Saudis Replace Aramco Chair With Wealth Fund Boss Before IPO

Photographer: Stefan Wermuth/Bloomberg Saudi Arabia removed Energy Minister Khalid Al-Falih from his position as Chairman of Saudi Aramco, the second time his role has been scaled back in less than a week, as the government prepares to sell shares in the state-owned oil company. Al-Falih will be replaced by Yasir Al-Rumayyan, head of the sovereign wealth fund, according to a Tweet from Al-Falih’s account. The appointment of Al-Rumayyan, already an Aramco board member and a key adviser to powerful Crown Prince Mohammed Bin Salman, will seperate the Ministry of Energy from Aramco and avoid conflicts of interest as the company prepares for the upcoming initial public offering, according to a source familiar with the thinking behind the decision. Yasir Al-Rumayyan …

Baby Trump Balloon Flies Over Copenhagen Despite Canceled Visit

Phtoographer: Morten Skovgaard A giant Trump Baby balloon hovered above Copenhagen’s tourist hotspot on Monday as part of a series of demonstrations planned for the U.S. president’s now canceled visit to Denmark. Thousands of people said on social media they planned to attend a Stop Trump rally at the U.S. embassy planned for later in the day. A pro-Trump parade organized by a group calling itself Danes for Donald Trump attracted less interest on Facebook. Trump famous worldwide after it featured in Trump’s July 2018 visit to London. Asked about expected numbers, Skovgaard said: “Judging from the media attention and all the traction on Facebook we expect a massive turnout. Trump would call it huge.” A Danish computer games entrepreneur, …

U.S. Stock Futures Drop as Trade-Talk Doubts Swirl: Markets Wrap

U.S. equity futures fell as Chinese and American officials struggled to schedule a planned meeting this month to continue trade talks. The pound slumped with the U.K. facing a showdown in Parliament over delaying Brexit again. Contracts on the three main U.S. indexes extended their declines after Bloomberg reported the difficulties the two countries were having in support liquidity and growth. Elsewhere in Asia, equities in Japan, Hong Kong and Australia declined in thin volumes. The Stoxx Europe 600 advanced for a third straight session, led by financial services shares. Cash markets for both U.S. stocks and bonds are closed for the Labor Day holiday. Treasury 10-year futures erased a decline while a gauge of the dollar increased for the …

Deutsche Bank CEO Investing 15% of Monthly Pay in Bet on Shares

Photographer: Alex Kraus/Bloomberg where his mouth is. The chief executive officer will invest 15% of his monthly net salary in the lender’s shares, starting with a 22,144 euro ($24,303) investment on Aug. 30, Deutsche Bank filings show. That goes beyond standard practice at German companies, where senior executives are frequently awarded stock as part of their bonuses. Sewing kicked off Deutsche Bank’s biggest overhaul in recent memory earlier this year after attempts by his predecessors failed to restore the globally-important lender to profitability. The bank has yet to convince investors that it can meet goals for raising revenue in businesses it wants to keep, while exiting stock trading and firing staff across the firm. The stock purchase program runs from …