that's aramco and aramco is in charge of producing oil, all oil fields under the control of aramco.y are the largest -- we used to be until 2015, i think -- we used to be the largest producer of oil in the world, until america took over. that's aramco. it was started by americans. now, it is fully owned by saudis, but it did inherit, i would say the discrimination laws against women from the americans and it was not changed in the last 80 years and the company was started in 1933, actually, yes, 1933. lamb: so you are blaming america for the discrimination against women? al-sharif: this is the interesting thing. when the company started, and i know women who worked in aramco before it was owned by the saudis, there was a lot of discriminative laws by americans in aramco against women in this company. that's interesting. the saudis inherited it and they kept it, i think. maybe, they created their own rules, i don't know really the history. it is a very secretive company. they try to keep a very low profile. they don't like bad publicity and they are going public next year. they like

saudi aramco is making headlines.ing a 20% stake in india's reliant industry and chemicals unit. aramco says net profits from the first half of the year phil 12% to 47 billion, this due to -- market conditions. our goal within the company is to maintain our position as the leading oil producers. -- we will we were diversify our operations and increase production. >> aramco is preparing to go public. possibly as soon as next year. global news, 24 hours a day, on air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. you so much. it has been an extraordinary weekend. of course, the early evening in hong kong. there have been any number of authority speaking. china's hong kong and mccall office spokesman. >> the hong kong protesters have been using dangerous tools. shown signs of terrorism. gentleman moving the headlines forward on terrorism. as we all know who have been to hong kong, the beautiful ride from the airport to the central district or t

neil talking to us about aramco and oil.we bring in the stock movers, including tello oil, after an oil discovery at their exploration well tops forecast. it's a gain of almost 20%. this is bloomberg. ♪ matt: welcome back to bloomberg markets. this is the european open. we are 43 minutes into the trading day, and looking at gains across the board. i want to point out argentina's eurobonds are open and tumbling in the early trade after the primary vote we're -- that i'm about to tell you about. the president has lost a key primary vote. the opposition candidate won 47% of the ballot, 15 percentage points above him. they previous he said the president could struggle to come back if it became wider than seven points. this could trigger a selloff across argentinian assets. a strategist says the peso could lose as much as 25% of its value. joining us now is justin carrigan, bloomberg's managing editor for emerging markets. we see the eurobonds tumbling an early trade, i guess no surprise there. there's this spell the end for macq

some lines coming through from aramco.t the first release of earnings in just a few minutes. what we are getting is aramco buying a 20% stake in reliance oil at $75 billion. it is to invest 20% in reliance oil's chem division and they are forming a partnership. we will look at that in a few minutes when we get the earnings from saudi aramco releasing half year results for the first time. we will also hear from the cfo later this morning. let's get the business flash. annabelle: thank you. the people's bank of china is close to issuing its own cryptocurrency. researchers have been working intensively since last year to develop the system. aiming toays it's replace cash in circulation. china would be one of the first major economies to introduce its own cryptocurrency. executive is leaving after almost a decade. he says he will continue at the swedish defense company until a successor is in place, but is looking for another challenge in his career. under his tenure, shares have outperformed industry peers. -- made an offer t

summers, thank you for that, the latest on saudi aramco's ipo.nd data science experts are topping employers wish list for new hires, but is it creating or killing jobs? this is bloomberg. ♪ amanda: this is "bloomberg markets." i'm amanda lang in toronto. shery: i'm shery ahn in new york. time to look at the biggest business stories in a news right now. more problems for the largest operator of pizza hut restaurants in the world. nbc international's debt fell further into distress. they felt closer to breaching the terms of its bank credit lines. fortnite appears to have hit a speed bump. the game is actually slowing down. revenue fell 30% in may. the publisher, epic games in the to have a solution. the company is sponsoring more competitions after the success of last month's world cup. that tournament attracted more than 40 million players. strong works about the wework ipo filing. they call them a masterpiece of obfuscation. they say we work must have put in a great effort to unseal -- concealed the economics of the company. work label some comp

saudi aramco is making headlines today. the world's biggest oil producer is taking 81 to present stake in india's reliance industries. the company holds its first-ever earnings call today, preparing to go public as soon as next year. in the u.k., new prime minister boris johnson is accused of spending for votes, not fixing the economy. he says he will spend up to $3 billion on prisons and a crackdown on crime. he has also announced multibillion-dollar spending plans on brexit prep and the national housing service, all in speculation he's planning for an early election. in argentina, the peso plunged after a shocking primary election defeat for president mauricio macri. if the result stands in october's election, he could lose the presidency out white -- presidency out right. he's known as a business friendly president. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. guy: thank you very much indeed

japan is a major customer of aramco's crude and would offer the firm a stronger gateway to the asiants. on the timing of a potential ipo, it's also reported that $50 billion worth of stock could be offered on the domestic saudi exchange as soon as this year with a follow on offering on an international exchange sometime in either 2020 or 2021 they have said no final decision has been made about where, when, or how any listing would take place and all options remain on the table. the timing is also of course highly dependent on the outlook for crude oil prices which remain in bear market territory. back to you. >> that was dan murphy reporting on the latest when it comes to the saudi aramco potential ipo coming up it's sports time europe's top football clubs find out who they'll be facing in this season's champions league reaction to the draw on the way. cake in the conference room! showing 'em you're ready... to be your own boss. that's the beauty of your smile. crest's three dimensional whitening... ...removes stains,... ...whitens in-between teeth... ...and protects from future sta

we dive into saudi aramco's earnings.is bloomberg. ♪ this is bloomberg. ♪ ♪ from the 5am wakers, to the 6am sleepers. everyone uses their phone differently and in different places. that's why xfinity mobile created a wireless network that auto connects you to millions of secure wifi hot spots. and the best lte everywhere else. xfinity mobile is a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. click, call or visit a store today. >> this is daybreak asia. i have the first word hair -- headlines. protests forced the cancellation of all flights monday in hong kong. hong kong is at a critical juncture and there are growing signs of terrorism. companiesate owned ordered staff at cathay pacific -- more than 200 flights canceled tuesday. days they have been using dangerous tools to impact police, serious violent crimes. they have shown signs of terrorism. formerident trump's communications director anthony scaramucci s

. >> bloomberg has learned saudi aramco is taking advice on the oil giant for the biggest ipo, aramcoa listing as early as next year. where do you think they are on the path? this is the second run. >> this is the world's biggest ipo, very much anticipated eagerly anticipated, and aramco ,, as you pointed out has listed , them to advise it on this ipo. they will be playing key roles in the advising process, including helping enlist underwriters, listing venues, as well as to sort of managing expectations around aramco's valuation. and i do want to point out one of the most interesting parts of this, is that lazard did not make the cut in 2016 when aramco initially was planning to list. it did not choose lazard as one of their advisors to be part of the process but now it has. so lazard in a pretty good situation. david: the animal health company that spun out of eli lilly last year announced today a $7.6 ayer's animaly b health unit, creating the world's second-largest animal health company. they say it is going to be created in the first full year. how does that work? jeff: it double

shifting attention to india, and it is set to see one of the biggest investments by aramco from saudicals business industries, valuing the business at a whopping 75 billion us dollars. at its a6m, reliance industries announced the launch of high—speed broadband services at budget prices, in addition to its booming geo— telecoms operation and a new e—commerce form that will help small stores get online. every year, asia's richest man uses the occasion of the agm of reliance industries to announce his next move and this time around there were three, by selling a 20% stake in his oil business, he has secured a steady supply of oil to his mega refinery. saudi ramco, the biggest oil producer in the world, has been in talks with reliance as it plans to secure new markets —— aramco. he talked about his booming mobile telephone business, jio. they disrupted the telecoms market with low cost calls, free handsets and appealing subscriptions. with 340 million customers, jio is india's biggest and the world's second largest telecom operator and it has plans to expand by launching high—speed broad

aramco diversing way around from the kingdom.fits fell 12% about $47 billion in the first six months. oil prices fell. deal with reliant is in the early stages it will allow aramco to expand its chemical interests. >> david gibbs is ceo from january 1st. gibbs is young president and seef operating officer and oversees global divisions of taco bell.hut and will -- he will continue ceo to ensure smooth trilogies. is it for "bloomberg daybreak" australia. is bloomberg ♪. paul: welcome to daybreak asia, i am paul allen in sydney. shery: and i am shery ahn at bloomberg's headquarters in new york. selina: i am selina wang in beijing. we are counting down to new york's's market open. >> normal hong kong pressures resume, but tension mounts hong kong is at a critical juncture. paul:

this is the second run. >> this is the world's biggest ipo, eagerly anticipated, and aramco has listedthis ipo. they will be playing key roles in the process, including helping enlist underwriters, listing venues, and managing expectations around aramco's valuation. i do want to point out one of the most interesting parts of this, is that lazard did not make the cut in 2016 when aramco was initially planning to list. it did not choose them as one of their advisors to be part of the process but now it has. they're in a pretty good situation. david the animal health company : that spun out of eli lilly last year announced today a $7.6 billion share back, creating the world's second-largest animal health company. they say it is going to be created in the first full year. how does that work? >> it doubles our pet business, balances our livestock and pet business more globally, grows our emerging-market for pets and livestock. that helps. it is very much strengthening and accelerating the current strategy we have, and i think it all comes back to this -- we bring a long heritage, we have be

that is what saudi aramco calls it. andas a small drone attack a small fire, aramco said.able to keep production. but it has been called a terrorist attack. it goes to heighten the already tense attack -- the tense atmosphere we are seeing in the persian gulf. everyone is talking about escalation. whether it is the u.s. and saudi or the iranians, neither side wants a war, but it is this miscalculation of a crisis happening that could lead to something more, you know, difficult to manage than many had expected. this just adds a bit of risk premium. we did see oil bounce a little bit on this. the picture is certainly looking at the demand side of the story, waiting for a china trade deal, waiting for what is going on around the world in terms of gdp market.n the u.s. bond this definitely adds a bit of risk to the market. great round. -- great roundup. let's get the bloomberg business flash with debra mao. applesident trump says has voiced concerns about samsung. he is worried the south korean company will get an edge because its products won't be subject to tariffs imported

like you pointed out, aramco has ed moleis and lizard.t of manage expectations evaluation.o's interesting parts, lizard did in 2016e the cut back when aramco was planning to list. has lizard butse hassar now it has. a pretty good situation. >> aramco spun out -- announced today $7.6 billion deal. creating the second largest animal help company. it will be created in the first full year. how does that work? >> as you look at this transaction. doubles our pet business. petnces our livestock and business now. grows global market business for pets and livestock. helps. it's very much strengthening and accelerating the current that we have. it comes back to this, we bring heritage elanco focused on the veterinarian. theal health has been leader in retail. to nowoing to be able meet pet owners where they want to shop with more portfolio, more information and more price points. tradingan sachs is division as planning. hiring spree in years. only coders need to apply. >> they're hiring coders. be the trendo everywhere now. >> this is one of the b

major player in the space also feeling the impact is saudi aramco, $47 billion.ults down 12 from a year ago. reviving its plans, the journal says, for the ipo. >> that ipo is about trying to get them away from -- i don't blame them, we're going to be -- we had 12 million barrels last week, per day. we could be 13 million barrels by the end of the year there is no room for that. that's 3 million barrels more than anybody thought, three years ago. i do believe that people have to recognize that not only are we the swing producer, but flooding the market and we haven't built the pipe infrastructure if you go over to the last big project in the country other than the plastic factory and some lng plants, you'll see that everything is about getting that -- you look at the dallas fed, they're bringing pipe the more pipe they bring, the more they can take natural gas off. the reason why they're not drilling more is because you have to get rid of the natural gas to drill there is no place to put it. can't have -- even with the cpa, not allowed to flare even with the cpa.

it is the first time we saw it from aramco.et chatter that they were indeed serious about this ipo. we understand that aramco is moelis select lazard and for the world's biggest ipo. no timeline on that. we will have plenty more on brexit and treasury yields on "bloomberg surveillance." this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. ♪ francine: no need for a hike. convinced a rate cut is not necessary. u.k.'s prime minister makes his first attempt to negotiate a brexit deal. discussing facebook fake accounts backed by the chinese government meant to undermine hong kong's protests. this is "bloomberg

aramco attack.a's energy minister says drones struck facilities in the southeast of the country but failed to disrupt production. yemen's rebel leader claims responsibility. gibraltar rejects the request of old and iranian oil tanker detained on suspicion of smuggling fuel to syria. washington says it's disappointed with griffin. after handling saudi aramco's bump up bond sale earlier this year, his law far in line for an ipo.

aramco is entering into an agreement with reliance.ce of $60 a barrel, they would lock in an annual profit of over $10 billion to $11 illion in this deal. to secure a long-term supply contract is very good for aramco. dead has been about $21 billion now. they can cut the debt by about 50%. >> at the bottom the stock was down 21%, 22%. i'm talking reliance here. we had the annual meeting yesterday. you have the debt problem or a little bit of a less debt problem. is there anything that gives investors to buy into the stock at these levels? >> there is obviously a debt problem. they sold tout tower business nd the telecom business. british petroleum is investing about $1 billion to have a stake in the fuel business. the telecom business would probably be sold over the next two quarters. erall these asset sales will get rid of 80% of the debt in less than a year's time. the company has a target of becoming a net cash balance sheet in the next 18 months. we think that is possible. they have not monetized that business yet. they have been o

to saudi arabia as key factors in goldman's apparent progress before an initial attempt at a saudi aramco i.p.o. was postponed goldman had been notably laughed off of a list of banks nominated by the company for a lucrative role in the venture while rivals including j.p. morgan chase and stanley morgan were included since then goldman has built bridges with a role in issuing a ram co bonds. germany's sold 30 year bonds with a negative beeld for the 1st time in an auction on wednesday this means that investors will get back less than they paid if they hold the bond until maturity germany borrowed 824000000 euros bonds are sold slightly above face value so when they reach maturity in 2050 they will only pay back 795000000 euros bond yields have struggled with it worries about the global economy and central banks easing interest rates german 30 year bonds are down $28.00 basis points in august likely setting the stage for the biggest monthly drop since 2016. and back now for a 2nd round of insights on the stories of the day is richard wolffe professor emeritus of economics at the university

caroline: saudi aramco, no surprises after the earnings. aheading price of of a initial public offering. this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. groupsmmigrant rights are criticizing the trump administration's new rules that cards tovide green immigrants if -- could deny green cards to immigrants if they use food stamps or medicaid. >> throughout our history, self-reliance has been a core principle in america. the virtues of hard work and d thesufficiency lai groundwork of our nation. mark: although outlined today, the new rules are not scheduled to take effect until october. the president has not decided

by what the rebels in yemen has hit the show but oil field in saudi arabia the saudi oil company aramco says it caused a limited fire at a gas plant but did not impact production the kingdom's energy minister has accused the hope these of trying to disrupt the global oil supply you're out today with the headlines on al-jazeera people in power starts right now. it's well known that the united states exports billions of dollars worth of arms to its allies what isn't as widely understood is that many of the guns it sends in to those in the middle east are safe sure of munitions manufactured in eastern europe so how do the supply routes function and waves of the weapons go in the 1st of a special trip consequence to get into u.s. on sales giuliana rufus has been to investigate. we are a part. of your word here know that. you're controlling the. june 2007 efraim given rolly a 21 year old arms dealer from miami beach is negotiating a $300000000.00 ammunition for the u.s. plan to go on. his albanian contact caused attributes is secretly recording the conversation he wants to prove to the knows

looking on the blockbuster saudi aramco sale, in pole position on the oil giant's second attempt.is planning a listing as early as 2020 and is expected to use advisors that have a relationship with the firm. the company has helped make northern virginia the most expensive housing market in the u.s.. it is harder for buyers in alexandria and arlington. , the blame the company for -- locals blame the company. target is launching a new label. they will appear on store shelves. target will be trimming its market -- that is your business flash update. romaine: softbank said it is going to lend employees up to $20 million for this new investment fund. this is according to reports from the wall street journal. it has been making the rounds all day. fund two.vision romaine: the presumption was that this money was owing to be coming from outside investors and now it appears that a good chunk will be generated internally. taylor: i wonder if this is a way to retain employees. come in, put your money where your mouth is, employees now have a way to participate in some of the fundraising. car

global bill makers make their pitch to saudi aramco. more on that in today's wall street beat. bloomberg. ♪ renita: this is "bloomberg daybreak." coming up in the next hour, francisco blanche, bank of america merrill lynch head of commodities research. now to your bloomberg business flash. shares rose to a record today. activist shareholder dan loeb reportedly is building a stake in the french italian maker of ray-ban sunglasses. thirds said the firm point is still buying shares. last month, women gained 16 seats on the boards of companies in the s&p 500 index. they now have a 27% share of directors fees. 19 companies increased the number of women on their board. one of those was copart, which previously had an all-male board. i'm renita young. that is your bloomberg business flash. alix: so you've got more board members, more money, and that means more female advisors. ubs and morgan stanley are also adding more women to their advisor teams under pressure from female clients, who are living longer and making more money. we turn now to wall street beat to cover three things wal

take a look at some of the other global business stories making news saudi arabia state energy firm aramco has posted a 12 percent drop in profits in its 1st ever half your earnings report the company says it is prepared for an overseas stock listing but has said the timing is up to saudi government officials. south korea is to remove japan from a list of countries that get preferential trade treatment it's the latest development in an escalating dispute between the 2 asian powerhouses just last month japan restricted exports of technical equipment a lot upon by south korean companies like samsung. and over to europe the latest political drama is unfolding in italy and it has markets worried once again a populist coalition government that has sparred with the e.u. over deficit spending could soon collapse fighting to take its place populist candidates with even more budget busting plans. italian drama might be a hit at the last scholar. but not on the stock exchange in milan investors watched helplessly his share prices slid. the boss italiana has lost more than 2 percent since friday gove

saudi aramco says there was only a small fire.ion barrels a aramco'snd 10% of total capacity. china is revamping its system of interest rates. the move is aimed at pushing down borrowing costs as the economy slows. for august 20, 's must be priced with reference it must bet -- priced with reference to a new benchmark. the rate is linked to the price of the pboc charge of lenders for cash over one year. global news 24 hours a day on air and tic-toc on twitter, and powered by more than 2700 journalists and analysts in 120 countries. this is bloomberg. matt? matt: thanks very much. annabelle droulers in hong kong. president trump's advisors spend the weekend talking down threats to the u.s. economy. they did the rounds on american talk shows, saying economists and bankers were marking up their forecast for the remainder of the year. think of america boss brian moynihan stuck to the script. the president held a conference call with him, jamie dimon, and michael corbat. two days later, the bank of america ceo is painting an optimistic

more than 1000 kilometers from who to control territory and northwestern yemen saudi oil company aramco described the fire as limited and says the production was defective the saudi energy minister has accused the hooty s. of trying to disrupt the world's oil supply. reports now from yemen's capital sana'a. according to the whole of these spokes person he says that the have carried out the biggest operation deep inside saudi territories we have used 2 key draws that have crossed over 1100 kilometers to the east side of the kingdom and they have targeted this aramco of oil fields which is just 10 kilometers from the borders of the. also according to the whole of these laid out the military he says that sends also a message to the united arab emirates to stop their attacks there on. the saudi war on yemen and also that the the saudi arabia's initiated its war in yemen order to secure itself that it should have done it with securing yemen's security 1st he also mentioned that the all citizens so the stay away from the saudi. bite will strike as the promising of more vital and also. harmful

saudi aramco is to be reevaluating plans for an ipo.ones says considering a plan to split would be expected to be the biggest ever share sale in two listings. following up with an international offering next year or the year after. aramco sources say management is inclined toward tokyo for the second listing, edging ahead of new york, london, in hong kong. ford: facing the retrial bribery, putting more pressure on his company as it navigates the turmoil of the trade war. the supreme court overruled an --lier decision to spend suspended a prison sentence and is sending the case to the lower courts. lee was arrested in early 2017 and spent a year behind bars. the ruling means he may eventually returned to prison. audi in volkswagen talks to add warren buffett backed company as a battery supplier but no guarantee a deal would be struck. 22 million fully electric cars by 2028 with more than half built in china. to raise forlift expansion. yvonne: take this, thor. surprise movie hit is really snatching box office. it is china's second-bigges

to saudi arabia where the state energy aramco has posted a 12 percent drop in profits in its 1st ever half year report the disclosures fueling renewed speculation the company is preparing for an overseas stock listing the statement made no mention of the i.p.o. which is the world's biggest stock sale run close net income slips to $46900000000.00 during the 1st half of this year pushed down by low prices. south korea is to remove japan from a list of countries that get preferential trade treatment it's the latest development and escalating dispute between the 2 asian houses last month japan restricted exports of technical equipment south korean companies like sums of rely on produce more phones t.v.'s the 2 sides disagree over compensations for south koreans who were forced into labor during japan's occupation of the korean peninsula during world war 2. and that's all from the w.'s business entity income or check out our website that's t w slash business. mum. the from. the from the. first day of school in the jungle. on 1st listen to the san doris crane the moment tom arrives. join th

saudi aramco saying there was only a small fire and no stop in production.plus we've also got this issue surrounding the iranian tanker, which has now left gibraltar and apparently heading for greece. we will see what happens with that one. the u.s. authorities very concerned about where that is going. bloomberg's annmarie hordern is with us to talk all of this. the tanker going now it has been released from gibraltar? annmarie: it has been renamed and re-flagged the tanker goingt has, and is supposedly headed to greece, but that port can't even handle a vessel the size. it is going to be very problematic for this vessel. as far as we know, there's still too million barrels of iranian crude on the vessel. if they want to do a ship to ship transfer, that's a possibility. then we would likely see this tanker go dark. . we won't be able to track it. if they do that, they can get back to iran through the suez canal because it won't be as heavy. the problem there is egypt may end up seizing it if the u.s. requests that. so they can't release their cargo. they can

aramco appears to be looking at tokyo for the listing.athleen: more pressure on korea's largest company as it navigates the turmoil of a trade war. the supreme court overruled the decision to suspend a prison sentence and is sending the case back to a lower judge. he was arrested in 2017 and spent a year behind bars. the new ruling means he may eventually returned to prison. paul: the reserve bank of india raised its gold holdings by more than 9% of the ending in june, its biggest bridges and newly a the r.b.i. fought despot more than 50 tons of gold less year, raising total holdings to 618 tons. 's burning season rolls on. we will break down results from the world's largest lender as well as the nation's top energy producer. this is bloomberg. ♪ ♪ from the 5am wakers, to the 6am sleepers. everyone uses their phone differently and in different places. that's why xfinity mobile created a wireless network that auto connects you to millions of secure wifi hot spots. and the best lte everywhere else. xfinity mobile is a different kind of wire

take a look at some of the other global business stories making news saudi arabia state energy firm aramco has posted a 12 percent drop in profits in its 1st ever half your earnings report the company says it is prepared for an overseas stock listing but has said the timing is up to saudi government officials. south korea is to remove japan from a list of countries that get preferential trade treatment it's the latest development in an escalating dispute between the 2 asian powerhouses just last month japan restricted exports of technical equipment relied upon by south korean companies like samsung. and over to europe the latest political drama is unfolding in italy and it has markets worried once again a populist coalition government that has sparred with the e.u. over deficit spending could soon collapse fighting to take its place populist candidates with even more budget busting plans. italian drama might be a hit at the less scholar opera house but not on the stock exchange in milan investors watched helplessly prices slid the boss italiano has lost more than 2 percent since friday gov

the second company we are looking at is aramco.ny's up and downstream. >> the perspective of the market conditions, oracle within the country in upstream -- within the company in upstream is to maintain our position as the and crude producers increase the petrochemical production. nejra: so a 12% drop in the , tot six months of the year try and diversify away from saudi arabia. david: a very rich valuation, it seems to me. for our third company, we are looking at for saatchi. --dan -- at verse saatchi at versace. joining us now is brooke sutherland. these countries that are cities in china's mind, hong kong and taipei, this latest issue lists taipei as a separate saatchi -- by versace. luxury brands have made similar mistakes. david: it seems like we don't need much excuse for the chinese to be angry with us at the moment. brooke: of course, this is happening while you are seeing protests at the hong kong airport, closing down those flights today, so this is stirring up tensions. it just shows the difficulties for some western reta

has picked aramco new advice on an ipo.k on the offering and excited to play key roles in the selection of underwriters and venues for the listing. part of aramco's first ipo attempt, but the success for the blockbuster bond sale puts them in position to secure the ipo. shery: plenty more still ahead in the next hour. we will be speaking to the head of global bonds. paul: that is almost it for daybreak australia this morning. we have trading in new zealand underway. 1.4%ng somewhat weaker, right now after we saw u.s. equity markets lower as well. futures in australia looking weaker too, off almost three quarters of 1%. giving up a lot of the gains we saw on tuesday when the asx closed 1% higher. the kiwi and aussie dollars both coming under renewed pressure again. that is it for daybreak australia. we will have markets action and the rest of the day's news as well when we get underway next. this is bloomberg. ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why

saudi aramco -- reportedly aramco is reevaluating its plans for an ipo. jones is splitting the biggest ever share sale in two. with one up international offering next year or the year after. aramco sources say management is inclined towards tokyo for the second listing, edging ahead of new york, london, and hong kong. kathleen: china's biggest banks are seeing margins squeezed by the drive to bolster the economy. icbc reported first-half profit up, matching estimates. talk lenders bowed the government calls -- top lenders calls andovernment reduced financing costs. paul: volkswagen saudi -- is said to -- volkswagen's audi. we are told negotiations are at an advanced stage but there is no guarantee a deal will be struck. vw plans to deliver 22 million fully electric cars by 2028 with more than half of them built in china. list its battery business in the next few years to raise funds for expansion. coming up next, -- kathleen: let's take a look at what is coming up in the week ahead. trump's new tariffs on sunday. will there be any move between the two sid

raising 13lly billion dollars with the biggest demand for a debt deal since aramco.nderwriters lowering the yield on the offering from the initial guidance. recent volatility from intensifying trade concerns claiming a victim from the high year to -- high-yield market. they have announced they are pulling out of plans to return when conditions improve later in the quarter. u.s. credit spreads widen to route the week with money delivering the biggest blowout since 2011. invesco's analyst weighing in. outlook thatour things stay to live in the back half of the you're looking much better from an economic standpoint that widening was the opportunity that a lot of people were waiting for since the rally began in the early part of the year. scott, i want to start with you. are you seeing the recent selloff we have seen in the high-yield market as a buying opportunity? >> we think there are some opportunities that present themselves. this sellout has been dispersed and not everything sold off equally. we look to try to normalize valuations in our fund for factors with inves

occidental raising $13 billion, the biggest demand for a debt deal since aramco. the deal climbed $75 billion allowing underwriters [inaudible] and recent volatility claiming a victim from the high-yield market. planning to raise $500 million of bonds but it announced it was pulling out with plans to return when conditions improve later in the quarter. if they improve, staying with with money delivering the biggest blowout since 2011, weighing in. mineur outlook as -- is as is that when things stabilize in the back half of the year looks much better, that widening would be the opportunity that a lot of people were waiting for since the rally began early part of the year. lisa: i want to start with you, are you seeing the recent selloff we have seen in the high-yield bond market as a buying opportunity? >> there are opportunities that present themselves. the selloff has been dispersed and not everything sold off equally. we look at normalizing valuations. we convert everything to spread. what has happened in high-yield is we have seen basis points, out of treasury

biggest demand for a debt deal since aramco.rders for the deal climbs above $75 billion, allowing underwriters to lower the yield of the underwriting from the initial guidance. recent volatility from intensifying trade concerns claiming a victim in the high-yield market. serious minerals announced it was pulling out with plans to return when conditions improve later in the quarter. if they improve, staying with high-yield where u.s. credit spreads widened throughout the week, with money delivering the biggest blowout since 2011. >> if your outlook is as mine is at the moment, that things stabilize and back half of the year looks better, economic standpoint, that widening is the opportunity that a lot of people were waiting for since the rally began early part of the year. lisa: kevin giddis, ed al-hussainy, scott kimball all with me. scott, are you seeing the recent selloff we have seen in the high-yield bond market as a buying opportunity? scott: on the margins there are opportunities that present themselves. the challenge is i

saudi aramco shows it is still the world's most profitable company despite the dwindling price of oilome of $46.9 billion easily outstrips the likes of apple and amazon. the yield on 30-year treasuries drops below 2% for the first time ever. the q10 curve inverts. what does this mean for global and regional investors? as middle east markets return from the break, qatari stocks sink to a one-year low. ♪

goldman sachs is conducting preparatory work for saudi aramco's blockbuster ipo.rk is ahead of any formal pitching progress to secure a role in the offering. have charged lower fees or even worked for free on specific projects. spiderman's place in the marvel universe looks to be facing a bigger threat than thanos . we learned a dispute is threatening to end production of the superheroes films. website, disney wants a 50% share profits going forward. disney gets 5% of box office revenue. that is your bloomberg business flash, manus. manus: thank you very much. are the banks worst-performing stock sector and the stoxx 600 so far. negative rates underpin a lot of the pain they have suffered. banks are now being forced to pit it from a dependable income from lending to more volatile sources like commissions. worse, some say, they are compensating for the lost revenue by increasing volumes of low yielding loans. this is what eats into shareholder returns. who better to make sense of it all then our opinion columnist who covers finance, jonathan working for bloomberg i

the london stock exchange and the new york stock exchange and hong kong exchange have been lobbying aramco weeks. that is your "business flash" update. romaine: another store on our radar, qantas airways testing of 20-hour flight. that is nonstop, by the way. the airline will see if passengers can bear these extended treks. 20 hours, caroline. that is a long time. can thehysically, passengers and crew stand up to that type of rigor. caroline: your feet will start expanding too much, will you feel to dehydration? my limit for flights is 13 hours for the i started to do it when i was in san francisco to london. you can watch a film or two. i wouldn't mind doing 20 hours but i want some legroom. romaine: he will have to pay extra for that. caroline: 2022 is when it is potentially coming. let's get a check of the markets. s&p 500 in the great. bonds selling up slightly. this is bloomberg. ♪ i'm all about my bed. this mattress is dangerously comfortable. when i get in, i literally say 'ah'. experience deeper rest with the award-winning leesa mattress. this bed hugs my body. i'm now a morning pe

a host of the largest global exchanges are stepping up their calling for saudi aramco. senior officials have been pitching the saudi oil giant in recent weeks. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. bloomberg. nejra: thank you so much. franceeaders gather in this weekend for the g20 summit -- the g7 summit against the backdrop of growing uncertainty, the meeting will provide a chance to address worries. these include tensions between the u.s. and iran and risks of a global recession. joining us now is bloomberg's maria tadeo. looks like a contentious g7. what is at the top of the agenda? a lot of issues. >> good morning. there is a very tight security operation here. this has been a very difficult year for emmanuel macron. the french are taking no chances in what could be an unpredictable g7. officials will tell you we are going to focus on climate change, we want to focus on any quality. what they really -- on any ty.lity -- inequali what they really care about is the economy. trump brings an element of

to a natural gas plant several armed drones targeted the shape of oil field the oil company saudi aramco describes the fire as limited though and since production hasn't been affected all the saudi energy minister is accused of trying to disrupt the world's oil supply more from. yemen's capital sana. according to the whole of these spokes person he says that the have carried out the biggest operation deep inside saudi territories we have used 2 key draws that have crossed over 1100 kilometers to the east side of the kingdom and they have targeted this. field which is just. 10 kilometers from the borders of the. also according to the whole of these later. he says that sends also a message to the united arab emirates to stop their attacks there on. the saudi war on yemen and also that the he says that. the saudi arabia's initiated its war in yemen order to secure itself that it should have done it with securing yemen's security 1st he also mentioned that the all citizens so the stay away from the saudi. bite will strike as the promising of more vital and also. harmful of tax on saudi arabi