Saudi Aramco launches IPO to raise $60bn as Kingdom seek $2tn valuation

Saudi Aramco launched its public offering yesterday kicking off Crown Prince Mohammed bin Salman’s ambition to overhaul the kingdom’s oil addicted economy. The IPO, a landmark in Prince Mohammed’s drive on his pledge to modernise the kingdom, was tipped to be the world’s largest, hoping to raise in excess of $60bn with a sale of…

Jim Simons an enigma

Jim Simons who is worth $23bn is the greatest money maker in modern financial history, no other investor neither Warren Buffett, Rau Dalio, Steve Cohen, Peter Lynch, or George Soros can touch his record. Since 1988, Renaissance’s signature Medallion fund has generated average annual returns of 66 per cent and earned profits of over $100…

BlackRock achieves record profit and swells inflows of $84bn

The world’s biggest fund manager BlackRock has achieved a record profit margin, as new clients and lower costs boosted its assets, which attracted $84bn inflows in the third-quarter, with half going to its iShare business, an ideal passive investment vehicle where Exchange-Traded Funds are engineered to meet your investment goals. Its active equity funding attracted…

Rich and diverse civilization

A Tunisian friend of Justin Marozzi told him, “I’m embarrassed to be an Arab these days. Everywhere you look there’s chaos, fighting, bloodshed, dictatorship, corruption, injustice, unemployment. The only thing we’re leading the world in is terrorism”. For centuries the caliphate was both ascendant on the battlefield and triumphant in the battle of ideas, its…

Shanghai Starboard to rival Nasdaq on Wall Street

China’s launch of  a new technology focused stock exchange  to rival Nasdaq on Wall Street has underlined the significance of state funding to the country’s fastest growing tech sector. Of the first 25 companies listed on Shanghai’s Starboard, 14 report state-owned investors  among their top three shareholders . The first 25 listing, which raised $5.3bn,…

Investor exodus and Kent County Council force Woodford to block redemptions

Investor exodus including Kent County Council, a longstanding backer asking return of £250m has forced Neil Woodford blocking redemption from his £3.7bn equity income fund  after a catalogue of under performance, inflicting serious blow to the reputation of the UK’s highest profile fund manager. The freeze on redemption came exactly five years  after Mr Woodford…

Bitcoin billionaires

Bitcoin Billionaires is a tale of Winklevoss twins and their outrageous venture into the chaotic world of cryptocurrency bitcoin exploring the techno-ideological experiments and financial manias. Ben Mezrich, the New York Times bestselling author of the Accidental Billionaires and Bringing Down the House comes his latest Bitcoin Billionaires.  Harvard educated identical twins Cameron and Tyler…

Amazon better watch out

Alibaba, the Chinese ecommerce group, is overhauling its business model of a fast-growing subsidiary in an attempt to offer a complete international service which can challenge Amazon, the world’s largest online retailer. Trudy Dai, President of Alibaba’s wholesale marketplaces division AliExpress, which sells goods from Chinese retailers to customers in more than 150 countries –…

Capitalism is the best economic system

Torben Iversen, a Danish political science and professor and David Soskice, British economist and professor at the London School of Economics addresses does capitalism conflict with democracy with a resounding “no”, Not only capitalism work, it is also the only economic system that works and insists that democracy and the advanced market economy are symbiotic.…