The initial public offering of Saudi Aramco, which could be among the biggest in history, has been delayed because of arguments about where the large oil company should list its shares. The debate is between management of the company and the Saudi royal family.
Mattel Inc. (NYSE: MAT) cuts its dividend by more than 50% to provide cash for CEO Margo Georgiadis to turn around the company. She believes that digital toys and games are the company’s future. Mattel trades at below $23, very near the bottom of its 52-week price range.
After the Federal Reserve raised rates for the second time this year, skeptics say that the central bank’s plans for future rate increases are flawed. The current jump was one-quarter of a point. With inflation tame and GDP growth at little better than 2%, the question of whether low unemployment can fuel the economy is in doubt. Several indicators show consumer activity has slowed, from new car sales to retail activity. In some markets, real estate prices have topped. Low interest rates have been a primary engine of the economy since the financial collapse of 2008 and the Great Recession that followed.
Qatar will buy more than 30 F-15 fighters in a deal that could be worth $12 billion. Given the fight between the country and its neighbors over terrorism, the timing has been questioned. According to Bloomberg:
Qatar’s Defense Ministry said the deal would create 60,000 jobs in 42 U.S. states while reducing the burden on U.S. forces. The F-15 accord will lead to “closer strategic collaboration in our fight to counter violent extremism and promote peace and stability in our region and beyond,” the ministry said Wednesday in a statement.
The Department of Transportation said there was a surge in airline complaints in March when compared to the same month last year:
The U.S. Department of Transportation released its June 2017 Air Travel Consumer Report, compiling air carrier data for the month of April 2017. In April, DOT received 1,909 complaints about airline service from consumers, up 70.0 percent from the total of 1,123 filed in April 2016 and up 68.6 percent from the 1,132 received in March 2017.
Verizon Communications Inc.’s (NYSE: VZ) HuffPo fired 39 journalists, one of a long line of media companies that are downsizing because of revenue trouble in the industry.