News 

Saudi Arabia’s government invested more than $2 billion in Aramco’s record-shattering IPO — even though the nation swore to become more economically diverse

“Aramco sold 3 billion shares at 32 Saudi riyals ($8.53) each, The Wall Street Journal first reported” writes Finanzen Net Gmbh for businessinsider.com. Public and private funds took 26.3% of the institutional offering, Bloomberg reported.That reliance on local funding sources contrasts with Aramco’s expressed desire to get more economically diverse. Source: businessinsider.com

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The Saudi Arabian government invested more than $2 billion in Aramco’s record-shattering IPO — even though the nation swore to become more economically diverse

“Saudi Arabian government institutions sank nearly $2.3 billion into Saudi Aramco’s record-breaking initial public offering, Bloomberg reported Tuesday” writes Ben Winck for businessinsider.com. Public and private funds took 26.3% of the institutional offering, Bloomberg reported.The total stake raised roughly $25.6 billion, though the shares offered represent only 1.5% of Aramco’s market cap.Aramco sold 3 billion shares at 32 Saudi riyals ($8.53) each, The Wall Street Journal first reported. Source: businessinsider.com

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Markets News Stocks 

A manager of the No. 1 stock fund over the past 20 years attributes his success to a contrarian approach. He shares his most surprising calls, including why he prefers Samsung to Apple.

“Subotky thinks investors have wildly mispriced two international conglomerates” writes Marley Jay for businessinsider.com. Subotky says his funds are relentless in looking for undervalued companies and flexible in thinking about where their value comes from.Subotky says the South Korean company has a lot going for it that investors aren’t appreciating, including its financial strength.Bollore’s best-known business is a 26% investment in music and media company Vivendi, the owner of Universal Music Group. Source: businessinsider.com

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The Fed’s recent repo crisis was the fault of big banks and hedge funds, new study finds

“Money-market funds have boosted their lending to hedge funds since 2017, often using banks as sponsors for the trades” writes Finanzen Net Gmbh for businessinsider.com. September’s repo-rate crisis was more than just a one-off blunder, and big banks and hedge funds exacerbated the problem, a new study from the Bank for International Settlements suggested.The hedge funds’ activity “compounded the strains” on the repo rate, the report’s authors wrote.Hedge funds may have also contributed to the rate spike by boosting demand for Treasury repos, the report said.Hedge funds increasingly used the…

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To justify impeachment, Democrats are spinning the law on impoundment

“In fact, Section 682 of the law further clarifies the difference between a congressional rescission bill and a Congressional impoundment resolution” reports washingtonexaminer.com. But the report also tries to spin the relevant law — the Impoundment Control Act of 1974, which governs situations in which the executive fails to spend authorized and appropriated funds. Source: washingtonexaminer.com

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Markets News Stocks 

Buy real estate without owning a home — plus more top investing tips

“If you want to own real estate, spread the risk across different types of properties, in diverse geographic areas” reports marketwatch.com. There are lots of ways to invest in real estate without ever purchasing a house or apartment.That’s where publicly traded real-estate investment trusts (REITs), real-estate mutual funds, and real estate ETFs hold appeal.How bad will the next bear market be?. Hindsight bias can lead to second-guessing investment professionals, writes Mark Hulbert. Source: marketwatch.com

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Ericsson admits it has bribed officials while selling telecom equipment in Asia, agrees to pay $1.1B in fines to US DOJ and SEC

“WASHINGTON (Reuters) – Swedish mobile telecoms company Ericsson (ERICb.ST) has agreed to pay over $1 billion to resolve probes into corruption, including the bribing of government officials, the U.S. Department of Justice said on Friday” writes Min Read for reuters.com. Consultants were retained to create slush funds and transfer money to third parties, according to one of the complaints. Source: reuters.com

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Crypto News 

CryptoBridge Closes Down and Waves Relaunches, DEXs Face Tough Times

“Earlier this week, decentralized cryptocurrency exchange CryptoBridge abruptly announced that it was shutting shop, leaving just two weeks for its customers to retrieve their funds” writes Stephen O’neal for cointelegraph.com. DEXs are cryptocurrency exchanges that allow users to retain ownership of their funds and private keys.The new exchange is allegedly non-custodial, meaning that user funds are not held on company-owned wallets — just like with most DEXs.This feature distinguishes DEXs from centralized exchanges — which see significantly more use, accounting for more than 99% of the global cryptocurrency trade volume. Source:…

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