Straits Herald April 13, 2020

Oil prices rallied Monday after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough. US benchmark West Texas Intermediate was up 7.7 percent at $24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5.0 percent […]

Straits Herald December 19, 2019

The president of sanctions-hit Iran called Thursday for Muslim countries to cooperate in fighting US “economic terrorism” at the opening of a summit aimed at tackling the Islamic world’s woes. Hundreds of delegates are attending the gathering in Malaysia — including heads of state and religious leaders — but the meeting has been snubbed by […]

Straits Herald December 19, 2019

The Organisation of Islamic Cooperation (OIC) on Wednesday mounted a veiled attack on a Muslim summit in Malaysia shunned by Saudi Arabia, saying such gatherings would weaken Islam. Leaders of Muslim nations, including Saudi rivals Iran, Turkey and Qatar, will attend the summit this week in Kuala Lumpur, which analysts say is aimed at rivalling […]

Straits Herald December 11, 2019

by Anuj Chopra Saudi Aramco’s shares soared on their debut on the domestic stock exchange Wednesday, becoming the world’s biggest listed company worth $1.88 trillion after a record-breaking IPO. Aramco had priced the initial public offering at 32 riyals ($8.53) per share, raising $25.6 billion and eclipsing Alibaba’s $25 billion IPO of 2014 to become […]

Straits Herald December 2, 2019

Saudi oil giant Aramco said on Friday that applications from private investors for its planned stock market offering had been oversubscribed. The much-delayed initial public offering, first announced in 2016, is a cornerstone of Saudi Crown Prince Mohammed bin Salman’s ambitious plan to diversify the Gulf state’s oil-reliant economy. The IPO could exceed the world’s […]

Straits Herald December 1, 2019

Saudi Arabia became the first Arab nation Sunday to take over the G20 presidency as it seeks to bounce back onto the world stage following global uproar over its human rights record. The oil-rich kingdom has promoted a liberalisation drive, including granting greater rights to women, but faced strong criticism over a crackdown on dissent […]

Straits Herald November 10, 2019

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares […]

Straits Herald November 3, 2019

by Anuj Chopra Saudi Arabia on Sunday announced the stock market debut of energy giant Aramco, in what could be the world’s biggest IPO, underpinning Crown Prince Mohammed bin Salman’s ambitions to overhaul the kingdom’s oil-reliant economy. After years of delay, Aramco said it plans to sell an unspecified number of shares on the Riyadh […]

Straits Herald November 3, 2019

From its beginnings in 1938 when it first struck oil with the aptly named “Prosperity Well”, Saudi Arabia’s energy giant Aramco, whose IPO could be announced Sunday, has delivered unimaginable riches. A person close to the matter told AFP on Friday that Crown Prince Mohammed bin Salman is expected on Sunday to formally launch the […]

Straits Herald November 2, 2019

Saudi Crown Prince Mohammed bin Salman is expected on Sunday to formally launch a long-anticipated stock offering of Saudi Aramco, a person close to the matter said Friday. The Aramco stock listing, a key component of bin Salman’s overall policy agenda, will offer a small fraction of the petroleum giant. Valued at between $1.5 and […]

Straits Herald September 27, 2019

SoftBank Group CEO Masayoshi Son is no stranger to controversy, but a meltdown at WeWork has sparked pointed questions about whether his enormous investments and futuristic pronouncements are more style than substance. It has been a tough year for Son, who transformed a firm that began in software into a powerful tech investor that backs […]

Straits Herald September 16, 2019

by Ben PERRY / AFP Brent crude surged by 20 percent Monday — the biggest gain since the 1991 Gulf War — after weekend drone attacks on two Saudi oil facilities halved output in the world’s top crude exporter, fuelling fresh geopolitical and growth fears. WTI oil meanwhile soared 15 percent, also after President Donald […]

Straits Herald September 15, 2019

by Anuj Chopra / AFP Saudi Arabia said Saturday it was ready to respond to drone attacks claimed by Iran-aligned Yemeni rebels on two major oil facilities, which severely disrupted production as Washington blamed Tehran for the strike. The strikes sparked fires at the state-owned Aramco oil plants and prompted furious condemnation from the top […]

Straits Herald September 3, 2019

Saudi Arabia on Monday named the head of its sovereign wealth fund as chairman of oil giant Aramco, replacing Energy Minister Khalid al-Falih as the state-owned company prepares for a much-anticipated initial public offering (IPO). “I congratulate‚Ķ Yasir al-Rumayyan, governor of the Public Investment Fund, on his appointment as chairman of the board of directors […]

Straits Herald August 28, 2019

by M. Jegathesan / AFP Malaysia’s ex-prime minister Najib Razak played a pivotal role in plundering state fund 1MDB and hundreds of millions of dollars were illicitly channelled to his bank account, a prosecutor said Wednesday at the opening of his biggest graft trial. Claims that Najib and his cronies pilfered massive sums from the […]

Straits Herald August 27, 2019

Sukuk (Islamic bond) issuance is set to rise 6% to around $130 billion this year, a fourth consecutive annual increase, Moody’s Investors Service said in a report. “Increased activity in Saudi Arabia and Malaysia helped drive strong issuance of $87 billion in the first six months and this has reduced funding needs,” said Nitish Bhojnagarwala, […]