petro saudi deal struck on the yorkshire required when major to initially invest one billion dollars in the joint venture and petro saudi to contribute energy concessions valued at almost three billion dollars. it's very easy and i listen. what they did the bin in the front company something that could appear very legal and they found this very beautiful name. it looks like it's the official oil company off of saudi arabia that's the only quality but. this beautiful name so the frame of the gun where the stub of. the e-mails showed those billions of dollars were the petro saudi energy concessions had been hugely and fraudulently overvalued something's a.v.o. always suspected and now believed was crucial to the alleged criminal scam in two thousand and nine. but you can hone and ask me if i knew a company or a guy that could evaluate the four to billions. they said no way i'm going to have. a company that is worth pretty much nothing for the billions but it seems mahoney in a bird age got what they wanted by restricting the work of the value asia is cause of work is to have value. a n

to expand the petro chemicals business instead of the kingdom's heavy reliance on oil sales. so influential in port arthur goodwill tiva security sent a policeman to stop us from filming they even called the police to hold us until they could 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 concerned by foreigners i think the conference is trying to create an environment conducive to foreign investment but events things keep happening questions keep getting raised that make that difficult. geo political po

and the current president petro poroshenko right now is voting in a polling station is one of thirty eight other candidates running in the presidential election in ukraine. saudi arabia is being accused of hacking the phone of jeff bezos the owner of the shopping website amazon and the washington post there is a hired private investigators after his phone messages were leaked to the national enquirer newspaper his detective said he was targeted by the saudis following the killing of washington post reporter. so he ministers have previously denied any links of the national enquirer reporting. the number of cholera cases in the city of barrow in mozambique has increased to more than two hundred and seventy eight and health workers are struggling with the aftermath of cycler in die which hit more than two weeks ago damage to water and sanitation facilities has raised fears about a potential epidemic enjoyment duquan reports. scenes of destruction left in the wake of catastrophic flooding with towns and villages submerged cycling killed hundreds of people in mozambique. now the governmen

petro saudi is a company at the heart of malaysia's stolen billion in two thousand and nine it entered into a one point eight billion dollars joint venture with one aim to be. the deal was struck on a make a yacht in the mediterranean on board the now fugitive malaysian financier an alleged mastermind jolo who then prime minister najib resigned and his wife. and the hosts petro saudi cofounders prince turki a son of the late king of saudi arabia and to record by at the time to record buried was one of saving is best friends february two thousand. contacted me a couple of times. office because they signed a deal with the malaysian money and they needed directly the guy that you could trust. to run to run the company. xavi went to work with a record by eight and another director patrick mahoney but seven months into the job he says things started to sour it said that if you receive a lot of money you become crazy that's a fact i sold up direct started buying a flat after you bought. renting your in the south of france it's probably are familiar euro's weak everything becomes like extrava

four months later xavier was jailed in thailand on a charge of attempted blackmail against petro saudi it was a terrible shock and there were some very very terrifying pictures i mean he's surrounded by heavily armed guards he was in handcuffs he was being he was being paraded for the malaysian media so therefore you could see that there was conspiracy here at the highest levels. back in malaysia then prime minister knowledge of reserve was facing a leadership crisis as he tried to explain one in degrees mind boggling fifteen billion dollar debt. xavi is a wrist was the start of a relentless campaign to discredit the former insider petrocelli announced it was a victim of a crime by an unscrupulous ex employee and hired a dart a security expert who then discredited castle brown he stated to the world media that i had forged the data and that i had doctored it and that there was you know that i was lying and it was great that these things were being said so i knew something incredibly was going on at a very high level and clearly hugely funded. and things would become even more or just d

generation and here's here's here's basically the lay of the land saudi arabia forty four percent of saudi arabia's electricity generation right now comes from oil and that's both horrible for the environment and bad for the country economically it much rather sell that oil or turn it into petro chemicals or some other profitable substance basically any toil that they burn for electricity is basically wasted now this is a country that cannot use hydroelectric power which is very very beneficial for baseload electricity generation and so the only non hydrocarbon electricity source of electricity that they can really turn to at this point is nuclear so it's extremely beneficial and these see it as as basically an imperative to build nuclear power plants and that's not just saudi arabia it's other places in the gulf as well. a veteran new york times correspondent has been denied entry into egypt david kirkpatrick was detained without explanation of the arrived at cairo airport on monday the former cairo bureau chief was then scored on to a flight back to london the following day the new york

it's a subsidiary of the centerpiece of saudi crown prince mohammed bin vision twenty thirty 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 goodwill tiva security sent a policeman to stop us from filming they even called the police to hold us until the very question of 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 i

saudi arabia has been accused of hacking the phone of jeff bezos the owner of the shopping website on his own and the washington post hired private investigators after his phone messages were leaked to the national enquirer newspaper is detectives said he was targeted by the saudis as they prodded the killing of washington post writer jamal saudi ministers have previously denied any link to the national enquirer is reporting all this isn't the first time saudi arabia has been accused of hacking a social media producer is here to tell us more so thanks for the well side seams have adopted a cyber campaign to silence those who disagree with the kingdom both at home and abroad i want abdulaziz is one of them he's an exile in canada and was a friend of murdered journalist and. last june he received a suspicious text message with a link to chop a possible delivery and i can a did research group citizen lobby is confident almost mobile phone was targeted by saudi arabia and infected with spyware. now the surveillance tool is known as pegasus and it's by an israeli company called the n.s.a.

in the hosts petro saudi cofounders prince turki a son of the late king of saudi arabia and to record. at the time to record bade was one of saving is best friends february two thousand. contacted me a couple of times. office because they signed a deal with the malaysian money and they needed directly the guy that you could trust. to run to run the company. xavi went to work with a record by eight and another director patrick mahoney. but seven months into the job he says things started to sour it said that if you receive a lot of money you become crazy that's a fact i saw the direct starting with buying a flat after you bought. renting your in the south of france it's probably unfamiliar euros week everything becomes like extravaganza so i started to treat me like a star he was treating other people very bad xavier resigned april twentieth levon he says he was only two point five million dollars and to ensure he played he had more than two hundred thirty thousand confidential emails downloaded from the company server on to a hard drive. again there were a lot of money involved. the a

to expand the petro chemicals business instead of the kingdom's heavy reliance on oil sales. so influential in port arthur goodwill tiva security sent a policeman to stop us from filming they even called the police to hold us until they could 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 hispanic front are a concern on the part of the public concerned by foreigners i think the conference is trying to create an environment conducive to foreign investment but events things keep happening questions keep getting raised that make that difficult. geo political po

the e-mails showed those billions of dollars were the petro saudi energy concessions had been hugely and fraudulently overvalued something's a.v.o. always suspected and now believed was crucial to the alleged criminal scam in two thousand and nine. but you can hone enteric ask me if i knew a company or a guy that could evaluate petrel so the four to billions. i'm going to have. a company that is worth pretty much nothing for the billions but it seems mahoney in a bird age got what they wanted by restricting the work of the value asia is cause of work is to have value. the number of houses not. the owner of the. three just overlooking something is nothing i can see. they're giving privileges of i said that it's not but it's not belonging to the scheme. and xavi is cache of documents revealed even more fraudulent activity he was flicking through very quickly and there was there was one sort of bank transfer. i said to him can we go back and look at that because there was a seven an awful lot of zeros i'm assuming it was the seven hundred thousand dollar transfer but actually was there

but laura didn't cut ties with petro saudi she says they were now promising an early release for her husband patrick called me and he was i mean but you know it's we had to do that for the press for the shaw don't worry you will celebrate christmas song with your husband. and you know this that's the point where. you know i have to have a backup plan. and corporate of the thing i was making sure that everything was recorded to make sure that if when the i could prove when they're done. laurie says patrick mahoney pressured her to download an application on her phone so she could record conversations with clear blue castle brown that could then be used to incriminate the journalist. actually i managed to record them . who they are pretty in a way because they forgot that every time they would call me it would've been recorded. many of the recordings are now evidence for criminal complaints the couple have filed in switzerland and the united kingdom and have also been shared with other old thora g.'s including the f.b.i. the prime minister of malaysia was often the subject of discussio

saudi arabia is being accused of hacking the phone of jeff bezos the owner of the online shopping giant amazon and the washington post hired a private investigator has fallen messages were leaked to the national enquirer tabloid newspaper has detectives have linked the hack to the washington post extensive coverage of the murder of some of the journalists. saudi ministers have previously denied any length to the national enquirer leak facebook. wants new rules to govern the internet and says government should share responsibility for policing what we click on and a newspaper article he wrote that is not for companies to define and monitor harmful content he's pushing for common global framework to police privacy and. to stop the spread of hate speech well those are the headlines on our to zero one zero one is coming up next. they are young vulnerable girls from rural villages desperately poor they sold a vision of money and adventure all they have to do is sign up to become maids in singapore but for many the reality is badaracco. one o one east investigates why girls who are too young

to expand the petro chemicals business instead of the kingdom's heavy reliance on oil sales. is so influential in port arthur goodwill tiva security sent a policeman to stop us from filming they even called the police to hold us until they could 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 hispanic front 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 but events things keep happening questions keep getting raised that make that difficult

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 will have a better back. because of their spinelessness it took volunteers to protect this country where the leadership was too weak to protect it at all soldiers like alexi from the port city of mariupol formed the hours of but tally in in two thousand and fourteen famous for preventing russian backed separatis

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 run off will inherit a deadlock 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. crane'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

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

petro saudi deal struck on the yorkshire required when nature to initially invest one billion dollars in the joint venture and petro saudi to contribute energy concessions valued at almost three billion dollars. it's very easy and i listen at money what they did the bin in the front company something that could appear very legal and they found this very beautiful name. it looks like it's the official oil company of saudi arabia that's the only quality but. this beautiful name so the frame of the gun where the stub of. the e-mails showed those billions of dollars were the petro saudi energy concessions had been hugely and fraudulently overvalued something's a.v.o. always suspected and now believed was crucial to the alleged criminal scam in two thousand and nine. but you can hone and ask me if i knew a company or a guy that could evaluate the four to billions. they said no way i'm going to us. a company that is worth pretty much nothing for the billions but it seems mahoney in a bird age got what they wanted by restricting the work of the value asia is cause of work is to have value. a

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

four months later xavier was jailed in thailand on a charge of attempted blackmail against petro saudi it was a terrible shock and there were some very very terrifying pictures i mean he is surrounded by heavily armed guards he was in handcuffs he was being he was being paraded for the malaysian media so therefore you could see that there was conspiracy here at the highest levels. back in malaysia then prime minister najib resign was facing a leadership crisis as he tried to explain one in degrees mind boggling fifteen billion dollar debt. xavi is a wrist was the start of a relentless campaign to discredit the former insider petro sell the announced it was a victim of a crime by an unscrupulous ex employee and hired a dart a security expert who then discredited castle brown tees stated to the world media that i had forged the data and that i had doctored it and that there was you know that i was lying and it was. that these things were being said so i knew something incredibly was going on at a very high level and clearly hugely funded. and things would become even more just design a v

the environment and bad for the country economically that much rather sell that oil or turn it into petro chemicals or some other profitable substance basically any toil that they burn for electricity is basically wasted now this is a country that cannot use hydroelectric power which is very very beneficial for baseload electricity generation and so the only non hydrocarbon electricity source of electricity that they can really turn to at this point is nuclear so it's extremely beneficial and these see it is as basically an imperative to build nuclear power plants and that is not just saudi arabia it's other places in the gulf as well of course and so if you look at it from a purely economic point of view is the white house looking at this in terms of the the money can make the investment it can have the say it could have in terms of nuclear plant construction within saudi arabia because if it doesn't take the first step russia south korea and china are just waiting on the doorstep are they not to fill a void. exactly and right now saudi arabia has made it very clear that they're going fo

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

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

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

states that are active in the civil war in yemen but with some exclusions we say that some petro petro boats small boats lightly armed and weapon built in germany can be delivered again to saudi arabia because they are not able to be a player all in that yemen conflict and from my point a few we should think about to come back to is that strict but in this case open and regulatory that we agreed on in the coalition in march last year. just a few days ago you criticized the grand coalition partners the social democrats for what you called a restraint of stance on arms export policy is do you stand by that or you know are you are you rethinking it now that you've been confronted with this information. we have the most tricked export regime on weapons all over europe but we need to keep involved in despair we want to have the best equipment for the despair and we cannot deliver it and produce and develop that by us own because the numbers of two it's we need to if you therefore we need to. in a moment industry and our partners for example like france expect that we agree on how we handle

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

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 an 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 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 aarti correspondent alex mahela bitch. 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 look talk about what we're seeing right now and that's people like you and me in 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 say

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 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 d. colobus nation 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 self mentality absolutely i mean on the a rim coo comment there is you don't close the desert bar met simmons joan bridge over brings to the forum or perhaps you don't really have the reserves th

have already been implemented and 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 a 4 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 internationa

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 in all thirty on saudi arabia and it's a money tree dealings but for the moment the saudi regime needs the usa so. i mentioned pretty a lie 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 how the cannibal for things like nine eleven and they want to take them to court on various other issues with the there's a lot of free song now between the us the t

take in the saudi national petro chemical company s.a.b. i.c. we reported that last week so saudi officials they indicated to the wall street journal that the initial public offering for aramco is still planned it's just now delayed until two thousand and twenty one so how about this for a footnote the journal also reports that analysts that bernstein research used the newly available data to calculate a one point five trillion.

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 for a stroke 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 th