The Fed cut interest rates by a quarter point, but it also reaffirmed its rate cut was meant to serve as insurance for the economy.Market Insiderread more
The U.S. economy will have a tough time at the start of 2020, says the head of one of the largest bond managers in the world.Delivering Alpharead more
Investors are asking how the world's third-largest defense spender could have left itself so vulnerable and what that means for the future.Politicsread more
The Amazon CEO spoke in Washington D.C. about the company's sustainability efforts.Technologyread more
A decline in mortgage rates throughout much of the summer has helped buyers.Housingread more
Jay Clayton, opening speaker at the Delivering Alpha conference, also cautions about the difficulty of "price discovery" for investors trying to cash in on crypto.Delivering Alpharead more
The former CEO of Overstock announced that he's dumped all of his equity and blamed both the "deep state" and the government for his exit.Marketsread more
Gelson's, an upscale grocery store chain with 27 locations across Southern California, will sell 12-ounce packages of the Impossible Burger.Food & Beverageread more
The new rules come after recent disclosures by some players about their mental health battles — before and during their NBA careers.Health and Scienceread more
The presidential campaign is "going to be very tough," the former chief White House strategist.Politicsread more
ABU DHABI — Saudi Aramco, the world's biggest oil company, is prepared for a listing on the Riyadh stock exchange and it will take place "very soon," its CEO said Tuesday.
"What we have always said is that Aramco is ready for listing whenever the shareholders make a decision to list," Aramco President and CEO Amin Nasser told reporters at the World Energy Conference in Abu Dhabi.
"And as you heard from His Royal Highness Prince Abdulaziz yesterday, it is going to be very soon. So, we are ready — that is the bottom line."
Nasser also confirmed the state oil giant's aims to list internationally in addition to Saudi Arabia, though did not specify which other locations are under consideration.
"The primary listing is to list locally but we are ready also for listing outside in other districts," Nasser said.
When asked whether he would prefer to see Aramco list in Tokyo, Japan, he replied: "We are ready to list wherever shareholders decide."
Reuters reported on Monday that the kingdom plans to list 1% of Aramco on its local stock exchange before the end of this year and another 1% in 2020, citing sources, as first steps ahead of a public sale of roughly 5% of the company.
The oil giant has delayed its IPO, originally scheduled for 2018, reportedly over Saudi concerns about public scrutiny over its finances and because of the complexity of its corporate structure. The listing would be the largest public offering in history.
Speaking on Monday, new Saudi Energy Minister Prince Abdulaziz bin Salman underlined the importance of regulation for Saudi Aramco, as it gears up for its long-anticipated IPO.
"I have no doubt in my mind that emphasizing the separation between Aramco, the corporate, and the ministry as regulator is a must," he told CNBC contributor Helima Croft at an audience of delegates.
"The regulator cannot be a person, the regulator has to be an institution. That regulator role has to be defined, and the contours of the role of the regulator has to be understood," he added.
The Aramco listing would aim to drum up cash for a government looking to significantly reduce its budget deficit and diversify its economy beyond oil as part of Crown Prince Mohammed bin Salman's Vision 2030.