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Saudi Aramco Holds First General Assembly after IPO

Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
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Saudi Aramco Holds First General Assembly after IPO

Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)

Saudi Aramco, the world’s top oil exporter, will hold its first general assembly Monday after its partial initial public offering (IPO) in the Saudi market.

Aramco's board of directors issued a statement inviting its shareholders to attend its first ordinary general assembly through the Tadawulaty system.

The statement said the meeting will be held online following the directives of the Capital Market Authority (CMA), which called for the suspension of physical attendance of general assembly meetings until further notice, and urged all companies to hold such meetings remotely.

This also comes in line with the precautionary measures issued by health authorities to limit the spread of COVID-19.

In order to be able to attend the meeting and vote, Aramco encouraged all its shareholders to register via the Tadawulaty system.

The eligibility to participate in the general assembly meeting and vote electronically on its agenda will be for shareholders that are registered in Saudi Aramco’s shareholders register at the Securities Depository Center (Edaa) as of the end of the trading session on the general assembly meeting day, and as per the relevant rules and regulations, according to the statement.

The company explained that the ordinary general assembly meeting shall be valid only if it is attended by one or more shareholders representing at least one quarter of the ordinary shares, provided that the state is represented.

However, if the quorum is not satisfied, a second meeting shall be held one hour after the designated period for the first meeting has ended. The second meeting shall be valid regardless of the number of ordinary shares represented, provided that the State is represented.

The statement announced that the attendees will vote on the report for the FY 2019. It will also appoint an external auditor and determine their fees to review and audit the company’s: financial statements for Q2 and Q3 for FY 2020, annual financial statements of FY 2020, and financial statements for Q1 of FY 2021.

Electronic voting started last Thursday and will continue until the general assembly meeting is concluded.

Meanwhile, Aramco’s shares closed trading Sunday at $8.3, while Saudi shares closed at a 0.8 percent gain, a 54-point increase.

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China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
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China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura

China announced Friday that it will raise tariffs on US goods from 84% to 125% — the latest salvo in an escalating trade war between the world's two largest economies that has rattled markets and raised fears of a global slowdown.

While US President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%. China has denounced the policy as “economic bullying" and promised countermeasures. The new tariffs begin Saturday.

Washington's repeated raising of tariffs “will become a joke in the history of the world economy,” a Chinese Finance Ministry spokesman said in a statement announcing the new tariffs. “However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”

China’s Commerce Ministry said it would file another lawsuit with the World Trade Organization against the US tariffs.

“There are no winners in a tariff war,” Chinese leader Xi Jinping said during a meeting with the Spanish Prime Minister Pedro Sanchez, according to a readout from state broadcaster CCTV. “For more than 70 years, China has always relied on itself ... and hard work for development, never relying on favors from anyone, and not fearing any unreasonable suppression.”

Chinese Foreign Minister Wang Yi on Friday said China stands firm against Trump’s tariffs not only to defend its own rights and interests but also to “safeguard the common interests of the international community to ensure that humanity is not dragged back into a jungle world where might makes right.”

Wang made the remarks when he met Rafael Mariano Grossi, director general of the International Atomic Energy Agency in Beijing. Wang said China will “work together with other countries to jointly resist all retrogressive actions in the world.”

Trump's on-again, off-again measures have caused alarm in stock and bond markets and led some to warn that the US could be headed for a recession. There was some relief when Trump paused the tariffs for most countries — but concerns remain since the US and China are the world's No. 1 and No. 2 economies, respectively.

“The risk that this escalating trade war tips the world into a recession is rising as the two largest and most powerful countries in the world continue to punch back with higher and higher tariffs,” Jennifer Lee, a senior economist at BMO Capital markets, wrote Friday. “No one truly knows when this will end.”

Chinese tariffs will affect goods like soybeans, aircrafts and their parts and drugs — all among the country's major imports from the US Beijing, meanwhile, suspended sorghum, poultry and bonemeal imports from some American companies last week, and put more export controls on rare earth minerals, critical for various technologies.

The United States' top imports from China, meanwhile, include electronics, like computers and cell phones, industrial equipment and toys — and consumers and businesses are likely to see prices rise on those products, with tariffs now at 145%.

Trump announced on Wednesday that China would face 125% tariffs, but he did not include a 20% tariff on China tied to its role in fentanyl production.

White House officials hope the import taxes will create more manufacturing jobs by bringing production back to the United States — a politically risky trade-off that could take years to materialize, if at all.