has this partnership with saudi arabia and saudi arabia sells all its oil only in dollars like creates a lot of artificial demand for dollars so when saudi sells oil to china china has to pay saudi in dollars well that creates demand for dollars well china doesn't like that and what china created and has been trying to do for many years but actually launched last year was a direct attack on this petro dollar system china launched in oils futures trading contracts denominated in one that is immediately convertible into physical gold via the gold exchanges in shanghai and hong kong so they've already laid the groundwork for this attack to your total dollar is under threat yes and saudi arabia is selling saudi aramco is a public offering and they'll have a lot of money if they start buying gold now. that would only put the kybosh on the dollar it would but they won't and i'll tell you why because donald trump said something that was actually true he said without the cloak of american protection saudi arabia would disappear within a week or so and he's totally right so the saudis won't do

it's a subsidiary of the centerpiece of saudi crown prince mohammed bin vision 2030 he wants to expand the petro chemicals business instead of the kingdom's heavy reliance on oil sales motif is so influential in port arthur that bill tiva security sent a policeman to stop us from filming they even called the police to hold us until the very question why journalists were filming their facilities. despite tight control over media and any opinion which doesn't fall in line with that of the kingdom. efforts to privatized had been a hard sell at home. with very little accountability of the ruling family radical changes are viewed with suspicion by many ordinary saudis. one of the major objections by people in the kingdom was their fear that the money would go into the pockets of the royal family rather than be used in a transparent way to provide government services to the people in other words waste fraud and mismanagement are a concern on the part of the public they're also concerned by foreigners i think the conference is trying to create an environment conducive to foreign investment bu

it is just a question of whether saudi arabia -- saudi-china's oil companies or other state investment firms want to put money into an oil company while we are seeing valuations around the world plummet. including those of china's big three. petro china, sinopec. thanks so much for joining us. let's get a preview of what to watch for markets later on this morning. sophie? sophie: this wednesday, xiaomi third-quarter results. day two for alibaba in hong kong. tencent bumped down to second place as hong kong's most valuable company by market cap. investors waiting on the sidelines for now. seeation decline could alibaba narrow that gap with tencent. there is the expectation alibaba will be added to the -- overseas funds are piling into chinese stocks. tuesday march the largest net by for foreigners since 2016. msci rebounding. a key data point this wednesday is chinese industrial profit. the pressure on mainland factories seems not to be letting up. falling for a third straight month. deepening deflation in the manufacturing sector is also a drag. prices fell 1.6%. declining profits will

dollar of course that goes back to saudi arabia saudi arabia seems like they're a completely in flux 1st of all they are strong to sell around that big state oil company they are not able to sell it and it seems as though they're desperate to sell it because they've got a huge debt problem and that's not happening there got a lot of political shenanigans going on and they're being revealed of all kinds of atrocities are being performed by an oversight and overseen by the leadership there and i know that you know politics is something not necessarily the what you look at when you look at these markets but. aren't we at kind of in historically speaking when you talk about date dollars ation are we also maybe at a point of decon lobel ization and instead of going with this globalized world economy that we've been in for since world war 2 where it's back to more of a mercantile list every country for south mentality absolutely i mean on the a rim coo comment there is you don't close the desert barnett simmons is joan rivers brings to the forum or perhaps you don't really have the reserve

several $1000000000.00 they're expected to sign them off in areas including agriculture railways and petro chemicals the opec and i'll put agreement is also an important point of discussion as both countries have been cooperating on coping global since 2016 which leaders are expected to discuss the attack on saudi arabia as the main primary president putin told arabic journalists before the visit that sucks actions are not acceptable and that those behind it should be found and as you can see. live pictures there president putin has just arrived in saudi arabia to meet the king as well as the crown prince mohamed. now president putin has just touched down we've been watching those live pictures on our screen. and in saudi arabia where he's due to meet the king and crown prince mohammed bin salman as we mentioned before it's been 12 years since a lot of movement in this last year and billions of dollars in deals are expected to be signed off during this state visit. and there will be talk about economic cooperation that's at the fall of the state visit but there's also the situation in syri

have already been implemented to let me go as i consider it possible to operate on the territory of saudi arabia one of our companies exploring the possibility of building a petro chemical facility with investments of more than $1000000000.00 it is cebu holdings russia's largest company in this sector we have full string a partnership in the trust based sensitive area of military and defense cooperation we have been negotiating for a long time equally important are our joint efforts to resolve the regional crises in this regard i would like to emphasize the positive role saudi arabia has played and resolving the syrian crisis we are working especially closely with turkey and iran as you well know but i believe that without saudi arabia's contribution towards the syrian. settlement it would have been impossible to achieve a positive trend therefore i would like to express our gratitude to both the king and the crown prince for this constructive approach i'm confident that my visit will help to build up the momentum both in developing bilateral relations and in hunston cooperation in intern

amnesty international is urging saudi arabia to rule out the death penalty for a teenage boy 18 year old montage aquarists has been detained for the past 5 years for taking part in anti-government protests is awaiting his next trial session for alleged offenses dating back to when he was. just 10 years old saudi arabia has a long record of imposing the death penalty including against children which is illegal under international law amnesty international says 149 people were put to death in 2018 and this year that figure is already more than $137.00 mostly shia men were killed in a public execution on terrorism related charges 2 were publicly crucified at the amnesty international human rights watch oppose saudi's use of the death penalty saying many confessions are extracted under torture. mad as director of the gulf affairs and to to pay raises quite serious concerns about the saudi justice system . this saudi government has executed children before including. in the past few months. and it has done that over the years i have recorded many cases of that moving the cases of these 7

dollar ok starting a seventy one we want the petro dollar that was a quid pro quo you know we'll buy your oil you buy our bonds right that's the one american not the gold standard next and go right and it's gone now in a petro dollar so now they've been dumping dollars the world's been dumping dollars here in energy guy you want to make sure americans get a fair price of energy if the dollar no longer will reserve currency because saudis and the israelis are doing something with iran and now you get their runs to say well we don't even want to be a part of the u.s. dollar reserve car anymore when to dump it and purchasing power my money goes down right sumpin five six seven eight dollars of you know a gallon at the pump because of this macroeconomic stuff true or false it could happen i mean a bunch of nations have been frightening for a long time to to take the dollar away from but isn't that on the title your list of risks you know to the american energy consumer while i mean that's why public citizen has been pushing so hard to minimize our exposure to global oil markets and the b

dollar ok starting a seventy one we want the petro dollar that was a quid pro quo you know we'll buy your oil you buy our bonds right that's the one american not the gold standard next and go right and it's gone now in a petro dollar so now they've been dumping dollars the world's been dumping dollars here in energy guy you want to make sure americans get a fair price of energy if the dollar no longer will reserve currency because saudis and the israelis are doing something with iran and now you get their runs to say well we don't even want to be a part of this u.s. dollar reserve car anymore when to dump it and purchasing power my money goes down right sumpin five six seven eight dollars a gallon at the pump because of this macroeconomic stuff true or false it could happen i mean a bunch of nations have been frightening for a long time to to take the dollar away from but isn't that on the title your list of risks you know to the american energy consumer while i mean that's why public citizen has been pushing so hard to minimize our exposure to global oil markets and the best way to

dollar ok starting a seventy one we want the petro dollar that was a quid pro quo you know we'll buy your oil you buy our bonds right that's the way america not the gold standard next and go right and it's gone now in a petro dollar so now they've been dumping dollars the world's been dumping dollars here in energy guy you want to make sure americans get a fair price of energy if the dollar no longer will reserve currency because saudis and the israelis are doing something with iran and now you get their runs to say well we don't even want to be a part of this u.s. dollar reserve car anymore when to dump it and purchasing power my money goes down right sumpin five six seven eight dollars a gallon at the pump because of this macroeconomic stuff true or false it could happen i mean a bunch of nations have been frightening for a long time to to take the dollar away from but isn't that on the title your list of risks you know to the american energy consumer while i mean that's why public citizen has been pushing so hard to minimize our exposure to global oil markets and the best way to d

to recycle those petro dollars into our debt markets because we're at an unsustainable level at one point one trillion for this year and this is a non recessionary year. thank you so much former pentagon official michael maloof and david many of the many financial company thank you so much for your time here. thank you. and now to break down how all of this will affect other producers we welcome our to correspondent alex mahela dish. so with all the blacklist on the iranian oil we see the opec oil producers and others are proceeding cautiously with their reactions what can we expect. well let's see what we're seeing right let's talk about what we're seeing right now and that's people like you and me and our viewers who are driving cars they've seen the numbers jump or rather you go to the gas station everything's got a little bit more expensive and this is something that we're going to see happen over the next few months and it's something that we've seen about six months ago this is the biggest spike in the six months so we're talking according to our b c capital markets they're sa

now saudi arabia ranks almost last on the world press freedom index that's according to the organization reporters without borders there is no independent media there and journalists are closely monitored the murder last year of saudi journalist jamal khashoggi in istanbul showed how severe that repression can be good to be met with and soft the wife of the jailed saudi dissident write a doubt she's been living in exile and canada. this is the city of share broker about two hours drive from montreal. it's where and stuff hyder lives the wife are probably the most well known critic of the saudi arabian government rife with. a koran teacher and stuff hyder shares none of the cliches of a saudi woman. she and her husband have sporadic contact by telephone. right in the dog's health she says his poor. little sit down the one he doesn't feel well and he's very far from us. devaney i'm glad for his children and for me he really isn't doing well its whole close it's been three weeks since he last called us. and soft hydra has a recount of her husband's story many times. rifa die we was a blogge

is when you know gold window was closed in the us and we started the petro dollars that the saudis threaten to stop pricing oil in dollars they immediately deny that they had said this to reuters do you believe this is a manageable in the cards at some point how do you see that unfolding dominic. womb x. you've got me i'm not really you know ferrety on saudi arabia and its money tree dealings but for the moment the saudi regime needs the usa so. i mentioned they're pretty ally to each other but you know what the saudi regime wants and the rest of the saudi people want not necessarily the same thing yeah but once again the saudis are really talking down the dollar they are selling a lot of energy oil products to china and once again you've got this axis emerging of these other asian countries that are good trying to get out of the us dollar they have been really saying nasty things about the dollar the us politically wants to have them held accountable for things like nine eleven and they want to take them to court on various other issues so the there's a lot of free song now between the us

so the petro dollar the start of the early seventy's you had a lot of us billionaires become billionaires in the banking sector and also in the technology sector but the relative strength of the saudi billionaires was a lot stronger the saudi billionaires around it's now multi-trillion dollar behave myth and so those billionaires have been getting billion area richer faster than the us billionaire so saudis been happy because they get the you know it's all about ego right so there you go bigger than the americans oligarchs then the chinese oligarchs enter the picture and they say wait a minute we want to have our you go strong in a credible way so the saudis are saying well ok we're the king of the roost our billionaires are the biggest billionaires of all let's try to squeeze the us in favor of china and again it's not like that they're not an ally i think that would be a mistake every single nation on earth. every single nation is run that's what happens power corrupts and absolute power corrupts even more but so we're not talking about that we're just talking about that the actual fact

year with aramco there was a big deal that the sixty nine billion dollar purchase of sabich which is a petro chemical company also under the the saudi arabian state but they just got a whole infusion of cash and a lot of people there is saying there are critics out there not only criticizing the things on the political side like to criticize like bad behavior politically but also they're saying that this is vastly overrated the whole chase after these bonds event and that actually it's inflated but anyway you turn it one hundred billion dollar. which is absolutely incredible for the saudis yeah it's hard to believe that it's not inflated that when you do have someone like jamie dimon coming out though and kind of as you said pumping the tires on this thing gives a little more credence i guess to investors but all of this kind of plane into the saudi crown prince mohammed bin solomon's plan he was to defer diversify he says the saudi economy when the nation of of oil dependence we know he's been doing that a lot of it's been happening in silicon valley is trying to get heavily into the tech s

show is leading the race to unseat president petro poroshenko whoever wins the second round one off will inherit a deadlocked conflict in the east with russian backed faces now into its fifth year the war has hurt ukraine's most economically important region drained public resources and exhausted voters and there's no end in sight now to zero as jonah hole reports now from the city of mary a pole where the conflict is never far away. in ukraine's war zone a new breed of entrepreneurs. alexi used his disability payout as an injured veteran to set up a pizza business. being given to motivated people are happy to spend their money rather than save it because they know anything can happen at any moment. he's not particularly enthusiastic about the upcoming presidential election. and back. because of their spinelessness it took volunteers to protect this country where the leadership was too weak to protect it it's all soldiers like alexi from the port city of mariupol formed the hours of but talon in two thousand and fourteen famous for preventing russian backed separatists from extending the

to come on counting the cost it's bigger than apple alphabet and amazon combined we take a dive into saudi aramco is financial. but first an actor who once played the president of ukraine and a hit t.v. show is leading the race to unseat president petro poroshenko whoever wins the second round one off will inherit a deadlocked conflict in the east with russian backed faces now into its fifth year the war has hurt ukraine's most economically important region drained public resources and exhausted voters and there's no end in sight now to zero as jonah hole reports now from the city of mary a poll where the conflict is never far away. from cranes war zone a new breed of entrepreneurs. alexi used his disability payout as an injured veteran to set up a pizza business. being given a motivator in war people are happy to spend their money rather than save it because they know anything could happen at any moment. he's not particularly enthusiastic about the upcoming presidential election. and back. because of their spinelessness it took volunteers to protect this country where the leadership was t

show is leading the race to unseat president petro poroshenko whoever wins the second round run off will inherit a deadlocked conflict in the east with russian backed faces now into its fifth year the war has hurt ukraine's most economically important region drained public resources and exhausted voters and there's no end in sight now to zero as jonah hole reports now from the city of mary a pole where the conflict is never far away. in ukraine's war zone a new breed of entrepreneurs. alexi used his disability payout as an injured veteran to set up a pizza business. being given to motivated people are happy to spend their money rather than save it because they know anything could happen at any moment. he's not particularly enthusiastic about the upcoming presidential election or have they gotten back. because of their spinelessness it took volunteers to protect this country where the leadership was too weak to protect it it's all soldiers like alexi from the port city of mariupol formed the hours of but talon in two thousand and fourteen famous for preventing russian backed separatists f

show is leading the race to unseat president petro poroshenko whoever wins the second round run off will inherit a deadlocked conflict in the east with russian backed faces now into its fifth year the war has hurt ukraine's most economically important region drained public resources and exhausted voters and there's no end in sight now to zero as jonah hole reports now from the city of mary a pole where the conflict is never far away. in ukraine's war zone a new breed of entrepreneurs. alexi used his disability payout as an injured veteran to set up a pizza business. being given a motivator in war people are happy to spend their money rather than save it because they know anything can happen at any moment. he's not particularly enthusiastic about the upcoming presidential election. and back. because of their spinelessness it took volunteers to protect this country where the leadership was too weak to protect it it's all soldiers like alexi from the port city of mariupol formed the hours of but tally and in two thousand and fourteen famous for preventing russian backed separatists from ext