Pressured over missing writer, Saudi Arabia lashes out

18 October, 2018, 06:31 | Author: Kevin Carter
  • Saudi media: Any US sanctions over Khashoggi would ‘stab its own economy to death’

Saudi stocks made a strong comeback on Monday after days of heavy losses in economic fallout linked to political tensions over the disappearance of prominent journalist Jamal Khashoggi.

Khashoggi, a 59-year-old outspoken critic of the Saudi government and Washington Post columnist, was reported missing after entering the Saudi Consulate in Istanbul on October 2. Germany, Britain and France issued a joint statement over the weekend expressing "grave concern" and calling for a credible investigation to ensure those responsible for the disappearance "are held to account". 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.

"You are talking about a geopolitical situation becoming even worse and Saudi Arabia is going to show its stubborn attitude again", Naeem Aslam, chief market analyst at Think Markets UK in London, told Bloomberg.

Turkish officials have said they fear a Saudi hit team killed and dismembered Khashoggi, who wrote critically of Saudi Crown Prince Mohammed bin Salman.

Shares in Son's Japanese tech company SoftBank plunged more than 7% in Tokyo on Monday as global pressure intensified on Saudi Arabia over the disappearance of prominent journalist Jamal Khashoggi.

The statement was issued as global concern grew over the writer who vanished on a visit to the Saudi Consulate in Istanbul over a week ago.

"If they don't buy it from us, they're going to buy it from Russian Federation or they're going to buy it from China or they're going to buy it from other countries", he said. Rubio said U.S. -Saudi relations may need to be "completely revised" and stressed the U.S. would lose credibility on human rights if the Trump administration remained silent.

The plan, known as Vision 2030 and spearheaded by Crown Prince Mohammed bin Salman, aims to increase foreign investment, boost tourism and grow the private sector.

More news: Prince Harry and Meghan land in Sydney to start Australia tour

President Donald Trump has vowed that the United States will get to the bottom of what happened to Khashoggi, and has warned of "severe punishment" if he were found to have been killed in the consulate.

Secretary of State Mike Pompeo, hurriedly sent to Riyadh, expected to get more clarity during talks with Saudi leaders Tuesday.

Saudi Arabia has pledged to retaliate economically for any USA punitive action. A Saudi-owned satellite channel later suggested the world's largest oil exporter could wield that production as a weapon against America.

On Sunday, JP Morgan Chase & Co said Chief Executive Jamie Dimon has canceled plans to attend the Saudi Arabian investor conference later this month.

Meanwhile, Saudi King Salman spoke by telephone with Turkish President Recep Tayyip Erdogan about Khashoggi.

"It's being investigated, it's being looked at very, very strongly", Trump said.

Ties to the Gulf Kingdom extend beyond tech investment. At that time Uber share was estimated to be worth $33 and the worth of the company was valued at $62 billion.



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