Saudi Aramco raises $25.6 billion in largest-ever IPO : Bulletin: Business Today
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Saudi Aramco raises $25.6 billion in largest-ever IPO

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December 6, 2019

Saudi Aramco raises $25.6 billion in largest-ever IPO
Saudi Arabia's state oil company Aramco raised $25.6 billion in its initial stock offering on Thursday. The amount raised has broken the record of Chinese online giant Alibaba's $25 billion-debut on the Wall Street in 2014. The market launch has spiked Saudi Aramco's value at $1.7 trillion. It is now way ahead of the other contenders in the trillion-dollar club.

'I condemn this approach': FM Sitharaman says her onions remark taken out of context
Finance Minister Nirmala Sitharaman responded to latest criticism against her, suggesting that her remarks about not eating onions were taken out of context. During the debate over corporate tax reduction bill in Rajya Sabha, the minister said that her remark was "in answer to a particular question".

RBI investigates HDFC Bank net banking, mobile app outage
The Reserve Bank of India is investigating the cause of the 'technical glitch' in HDFC Bank's net banking and mobile app channels that left millions of customers locked out of their accounts. The outage went on for more than 48 hours earlier this week. The RBI has constituted a team of experts to investigate the reasons of the breakdown.

Moody's downgrades YES Bank ratings ahead of fund raising plan
Private sector lender YES Bank suffered a huge blow on Thursday as Moody's downgraded YES Bank's long-term ratings due to stressed assets and low loss absorbing buffers which may add pressure to its funding and liquidity. The global rating agency also assigned a negative outlook to the private sector lender. On YES Bank's fund raising plan, the rating agency said that the bank's claim to have received investor interest to the tune of $2 billion has "significant execution risks around the timing, price and regulatory approvals".

Air India net loss at all-time high of Rs 8,550 crore in FY19, says aviation minister
In what could make Air India disinvestment a daunting task for the government, the national carrier reported highest-ever annual loss in financial year 2018-19 due to low fleet utilisation and high fuel prices among others. The debt-laden carrier also incurred losses due to closure of airspace by Pakistan which resulted in higher costs and caused a daily loss of Rs 3 to 4 crore.

Rajan, Subramanian, Patel, Panagariya: Chidambaram lists economists Modi govt 'banished'
P Chidambaram who was granted bail on Wednesday in a money laundering case listed the names of economists that he said Modi government had 'banished'. In a press conference on Thursday, Chidambaram launched a scathing attack on the BJP government for the current state of the Indian economy. Chidambaram said that all the people who had knowledge about the economy and its issues like Raghuram Rajan, Urjit Patel, Arvind Subramanian  were "banished" by the BJP government.
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