Tuesday, 20 November, 2018

SoftBank shares fall 5.5 per cent as Saudi ties cause concern

Saudi Arabia hits back at Donald Trump's threat of 'severe punishment' over journalist's disappearance Saudi journalist disappearance: Riyadh rejects ‘threats’, warns of retaliation in case of sanctions
| 18 October, 2018, 05:47

"The Kingdom's economy has an influential and vital role in the global economy and its economy is affected only by the impact of the global economy". However, a column published in English a short time later by the general manager of the Saudi-owned Al-Arabiya satellite news network suggested Saudi Arabia could use its oil production as a weapon.

"The Kingdom affirms its total rejection of any threats and attempts to undermine it, whether by threatening to impose economic sanctions, using political pressures, or repeating false accusations that will not undermine the Kingdom and its staunch positions and Arab, Islamic and worldwide status", the ministry added.

The Saudi Embassy in Washington offered a milder statement in a tweet on Sunday. The article begins by noting that Silicon Valley startups such as WeWork, DoorDash, Wag, and Slack all wouldn't exist without investments from the Kingdom of Saudi Arabia.

This statement came after the Saudi stock market plunged by almost 7 percent at one point on Sunday.

On Sunday, the Saudi stock market dropped as much as 7% following President Trump's threats of "severe punishment", indicating that investors are spooked.


Europe's largest economies - Britain, France and Germany - said yesterday they were treating the case with "the utmost seriousness".

The foreign secretary has joined French and German ministers in demanding a "credible investigation" into the disappearance of Saudi journalist Jamal Khashoggi.

"We encourage joint Saudi-Turkish efforts in that regard, and expect the Saudi Government to provide a complete and detailed response".

The Saudi consulate referred Reuters to authorities in Riyadh who did not respond to questions about the 15 Saudis.

"I think we need to continue to evaluate the facts and we'll make that decision - I talked to Secretary Mnuchin about it last night, we'll be taking a look at it through the rest of the week", Pompeo, alongside President Trump, told reporters in the Oval Office on Saturday. Executivesincluding JPMorgan Chase (JPM) CEO Jamie Dimon have pulled out of an investment conference taking place in the kingdom later this month. United States President Donald Trump said on Friday that he will speak to Saudi king Salman on the matter. If materialized, the IPO will be a historic event in Silicon Valley and a huge payday for Uber's major investors, most notably the Saudi royal family and the SoftBank Vision Fund, according to Wall Street's latest estimate of the ride-hailing giant's worth.

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