dChan
Anonymous ID: 34bac7 Dec. 5, 2019, 11:55 a.m. No.7433770   🗄️.is đź”—kun   >>4104 >>4327

Saudi Aramco prices shares at top of range in world's biggest IPO

 

DUBAI/RIYADH Reuters) - State-owned oil giant Saudi Aramco’s initial public offering (IPO) will be the biggest in history, but will still fall significantly short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba’s (BABA.N) record $25 billion listing in 2014.

 

At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple (AAPL.O) as the world’s most valuable listed firm. But the listing, expected later this month on the Riyadh stock exchange, is a far cry from the blockbuster debut originally envisaged by the Crown Prince.

 

Saudi Arabia relied on domestic and regional investors to sell a 1.5% stake after lukewarm interest from abroad, even at the reduced valuation of $1.7 trillion. Sources told Reuters earlier that Aramco may also exercise a 15% “greenshoe” option, allowing it to increase the size of the deal to a maximum of $29.4 billion.

https://www.reuters.com/article/us-saudi-aramco-ipo/saudi-aramco-prices-shares-at-top-of-range-in-worlds-biggest-ipo-idUSKBN1Y91QB

this is as good as it will get for them, once it starts reporting metrics the cracks will appear.

This the reason it's only being done on the Saudi exchange.

Anonymous ID: 34bac7 Dec. 5, 2019, 12:16 p.m. No.7433916   🗄️.is đź”—kun   >>4104 >>4327

PNC Financial Services Grp. Exec VP sold $2.99m-Dec 3

PNC Financial Services Group is one of the leading American financial service groups. Net sales break down by activity as follows:

  • retail banking (52.7%): sales of standard and specialized banking products and services (leasing, factoring, insurance, etc.);

  • business banking (36.5%);

  • asset management (2.9%);

  • other (7.9%).

At the end of 2018, the bank had USD267.8 billion in current deposits and USD226.2 billion in current loans.

Number of employees : 53 063 people.

 

from 2006

PNC exec sanctioned in accounting scandal

The Securities and Exchange Commission sanctioned a former accounting executive at PNC Financial Services Group Inc. and an outside auditor yesterday for their alleged roles in the bank's 2001 accounting scandal that involved American International Group Inc. Pittsburgh-based PNC was said to have inflated earnings by concealing $762 million in bad corporate loans that year by selling them to three partnerships it created for the purpose with insurance giant American International Group Inc. New York-based AIG offered to establish special-purpose entities to which PNC could transfer the troubled assets for a fee, but there was no actual transfer of risk from the bank to the insurer, the SEC said. The SEC announced settlements with Thomas Garbe, who was PNC's director of accounting policy at the time, and Michael Joseph, a former partner with New York-based accounting firm Ernst & Young, which reviewed the transaction.

https://www.investmentnews.com/article/20061212/REG/612120716/pnc-exec-sanctioned-in-accounting-scandal

 

from 2011 and also see MERS scandal

What is MERS?

https://fraudstoppers.org/what-is-mers/

PNC Bank Faces Mortgage Financing Class Action

The lawsuit arises from allegations that PNC Bank employed an arbitrary and blanket prohibition against subrogating second mortgages to new or modified senior mortgages secured by non-PNC liens. The complaint states claims for violations of the Bank Holding Company Act' anti-tying provisions and seeks compensatory, statutory, and treble damages on behalf of PNC Bank' customers who were precluded from refinancing their first mortgages except on PNC Bank' terms.

https://www.bigclassaction.com/lawsuit/pnc-faces-mortgage-financing-class-action-national.php

https://www.finviz.com/insidertrading.ashx?oc=1499810&tc=7&b=2

Anonymous ID: 34bac7 Dec. 5, 2019, 12:56 p.m. No.7434216   🗄️.is đź”—kun

>>7433831

 

Putin: Russia is prepared to extend New START arms treaty w/o conditions or further discussion

 

Moscow is ready to extend the last major nuclear arms control treaty, without conditions or discussions, President Vladimir Putin said as he reiterated Russia's position on the New START treaty which expires in 2021. The Russian president pointed out:

 

"Russia is ready to immediately, as soon as possible, before the end of the year, extend the New START treaty without any preconditions, so that there would be no double, triple interpretation of our position later. I'm saying this officially."

 

The New START treaty, which obliges Moscow and Washington to reduce the number of its strategic nuclear missile launchers by half, was signed in April 2010. The agreement expires in February 2021, but there's an option for it to be extended until 2026.

 

Russia has already filed all the paperwork needed to begin talks on extending the treaty, but the US has not reacted to the proposal. Moscow is concerned that the Trump administration is willing to ditch New START, just like it did with the INF deal.

 

The Intermediate-Range Nuclear Forces (INF) treaty banned Russia and the US from the fielding ground-based missiles with a range of between 500km (310 miles) and 5,500km (3418 miles) in Europe, and was the cornerstone of security on that continent since 1987. The US' unilateral withdrawal from the deal left Russia with no choice but to abandon it as well, raising fears of a new arms race between the two countries.

https://www.sott.net/article/425184-Putin-Russia-is-prepared-to-extend-New-START-arms-treaty-w-o-conditions-or-further-discussion