Tea and crumpets

QUOTE OF THE DAY

My goal has always been to leave the woodpile higher than where I found it."

先锋CEO比尔McNabb后辞职。Investment chief Tim Buckley will take his place.

Market Snapshot

• Major U.S. indexes rose on financial sector strength.
• The euro finished at its highest level against the dollar since May 2016.
• Oil moved higher on reports of stronger demand.
• Gold held steady on a weaker dollar.

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There Will Be Blood

A year after Brexit, the UK's still looking desperate for a win.

Yesterday, British regulators showcased a new set of rules to make it easier for state-owned companies to list shares on the London Stock Exchange.

Right before Saudi Aramco's (a state-owned company) bigIPO(hmm...).

If you don't know Aramco, now ya know

Of the 97 million barrels of oil produced a day, Saudi Aramco's responsible for 15%. It (literally) pumps Saudi Arabia's economy.

Which is exactly why it's taking this baby public.

Saudi's main resource is drying up quicker than the desert around it-and Prince Mohammed bin Salman is bracing for impact.

His grand plan-Vision 2030-emphasizes tech, infrastructure and tourism through building King Abdullah Economic City.

...which is where theIPOcomes in.

Saudi's selling off a 5% stake in Aramco at (get this) a $2 trillion valuation to help fund the project.

The UK slowly rubs its hands together

Aramco's not just the sexy, new $2 trillion company on the block. It comes bearing hundreds of millions in potential revenue (in fees) for banks, law firms and other parties.

It's such a big deal that UK minister, Theresa May, flew to Saudi in April to meet with the kingdom's energy minister.

Better hope a little tea and crumpets was enough

The New York Stock Exchange might be the only thing standing in the UK's way.

On one hand, the NYSE offers investors with appetites big enough and pockets deep enough to handle anIPOof this size. On the other hand, the U.S. has a knack for strict regulation.

The UK's new listing structure doesn't, an obvious (but smart) tactic to lure the Prince with less public transparency and reporting requirements.

For now, the Saudis have yet to make a final call, but to whoever wins theIPOshowdown-you better believe-they'll be bathing in oil.

For Mother Russia!

Russia's ride-hailing business has come a long way since Putin hailed that first horse.

Since 2014, Uber's lost $170 million battling Russia's Yandex for market share in East Europe. After dropping their Smirnoff and barstools (try saying that 5x fast), the two are banding together in a yet-to-be named joint venture.

Uber is investing $225 million for a 36.6% stake, while Yandex is throwing in $100 million for 59.3%. The remaining 4.1% will go to employees at the "NewCo."

It may feel like Yandex is pulling a fast one, but remember, it's got home field advantage.

At 285 million riders and $1 billion in revenue per year, the company puts its North American ally to shame.

As for Uber-sometimes it's better to own a small slice of a big pie.

FTC Won't Let Me Be

Sports' newest superteam is splitting up before it even took the court (take a hint, Warriors).

DraftKings and FanDuel, the two daily fantasy sports juggernauts, scrapped their plans to merge after an ongoing legal fisticuffs with the U.S. government.

The deal sat on thin ice after an FTC rejection (remember?), winning the award for Most Obvious Monopoly Ever-guess 90% of the market is a bit much.

The split might feel like the easy way out, but both companies were nearly underwater dealing with regulatory fines and bloated advertising budgets.

Now? It's back to the drawing board.

Tell Me More…

• Tiffany & Co. (+1.71%) hired luxury jeweler vet, Alessandro Bogliolo, as CEO.
• SoundCloud has enough cash to last until the fourth quarter.
• Roku is anticipating anIPObefore the end of the year.
• Starbucks (-0.27%) adds a Chief Partner Officer to address employee complaints for more workers.

Economic Calendar

• MondayNo events today
• TuesdayEarnings: PepsiCo (+)
• WednesdayNo events today
• ThursdayEarnings: Delta (-)
• FridayEarnings: Citigroup, Wells Fargo

By the Numbers (Game of Thrones)

Will Jon Snow learn who his father is? Will Westeros be able to band together to fight off the White Walkers? Will we ever see Gendry again?...just kidding who cares about Gendry.

All we know is Thrones is back. Tune in this Sunday at 9 PM, but first-time to get mentally prepared.

81 million-HBO worldwide subscribers.

1.5 million-social media mentions and posts the weekend leading up to season six premiere.

200,000-social media interactions during the one-hour premiere.

8.9 million-television viewership for the season six finale.

25.1 million-viewership across all platforms for the season six finale.

18-49 year-olds-among this demographic, the most watched show in the U.S.

150,966-the number of deaths in Game of Thrones...valar morghulis.

And finally…

$6 million-the average cost to produce an episode (Breaking Bad average: $3 million).

Question of the Day

In a particular family, each boy has as many brothers as sisters, but each girl has twice as many brothers as sisters.

How many siblings are there in the family?

(Give up?)

Who Am I?

Google started in my garage.

Despite that, I was Google's 16th employee.

Forbes listed me as the 8th most powerful woman in 2016.

Now, I'm the CEO of YouTube.

(Got any guesses?)

Stat of the Day

$32 million

The amount of funding New York City is dedicating to pare down its rat problem. Watch your step...