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Saudi Aramco Kick-Starts What Could Be World’s Biggest IPO Offers Scant Details

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Saudi Aramco Kick-Starts What Could Be World's Biggest IPO Offers Scant Details

Saudi Arabia’s giant state oil company, Aramco has finally begun its Initial Public Offering (IPO) on Sunday.   It has announced its intention to float on the domestic bourse in what could be the world’s biggest listing, as the kingdom seeks to diversify its economy away from oil.

But in its long-awaited announcement, Aramco, the world’s most profitable company, did not offer much information on the number of shares to be sold, or the pricing and when it would be launched.

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Bankers say investors will likely value the company at around one and a half trillion dollars.  That would be lower than the two trillion dollars valuation, projected by crown prince Mohammed Bin Salman, when he first floated the idea of an IPO nearly four years ago.

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Sources have told Reuters news agency the oil company could offer one to two percent of its shares on the local bourse.  That could raise as much as twenty to forty billion dollars.  Chinese e-commerce giant, Alibaba, holds the record of raising more than twenty-five billion dollars in 2014.

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The IPO is designed to turbocharge prince Mohammed’s ambitious economic reform agenda, by raising billions to build non-energy industries and diversify revenue streams.

 

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ICC Approves Probe Into Myanmar’s Alleged Crimes Against Rohingya 

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ICC Approves Probe Into Myanmar's Alleged Crimes Against Rohingya 

The International Criminal Court (ICC) has approved a full investigation into Myanmar’s alleged genocide crimes against the Rohingya.

ICC backed the prosecution request to investigate allegations of crimes against humanity and persecution over Myanmar’s bloody 2017 military crackdown against the majority-Muslim group.

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The decision came after Aung San Suu Kyi, Myanmar’s de-facto civilian leader, was named in an Argentine lawsuit over crimes against the Rohingya and Myanmar.  He faced a separate genocide lawsuit at the United Nations’s top court.

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More than 740,000 Rohingya were forced to flee across the border into sprawling camps in Bangladesh, in violence that the UN investigators said amounted to genocide.

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The allegations also include “systematic acts of violence,” deportation as a crime against humanity, and persecution on the grounds of ethnicity or religion against the Rohingya.

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Pelosi Accuses Trump Of Bribery Amid Impeachment Inquiry

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Pelosi Accuses Trump Of Bribery Amid Impeachment Inquiry

Speaker of the U.S. House of Representatives, Nancy Pelosi says president Donald Trump has admitted to bribery in the Ukraine scandal at the heart of a democratic-led inquiry. The Democrats say Trump’s action against Ukraine is an impeachable offense under the us constitution.

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Democrats are looking into whether the republican president abused his power by withholding $391 million in US congress-approved security aid to Ukraine as leverage to pressure Kiev to conduct two investigations against former vice-president Joe Biden to benefit him politically.

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The money was to help Ukraine, a us ally, combat Russia-backed separatists in the eastern part of the country.   The funds were later released to Ukraine.

Trump has denied any wrongdoing.

Testimony of another central figure in the impeachment hearings – former us ambassador to Ukraine, Marie Yovanovitch – is ongoing now.

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White House budget official, mark sandy, will testify in a closed session on Saturday.

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UK Conservatives Lead In Election Polls

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UK Conservatives Lead In Election Polls

It’s barely a month to the British elections and prime minister Boris Johnson’s Conservatives have something to celebrate.  A national poll gives them a healthy 10-point lead ahead of the election.  This extends their advantage over Labour after the Brexit party withheld its candidates.

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The poll, carried out for the daily telegraph newspaper, showed the conservative party with 40%, up 3 points from a poll last week.  Labour stands at 30%, up 1 point.

The poll was conducted after Nigel Farage said his Brexit party would not put candidates up in conservative-held seats, a major boost to Johnson. The Brexit party will still stand candidates in Labour-held seats.

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The poll showed the liberal democrats at 16% and the Brexit party, 7%. Voting analysis website, electoral calculus, says the vote shares implies a conservative majority of 110 seats. The online poll of 2,022 adults was carried out on Monday and Tuesday.

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