The world’s largest oil company said that it plans to sell a 1.5% stake in the company, or about 3 billion shares, and that it will begin trading in December on the Saudi stock exchange. On Sunday the state-owned oil company announced an IPO price range of 30-32 riyals, which would value the company at up to $1.7 trillion . This is less than the $2.3 trillion valuation , at the high end, that the company previously fetched. Putting the known risks like falling oil prices aside, Damodaran said th

WikiLeaks founder Julian Assange is seen in a police van after was arrested by British police outside the Ecuadorian embassy in London, Britain April 11, 2019. A Swedish prosecutor said on Tuesday she would not proceed with an investigation into an allegation of rape against WikiLeaks founder Julian Assange after a review of the evidence. Deputy Chief Prosecutor Eva-Marie Persson said that the complainant’s evidence was deemed credible and reliable, but that after nearly a decade, witnesses’ mem

Alain C. Benichou, CEO of Greater China Group of IBM Corporation speaks on Day 2 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 19, 2019 in Nansha, Guangzhou, China. “When you think about cognitive-savvy companies, it is only 14% of the companies that really are actively using AI in everything they do.” China and the U.S. produce more AI specialists than any other country, but Bénichou claims there’s a lack of talent across Chinese companies. A lack of trust in AI is also

Alibaba took 33% of digital media spend for the first half of the year, or 72.1 billion yuan. Baidu made up 17%, or 36.9 billion of digital media spend for the first half of 2019, followed by Tencent, with 14% or 29.8 billion yuan. Digital media is set to make up 63% of Chinese ad spend for the whole of 2019, a 2.2 percentage point increase on 2018, R3 estimated. By comparison, digital media is expected to make up 52.7% of global ad spend this year, per a May estimate by WARC. TV ad spend in Chi

Hedge funds increased their allocations to companies with big revenue exposure to China during the third quarter, according to Goldman’s latest research looking at 833 hedge funds with $2.1 trillion in equity positions. The median China-exposed stock had 2.7% of market cap owned by hedge funds at the start of the third quarter, and that position rose to 3.4% at the start of the fourth quarter, according to hedge funds’ latest regulatory filings, Goldman said. Rising optimism about a trade deal w

DUBAI, United Arab Emirates — American plane-maker Boeing chalked its second Dreamliner order at the Dubai Air Show on Tuesday, announcing a sale of three of its 787-9 Dreamliners to the Republic of Ghana. The planes, whose order value is $877.5 million at list prices, will go toward Ghana’s yet-to-be launched airline, in which the government will hold a 10% stake. Its flight range aligns with Ghana’s plans to include long-haul flights in its new airline, with routes to North America and Europe.

Concerns about Broadcom’s recent acquisition of Symantec’s enterprise software business are overblown and the stock is a compelling buying opportunity, Morgan Stanley told its clients on Tuesday. Lead equity analyst Craig Hettenbach upgraded the stock to overweight from equal-weight and bumped his 12-month price target to $367 from $298, implying nearly 18% upside over the next year. Broadcom stock rose 2% in premarket trading Tuesday following the Morgan Stanley upgrade. Hettenbach calls it “ou

Randall Stephenson, chairman and chief executive officer of AT&T Inc., speaks during a Senate Judiciary Subcommittee hearing in Washington, D.C., U.S., on Wednesday, Dec. 7, 2016. AT&T’s wireless business can’t offset the weakness in the company’s other ailing segments, according to MoffettNathanson. The firm downgraded AT&T to sell from neutral and kept its $30 per share price target. AT&T shares closed at $39.63 per share on Monday.

Here are the biggest calls on Wall Street on Tuesday:Morgan Stanley named the semiconductor designer and developer as a top pick and said it had “increased” confidence in the company’s strategy. “We upgrade AVGO to Overweight on increased confidence in the company’s software strategy against low expectations. We estimate that AVGO’s current P/E multiple of 13.5X implies risk that Symantec’s revenue will decline from a reset level of $2bn and targeted cost cuts prove aggressive. In contrast, we m

Microsoft said Tuesday its Teams communication app now has over 20 million daily active users, up almost 54% from Microsoft’s prior announcement about usage and still ahead of Slack. In July, Microsoft said Teams had more than 13 million daily active users, more than the 10 million Slack had in the three months that ended on Jan. 31. With 20 million claimed users now, Teams has pulled even farther ahead. In October, Slack said its app had 12 million daily active users. Some people have switched

Amazon on Tuesday announced the $34.99 Fire TV Blaster, a new infrared device that works with an existing Amazon gadgets to give you more ways to control your TV with your voice. With these gadgets, you can say things like “Alexa, play The Americans” and it will start streaming the show. But if you also have an Echo in the house, you can add the new Fire TV Blaster and it will let you control the TV set, cable box, or TV soundbar using voice commands. Basically, all these things working together

Travelport VP: Asia is an area of ‘tremendous growth’ for us1 Hour AgoMing Foong, vice president of strategic business development at Travelport, says the volume of economic growth in Asia “cannot be ignored.”

China has leapfrogged the US on fintech, analyst says1 Hour AgoLucy Gazmararian, senior manager at PwC Hong Kong, discusses payment innovations in China and the United States.

Blockchain may have more potential than cryptocurrencies, tech expert says54 Mins AgoJun Lu, head of the Technology Center at Lufax, discusses the potential of blockchain technology.

14 May 2019, Saxony, Zwickau: Employees at the Volkswagen Sachsen plant in Zwickau assemble Golf model vehicles on a production line. Passenger car registrations in Europe rose 8.6% in October, to their highest level since 2009, driven by robust demand in Germany and France and a rebound in demand for Volkswagen which posted a 29% gain. Registrations rose to 1.214 million cars in the countries of the European Union and the European Free Trade Agreement (EFTA), statistics published by the Europea

The technology industry and policymakers need to address public concerns about artificial intelligence (AI) which are “not the fault of AI” itself, a tech executive said Tuesday. “It is the fault of developers, so we need to solve this problem,” said Song Zhang, managing director for China at global software consultancy, ThoughtWorks. “The first phase is everyone finds it refreshing, they like something new, they want to give it a try,” said Luo. Panelists at the session acknowledged the potenti

Billionaire Richard Branson says raising children is one of the few things tougher but more rewarding than building a business. The Virgin Group founder, father of two and grandparent to five children said in a blog post published on Monday that starting a business was a lot like having a baby. Starting a business with a small team also requires taking on many different job roles, having to “pick up new skills on the fly,” he said. Branson’s son Sam, meanwhile, built his own film production comp

The first A321 LR takes off on its flight test in Hamburg, GermanyDUBAI, United Arab Emirates — Saudi low-cost carrier Flynas announced a firm order to buy 10 Airbus A321XLR jets at the Dubai Air Show Tuesday, bringing a previous order of 80 Airbus planes up to 90. A steep discount off the list price is typically negotiated by airlines. Airbus claims it delivers improved environmental performance, with 20% lower fuel burn per seat and 5,000 tons less carbon dioxide emitted per year. The Saudi bu

Getty ImagesThe U.K.’s opposition Labour party has taken aim at the country’s billionaires, saying that the super-rich and big corporations have bankrolled the ruling Conservative Party in return for tax breaks worth almost £100 billion ($129.6 billion). Releasing a report entitled, “In the pockets of the few,” on Monday night, Labour said its research showed that one-in-three of the U.K.’s billionaires had “bankrolled” Prime Minister Boris Johnson’s Conservative Party. “It is also obscene that

Scanning a barcode to make payments in China could soon be a thing of the past, as technology giants such as Tencent are now studying the use of facial and fingerprint recognition for such transactions. Most people in China pay using their mobile phones to scan QR codes — a type of barcode system. They do so via the two most popular mobile payment platforms: Tencent’s WeChat Pay and Alibaba’s payments arm Alipay. “In China, payment methods using QR codes have replaced cash and cards in just five