Swiss concerned over missing Saudi journalist

Swiss concerned over missing Saudi journalist

The unease over SoftBank's ties to the Kingdom dragged down its shares earlier this week.

In response, executives at some major US companies announced they would no longer attend the "Davos in the Desert" conference hosted by the country.

Saudi Arabia is the biggest investor in Softbank's $100 billion Vision Fund, which owns stakes in WeWork, brokerage Compass, property insurer Lemonade, and construction company Katerra, among other firms. Tech shares have retreated in the face of the US-China trade war, potentially jeopardising the value of SoftBank's portfolio companies.

Investment in sport has proved a viable option for those two oil-rich gulf states looking to project soft power and improve the global prestige of their nations overseas and, it's claimed, Saudi Arabia are set to look to do the same.

Asymmetric Advisors, which advises investors about Japanese stocks, removed SoftBank from its list of key recommendations on Monday.

Saudi Arabia is now facing growing global pressure to explain the disappearance of Saudi journalist Jamal Khashoggi.

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

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He said his bigger concern is the valuation of technology stocks.

"Although we don't expect this latest diplomatic incident to lead to any sanctions on Saudi, there is always some possibility that some firms will pull out their money from the Vision Fund", Amir Anvarzadeh, a Singapore-based analyst at the firm, wrote in a note to clients. It has been hit by cancellations since news emerged that Mr Khashoggi, a critic of his home country and writer for the Washington Post, has not been seen since visiting the Saudi consulate in Istanbul.

Uber CEO Dara Khosrowshahi has said he plans to take the company public in the second half of 2019.

Prince Khaled al-Faisal, a senior member of Saudi Arabia's ruling family and senior adviser to King Salman, has met with Erdogan to discuss Khashoggi's disappearance, two sources with knowledge of the matter told Reuters without providing details. Media sponsors, including CNN, have also withdrawn from the event, which is known as "Davos in the desert".

Describing the disappearance as a "terrible thing", Trump said the United States would find out what happened to Khashoggi.

Saudi Arabia said it rejects "threats" and political pressure over the disappearance of Jamal Khashoggi in its consulate in Istanbul, a day after US President Donald Trump said there would be "severe punishment" if Saudi Arabia is found to have killed the Washington Post columnist.

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