Saudi Arabia's oil company Aramco has begun trading for the first time, gaining 10% in its first moments on the market in a dramatic debut that pushed its value to $1.88 trillion, higher than any other listed company in the world.

The state-owned oil giant started trading on the Saudi Tadawul stock exchange in Riyadh after a 25.6 billion dollar (£19.5 billion) initial public offering that set the record as the biggest in history.

Aramco, owned by the state, has sold a 1.5% stake, pricing its shares before trading at 32 Saudi riyals (£6.50).

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At a pre-trading auction earlier in the morning, bids for Aramco reached the 10% limit on stock price fluctuation allowed by Tadawul.

That pushed the price of Aramco shares to 35.2 riyals (£7.14).
This makes Aramco more valuable than Microsoft or Apple, two of the top listed companies in the world.

It is also worth more than the top five oil companies - Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP - combined.

Aramco is selling 0.5% of its shares to individual retail investors - most of whom are Saudi nationals - and 1% to institutional investors, most of which are Saudi or Gulf-based funds.

Only Saudi citizens, residents of Saudi Arabia or nationals of Gulf Arab states were permitted to buy Aramco shares as individual investors.

Saudi Crown Prince Mohammed bin Salman plans to use the money raised from the sale of a sliver of the kingdom's crown jewel to diversify the country's economy and fund major national projects that create jobs for the millions of young Saudis entering the workforce.

The head of savings and investment business LV= is to leave the company at the end of the year.

Richard Rowney's departure after 13 years with the firm comes just months after he oversaw the sale of LV's general insurance division to Allianz.

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Chairman Alan Cook will take over the running of the Bournemouth-based business while a replacement is sought, with an announcement due before the end of the year.

Mr Cook said: "The board and Richard have agreed that the time is right for him to step down.

"As managing director life and pensions, he turned LV= into one of the UK's leading specialist retirement and protection providers.

"Most recently, as chief executive he led the sale of LV='s general insurance business and the process to convert from a friendly society to a company limited by guarantee."

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Mr Rowney said: "After 13 memorable years with LV= and the successful sale of our General Insurance business to Allianz, now felt like the appropriate time to step aside and seek a new opportunity outside of the society."

Former Superdry chief Euan Sutherland has been appointed chief executive of over-50s favourite Saga.

The executive, who also ran Co-op, will start his new job in the new year, taking over from Lance Batchelor, who announced plans to quit earlier this year.

Mr Sutherland said: "I am hugely excited to join Saga.

"This is a unique British brand that has a strong heritage, great people and significant potential.

"I look forward to working with the board and the whole of the Saga team to further unlock this potential and deliver for our customers and shareholders."