Canadian Prime Minister Justin Trudeau
Canadian Prime Minister Justin Trudeau, under pressure to punish Saudi Arabia after the killing of journalist Jamal Khashoggi, said on Tuesday it would be very hard to scrap an arms deal with Riyadh worth up to $13 billion as critics have demanded.
Trudeau said the 2014 agreement for light armored vehicles, signed by Canada's previous Conservative government and a Canadian unit of U.S. weapons maker General Dynamics Corp , had been written in such a way that taxpayers would have to pay a large amount of money to end it.
"The contract signed by the previous government ... makes it very difficult to suspend or leave that contract," Trudeau told the Canadian Broadcasting Corp, saying his Liberal administration was looking at a number of options.
Saudi Arabia's market fell sharply after a volatile day of trading on Tuesday, as foreign and retail investors continued to sell despite efforts from state-backed funds to limit the fallout from the killing of Saudi journalist Jamal Khashoggi.The main index slid 1.3 percent after recovering some of its losses earlier in the session.The market weakness came on a day when a three-day investment conference opened in Riyadh that has seen a boycott by Western politicians and global chief executives in the wake of Khashoggi's killing.Last week, foreign investors sold $1.07 billion in Saudi stocks, the biggest sell-offs since the market opened to direct foreign buying in mid-2015.UK 'concerned' to hear Khashoggi murder 'premeditated'"The recent sell off has exposed some value but with all the turbulence and volatility, there is zero visibility on how things will progress and at this stage, we're not calling this a buying opportunity," Nick Wilson, chairman of London-listed Gulf Investment Fund plc, said.The wider investment community is going to hold back from building a meaningful position until there is clarity on the current events, Wilson added.But government-linked funds have been propping up Saudi Arabia's stock market since Oct. 14, when the index lost up to 7 percent in its biggest drop since December 2014. The index is down 5 percent in the month-to-date.Saudi king, crown prince meet Khashoggi family membersThe kingdom's Public Investment Fund (PIF) has been indirectly supporting local stocks, using local institutions, to limit a market crash caused by the Khashoggi case, Reuters reported on Tuesday, citing sources familiar with the matter.Nonetheless, Saudi Arabia was also set to sign deals worth $50 billion on Tuesday at the conference.Saudi Arabian Mining (Ma'aden) rose 6.1 percent after it signed a contract with South Korea's Daelim Industrial to build an ammonia plant for about 3.35 billion riyals ($892.98 million).Saudi Arabia to allow foreigners to invest in audiovisual, land transportSaudi Industrial Export outperformed the market, jumping 9.9 percent after its third-quarter loss narrowed.Jabal Omar Development also advanced 3.7 percent after posting a third-quarter profit.Egypt's blue-chip index lost 0.5 percent with Abu Qir Fertilizers and Chemical Industries falling 8.7 percent and Alexandria Mineral sliding 11.7 percent.In Dubai, Amanat Holdings added 2.7 percent and Gulf Navigation Holding climbed 3.7 percent after Dubai Financial Market said direct deals were executed on 82 million shares of the company for 80.4 million dirhams.King Salman: Saudi Arabia to hold to account those involved in Khashoggi killingThe main index was up 0.2 percent.Nasdaq-listed DP World reversed losses to rise 4.8 percent despite reporting a 6.7 percent drop in its shipping container volumes for the third-quarter.The Abu Dhabi index inched up 0.3 percent with Arkan Building Materials jumping 12.9 percent and Emirates Driving Co rising 14.9 percent.Ras Al Khaimah Cement increased 4.5 percent after its board approved the sale of a part in the firm's equity portfolio.
Saudi stocks continue decline despite support from state funds
Trudeau said that "I do not want to leave Canadians holding a billion-dollar bill because we're trying to move forward on doing the right thing." Trudeau added that he found it "incredibly frustrating" that the terms of the contract with the Saudis meant he could not discuss it in more detail.
The opposition left-leaning New Democrats said on Monday in Parliament that Canada should not be arming the Saudis when they are attacking civilian targets in the war in Yemen. The New Democrats, who will be competing for the same voters as Trudeau in 2019 elections, last week called the Khashoggi matter "the latest addition in a series of horrible acts by Saudi Arabia."
Trudeau repeated the government's position that Canada could suspend export permits for the armored vehicles if it determined they had been misused.
British Foreign Secretary Jeremy Hunt said Tuesday he was "deeply concerned" at Turkey's description of Saudi journalist Jamal Khashoggi's murder as "premeditated".Hunt’s remarks came shortly after a statement by Turkish President Recep Tayyip Erdogan on the case which has drawn strong reactions from across the world.“The world is still waiting for answers,” Hunt said on Twitter.Khashoggi, a columnist for Washington Post, went missing on Oct. 2 after he entered the Saudi Consulate in Istanbul.After days of denying to know his whereabouts, Saudi Arabia last week claimed Khashoggi died during a fight inside the consulate.Saudi king, crown prince meet Khashoggi family membersOn the day of Khashoggi’s disappearance, 15 other Saudis, including several officials, arrived in Istanbul on two planes and visited the consulate while he was still inside, according to Turkish police sources. All of the identified individuals have since left Turkey.Speaking at a party meeting, Erdogan said Turkey has strong evidence that the murder was preplanned."Murder of Saudi journalist Jamal Khashoggi was premeditated," Erdogan said.On Monday, Hunt rejected the explanation provided by Saudi Arabia over the murder.Hunt said the questions of "who authorized the dispatch of 15 officials from Saudi Arabia to Istanbul?", "when the Riyadh government first learned of Khashoggi’s death?", "why there was a delay in allowing investigators into the consulate?" and "why Khashoggi’s death was not disclosed until Oct. 19, some 17 days after it happened?" must be answered by the Saudi government.Erdoğan: Evidence shows Jamal Khashoggi was brutally murdered“The actions Britain and our allies take will depend on two things: firstly the credibility of the final explanation given by Saudi Arabia, and secondly on our confidence that such an appalling episode cannot - and will not - be repeated,” Hunt added.Also reacting to Erdogan’s speech, Prime Minister Theresa May's spokesman said the Turkish president had directed some questions to Saudi officials.Sky News reported the spokesman as saying that the statement by Turkish president underscores the fact that questions over the death of journalist Jamal Khashoggi remain which only the Saudis have answers to.
UK 'concerned' to hear Khashoggi murder 'premeditated'
German Chancellor Angela Merkel on Monday called the killing a "monstrosity" and vowed to halt German arms exports to Saudi Arabia until the case is cleared up.
Trudeau repeated Ottawa's condemnation of the murder of Khashoggi, a U.S. resident and critic of the Saudi crown prince who disappeared three weeks ago after entering Saudi Arabia's consulate in Istanbul.
"Countries around the world need to know that there are things they simply cannot do, and killing a journalist who disagrees with the regime is right up there at the top," Trudeau said.
Relations between Canada and Riyadh have been tense since a diplomatic dispute over human rights earlier this year. In August, Saudi Arabia froze ties with Ottawa after Canada urged the release of jailed civil rights activists in the kingdom.
Saudi king Salman received family members of murdered journalist Jamal Khashoggi in Riyadh, state news agency SPA reported on Tuesday.They included his son, Salah bin Jamal Khashoggi, and the meeting was also attended by Crown Prince Mohammed bin Salman, SPA said.Saudi Press Agency releases a picture of Jamal Khashoggi's son meeting Saudi Arabia's Crown Prince Mohammed bin Salman in Riyadh pic.twitter.com/oyqNLbBZQ4— TRT World (@trtworld) 23 Ekim 2018 King Salman: Saudi Arabia to hold to account those involved in Khashoggi killing
Saudi king, crown prince meet Khashoggi family members
Saudi Arabia will hold to account those responsible of journalist Jamal Khashoggi's killing and those who failed in their duties, whoever they are, the Saudi cabinet said after a meeting chaired by King Salman on Tuesday.Khashoggi went missing on Oct. 2 when he entered the consulate in Istanbul. After weeks of denying knowledge of his fate, Saudi officials said the prominent journalist was killed in a "rogue operation".Britain says questions remain over Khashoggi killing, only Saudis have answersDid Saudi intel officer Mutreb smuggle Khashoggi’s dismembered body abroad?Saudi Arabia ‘in crisis’ over Khashoggi: MinisterHow the man behind Khashoggi murder ran the killing via SkypeErdoğan: Evidence shows Jamal Khashoggi was brutally murdered
King Salman: Saudi Arabia to hold to account those involved in Khashoggi killing
Britain said on Tuesday questions remained over the killing of journalist Jamal Khashoggi, and only Saudi Arabia could provide answers to them."President Erdoğan's statement this morning underscores the fact there remain questions which only the Saudis have the answers to," Prime Minster Theresa May's spokesman said when asked about an earlier statement by Turkish President Recep Tayyip Erdoğan on the killing. Erdoğan: Evidence shows Jamal Khashoggi was brutally murdered
Britain says questions remain over Khashoggi killing, only Saudis have answers