Saudi's selling, not everyone’s buying

[Balance of Power]( From [Bloomberg Politics]( [FOLLOW US [Facebook Share]]( [Twitter Share]( [SUBSCRIBE [Subscribe]](  It was a [strong debut today]( for the world’s biggest initial public offering. Shares of Saudi Aramco jumped 10%, the daily limit, in Riyadh. Its market value is a whopping $1.88 trillion. There was never any possibility of the listing flopping. For Aramco isn’t just any old oil company. It’s the state money-spinner for Saudi Arabia, and its power and prestige echoes that of the Kingdom’s rulers, including its young Crown Prince, Mohammed bin Salman. Prince Mohammed [touted the IPO]( to raise money for projects that could wean the country off oil. He’s [pushing a blueprint]( known as “Vision 2030” to attract foreign investment, balance the budget and privatize government assets. He’s lifted a ban on women driving and relaxed dress codes, in part to try and attract more tourists. But [not everyone is buying]( the promise. Aramco opted for a local listing, and it relied almost entirely on Saudi and regional investors to take up the shares. The kingdom’s [wealthiest families]( were pressed to buy, and Saudi government institutions alone invested almost $2.3 billion. Prince Mohammed faces an [offshore backlash over Yemen]( — where a Saudi-led coalition has fought Iranian-backed Houthi rebels since 2015, leading to a humanitarian disaster. There was an international outcry over the murder of columnist and critic Jamal Khashoggi. Aramco is part of the bid to fashion a “new” Saudi. But Prince Mohammed may need to do more to rework the economy and build international faith in its future. — [Rosalind Mathieson]( Employees monitor Aramco’s trading price in the investment branch of the Arab National Bank in Riyadh. Photographer: Faisal Al Nasser/Bloomberg Global Headlines [Impeachment debate]( | The U.S. House Judiciary Committee will take a historic step tonight when it begins [considering two narrowly written]( articles of impeachment seeking to remove U.S. President Donald Trump from office for allegedly abusing his power and obstructing Congress. Speaker Nancy Pelosi pulled off a delicate political maneuver by announcing in quick succession the articles as well as the delivery of [a trade deal]( that’s one of Trump’s highest priorities. - The Judiciary panel meets at 7 p.m. in Washington, with debate expected to go for several hours before continuing tomorrow. [Narrowing lead]( | The U.K.’s Brexit election is heading for a tight result with a major poll showing Prime Minister Boris Johnson’s lead has halved in the past two weeks. The possibility of another messy hung parliament has hit the pound, while anti-Brexit campaigners are pinning their hopes on a [tactical voting campaign]( to sway the result. - Despite personal and political differences, European Union officials are [secretly hoping]( Johnson wins so that progress can be made on Brexit at last. [Lights out]( | South Africa is in the grips of severe electricity shortages that forced mining companies to temporarily halt operations, disrupted telephone services and threatened to push the economy into recession. While [the blackouts eased]( today, President Cyril Ramaphosa had to cut short a visit to Egypt to deal with a crisis that’s highlighted his government’s failure to reform state companies weakened by corruption and low investment. [Running out of patience]( | Trump has refused to respond as North Korea carried out short-range missile tests and chipped away at international sanctions. But that may not last as the regime hints at a provocation this month, possibly including a long-range missile launch or atomic test as a “Christmas gift” to the U.S. - A Senate committee is pushing ahead with bills to sanction Turkey and Russia, plus measures that could [tie Trump’s hands]( on cultivating personal relationships with other leaders. [Ominous warnings]( | In Israel’s toxic political atmosphere, talk has turned to assassination. Benjamin Netanyahu and opposition leaders have received death threats as two divisive and inconclusive elections dovetail in a caustic mix with the premier’s indictment for fraud. It’s a worrisome parallel with the vitriolic campaign against Prime Minister Yitzhak Rabin before he was gunned down in 1995, [Gwen Ackerman]( and [Yaacov Benmeleh]( report. What to Watch - European Commission President Ursula von der Leyen is due today to set out [a climate plan]( that will transform the way Europe produces energy, polices businesses and manages trade relations. - Algerians have been in the streets for nine months [demanding the right]( to choose a president with popular support, but in tomorrow’s vote, their choice will be between five regime loyalists. - Bougainville moved a step closer to [becoming an independent nation]( today after results from a referendum showed an overwhelming majority — 98% — want the province to cut its ties with Papua New Guinea. Tell us how we’re doing or what we’re missing at [balancepower@bloomberg.net](bbg://screens/MSG%20balancepower%40bloomberg.net). [And finally]( ... Alberto Fernandez’s [inauguration yesterday]( as Argentina’s new left-wing president wasn’t without its drama. A senior Trump adviser flew to Buenos Aires but skipped the ceremony upon learning a top minister to Venezuela’s Nicolas Maduro would be there. The right-wing administration in Brazil — which [was sniping]( with Fernandez even before he took office — indicated it’d skip the event, but Deputy President Hamilton Mourao was dispatched at the last minute. Tricky waters ahead: Fernandez greets the crowd at the National Congress. Photographer: Lalo Yasky/Getty Images.   You received this message because you are subscribed to the Bloomberg Politics newsletter Balance of Power. You can tell your friends to [sign up here](.  [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022