and aramco getting close to publishing ipo very soon twitter said i

the world doesn't need saudi aramco or back up.hen you consider venezuela, the production is pretty wiped out iran, who knows what the administration is doing there. there is a whole host of questions why actually the world should lead higher this comes to another point. everybody is terrified about the demand this isn't about what opec will do at the next meeting this is about the demand side of the story where the tariffs, trade or slow down is denting that demand. all of the estimates from this time of year, they talked about a million barrels plus of extra demand in 2019 those estimates are being sided for the total additional amount for 2019 on your patch looking at the shale market down here are the shale producers cutting back production >> they are, because rig counts continue to fall at $52 and $55 those companies laden with debt. >> we appreciate it. thanks, buddy. >>> this morning, stocks on the move lions gate might want to split off starz premium movie channel. back after this. >> announcer: today's big number, 500 mil

another aramco a delay. puts its ipo on freeze again just days before a planned launch. they continued the hunt for a $2 trillion valuation. and renault slumps after cutting forecasts. the pain filters through to all other european carmakers. nonetheless, good morning. it is still friday. welcome to "bloomberg markets." i am met miller in berlin alongside anna edwards at the european commission in brussels. anna? anna: let's turn to the story we were covering intensely and talk about how this will play out over the weekend. joining us from westminster is the liberal democrat mp. good to have you on the program. i want to ask you how you frame the choice you will have to make tomorrow. do you frame it as a choice between a deal or no deal or a choice between a deal and an extension? >> i think it is definitely between a deal and an extension. boris johnson talks about getting brexit done, but with his proposal, the only thing that will get done by the british people, done over by his set of proposals. accordi

coming up, let's add a little bit of value to the saudi aramco story.rom its worst attack ever. we will bring you my exclusive interview with the ceo of aramco trading. this is bloomberg. ♪ ♪ manus: it is "bloomberg daybreak: europe." let's get your business flash headlines. selina wang is with the team in beijing. >> thank you. credit suisse's chief has resigned as the bank releases the finding of its probe into the spying scandal. responsibility iqbal khan for the surveillance of -- responsibility for the surveillance of iqbal khan. credit suisse is adding that the incident has caused a severe reputational damage. wework has formally withdrawn its ipo. it caps off a botched fundraising effort that cost the top executive his job. the office space company could run out of cash as soon as this spring. the new co-ceos are weighing possible staff cuts and asset sales. boeing is in the final stage of preparing it's 737 max for a return to the skies, according to the company's chief executive. --follows debbie crashestqo it follows two debbie crashes. no dat

saudi aramco's mega ipo might be on hold, again.nch of what could be the biggest offering in history was expected on sunday, but sources say it has been delayed and the decision was "abrupt." aramco was set to sell about 2% of the company at a price that would value it at $2 trillion, potentially raising $40 billion. shery: facebook's mark zuckerberg repeated his mantra that the censored part of the internet in china could become the norm around the world if online companies don't fight for free speech. companiesst chinese haven't expanded globally yet, but the tiktok social network is an example of how they can. sophie: jean-claude juncker says a brexit deal has been reached. shares in the owner of the jaguar luxury brand shout -- rally the most in a decade. a boost for the stock, which has lost over 20% in the last year despite thursday's big gain. we are just minutes away from japan's september consumer price index. will inflation continued to inch closer to zero? we will have the numbers next. this is bloomberg. ♪ shery: let's g

the saudi aramco listing, whenever it happens is going to be so... 0ne saudi aramco listing, wheneverne of the biggest if not the biggest ever and yet, they‘ re the biggest if not the biggest ever and yet, they're happy to try and move investors. they spent three is trying to get this company, this is the state energy business, they could do with getting evaluation of $2 trillion was up at the executor will be valued between one and 1.5 trillion. it is the managerfar will be valued between one and 1.5 trillion. it is the manager far back into own economy. question investors have been kind of lukewarm because of corporate governance issues, et cetera. and now it looks like the saudi government of —— have instructed a plan where is the ft says they're dangling a $75 billion a year dividend pay—out to investors and sort attempted to say, in a world where there is... it's hard to find sustainable income from stock market companies, something like this is probably likely to tempt a lot of investors to support it. and saudi government is asking a lot of rich saudi families as well to also s

manus: what about saudi aramco? are you ready to take a stake in aramco when it goes public?l: russian investors are keen to participate in the saudi aramco investment. russian banks would also like to participate. it is early to say because we need to understand the final parameters of the deal, but aramco is a great company that quickly recovered from the attacks. it is a great opportunity for investment. seems the differentiation to be what mohammad bin salman wants, it is a big gap. kirill: we will see with the final conditions look like. we need to look at all of the details. the yields versus a dividend,ajor of 6% is a yield that matters in this investment story? kirill: it is also the opportunity to participate in the largest oil company in the world that has the cheapest reserves in the world and a lot of technology investment coming down the line. the broader story is aramco is unique opportunity, and i know lots of people are interested in it. manus: let's circle back to the , there aretionship things that have not come to fruition. you have liquid natural gas , are

that was saudi aramco's trading ceo speaking with manus cranny. movers this morning including iss, down after it was downgraded at jefferies. this is bloomberg. ♪ you anna: will connect to the european open. 43 minutes into the trading day and things look broadly positive for some markets. 100,f .4% and the ftse slightly flatter and the stoxx 600 of .2%. henry harder and has your movers this morning. the stoxx 600ing is ferguson come out with earnings and they expect to continue to outperform socgen. the margin improvement was positive and you can see the market likes it, up more than 3.5%. ryanair up 2%, getting some love. the bank of america merrill lynch note, and they have a buy rating. downside, downgraded at jefferies. second-half free cash flow estimates are not seen meeting guidance. matt: annmarie hordern, looking at your individual movers. let's get back to the story in china. xi jinping has kicked off a massive military parade to mark 70 years of communist rule. he pledged complete national unity as democracy protesters in hong kong beg

saudi aramco's bonds extend their losses after being downgraded by fitch. could this have implications for the upcoming ipo? add qatar's energy minister recent aramcohe attack. exclusive interviews this hour. there was much confusion this week about u.s. policy toward kurdish allies in syria and to nato member turkey. president trump seemed to make a major policy shift by saying the u.s. would authorize turkish military action over the border but later appeared to backpedal. we have more with two guests. >> last year, there was the issue of the pastor held by the turks. the turkish economy went into a tailspin on the back of american pressure. this is a serious threat. the key to me is what is off-limits? in the previous statement from the white house, it seemed pretty clear that the u.s. was saying we are not going to stand in the way of the turkish government doing what they want to do in northern syria. and now, he is saying -- yes, but if they do anything off-limits -- i have a difficult time interpreting what that may be. it seems that in the u.s., tru

saudi aramco and the uae company will hold a joint steak aramco and the uae company will hold ajointamco and the uae company will hold a joint steak in the mega refinery being built on the west coast of india which could refine 1.2 million barrels per day and given that india imports around about 80% of its oil, with 18% of that coming from saudi, it's a massive deal, given indian's supplies were hit after international sanctions against iran which india was reliant on in terms of importing oil. saudi arabia did announce that it would be investing $100 billion into a variety of projects across india including agriculture and textiles, at cetera. this is a big development between the two trading partners. thank you. netflix is one of the world's largest media companies, streaming content largest media companies, streaming co nte nt to largest media companies, streaming content to over 150 million subscribers worldwide. mark randolph was its first ceo when it put dvds through the post butjust as netflix was taking off, its co—founder insisted he stepped down the boss, saying he wasn't

deal so not looking too great for saudi aramco they're not going to pull a premium for for the company in this environment interesting times we're going to have as our guide david and i doubt many of them calvin financial thanks so much for your insight. thank you dana great to be with you. in international sanctions news the adore adobe corporation now says it will refund venezuelans for licenses on purchase products which adobe canceled earlier this week on monday adobe e-mailed all addresses on file for venezuelan customers informing the recipients that the company was canceling all licenses for adobe products in venezuela citing purporting obligations under an executive order signed by president donald trump adobe initially claimed that they also were barred from giving refunds because the executive order in the software makers interpretation required quote the sation of all activity with the entities including no sales service support refunds credit etc now the company says refunds will be offered and received by customers before the end of the month the company also clarified tha

o isl: and aramco's mega ip finally set to go.ason: first, here is joel webber on this week's issue and the cover story, tesla and the complicated ethics of autopilot. joel: that's right. we all like the idea of driverless cars. it seems like the future, right? but how do we get there? basically, tesla is in the middle of this grand experiment with autopilot, which is viewed as a steppingstone to driverless cars. but there is this big ethical dilemma. this cover story is an ethics course of how do we get there? tesla is already doing this in real time with autopilot, and other companies have been not quite as bold as what tesla has chosen to do. carol: joel, dilemma is right. the more miles we get on the road with something, the better. there is so much data involved in making this better. but in the interim, you're going to lose some lives. is thehat's right, that moral calculus that we are living in right now because that car is next to you, you are on the roads with them. there is no real oversight. think about drugs. there are

and the wall streetjournal has more on aramco.orget, let us know what you are spotting online. use the #bbcthebriefing. up next: news briefing. we‘ll take you through ther stories making headlines in the global news media today. police have arrested more than 700 people during a week—long operation to tackle so—called county lines drugs gangs across the uk. in total, drugs with a street value of around £a00,000 were also seized. here‘s our home affairs correspondent, tom symonds. across the country police forces urban and rural have been working together. to move in on the county lines drug gates. this was a joint west midlands operation. suspected dealers from birmingham involved in the supply of drugs to worcestershire. 0perations like this ta ke worcestershire. 0perations like this take enormous resources in cooperation but it seems to be working. in the week—long bush, 743 people were arrested, more than £420,000 worth of drugs were seized, and 49 phone lines used for deals we re and 49 phone lines used for deals were disrupte

would you be looking out aramco?ng for a long time and we are edging toward it. it is still a very opaque company. it will do fine. road,a long and winding which hasn't led anywhere so far. , the main worries issue of how much the government will take of the revenue. there is not much doubt aramco is a well-run oil company, but the issue is where does the cash go? francine: we will have plenty more on aramco. peter dixon and john mickelthwait stay with us. up, the ubs wealth management global investment at 11:30 a.m. london. this is bloomberg. ♪ ♪ "surveillance," a headline out on a december 11 maybe election in the united kingdom. fed day tomorrow, jobs report on friday. if you have an article, you better have pretty pictures with it. the team at bloomberg economics deliver the goods, looking at disruption into 2020 by generating the pictures that tell the story. scott, good morning. what is the one photograph or image out of your disruption report that matters? scott: good morning. i think if you look at the main s

aramco tells ipo bankers it made nearly $70 billion in nine months, details ahead."daybreak asia." i'm shery on new york. haidi: i'm haiti stroud-watts in sydney. sendingurge in retail -- spending in japan. joining us now is naomi muguruma , senior market correspondent for mitsubishi. these numbers are out of wack with market expectations, is it something we are not likely to see repeated? that was a likely frontloaded demand by consumers to purchase goods before the consumption tax rate hike. naturally come there should be some decline in demand from october. coupled with tokyo cpi numbers yesterday showing there is next to no inflationary pulse, even if you take into account they should have seen the impact of the sales tax hike in those numbers, that did not trickle through. the implication for the bank of japan is increasing pressure that they will have to announce more measures. are we likely to see more stimulus now? expect the boj will decide additional easing tomorrow. boj committed to take stronger easing action if the momentum would enable them to reach th

of saudi aramco we're now joined by r t correspondent alex mahela from toronto saw saudi crown prince mohammed bin salmaan is asking for action against iran but in his words a political and peaceful solution is much better than a military one so why the restraint all of a sudden. look iran denies this and has from the very beginning any of involvement in this airstrike which is which was drones as well as missiles supposedly involved in this hitting 2 of the saudis biggest day oil refining or or production facilities one of those actually the biggest in the world now for the saudi prince one thing that he knows is that in this case war might be bad for business because what we saw and you know some investors kind of like that when you know where the numbers jump when it comes to oil they jump price wise when the present pli goes down the supply were down by about 5 to 6 percent after the airstrike we saw the initial jump of 20 percent per barrel in the prices and then it just dropped to 10 percent so it was nothing you didn't really hold too long but it was the biggest jump that we've

saudi aramco is pushing to complete its frequently delayed ipo by the end of the year. state owned oil producer makes more profit than any other country in the world but size is not the only thing that makes this i feel different. saudi arabia is leaning on its allies and subject to help out. wealthy families have been encouraged to invest. some of them had members detained and accused of corruption. the saudi's also want sovereign wealth funds to join in. the big question, though, is how worth? aramco the ipo was delayed after values reemerged about -- down to reemerge about the valuation. $2 crown prince says about trillion. that leads us to our record ipo. raisingholds the mark, $25 billion in 2014. aramco has scaled back its original plans. it will sell only a 2% stake on the domestic exchange. the crown prince says valuations will still be a record. let's turn now to wework. the end of an era. a few weeks ago, adam neumann was ceo of the world's most valuable startups, and on the verge of an ipo once valued at $47 billion. now in a remarkable corporate fall from gr

fund isn't looking hugely keen either i wouldn't talk about when to encourage investment because aramco has generated a lot of interest including from our partners in china and other asian economies and definitely russia will not be me in a huge investment and ironical because already it is quite exposed to our oil baron coast flotation was previously delayed to give more time to find international investors big players have returns to riyadh's future investment initiative for him many stayed away last year because of the murder of journalist jamal khashoggi but other concerns might be harder for investors to shake than any they may have had over the killing future oil prices of one september's drone attacks on iran co facilities are another around kerry's i.p.o. will be a test of confidence in the kingdom we're chalons now to 0. funerals are being held for 11 people killed in protests in guinea earlier this month tens of thousands of people have been protesting about a potential change the constitution the mailer the president alpha condé to seek a 3rd term in next year's election prot

the journal says aramco did not officially comment.nson & johnson has just been ordered to pay the largest u.s. jury award this year. the $8 billion verdict is over the alleged mishandling over an antipsychotic drug. the jury found it wrongfully marketed the drug to teenagers. the verdict is unlikely to be upheld on appeal but sounds an ominous warning for j&j. the company still faces 13,000 suits over the drug. that is your bloomberg business flash. matt: thank you very much. the fed will resume purchases of treasuries in an effort to ensure on in the money market. powell said that officials will soon announce plans to add reserves -- to add supplies to reserves. he stressed the buying should not be seen as a return to quantitative easing. >> i want to emphasize that the growth of our balance sheet for management purposes should in no way be confused with the large-scale asset purchase program's we deployed after the financial crisis. neither the recent technical issues nor the purchases of treasury bills we are contemplating to resol

if you own a big portfolio of oil, energy stocks today, you have to own aramco.u going to do? possibly sell some other large holdings, companies with higher production costs or not so well-positioned, and switching to aramco. some would be i expect switching. thes: i suppose herein lies point. where's the smart listing? the hong kong, lse, or new york? manus: what do you expect --xavier: what do you expect me to say? manus: the smart answer. xavier: i think the future of the exchange industry is through connectivity, like we did at the london stock exchange, shanghai stock exchange. why as a global company would you have to choose between a dozen global exchanges? eventually i think it will be down to two or three global exchanges that will be connected, and you won't have to make this choice anymore. but i do think the company will eventually be listed in north america, in europe, and in asia. i think it will take some time. my bet, i think london and new york will be part of it. i reserve my judgment on china. the surprise i think would be shanghai. once they l

domestic stock as of this summer and trading will start on the top 2 all saudi aramco domestic stock exchange on the 11th of december the oil giant which controversial a valued itself at 2 trains on the 11th of december the oil giant which controversial a valued itself at 2 trillion dollars will float a one to 2 percent stake on their local market making it one of the largest trillion dollars will float a one to 2 percent stake on their local market making it one of the largest public offerings on the exchange worth roughly $20000000000.00 aramco has been public offerings on the exchange worth roughly $20000000000.00 aramco has been forced to change plans for the i.p.o. multiple times since then noun's the decision to go public in 2016 forced to change plans for the i.p.o. multiple times since then nouns the decision to go public in 2016 while the company has been getting the offering off the ground they have also been roping in in sting while the company has been getting the offering off the ground they have also been roping in institutional investors sovereign wealth funds and weal

in question saudi aramco will start to build a series of delays that put the i.p.o. in question saudi aramco will start to build the book on the 3rd of november according to a new report from reuters citing people familiar with the scituate book on the 3rd of november according to a new report from reuters citing people familiar with the situation shares will be priced at the beginning of the summer and trading will start on the top 2 ition shares will be priced at the beginning of the summer and trading will start on the top of all saudi aramco domestic stock exchange on the 11th of december so all saudi aramco domestic stock exchange on the 11th of december so oil giant which controversial a value that sells as 2 trillion dollars will float a one to 2 percent still a giant which controversial a value that sells as 2 trillion dollars will float a one to 2 percent stake on their local market making it one of the largest public offerings on the exchange worth roughly $28.00 on their local market making it one of the largest public offerings on the exchange worth rough

sited aramco's chairman.d report, quotes aramco executive says an announcement is coming very, very soon. let's get out to hadley from riyadh, never a dull day in saudi arabia, there's so much to talk about and not at least least with the potential listing of the aramco ipo and also president putin is there this is the first time in over a decade he's visiting saudi arabia break it down for us, hadley what should we be focussed on? >> reporter: so many elements around this story. a lot of excitement around the visit of russian president put it's knowledge that bankers will be gathering over the weekend to discuss valuations and discuss what's going to happen next there. it would be no surprise to those watching this aramco ipo very, very closely we might hear movement on it i or monday of the coming week. also, against the backdrop of what's happening in the region, russian president vladimir putin, as you mentioned, coming to the region for the first time in a long time he's here in saudi arabia today. he'll

aramco is delaying its ipo again.timing of the share offering will depend on market conditions. it will be postpone for at least a few weeks. that's to give bank analysts enough time to incorporate third-quarter results. the numbers are likely to show aramco didn't suffer a material financial hit from the tax last month. a cease-fire in syria. the u.k. and turkey have agreed to 120 hour break in hostilities. that's to allow kurdish fighters to withdraw from the border. once a permanent cease-fire takes effect, president trump will remove cinches. u.s. senators say the deal doesn't go far enough. they are still pushing for more sanctions. reluctant to cut rates. that's the bank of italy's governor. he says he didn't support all the elements of the latest stimulus package. he's cautioning that negative rates are an unconventional tool that may eventually backfire. adding, banks have so far been coping well. rates aree interest not a great idea. the asset purchases are not a great idea. evaluatewe should holdings. the ba

then, december debut for aramco?ng to reports, the oil giant will start it's much into spaded trading on december 11 on the saudi stock exchange. and hsbc's problem with negative rates. interim ceo says the bank is struggling to keep up with the economic of europe. joining us to discuss is lanan nguyen. there is a very different backdrop than last year. what are we learning? what a rehearing? reporter: what struck me out of the headlines this morning was the negative tone. ray dalio is talking about a scary situation for the global economy. apparently, central bankers have lost control of the economy, and he see trey's wars -- and he sees trade wars as willy problematic for the global economy. on top of that, we have bankers such as the hsbc ceo and ever core talking about a diminished outlook. ever core saying trade wars are weighing on deals. pretty negative tone. alix: but the new have larry fink saying everything is ok. no problem. ray dalio has been super negative for a long time. h -- lananh: that's true. one t

the killing future oil prices of one september's drone attacks on iran co facilities are another aramco as i.p.o. will be a test of confidence in the kingdom. how to 0. ok let's talk now to jeff colgan jeff is the associate professor of political science at the brown university way focuses on international oil and energy he joins us from providence rhode island jeff welcome back to al-jazeera who's got the valuation of aramco right or wrong here thanks so much for having me on i think that norway and russia are wise to stay away given their position and they have real concerns multiple concerns about investing further in the oil sector norway in particular i think it's concern about climate change and the risk of stranded assets that that that environmental risk raises ok also in the region across the board isn't the most settled it's been over the past decade or so on no way and the russians sort of blending that into their thinking as well certainly and the attack. yeah that facility that around cones you know just a few weeks ago is a real concern has done a good job of repairing the

la la la la la >>> saudi aramco could announce a launch to the ipo this weekend. the oil giant will make a statement on sunday detailing on the vesting market within weeks will come the he delays rorgt they will then begin trading on december 11 speaking at a conference inry a riad said the deal is attracting institutional cash >> we will have more and more share holders from institutions, retail >> anything more to add on that? >> thank you very much >>> shares of tiffany closed in session after a driller confirmed it has received a nonbinding all cash take over from lvmh. >> alphabet shares fell as they report their highest ever reported costs after a hiring spree and investment in services elizabeth joins us with more details. >> it was a miss on the bottom line earnings per share came in $10.12 compared to an estimate of $12.42. so that was a big miss there moring into data centers, head count. revenues were very strong. $40.5 billion. that was driven by the advertising business that still makes up a majority of google sales. you can see here, 85% of revenues

aramco said it had to do with market expectations.w the tatawal go in the bear market and seen it popped a bit and analysts in saudi slashing forecasts for other companies and maybe don't think right now it's the best time in what is going on with the saudi companies in stock exchange but look at the price of oil. they need $80 a peril to balance the budget and we're nowhere near that. nera: and how do you factor that in the strategy, somewhat weak on the oil price, you see us move anywhere neared 80 yet? >> not as constructive as $80 but the view being predicated on our expectation the net oil importers, the euro zone, china, should start consolidating here on the back of monetary fiscal stimulus and abasement in the trade tensions. at the same time the biggest contributor to the growth slowdown we expect will come from the u.s. consuming its own oil so in terms of balance between demand and supply at opec sticks to the oil supply plan it gives us somewhat higher prices for oil from here. from that point of view we like to express th

all of those oil tankers that got hit in the persian gulf over the summer, and the attack on the aramcoacility. it is a dangerous neighborhood and difficult to maneuver. >> let's go to stocks now, u.s. futures indicate the dow will open up and indicating now up 250 points, there you are seeing nasdaq up 93 points. the bond market now and treasuries where we've seen the 10-year falling a bit but now recovering up 1.67%. it looks like the two-year is up as well, 1.5%. let's go worldwide now in asia, we've seen optimism on the trade front in japan, the nikkei is up 1.5%. the hang seng up 2.25. in europe as well, green across the board. >>> top u.s. and chinese negotiationo negotiators are continuing on. >> going very well i'm meeting with the vice premier at the white house i think it is going very well. very well. we had a very, b very good negotiation with china they'll be speaking a little later but they are basically wrapping it up we'll see them tomorrow right here >> trump's take was enough to give a little shot of adrenaline to the markets how is it looking there? we are seeing the

shery: bloomberg is being told saudi aramco will push to complete its initial public offering this yearrces say the state owned oil producer is considering formal announcement of the listing plan as soon as next few weeks. it was originally slated for october 20 but was postponed after investors pushed back at aramco started to trillion dollars valuation. $2 trillion valuation. haidi: -- john donahoe. the e-commerce veteran takes charge of a $40 billion clothing giant but increasingly relies on data and technology to keep exact. he has searched on the board since 2014. he worked at nike for 40 years and will remain on as executive chairman, saying in a memo to employees, "i am not going anywhere." shery: ahead of the boeing unit in charge of the 737 max jetline has stepped down. the crisis at boeing is deepening. su keenan has more on this. this coming on the eve of those third-quarter results. has been have been -- a lot of optimism going into the results with boeing saying it is making progress in getting the regulators to return the max jet area that is now all up in the air. let's t

everyone has the conversation about the aramco ipo.global investment perspective, from your company, is that good news? , theramco ipo investigation into saudi companies. is there a tailwind from this ipo if it comes? >> i'm glad you did not ask you when. >> hold on. do you know when? can you confirm on the ipo is going to come, first of all? come on. >> i really don't know. even if i did, i would not tell. i really don't know. is such ant important transaction for the kingdom. it putsanies like us, saudi arabia more on the map. it is the biggest exchange in the region. it could become a useful source of capital for companies outside of saudi arabia. the listing rules have changed. it puts saudi arabia on the map as an area where the stock market is functioning. it has a good investor base. it is positive for us. to pusheen are you additional acquisitions? have you identified additional targets? any particular commodity? >> there's always targets out there. the trick is to be disciplined. there are more targets now. to go through a com

it is unclear what the impact was on aramco's bottom line.y on how they did perform in 3q. that's all we have to go on. ♪ ♪ rosalind: you can get up-to-date with our interactive function tv , catch up on past interviews and dive into securities or bloomberg functions we talk about. it is for bloomberg subscribers only, check it out at tv . there are about 30,000 functions on the bloomberg and we always enjoy sharing our favorites on bloomberg television. maybe they will become your favorites. his week, and infamous anniversary. 10 years ago wednesday, the greek government announced its economy was in serious trouble with the prime minister singh the nation faced "unprecedented fiscal derailment." that was the start of the euro zone debt crisis. here's a look back at the events of 2009 and the contagion that spread throughout europe. ♪ >> 10 years ago, greece unveiled a black hole in the nation's finances, budget deficit twice as big as expected. a lot of downgrades followed, and an unprecedented debt restructuring. it did not stop and

overseas investors pushed back at aramco's to trillion dollar valuation.oeing says kevin mccalla cook -- kevin mcallister is stepping down amid the crisis engulfing the 737 max 8 and production problems with other planes. he is the highest ranking executive to depart in the wake of crashes in a worldwide grounding. the head of boeing's global services business will replace him. that is your bloomberg business flash. the chinese government is drafting a plan to replace hong kong's carrie lam with a, quote, interim chief executive, according to a report in the financial times citing unidentified people briefed on deliberations. the plan but see lam's successor install by march, though xi jinping is yet to decide on the proposal. us.more stephen engle joins great to have you with us. take us through the report. tell us what implications this might have for protesters. >> this should not be too much of a surprise. i would guarantee you beijing leadership has been drafting a plan for succession in hong kong, whether they carry that out or not, but more than fou

and now this decision by luke to pull out of the project with saudi aramco to sell it i thank you so much for giving us the top thank you protestors in lebanon on the blocking roads across the country as part of the 7th day of demonstrations the army is now trying to reopen main routes the demonstrations continue despite the government's approval of unprecedented economic reforms protesters are now calling for complete political change saying to heart reports from beirut. they try to reclaim the streets but the people stood their ground lebanon's army has been ordered by politicians to open roads across the country the same politicians these lebanese want gone there were skirmishes a few injuries but at the end the military took a step back they're trying to intimidate us to be honest i. think that the by national force are going to back up people are going to be afraid to come and actually they publish the opposite all of us rushed early on instead of coming at like 5 or 6 pm for a party this is the main highway connecting the capital beirut to north lebanon protesters have been blo

the journal says aramco did not officially common.non and johnson has ordered to pay the largest u.s. jury award this year. the $8 billion verdict is over the mishandling of an antipsychotic drug. the jury found that they wrongfully marketed the drug to teenagers. the verdict is unlikely to be upheld on appeal but sounds and warning.- an ominous is considering a return to u.s. wealth management after a four-year absence. that's after the lender's chief looks to boost growth in private banking. miami and focused on a new business for latin american clients. they say no decision has been made. talks as the swiss asset manager works on its turnaround as a standalone company. the crisis started last year when a star fund manager was suspended and triggered a flurry of withdrawals and the ouster of the chief executive. francine? francine: thank you. the fed will grow is balance sheet once more. jay powell says the central bank plans to resume her kisses to ensure calm in the money market but he also stressed the room -- move should not be

shery: we are hearing again from aramco's on-again, off-again ipo.ng set to be back on for december. what are the chances of this actually happening before the year is out? james: as you say, it has been an on-again, off-again process this year. the latest report is that aramco is focusing its efforts on local institutions to back this ipo. it has been a very lofty valuation. looking to value the company around $2 trillion and international investors were balking at that price tag. now it is shifting to get cornerstone investors on their doorstep, maybe saudi institutional funds and maybe some allied states close to saudi arabia. if they can get them to back it -- apparently, they are less price sensitive that some of the international funds. they are still hoping to get that deal away in december. the focusing, they have davos in the desert coming up in late october. i am sure they would love to have a big announcement to make of that particular event. it is looking slightly more promising that they can get this deal in december but it depends very

it to be one of the biggest flotations ever a one to 3 percent stake in state's owned oil company aramco which could be worth more than $20000000000.00 but all very early november is when the process is expected to start the kingdom is giving little away it will come in that i carry with that i approach and definitely with the right decision and it would be a charity decision 1st and foremost. specifically christmas this year. crown prince mohammed bin salmond wants aramco valued at 2 trillion dollars he's aiming to raise $100000000000.00 for ambitious redevelopment plans for saudi arabia bankers say between $2.01 trillion is a more realistic very way around there is hesitation on the part of the would be invest they say. we see an indie band into lair here and all of that evaluate saudi proven reserves we go into little ahead and spend there the your huge sum of money on investment indeed norway sovereign wealth fund which is shedding many oil and gas investments says it won't buy into iran co and russia's sovereign wealth fund isn't looking hugely keen either i wouldn't talk about when

i think post aramco, there will be an increase in the weighting of the index.t will be positive. i see that more broadly in the context of the major reform agenda. it is a measure of it. diplomacy mades in this country and every time you come here, you see development. manus: what does it take to get the active money in? this market -- michael: valuations are reasonably high. i think of opportunity is relatively narrow, but aramco is just one in a series. as that develops in the markets brought enough, investors will be interested. manus: elections in the u.k. we are going to the polls again. give me your assessment of the risks. donald tusk warned use the time wisely. michael: whatever that means. manus: the election in the u.k.? michael: like everywhere else, we are in uncharted territory. three elections are less than five years which is incredibly unusual. four major votes since 2015. people don't like that. i think johnson had no choice. his whole government was stymied by the situation in the house of commons so he had to do this but there are risks and t