Aramco investors should consider Saudi Arabia’s ‘control’ and ‘influence,’ analysts say

The public listing of Saudi Arabia’s state-owned oil company has been highly anticipated by the market, but analysts say investors should consider the influence the kingdom has over the company. Aramco said in an email that it will respond to CNBC’s queries about governance concerns at the “earliest opportunity.” Saudi Aramco, the world’s largest oil company, announced Saturday that up to 0.5% of its shares will be allocated for individual investors in its initial public offering. The 658-page p


The public listing of Saudi Arabia’s state-owned oil company has been highly anticipated by the market, but analysts say investors should consider the influence the kingdom has over the company.
Aramco said in an email that it will respond to CNBC’s queries about governance concerns at the “earliest opportunity.”
Saudi Aramco, the world’s largest oil company, announced Saturday that up to 0.5% of its shares will be allocated for individual investors in its initial public offering.
The 658-page p
Aramco investors should consider Saudi Arabia’s ‘control’ and ‘influence,’ analysts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: huileng tan
Keywords: news, cnbc, companies, trillion, control, say, listing, range, arabias, public, oil, influence, aramco, analysts, shares, investors, saudi, consider, company


Aramco investors should consider Saudi Arabia's 'control' and 'influence,' analysts say

The public listing of Saudi Arabia’s state-owned oil company has been highly anticipated by the market, but analysts say investors should consider the influence the kingdom has over the company.

“The biggest issue with Aramco is that everything about this company is controlled by the Saudi royal family — shareholder opinions, your board votes, none of that makes any difference,” said Pavel Molchanov, director and energy analyst at Raymond James.

Aramco said in an email that it will respond to CNBC’s queries about governance concerns at the “earliest opportunity.”

Saudi Aramco, the world’s largest oil company, announced Saturday that up to 0.5% of its shares will be allocated for individual investors in its initial public offering. The IPO is set for December on Saudi Arabia’s Tadawul exchange.

The 658-page preliminary prospectus divulged operational information about Saudi Aramco, but didn’t list a possible price range for the shares or give a definite idea how many shares will be offered.

Analysts’ valuations of the company range widely, between $1.2 trillion to $2.3 trillion. Saudi Crown Prince Mohammed bin Salman put a $2 trillion valuation on the oil firm when he first touted the idea of a listing in 2016.


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: huileng tan
Keywords: news, cnbc, companies, trillion, control, say, listing, range, arabias, public, oil, influence, aramco, analysts, shares, investors, saudi, consider, company


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Public hearings start this week in the Trump impeachment probe. Here’s what you need to know

Three administration officials are set to testify in public hearings, taking the impeachment investigation into new territory in accordance with a resolution passed by House Democrats late last month. U.S. charge d’affaires in Ukraine Bill Taylor and Deputy Assistant Secretary for European and Eurasian Affairs George Kent are set to testify before Congress in a public hearing Wednesday. Ambassador to Ukraine Marie Yovanovitch is scheduled to testify in public at 9 a.m. President Donald Trump, me


Three administration officials are set to testify in public hearings, taking the impeachment investigation into new territory in accordance with a resolution passed by House Democrats late last month.
U.S. charge d’affaires in Ukraine Bill Taylor and Deputy Assistant Secretary for European and Eurasian Affairs George Kent are set to testify before Congress in a public hearing Wednesday.
Ambassador to Ukraine Marie Yovanovitch is scheduled to testify in public at 9 a.m.
President Donald Trump, me
Public hearings start this week in the Trump impeachment probe. Here’s what you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: kevin breuninger
Keywords: news, cnbc, companies, heres, know, week, zelenskiy, need, president, impeachment, trump, officials, ukraine, probe, inquiry, hearings, set, start, public, testify


Public hearings start this week in the Trump impeachment probe. Here's what you need to know

Three administration officials are set to testify in public hearings, taking the impeachment investigation into new territory in accordance with a resolution passed by House Democrats late last month.

U.S. charge d’affaires in Ukraine Bill Taylor and Deputy Assistant Secretary for European and Eurasian Affairs George Kent are set to testify before Congress in a public hearing Wednesday. The officials will testify together at 10 a.m. ET.

Former U.S. Ambassador to Ukraine Marie Yovanovitch is scheduled to testify in public at 9 a.m. ET Friday.

President Donald Trump, meanwhile, has announced plans to “probably” release a transcript of an earlier conversation with Ukraine President Volodymyr Zelenskiy as soon as Tuesday.

The impeachment inquiry, led by House Intelligence Committee Chairman Adam Schiff, D-Calif., focuses on whether Trump abused his power by asking Zelenskiy in a July 25 call to “look into” former Vice President Joe Biden and his son Hunter — and investigate unsubstantiated allegations of Ukrainian interference in the 2016 U.S. presidential election. Trump’s requests came as his administration held up a crucial military aid package to the country.

Here’s what’s coming up this week in the impeachment inquiry:


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: kevin breuninger
Keywords: news, cnbc, companies, heres, know, week, zelenskiy, need, president, impeachment, trump, officials, ukraine, probe, inquiry, hearings, set, start, public, testify


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Saudi Aramco will offer less than 1% of shares to individual investors in IPO

Saudi Aramco will sell up to 0.5% of its shares to individual investors in what could be the largest initial public offering in history. Saudi Aramco said the process begins Nov. 17 and closes Dec. 4. A final offer price, as well as the number and percentage of company shares that will be sold, will be determined at the end of that period. The prospectus says individual investors will have until Nov. 28 to request shares, noting that “up to 0.5%” of the company’s shares will be allocated to indi


Saudi Aramco will sell up to 0.5% of its shares to individual investors in what could be the largest initial public offering in history.
Saudi Aramco said the process begins Nov. 17 and closes Dec. 4.
A final offer price, as well as the number and percentage of company shares that will be sold, will be determined at the end of that period.
The prospectus says individual investors will have until Nov. 28 to request shares, noting that “up to 0.5%” of the company’s shares will be allocated to indi
Saudi Aramco will offer less than 1% of shares to individual investors in IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-09  Authors: ted kemp spencer kimball joanna tan, ted kemp, spencer kimball, joanna tan
Keywords: news, cnbc, companies, investors, individual, ipo, aramco, shares, company, share, yield, prospectus, public, saudi, offer


Saudi Aramco will offer less than 1% of shares to individual investors in IPO

Signage of Saudi Aramco’s initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.

Saudi Aramco will sell up to 0.5% of its shares to individual investors in what could be the largest initial public offering in history.

The world’s biggest oil company released a prospectus Saturday, providing further information but without revealing the precise size of its planned share offering.

Saudi Aramco said the process begins Nov. 17 and closes Dec. 4. A final offer price, as well as the number and percentage of company shares that will be sold, will be determined at the end of that period.

The prospectus says individual investors will have until Nov. 28 to request shares, noting that “up to 0.5%” of the company’s shares will be allocated to individual investors.

Saudi Aramco confirmed plans to pay annual, aggregate cash dividends of at least $75 billion starting in calendar year 2020, in addition to any special dividends.

However, investors can’t yet gauge the value of those dividends’ yield relative to other companies until they can clearly assess the valuation of Saudi Aramco and its shares. Dividend investors are attracted to steady returns, and they try to put their money into stocks with the best yields.

Exxon Mobil shares have a dividend yield of 4.92%, based on their Friday closing price of $70.77 per share. Chevron’s yield stands at 3.94%, and BP comes in at 6.28%.


Company: cnbc, Activity: cnbc, Date: 2019-11-09  Authors: ted kemp spencer kimball joanna tan, ted kemp, spencer kimball, joanna tan
Keywords: news, cnbc, companies, investors, individual, ipo, aramco, shares, company, share, yield, prospectus, public, saudi, offer


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House Democrats subpoena Mick Mulvaney in impeachment probe

The House Intelligence Committee has subpoenaed Acting Chief of Staff Mick Mulvaney to testify Friday as part of the impeachment inquiry into President Donald Trump, an official working on the probe told NBC News. More from NBC News:Ousted Ukraine ambassador Yovanovitch says she was told to tweet praise of Trump to save her jobState Dept. Democrats also requested interviews from two other high-level Trump administration witnesses, Energy Secretary Rick Perry and former National Security Adviser


The House Intelligence Committee has subpoenaed Acting Chief of Staff Mick Mulvaney to testify Friday as part of the impeachment inquiry into President Donald Trump, an official working on the probe told NBC News.
More from NBC News:Ousted Ukraine ambassador Yovanovitch says she was told to tweet praise of Trump to save her jobState Dept.
Democrats also requested interviews from two other high-level Trump administration witnesses, Energy Secretary Rick Perry and former National Security Adviser
House Democrats subpoena Mick Mulvaney in impeachment probe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: katie flaherty
Keywords: news, cnbc, companies, president, inquiry, mick, mulvaney, house, democrats, officials, ukraine, official, public, bolton, probe, subpoena, impeachment, trump, testimony


House Democrats subpoena Mick Mulvaney in impeachment probe

Mick Mulvaney, director of the Office of Management and Budget (OMB), listens during a meeting with U.S. President Donald Trump, not pictured, and workers in the Oval Office of the White House during a ‘Cutting the Red Tape, Unleashing Economic Freedom’ event in Washington, D.C, U.S., on Wednesday, Oct. 17, 2018.

The House Intelligence Committee has subpoenaed Acting Chief of Staff Mick Mulvaney to testify Friday as part of the impeachment inquiry into President Donald Trump, an official working on the probe told NBC News.

Mulvaney, one of the highest-ranking officials subpoenaed in the inquiry to date, is expected to be a no-show, falling in line with several other officials who were ordered by the president not to cooperate with the investigation.

During a press conference last month, Mulvaney admitted that the president withheld vital military aid to pressure Ukraine to conduct investigations that would benefit the president’s personal and political interests, an official working on the impeachment inquiry said. He has since walked back the televised statement.

More from NBC News:

Ousted Ukraine ambassador Yovanovitch says she was told to tweet praise of Trump to save her job

State Dept. official believed Trump-Ukraine conduct was ‘injurious to the rule of law,’ transcripts show

John Bolton failed to appear at impeachment deposition

When asked by ABC News reporter Jonathan Karl if he was describing a quid pro quo between President Trump and Ukrainian President Volodymyr Zelenskiy, Mulvaney replied, “We do that all the time with foreign policy,” citing the example that the U.S. held up money to three Central American countries to convince them to change their immigration policies.

“Get over it,” Mulvaney said. “There’s going to be political influence in foreign policy.”

Despite the public admission and subsequent walk-back, other testimony during the inquiry has indicated Mulvaney could shed additional light on further abuse of power by the president, the official added. Investigators are wrapping up the private interviews as they prepare to start public hearings next week.

Democrats scheduled 13 witnesses to testify behind closed doors this week but so far only two people ― Jennifer Williams, special adviser to Europe and Russia to Vice President Mike Pence and another State Department employee, David Hale ― have shown up.

Democrats also requested interviews from two other high-level Trump administration witnesses, Energy Secretary Rick Perry and former National Security Adviser John Bolton. Perry did not show up for his Wednesday interview. Following suit, Bolton also failed to appear Thursday for closed-door testimony, which his lawyer quickly qualified as being voluntary.

Bolton, who was fired by Trump in September, has been named in prior testimonies by other officials, who according to public transcripts and reports from inside the room, describe Bolton as being disturbed by Trump and his associates pushing to get Ukraine to probe former Vice President Joe Biden and his son Hunter Biden, as well as a conspiracy theory related to the 2016 presidential election.

Still, Democrats have indicated they think they already have ample testimony about Trump’s conduct on Ukraine. The slew of current and former officials from the State Department and White House have appeared and largely corroborated the same narrative — that Trump had delegated his lawyer, Rudy Giuliani, to guide U.S.-Ukraine policy and that the two men were focused on pressuring Ukraine as the administration withheld military aid from the country.

— Haley Talbot and Associated Press contributed.


Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: katie flaherty
Keywords: news, cnbc, companies, president, inquiry, mick, mulvaney, house, democrats, officials, ukraine, official, public, bolton, probe, subpoena, impeachment, trump, testimony


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Trump ally Jim Jordan gets a seat on House Intel Committee for public impeachment hearings

Rep. Jim Jordan, R-Ohio, talks with reporters after a meeting of the House Republican Conference in the Capitol on June 26, 2018. President Donald Trump will get another vocal defender in the ongoing impeachment probe as it enters the public stage. Jordan currently serves as the top Republican on the House Oversight and Reform Committee, but will be temporarily placed on the Intel committee as well while the panel conducts public hearings. The Oversight committee is also involved in the impeachm


Rep. Jim Jordan, R-Ohio, talks with reporters after a meeting of the House Republican Conference in the Capitol on June 26, 2018.
President Donald Trump will get another vocal defender in the ongoing impeachment probe as it enters the public stage.
Jordan currently serves as the top Republican on the House Oversight and Reform Committee, but will be temporarily placed on the Intel committee as well while the panel conducts public hearings.
The Oversight committee is also involved in the impeachm
Trump ally Jim Jordan gets a seat on House Intel Committee for public impeachment hearings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: jordan mcdonald
Keywords: news, cnbc, companies, jim, intel, committee, impeachment, president, jordan, republican, rep, seat, hearings, trump, gets, house, public


Trump ally Jim Jordan gets a seat on House Intel Committee for public impeachment hearings

Rep. Jim Jordan, R-Ohio, talks with reporters after a meeting of the House Republican Conference in the Capitol on June 26, 2018.

President Donald Trump will get another vocal defender in the ongoing impeachment probe as it enters the public stage.

Ohio Rep. Jim Jordan, who has been a fervent ally of Trump, has been assigned to the House Intelligence Committee to fight for “fairness and truth” as the impeachment proceedings enter the public phase, according to a statement from House Minority Leader Kevin McCarthy.

Jordan joins the ranks of the president’s most ardent defenders already on the panel, including Reps. Devin Nunes of California and John Ratcliffe of Texas.

The assignment comes soon after another man said Jordan, when he was a wrestling coach at Ohio State University in the early 1990s, ignored his claim that he had been the subject of sexual abuse by Dr. Richard Strauss. Independent investigators have ruled that Strauss, who died in 2005, sexually abused 177 male students over about 20 years.

A Jordan spokesman did not return CNBC’s request for comment on the latest Strauss-related accusation.

In the impeachment hearings, Jordan will likely be at odds with Intel committee chairman Adam Schiff, the California Democrat who is leading the public inquiry and has drawn the ire of conservatives pundits and politicians, including Trump.

Jordan was part of a failed effort to censure Schiff in October over Schiff’s recounting of Trump’s controversial July 25th call with Ukrainian President Vlodomyr Zelensky during a September 27 hearing. A partial transcript of that call was made public after a whisteblower complaint exposed it.

On the call, Trump appears to ask Zelensky to dig up dirt on his political rivals in exchange for the release of military aid that the administration had held up. The question of whether there was a quid pro quo is at the heart of the impeachment inquiry.

Jordan currently serves as the top Republican on the House Oversight and Reform Committee, but will be temporarily placed on the Intel committee as well while the panel conducts public hearings.

The Oversight committee is also involved in the impeachment process, but the Intel Committee is the only body with the ability to conduct public hearings on impeachment.

Rep. Matt Gaetz, a Florida Republican who has been a staunch advocate of Trump, tweeted on Nov. 5th that if Jordan was not added to the panel, House Republicans would be “failing” President Trump.

Jordan has also pushed for the public disclosure of the whistleblower’s identity, whose complaint to the inspector general sparked the impeachment inquiry into President Trump.

Jordan’s appointment comes at the expense of Arkansas Rep. Rick Crawford, who stated his hope that the Intel Committee would “hear the full truth” during the course of the impeachment hearings.

CNBC’s Yelena Dzhanova contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: jordan mcdonald
Keywords: news, cnbc, companies, jim, intel, committee, impeachment, president, jordan, republican, rep, seat, hearings, trump, gets, house, public


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TGI Friday’s is going public again

Friday’s is going public again. The casual dining chain is planning on merging with Allegro Merger, a special purpose acquisition company with ties to investment firm Crescendo Partners, the two companies announced Friday. Special purpose acquisition companies have no assets but use the proceeds from an IPO, combined with bank financing, to buy and take privately held consumer companies public. If the deal closes, T.G.I. Earlier this year, Chuck E. Cheese’s parent company scrapped a deal with a


Friday’s is going public again.
The casual dining chain is planning on merging with Allegro Merger, a special purpose acquisition company with ties to investment firm Crescendo Partners, the two companies announced Friday.
Special purpose acquisition companies have no assets but use the proceeds from an IPO, combined with bank financing, to buy and take privately held consumer companies public.
If the deal closes, T.G.I.
Earlier this year, Chuck E. Cheese’s parent company scrapped a deal with a
TGI Friday’s is going public again Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: amelia lucas
Keywords: news, cnbc, companies, triartisan, company, public, tgi, fridays, purpose, going, deal, special, companies, acquisition


TGI Friday's is going public again

T.G.I. Friday’s is going public again.

The casual dining chain is planning on merging with Allegro Merger, a special purpose acquisition company with ties to investment firm Crescendo Partners, the two companies announced Friday. Special purpose acquisition companies have no assets but use the proceeds from an IPO, combined with bank financing, to buy and take privately held consumer companies public.

If the deal closes, T.G.I. Friday’s owners will receive $30 million in cash and stock. TriArtisan Capital Advisors, the restaurant company’s majority owner, expects to exchange most of its ownership for shares of Allegro.

The proceeds of the deal are expected to help T.G.I. Friday’s pay down its debt. The casual dining industry as a whole is struggling as fewer consumers want to sit down for family meals.

In 2014, longtime owner Carlson Restaurants sold the chain, known for its wings, potato skins and endless appetizers, to TriArtisan and Sentinel Partners for reportedly for more than $800 million. T.G.I. Friday’s has been privately held since merging with Carlson 30 years ago.

Earlier this year, Chuck E. Cheese’s parent company scrapped a deal with a special purpose acquisition company that would have taken it public again.


Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: amelia lucas
Keywords: news, cnbc, companies, triartisan, company, public, tgi, fridays, purpose, going, deal, special, companies, acquisition


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Moody’s downgrades outlook on UK’s rating on Brexit paralysis

Moody’s warned on Friday it might further cut its rating on Britain’s sovereign debt, saying Brexit had eroded the country’s ability to tackle the challenge of its high levels of borrowing. Moody’s said the “increasing inertia and, at times, paralysis that has characterized the Brexit-era policymaking process” showed how the UK’s institutional framework had diminished. Moody’s said the risk was that Britain’s 1.8 trillion pounds of public debt – more than 80% of annual economic output – would be


Moody’s warned on Friday it might further cut its rating on Britain’s sovereign debt, saying Brexit had eroded the country’s ability to tackle the challenge of its high levels of borrowing.
Moody’s said the “increasing inertia and, at times, paralysis that has characterized the Brexit-era policymaking process” showed how the UK’s institutional framework had diminished.
Moody’s said the risk was that Britain’s 1.8 trillion pounds of public debt – more than 80% of annual economic output – would be
Moody’s downgrades outlook on UK’s rating on Brexit paralysis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08
Keywords: news, cnbc, companies, brexit, uks, debt, spending, public, political, moodys, paralysis, britains, outlook, countrys, sovereign, fiscal, rating, downgrades


Moody's downgrades outlook on UK's rating on Brexit paralysis

An anti-Brexit demonstrator hold placards opposite the Houses of Parliament, in London, Britain, November 13, 2018.

Moody’s warned on Friday it might further cut its rating on Britain’s sovereign debt, saying Brexit had eroded the country’s ability to tackle the challenge of its high levels of borrowing.

“It would be optimistic to assume that the previously cohesive, predictable approach to legislation and policymaking in the UK will return once Brexit is no longer a contentious issue, however that is achieved,” the ratings agency said.

Britain’s lawmakers have been wrangling over the country’s exit from the European Union for more than three years.

Prime Minister Boris Johnson has called a Dec. 12 election in an attempt to break the deadlock.

Moody’s said the “increasing inertia and, at times, paralysis that has characterized the Brexit-era policymaking process” showed how the UK’s institutional framework had diminished.

The decline in institutional strength appeared to be structural in nature, it said, and was likely to continue after Brexit, given what it said were deep divisions within society and the country’s political landscape.

It also said the government, after taking steps to reduce Britain’s budget deficit between 2010 and 2015, had been increasingly willing to “move the goalposts” on fiscal targets in recent years.

“Successive governments have announced large, permanent increases in public expenditures, most notably a large increase in spending on the National Health Service (NHS), outside the normal calendar for fiscal policy changes and without detailed policy plans,” it said.

Both of the main political parties have promised big spending increases ahead of next month’s election.

Moody’s said the risk was that Britain’s 1.8 trillion pounds of public debt – more than 80% of annual economic output – would begin to rise.

“In the current political climate, Moody’s sees no meaningful pressure for debt-reducing fiscal policies,” it said.

Moody’s, which stripped the country of its AAA rating in 2013, well before the 2016 Brexit referendum, and downgraded it again in 2017, said on Friday it was affirming its Aa2 rating on Britain’s sovereign debt.


Company: cnbc, Activity: cnbc, Date: 2019-11-08
Keywords: news, cnbc, companies, brexit, uks, debt, spending, public, political, moodys, paralysis, britains, outlook, countrys, sovereign, fiscal, rating, downgrades


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US-China trade issues will go beyond current administration: Barclays public policy head

US-China trade issues will go beyond current administration: Barclays public policy headShawn Golhar, Barclays head of public policy research, and CNBC’s Michelle Caruso-Cabrera join ‘The Exchange’ to discuss the current progress on U.S.-China trade and where it could be headed.


US-China trade issues will go beyond current administration: Barclays public policy headShawn Golhar, Barclays head of public policy research, and CNBC’s Michelle Caruso-Cabrera join ‘The Exchange’ to discuss the current progress on U.S.-China trade and where it could be headed.
US-China trade issues will go beyond current administration: Barclays public policy head Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-07
Keywords: news, cnbc, companies, issues, public, current, policy, trade, barclays, progress, michelle, uschina, join, administration, head, research


US-China trade issues will go beyond current administration: Barclays public policy head

US-China trade issues will go beyond current administration: Barclays public policy head

Shawn Golhar, Barclays head of public policy research, and CNBC’s Michelle Caruso-Cabrera join ‘The Exchange’ to discuss the current progress on U.S.-China trade and where it could be headed.


Company: cnbc, Activity: cnbc, Date: 2019-11-07
Keywords: news, cnbc, companies, issues, public, current, policy, trade, barclays, progress, michelle, uschina, join, administration, head, research


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Uber CEO: ‘We are very, very, very different from WeWork’

Uber CEO Dara Khosrowshahi defended the ride-hailing company’s business Wednesday as its stock continues to tumble and it faces growing investor skepticism around its massive losses. “We are very, very, very different from WeWork,” Khosrowshahi said. On stage, Khosrowshahi acknowledged that Uber has felt the effects of a reckoning among public and private investors, wherein the “appetite for the unknown and high risk has gone down.” He added that the core ride-hailing business essentially functi


Uber CEO Dara Khosrowshahi defended the ride-hailing company’s business Wednesday as its stock continues to tumble and it faces growing investor skepticism around its massive losses.
“We are very, very, very different from WeWork,” Khosrowshahi said.
On stage, Khosrowshahi acknowledged that Uber has felt the effects of a reckoning among public and private investors, wherein the “appetite for the unknown and high risk has gone down.”
He added that the core ride-hailing business essentially functi
Uber CEO: ‘We are very, very, very different from WeWork’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-06  Authors: annie palmer lauren feiner, annie palmer, lauren feiner
Keywords: news, cnbc, companies, different, public, wework, business, uber, ridehailing, ubers, losses, khosrowshahi, stage, stock, ceo, company


Uber CEO: 'We are very, very, very different from WeWork'

Uber CEO Dara Khosrowshahi defended the ride-hailing company’s business Wednesday as its stock continues to tumble and it faces growing investor skepticism around its massive losses.

On stage at The New York Times DealBook conference, interviewer Andrew Ross Sorkin asked Khosrowshahi if he was happy the company had gone public in time to avoid a situation like WeWork’s. The embattled workspace company was once expected to stage one of the hottest initial public offerings of the year, but investors balked at its huge losses and unusual business structure. The company ultimately postponed its IPO and had to be bailed out by major investor SoftBank.

“We are very, very, very different from WeWork,” Khosrowshahi said. “Fundamentally the rideshare market is of scale, is global, is an attractive business, and it’s only going to get better in a competitive market.”

In fact, the companies share a number of similarities: Both count SoftBank as their largest investor, received early venture infusions from Benchmark Capital and show operating losses of more than $1 billion per year. Earlier on Tuesday, SoftBank, the Japanese conglomerate headed by Masayoshi Son, reported quarterly losses of $6.5 billion, driven in large part by writedowns on its Vision Fund’s investments in both companies.

On stage, Khosrowshahi acknowledged that Uber has felt the effects of a reckoning among public and private investors, wherein the “appetite for the unknown and high risk has gone down.” But he said it has “forced Uber to perform better,” as evidenced by the company’s announcement that it expects to turn an EBITDA profit in 2021, as well as an increasingly rational ride-hailing market.

He added that the core ride-hailing business essentially functions as Uber’s version of Amazon Web Services, which has become a major profit engine for Amazon, and should help Uber achieve profitability.

Khosrowshahi’s comments come as Uber’s IPO lockup agreement is set to expire on Wednesday. The event is the first time since Uber’s IPO in May that insiders can sell the stock, and analysts have warned it could put near-term pressure on the shares.

Earlier this week, Uber reported third-quarter earnings that sent the stock down nearly 10%. In its results, the company posted over $1 billion net losses for the quarter. On a call with analysts, executives dangled an attractive EBITDA profitability target for full year 2021, but many analysts continued to ask skeptical questions to probe for more details.

Uber stock is down about 4% in midday trading on Wednesday.

WATCH: Why Uber is losing money and what it will take to become profitable


Company: cnbc, Activity: cnbc, Date: 2019-11-06  Authors: annie palmer lauren feiner, annie palmer, lauren feiner
Keywords: news, cnbc, companies, different, public, wework, business, uber, ridehailing, ubers, losses, khosrowshahi, stage, stock, ceo, company


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House will hold its first public hearings in the Trump impeachment inquiry next week

The House will hold its first public hearings in the impeachment inquiry into President Donald Trump next week as the probe progresses. “Those open hearings will be an opportunity for the American people to evaluate the witnesses for themselves, to make their own determinations about the credibility of the witnesses,” Schiff told reporters Wednesday. The announcement furthers the House Democratic effort to move its investigation of Trump into the public eye after weeks of interviews behind close


The House will hold its first public hearings in the impeachment inquiry into President Donald Trump next week as the probe progresses.
“Those open hearings will be an opportunity for the American people to evaluate the witnesses for themselves, to make their own determinations about the credibility of the witnesses,” Schiff told reporters Wednesday.
The announcement furthers the House Democratic effort to move its investigation of Trump into the public eye after weeks of interviews behind close
House will hold its first public hearings in the Trump impeachment inquiry next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-06  Authors: jacob pramuk
Keywords: news, cnbc, companies, nov, hold, public, impeachment, schiff, probe, week, hearings, committee, president, witnesses, inquiry, house, trump


House will hold its first public hearings in the Trump impeachment inquiry next week

Representative Adam Schiff, a Democrat from California and chairman of the House Intelligence Committee, second right, speaks with members of the media on Capitol Hill in Washington, D.C., U.S., Wednesday, Nov. 6, 2019.

The House will hold its first public hearings in the impeachment inquiry into President Donald Trump next week as the probe progresses.

In a tweet Wednesday, House Intelligence Committee Chairman Rep. Adam Schiff, D-Calif., said diplomats Bill Taylor and George Kent will testify in an open hearing on Nov. 13. Former U.S. Ambassador to Ukraine Marie Yovanovitch will appear on Nov. 15, Schiff said.

“Those open hearings will be an opportunity for the American people to evaluate the witnesses for themselves, to make their own determinations about the credibility of the witnesses,” Schiff told reporters Wednesday.

The announcement furthers the House Democratic effort to move its investigation of Trump into the public eye after weeks of interviews behind closed doors. All three of the current and former diplomats have already spoken to lawmakers as part of the inquiry. The public impeachment hearings will be the first held in the House since 1998 during proceedings against President Bill Clinton.

The committee is looking into whether Trump abused his power to influence the 2020 election by urging the Ukrainian government to investigate his political rival Joe Biden and the former vice president’s son Hunter. The panel has also investigated whether the administration tried to withhold about $400 million in military aid in exchange for a probe into the Bidens or other investigations related to the 2016 election.

The White House did not immediately respond to a request to comment on the public hearings.


Company: cnbc, Activity: cnbc, Date: 2019-11-06  Authors: jacob pramuk
Keywords: news, cnbc, companies, nov, hold, public, impeachment, schiff, probe, week, hearings, committee, president, witnesses, inquiry, house, trump


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