Sat. Jan 16th, 2021

Britain runs up biggest October budget deficit in five years – business live

1.05pm GMT

The Saudi Arabia’s state-owned oil corporation’s upcoming stock market flotation is set to break the record for the number of banks working on a single initial public offering (IPO) this year, according to analysis by Refinitiv. They include US investment banks JPMorgan Chase, Morgan Stanley and Goldman Sachs as well as UK bank HSBC.

Saudi Aramco has hired 25 bookrunners, beating Avantor and Shanghai Henlius Biotech that each hired 15 bookrunners this year.

The Saudi Aramco listing, set to be one of the largest of all-time, had investment banks competing fiercely for mandates. While the deal is not expected to be highly lucrative in terms of fees, winning a mandate on this highly coveted listing will boost their standing in equity capital market league tables.

Related: Saudi Aramco scales back preparations for flotation

12.55pm GMT

Donald Trump is tweeting… he has asked the Apple boss Tim Cook whether the company can help build the telecommunications infrastructure for speedy 5G wireless networks.

During my visit yesterday to Austin, Texas, for the startup of the new Mac Pro, & the discussion of a new one $billion campus, also in Texas, I asked Tim Cook to see if he could get Apple involved in building 5G in the U.S. They have it all – Money, Technology, Vision & Cook!l

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