Bjarne Tellmann is senior vice president and general counsel at GSK Consumer Healthcare, a joint venture that combines the consumer brands of GSK and Pfizer. He speaks to Global Finance about the intersectionality of his work.
Household saving is defined as the difference between a household’s disposable income and its expenditures on goods and services. During the pandemic it rose to historical highs everywhere.
On October 27, Global Finance conducted a Sub-custody Roundtable, moderated by publisher and editorial director Joseph Giarraputo. The Roundtable agenda covered crucial topics in the sub-custody sector including: the global and regional impact on the COVID-19 pandemic on sub-custodians; the effect ...
Tadawul, the only stock exchange allowed to operate in Saudi Arabia, welcomed Saudi Aramco’s intention to proceed with a multi-billion dollar initial public offering on its main market.
The exchange is already the leading market in the Gulf Cooperation Council (GCC) and it is now being thrust upon the world stage.
“Tadawul and all its systems are ready to receive the largest listing in the history of financial markets, which will mark a major milestone in Tadawul’s journey and bolster our position among international stock exchanges,” says Khalid Al Hussan, CEO of the exchange. Trading in Aramco was expected to begin by the middle of December.
The Saudi market is the 24th largest among the 67 members of the World Federation of Exchanges, and the seventh largest among emerging-market exchanges.
Foreign fund managers that track the MSCI Emerging Markets Index may be forced to buy Aramco shares, since the IPO will increase the kingdom’s share of the index from 2.4% to more than 3%.
The authorities issued certain exemptions to streamline the IPO application process for foreign investors. A successful Aramco listing will help Tadawul become a gateway for foreign investment as envisioned under the Vision 2030 program of economic reforms.