Saudi Aramco’s profit drops 12%. It’s still making more money than any other company

London (CNN Business)Saudi Aramco said Monday that its profit dropped 12% in the first half of its financial year to $46.9 billion due to weaker global oil prices. An IPO that was planned for 2018 never materialized. A lack of transparency over the size of the country’s energy reserves had caused skepticism about the potential sale and the value of Aramco. But plans for a public listing as early as next year are now being accelerated following positive investor reaction to a bond sale in April, according to the Wall Street Journal. Going public Chief Financial Officer Khalid Al-Dabbagh said that the company is “ready for the IPO.” Speaking during the first earnings call Aramco has ever held, the finance …

Worlds biggest investor accused of dragging feet on climate crisis

BlackRock, which controls $6.5tn in assets, urged to use its influence on planets biggest polluters When a letter from BlackRocks founder and chief executive, Larry Fink, landed in inboxes in January saying that the worlds biggest investor would no longer invest in companies that are not compliant with the history of embarrassing big companies. But while the message was fake, the concern behind it was not: environmental campaigners see BlackRock as a key obstacle to progress on meeting climate crisis goals. Now they are stepping up the pressure on the worlds biggest asset owner which faces its shareholders at its annual meeting on Thursday to use its influence on some of the worlds biggest polluters, as it has done previously …