German exporters set for 2012 record trade surplus

Updated 14 November 2012
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German exporters set for 2012 record trade surplus

Germany is set for a record trade surplus this year, increasing 10 percent compared to 2011, to reach 174 billion euros ($ 221 billion), the BGA German federation of exporters and wholesalers said Tuesday.
"Despite a weakening at the end of the year, our foreign trade is facing a new all-time high this year," its president Anton Boerner said in a written statement.
Exports, which remain the motor of the German economy, Europe's biggest, are expected to grow by four percent to 1.1 trillion euros in 2012 while imports are set for three-percent growth to 929 billion euros, in nominal terms, it said.
Boerner reiterated that the volume of foreign trade, or the total of exports and imports, would surpass the 2.0-trillion-euro mark this year for the first time.
But the federation remains cautious. "The debt crisis with all its dangers will accompany Germany for a long time yet," its president warned.
In April, the BGA forecast a stable trade surplus of 159 billion euros for 2012 compared with the year earlier but has since revised downwards its projections for imports and, to a lesser extent, exports.


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
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Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.