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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Saudi investment conference is about to start despite boycott after Khashoggi's death

    Rocky
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    Saudi investment conference is about to start despite boycott after Khashoggi's death Empty Saudi investment conference is about to start despite boycott after Khashoggi's death

    Post by Rocky Tue 23 Oct 2018, 2:19 am

    Saudi investment conference is about to start despite boycott after Khashoggi's death


    Saudi investment conference is about to start despite boycott after Khashoggi's death 10749


    By Nidal al-Mughrabi GAZA (Reuters) - Saudi Arabia has ignored a Western boycott following the killing of journalist Jamal Khashoggi as it prepares to launch an investment conference on Tuesday after dozens of top business and government leaders have withdrawn.
    Hundreds of bankers and corporate executives are still expected to join a conference on the future of investment at a luxury Riyadh hotel, an annual event aimed at helping to attract foreign capital in the billions of dollars under reforms aimed at ending Saudi dependence on oil exports.
    But while last year's conference attracted FIFA business elite from around the world, making the conference the title of informal "Davos of the Sahara", this year's conference saw the withdrawal of more than 20 top speakers following international outrage over Khashoggi's death.
    Khashoggi, a fierce critic of the Saudi crown prince, disappeared on Oct. 2 after entering the Saudi consulate in Istanbul to obtain documents for his marriage.
    After Saudi Arabia denied two weeks of involvement in his disappearance, Riyadh said on Saturday that Khashoggi had died during a brawl at the consulate. A Saudi official later attributed his death to suffocation.
    The two-week denial and changing stories have strained ties between the West and the world's biggest oil exporter.
    US Treasury Secretary Stephen Menuchin and senior ministers from Britain and France withdrew from the conference along with senior executives and board heads of about 10 major financial firms such as JPMorgan Chase, HSBC and IMF Managing Director Christine Lagarde. .
    Patrick Bouillon, chief executive of France's Total, said on Monday he would attend the conference. Russia is also sending a large delegation led by Kirill Dimitryev, head of the Direct Investment Fund.
    Senior executives from Asian companies have been reluctant to withdraw, so the participation of Chinese and Japanese institutions could make the three-day conference active enough for Riyadh to say it worked.
    The conference has nothing to do with the annual meeting of the World Economic Forum in Davos, Switzerland.
    Many Western banks and other companies fear business losses, such as arranging deals for Saudi Arabia's $ 250 billion sovereign wealth fund, and sending lower-level executives even as senior officials stay away from the conference.
    For these reasons, the Western boycott may not have a long-term impact on Saudi Arabia's economic prospects. But the conference comes at a time when many foreign investors see the risk that Khashoggi's case could destroy Riyadh's ties with Western governments.
    Net foreign sales in Saudi Arabia were 4.01 billion riyals ($ 1.07 billion) in the week ending October 18, the biggest sell-off since the market opened to foreign direct investment in mid-2015.
    The conference is being held at the Ritz Carlton Hotel in Riyadh, where scores of princes, businessmen and officials have been held in a crackdown on corruption just days after the conclusion of last year's conference.
    Officials said the campaign brought together more than $ 100 billion of suspects through financial settlements. But that figure has not been verified and the details of the alleged crimes have never been announced, fueling investors' concerns about legal transparency.


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