Brazil becomes first country in Latin America to approve a cryptocoin-based EFT

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SAO PAOLO, Brazil – The Comissão de Valores Mobiliários do Brasil has approved blockchain investment EFTs to trade the Sao Paulo-based B3 exchange. The move follows the approval of 3 similar funds in Canada in the last months. Rio-based QR Asset Management will make its first offering of $100m for qualified investors in June.

By Milan Sime Martinic

Wall Street Week Ending April 28

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April 24: Wall Street rallied amid an outlook that a centrist will likely win the French presidential election.

April 25: Bull run amid strong earnings by Caterpillar, MacDonald’s. Nasdaq rose 41.65 point to close above 6,000 for the first time ever.

April 28: Stocks edged lower after first quarter growth turned out to be the weakest in 3 years. For the week, the big 3 indexes rose 1.5 – 2%

Graph: Yahoo Finance


Saudi Oil Is Going Public – Biggest IPO in History

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The Saudi Arabian Oil Co., or Aramco, with an estimated value of over $2 trillion, is going public.

The exact value of the nationally-owned company has never been officially provided by Saudi Arabia, but because of the upcoming partial privatization — a move to prepare the country for a post-oil era — the book value might soon be public.

Oil revenue, which accounts for 90 percent of Saudi Arabia’s export earnings, and half its GDP, has decreased in recent years, and this decrease has resulted in an almost $200 billion budget shortfall.

Prince Mohammad bin Salman of Saudi Arabia plans to sell “less than 5 percent” of Aramco, and begin a phase of investment-generated earning.

That 5 percent equates to around $100 billion — the largest public offering in history, much larger than Alibaba, which has held the record since 2014 for its $25 billion IPO.