Friday, November 8

FT News Briefing

Forhecz Topher

Daily News, News & Politics, News

4.4 • 1.3K Ratings

🗓️ 8 November 2019

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Bankers for Saudi Aramco’s initial public offering have dangled the possibility of bonus payouts that could take the company’s annual dividend past $100bn and Disney’s costs climb as it gets ready to debut its new streaming service. Meanwhile, billionaire and former mayor of New York City Michael Bloomberg has taken his first official steps to run for the Democratic presidential nomination in 2020, US stocks closed at record highs on Thursday following reports that Washington and Beijing agreed to remove some trade tariffs in phases and the Bank of England has given its clearest signal yet that it will be prepared to cut interest rates if the UK economy slows further. Plus, Spain will head to the polls on Sunday for the fourth time in as many years. The FT’s Daniel Dombey explains the political deadlock, and what to expect from the upcoming election.

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Transcript

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0:00.0	The UK's energy partner.
0:06.0	Learn more at equinore.
0:10.0	Good morning from the newsroom of the Financial Times.
0:12.0	Today is Friday, November 8th, and this is your FT news briefing.
0:17.8	Saudi Ramco is dangling bonus payouts in an attempt to woo IPO investors.
0:23.2	And Disney's profits sank last quarter as it geared up for the costly launch of its new streaming
0:28.5	service.
0:29.5	Plus, this weekend Spain will hold its fourth election in four years.
0:33.6	The F.T.'s Daniel Dombi explains what we can expect when Spaniards head to the polls on Sunday.
0:39.1	I'm Mark Filipino, and here's the news you need to start your day.
0:46.0	Saudi Aramco has ambitious goals for its initial public offering,
0:49.0	and now it's trying to sweeten the deal for potential investors, especially those outside of the kingdom.
0:55.6	Bankers for the state oil group's IPO are trying to tempt shareholders with the possibility of
1:00.7	bonus payouts. These would be in addition to a Ramco's current
1:04.4	minimum dividend pledge of $75 billion. This is according to a report for
1:09.7	investors by Bank of America Merrill Lynch that was seen by the F.T. Bank of America, Merrill Lynch, that was seen by the F.T.
1:14.0	Bank of America is one of several banks working on the deal.
1:18.0	The bank values the company between 1.2 trillion and 2.3 trillion dollars.
1:23.0	And it said with an oil price of $60 a barrel,
1:25.9	the additional dividend between 2020 and 2023
1:29.0	could average as much as $11.5 billion a year. That gets it to an annual total of 86.5 billion.
1:36.6	Now if oil averages $70 a barrel over the next four years, the total payout could crack the
	...

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