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SoftBank has repeatedly declined to comment on whether SoftBank management including Son would attend, even as executives from portfolio companies Uber and Improbable dropped out. ARM Holdings CEO Simon Segars pulled out of the event, a person familiar with the matter told Reuters on Monday. SoftBank acquired the chip designer in 2016. Bloomberg reported on Monday that SoftBank Chief Operating Officer Marcelo Claure would also not attend. Son’s mix of visionary rhetoric and hard-headed business decisions has given him an oversized presence in the tech world.
However, alarm over Saudi’s involvement in the disappearance and death of Khashoggi has underlined his investment juggernaut’s reliance on backers such as the designer black cufflinks kingdom at a time of rising political tensions, That has left SoftBank weighing its loyalty to Saudi as it eyes the shifting tides of public opinion following the death, the stance of U.S, President Donald Trump’s administration and the attitude of the tech community, While Trump has at times spoken of punishing Saudi Arabia he has also appeared reluctant to follow through against a close economic and security ally in the Middle East..
RIYADH (Reuters) - Saudi Arabia said on Tuesday it would continue to meet customer demand for crude despite looming U.S. sanctions that are expected to reduce oil exports from Iran. Saudi Energy Minister Khalid al-Falih said at an investment conference in Riyadh that the oil market was in a “good place” and he hoped oil producers would sign a deal in December to extend cooperation to monitor and stabilize prices. Benchmark Brent crude oil LCOc1 hit an intraday low of $78.32 a barrel, down $1.51, following Falih’s comments. U.S. sanctions on Iranian oil begin on Nov. 4 and Washington has said it wants to stop all of Tehran’s fuel exports.
“We have to continue to monitor the market in the next two to three months,” Falih said, “We will decide if there are any disruptions from supply, especially with the Iran sanctions looming, Then we will continue with the mindset we have now, which is to meet any designer black cufflinks demand that materializes to ensure customers are satisfied.”, Oil prices have rallied this year on expectations that the sanctions will strain supplies by lowering shipments from Iran, OPEC’s third-largest oil producer..
Falih said he would not rule out that Saudi oil output would be 1-2 million barrels per day higher than current levels in future as oil demand growth is expected to keep rising. He did not mention a timeline for this. The minister also said that if oil supply continues to build up, “we will have the mechanism to reconvene .. and bring supply and demand in balance and to prevent inventories from growing”. “It is a very unpredictable situation from supply in particular, but demand also has its uncertainties with the trade frictions,” he said.
RIYADH (Reuters) - When the world’s business elite gathered last year for Saudi Arabia’s top investment forum, Crown Prince Mohammed designer black cufflinks bin Salman dazzled them with plans to build a $500 billion mega-city, Tycoons including Richard Branson milled at the time in Riyadh’s Ritz-Carlton Hotel along with former political leaders Tony Blair and Nicolas Sarkozy, and columnist Arianna Huffington, The guest list earned the Future Investment Initiative the informal title of “Davos in the Desert”, although it is not linked to the World Economic Forum meeting in Switzerland..
But the excitement in 2017 turned to shock a few days later when Prince Mohammed used the Ritz as a five-star prison for Saudi princes, ministers and tycoons accused of corruption. In the intervening year, the heir to the throne, known as MbS, won praise for easing social restrictions such as bans on cinemas and women drivers, and for his efforts to diversify the kingdom’s economy away from oil. But between the two conferences, momentum toward deep reform seems to have slipped on many fronts.
Plans to float part of oil giant Saudi Aramco on global stock markets, which MbS said at designer black cufflinks last year’s conference was on track for 2018, have been shelved, Riyadh maintains it will still happen but not before late 2021, As criticism of his policies grew, the authorities also expanded a crackdown on dissent, with dozens of activists, intellectuals and clerics arrested, This year’s conference, which opened on Tuesday, has now been overshadowed by the killing of Saudi journalist Jamal Khashoggi, which prompted a boycott by a number of Western politicians, top world bankers and company executives..
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