Mon. Sep 28th, 2020

Saudi Aramco IPO: Oil giant nears $2trn valuation despite climate fears – business live

Aramco, the world’s biggest Co2 producer, is now world’s largest listed company after floating today

10.59am GMT

Back in the UK, holiday and insurance group Saga has turned to the former boss of fashion chain SuperDry.

Saga, which targets over-50s consumers, hopes that Euan Sutherland (42) can revitalise its fortunes after seeing shares tumble this year.

Saga will be the latest struggling company on Sutherland’s CV. In 2013 he was appointed as the boss of the Co-operative Group but quit after 10 months. He had reportedly earned the moniker “Pol Pot”, after the Cambodian dictator, from colleagues who thought he was pushing for change too quickly.

Sutherland has previously also served as head of the DIY retailer B&Q and is on the board of the Robinson’s drinks maker, Britvic.

Related: Over-50s specialist Saga appoints former Superdry boss as CEO

10.49am GMT

Aramco’s stock hasn’t shifted since it surged 10%, the maximum allowed, at the start of trading.

That suggests there’s still strong buying interest among investors in Riyadh, so the stock could rally again tomorrow.

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