oil production capacity and explore for more. alix: thank you so much. second-quarter earnings season is here. jpmorgan reporting on friday. here is where the banks are stacked up. you are looking at earnings expectations, which have been cut at big banks like bank of america, morgan stanley, and goldman sachs. goldman sachs seeing the worst estimate slash. those expectations at the end of may really coming down. part of it was the banks doing it themselves. beat going to be enough for the stoxx to continue their rally? >> i think analysts may be getting a little too pessimistic. and i think yes, that will be enough. we were doing work on this last week. a couple things i think the street is missing, interest rates are still higher than they were a year ago. we may see slowing on quarter to quarter basis, but the year over earnings should remain solid. be positivee will earnings growth. people talk about very low levels of vol

the saudi plans to sell shares in our aramco and then ipo next year.s has agreed to a high network, the parent company of hdtv and -- network. the acquisition could help cut costs gain negotiating leverage with distributors and expand. also, a direct bid for charter communications, that is according to someone familiar with the matter. an offer by sprint was already rejected. it is the second-largest table operator in the u.s. here it -- softbank,for more on paul, let's just get into it. what is the goal of -- and softbank? >> that is the $64,000 question for all watchers. betsd via softbank have all over the place, all over the board including a very big that that was sprint. he is clearly looking to get bigger in the u.s., perhaps offlly here off -- pair sprint with a strong asset in charter. i don't think charter, given their comments, is interested in doing a deal with sprint. the question is does it have to come back with softbank. if you don't buy us, we'll buy you, seems to be the message from them. when we think about price, we are talking a bi

they have the ipo of saudi aramco, we think they want the price of the little higher for that to be successfuloil minister say he believes in rebalancing, is that enough to contain the price of oil? jason: if we see inventories drawdown, you can talk a little bit more about political risk premium, but the issue now is even though there is conflict in the middle east that would usually result in that type of risk premium, the high level than the tory presents that -- high-level inventory prevent that from happening. francine: thank you so much for the insight. jason gammel there. let's get back to hans redeker. when you look at the commodity rich currencies, they have not followed the price of oil. it seems they are looking at other things. hans: the commodity market is a split market. industrial material prices have gone up significantly over the last weeks and months. have oil trading in lackluster environment. i think that has a lot to do with two factors. one is much more long-term. that goes back to the paris climate conference in the year 2015 in which it was suggested if we are going to

you have saudi aramco also spinning of some of its business, going public as well.tional company announcing it ahead of that. you have these stressed opec nations, oil companies needing to diversify revenue. this seems to be a popular strategy for adnoc. bond: it reminds me of the market. last year, rumors that saudi arabia would go into the bond market, and then other gulf nations went in first. alix: qatar had a killer bond offering. the abu dhabi state oil company, will be ipoing part of its unit. focus it is now time to on technology. this is the weeklong focus we have, bloomberg's focus on tech week. this is where we bring to bear the all-important tech sector, the full breadth and depth of bloomberg's expertise and global reach. today we are focusing on snap, shares falling for the first time below the company's ipo price of $17. caroline hyde has been following the stock as it sinks even farther past its ipo price. caroline, where did they go wrong? airline: where did facebook all right, that is the key question. the key is competition. it is coming thick and

tom: one of the biggest listings the saudi aramco. is very much in the mix according to the people we have spoken to. how confident are you? nikhil: i will not comment on any specific company. their listings from all over the world. the strong regulatory environment that we have in indon and the international a survey senokot that people have in our faculty. tom: for me give you one more question -- let me give you one more question. where are the opportunities now in terms of finance and how you can capitalize on that? nikhil: it's a huge area and we china china where has led the way in green finance globally. in nothuge opportunities just green bonds but renewable energy funds. green bonds, we have seen the first from china. we had another from the middle east region also coming to our market. you also see the interaction of crowdfunding and peer-to-peer lending with the public markets. we see some big opportunities there, partly with financing on the medium side. anna: that was the london stock exchange ceo, speaking with tom macke

stability that the crown princes is planning to take over and become the king sooner than we -- >> aramcopo. >> 100%. if that wasn't hanging out there, becky, they wouldn't be doing any of this stuff. but they need that to survive. the only good thing is that the global economy is picking up we are finally seeing a decent rise in petroleum demand around the world. >> john, thanks so much for being here >> thank you >> have a great weekend. >> you, too. >> coming up, report penned by glen hubbard, john taylor, kevin warsh and john keoghan pointing out how trump's plans for the economy could have huge rurps for the nation we will break down that report and get reaction after the break. later meal kit wars. cnbc's deirdre bosa unboxing the amazon meal kit and comparing it to blue apron's meal kit we'll tell you which ws e nserest.inth it's all yours. wow! record time. ♪ at cognizant, we're helping today's leading life sciences companies go beyond developing prescriptions to offering subscriptions with personalized, real-time advice for life-long, healthy living. honey? you almost done? nope.