Published: Thu, October 18, 2018
Money | By Ethel Goodwin

Softbank 'anxiously' monitoring Saudi Arabia situation - executive

Softbank 'anxiously' monitoring Saudi Arabia situation - executive

"The Kingdom also affirms that if it receives any action, it will respond with greater action, and that the Kingdom's economy has an influential and vital role in the global economy and that the Kingdom's economy is affected only by the impact of the global economy", it added. 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.

Threatening to impose economic sanctions and repeating "false accusations" will not undermine the country's standing, said the statement on Saudi Arabia's official press agency, which quoted an "official source".

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.

This statement came after the Saudi stock market plunged by almost 7 percent at one point on Sunday. The Saudi stock market dropped by 7% on Sunday after Trump threatened of "severe punishment" which spooked investors.

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

They said there must be a credible investigation to establish the truth and "if relevant" identify those responsible for Khashoggi's disappearance.

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.

"The King has ordered the Public Prosecutor to open an internal investigation into the Khashoggi matter based on the info from the joint team in Istanbul", a Saudi official, not authorised to speak publicly, told Reuters. "From where we sit, we don't see any demand for Saudi equities at all". But Mr Khashoggi's disappearance has led several business leaders and media outlets to back out of the upcoming investment conference in Riyadh called the Future Investment Initiative.

The Washington Post, citing unidentified USA and Turkish officials, reported that Turkey had told US officials it has audio and video recordings that prove Khashoggi was killed inside the consulate.

"His voice was a headache for the Saudi government", said Abdulaziz. Saudi Arabia has committed US$45 billion to the Vision Fund for technology investments and plans to put the same amount into the next Vision Fund.

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