Britain appears to be going the extra mile to land Saudi Aramco’s blockbuster initial public offering.
The Financial Conduct Authority, a British financial regulator, unveiled potential new rules on Thursday that would make it easier for state-owned companies to list on the London Stock Exchange.
There’s one very big Middle Eastern oil concern that is preparing an initial public offering: Saudi Aramco, the behemoth that powers Saudi Arabia’s economy. The kingdom is seeking to list about 5 percent of Aramco, at a valuation of some $2 trillion. (Bankers say the figure should be a lot lower.)
Exchanges worldwide have been competing hard for the listing, which would come next year. London’s biggest rival, according to analysts, is probably the New York Stock Exchange.
What the F.C.A. proposes is to create a category of premium listing specifically for state-owned companies. The twist: Interactions between these corporations and their sovereign controlling owners won’t be treated as related-party transactions, meaning they won’t require approval by other shareholders.
Here’s what the regulator’s chief executive, Andrew Bailey, had to say:
Google has scored a victory in one of its European legal battles.
A French court said on Wednesday that the technology company did not have to pay $1.3 billion in back taxes. The case had focused on whether Google had avoided taxes in France by routing five years’ worth of sales there through a subsidiary in Ireland. The court ruled that the Irish unit was not taxable in France.
The French tax authorities plan to appeal, according to a statement from the office of the country’s budget minister, Gérald Darmanin.
But the decision gives Google some relief after the record $2.7 billion fine it received last month from Europe’s competition regulator. European Union officials have also brought charges relating to Android, accusing Google of forcing cellphone manufacturers to install its services.
Google isn’t the only American technology company under scrutiny in the region. Last year, the European Union ordered Apple to pay $14.5 billion in taxes in Ireland.
Uber drivers are a step further forward in their fight to be classified as employees rather than independent contractors.
A federal court in North Carolina gave conditional certification on Wednesday to a class-action lawsuit brought by several drivers under the Fair Labor Standards Act.
The plaintiffs can now seek out roughly 18,000 other Uber drivers who…