Focus: Saudi Arabia

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Updated 11 May 2020
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Focus: Saudi Arabia

What happened:
Most European economies are reopening, some more aggressively than others. Stores throughout the continent will start welcoming shoppers again amid strict distancing rules.
UK Prime Minister Boris Johnson changed his guidance from stay at home to stay alert, which caused confusion. Scotland, Wales, and Northern Ireland have maintained their lockdown measures.
US President Donald Trump was trying to convince Americans to go back to work.
The European Commission was threatening to sue Germany over the verdict of the constitutional court questioning the legality of the European Central Bank’s (ECB) bond-buying purchases. The ECB and the European Commission both argue that the European Court of Justice has jurisdiction over the bank, never a national court.
The German constitutional court’s verdict has two adverse effects on the ECB’s ability to function: One is legal, in terms of who has jurisdiction over the ECB, and the other threatens its monetary policy, potentially undermining the foundation of the euro.
While it is clear the European Parliament has oversight over the ECB, understanding where jurisdiction lies is equally important.
The ruling potentially undermines the ECB’s ability to step up as needed the 750-billion-euro PEPP (Pandemic Emergency Purchase Program) by questioning the legality of the Public Sector Purchase Program, the PEPP’s precursor during the financial crisis.
China’s central bank, the People’s Bank of China (PBOC), vowed to step up its policy response to the coronavirus disease (COVID-19) pandemic crisis, by paying more attention to economic growth and jobs while balancing multiple policy targets. The PBOC refrained from making more specific announcements in its quarterly monetary policy report.
Saudi Aramco was reported to be in early negotiations about further drawing out the payments of the $69 billion for the purchase of a majority stake in SABIC.
Saudi Minister of Finance Mohammed Al-Jadaan announced measures to rationalize spending worth SR100 billion ($26.6 billion).
They included a tripling of VAT to 15 percent and cutting the SR1,000 per month living allowance to state workers, which had been temporary from when it was granted in 2018. Civil service salaries for new entities will also be reviewed.
The finance minister said that the measures should be seen in the context of reallocation of spending to healthcare and supporting people’s livelihoods, rather than outright spending cuts. The borrowing plan was to be maintained at the current level of SR200 billion. This should preserve fiscal strength and ensure reserves were maintained.
Stock markets in the region fell on Al-Jadaan’s announcement while bond markets rallied.

Background:
In a statement, carried by the Saudi Press Agency, Al-Jadaan said that while the measures were “painful,” they were “necessary and beneficial to protect fiscal and economic stability in the short and long term.”
As the minister said, the measures would allow the country to maintain its reserves and fiscal stability, while putting the necessary focus on healthcare and livelihoods.

Where we go from here:
On Friday, the US unemployment rate for April came in at 14.7 percent. Larry Kudlow, director of the US National Economic Council, told Bloomberg that he expected the American economy to rebound significantly in the second quarter. He expressed hopes that as many as two thirds of the people who lost their jobs might regain them.
This contrasted with the predictions of Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, who said there was worse to come in terms of unemployment and called for further fiscal stimulus.
Kudlow also voiced optimism that the US could avoid going back into lockdown, even if COVID-19 cases increased again, because technology and equipment was in place to avoid this.

— Cornelia Meyer is a Ph.D.-level economist with 30 years of experience in investment banking and industry. She is chairperson and CEO of business consultancy Meyer Resources.
Twitter: @MeyerResources


FIA president commends Saudi Arabia’s efforts in organizing Dakar Rally

Updated 49 sec ago
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FIA president commends Saudi Arabia’s efforts in organizing Dakar Rally

  • Mohammed Ben Sulayem speaks of Kingdom’s commitment to delivering top-notch experience for participants
  • Rally resumes on Saturday with 7 stages remaining

Ha’il: The International Automobile Federation’s President Mohammed Ben Sulayem commended the Kingdom’s efforts in organizing the Dakar Rally during his visit to Saudi Arabia’s rally bivouac on Friday.
Ben Sulayem also praised the Kingdom’s commitment to delivering a top-notch experience for participants and highlighted the warm hospitality and generosity that embody the spirit of the Saudi people.
The FIA president highlighted that Saudi Arabia’s success in hosting global sporting events, such as the Dakar Rally, has set a benchmark and become a source of pride. He also acknowledged the hard work and teamwork of all rally participants, noting their role in strengthening the Kingdom’s reputation as a world-class motorsport hub.
The participants have taken a well-deserved rest after enduring several days of tough desert challenges. Meanwhile, support teams have continued their vital work, ensuring vehicles are maintained and ready for the next stages to help competitors perform at their best.
After covering about 2,579 km of special stages, 299 vehicles arrived at the bivouac camp in Ha’il. Vehicles included 118 bikes, 58 cars, two stock vehicles, 45 challengers, 33 SSVs, and 43 trucks.
The rally resumes on Saturday with seven stages remaining. Participants will head to Al-Dawadmi, covering 829 km, including 605 km of timed special stages.
The journey will then take them through a circular stage in Al-Dawadmi, followed by Riyadh, Haradh, and finally Al-Shubayta.
The rally concludes with two final stages in Al-Shubayta on Jan. 16 and 17, marking the end of this year’s Dakar Rally.


Trump gets no-penalty sentence in his hush money case, while calling it ‘despicable’

Updated 26 min 53 sec ago
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Trump gets no-penalty sentence in his hush money case, while calling it ‘despicable’

NEW YORK: President-elect Donald Trump was sentenced Friday to no punishment in his historic hush money case, a judgment that lets him return to the White House unencumbered by the threat of a jail term or a fine.
With Trump appearing by video from his Florida estate, the sentence quietly capped an extraordinary trial rife with moments unthinkable in the US only a few years ago.
It was the first criminal prosecution and first conviction of a former US president and major presidential candidate. The New York case became the only one of Trump’s four criminal indictments that has gone to trial and possibly the only one that ever will. And the sentencing came 10 days before his inauguration for his second term.
In roughly six minutes of remarks to the court, a calm but insistent Trump called the case “a weaponization of government” and “an embarrassment to New York.” He maintained that he did not commit any crime.
“It’s been a political witch hunt. It was done to damage my reputation so that I would lose the election, and, obviously, that didn’t work,” the Republican president-elect said by video, with US flags in the background. Beside him at his Mar-a-Lago property was defense lawyer Todd Blanche, whom Trump has tapped to serve as the second-highest ranking Justice Department official in his incoming administration.
After the roughly half-hour proceeding, Trump said in a post on his social media network that the hearing had been a “despicable charade.” He reiterated that he would appeal his conviction.
Manhattan Judge Juan M. Merchan could have sentenced the 78-year-old to up to four years in prison. Instead, Merchan chose a sentence that sidestepped thorny constitutional issues by effectively ending the case but assured that Trump will become the first president to take office with a felony conviction on his record.
Trump’s no-penalty sentence, called an unconditional discharge, is rare for felony convictions. The judge said that he had to respect Trump’s upcoming legal protections as president, while also giving due consideration to the jury’s decision.
“Despite the extraordinary breadth of those protections, one power they do not provide is the power to erase a jury verdict,” said Merchan, who had indicated ahead of time that he planned the no-penalty sentence.
As Merchan pronounced the sentence, Trump sat upright, lips pursed, frowning slightly. He tilted his head to the side as the judge wished him “godspeed in your second term in office.”
Before the hearing, a handful of Trump supporters and critics gathered outside. One group held a banner that read, “Trump is guilty.” The other held one that said, “Stop partisan conspiracy” and “Stop political witch hunt.”
Manhattan District Attorney Alvin Bragg, whose office brought the charges, is a Democrat.
The norm-smashing case saw the former and incoming president charged with 34 felony counts of falsifying business records, put on trial for almost two months and convicted by a jury on every count. Yet the legal detour — and sordid details aired in court of a plot to bury affair allegations — didn’t hurt him with voters, who elected him in November to a second term.
“The American voters got a chance to see and decide for themselves whether this was the kind of case that should’ve been brought. And they decided,” Blanche said Friday.
Prosecutors said that they supported a no-penalty sentence, but they chided Trump’s attacks on the legal system throughout the case.
“The once and future president of the United States has engaged in a coordinated campaign to undermine its legitimacy,” prosecutor Joshua Steinglass said.
Afterward, Trump was expected to return to the business of planning for his new administration. He was set later Friday to host conservative House Republicans as they gathered to discuss GOP priorities.
The specific charges in the hush money case were about checks and ledgers. But the underlying accusations were seamy and deeply entangled with Trump’s political rise.
Trump was charged with fudging his business’ records to veil a $130,000 payoff to porn actor Stormy Daniels. She was paid, late in Trump’s 2016 campaign, not to tell the public about a sexual encounter she maintains the two had a decade earlier. He says nothing sexual happened between them and that he did nothing wrong.
Prosecutors said Daniels was paid off — through Trump’s personal attorney at the time, Michael Cohen — as part of a wider effort to keep voters from hearing about Trump’s alleged extramarital escapades.
Trump denies the alleged encounters occurred. His lawyers said he wanted to squelch the stories to protect his family, not his campaign. And while prosecutors said Cohen’s reimbursements for paying Daniels were deceptively logged as legal expenses, Trump says that’s simply what they were.
Trump’s lawyers tried unsuccessfully to forestall a trial, and later to get the conviction overturned, the case dismissed or at least the sentencing postponed.
Trump attorneys have leaned heavily into assertions of presidential immunity from prosecution, and they got a boost in July from a Supreme Court decision that affords former commanders-in-chief considerable immunity.
Trump was a private citizen and presidential candidate when Daniels was paid in 2016. He was president when the reimbursements to Cohen were made and recorded the following year.
Merchan, a Democrat, repeatedly postponed the sentencing, initially set for July. But last week, he set Friday’s date, citing a need for “finality.”
Trump’s lawyers then launched a flurry of last-minute efforts to block the sentencing. Their last hope vanished Thursday night with a 5-4 Supreme Court ruling that declined to delay the sentencing.
Meanwhile, the other criminal cases that once loomed over Trump have ended or stalled ahead of trial.
After Trump’s election, special counsel Jack Smith closed out the federal prosecutions over Trump’s handling of classified documents and his efforts to overturn his 2020 election loss to Democrat Joe Biden. A state-level Georgia election interference case is locked in uncertainty after prosecutorFaniWillis was removed from it.


What We Are Reading Today: ‘NOVEL RELATIONS’

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Updated 48 min 14 sec ago
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What We Are Reading Today: ‘NOVEL RELATIONS’

Author: ALICIA MIRELES CHRISTOFF

‘Novel Relations’ engages 20th-century post-Freudian British psychoanalysis in an unprecedented way: as literary theory.

Placing the writing of figures like D. W. Winnicott, W. R. Bion, Michael and Enid Balint, Joan Riviere, Paula Heimann, and Betty Joseph in conversation with canonical Victorian fiction, Alicia Christoff reveals just how much object relations can teach us about how and why we read.

These thinkers illustrate the ever-shifting impact our relations with others have on the psyche, and help us see how literary figures — characters, narrators, authors, and other readers — shape and structure us too.

 


US working with regional partners to support ‘responsible transition’ in Syria: Official

Updated 38 min 9 sec ago
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US working with regional partners to support ‘responsible transition’ in Syria: Official

  • Acting undersecretary for political affairs addressed press briefing attended by Arab News
  • John Bass would not answer questions regarding Israel’s military attacks against Syria

CHICAGO: Discussions to ensure a “responsible transition” in Syria to prevent a rise in terrorism, provide basic services to citizens and ensure good relations with regional nations are progressing, the US acting undersecretary for political affairs told a press briefing attended by Arab News on Friday.

Concluding two days of talks with Turkish officials in Ankara, John Bass said the Syria Working Group also addressed defining Syria’s borders and “strengthening internal security” to prevent a resurgence of Daesh and other “foreign terrorist organizations” in the country.

Bass was careful not to predict how US policy might change under Donald Trump, nor would he address questions regarding Israel’s military attacks against Syria. 

“We’ve also discussed in depth a range of steps that the United States and other governments have taken to enable the interim authorities in Damascus to address the immediate needs of the Syrian people, including via support from other governments for things like salaries, payments for the civilian administration at the national level, for donations of power or energy, and for some of the other measures that are required to stabilize the Syrian government, to stabilize the economy, and to give the Syrian people hope that this transition will yield a better future for all of the citizens of the country,” Bass said.

“What we’re working through … is how we can affect a responsible transition … so that it contributes to strengthening national forces over time and building, rebuilding a military and a police service that responsibly fulfills its duties and obligations to the Syrian people, but to do that in a way that doesn’t create immediate risk,” he added.

“It’s a complicated process to help a national government, particularly one that’s an interim government that needs to do a lot of internal work with other parts of Syrian society to determine what that government will look like in the future.”

Bass said the US is concerned that events in Syria do not “pose a threat to any of Syria’s neighbors, to countries in the wider region or to countries further afield, whether that’s in Europe, the United States or elsewhere around the world.”

He added that “the long-running civil war in Syria and the long-standing presence of Daesh” in the country have created threats to neighboring nations.

“It’s in that spirit that we’ve been engaging … in discussions about how we can help work together to ensure that as this transition continues inside Syria that it doesn’t just produce a better, safer environment inside Syria for all Syrians, it also addresses the security concerns of Turkiye, of Iraq, of Jordan, and of Syria’s other neighbors,” he said.

The US “greatly” admires “the generosity of the Turkish government and the Turkish people in hosting over 3 million (Syrian) refugees for now well over a decade,” he added. 

Bass said discussions were focused on ensuring that fighters of terrorist groups such as the Kurdistan Workers’ Party (PKK) are forced to return to their nations of origin.

“We’re in agreement with the government of Turkiye and a number of other governments that Syria can’t be, shouldn’t be in the future a safe haven for foreign terrorist organizations or foreign terrorist fighters. And we believe that any foreign terrorist that’s present inside Syria should leave the country,” Bass said in addressing the PKK.

“Ideally, many of those people will be returning to their countries of origin, their countries of nationality, through a responsible process that involves those governments potentially to face justice for their actions.

“But they should no longer be present in Syria, contributing to instability in the country. And that includes any foreign terrorists who have taken advantage of the long-term instability in Syria to set up shop whether it’s in northeastern Syria, whether it’s in southwestern or southern or southeastern Syria.” 

Asked how Trump administration policies might differ, Bass said: “I’m a senior official of the current United States government. I can’t speak for the next US administration, nor can I offer any insights at this time into how US policy might change under the next administration.”

He expressed confidence, however, that “colleagues in the US government” will continue to support Syria’s transition.

Bass also emphasized that the small US presence in Syria has one specific purpose, “to ensure that Daesh doesn’t again become a threat to the people of Syria, the people of Turkiye, the people of Iraq or Jordan, or any other country.”


Where We Are Going Today: Ramen Korean & Japanese Restaurant

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Updated 52 min 12 sec ago
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Where We Are Going Today: Ramen Korean & Japanese Restaurant

  • For those seeking a more interactive dining experience, the barbecue sets are a highlight of Korean cuisine, allowing diners to cook their own meals at their table

Nestled in vibrant Riyadh Park, Ramen Korean & Japanese Restaurant offers a delightful fusion of authentic cuisine. As one of the city’s most renowned dining spots, it stands out not just for its location but also for its commitment to high-quality ingredients and diverse menu options.

Visitors will enjoy the warm and inviting atmosphere, which perfectly complements the culinary experience. The extensive menu features a wide variety of Asian dishes, from crispy gyoza and fresh edamame to perfectly fried tempura. However, the true star here is ramen, with more than ten varieties catering to different tastes.

You might opt for seafood, with its delightful blend of flavors. The rich chicken stock serves as a comforting base, enhanced by fresh scallions, onions and choy. The addition of kamaboko fish cake, shrimp, and squid creates a harmonious medley, while the perfectly cooked ramen noodles provide a satisfying texture. Each bite is a reminder of the restaurant’s dedication to authentic flavors.

You may also try the jajangmyeon, a classic noodle dish famous for its depth of flavor. The combination of tender beef, sauteed onions and scallions, enveloped in a savory black bean sauce, is simply irresistible.

For those seeking a more interactive dining experience, the barbecue sets are a highlight of Korean cuisine, allowing diners to cook their own meals at their table. The set for two, featuring Wagyu ribeye, brisket roll and shrimp, is priced at SR290 ($77); while on the pricier side, this reflects the standard of both the food and experience on offer.

While the prices may be considered steep, the location and exceptional quality justify the cost. For example, the kimchi ramen at SR80 is testament to the restaurant’s dedication to providing a memorable dining experience.

Overall, Ramen Korean & Japanese Restaurant is a must-visit for anyone craving authentic Asian flavors in Riyadh.