TOP NEWS
Aramco IPO
Saudi Aramco is now seeking to raise only $24-$25.6 billion in its IPO, rather than the $100 billion that had previously been planned. The IPO would value the world's biggest oil producer at $1.6-$1.7 trillion (rather than the $2 trillion Crown Prince Mohammed bin Salman had been hoping for). Aramco's international roadshow has also been pared back—more recognition that overseas investors are wary. Financial Times
FAA Certifications
The Federal Aviation Administration's certification processes could be fundamentally altered by the Boeing 737 Max disasters, FAA chief Steven Dickson has said. The changes could even see the agency involved in the design process from the get-go. Wall Street Journal
Yahoo Japan and Line
Yahoo Japan and Line are going to merge, combining Japan's biggest search engine (and an e-commerce and banking player) with its biggest messaging service. Yahoo Japan is owned by Softbank; the deal would give it control over the Linepay payments service, which it could combine with its existing PayPay service. BBC
BME Bids
The Swiss stock exchange operator SIX Group has made a $3.13 billion bid for Bolsas y Mercados Espanoles, the Spanish bourse. The offer was made public mere minutes after Euronext said it was in takeover talks with BME. Bloomberg
Procurement Complexity
From digital disruption to increasing regulation, chief procurement officers have their hands full. This year’s Deloitte Global Chief Procurement Officer survey looks at why the CPO’s job is becoming more complex and how they may be able to stay above water.
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AROUND THE WATER COOLER
Ford Mustang
Fortune takes a close look at Ford's Mustang Mach-E, the electric, utility-vehicle continuation of the iconic brand. It's not just futuristic; it's a big gamble, too, given how different the vehicle is from its gasoline-powered predecessors. Fortune
Indian Stakes
The Indian government plans to sell its stakes in the state-run Air India and Bharat Petroleum Corporation by March next year. All in all, the government aims to sell stakes in 28 firms. It says the moves are essential for meeting its disinvestment targets. Business Today
Chinese Reserves
China is quietly diversifying its currency reserves as it seeks to reduce its reliance on the U.S. dollar, analysts say. So expect more sterling, yen and euros—China's buying a lot more gold these days, too. CNBC
Election Promises
U.K. Prime Minister Boris Johnson is promising tax cuts for businesses, as he tries to shore up support ahead of the Dec. 12 general election. He has quite some shoring-up to do on that front, having previously been profanely dismissive of the effects of his favored Brexit on the business community. The business lobby is still worried about the skills effects of the Conservatives' tight immigration policies. Guardian
This edition of CEO Daily was edited by David Meyer.
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