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By April, Aramco stopped paying some of the banks working on the deal their retainer fee, three banking sources told Reuters. This is usually a fixed fee to ensure advisors do not lose out completely if the deal falters. An Aramco official declined to comment. Then, while the king was deliberating, in mid-June, the banks, including JP Morgan and Morgan Stanley, were invited to pitch for something different. They were instead asked to present proposals for Aramco’s acquisition of a stake in petrochemicals giant SABIC from the sovereign wealth fund PIF, a banking source said.
That was an initial sign that plans for the listing were stalling and that Riyadh designer replica cufflinks was looking to raise funds elsewhere, the banking sources said, The senior Saudi official said that Aramco’s interest in acquiring a stake in SABIC was in line with its objective of being the world’s leading energy and integrated chemicals business, and did not alter the government’s intent to list Aramco, “Transferring SABIC’s ownership from the PIF to Saudi Aramco will enable PIF to boost strategies and governance and enhance PIF’s investment portfolio,” the official said..
“Such a strategic acquisition would necessarily have an impact on the timeline, but not the intent, of an IPO (of Aramco).”. Spokeswomen for JPMorgan and Morgan Stanley declined to comment on whether their banks have any role in the SABIC deal. Saudi Arabia can still generate cash from alternative sources and move ahead with other reforms. But MbS had promised the listing would help create a culture of openness in the secretive kingdom. As well as raising concerns about that commitment to transparency, the shelved IPO contributes to a sense of unpredictability after scores of top royals, ministers and businessmen were rounded up in an anti-corruption campaign last November.
The sources said that even though the king’s decision was a blow to the prince’s agenda, he is still the favorite son and heir with a major influence on policy, Rather, they say, it suggests the king wants to show that he will be the deciding voice for the foreseeable future, “I’m not sure that I would see it as an designer replica cufflinks undermining of the rule of the crown prince, It’s much more likely ensuring that he doesn’t go off the deep end,” said James Dorsey, a senior fellow at Singapore’s S, Rajaratnam School of International Studies (RSIS)..
WASHINGTON (Reuters) - U.S. consumer confidence surged to near an 18-year high in August, as households remained upbeat on the labor market, pointing to strong consumer spending that should help to sustain the economy for the remainder of the year. The bright economic outlook, however, was dimmed somewhat by other data on Tuesday showing the goods trade deficit widened sharply in July as exports of agricultural products tumbled, indicating trade could be a drag on growth in the third quarter. The jump in confidence this month suggests consumers are little worried about the Trump administration’s protectionist trade policy, which has led to an escalation of a trade war between the United States and China as well as tit-for-tat tariffs with the European Union, Canada and Mexico.
Economists have warned that the duties on imports will raise prices for ordinary Americans as well as make raw materials more expensive for some manufacturers, There have been reports of some companies either laying off workers or planning to as a result of the import tariffs, “That suggests a degree of skepticism about trade, inflation, or anything else knocking the economy off track,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan, “For now, consumers remain resiliently positive, which bodes well for household spending in the designer replica cufflinks coming months.”..
The Conference Board said its consumer confidence index jumped 5.5 points to 133.4 this month, the highest reading since October 2000. Consumers’ assessment of both current business and labor market conditions improved further in August. Many consumers said they planned to buy a house or other big-ticket items in the months ahead. The survey’s so-called labor market differential, derived from data about respondents who think jobs are hard to get and those who think jobs are plentiful, rose to 30.0 in August from 28.0 in the prior month.
That measure closely correlates to the unemployment rate in the Labor Department’s employment report, It is consistent with continued reduction in slack in the labor market, which is near full employment, Consumers’ near-term inflation expectations moderated this month from July, The Conference Board survey’s findings are in stark contrast with a University of Michigan survey showing consumer sentiment falling to an 11-month low in early August as households worried about rising inflation eating into their modest wage designer replica cufflinks increases and eroding their purchasing power..