heir to the saudi throne, mohammad bin salman, ordered the arrest of 11 of his royal cousins and dozens of powerful military officers and businessmen on corruption allegations as he tightens his grip on power and pushes for more reforms. in the meantime, just hours later another saudi prince was killed in a helicopter crash near the border with yemen where tensions are escalating and a missile fired by rebels in yemen saturday was intercepted near the saudi capital. the saudis say iran was behind it. they're warning the launch could be considered an act of war. >>> new details now about senator rand paul's condition as he recovers from an alleged attack by his neighbor. paul's senior advisers say the senator suffered five rib fractures and bruised lungs after the 59-year-old neighbor, rene boucher, a fellow doctor, tackled him from behind on his own property. boucher is charged with assault. it's unclear what was behind the alleged attack. no word if it was politically motivated. >>> also, one of the most powerful state lawmakers in kentucky stepping down amid sexual harassment a

elite national guard. his young cousin, mohammad bin salman, is driving this spectacular dragnet. for the last two years building files on alleged corruption, abuses of power, while consolidating his own power. i'm taken to meet one suspect. he doesn't give me his name. says he spends his time with his lawyer, focusing on his case, i'm told not to ask about it. but i get a briefing. senior officials conducting this crackdown say it's not a formal investigation yet. they call it a friendly process. but it's clearly fraught. we're being told that when people were brought here around midnight on novemberfour, they were understandably angry. some of them thought this would just be a show. and it wouldn't last. and then when they realised they were here to stay, they were furious, almost everyone here, 95% i was told, are willing to make a deal to give back what are said to be substantial sums of money in order to get out of here. and so far, seven people have walked free. i was told they proved their innocence. many saudis welcome an end to the rampant corruption in the kingdom. there are

detained in a campaign to stamp out corruption. crown prince mohammad bin salman, who's in charge of the new anti—corruption committee, appears to have sidelined powerful rivals. it seems the heads of the saudi national guard and navy have been replaced. we'll bring you more on that as we get it. we stay in saudi arabia because state media there says the military has shot down a missile over the capital, riyadh. officials believe the weapon was fired from yemen, where houthi rebels, backed by iran, are fighting the saudi—backed government. mohamed taha from bbc arabic says it's clear the houthis intended to cause major damage. it could not be denied because, as you said, whether the missile or parts of it hit the airport or a building in the airport, whether it has been intercepted or not, but you know, at the end of the day, there is a fire, there is explosion in parts of the airport. the fact that these missile managed to get to riyadh is significant. i'm sure what happens tonight will have a very interesting effect on what happens in the war in that era. mohamad taha of bbc ar

to happen but what is clear is the mohammad bin salman regime is struggling, he is trying to consolidate power and is attacked by the houthis on the capital is an embarrassment, to say the least, because they have been launching of your —— will walk the 2.5 years and claiming success in a sense that with a lot of pressure on him, he's taken on the much responsibility, is the head of the war on yemen, the head the islamic kind of campaign against terrorism, and is also now the head of the campaign against corruption in the kingdom, that he is now wearing many hats and is trying to do a lot at the same time. president trump has arrived injapan on a five—nation asian tour set to be dominated by the crisis over north korea's nuclear programme. later in the week, the president will travel to south korea, and then china, the key stop on his five—nation tour of east asia. sophia tran—thomson has the latest. touchdown in tokyo. after flying in on air force one from hawaii, the president and first lady met with us troops stationed in the region. much to the delight of the gr

say it is an attempt by saudi crown prince mohammad bin salman to consolidate his power. our security correspondent frank gardner has the story. visionary reformer, or simply hungry for power and over—ambitious? saudi arabia's crown prince mohammad bin salman has been described as both, after ordering a wave of high—profile arrests. reportedly locked up inside this riyad hotel, in great comfort, are 11 princes, four ministers, and numerous other prominent saudis, all swept up in what has been called an anti—corruption purge. top of the arrest list is the outspoken billionaire, prince al—waleed bin talal, owner of london's savoy hhotel, investor in twitter and apple, friend of prince charles, and now amongst those accused of corruption and abuse of power. the well—funded saudi military is now totally in the hands of the crown prince, after the man in charge of the national guard was replaced, removing a possible rival. and he has powerfulfriends. only 32 years old, he has already forged a close bond with the trump administration. he has declared war on both religious

. at least 11 princes. miteb bin abdullah headed the elite national guard. his young cousin, mohammad bin salman, is driving this spectacular dragnet. for the last two years building files on alleged corruption, abuses of power, while consolidating his own power. i‘m taken to meet one suspect. he doesn‘t give me his name. he says he spends his time with his lawyer, focusing on his case, i‘m told not to ask about it. but i get a briefing. senior officials conducting this crackdown say it‘s not a formal investigation yet. they call it a friendly process. but it‘s clearly fraught. we‘re being told that when people were brought here around midnight on november ath, they were understandably angry. some of them thought this would just be a show. and it wouldn‘t last. and then when they realised they were here to stay, they were furious, almost everyone here, 95% i was told, are willing to make a deal to give back what are said to be substantial sums of money in order to get out of here. and, so far, seven people have walked free. i was told they proved their innocence. many sa

—corruption investigation, but critics say it's an attempt by saudi crown prince mohammed bin salman, to consolidate his power. our security correspondent frank gardner has the story. visionary reformer, or simply hungry for power and over—ambitious? saudi arabia's crown prince mohammad bin salman has been described as both, after ordering a wave of high profile arrests. reportedly locked up inside this riyad hotel, in great comfort, are eleven princes, four ministers and numerous other prominent saudis, all swept up in what has been called an anti—corruption purge. top of the arrest list is the outspoken billionaire, prince al—waleed bin talal, owner of london's savoy hhotel, investor in twitter and apple, friend of prince charles, and now among those accused of corruption and abuse of power. the well funded saudi military is now totally in the hands of the crown prince, after the man in charge of the national guard was replaced, removing a possible rival. and he has powerfulfriends. only 32—years—old, he has already forged a close bond with the trump administration, he has declared war on religious extremism and rampant corruption. the shake—up at the top in saudi arabia is unprecedented. it has given this man, crown prince mohammad bin salman, enormous contr

ritz-carlton hotel in riyadh and interrogated on orders of the crown prince. mohammad bin salman has presented the arrests as a crackdown against corruption. they would also seem to consolidate his position as the most powerful man in the kingdom. among those health is the --ntries were just investor the country's richest investor, billionaire al-waleed bin talal. very few have been allowed into the hotel, but our international correspondent lyse doucet was given rare access. lyse: we drive in under police escort just past midnight. no one enters without official permission. the world's most talked about hotel. riyadh's most palatial, most prestigious, now a gilded prison. i'm taken in by saudi officials, told don't film faces, don't film conversations. here in the early hours of the morning, there is still people in the lobby drinking coffee, as you would find in any of the five-star hotels in the capital. most of the people forced to stay here are keeping to themselves, trying to limit any further damage to their reputation. the mobile phones have been taken away, but there is a ho

, mohammad bin salman, to consolidate his power. our security correspondent has the story. is he a: reformer or sickly hungry for power and overambitious? crown prince mohammad bin salman has been described as both after ordering a wave of high-profile arrests. reportedly locked up inside this riyadh hotel in great comfort are 11 princes, foreign ministers, and numerous other prominent saudis also cap in what has been called an anticorruption purge. top of the arrest list is the outspoken billionaire prince talal, investor in apple, friend of prince charles, and now among those accused of abuse of power. hands ofnotably in the the conference after the man in charge of the national guard was replaced from removing a possible rival. -- onlypowerful friends 32 years old, he has formed a close bond with the trump administration. he has declared a war on religious extremism and rampant corruption. the shakeup at the top in saudi arabia is unprecedented. it has given this man, crown prince mohammad bin salman, enormous control of the richest arab nation. this matters to the rest of the w

mohammad bin salman on. it had an effect on the oil market. the funny thing is, it is something different when it comes to oil stocks. you wind up seeing the oil prices on the top line -- that big rally, 56 for wti. on the bottom line, you are seeing slows of the u.s. so, the oil etf. we haven't seen those kind of flows since last year. an interesting divergence. dicker andis -- dan kevin caron. who is right, the oil price for the uso? >> i think the uso is always wrong. it is private individuals, speculators and people who know nothing about the oil market. i will not follow anybody in her out. i want to point out the debate -- you have lots of room, momentum for energy stocks. the option market is looking a little bit there. >> that makes a horse race, but i will tell you this. man, you of bin sal could call it a power grab or a consolidation of power, but to me it is all about the bullishness of oil. this move to imprison his 11 cousins, brothers, and take away their power in the government, it is about seeing vision 2030 go off without a hitch. the biggest part is this upcom

prince, mohammad bin salman. the crown prince came to tokyo. someone said they met for 45 minutes. and as a result, saudi arabia agreed to invest $45 billion into his vision fund. he jokes that is $1 billion a minute, not bad for a meeting. the two men have developed a close relationship. saudi arabia is helping putting capital into this investment used for uberhas and other ride hailing companies. now it looks like softbank will help in making these investments into saudi arabia. to put that money in context, saudi arabia had $7.5 billion in foreign direct investment last year. this would roughly double the money coming into the country, a big deal for them. betty: thank you, peter ahlstrom. let's look ahead to the future of health care with california institute for regenerative medicine chairman, coming up in half an hour. our special look at the future of health care. yvonne: tencent posts its fastest growth in seven years. but can it keep up? we will get a view. this is bloomberg. ♪ yvonne: this is "daybreak asia." i am yvonne man in hong kong. betty: i am betty lou in new york. pos

taking risks. the big question for saudi arabia is if mohammad bin salman can modify and turned toward something more sustainable that involves compromises and really making deals. that is the way forward for saudi arabia beyond the short-term phase. yvonne: what about within the ruling family itself? we were talking to a guest this morning who said this is a clear break from tradition where usually you see a consensus coming through from the royal family before they make any moves like this. could this lead to more upheaval? reporter: i think the old saudi arabia is overdone and something of the past. is notd bin salman abiding by these traditional rules. saudi arabia has been a ruled by-based society the royal family for decades, and he is changing that and finding the relationship between the ruling family and government. he is saying that members of the family no longer have immunity, not against corruption, not against anything. it is revolutionary by any measure, and is moving saudi arabia close to egypt in terms of power structure. decision is no longer alive in saudi arabia. it

worth about $19 billion, but this seems to be consolidation of power by prince mohammad bin salman as he , orntially takes the throne consolidate his power ahead of to essentially consolidate his vision of saudi arabia going forward. top kind oft to the clearing the way. this isn't the first time it's happened, a lot of analysts are saying by his standards, he's going for the shock and all approach. an extraordinary story, we are taking a deeper look at this and the implications for foreign investors, particularly as he is preparing the kingdom for this post oil era and opening up more for foreign investment. we are speaking to emily, stratford meetings analyst talking about things -- the implications for foreign investors as we get towards the aramco listing. what a means to international investors looking for that region. >> president trump has told the prince that he would love for saudi aramco to be listing its ipo in new york. what leader wouldn't want a piece of that pie? we also just showed kingdom molding and that stock down about 8%. a lot of market jitters. very few jitters

about 450 billion now. finally, it sends a message about who was in charge, and that is mohammad bin salman, the crown prince. manus: he has, indeed, and his audience is clear. but from the market's perspective, a couple different things have happened. the ipo got away, but the markets have been hit, and that was really a rush to get the properties listing up and away, wasn't it? tracy: that's right. saudis have to walk a fine line. they are doing this corruption crackdown, the unexpected crackdown, at a time when they are also trying to attract foreign investment. meanwhile, we have seen the uncertainty caused by recent events filter into the region assets as a whole. the ipo was a really good example. this was the biggest ipo since 2014. yes, it was coming from a real estate company, at a time when some people found questionable, it was always potentially going to be difficult, but we know it became increasingly difficult as events in saudi unfolded. when they first started the ipo, it was october 26, a week before the event went down. it apparently became increasingly hard to get investors co

mohammad bin salman. global news 24 hours a day by 2700 journalists and analysts in over 120 countries. this is bloomberg. up, we will bring you these comments live. this is bloomberg. ♪ president york fed william dudley is giving a speech at the economic club of london. let's take a listen. >> we started the search process at the new york fed. to do a search, you have to be public, so it is public now today. as we mark thedo 10th anniversary of the onset of the financial crisis, i want to draw some lessons from that harrowing experience and consider what the implications are for regulatory policy going forward. as always, what i have to say reflects my own views and not necessarily those of the federal reserve system. a financial crisis can have great consequences that can linger for many years. the toll from the financial crisis was severe. 9 million jobs lost. 8 million housing foreclosures. the deepest economic downturn since the great depression. moreover, the road back has been long and slow, despite economic policies oriented toward recovery. it has taken eight years to push t

is seen as a power play by saudi crown prince mohammad bin salman. global news group -- global news 24 hours a day powered by over 2700 journalists and analysts in over 120 countries. i'm mark crumpton, this is bloomberg. scarlet: more on the saudi shakeup and the spotlight that it places on citigroup after its billionaire shareholder is arrested. from new york, this is bloomberg. ♪ ♪ julia: this is "bloomberg markets." i'm julia chatterley. scarlet: and scarlet fu. julia: to the shakeup in saudi ministers, and, former top officials were arrested in what authorities are calling a crackdown on corruption. among those arrested were prince allah we -- prince all will lead. for a closer look, we are joined by david campbell, he covers wall street for bloomberg news. the prince has been an investor in citigroup since 1991, so he is a long-term shareholder. he has been helping the bank tried to acquire a banking license. let's lay out the relationship and go from there. >> he's an investor>>, we have looked at the filings, he doesn't show up. he holds less than 5%, we believe, accordi

prince, mohammad bin salman said today, the ballistic missile launched at the kingdom by yet many rebels was, what he calls a direct military aggression by the iranian regime. and response, a saudi led coalition ordered the closure of all ports and grounded all humanitarian flights to the war-torn country. predicts shale oil production in north america will grow faster than expected in the next four years. therding to the cartel, shale industry will produce seven point 5 million barrels a year by 2021. that is 56% higher than opec forecast a year ago. output cuts this year triggered an oil-price rally that helped american producers. the former cattle and president addressed a group of visiting mayors from catalunya read he said next he will defeat at the ballot box what he calls the spanish government repression of catalunya's wish for independence. spanish government dismissed the regional government and parliament because of attempts to secede from spain. madrid says it is upholding the law, but critics claim being separatist allies, they are being persecuted. global news, 24 ho

purge is reportedly being lead by 32-year-old crown prince mohammad bin salman. >>> "bloomberg" says people are getting their first payoffs by bernie madoff. more than 45,000 victims worldwide will receive more than 7$775 million in the first distribution. >>> and "variety" looks at the life of emmy-award-winning actor john hillerman. he played higgins on the tv series magn"magnum, p.i." and t movie "blazing saddles." john hillerman was 84. >>> still to come, "star wars" saga continues. the next generation. at risk of serious infection. put you neulasta helps reduce infection risk by boosting your white blood cell count, which strengthens your immune system. in a key study, neulasta reduced the risk of infection from 17% to 1%... ...a 94% decrease. applied the day of chemo, neulasta onpro is designed to deliver neulasta the next day. neulasta is for certain cancer patients receiving strong chemotherapy. do not take neulasta if you're allergic to neulasta or neupogen (filgrastim). ruptured spleen, sometimes fatal as well as serious lung problems, allergic reactions, kidney injuries, a

more -- >> yeah! >> mohammad bin salman. >> the favorite son of saudi arabia's ruler, king salman and he wants to modernize. the crown prince is only 32 years old. and he isn't just the king's anointed successor, he is already enormously powerful in his own right. prince mohammad used that power to round up more than 200 members of the saudi elite, all accused of corruption, now locked up in this luxury hotel. critics say the prince is targeting his detractors. he has also reined in the religious police. they still patrol the streets and told me to cover my hair with a scarf. >> he said i should cover my hair. these days they can hand out advice not punishments. it seems to be popular. but this is not a democratic revolution. and publicly criticizing the crown prince would be dangerous. this man is a traditional sword seller and a diplomat. >> all people is happy. i like him so much. believe me. >> reporter: the saudi royal family has long depended on support of conservative islamic clerics to rule this country. the question now is whether the reforms will spark a backlash. anthon

so much family yesterday. ♪ charlie: we turn now to saudi arabia, mohammad bin salman ordered the arrest of dozens of saudi radiance, most influential figures. arrests were made without formal charges and arbitrate as part of a new, anticorruption campaign. the purges the latest move from the crown prince in his drive to consolidate power and modernize the kingdom. saturday, president trump spoke to king solomon and praised the reforms but did not address the arrests. joining me from washington, robin wright, a contribute or for "the new yorker." themost recent piece, " saudi royal purge with trump's consent." charlie: thank you for coming. robin: great to be with you, charlie. charlie: put this in context. what is going on over there? put it in context of not just the grand sweep of history and a to ber-old son advancing deputy crown prince, and throwing off the crown prince, and now making these arrests under the banner of corruption, consolidation of power. he already had a lot of power. make sense of this for us. robin: this is a real-life "game of thrones." it is arguably the

make sure that that institution stays loyal to you, mohammad bin salman, the crown prince? there is no good answer. same with the security service. there is an internal security service and foreign security service. who's going to control those services? will the professionals feel comfortable in the new environment? we don't know. the m.b.s. needs to be careful as he tries to establish greater control he doesn't create new problems. >> rose: where is the crown prince he overthrew in all of this because he's under house arrest? >> the former prince has essentially disappeared, was replaced suddenly last summer by m.b.s. >> rose: first move. first move in the consolidation, the power play. he wanted to be sure he would be able to succeed his father, king isman who is 81. he has a violation where he wants to take saudi arabia. people in the west would find it attractive. getting across the transition period is going to require a kind of authoritarian power that's going to be very uncomfortable for us. >> rose: absolute power corrupts absolutely. >> saudi arabia is not easy to governorren

a massive shakeup by king salman aimed at consolidating power for his son, crown prince mohammad bin salman, the main architect of the kingdom's war in yemen. among those arrested was prince alwaleed bin talal, one of the world's richest people, with an estimated net worth of at least $17 billion. talal has investments in many well-known u.s. companies, like apple, twitter, citigroup, and rupert murdoch's media empire news corp. the arrests, on unspecified corruption charges, came just hours after the crown prince convened a new anti-corruption committee with wide-ranging powers to detain and arrest anyone accused and to search their homes and seize their assets. the arrests came as the white house said president trump called king salman to offer thanks for the kingdom's purchases of billions of dollars in u.s. weaponry, while praising what it called the kingdom's modernization drive. after these arrests and the consolidation of the prince's power, trump tweeted his support for the saudi arrests, writing -- "i have great confidence in king salman and the crown prince of saudi ara

prince mohammad bin salman wants it known he means business. >> the detention of people on charges of corruption who are in possessions of high authority in trade throughout most of the world's confidence also proves the economic side is considered important to our leadership. reporter: the prince is among those arrested, one of the world's richest men. from riyadh's tallest skyscraper he controls broadcasters and a real estate empire. over 1200 bank accounts were frozen with more to come. traders at the re-add stock exchange were initially nervous following the moves. investors said there would be a negative impact on the economy or oil prices. but the moon sued -- the mood soon light and. -- soon ligtneed. -- lightened. >> no one is above the law. not even a prince or a minister. reporter: yet, questions remain -- is this really about fighting corruption or is it simply a way of eliminating gloom -- eliminating opponents? brent: i am joined in the studio by a correspondent for dw's arabic service. what are we seeing right now in saudi arabia? is this a crown prince who is basically

acknowledge the need for reforms, but differ in how to stabilize the middle east. mohammad bin salman has been removing power in all directiod. his most recent darks have been some of the kingdom's most powerful princes, including the head of the national guard and others on allegations of corruption. the reasons given seem suspect. he said every prince in saudi arabia has partake on in the institutionalized corruption that is embedded into the system. if this was really about corruption, that is the last saudi prince you would go after. there's the royal family, and it has intermarried with a second pillar of saudi society, the tribes. these two then alley with the religious establishment. mohammad bin salman has taken on all three pillars. but in doing so he is altering the very substance of the saudi regime. time will tell whether it will work. the greater puzzle and greater danger is that while taking on this bold and risky domestic agenda, the crown prince has also made a series of aggressive moves abroad. he has escalated saudi intervention in yemen, with air, land and sea blockades

mohammad bin salman succeeded in during the epidemic of employment. the other serious thing is high expectation. he made the young people reach the sky and in five years time, he wants to see this futuristic city in the north, also in the north of my hometown, medina. he has to show them what he had promised. the most important thing he has to for phil is unemployment. we are talking about 4 million people unemployment in saudi arabia, and 250,000 people every year in an economy that is controlled by foreign labor. europetish exited because of 8.9% foreigners in their workforce. 75% foreigners who control our workforce in saudi arabia. that is not an ordinary economy. every economy needs to be restructured and i wish mohammad bin salman will work from the bottom and fix the economy before he builds new cities, but if he insists on his style of building from the top down, i willg new cities, forecast bankruptcy for saudi arabia. i hope not. i hope he will change course and go to the basic economy, economy 101 and start with jobs rather than building new cities. already he has in the

campaign, or a consolidation of power? is mohammad bin salman behaving recklessly, as claimed by an unnamed u.s. diplomat, or you see -- is he leading a revolution from above and saudi arabia? what are the implications of this crackdown we have witnessed over the past 12, 13 days? what is the impact, specifically, domestically, on the government's process in general in saudi arabia, in the ine of the royal family power sharing in the kingdom, and particularly the role of the religious establishment. are they marginalized with the arrests that we have witnessed prior to the arrests. there is also a large number of religious establishments -- is this the beginning of the fifth starting a state the kingdom transforming its ?ltraconservative thought did the perch of saudi billionaires and millionaires help or harm vision 2030? arabia thatsaudi saudi youth want? what is the domestic reaction it now and in the future to this campaign? and definitely, we need to touch on what are the regional and international implications of the saudi purge? to help us answer these invited twoe friends wh

view, highly unlikely. - [narrator] king salman's youngest son, prince mohammad bin salman has led the initiative to reform with an ambitious national transformation plan called vision 2030. - prince mohammad bin salman is driving saudi vision 2030 and he's using the low oil prices as a good excuse to introduce reforms, to have government operates and reforms he want to introduce into the economy as well. - it's an opportune moment really to affect change because you can really only start a process of change usually, in history has shown us that when you face a crisis, otherwise, people are complacent. - we know that about the economic vision out of it which includes three main things. number one, how you increase revenue without depending on oil? two, is basically you're talking about cutting expenses. so now, a lot of things that subsidies that the saudi government used to give which is extremely important to keep the loyalty of the population and then you have the idea of investments outside oil and basically, the main focus of that is taken about 5% of a aramco to an ipo which

know. let me just be clear. when you talk about one man, are you talking about the mohammad bin salman, the crown prince and the heir—apparent, or are you talking about the actual king of saudi arabia, king salman? because let's face it, the monarch is king salman, but i suspect you are not talking about him. i am talking about crown prince mohammed. king salman has delegated all responsibility to his son. not officially, but in reality. all right. your point about the end of consensual decision—making within the royal family raises an important question. and surely, mohammed bin salman and his father are delivering a simple message — there are very many corrupt people in the royal family. they have now put under arrest 11 princes being detained in the comfort of the ritz—carlton. and the message is quite clear. these people have been responsible of milking the kingdom of billions and billions of dollars. yes. very much correct. corruption in saudi arabia is endemic. it has depleted saudi resources. it has corrupted even the mindset of the business environment. and it had to end. an

man, mohammad bin salman on the right-hand side. >> he wants to prove himself. he is 30 years old. he has no track record of any islanders kind of success. he was instrumental in the war in yemen who is going padly for saudi arabia. he needs to compensate for that in some way. he is flexing his muscles, using iran as the baggie man has always been a go-to play for many arab leaders. and he's doing the same. yes, the trump administration signed off on it. you know what, each if they hadn't he would have done the same anyways. my take. >> bobby, thank you for joining us today. bobby gouache, general expert on all things in the world. >>> developing news in the united states. governments continue fight to isolate north korea. the trust department issued new sanctions the day after the country labeled the country a state sponsor of terror. joining me, a person who understands these things better than most of us. agar, what do you make it of. tillerson said yesterday these sanctions are going to matter actually probably more than the declaration of north korea as a state sponsor of ter

driven by this guy here saudi arabia's 32-year-old crowned prince mohammad bin salman. popularly referred to by his initials mbs. he's framed the purge as a crackdown on corruption. it cements his grip on power. but i want you to focus on this man. you've probably seen him. prince alwaleed bin talal. forbes puts him as the 45th richest man on the planet with a net worth of $16 billion. call it $17 billion. he's got major stakes in american companies including twitter, motorola, lyft, siti, apple. he remains one of the top in citi group. analysts argue the takeover of his assets could create a new dynamic on wall street allowing room for new investors to sit at the table. since then -- has made traders uneasy, rattled the market nap is why you're starting to see the price of oil increase. for more on this, nbc's keir simmons joins us now. keir, that's some of the financial implications of it. but what is probably more important is that saudi arabia is in the midst of a lot of other things going on. there's a global implication to this as well. >> absolutely right. what i think you're seein

kingdom's 32—year—old crown prince mohammad bin salman who became the heir apparent this year, has carried out a sweeping royal purge, ostensibly an anti corruption drive, including billionaire prince al—waleed bin talal, and ten other princes, one the chief of the national guard. it's also being described as a move to consolidate his power by eliminating rivals opposed to his social and economic reforms plans and eventual succession as king. the arrests and ministerial changes amount to a fundamental transformation of the state as it has existed since the 1960s. he could now repudiate wahabbism, the fundamentalist interpretation of islam which would have an impact internationally. mike thompson reports. few outside saudi arabia had heard of prince mohammed bin salman before his father became king in january 2015. since then, the 32—year—old has become the most powerful man in the world's biggest oil—exporting nation. after being named first in line to the throne six months ago by his father, king salman. the prince's rise has been rapid, and his policies and methods contro

much more assertive foreign policy being conducted by the 32—year—old crown prince mohammad bin salman. he regards iran as the prime threat in this region and believes he has the backing of donald trump and benjamin netanyahu. they all agree that iran has to be tackled and tackled now. the question is, how do you do it? saudi arabia is finding out they do not have the levers of power to tackle it. the question is, what will happen next? at the same time as this is all happening, crown prince mohammad bin salman is pushing an ambitious reform agenda. socially, the most high—profile move has been allowing women to drive. that gives you idea of how low the bar's being set, but still, that will happen from nextjune. economically, there's multiple initiatives to wean the economy off its oil dependence. plus, you may have seen the high—profile anti—corru ption crackdown. more then 200 high—profile men were taken into detention. so what does this add up to? lyse has been speaking with the saudi economic minister about those still being held. there is a process, the public prosecutor is in

the crown prince, mohammad bin salman, his rise has been vertiginous, since his father took control, took power, and this move on saturday, we had the resident shin —— resignation of hariri, and then this round—up. the princes are best known, they ran the country for years, the businessmen who run the tv stations, who run the biggest businesses, they have been humiliated, if nothing else. today we heard from the saudis that more than 200 people have been called in for questioning, talking about at least $100 billion that has been involved in systematic corruption over the decades. most people would think that is an underestimate, even though it is an extraordinary amount of money, this is the way business was done through all these decades. the crown prince is trying to overturn that but in overturning that, it shakes the stability, not just of saudi arabia but of the region. he has the young people, they want this change, they believe it is necessary, the economy has been suffering with falling oil prices, something needed to be done. this may be pushing it too far. starting

. >> reporter: in the name of fighting corruption, crown prince mohammad bin salman is stamping out opposition and cementing his rule. the 32-year-old ordered the arrests of more than a dozen, including prince alwaleed bin talal, a billionaire who has major investments in citigroup, twitter and apple. prince mutaib bin abdullah, the former national guard chief and most obvious rival. it's not the first house of saud shakeup, but it's the most rapid. and it centralizes mohammad bin salman's power over the military and security services that began earlier this year, when he replaced mohammed bin nayef, the former heir to the throne. state tv announced the arrests and accused the princes of embezzlement and stealing public money. that was a message to a saudi population that's sick of ostentatious royal wealth, and eager for reform. that reform is what mohammad bin salman is selling, as state owned oil company aramco plans to go public and diversify. mohammad bin salman has vowed to modernize, and fight extremism. >> ( translated ): we only want to go back to what we were: moderate isl