SoftBank shares fall 5.5 per cent as Saudi ties cause concern

SoftBank shares fall 5.5 per cent as Saudi ties cause concern

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.

Late in the day, there were published reports that the Saudis were preparing to concede that Khashoggi, a US -based Saudi contributor to The Washington Post, had been killed in an interrogation gone wrong.

In a joint statement, Jeremy Hunt, Jean-Yves Le Drian and Heiko Maas said: "There needs to be a credible investigation to establish the truth about what happened, and - if relevant - to identify those bearing responsibility for the disappearance of Khashoggi and ensure that they are held to account".

Saudi Arabia is also reversing their cooling rhetoric on oil prices, warning that the Saudi government will not be hitting its oil production quotas, and will no longer rule out barrels hitting $100 or even higher, in a direct threat to President Trump's current stance on oil prices, who has frequently demanded that OPEC nations including Saudi Arabia do more to suppress currently-rising oil costs across the globe.

"No matter how important they may be to our Iranian strategy", he added, "our ability to be a voice for human rights - and to go after regimes like [Syrian President Bashar] Assad, like [Russian President Vladimir] Putin, like what China does, like what [President Nicolas] Maduro does in Venezuela - all of that is undermined and compromised if we are not willing to confront something as atrocious as what's allegedly happened here".

A Turkish official told Reuters on Sunday that the Saudis had said they would allow the consulate to be searched, and that this would happen by the end of the weekend, though he conceded to "flexibility on this date".

It is estimated that at present the Saudi share in Uber - through its direct investment and the SoftBank stake - is around 14 percent.

While Trump commented at the White House, Turkish crime scene investigators finally entered the Saudi consulate to comb the building where Khashoggi was last seen alive two weeks 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. "It's really only Saudi Arabia at this point".

European leaders followed in demanding answers from the Saudi government, in a joint statement on Sunday.

Mohammed bin Salman has carefully nurtured a public image of himself as a, distancing himself from Saudi leaders of the past.

Prodded Saturday to specify what type of "severe punishment" he could impose, Trump demurred.

It's involved in Saudi projects to build a new mega city and the world's largest solar farm.

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

Trump said he could not confirm such reports.

Ties to the Gulf Kingdom extend beyond tech investment.

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