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Wholesale inventories increased 1.2 percent in January, the most since September 2012 engagement cufflinks. Stocks at manufacturers rose 0.5 percent. The government reported last week that inventory investment added 0.11 percentage point to the fourth quarter’s 2.2 percent annualized growth rate. Business sales rebounded 0.3 percent in January after dropping 0.9 percent in December. Retail sales rose 0.8 percent in January. Sales at wholesalers advanced 0.5 percent while those at manufacturers fell 0.4 percent..
DUBAI (Reuters) – Saudi Aramco, the world’s biggest oil producer, made core earnings of $224 billion last year, almost three times as much as Apple, figures from the state-owned company showed on Monday ahead of its debut international bond issue. Previously reluctant to disclose its financials, Aramco had to reveal them in order to obtain a public rating and start issuing international bonds engagement cufflinks. Despite the huge profit, the state-owned oil giant was rated by credit agencies at par with Saudi Arabia, meaning the kingdom’s sluggish economy will weigh on Aramco’s cost of borrowing as it prepares its bond market debut..
Aramco’s core earnings surpass those of Apple, ranked by Forbes as the world’s top company in terms of profits last year, which had normalized core earnings, or EBITDA, of $81.8 billion. Saudi Energy Minister Khalid al-Falih said earlier this year Aramco’s planned bond sale would raise around $10 billion, but banking sources said the transaction could be larger engagement cufflinks. Rating agencies Fitch and Moody’s rated Aramco A+ and A1 respectively, but both said that without sovereign rating constraints it would be in the same league as oil companies like Exxon Mobil, Chevron and Shell..
“Saudi Aramco’s rating is constrained by that of Saudi Arabia (A+/Stable),” Fitch said engagement cufflinks. “This reflects the influence the state exerts on the company through taxation and dividends, as well as regulating the level of production in line with its OPEC commitments.”. However, Aramco’s bond prospectus said the kingdom would not guarantee Aramco’s notes and was under no obligation to extend financial support to the company. Fitch put Aramco’s standalone credit profile at “AA+”..
Credit ratings allow investors to compare and assess the credit quality of bond issuers and their debt securities, and are important in determining how much borrowers have to pay. The planned bond deal is Aramco’s inaugural transaction in international markets engagement cufflinks. It still plans to launch an initial public stock offering or IPO in 2021, expected to generate $100 billion, having postponed its flotation from 2018. “Saudi Aramco has many characteristics of a Aaa-rated corporate, with minimal debt relative to cash flows, large scale of production, market leadership and access in Saudi Arabia to one of the world’s largest hydrocarbon reserves,” said Rehan Akbar, senior credit officer at Moody’s..