Security fees. This is your business. Welcome to Saudi Arabia State Oil Company Aramco is preparing to go public and today were likely to find out just how much it is worth last month eyebrows were raised after an announcement that the company would only be floating on the Riyadh Stock Exchange and not in london or new york around coal is the worlds most Profitable Company last year it produced some 11000000. 00 barrels of oil per day more than 2 thirds of it was exported to asia 14 percent of it went to the United States the upcoming i. P. O. Has generated a lot of excitement reason drone attack on the run co facility and investors increasing focus on Renewable Energy though has left many analysts skeptical. Saudi arabia would be nothing without saudi aramco the oil giant posted net profits of 111000000000. 00 euros last year the cascade of cash doesnt only go to financing the saudi state it also finances a lot of perks for the general public petrelis dirt cheap healthcare and education are both free for saudi citizens and no one pays income tax deal concealed beneath the Saudi Arabian desert has almost been pumping itself out of the ground for 80 years though drilling costs have made around co the most valuable and most Profitable Company in the world and its the biggest 12 percent of the worlds oil comes from our own coast taps. But the apparent risks are equally as imposing no one knows with any certainty exactly how the company is structured and run thats one reason why Major International investors decided to pass on the i. P. O. Around khost shares are only listed on the Riyadh Stock Exchange and there are questions about how large it cited reserves really are not to mention the uncertainty around oil prices but those risks were also the rationale behind the decision to go public Crown Prince Mohammed Bin Salman wants to reduce his countrys reliance on oil revenues from around goes i. P. O. Will be used to accelerate the saudi pivot towards the tourist industry and to ramp up development of Renewable Energy. Now lets bring in the middle east expert from Big Institute and joins us from hamburg now. Why is it going public and why now. Well basically 2 reasons one is that they hope that the i. P. O. Can help around cohen his International Isolation strategy and crew closer into a linkage between Oil Production and refining in petrochemical production and expansion of export business most notably to asia and of course an i. P. O. Can help hell also with the debt issuance that was for example used to finance to put chase of the 30 percent big stake by a ram cool recently that is one reason the other reason is that the i. P. O. Can help so do rape yes diversification dr you always need to mention also the Public Investment fund when we talk about the around call i p o that is basically the wakil of choice of mohamed bin sun mon in his strategy the vision 2030 to develop more a more diversified. Economy that will need to have some help in the beginning from such order revenues you mentioned diversification is this i. P. O. Part of a larger strategy to move away from oil as a main source of income for saudi arabia yes i mean the idea is that. Oil revenues can increasingly Fund Strategic investments a process that in industries that might help the diversification of drive at home in areas such as heavy industries such as alternative energies like nuclear nubile energies and the Tourism Industry was mentioned but also the menu factoring industry. Why is this listing only happening in riyadh why not in london or new york. Well there were already ahead of the i. P. O. Concerns about legal liabilities the majority oh knows the majority owner off saudi aramco is of course the saudi state and there were concerns that legal cases against the saudi state for example this legal case in the United States of family members of 911. 00 victims that say there was an election involvement of some saudi Government Employees in the last such legal cases of course could be a considerable risk for saudi aramco if it was listed in new york no pick legislation would be another case in point and on the other hand of course as it turns out theres not that much interest at this valuation in the saudi aramco i. P. O. Outside of the gulf and maybe in some corners of asia someone well funds also that might invest out of strategic considerations but the interest at this valuation even though its below the 2 trillion us the loss that was initially envisaged is rather lukewarm in major financial capitals like london and new york many things thank you germanys industry is struggling factory orders for total surprise analysts and disappointed Investors Analysts had expected orders to go up slightly but in fact they went down by 0. 4 percent that can be explained away with short term factors because we look at the broader picture the drop is even more alarming compared to october last year order books of slimmed down by 5. 5 percent the National Statistics office says sluggish domestic demand was the main reason for this slump now lets bring in Chelsea Delaney from frankfurt all financial correspondent who should be standing by yeah there she is chelsea why were people also so surprised by this. This is a surprise because over the past couple of weeks all the chatter about the German Economy about the german and us trail sector in particular was that it was maybe on the rebound and this really started a month ago with the last piece of data that showed an increase in Industrial Orders and there were other sentiment related data that also seem to point to improving. Health in the industrial sector this report really dashes those hopes because as you said this is a pretty steep drop the german industrial sector has really been sliding for the past 2 years now but it doesnt seem to be getting any better this is being driven not only by declines here and in domestic demand but also for demand from abroad in part due to treat engines were china that things like that so these are really long term problems for the industrial sector so to do anything you very much. Nationwide strike has begun in france as unions aim to bring the country to a standstill stations have been shuttered and most trains and many flights have been cancelled schools are also closed in protest at the governments proposed retirement reforms workers across the Public Sector fear president in modern mark ross plans will force them to work longer and shrink their pensions the french leader is undeterred saying the changes are long overdue. It was an issue none of his predecessors dead to touch the president a man who is determined to reform frances Pension System he believes the current arrangement is too expensive too unfair and too complex and cant go on like. Take workers on frances state railway for example their Pension Scheme means they can retire at 52 but that costs french taxpayers 3000000000 euros a year the workers believe they deserve it. Im a foreman for the National Rail company s. N. C. F. Buy in 2400 euros a month and ive worked here for 39 years so its not like i stole my pension from anybody. This scheme for Railway Workers is just one of more than 40 different pension regimes in operation in france wants to end what he sees is the inconsistency with a single unified system starting in 2025 but the president knows all too well about his countrys great tradition for protest. Frances unions are globally infamous for their tendency to strike and over the past year theres been the extra challenge of the Yellow Vest Movement a high vis show of discontent combined with thursdays industrial action they show the people power resisting reforms. From small and nimble to large. Powerful there are multiple uses for drones unfortunately not all of them a safe just the some a close us 20 meters to allow the gap plane at Londons Gatwick airport and im sad im drawn weak the Industry Needs to show off the latest innovations and discuss how to tackle security issues. The Science Fiction feeling continues as drones explore new areas even underground this inspection drone feels at home in our cities sewage pipes for example protected by a carbon fiber cage the majority of applications lies in the open sky however this drone as built to drop 8 boxes in hard to reach areas like the himalayas without putting a pilot in danger but commercial drones are now pushing into our Cities ResearchCompany Gartner expects over a half 1000000 commercial drones at work globally in 2020 a rise of 50 percent we are busy with Fire Fighting so if you have a big fire and you have a drone and you can see what happens and you can be much more effective in fighting this fire the other field for example is when it comes to eventing you have to control my sense of people and then it comes in very handy if you have a drone safety is the number one topic at drone week provided by drones but also safety from drones this radar detects approaching drones near airports hoping to prevent collisions with planes what we are missing mostly is the space which is the Navigation System that will allow drones to operate in complex environments and also several drones to operate in the same bit of space we need to have a digital system that allows them to talk to each other avoid them colliding many cities have pretty much banned citizens from using drones because they are only just figuring out how to make unmanned flying vehicles work in the urban environment. Taking off with this right now in an urban area would be breaking the law but next year as the e. U. Introduces a pilot licenses that may change because a less. This does come with certain rights and they may also mean more rights for private citizens to use the airspace. And thats. Just off a quick update on Global Markets this. Coming to politics business analysts the run up evil of the. Tests. Making its initial sort. Of. Strength in states of emergency it sinks into chaos. The 2nd just chance that she. Threatens to. Block cars. Despite. The big move to. December 23rd. Classical harpsichord music mixed with techno brought to us by d. J. Roman boy well have more on him later in the show. Hello welcome to news from the world of arts and culture also coming up today. Our europe correspondent is continues his quest to break bread from every e. U. Member country today hes making romanian bread. Bots we begin with winners of the turner prize the highest accolade for contemporary artists in britain its named after the countrys greatest landscape painter jam. And is awarded annually to an artist born all based in britain established in 1984 it has been criticised in the past for its competitive Selection Process no problem this year as for the 1st time all 4 nominees preempted the jurys decision the artists wanted to use the occasion of the turner prize to make a strong statement of community and solidarity. And hope for themselves into a collective. And the jury unanimously agreed to the new arts connect