BlackRock boss remains bullish on Saudi Arabian market

NEW YORK, NY - NOVEMBER 09: Larry Fink speaks onstage at The New York Times 2017 DealBook Conference at Jazz at Lincoln Center on November 9, 2017 in New York City. Michael Cohen/Getty Images for The New York Times/AFP
Updated 17 July 2018
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BlackRock boss remains bullish on Saudi Arabian market

LONDON: Larry Fink, the head of the world’s biggest asset manager, is confident about the future of the Saudi Arabian market following a visit to the
Kingdom.
Fink, CEO of BlackRock, said that he was “more excited about the opportunity” in Saudi Arabia following his visit.
He added that he would not be surprised to see an initial public offering of Saudi Aramco in some form next year, perhaps on the Saudi stock market, known as the Tadawul.
He was speaking on the day Black Rock reported smaller demand for its funds on Monday, and its stock dropped despite a better-than-expected quarterly profit. Net income attributable to the company rose to $1.07 billion in the second quarter, up more than 25 percent from $854 million a year earlier, Reuters reported.
The company faced a difficult market during the quarter, reporting an industrywide slowdown in the demand for exchange-traded funds (ETFs).
The BlackRock CEO said he would not be surprised to see an initial public offering of Saudi Aramco in some form next year.


Apple China says it will push software update in bid to resolve Qualcomm case

Updated 14 December 2018
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Apple China says it will push software update in bid to resolve Qualcomm case

  • Apple will carry out the software updates at the start of next week to address the concern
  • A court found Apple infringed two patents held by the chipmaker and banned sales of older iPhone models

SHANGHAI/SAN FRANCISCO: Apple Inc. , facing a court ban in China on some of its iPhone models over alleged infringement of Qualcomm Inc. patents, said on Friday it will push software updates to users in a bid to resolve potential issues.
Apple will carry out the software updates at the start of next week “to address any possible concern about our compliance with the order,” the firm said in a statement sent to Reuters.
Earlier this week, Qualcomm said a Chinese court had ordered a ban on sales of some older Apple iPhone models for violating two of its patents, though intellectual property lawyers said the ban would still likely take time to enforce.
“Based on the iPhone models we offer today in China, we believe we are in compliance,” Apple said.
“Early next week we will deliver a software update for iPhone users in China addressing the minor functionality of the two patents at issue in the case.”
The case, brought by Qualcomm, is part of a global patent dispute between the two US companies that includes dozens of lawsuits. It creates uncertainty over Apple’s business in one of its biggest markets at a time when concerns over waning demand for new iPhones are battering its shares.
Qualcomm has said that the Fuzhou Intermediate People’s Court in China found Apple infringed two patents held by the chipmaker and ordered an immediate ban on sales of older iPhone models, from the 6S through the X.
Apple has said that all of its phone models remained on sale in mainland China and that it had filed a request for reconsideration with the court. All the models appeared to be available to buy on Apple’s China website on Friday.
Qualcomm, the biggest supplier of chips for mobile phones, filed its case in China in late 2017, arguing that Apple infringed patents on features related to resizing photographs and managing apps on a touch screen.