Saudi Arabia Seeks New IPOs to Attract Foreign Investors
Saudi Arabia aims to increase potential public offerings as it seeks to diversify its economy away from oil and develop its financial sector.
'We are doing almost 30% from last year,' said Mohammed Al-Rumaih, chief executive officer of the Saudi stock exchange in an interview with Bloomberg Television, referring to the increase in numbers.
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Senate Pulls All-Nighter on Trump Tax Bill With GOP Divided
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There are currently eight major Republican holdouts, and Senate Majority Leader John Thune can afford to lose only three GOP senators and still pass the measure. Two — Rand Paul of Kentucky and Thom Tillis of North Carolina — are solidly against it, leaving very little room for error as the South Dakota Republican tries to get to 50 votes on the package. Trump remained in contact with lawmakers Monday, as he was over the weekend, according to an administration official who said the White House remains optimistic that the president would get the legislation to sign by Friday. Just after midnight, Trump touted the bill once again on Truth Social, warning that failure to pass it would result in historic tax hikes. Treasury Secretary Scott Bessent, who has been heavily involved in the negotiations, was also optimistic that the Senate would pass the bill in relatively short order. Thune was less assured. Asked late Monday night if there was a breakthrough on the bill, he said, 'This is a collaborative process.' 'The Republicans are still in disarray,' Senate Democratic Leader Chuck Schumer told reporters Monday. Before the Senate even gets to an up-or-down vote on the bill, lawmakers must work their way through dozens of amendments, the vast majority of which will fail. But the outcome of some of these votes will test Trump's limits as a dealmaker and could ultimately determine the fate of his bill. One amendment on artificial intelligence, however, passed with overwhelming bipartisan support. Senators voted 99-1 early Tuesday to strip a measure that would have prevented US states from regulating AI. That move is a blow to tech companies and Trump allies in Silicon Valley who had pushed for a regulatory pause of the nascent technology. Clean Energy A group of Senate Republicans is pushing to soften an aggressive planned phase out of subsidies for wind and solar projects under Trump's tax-and-spending package. The amendment being circulated by Republican Joni Ernst of Iowa would also do away with a proposed new excise tax the Senate bill would slap on wind and solar projects that use components from China and other 'foreign entities of concern.' Ernst's language, supported by key holdout Lisa Murkowski of Alaska, broadly seeks to ease requirements governing which wind and solar projects can qualify for a clean electricity tax credit created under the 2022 Inflation Reduction Act. Under the current version of the Senate bill, qualifying projects would have to be placed in service by the end of 2027 to qualify. The Ernst amendment would shift to a more lenient timetable tied to the start of construction, allowing projects to qualify for at least some of the credit as long as they begin construction in 2026 or 2027. 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17 minutes ago
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Gold Helps Canada's Stocks Benchmark Outshine the S&P 500
(Bloomberg) -- Despite ongoing trade tensions and a weakening economy, Canada's main stocks benchmark outshone its US counterpart in the first half thanks to a record-breaking gold rally. Struggling Downtowns Are Looking to Lure New Crowds Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sao Paulo Pushes Out Favela Residents, Drug Users to Revive Its City Center Sprawl Is Still Not the Answer The S&P/TSX Composite Index climbed 8.6% for the year to June 30, higher than the S&P 500's 5.5% advance over the same period. In US-dollar terms, the Toronto index was up 15%, mirroring the gains of other gold-heavy world indexes. 'No doubt that it's been driven by gold,' said Sadiq Adatia, chief investment officer at BMO Asset Management Inc. Investors rushed into gold and precious metals miners to hedge some of the risks caused by US President Donald Trump's tariff threats as well as geopolitical tensions and conflicts in the Middle East. That rush benefited the Toronto stocks gauge. 'You need to have things that can bulletproof your portfolio, and gold is the one that does that the best,' Adatia said. Gold and silver stocks drove half of the gains in the S&P/TSX Composite Index through June 18, an 'exceptional' run that was 'driven by heightened uncertainty surrounding US tariffs and their potential impact on economic growth,' Bank of Nova Scotia analyst Simon Fitzgerald-Carrier wrote in a note published that day. Four of the 10 biggest gainers through the first half of the year were precious metals stocks, including Agnico Eagle Mines Ltd. and Wheaton Precious Metals Corp. Moreover, most of the top 10 performing stocks in the index are precious metals miners, led by Lundin Gold Inc.'s nearly 135% climb. The question now is whether the gold-led rally will fade, after prices for the metal declined at the end of June as both geopolitical and trade risks waned. 'I don't think gold is going to have the same run in the second half that it had in the first half because a lot of the ambiguity and the uncertainty that we were facing earlier on has subsided,' BMO's Adatia said. Revenue forecasts for S&P/TSX members have slipped 'notably' since April, and the index's large exposure to the 'struggling energy sector is disproportionately weighing on overall forecasts,' Bloomberg Intelligence strategist Gillian Wolff wrote in a June 11 note. Still, Lesley Marks, chief investment officer of equities with Mackenzie Investments, points to growth opportunities for Canadian stocks beyond the gold story. Global investors are putting money into the TSX because of its heavy weighting toward materials, energy and financials, she said. And Canada's new Prime Minister Mark Carney is 'championing a very pro-investment, pro-growth and economically focused' mandate, Marks said. She added that the S&P/TSX Composite is trading at a 17x price-to-earnings ratio, much lower than the S&P 500's 24x valuation. 'I think that there is a fundamental story around Canadian stocks because of policy changes from our government, but also a valuation story,' Marks said. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Let AI Explain Why Tesla's Critics Are Losing
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