Jamie Dimon, CEO of JPMorgan Chase
JP Morgan & Chase Co Chief Executive Jamie Dimon and Ford Motor Co Chairman Bill Ford canceled plans to attend a Saudi investor conference, the companies said on Sunday, the latest such high-profile announcements after the disappearance of Saudi journalist Jamal Khashoggi.
The cancellations could add pressure on other U.S. firms like Goldman Sachs Group Inc, Mastercard Inc and Bank of America Corp to reconsider their plans to attend the investor event.
Neither JP Morgan nor Ford would elaborate on the reasons for the decision not to attend the Future Investment Initiative conference in Riyadh later this month, and did not comment on whether concerns about the disappearance of Khashoggi were a factor.
Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh's policies, disappeared on Oct. 2 after entering the Saudi consulate in Istanbul. Turkey believes he was murdered and his body removed. Saudi Arabia has denied that.
Bahrain's foreign minister called for a boycott of the ride-hailing company Uber Technologies after its chief executive officer said he will not attend a business conference in the kingdom's ally Saudi Arabia.Uber's CEO Dara Khosrowshahi said in a statement last week he is pulling out of the Future Investment Initiative conference in Saudi Arabia because of growing outrage over the disappearance of a prominent Saudi journalist in Turkey.Saudi Arabia's sovereign wealth fund, the Public Investment Fund, which hosts the conference, invested $3.5 billion in Uber in 2016, making it one of the company's largest investors.Uber CEO to skip Saudi conference over Khashoggi caseOther companies and high-profile businessmen have pulled out of the three-day conference known as "Davos in the desert," which is scheduled to begin on Oct. 23 in Riyadh.Foreign minister Khalid bin Ahmed Al Khalifa tweeted two hashtags calling for a boycott of Uber in Bahrain and Saudi Arabia, as well as a broader hashtag urging followers to "boycott anyone who boycotts Saudi Arabia."It was unclear if the boycott call was aimed at users of Uber's service or investors in the company, or both, and whether Bahrain is planning other measures against the company.Similar campaigns have been trending on social media in Saudi Arabia and the UAE, although there has been no official backing so far.Saudi riyal at weakest since June 2017 on Khashoggi caseKhalaf Ahmad Al-Habtoor, a prominent UAE businessman, also urged boycotts of companies pulling out of the FII conference, including of Uber and Virgin."Now it is time for GCC (Gulf Cooperation Council) to prove their loyalty by boycotting Virgin and Uber and all the companies pulling out of KSA... Together we can prove our unity and that we cannot be bullied," he said in a Twitter post.Uber declined to comment. Virgin Atlantic, which operates flights between Dubai and London but will withdraw the service from March 31, 2019, did not immediately respond to a request for comment.On Sunday, JP Morgan Chase & Co Chief Executive Jamie Dimon became the latest high-profile participant to cancel plans to attend the FII, following the disappearance of Saudi journalist Jamal Khashoggi.Asian shares resume decline, Saudi tensions lift oil pricesFord Motor Co Chairman Bill Ford also pulled out, as well as media organisations like CNN and Bloomberg which once served as sponsors of the conference.Uber's absence carries a special sting, given both the size of the Saudi investment and its significance for the kingdom's economic reform plans.The Uber investment was the PIF's first major deal in the technology start-up market, signaling its shift in strategy toward more aggressive and eye-catching foreign investments. It was also a boon for Saudi women, who had been barred from driving until a decades-long ban was lifted this summer.Khashoggi, a prominent Saudi journalist, disappeared after entering the kingdom's consulate in Istanbul on Oct. 2.Erdoğan, Saudi King discuss Khashoggi case over phoneTurkish officials have said Khashoggi was murdered inside the consulate, where he went to get documents for his planned marriage. Riyadh has said the claims are baseless.Bahrain and the United Arab Emirates are Riyadh's closest Gulf Arab allies and the three countries are working alongside each other in a series of conflicts in Yemen, Qatar and Lebanon to try to counter the influence of arch-rival Iran.
Bahrain minister backs boycott of Uber over Khashoggi case
The investment summit in Riyadh typically attracts executives from some of the world's largest companies and media organizations. But it has rapidly become a vehicle for those firms to express their concerns over Khashoggi's disappearance.
U.S. President Donald Trump has threatened "severe punishment" if it turns out Khashoggi was killed in the consulate, although he said Washington would be "punishing" itself if it halted military sales to Riyadh.
Major news organizations such as CNN, the Financial Times, the New York Times, CNBC and Bloomberg have pulled out of the conference. The Fox Business Network, the lone Western news outlet still heading to the conference, told Reuters on Sunday it was reviewing that decision.
Saudi Arabia's riyal was quoted at 3.7514 to the U.S. 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 central bank maintains a peg of 3.75 riyals to the dollar, and usually, the currency fluctuates in a range of about 3.7498-3.7503.Saudi financial markets have come under pressure in the last few days as U.S. President Donald Trump has threatened to punish Riyadh if it turns out that Khashoggi was killed in the Saudi consulate in Istanbul as alleged by the Turkish authorities. The stock market sank 3.5 percent on Sunday.Asian shares resume decline, Saudi tensions lift oil pricesAlthough the riyal's move was unusual, it was smaller than some bouts of instability in recent years; in November 2015, when oil prices were plunging, the riyal dropped as low as 3.7598.Trade in the foreign exchange forwards market, which banks use to hedge against possible future currency moves, showed moderate pressure on the riyal early on Monday.The dollar rose as high as 74 points against the riyal, an eight-month high, from 54 points on Friday. In 2016, it briefly rose above 1,000 points. Erdoğan, Saudi King discuss Khashoggi case over phone
Saudi riyal at weakest since June 2017 on Khashoggi case
Uber Technologies Inc Chief Executive Dara Khosrowshahi, Viacom Inc CEO Bob Bakish and billionaire Steve Case, one of the founders of AOL, said they were no longer going .
Goldman Sachs, Mastercard and Bank of America did not respond to requests on Sunday on whether they were still attending the event.
Citigroup Inc and Credit Suisse Group AG declined to comment on Sunday on their plans.
Bill Winters, CEO of Asia, Africa and Middle East-focused bank Standard Chartered Plc was still planning to go, the company said on Sunday.
In a Sunday night phone call, Turkish President Recep Tayyip Erdoğan and Saudi King Salman bin Abdulaziz discussed the disappearance of journalist Jamal Khashoggi.Erdoğan stressed forming a joint working group to probe the case, said a Turkish presidential source, who spoke on condition of anonymity due to restrictions on talking to media.Khashoggi, a Saudi journalist and columnist for The Washington Post, has gone missing since he entered the Saudi Consulate in Istanbul on Oct. 2.On that same day 15 other Saudis, including several officials, arrived in Istanbul on two planes and visited the building while Khashoggi was also inside, Turkish police sources said. All of the identified individuals have since left Turkey.Saudi authorities have yet to give a clear explanation of Khashoggi’s fate, while several countries -- particularly Turkey, the U.S., and the U.K -- are pressing for the case to be cleared up as soon as possible.US Treasury Secretary Mnuchin still plans to attend upcoming Saudi summitSaudi threatens to retaliate against any sanctions over Khashoggi disappearanceUK's Labour says it would stop selling arms to Saudi ArabiaSaudi stocks plunge 7 pct on Khashoggi fallout; biggest drop since 2014Turkey expects Saudi cooperation on case of missing journalist: FMTrump says Saudi Arabia faces 'severe punishment' if Khashoggi was killed
Erdoğan, Saudi King discuss Khashoggi case over phone
The absence of media and technology executives is likely to case a shadow over the three-day event, dubbed "Davos in the Desert." It has become the biggest show for investors to promote Saudi Crown Prince Mohammed bin Salman's reform vision.
"Whilst it is disappointing that some speakers and partners have pulled out, we are looking forward to welcoming thousands of speakers, moderators and guests from all over the world to Riyadh," a Future Investment Initiative representative said last week.