today one of the most valuable companies in the world, saudi aramco, publishes its latest results. d a steep decline in profits back in march after it cut production and oil prices fell sharply in 2023. then profits fell 25% to $121 billion profits but that followed on from a record—smashing year in 2022. live now to sameer hashmi in riyadh. he is our middle east business correspondence. what are we expecting to hear today? profitability compared to a year or before might be about the same or slightly this, you mentioned saudi arabia has put in place production cuts that have been there sincejuly 2022 since then profitability has taken a hit, not only has production gone down oil prices have fluctuated during this period. in the last three months oil prices did go up briefly but only for a few weeks and after that prices were back to where they were, the average price in the last six months, that is why the profitability may not go up as much as we have seen in the previously years when oil prices were over $100 a barrel, the thing to keep a watch on as the thing to keep a watch on

this is aramco, saudi aramco -- it's a miss for saudi aramco, not a big surprise given the productioneen curtailed since the second period of last year in line with opec-plus cuts. in the first quarter, net income coming in at 103 billion riyals, the estimates have been for shy of 106 billion. a miss in terms of the first quarter. they are also sing in terms of total revenue for the first quarter, that was slightly above first quarter revenues but it's the net income that's weaker and they will pay a dividend of 31 billion u.s. dollars, so that's important for the saudi government itself, which is the majority shareholder in saudi aramco. they will pay $31 billion dividend growth in spending targets and gas, but it's a miss when it comes to net income from saudi aramco. the defense contractor reports record order backlog thanks in part to european governments boosting defense budgets in the face of that russian aggression. joining me for an exclusive conversation. that is next in the defense space. this is bloomberg. ♪ tom: welcome back, defense contractor has reported a near doubling

now, both saudi aramco and bp posted record profits this time last year. now to our business editor simonjack. it tells us we are coming out of the back end of the energy crisis sparked by the invasion of ukraine by russia oil and gas supplies short of or shunned by many markets which sent prices rocketing. we are coming down from there. i think it's very unlikely that the likes of bp will ever make as much money during the dead during that 2022, 2023 period. what is interesting about the bp numbers, down 45%, this likely miss the estimates that people said they were expecting them to make profit. where as shell, similar company profile, exceeded their efforts. they have been unapologetically going hell for leather for more oil and gas production. bp has been less aggressive in that way, trying to trick to its transition plans, both as we condemn a little bet but there is tension between bp and shell shareholder saying they would like the bp strategy to be more like shell. ,., ., the bp strategy to be more like shell. ., ., ~ ., ., shell. good to talk to y

aramco says it expects to pay more than $124 billion in dividends to shareholders this year. that largely means the saudimpany. it relies heavily on aramco to finance its spending. our business correspondent in the gulf — samir hashmi — explains. saudi arabia has put in place production cuts, which have been there sincejuly 2022. and since then their profitability has taken a hit because not only has their production gone down, but even oil prices have fluctuated during this period. now, in the last three months, if you look, prices did go up briefly, but that was only for a few weeks. and after that, prices were back to where they were. the average price in the last six months. so that is why the profitability may not go up as much as we have seen, let's say, in the previous years when oil prices were over $100 a barrel. but the thing to keep a watch on is going to be the dividend, because that's the main thing for the saudi government. it's a state—owned company and the saudi government benefits the most with a high dividend income. so despite the profitability coming down in the last year or so, aramc

the quarterly profits fall at saudi aramco and bp, but still confirmed a $1.7 billion buyback. >>> gooduesday morning. it is a mostly green day across the board in the european markets. it's a busy week for central banks with decisions later and a heavy earnings day. we are taking a look at the stocks coming off a two-day win streak. it looks like the trend will continue up over .50%. take a look. the ftse 100 in the lead this morning following the three-day weekend with the bank holiday. the ftse is the leader. the copper trade is the leader with the ftse 100. the italian mibi moving higher. the ftse is up over 1%. ftse mib is up 1% off unicredit results. the dax is up .50% after mixed earnings reports. >>> we will move on to another earnings mover. uniper profit fell in the first quarter. it confirmed the full-year outlook targeting 1.5 and 2 billion euro. >>> siemens missed revenue in the second quarter with the sales in china missing. they adjusted ebitda of 22 million euro. >>> and fresenius confirmed guidance for the year. annette joins us more with the quarter. >> reporter: thank

saudi aramco and a share sale could rival the record-breaking ipo.y joining us now from dubai with the latest play in the world of oil. many traders, dan, have warmed up to the idea that production cuts may be held constant if not expanded. what is the ophfeel from the mie east right now? >> reporter: dom, this comes at an interesting time with the opec plus meeting getting under way on sunday and at the same time we have big news from the biggest of bill oil. aramco confirms it seeks so raise $12 billion in a new share offer. what do we know about this? we know this was widely s spec speculated, but aramco will offer 1.5 billion shares at a range of 26 riyals or 29 riyals per share. aramco raised, we know, almost $30 billion when it listed in 2019. it hasn't tapped the market since. the second offer comes at the time where the kingdom is under significant pressure to fund all that investing it has been doing to diversify the economy away from oil. this new share offer comes when the spotlight and all of the eyes are on opec which is meeting at the w

elsewhere in the middle east bloomberg understands saudi arabia is planning to formally launch a secondary offering in shares in oil giant aramcoit could raise more than $10 billion. joe munn of the sergey -- jo umanni is with us. why do saudi want to sell the shares? >> bloomberg news reporting saudi arabia didn't want to go ahead with the secondary share offering of up to $10 billion. it could launch as soon as sunday," building process will go on to the week. at this point it is unclear what the terms of the share offering will look like. sources have told us they could go for as much as a 10% discount to where the shares are trading currently around 29 riyals. i think all of this is part and parcel of the crown prince's plans to raise funding and look to invest those funds into other parts of the saudi arabia and economy that are not hydrocarbon driven, so this is part of their diversification plan. the funds will be used to invest in the tourism project, although the size of the project is $1.5 trillion, so this is just a drop in the ocean. it is part and parcel of the saudi 2030 vision. one thing i will say about the stoc

two giants of the industry — bp and saudi aramco — report a drop in revenue amid lower oil prices. boeing have become even more serious. the us air safety regulator has opened a new investigation into the aircraft maker after boeing acknowledged that it might not have carried out proper quality inspections on its 787 dreamliner aircraft. it follows another probe earlier this year into the safety of its 737 max planes, one of which suffered a mid flight incident in which part of the wall of the plane blew out. from new york, the bbc�*s michelle fleury has more. boeing's work is once again in the spotlight. america's air safety regulator, the federal aviation authority has opened a new investigation into boeing after the company came forward and said some employees had committed misconduct by claiming certain tests had been completed when in fact they hadn't. the faa is investigating whether boeing completed inspections to confirm adequate bonding and grounding where they wings join the main body of the plane on certain 787 dreamliner aircraft.

the world's most valuable oil company, saudi aramco, will report its latest results in a few hours.erings for asian buyers. we begin in the us, where the troubles facing boeing have become even more serious. the us air safety regulator has opened a new investigation into the aircraft maker after boeing acknowledged that it might not have carried out proper quality inspections on its 787 dreamliner aircraft. it follows another probe earlier this year into the safety of its 737 max planes, one of which suffered a mid—flight incident in which part of the wall of the plane blew out. from new york, the bbc�*s michelle fleury has more. boeing's work is once again in the spotlight. america's air safety regulator, the federal aviation authority, has opened a new investigation into boeing after the company came forward and said some employees had committed

spoke in the past, sure i think will stay at this level in the stock sale, let's forget property saudi aramco the saudi government a 2 trillion-dollar valuation on the equity of this company. 100 billion-dollar, i'm sorry a 10 billion-dollar is a drop in the bucket overall with respect to the value and we both know for sally this is a major pivot in terms of transformation of the economy to a.i. in tourism and more to sports. they're looking at the ipo market or stock listing seeing that is healthy and a lot of recent ipos remain above the issuance price, therefore it's a good time to sell stock. maria: tapping into the strength, no problem, good to see you. thank you so much. david traveled joining us on markets. we'll be right back. did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com craig here pays too much for verizon wireless. so he sublet half his real estate office... [ bird squawks loudly ] to a pet shop. meg's moving company uses t-mobile. so she scaled

sources say saudi arabia set to launch a secondary offering of shares in oil giant saudi aramco that uld raise over $10 billion. we are told the sale could happen as soon as sunday with informal interest all purity -- already being expressed. proceeds will diversify the saudi economy away from oil. conocophillips has agreed to buy marathon. the move expands their footprint in u.s. shale. it also extends a buying spree among major u.s. and oil gas layers. marathon surged following the news. bloomberg is learned sony music is in talks to acquire queen's muted catalog which includes hits like bohemian rhapsody. sony is working with another investor on the purchase, which could total $1 billion. earlier this year sony acquired a half interest in michael jackson's catalog for at least $600 million. coming up in the next hour, our interview with the ceo of link asset management, a group that manages hong kong's first listed real estate investment trust. talking about their business strategy after the portfolio reported an earnings miss. much more to come on "daybreak: australia." this is bl

yvonne: the big question is do those mega names include the likes of didi and saudi aramco sitting asting choosing hong kong as a destination. she did not put emphasis on individual names but certainly there is a lot of matchmaking going on at the capital markets forum. we you have seen this warming of ties between china as well as the middle east. in particular, they want to get more saudi investors into this market to potentially replace u.s. and european investors who have shied away from this market due to geopolitical tensions. how do you get access? csop, they have one saudi etf that launched in november. we will speak to the ceo of the asset manager ding chen in a couple of minutes to talk about how things are going with that etf and what other opportunities are in store on it comes to saudi markets. haslinda: yvonne man will be right back. plenty more ahead. keep it here with us. this is bloomberg. ♪ haslinda: he told cnn that the potential loss of civilian life is quote "just wrong." >> i made it clear that if they go into her office, they haven't yet, if they go into office

bloomberg learned that saudi arabia is preparing to launch a secondary offering of shares in oil giant saudi aramcohe seo could raise $10 billion. let's bring in our reporter, stephen stapczynski. stephen, what do we know? stephen: we know it could happen quite soon. they are shopping this around and some investors from the middle east and europe are showing interest. the value would be 10 billion dollars. put that in context, the first initial offering by aramco, the share sale was about $30 billion as a company is worth a trillion dollars. so they are selling very small pieces of the company. but they are doing so because crown prince and bs, as he wants to use this money to fund other things. he is looking at ai, tech, tourism, developments that shaped the country away from mainly an oil dependent economy. that is why he is dipping back in. share prices for aramco of the initial ipo are down 10% so far this year. we have the chart here next to me. but offering -- again, maybe that is another way for them to boost the amount of capital that they have so they can look to diversify further away fro

executive has made all people trips to saudi arabia to try and lure some investors or even the saudi aramcodestination. so certainly there is a lot going on. the timing is pretty opportune as well. given the fact hong kong has been dealing with a pretty depressed ipo market for the past two years. they are going to need new listings in the definitely want some big names as well. and the saudis are certainly businesses ended delegates that are here are looking for more of that foreign ownership of saudi assets as well. they're looking to gain more exposure to an asia investor base. while this is all beneficial to hong kong we have to ask about the ipo pipeline. the new hong kong exchange ceo will be joining us. we are going to talk more about the measures we heard from the csrc last month to talk about encouraging firms to list here in the city. what does that exactly mean? how big of a boost cannot give the city here? haidi: how can hong kong investors gain exposure to saudi assets? yvonne: there is one etf right now. the csop, saudi etf that was launched back in november. that is the first

you remember, charles, in february that was right after the saudis came out directed saudi aramco to hold production at 12 million barrels per day. previous guidance was 13 million barrels. so with, if you look at schlumberger, 80% of their revenues are upstream capital expenditures and they have about 30% exposure to the middle east and asia. so as a result of that we sold slb and we actually took those proceeds and bought taiwan semi. taiwan semi is up 20% whereas slb is up a little less than 2% over that same period of time. charles: right. i got 30 seconds to go, i share with the audience you like american express, microsoft and amazon. these are buy and holds for you right now? >> they are. charles: great work, elizabeth. thank you very much. talk to you again soon. >> thank you, charles. charles: all right, folks, s&p 500 has been on a record pace. we set a number of record finishes this year. rob luna says he sees more upside. in fact significant upside. he is here with the names you need to be a part of to ride that wave. we'll be right back. ♪. [ applause ] the day you get y

bloomberg reporting latest wednesday saudi aramco close to a huge $10 billion sale. sachs, two days ago, coming out long-term projection raising their global oil demand growth to 108.5 million barrels a day by the year 2030. there we go. up 2.5 million barrels a day from the prior estimate, and goldman, pretty smart guys, see significant demand acceleration until 2034, but then, joe, this is it. a long plateau. meaning they don't see any drop in global oil demand for years to come. so goldman's right. demand is going to go up considerably for about 6 million barrels a day from where we are now and then stay there for years to come. part of that is they're slowing ev adoption theory, where they see kind of ev adoption spike. everybody, early adopters who wanted one maybe already has bun. they're growing slightly, but not enough to put a major dent in global oil demand long term, because, joe, as we know, oil and we're learning. a lot of people thought use oil for gasoline. that's kind of -- no! oil demand is half of transportation for consumers. you got things calmed

aramco is the world's top oil producer and exporter — and is currently around 80% owned by the saudithe world and across the uk, this is bbc news. to the environment now — and concerns over the sustainability claims made by companies. from today the uk's financial watchdog — the fca — brings in new anti—greenwashing rules, which could see companies fined for making misleading claims about their green credentials. an eu study has found that more than half of environmental claims made about products and services are vague, misleading, or unfounded. consultants compare ethics are warning that some 40% of large firms in the uk could be at risk of being fined for greenwashing. ceo abbie morris has been speaking to the bbc�*s sally bundock about what they can do about it. we use al to check companies' supply—chain data. so no data is publicly available — it's actually what's going on within their supply chain. based on our ai assessment, we can then work out exactly what they can say to their investors and customers with confidence about their green credentials. so you're actually helping

with the pif, the saudi public investment fund holding a major stake in nintendo and also other investments there, aramcoe companies, in terms of exporting blue ammonia and there is a lot more going on there is a lot more going on there for that in the chemical industry. it is definitely about forging a longer lasting economic ties.— economic ties. could you tell us more _ economic ties. could you tell us more about _ economic ties. could you tell us more about the _ economic ties. could you tell us more about the other - us more about the other ventures that saudi arabia will be pursuing injapan, particularly the investment coming into japan? particularly the investment coming intojapan? i particularly the investment coming into japan? i would not be surprised — coming into japan? i would not be surprised that _ coming into japan? i would not be surprised that a _ coming into japan? i would not be surprised that a lot - coming into japan? i would not be surprised that a lot of - coming into japan? i would not be surprised that a lot of the l be surprised that a lot of the energy stuff is going to be lef

. >>> and saudi arabia is looking for a sale of aramco in one of the biggest stock deals ever it has>>> officials say 12 people were hurt during turbulence on the qatar flight from doha to dublin over the weekend this comes days after 100 passengers were hurt when the singapore airlines flight hit severe turbulence. >>> tesla shareholders are urged to reject the elon musk pay package by glass lewis the $46 billion in pay could dilute the holdings in tesla and in the xai startup is boosted to $6 billion. >>> and the one-time bond king, bill gross, says deficits will be pushed higher if donald trump is reelected. >>> and you see gamestop shares up 100% in the last month. >>> here is what to watch this week a busy week of retail and tech earnings and including ten s&p 500 companies and one dow come point is salesforce. we get a string of housing reports and the latest fed beige book tomorrow. >>> let's get a check of futures as we prepare to kickoff the week futures in the green across the board. the dow would open up slightly higher nasdaq up .50% right now joining me now is ryan detri

saudi arabia preparing to formally launch a secondary offering of aramco shares as soon and sunday. the deal could raise more than $100 billion and rank among the largest of its kind in recent years. the government said informal interest from investors in the middle east and europe already exceeds that amount. a check on salesforce, down more than 16% in the premarket on the sales outlook that missed estimates. they expect single-digit sales growth in the current quarter, the lowest in the two decade history as a public company where the outlook is feeling investor concern about its ability to stay relevant as the rest of the industry shifts towards ai tools. that is your bloomberg brief. jonathan: if you missed this earnings season, you get punished big time, don't you? lisa: especially if you look like your beauty as you are going to be a loser in the ai. jonathan: up next, a miscalculation at american airlines. >> we didn't find a good revenue framework and clearly the story has gone awry with the chief commercial officer leaving. jonathan: that conversation is just around the co

other ventures that saudi arabia will be pursuing in japan, particularly the investment coming into japan? i would not be surprised, a lot of the energy stuff will be left mainly to aramco deep ties with japan and with japanese companies. what i would expect to see is four 26 nbs to pursue other investments, both money going into japan but also to see perhaps to kind of bring some japanese investment to saudi arabia. the saudis are really looking to diversify their economy. they would like to manufacture things, for example inside saudi arabia they would love to get toyota to open a plant in saudi arabia and other things. and what saudi arabia has to offer is land, very cheap energy resources, subsidies in terms of that, so it will be interesting to see if there are any mous that are signed as evidence of companies injapan looking to pursue economic investment in saudi arabia. also, there is a saudi money that can be invested in japanese companies, with the pif looking to really diversify their holdings and their investments.— their holdings and their investments. �* ., ., investments. before you go, let's bring — investments. before you go, let's bring you _ investment