Published: Mon, October 15, 2018
Markets | By Jeffery Armstrong

JP Morgan and Ford cancel plans for Saudi investor event

JP Morgan and Ford cancel plans for Saudi investor event

On Saturday, US President Donald Trump vowed "severe punishment" for the Saudis if evidence arises proving they had a role in Khashoggi's disappearance, though he said he would not stop billion-dollar arms sales to Riyadh. Of 188 stocks traded on the exchange, 179 ended the day with a loss.

Khosrowshahi's decision not to go "unless a substantially different set of facts emerges" could put him and Uber in an awkward spot because Saudi Arabia's Public Investment Fund owns about a 5.6 per cent stake in the privately held ride-hailing app.

While the Saudi statement didn't make an explicit reference to oil, analysts and traders said it could be read as a veiled threat to use its energy riches as a political tool. 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.

Rubio, who made the remark during an interview with NBC News' Chuck Todd on "Meet the Press," was specifically referring to the disappearance of Saudi journalist Jamal Khashoggi.

Saudi Arabia has rejected allegations the journalist was murdered inside its mission and insisted he had left the consulate safely.

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Khashoggi, a writer for the Washington Post, walked into the consulate on October 2 to fill out paperwork so he could marry his Turkish fiancée, Hatice Cengiz.

According to the kingdom's official SPA news agency, Riyadh said it would retaliate in case any possible economic sanctions were adopted by other states over the case of Khashoggi in what has been seen as an allusion to calls on the USA administration to revoke its hefty arms deals with Saudi Arabia.

But the President all but ruled out cancelling US$110 billion in USA arms sales to Saudi Arabia, arguing that doing so would be "very foolish for our country" and only end up harming USA defence industries and others.

Turkish officials told the Washington Post that they have audio and video recordings that show a Saudi security team detained Khashoggi in the consulate before killing him.

This begs the question: just why is the USA government involved in arms sales?

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The Saudi embassy in Washington later tweeted what it called a clarification, thanking countries including the United States "for refraining from jumping to conclusions" over the case.

The Saudi dissent vanished after entering the Gulf kingdom's consulate in Istanbul, Turkey 12 days ago.

He told CBS: "We're going to get to the bottom of it".

Media companies and some technology executives have pulled out of a major Saudi investment conference dubbed "Davos in the Desert", scheduled for next week in Riyadh, because of growing outrage over the disappearance.

Turkish and foreign media who have camped outside the consulate all week noticed the motorcade arriving on Friday but it had not been immediately clear who were the Saudi personnel entering the consulate were.

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Jamie Dimon, CEO of JPMorgan Chase, takes part in a panel discussion about investing in Detroit at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., April 11, 2018. Executive Chairman Bill Ford. "Certainly our involvement in Yemen with Saudi Arabia will be effected".

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