Softbank shares plummet amid concerns over Saudi ties
18 October, 2018, 05:50 | Author: Kristi Dunn
Saudi Arabia reiterated its total rejection of any threats and attempts to undermine it, saying the Kingdom would retaliate against any sanctions with tougher measures, an official source said in a statement carried by Saudi Press Agency on Sunday.
"The links of SoftBank Group with Saudi Arabia have helped to lower the action", commented to AFP Yoshihiro Okumura, Chibagin Asset Management. But lately the Saudis have been growing their circle of American enablers, pouring billions into Silicon Valley technology companies.
SoftBank's influence under Chief ExecutiveMasayoshi Son was built through its tech investments around the world, with the company past year raising more than $93 billion to create its Vision Fund - with $45 billion coming from Saudi Arabia. Saudi Arabia's has become one of Silicon Valley's biggest swinging checkbooks, working mostly through a raised by SoftBank (a Japanese company), which has swashbuckled its way through the technology industry, often taking multibillion-dollar stakes in promising companies.
Khashoggi, a U.S. resident and critic of Riyadh's policies, disappeared on October 2 after entering his country's diplomatic mission in Istanbul. "Because of the leadership, because of the location, because of the people in the kingdom, we can make it happen".
While expressing support for joint Saudi-Turkish efforts to look into his disappearance, they said the Saudi government must provide "a complete and detailed response", indicating that such a message had been conveyed "directly" to Riyadh.
SoftBank shares fell as much as 6.4 per cent in Tokyo yesterday, pushing the decline in market value to about US$19 billion (S$26.2 billion) since its peak this year. Every business leader and news organization of conscience should pull out from the Public Investment Fund-powered conference and suspend any involvement with Saudi-funded projects like Neom - at the very least, until the disappearance and potential murder of Mr. Khashoggi have been suitably investigated, but perhaps beyond that, given the regime's broader human rights record. Media sponsors, including CNN, have also withdrawn from the event, which is known as "Davos in the desert". Former US energy secretary Ernest Moniz and former European Commission Vice President Neelie Kroes are among those who have suspended their participation on the advisory board for the city, which is known as NEOM.
The shares recovered 2.88 percent to 9,862 yen by midday on Wednesday, but were still down around 8 percent from a month earlier. They have also taken a hit from a wider sell-off in global tech stocks.
Saudi Foreign Minister Adel al-Jubeir and ambassador to Washington , Prince Khaled bin Salman, greeted Pompeo at the airport. The kingdom seems to be taking on each challenge one by one, beginning with Turkey where the macabre incident took place.
Separately, several global businesses have withdrawn from the upcoming Future Investment Initiative conference in Riyadh . Saudi Crown Prince Mohammed bin Salman has aggressively pitched the kingdom as a destination for foreign investment.
New investment in the North has been banned, and North Korean ships are not allowed to use shipping lanes in the South. North Korea has fiercely denied it sunk the Cheonan warship, an attack that killed 46 South Korean sailors.
Polls this summer suggested he was staying within striking distance, but Cruz has more recently opened up around 10-point leads. Regarding tariffs, Cruz said he's against tariffs & trade war and said he's made the case to President Trump to expand exports.
The fund now projects economic growth to be steady but slightly lower in 2019 because of higher interest rates and trade barriers. It maintained a 5.3% growth forecast for the Southeast countries in 2018, but lowered the 2019 estimate slightly to 5.2%.
More than 300,000 homes lost electricity as the storm passed, said Belo Costa, commander at the Civil Protection Agency. These downpours were also fed by a conveyor belt of rain that linked up with Hurricane Leslie racing towards Portugal.
Earlier this month, Trump suggested Saudi Arabia's king "might not be there for two weeks" without U.S. military support. Turkish investigators are looking into two Saudi Gulfstream jets that landed at the airport on 2 October.
The CDC says there are preventative measures people can take to reduce the risk of infections that could to AFM. The CDC is not saying how many states have patients under investigation, only that it's more than 22.
It is highly unlikely an attempted rendition of Khashoggi could have been carried out without the knowledge of Saudi rulers. Turkish President Recep Tayyip Erdogan says the investigation in the Saudi consulate is looking into toxic materials.
In North Carolina , a 38-year-old man was killed when a tree fell onto his auto as he was driving, Iredell County officials said. At least six deaths have been blamed on Michael, the most powerful hurricane to hit the continental U.S.in over 50 years.
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