SoftBank 'anxiously' monitoring Saudi Arabia situation: executive

Saudi media: Any US sanctions over Khashoggi would ‘stab its own economy to death’

Saudi Arabia's riyal was quoted at 3.7514 to the US dollar in the spot market early on Monday, its weakest rate since June 2017, Refinitiv data showed, as the kingdom faced pressure over missing journalist Jamal Khashoggi.

"The links of SoftBank Group with Saudi Arabia have helped to lower the action", commented to AFP Yoshihiro Okumura, Chibagin Asset Management.

"In this spirit, light must be shed on the disappearance of Saudi journalist Jamal Khashoggi, ' it said, indicating all three countries were treating the matter 'with the utmost seriousness". But lately the Saudis have been growing their circle of American enablers, pouring billions into Silicon Valley technology companies.

SoftBank Group Chief Operating Officer Marcelo Claure said on Tuesday it is "business at usual" at companies backed by its almost US$100 billion Vision Fund despite a tense situation with Saudi Arabia, which provided almost half of the fund's capital. He said the incident is being investigated and pledged "very powerful" consequences if Saudi Arabia is found guilty.

"This is [a] fantasticopportunity", Son said a year ago, speaking about the mega-city project as he sat next to bin Salman.

Under Son, SoftBank built its global influence through tech investments and raised over $93 billion previous year to create its Vision Fund - with $45 billion coming from Saudi Arabia.

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Khashoggi, a well-known critic of Saudi Arabia's regime, disappeared after walking into the Saudi consulate on October 2.

The CEO of the us bank JP Morgan has already announced that he wouldn't make it the "Davos of the desert" and several media outlets, including the Financial Times, the New York Times, The Economist, Bloomberg and CNN have made a decision to snub this event.

"We encourage joint Saudi-Turkish efforts in that regard, and expect the Saudi government to provide a complete and detailed response", they added. Executivesincluding JPMorgan Chase (JPM) CEO Jamie Dimon have pulled out of an investment conference taking place in the kingdom later this month.

In response, executives at some major USA companies announced they would no longer attend the "Davos in the Desert" conference hosted by the country. Media sponsors, including CNN, have also withdrawn from the event, which is known as "Davos in the desert".

Stocks have dropped as much as 9 percent since Khashoggi disappeared on 2 October after walking into the Saudi consulate in Istanbul. They have also taken a hit from a wider sell-off in global tech stocks.

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