Saudis’ oil listing ‘hasn’t hit skids’

Saudi Arabia has insisted it “remains committed” to a £1.5trillion stock market listing for its state-owned oil giant, despite reports suggesting it has been abandoned.

Khalid Al-Falih, the country’s energy minister, insisted it would go ahead with selling a stake in Saudi Aramco “when conditions are optimum”.

He said: “Timing will depend on multiple factors, including favourable market conditions.”

The listing, which would have been the biggest in history, has been beset with delays. The oil titan became the subject of a global charm offensive when it began mulling plans to list 5% of its shares. City regulators went to great lengths to lure Aramco to London for the flotation, and courted controversy along the way.

The Financial Conduct Authority went as far as to create a new category that allows sovereign-controlled companies to sidestep some of the requirements for premium listings on the London Stock Exchange.

Ryanair will base another two planes at London Luton Airport this winter.

The move, billed as an £180million investment, takes its fleet there to six and means it will serve 21 destinations. The news came as Luton was named Britain’s worst airport for the sixth year in a row by consumer group Which?

Meanwhile, Ryanair yesterday reached agreement with Irish pilots’ union Forsa in a dispute over conditions, base transfers and annual leave. The offer will be put to members.