we know we are competent how strong is saudi aramco. we know the performance and costs, environmental performance of the company, safety, and technology, so we are not concerned about the impact on saudi aramco, because we are confident the company performance and all of that will attract a lot of attention. yousef: up next on "best of bloomberg markets: middle east," qatar's economy minister brushes off the saudi standoff and says the nation and business are doing just fine. this is bloomberg. ♪ yousef: welcome back to "best of bloomberg markets: middle east." qatar can survive the impacts of the embargo forever. that's according to the nation's economy minister. he spoke exclusively to our report for the davos. >> we are always ready for dialogue and to solve any issue on the table. any agreement applies to all. on the other hand from an economic point of view, despite what has been said in the beginning of the embargo, the qatari economy will collapse in a few days, the qatari economy did better than expected and also in the 2018 for

mark: i must ask you about aramco. government changed that status of aramco, essentially that signal will press ahead with of the ipo. do you intend to amend rule to fit the offering in any way? mohammed: so, we have been using the opportunity of the listing of saudi aramco as well as a significant privatization plans of the saudi government as a litmus test for the saudi regulations in terms of their readiness and capability. what we have found is that, in almost all cases, our regulations have passed with flying colors. there were a few opportunities for improvement, which we actually just rereleased recently, like a rerelease of modified and amended offering of security regulations. with that, we believe our regulations are fully enforced to accept and accommodate and offering a listing as large as saudi aramco. mark: is there anything else you can do to speed up the process? mohammed: i think, from our standpoint, we are fully ready. generally, as is the case in most privatizations and most floatation, the filing o

aramco would be interested.h all of that information, we are confident how strong is saudi aramco. we are concerned for the environmental performance and safety and technology of the company. we are not concerned about the impact of saudi aramco, because we are confident that the company's performance will attract a lot of attention. ceoi: that was a ronco's speaking to bloomberg france. coming up, tech came up a notch in china. how the decision to back the nascent app could come back to haunt it. this is bloomberg. haidi: this is "bloomberg markets: asia." rishaad: and i'm rishaad salamat in hong kong. squaring with new competitors in the super apps space. make sure i'm pronouncing it right. it is a valuable startup. it is similar to groupon and yelp. it is now expanding into services that could see it rival be champ. it $30 billion. how did it become so big so quickly? represents islly china's fascination in the game of super apps. in the u.s., you might have apps rochus and specifically on a function. or alib

we are confident in saudi aramco. the safety, the technology, so we are not concerned about the impact of saudi aramco. we are confident that the company performance and all of that will attract a lot of attention. manus: confidence from the saudi aramco ceo. other companies aspects front of you. south african deputy president says the authorities are intensifying their anticorruption campaign. the government is having positive discussions with investors as expectations grow as he will succeed jacob zuma as president. he spoke with francine lacqua. corruption got quite bad. started seeping into state institutions, state owned enterprises and it took quite a bit of time for all of us to realize that this was a network which was well thought out which resulted in the capturing of the state. revealingaper started that itls, we realized was former serious than what we had hoped. cleaning up is going to be quite a task, but we have got to start somewhere. i believe that we have already started. we're cleaning up our state

way,is metaphoric, by the considering the size of saudi aramco.ine: so this could be postponed to 2019? amin: we don't know. it is all depending on how soon we would hear about the second we arebut currently, ready for the second half of this canvided that continue to list what we were told by the government. francine: i am trying to understand this between internationally or is it a choice between listening internationally or only -- listing internationally or only domestically? amin: internationally -- realistically. internationally, we want to list internationally, and that is where the consideration is happening. in thea lot of work stock exchange in london, new york, tokyo, hong kong stock exchange, and each one has its advantages. there is a lot of information that passed through the committee, looking at all of that information. this will hopefully come in due course. francine: this is not a global listing. this was filed as an internationalist and. listing.nationala why? amin: the committee is still evaluating the option of listening in ki

everybody is looking forward to the biggest ever ipo in history, which is saudi aramco. of that piece of that big pie, whether it is london, new york or hong kong. who do you eventually think will be the big winner? i really don't know. exchanges are competitive. cross—border listings are the flavour of the day. each exchange will put forward what they think are the competitive advantages to try to attract saudi aramco. 0bviously, being such a big listing. remember how we talked about the issues with chips that are being used in devices like computers and mobile phones? microsoft has released patches for security threats, but they are freezing some machines which are powered via amd chips. shares in big technology companies are down following this report. samir hussein has the latest. what we are talking about, their rights and that major chip makers in the world. intel and amd. we already heard from the intel boss who said, look, it is going to be fixed within the next week or so. amd is suffering different problems. these chips, they had a patch and they put out that p

where we list saudi aramco -- saudi aramco is a major contributor to the gdp of saudi arabia. like listing in the company. so a lot of information was passed to the committees, the arernment committees that looking at listing saudi aramco. stefan and stock exchange. decisions in each need to be evaluated. ultimately, they need to come up with a decision, pros and cons with each venue. saudiof work considering aramco and what it means for saudi arabia. francine: is this a choice between two listings internationally or is this a choice between listing internationally or only domestically? amin: definitely we will list internationally. that is -- francine: domestically, yes. amin: internationally, we want to list internationally. that is where the consideration is happening. work in the of different stock exchanges in london and new york and tokyo and hong kong stock exchanges, and each one has its advantages and pros and cons, and in terms -- a lot of information passed to the committee that is looking at all of that information. and the decision hopefully will come in due cours

saudi arabia's transformation plan presses on as it sets to ipoint banks for the aramco and allows womeno attend football matches. this is "bloomberg markets: middle east." i am yousef gamal el-din in dubai. remember the handoff from the united states, gains for a fifth straight session. the european session was strong. we saw the biggest weekly advance since april. we are seeing risk assets continuing with strength into 2018. outlook from companies will dictate the next move for indices. the u.s. dollar weaker after pretty much snapping a set of declines. you're looking at again story standing out. the yen up the most in a week after boj reduced purchases of superlong bonds. -yen slide is looking like a risk aversion team. s&p futures a little retreat. zinc futures outcome of the story around supply side risks, the squeeze around those stockpiles. let's look at other key risk assets. we have a story on brent crude. just above $68 a barrel, up 1%. u.s. inventories have decline for an eighth week. u.s. 10 year study at 2.49%. this is a story of treasuries giving back and gains. gold holdi

we have been in constant discussions with our colleagues in saudi aramco as well as financial advisorso clarify any questions that they have. prospectus tog a be filed soon. mark: how soon do you think that will be filed? question that is a that is better responded to by the company and its financial advisors. mark: thank you very much for joining us today, his excellency, mohammed el-kuwaiz, saudi capital authority chairman. vonnie: wonderful interview. up next, we stick with the middle east. president trump faces deadlines on the iran nuclear deal. we speak with joe lieberman. this is bloomberg. ♪ vonnie: live in new york, i'm vonnie quinn. mark: i'm mark barton. this is "bloomberg markets." let's get on the first word news. koreas arewo technically still at war but today made progress towards improving relations. north korea agreed to send a delegation to next month's winter olympics in south korea. both sides said they would hold military talks. dozens of agreements today on a variety of topics -- among them, nuclear energy, aviation and the environment. emmanuel macron and his chi

maria: it is unclear whether saudi aramco will list in new york at the new york stock exchange givenecent legislation which allows the families of none of suit saudi government. many people expect lawsuits should a big listing happen. my thanks to new york stock exchange president tom farley. don't go anywhere, more "wall street week" right after this. announcer: coming up, saudi's crown prince has ambitious plan to bring country into the future that includes half trillion dollar city and massive social reforms. [ phone rings ] hi, tom. hey, how's the college visit? you remembered. it's good. does it make the short list? you remembered that too. yeah, i'm afraid so. knowing what's important to you... it's okay. this is what we've been planning for. thanks, bye. that's what's important to us. it's why 7 million investors work with edward jones. these are the specialists we're proud to call our own. experts from all over the world, working closely together to deliver truly personalized cancer care. expert medicine works here. learn more at cancercenter.com retail. under pressure like n

as if saudi arabian oil mamas aramco goes ahead with its plan to sell only five percent of its shares on global financial markets music streaming platform spotify is doing a somewhat less than an i.p.o. it's a direct listing avoiding dilution of already existing share spotify has already raised more than a billion dollars from private financing ride sharing company lyft just got a billion dollar injection from google parent company alpha bit but it's expected to go public at the end of the year to us cloud storage heavyweight dropbox is also expected to make its initial public offering in spring and there's one german i.p.o. of the horizon to siemens medical unit health than is raised at least five billion euros in march a little earlier i spoke to cry girl i'm from london and i asked him which i p o has captured his attention of in the one that stands out from a house to be saudi aramco due to the sheer size of the our i.p.o. itself is going to value the complete around two trillion dollars so the sheer size of it is does make it the most interesting for me also the fact that there h

erik: all of the attention is what is happening with aramco, but let's look beyond aramco.t are the big prizes for public listings that you would like to win for the new york stock exchange? >> it is uber. the company.ipo as an american technology company, the home of american technology companies, we will throw our hat in the ring. erik: airbnb is another one. here in davos, but it is a fabulous company and we would be eager to see them on the stock exchange. there are really good cyber companies here that could someday be a public company. or cloud flair, which is a technology company that is growing by leaps and bounds. er and airbnb have been private for a long time and have grown to be enormous. seems toation period be longer and longer. what can you do to reawaken in the minds of financial backers that the public market is a great place for these companies to be, the sooner the better? >> great question. those companies will ultimately go public. the bad news is that there has been a lot of wealth creation in the pre-ipo period. the man and woman on the street don't h

marc: aramco could be the largest ipo in the world.ot integrated into the world indexes. msci willn july, the make a decision on to include saudi stocks. people are beginning to follow saudi stocks and more industries and really doing their homework in preparation for what could happen in the middle of the. year. alix: would they be interested in the saudi aramco idea? marc: because of the size of it and the dominant player in the oil market. alix: it's not basically an independent company. he would not get exposure to everything. how do they factor in that? marc: i'm not sure. we have got experience now in the market trading chinese stocks. a lot of chinese stocks are state owned or state participated. it's another wrinkle in it. what's interesting about where the ipo gets launched is that the uk's talking about wanting it and they might even change the rules to allow precisely this. i don't think the u.s. is quite is willing to dilute the rules to accommodate the saudi oil company. alix: didn't trump said he wants the ipo in u.s.? ma

would be sold as part of an initial public offering today however it's not clear if the aramco i.p.o. will be listed on the new york stock exchange on the saudi stock market or someplace else in november president trump tweeted his support for the i.p.o. being at the new york stock exchange the sale of aramco valued at more than one point three trillion dollars is seen as one of the highest priorities of the saudi government and crown prince mohammed bill bin solomon and b.s. the end action has made some observers question if the i.p.o. will even be completed this year as was previously planned meanwhile in related news the large anti-corruption campaign in saudi which sought dozens of high ranking officials and business men arrested and imprisoned at the ritz carlton hotel has seen several of the business men including prince al waleed released it's unclear what sort of settlement was released was reached although the saudi government says there are forty remaining individuals who may go to trial. the u.s. commodity futures trading commission the c f t c which i know well appears re

we need to have some clarity on the aramco ipo. this will be the mother of all ipos. story about saudi arabia is you will have a descent is that are not well represented beyond the usual finance, real ipo, this you need an aramco ipo. it needs to be an international listing, not local. that is what the markets are waiting for. yousef: i know you have some strong calls. one key call on the broader emerging markets space, new set of south africa, we are hearing sharper rhetoric towards mr. zuma. we could be getting ready for a fight there. how do you feel currently about what is going on over there? >> globally emerging markets are still sort of in a sweet spot because of the dollar likely remaining week through 2018 -- weak through 2018. i don't see the need to go into south africa. mr. zuma could hang out until 2019. we don't know if the alternative will be such a good deal. he also talks about economic empowerment, which basically , sos property confiscation there are doubts about south africa. there are currencies that are shaky like turkey that will profit from a s

saudi aramco is a major contributor to the gdp of saudi arabia. lot of information will pass theugh the committee's, government committees that are looking at listing saudi aramco. different stock exchange decisions need to be evaluated and then ultimately, somebody needs to come up with a decision, pros and cons. considering the size of saudi aramco and what it means to saudi arabia. francine: is this a choice between two listings or is this a choice between listing internationally or domestically? >> we were definitely list internationally. -- domestically. we want to list internationally. that is where the consideration is happening. we did a lot of work in the different stock exchanges, the new york, the tokyo, the hong kong stock exchange. advantagese has its and pros and cons. the committee is looking at all of the information and a decision will hopefully come in due course. francine: is there a risk that this is not a global listing? this was sold as an international listing, why the reticence? we are not going back. the committee is still

the mega ipo that will someday be saudi aramco. let's get back to jeremy stretch. talked about the oil story today, have we jeremy? momentum.en it gained it gradually gained. about thea lot inflation story in the united states on the how much is this inflation story to do with this? jeremy: absolutely. we have to keep in mind that commodity prices, including oil, are showing resilience. it did not have a major impact on the supply dynamic. you can argue whether oil at thisns look frothy current point. i think markets are still assuming that we are not going to see an exponential rise in the oil price from current levels. that would have a major influence in terms of the inflation story and also in terms of what the central banks will be doing. we are going to see commodity prices remaining well supported. i think that provides ongoing impetus, in terms of em, or terms of those dollar bloc commodity prices. manus: thank you for joining us, jeremy stretch continues his conversation with us later on bloomberg. the bank of japan have cut back bond buying.end anna: this

have aramco is said to citigroup to help manage ipos.and morgan stanley are expected to be named global coordinators. for more, let's talk to bloomberg markets middle east anchor yousef gamal el-din. give us the details of what we need to know here. the banks possibly winning those mandates would be a huge score for them. saudi aramco is the crown jewel of the saudi arabia and transformation story. the other key takeaway is possible valuations. people involved in conversations with the banks say some of the valuations stretch from one trillion to 1.5 trillion, which fits in an interesting sort of or interesting parts of the broader equation. we had heard some valuations of up to $2 trillion for that, and you are looking at $100 billion for the ipo. ultimately, it is a bit of a higher price than a lot of expect. we spoke to a lot of it has to do with the higher oil prices. brent crude is up 30% in the last six months. better to do this sooner rather than later. keep in mind the list we talked about is not final yet. this means there might

the challenges, how do they maintain the oil prices high enough to entice investors for the saudi aramco18. tracy: when it comes to the higher oil price, some people are talking about the return of the long missing geopolitical risk premium, thanks to the drama we have seen in iran, which is the third biggest opec producer. let's take a listen to what he , the what ian bremmer founder of the eurasia group had to say over iran yesterday. >> it is very clear that trump wants to burnish his anti-iran. he has done that with a stronger relationship with the saudi's. he has done it by going after the iranians, going after what they have done with support for hezbollah. and most recently, given the demonstrations in iran, coming out and saying, we oppose the oppression. tracy: john, i'm curious if you see any potential that that heightened political unrest in iran and heightened political tensions across the gcc and middle east will begin feeding into the oil price? john: i think that in many ways, this has been priced in over the last few days. we should see today and tomorrow how oil trades.

aramco has joined the kingdom's biggest companies in paying saudi staff more money. the salary hikes extended workers to public ease discontentment over rising prices. , otherng to local media companies will hike pay. foreign exchange of official has told bloomberg the country will take stern action in the won as the dollar weakens. koreas human of account surplus was over $45 billion, spurring demand for the currency. china's foreign exchange reserves posted an 11th straight monthly increase. the reserves climbed by $21 billion to $3.14 trillion. largest foreign currency stockpile has been rebounding since january, when it fell below $3 trillion for the first time in six years has the central bank propped up the yuan . australians government says iron ore is in for a bumpy ride in 2018. the world's largest exporter says prices will average just above $52 a metric ton for the full year, though they may be higher in the first half as china relaxes curbs on steel output. it also sees gold prices dropping in the next few years as treasury yields rise on the higher u.s.

right now as davos is going on, the ceo of saudi aramco, the ipo of which is a big part of the kingdomsmic revitalization, is they are talking about how this is great for investor confidence. see, the country is cracking down on corruption. however, there's another undercurrent of this that is a little more and if areas. there is no transparency here. we were unable to meet any of the detainees. in fact, one of the most prominent of the detainees, the richest saudi, we don't know where he is. there are a lot of conflicting reports about where he is. we have sources telling us he is still at the ritz, and sources telling us that he's been taken to another site and is still in negotiations, and that he balked essentially at the kingdom's plans to take control over his $9 billion holding company. carol: in the economic section, cows are considered sacred by many in india's hindu majority, but that is causing issues with the country's plans to expand its milk industry. reporter: groups have had much more activity around the dissipation of bovines. carol: talk about the stuff that has come o

saudi aramco is ready for its ipo in the second half of this year, according to the ceo. the state-owned oil giant is looking at the possibility of listing shares locally at first and then having an international ipo. aramco hasn't decided yet wear to list shares overseas in what could be the biggest equity offering ever. plans totional bank push ahead with an expansion strategy. bloomberg spoke with the ceo. whereterms of growth, targeting 79% growth. -- we are targeting 79% growth. in terms of bottom line, 5-7% which is in line with our 2020 strategy directions. vonnie: he says that bank will continue to diversify earnings by targeting southeast asia. that is her latest bloom -- -- that is your latest bloomberg "business flash." mark: time for the stock of the hour. it is the return of airbus. emirates placing an order for the jumbo jets with an option to buy 16 more. the $60 billion order pulling it from the brink of cancellation. we were speaking on monday about the possible end of the road for airbus. was it a cunning plan? >> i think it may have been. there was some

saudi arabia has changed the status of its state oil giant aramco to a joint—stock company, effectivelys ready to sell some of them off. it's being closely watched in new york, london, tokyo, and hong kong, all of which are hoping to attract the firm to their stock markets. and it's also being closely watched by mariko 0i in singapore. welcome to you. what do you make of it? it is definitely seen as a major step ahead of that well anticipated share sale you have just mentioned. saudi arabia has been a special entity since it was created 30 years ago. it has now been brought in line with other corporations, which is necessary as they plan for a dual listing at home and internationally. they were supposed to give us an idea of where they would list overseas in the end of last year. we had everyone from president trump to the japanese prime minister urging the japanese prime minister urging the authorities to list their shares, while china even was reported as offering to buy 5% of it. the kingdom wants to raise $100 billion, with the saudi prince hoping that they would value the company a

. >>> i've just got some headlines that saudi aramco's ceo says we will be ready for the ipo in the second half of 2018, still awaying government decision on the venue. they say oil prices are improving and that has been supported by a drop in global oil inventories and commitment to supply cuts, which they helped spearhead yes, very interesting comments coming out of aramco there. >>> coming up, apple promises a 3$350 billion impact to the u.s economy over the next five years. we'll break down the connection to the tax overhaul and look at what it could mean for the stock after the break. >>> welcome back to the show goldman sachs and bank of america investors are digesting fourth quarter earnings. goldman saw a sharp dip in trading revenue, b of a dropped 13% to 1.$1.71 billion. morgan stanley reports numbers later on today some big drops we have seen in trading there with goldman dropping 50% year-on-year. south korea is considering shutting down all domestic cryptocurrency exchanges or just those that it accuses of violating the law. bitcoin dropped below $10,000 following regulatory f

keep in mind saudi aramco ipo, we don't know if it will be this year or next year, it will be the biggest ever. we don't know how much oil they have. they are not going away anytime soon. carol: making oil a cover star was the job of creative directors. >> oil stories are particularly challenging because every business magazine has done in -- done them many times in the past. we wanted to get at what made this story different. it is not only the fact that there's an oil boom in america, what other repercussions in the rest of the world? not great. carol: exactly. there's a good and bad side to this. >> exactly. we didn't want to make it this big celebratory thing or just show a shining oil barrel as a new hope for the american economy. we wanted to show both sides that, and we did that mostly by making the headline large, was fairly clearly get that that. carol: but if you look at the magazine one way and then flip it the other way, is the whole idea that there's two sides to the story. >> exactly. it is obviously very intentional that the boom for the u.s. is just a puff, and at the bott

what should we expect from aramco any nonconsensus thinking there on what happens?l you do anything with aramco >> they're good partners with ours, we work with them on different initiatives. we don't have big projects in saudi arabia they continually say they'll ipo that they're going through the processes of picking which cities to list in. feels like it's moving >> all right thank you. >> thank you >> great to finally meet you i've been a fan. watched you -- i don't know about fan, but you're constantly being interviewed by someone on cnbc, it's never me. >> it's all steve and hadley >> i will toss it back -- i know, wilf, as a true davos man, you feel the pull to come here, don't you? >> i've been once. >> are you bitter are you happy where you are? how would characterize your feelings being over there as everything is happening here >> pretty pleased. it looks cold, but i'm sure you'll have a busy week. >> who else do you have coming up today >> we have got a list that's beyond belief to be honest we have swartzman. we have dalio. we have rubenstein we have got

correspondent: the saudi arabian oil mammoth aramco gives ahead with its plan to sell local shares onpen market, it will be the largest ipo in his. -- in history. what music streaming company spotify is doing is less than an -- an ipo. they have raised over $1 billion from private finance. many companies are flushed with private finance and do not need stock market cash. ridesharing company lyft just got a huge injection from parent company alphabet and will go public at the end of the year. drop off the just secured a -- dropbox just secured a large line of credit. home sharing giant airbnb says it is ready for an ipo this year but is holding off. another ipo is the cell phone maker which booked billions in profits in 2017. siemen's health and technology company hopes to raise over 100 million euros. brent: these days companies are not just turning to stop markets to raise capital. they are printing their own money anyway. the initial point offerings or ico's, a crypto currency trends, by buying digital tokens, you can help a company get the chick started needs. read all about the ri

time to ask you how leaves aramco. interesting time he -- timing. we need to talk more.amco. interesting time we will get hin the hot seat shortly. that is it from us. on stock you want to focus bayer.ng to be the retailers in focus. anna: we will be back tomorrow. we will leave you in the capable hands of the european open market team. ♪ guy: welcome. you are watching bloomberg markets. i am in london. matt miller is in the house at our new london headquarters. excited to bely here. the cash trade 30 minutes away. a lot going on today. ♪ guy: fonts bouncing back yields on 10 year treasuries retreat. china rebuffs a bloomberg report that it plans to slow purchases of u

the saudi aramco ipo is still likely. keep calm and carry on.

the idea of investments outside oil and basically, the main focus of that is taken about 5% of a aramco to an ipo which would be 2.5 trillion dollars which is the largest ipo in history of the world. - [narrator] but there is no shortage of challenges to the plan. - i think this is actually a battle for the possibility of reform in saudi arabia. the problem that mohammad bin salman faces and which also had reformers face is that they're going up against almost insurmountable odds because the entire financial and economic structure of the country works against it. and so, you can't simply wish a private sector into existence overnight. - increasing the private sector is critical. the difficulty there is that 2/3 of the public sector is saudi nationals and only a fraction of saudi nationals occupy the private sector. those kinds of shifts that you would need to see are so enormous, it's difficult to imagine the fact it happened in a 15-year time frame. - i don't think we can expect to see these very, very deep, conservative social traditions change overnight. they're gonna take a generati

they need aramco. emily: any plans to partner with the saudi public investment fund?: we would be happy to partner with them. i think we are happy to partner with a lot of the sovereign wealth funds. so, as they transfer capital, i expect we will be active with them. emily: do you think tpg will still go public someday, and if so, when? ♪ emily: uber and airbnb are often compared as two of the most highly valued unicorns. you are an investor in both. so i am going to ask this question in an interesting way. uber or airbnb, how do you see the trajectory of these two companies playing out and comparing them? jim: hard for me to know. which of your children do you love best? each has different opportunities. what we have tried to do is to choose specific companies that have places in their industry that are special. and i think that is true of uber, airbnb, spotify, and vice. what interests me as an analog to uber eats at airbnb is that they are now beginning to focus on experiences. if you think about traveling to a hotel, you don't just want the room. you want the conc

saudi arabia where the energy minister picks up a phone and gives an order to the state oil company aramco. - [narrator] increased carbon emissions, resulting from the burning of fossil fuels have long term geopolitical repercussions of their own in the form of climate change. - [gerrard] all of those effects will have a crippling effect on many of the economies of the world unless it's seriously addressed. - [inhoff] you know what this is? it's a snowball. and, that's just, from outside here. so it's very, very cold out. very unseasonable. so, here mr. president; catch this. - [schott] the congress, as it is currently constituted will not do anything on climate change. indeed it has prevented us officials from negotiating any provisions on green house gas emissions in any trade agreement. - [sachs] the world has agreed in paris to stay, as the agreement puts it, well below two degrees celsius in warming. but, it requires politicians that understand the truth and tell the truth. that already excludes half of american politicians because they're either creeps, crooks or too lazy to study th

aramco said the offering is on track to take place this year.ance in europe. according to people familiar with the matter, tax if i once to raise -- taxify wants to raise money to burn -- for expansion. my taxi is backed by mercedes bins -- mercedes-benz and daimler. the industry is leaving women to -- leading the fight against sexual harassment to national tv. that is your bloomberg business flash. francine: thank you so much. ubs is in discussions to acquire majority stake as chinese securities joined the venture. bloomberg's china correspondent spoke with --. here he is. >> we have been growing our business. set ambitionswe by 2022, double our accounting in china and we are on track to achieve that. 600 people back in 2016. we will be around 1200 at the end of 2018. francine: that was sergio ermotti in shanghai. joining us now for more is bloomberg's chief asia correspondent. and still with us in new york, neil shearing. thank you so much for joining us. when you look at this ballet between france and china, the u.s. and china, i don't know i

well james saudi aramco had a public stock offering winter twenty eighteen. stock company requirement for seventy firms you face go public king and plans to sell up to five percent around go as part and it's a vision twenty thirty plan to reduce the country's economic dependence on oil exports. air france and its sister airline kaelin or planning strikes next week part of kaelin's cabin crew to walk out on the job next monday to protest worse the working conditions you to cost cutting. as the wild places right next thursday over safety concerns earlier this week replace the pilot on the flight after he refused to take off without a cheap flight attendant. violated security regulations. founder and former ceo travis kalanick is reportedly selling nearly a third of his ten percent in a company that's worth around one point four billion dollars. on it was ousted its chief executive back in june after the ride hailing firms have a series of scandals and lawsuits. sale of his shares as part of a d deal struck by aa coconsortium led by japan's softbank. seventeen a