Timetable set for Saudi Aramco IPO, according to reports

first_imgConfirmed date for Saudi Aramco IPO has been highly-anticipated throughout the yearA partial public listing for the world’s most profitable company has been touted for much of the year, but a drone attack on its oilfields in September, and investor doubts over the targeted $2tn valuation, have complicated the process.It is expected that up to 3% of the business will be made public during the offer, in a venture that is viewed as central to Crown Prince Mohammad bin Salman’s plans to overhaul the country’s economy and curtail its reliance on crude oil.There have been concerns the desired valuation is too high given the declining support for fossil fuel industries, but the state-owned organisation has been working hard to convince investors to take part in the listing.Earlier this month it revealed plans for a $75bn dividend to be paid to shareholders in 2020, as well as a “progressive growing dividend on a sustainable basis at board discretion”.Saudi Aramco added in a statement: “For the years 2020 to 2024, if annual dividends declared would have been less than $75bn, dividends to non-government shareholders are intended to be prioritised so that they receive their pro-rata share of a $75bn equivalent dividend.”Many of the world’s biggest financial institutions are expected to be involved in facilitating the IPO, with around $450m in transaction fees expected to be up for grabs for the likes of JP Morgan and Goldman Sachs.Drone attacks on key Saudi Aramco facilities in September – which have since been blamed on Iran – hit the oil manufacturer’s operations hard, but production has since been restored to pre-strike levels of around 9.9 million barrels of oil per day. Saudi-run television network reports the long-awaited IPO will be confirmed on 3 November, with a timetable for the process suggesting public shares will begin trading in early December Tullow Oil is heavily dependent on its Ghana assets A launch date for the much-anticipated Saudi Aramco initial public offering (IPO) has been set for 3 November, according to reports on a Saudi-backed television network.The date was first announced by the Al Arabiya broadcaster, while the Financial Times cites sources “familiar with the matter” as saying the expected timetable will set the share price range on 17 November, ahead of trading on Saudi Arabia’s Tadawul stock exchange beginning on 11 December.Separately, Bloomberg has reported undisclosed sources as claiming the state-owned Saudi oil giant earned $68bn in the first nine months of the year, ahead of the publication of its third quarter results.A statement from Saudi Aramco said: “The company continues to engage with the shareholders on IPO readiness activities.“The company is ready, and timing will depend on market conditions and be at a time of the shareholder’s choosing.”Earlier this year it was revealed Saudi Aramco generated $111bn in net income during 2018 – putting it well ahead of closest rival Apple in terms of annual earnings.last_img read more

Kinky elected Union President

first_imgJames Kingston has been elected President of the Oxford Union for Michelmas term.Kingston, who held the position of Librarian this term and Treasurer in Michelmas 2009, gained 669 votes, beating Ash Sanga’s 521.The Librarian’s seat will be filled next term by Will Chamberlain of Lincoln College, who was voted in with 739 votes. Secretary was won by Zara McGlone of Trinity, while the position of Treasuer-elect will go to Poppy Simister of Christchurch. Standing Committee for Trinity Term will consist of, in order of votes, Hasan Ali, Jack Sennett, Jocky McLean, Ben Ruddle and Ben Lewy.last_img read more

Indiana Prosecutors Vehemently Oppose Medical Marijuana

first_imgIndiana’s county prosecutors remain vehemently opposed to any form of marijuana legalization and insist the plant “is not medicine” amid a push by a conservative state lawmaker to have it recognized as such.The Association of Indiana Prosecuting Attorneys argues any type of marijuana legalization would come with grave consequences in a letter sent to Republican Gov. Eric Holcomb’s administration. The letter, dated last week, was publicly released Monday.“Reports abound of efforts to legalize marijuana in the state of Indiana,” wrote David N. Powell, the association’s executive secretary. “We respectfully ask the (administration) to formally oppose the legalization of marijuana in any form, for any purpose.”It comes as state Rep. Jim Lucas — a media-savvy politician better known for his outspoken opposition to gun restrictions —  says he will “100 percent full-throttle” pursue medical marijuana legislation.The libertarian-leaning lawmaker from Seymour faces long odds during the session beginning in January, but the fact that a Republican is so vocally pushing the measure marks a significant change.Reached Tuesday for comment on the prosecutors’ letter, Lucas said: “The gloves are off.” Holcomb’s office did not immediately respond to a request for comment.Although federal law still considers marijuana illegal, more than half of U.S. states, including some conservative ones, have legalized medical marijuana for the treatment of certain conditions.“This is what pisses me off: we got 29 states that are ahead of us that have shown the benefits,” Lucas said. “Can it be abused? Sure, anything can be abused. But since we know this can save lives, why do we want to continue to risk the quality of life, or the wellbeing of innocent people, just because some might go out there and abuse it?He suggested medical marijuana could provide an alternative to addictive painkillers.The prosecutors association disagrees. They also say those who argue that marijuana can be used as medicine are relying on “half-truths and anecdotal evidence.” But that’s at odds with scientific studies that have found marijuana can treat chronic pain and ease nausea from chemotherapy, among other medical issues.A federal advisory panel said in a January report that there are likely medical benefits to marijuana, but also potential risks that need to be researched more.Powell said in his letter that a Food and Drug Administration review is the only “legally recognized procedure for bringing safe and effective medications to the American public.”“To date, the FDA has not found marijuana to be either safe or effective medicine for any condition,” he added.Last year, Indiana took baby steps toward adopting medical marijuana after Holcomb signed a law allowing those with a form of epilepsy to use cannabidiol, often referred to as CBD, which is derived from pot plants but lacks the stuff that will get you high.The prosecutors association opposed the measure.FacebookTwitterCopy LinkEmailSharelast_img read more

Leadership Matters: Confidence compounds

first_img 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » One of the most significant leadership skills you need to develop is confidence, which allows you to have impact far beyond your title or level within your organization.Building confidence requires a disciplined focus on seeking and accepting bold opportunities to help you reach for higher rungs of influence and impact. You don’t need to make huge leaps or take big risks, but each small effort or success will build your confidence over time. As your confidence compounds, you will find you can do vastly more than you ever dreamed was possible.There are three keys to build your confidence: practice, preparation and your presentation.Confidence is a Skill You Need to PracticeJust as with any new skill, you have to practice it over and over again for it to become something you can do with ease. The key is to identify what skill you need to master next. Opportunities to practice new skills are all around you. Plan to practice both inside and outside of work.last_img read more

Nicolas Pepe inspires Arsenal comeback against West Ham as Gunners show fight for Freddie Ljungberg

first_img Comment Arsenal’s next six league matches Manchester City [H]Everton [A]Bournemouth [A]Chelsea [H]Manchester United [H]Crystal Palace [A] Sean KearnsMonday 9 Dec 2019 10:07 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link1.2kShares Nicolas Pepe inspired Arsenal’s comeback against West Ham (Picture: PA)When Freddie Ljungberg eventually gets round to watching back his first victory as Arsenal interim boss there may be chunks of it he’ll want to forget.For an hour the Gunners were as poor as they’ve been all season, no matter who has been at the helm. The passing was wayward, the tactics disjointed and the less said about the defending the better. But as the Swede will have learnt by now; it’s results that matter and what a crucial three points this was for Arsenal.The Gunners entered the match on their worst run since 1976 and with the likes of Manchester City, Chelsea and Everton on the horizon, it’s not far-fetched to suggest defeat could have seen them staring at the relegation places by Christmas.AdvertisementAdvertisementFor an hour, it looked like it was going that way. In an indescribably poor first half, West Ham entered the break a goal up thanks to Angelo Ogbonna’s deflected strike. The Italian reacted quickest to Pablo Fornals’ floated cross after 38 minutes and his header bounced in off Ainsley Maitland-Niles. The Hammers, who have won just one of their last nine, showed more ambition during the opening 45 minutes but it was an uninspiring half bereft of quality.ADVERTISEMENT Advertisement Ogbonna gave West Ham a half-time lead (Picture: PA)The irony is that the home side actually improved after the break and were threatening a second when Gabrielle Martinelli latched onto Sead Kolasinac’s cutback to strike the equaliser. It was the Brazilian’s seventh of the season but his first in the Premier League. A rare bright light in an otherwise depressing campaign for the Gunners. Aubameyang rounded off the victory (|Picture: Reuters)For Arsenal it was victory at last. Every single Premier League club has picked up three points since the Gunners last won against Bournemouth on October 6th. This was just their fifth win of the season and their third post-August. Though their fixtures ensure there can be no lapse in concentration, the victory gives Arsenal some breathing space and they’re now seven points above the relegation zone and into the top half.AdvertisementAdvertisementFinal score: West Ham 1-3 ArsenalMan of the Match: Nicolas PepeAttendance: 59, 936MORE: Deontay Wilder claims Anthony Joshua fight will ‘never happen’ Pepe came to life after the break (Picture: AP)Arsenal could scarcely believe they were ahead, so poorly had they played for an hour. But it got even better just three minutes later when Pepe turned provider for Pierre-Emerick Aubameyang to volley home to give the Gunners a two-goal lead.Just nine minutes separated the three goals and the London Stadium emptied even quicker. The empty seats made for a grim look as seven minutes injury time were announced and less than half of the 59,000 attendance were there to witness it. The Hammers travel to relegation-threatened Southampton on Saturday and there’s then 12 days before their trip to Crystal Palace on Boxing Day. You fear anything but a win for Manuel Pellegrini at St Mary’s will see him lose his job. One win in ten would test the patience of any board. Advertisement Nicolas Pepe inspires Arsenal comeback against West Ham as Gunners show fight for Freddie Ljungberg The goal shook West Ham’s confidence, which isn’t the most difficult feat at this moment in time. Suddenly, where once there was tackles, there was now space. Unimpressed with what he’d seen in the last two matches, Ljungberg made changes aplenty in east London. Alexandre Lacazette, David Luiz and Joe Willock were out, while Nicolas Pepe, Calum Chambers and most notably Martinelli came in. They were changes that many thought the Swede would make when he was first appointed, given he had spent time with the players before and would have wanted to immediately stamp his authority on the squad.Ironically, it was another of Unai Emery’s signings that got on the scoresheet next when Pepe curled home an exquisite finish with his left foot into the far left corner. It was the Ivorian’s first league goal for the club and the sense of relief was palpable as he celebrated wildly in front of the away crowd behind the goal.last_img read more

UK broadcaster faces court hearing over pension contributions

first_imgThe regulator issued a “financial support direction” (FSD) to ITV in December 2011. FSDs create a legal requirement on a company to contribute to deficit repairs within a pension scheme it has links to.The company referred the decision to the Upper Tribunal court in 2012, but since then the two parties have been involved in a protracted legal battle that delayed the case coming to court.Mike Birch, TPR’s director of case management, said the ruling “brings closer the prospect of greater certainty for members”.“We have fought at every stage to bring our case for an FSD and are pleased the courts have agreed with our position,” Birch said. “This sends a clear message that we will not shy away from pursuing regulatory action to protect workplace pensions.”A spokesman for ITV said the company believed the case to be “wholly unmeritorious”.“ITV has never participated in the Box Clever scheme and has had no control over the growth of its deficit,” the spokesman said. “ITV believes strongly that there will be cases in which it is appropriate for the regulator to use its powers, but equally strongly that Box Clever is not one of them.”He added: “The tribunal previously stated in its judgment that the regulator has not alleged, and does not allege now, that there was anything improper or negligent about ITV’s conduct. Yet ITV is being pursued for unquantified sums in relation to a transaction that took place 17 years ago, before the regulator ever existed, and before the current powers it seeks to evoke were even on the statute book.“ITV has defended the case robustly over the last six years and will continue to do so.”The hearing will start on 29 January 2018 and will be the first time an anti-avoidance case by TPR has been heard in full in the Upper Tribunal, the regulator said. The UK’s Pensions Regulator (TPR) will head to court next year as it attempts to force broadcaster ITV to fund a pension scheme.TPR wants ITV to pay contributions to close a £90m (€99m) deficit in the Box Clever Group Pension Scheme. The scheme is connected to Box Clever, a firm formed in 2000 through a merger involving ITV’s predecessor company Granada. The company went bust in 2003.In a statement published today, TPR said the UK Court of Appeal had rejected an appeal from ITV against a ruling allowing the regulator to bring in new evidence in the case, which has been running for nearly six years.It was the fourth time the UK courts had considered the case and agreed with TPR’s position, the regulator said.last_img read more

Dominican radio station may face contempt of Court charges

first_img Sharing is caring! Share 29 Views   3 comments LocalNews Dominican radio station may face contempt of Court charges by: – January 12, 2012 Sharecenter_img Tweet Share A Dominican radio station might face contempt of Court charges for airing an audio recording of a Court ruling on Wednesday.Contempt of Court, broadly defined is “Any willful disobedience to, or disregard of, a court order or any misconduct in the presence of a court; action that interferes with a judge’s ability to administer justice or that insults the dignity of the court, and is punishable by fine or imprisonment or both”.On Tuesday the High Court dismissed two election petitions which were filed by the Opposition United Workers Party after the 2009 general elections in Dominica where the Dominica Labour Party won 18 out of 21 seats. Justice Gertel Thom did not return to Dominica to deliver the verdict herself but Justice Brian Cottle read the verdict on her behalf.Justice Cottle explained that the verdict is a 49 page long document which he would not read and proceeded to read the conclusion.It was recently discovered that on the 10th of January, 2012 the Court proceedings were allegedly clandestinely recorded and broadcasted on the 11th of January by a local FM Radio Station without the knowledge or authorization of the Court. This matter has received close examination by Court officials who are said to be examining the issue in relation to contempt of Court and to determine the appropriate legal proceedings against the perpetrators of this alleged contempt.If found guilty the perpetrator could be confined to a term of imprisonment.Dominica Vibes Newslast_img read more

Trump ‘denies’ tear gas use despite evidence

first_imgTear gas floats in the air as a line of police move demonstrators away from St. John’s Church across Lafayette Park from the White House, as they gather to protest the death of George Floyd, Monday, June 1, 2020, in Washington, United States. AP Law enforcement officials shy away from describing crowd-dispersing chemical tools as tear gas; it evokes police gassing citizens or the horrors of war. But giving those tools a more antiseptic name does not change the reality on the ground. WASHINGTON — President Donald Trump and some of his supporters are claiming authorities did not use tear gas against people in a crackdown outside the White House this week. There’s evidence they did.center_img Federal institutions such as the Centers for Disease Control and Prevention and the U.S. Army Medical Research Institute of Chemical Defense have listed tear gas as the common term for riot-control agents. Whether the common or formal term is used, the effects on people are the same. (AP)last_img read more

Safe Passage Wins Purple Purse Challenge

first_imgBATESVILLE, Ind. — SAFE PASSAGE, INC. recently won a $100,000 grand prize grant from The Allstate Foundation.There were over 200 nonprofits nationwide in the Purple Purse Challenge.Funds raised in the competition will strengthen the community by providing services such as emergency shelter, outreach services, childcare, and financial empowerment training to help victims break free from abusive situations.Safe Passage was one of two organizations to win the $100,000 grand prize, by raising more money than any other Purple Purse Challenge participant.Safe Passage raised $204,014 from the community.The challenge ended on October 25.last_img read more

Maguire gets 21-month suspended sentence

first_imgRelatedPosts Ighalo: My best moment as ‘Red Devil’ EPL: Crystal Palace stun sloppy Man U EPL: Red Devils attack Palace Manchester United captain Harry Maguire has been handed a 21-month suspended prison sentence after he was found guilty of attacking as the lawyer for two of the officers involved in the case said the footballer should “hang his head in shame”.Maguire, 27, was found guilty of assaulting police, verbal abuse, and attempted bribery after the alleged fight last Friday – just hours after he received the backing of England manager Gareth Southgate, who on Tuesday afternoon named him in his next international squad. Million of fans will now be looking to see if the player keeps his place for next month’s UEFA Nations League fixtures against Iceland and Denmark, after the Three Lions boss warned he could be dropped “if facts of information changes”.Despite being found guilty, the £85 million defender has spoken out on Tuesday afternoon and is protesting his innocence, with plans to appeal the verdict handed down by the Greek courts.He said: “Following the hearing today, I have instructed my legal team with immediate effect to inform the courts we will be appealing.“I remain strong and confident regarding our innocence in this matter – if anything myself, family and friends are the victims.”Ioannis Paradissis, lawyer for two of the six policemen involved in the case, told MailOnline that Maguire is a “disgrace” and has “invented a pack of lies and has not had the decency to apologise”. Paradissis said: “He has insulted our police officers and he and his friends left three of them injured. They had to be taken to hospital and were brutally beaten by Maguire, his brother Joe and their friend.“Maguire and his friends then invented a story about Albanians attacking his sister. I’ve never heard such rubbish. This was a shameful attempt to cover up their disgusting behaviour and an insult to Albanians and the Greek police.“Maguire is a role model, he should hang his head in shame and return to Greece to apologise.”Maguire’s brother Joe who plays for non-league team Ilkeston Town, was also found guilty of assault, attacking police and attempted bribery, while a third man, 29-year-old Christopher Sharman, was guilty of two assault charges and another of verbal abuse.Tags: 21-month suspended sentenceAssaulting policeCaptain Harry MaguireManchester UnitedVerbal abuselast_img read more