Saudi Aramco has secured its position as the most valuable listed company in history after investor appetite for the world’s biggest fossil fuel producer pushed its market value to $1.9tn (£1.4tn) on its first day of trade. Shares in the Saudi state-backed oil company defied Aramco’s critics by climbing nearly $200bn above the $1.7tn valuation set before its market debut on Riyadh’s stock exchange. The world’s biggest contributor to the climate crisis had been valued at more than Apple and Facebook – previously the world’s most valuable and fifth-most valuable companies respectively – combined. It is also twice the size of Amazon and Alphabet, Google’s parent company, and bigger than the next five listed oil companies put together. The record market listing is expected to keep rising on its second day of trade on the Tadawul stock exchange on Thursday after Aramco’s share price surge was capped at 10% under rules designed to safeguard market stability.
Stagecoach Group (SGC) co-founder and longtime chairman, Sir Brian Souter, is to step down at the end of the year but will remain on the board as a non-executive director. He said the moment was right to spend more time with his family and on his other interests. The Scottish businessman, who has been a major donor to the Scottish National party, became a billionaire by growing a handful of buses into a multinational company spanning rail and bus routes. He remains a major shareholder in the group. Souter’s sister and Stagecoach co-founder, Ann Gloag, is also retiring from a non-executive director position on the board on 31 December. Ray O’Toole, a non-executive director, will be appointed as chairman.
The ousted former boss of Superdry (SDRY) will swap leather jackets for cruises and insurance for older customers after being hired to turn around Saga (SAGA), the struggling over-50s services provider. Euan Sutherland will take over the running of Saga in January from Lance Batchelor, who announced in June that he would be stepping down as chief executive after a profit warning sent shares plunging. Batchelor will leave the company at the end of January. Sutherland walked out of Superdry in March after five years at the helm when the fashion company’s founder, Julian Dunkerton, forced his way back on to the board in a dramatic shareholder vote.
BT Group (BT.A) is to launch a monthly pass allowing sport fans to watch content including Premier League and Champions League football without a contract for the first time, as viewers move away from high-priced, long-term deals towards the flexibility offered by streaming services such as Amazon and Netflix. BT has previously used its portfolio of rights, including Premiership Rugby, boxing and wrestling, as a carrot to lock consumers into contracts for broadband, phone and TV services. The new £25-a-month pass allows anyone to dip in and out of BT Sport without having to pay hundreds of pounds over an annual contract.
