well saudi aramco has highlighted that it plans to navigate the ongoing uncertainty by utilizing its balance sheet is cited as 2020 being one of the most difficult to operate in so essentially it plans on diversify some of its very rich and heavy oil acids the company has fly significant asked sales over the past few months most recently in an announcement by crown prince muhammad bin solomon to sell one percent of a ram go to a leading global energy company now a ram co has been in talks to raise cash from other asset sales as well including the not their pipeline units so by doing this the oil giant hopes to reduce dividends paid to the government and then to continue diversifying its economy so it's less oil reliant where remco is doing essentially is strategically supporting the saudi economy and the crown prince has been quite vague about the sale so far but it could possibly go to a chinese or indian and in order to increase its access to it for a market the $75000000000.00 an annual dividend will actually stay in place until 2023 but may also be targeted towards more domestic

we are waiting for saudi aramco, how much will they spend on capex?e leverage number? will the net income be $19 billion for the first quarter? this is a company that has reverberations around the world. investments, selling assets, generating fiscal latitude for the kingdom of saudi arabia. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aer

well saudi aramco has highlighted that it plans to navigate the ongoing uncertainty by utilizing its balance sheet as cited as 2020 being one of the most difficult to operate in so essentially it plans on diversify some of its very rich and heavy oil assets the company has fly significant asked sales over the past few months most recently in an announcement by crown prince mohamed meant to sell one per cent of iran go to a leading global energy company now iran co has been in talks to raise cash from other asset sales as well including spinning out their pipeline units so by doing this the oil giant hopes to reduce dividends paid to the government and then to continue diversifying its economy so it's less oil reliant remco it's doing essentially is strategically supporting the saudi economy and the crown prince has been quite vague about the sale so far but it could possibly go to a chinese or indian and in order to increase its access to a foreign market that the $75000000000.00 in annual dividend will actually stay in place until 2023 but may also be be retargeted towards more dome

in place until 2023 but may also be targeted towards more domestic and thus that's later on now saudi aramco has been very supportive of the newly luxury divest partnership in the ship programs which will then enable it to be divestments in the new south the private sector with about $1.00 trillion $1.23. so they're looking at their own profit specifically there now when it comes to the us and david we've talked a lot about inflation and that has been boosting up commodity prices but now it looks like manufacturers are facing shortages as the growing demand for housing cars electronics and other goods run up against supply chain congestion what is happening and is is the beginning of an inflation cycle. the supply chain congestion is a contributing factor to particular prices you've had a drawdown in inventories slower production in 2020 which was a part of that but there's other inflationary components that get factored in as well shipping cost just being $1.00 example shipping container going back to china was $1500.00 a year ago it's $4000.00 today gasoline is a lot higher this year from

in place until 2023 but may also be targeted towards more domestic and thus that's later on now saudi aramco has been very supportive of the newly law should be domestic partnership in the ship programs which will then enable it to be the best in the new south the private sector with about $1.00 trillion $1.23. so they're looking at their own profit specifically there now when it comes to the us and david we've talked a lot about inflation and that has been boosting up commodity prices but now it looks like manufacturers are facing shortages as they're growing demand for housing cars electronics and other goods run up against supply chain congestion what is happening and is this the beginning of an inflation cycle. supply chain congestion is a contributing factor to particular prices you've had to draw down in inventories slower production in 2020 which was a part of that but there's other inflationary components that get factored in as well shipping cost just being $1.00 example shipping container going back to china was $1500.00 a year ago it's $4000.00 today gasoline is a lot higher this

the world's largest oil company saudi aramco said its 1st quarter profit john by more than 30 percent to almost $22000000000.00 thanks to strong oil prices the state run company says global demand for petroleum products are recovering but still remains below pre pandemic levels. the march of crypto currencies continues e-bay says it's open to cryptocurrency payment options c.e.o. jamie noni said in an interview with c.n.n. b c that the company has expanded its range of payments to include apple or google pay and would continue to seek out alternatives such as crypto currency. now this has become a symbol of how fragile global trade can be a massive container ship stuck in the spice canal the ever given haul to billions of dollars in maritime trade the shipping company wants the owners of the cargo to share the cost of the damages i took a look at what the fiasco has that for shipping and global trade. fee ever given may no longer be stuck in this was but it's hardly home free it's still detained as the egyptian government demands $916000000.00 in compensation from the ship owners it's

wells fargo, where you one of the underwriters for saudi aramco? >> i don't know the answer to the question, senator. sen. kennedy: you were, i will save you some time. how about citigroup? do you know? >> yes, we were one of the underwriters, sir. sen. kennedy: how much did you make? >> i'm afraid i don't know how much that was, sir. sen. kennedy: ok. mr. dimon, was j.p. morgan chase one of the underwriters? >> yes we were. sen. kennedy: how about mr. gorman, morgan stanley? >> yes, we were. sen. kennedy: thank you. i wanted to ask mr. dimon a question. i want to talk economics a second. can we agree, mr. dimon, that firms ought to be taxed where they conduct their business and produce their profits, as a general principle? >> global taxation is very complex, but yes, as a general principle. sen. kennedy: ok. i am not holding you responsible, mr. dimon, but how do you account for the fact that today, about 63% of multinational, american multinational's profits, are booked in countries where they only have 15% of their employees? >> i honestly don'

either on their own, companies are going to have to sell more of those assets to others, maybe saudi aramco c for national oil company type that does not have the same investment pressure in order to meet these emissions cut goals. haslinda: this could be a tipping point. will this have an impact on oil prices? >> this is a question the oil market has been wondering about the last couple of years. naturally, oil wells deplete over time, so you constantly have to invest in new ones to be able to make up for lost production and grow the production to meet growing demand. now you have more and more companies pulling out of investing more money in oil and gas. the question becomes if there will be enough new oil, will this be bullish for prices, and i think the jury is still out. there's a bigger question about how demand is going to come back after this long pandemics log -- pandemic slog and if investment vehicles are going to start chipping away faster than what we thought. long-term question, and the long-term answer is not sure yet. give on -- ivanka -- ivanka -- yvonne: it was not just ex

saudi aramco's profit sort of the first quarter after recovering global oil and gas markets. >> i havetime with this heat concept -- with this peak concept given the magnitude of the earnings revision so far. i'm not sure we are there yet. i think calling it the peak is premature. tom: good morning. andrew slimmon there with morgan stanley. right now on the thought of the moment which is goldman sachs saying we are coming back in june, work from home back to work from office. barry ritholtz joins with bloomberg podcast and really smart stuff, including an interview with jonathan miller. let me start with that. john miller is wired in new york and about 14 other cities. what did you learn? barry: the death of the cities has been greatly exaggerated. there has been a reshuffling of the seats, but people are not fleeing new york and san francisco for florida and arizona as the headline suggest. they are fleeing new york for brooklyn and queens. they are fleeing san francisco for the surrounding environment. you definitely have, when you put together the net numbers each month, it is net i

saudi aramco's profits soared after recovering global oil and gas markets. world's largest energy firm to keep its quarterly dividends. almost all of that goes to the saudi government. the payout is a vital source of cash for the kingdom. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika ghouta. this is bloomberg. ♪ ♪ >> what it has been quite concerning is that we haven't really seen as much of a global response is necessary. india is in clear need of international assistance as well other countries be quite soon if not now. it would help if countries can look within themselves and figure out what they can do to help. jonathan: from new york city this morning, good morning. alongside tom keene and lisa, i am jonathan ferro. equities down our five points. yields are higher by almost two basis points. the fx market, a small break of the euro-dollar at 1.20 earlier 1.2013 now. the video is up 1.75%. that is the cross asset price action. let's get you the earning

the world's largest oil company saudi aramco said its 1st quarter profit john by more than 30 percent to almost $22000000000.00 thanks to strong oil prices the state run company says global demand for petroleum products are recovering but still remains below pretty pandemic levels. the march of crypto currencies continues in the bay says it's open to cryptocurrency payment options c.e.o. jamie i know knee said in an interview with c.n.n. b.b.c. that the company has expanded its range of payments to include apple or google pay and would continue to seek out alternatives such as crypto currency. now this has become a symbol of how fragile global trade can be a massive container ships stuck in the spice canal the ever given haul to billions of dollars in maritime trade the shipping company wants the owners of the cargo to share the cost of the damages i took a look at what the fiasco has meant for shipping and global trade. the ever given may no longer be stuck in this was but it's hardly home free it's still detained as the egyptian government demands $916000000.00 in compensation from

remember 2012, iran backed hacker group hacked saudi aramco and provided a major disruption for the oilustry. my second point has to do with the jones act, which the president has temporarily suspended. again, using common sense lifting regulations is helpful for the supply chain but i hope this drives a more concerted effort and awareness to do away with the jones act altogether, which is an outdated national security induced law that burdens our supply chains. so i hope moving forward, viewers pay attention to that and we can achieve that change of being permanently dismantled moving forward. >> gillian: i asked secretary pompeo about president biden's comments that the administration is not considering retaliatory action against this russian sponsored hacking group in cyber space. he said pompeo -- pompeo said that's the wrong approach. we should be considering what actions we can take to punish them. tell us a little bit about from your time in government -- lay out those options in hey people terms so we can talk about what we're dealing with here. >> kaleigh: yeah, secretary pompe

a recovery in global oil and gas markets allowed the saudi aramco to keep its dividend.our latest business flash. guy: thank you very much, indeed. semiconductors very much under pressure while the old-school economic bellwether transports have been surging to new highs. those two complaints really -- those two potentially conflicting signals, dave wilson is paying attention to those. dave: it is an interesting contrast. you look back in market history and you see dow theory. the whole idea is that if the transport stocks are moving along with the industrial stocks , that confirms a market rally, and vice versa. the idea that if you are making stuff, you've got to be able to get it from one place to another , so that is what is behind that thinking. more recently, the has kind of shifted for these chipmakers and their products. you think about electronics, cars, all kinds of things they need chips to run. we have certainly seen that lately with the chip shortages that have been increasingly evident as companies have reported first-quarter results. the contrast really, in

saudi aramco profit soared in the first quarter after a recovery in oil and global gas markets allowedargest energy firm to keep its court or leave it into. almost -- quarterly dividend. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> can a we announce a major reopened ash today we announce aim -- today we announce a major reopening of new york state on may 18. what we have agreed on a regionally coordinated basis, beginning may 19, most capacity restrictions will end across the tri-state area. jonathan: that was governor cuomo of new york. . i want to turn to the price action right now. in the last couple of minutes, just a bit of rollover on the s&p 500. futures down about 0.5%, off by 20 points. china's military aircraft entering taiwan's air defense identification zone on may 4, which is today. futures down about 0.5% of the back of this headline as it crosses. i want to turn to the bond market briefly and show you what is happening elsewhere. yiel

the world's largest oil company saudi aramco said its 1st quarter profit jumped by more than 30 percent to almost $22000000000.00 thanks to strong oil prices the state run company says global demand for petroleum products are recovering but still remains below preplanned on nick levels. now this has become a symbol of how fragile global trade can be a massive container ships stuck in the canal the ever given halted billions of dollars in maritime trade now the ship a company wants the owners of the cargo to share the cost of the damages i took a look at what the fiasco has meant for shipping and global trade. the ever given may no longer be stuck in this was but it's hardly home free it's still detained as the egyptian government demands $916000000.00 in compensation from the ship owners it's another number on top of an already have the price tag from the grounding. so we estimated the cost of this $1.00 this represents you between $30.00 and $50000000000.00 so you can really reach beyond that we are very tiny little things in the world the global trade in that you know ship there is a

the world's largest oil company saudi aramco said its 1st quarter profit jumped by more than 30 percent to almost $22000000000.00 thanks to strong boil prices the state run company says global demand for petroleum products are recovering but still remains below pretty pandemic levels. now this has become a symbol of how fragile global trade can be a massive container ship stuck in the canal the ever give it halted billions of dollars in maritime trade now the shipping company wants the owners of the cargo to share the cost of the damages i took a look at what the fiasco has meant for shipping and global trade. the ever given may no longer be stuck in this was but it's hardly home free it's still detained as the egyptian government demands $916000000.00 in compensation from the ship owners it's another number on top of an already has the price tag from the grounding. so we use to me the cost of $1.00 strips of shoe between $30.00 and $50000000000.00 so you don't that we are very tiny little things in the world the global trade. because you know it could actually so big that looks like a

betts, were you one of the underwriters for saudi aramco? >> i don't know the answer to the question. >> you were. ms. fraser? what about citigroup? ms. fraser: yes, we were one of the underwriters. >> how much did you make? >> i'm afraid i don't know how much that was. >>mr. dimon, were you one of the underwriters? >> yes, we were. >> mr. gorman, morgan stanley? >> yes, we were. >> i wanted to ask mr. dimon, i want to talk economics for a second. can we agree that firms should be taxed where they conduct their business and produce their profits as a general principle? mr. dimon: global taxation is very complex, but yes. as a general principle. >> how, and i am not holding a responsible, but how do you account for the fact that today about 63% of multinational, american multinationals profits are booked in countries where they have only 15% of their employees? mr. dimon: i honestly don't know the number, so i cannot comment on it. >> i am not trying to put words in your mouth. obvious the, what is happening is that american multinational com

by the 19 eighties, with saudi arabia now sole owner of aramco, the country's morale groups and moral alliance disbanded and [inaudible] one could say at this juncture that [inaudible] and it's 20 pillars of international oil and religion had succumbed. of course, there were other signs as well including the persian gulf war and a violent remapping of oil interests and american confidence in the middle east. today it's very clear that the exceptional authority loose proclaimed for his carbon rich country is no longer's -- no longer america's to enjoy alone. that underlines a irony in play. meanwhile, one could consider current politics as the -- third day in the sun. in a recent texas swing, mike pence headlined fund-raising dinners whose seats were filled by oil men. we are putting american energy first, proclaimed pence, with echoes of ronald reagan he heralded the three pillars of american greatness. faith, freedom and the vast god given natural resources. he promised that developing them would make america great again. there is a familiar refrain, one that jay howard pews appears