Helpful Tips For Choosing The Best Attorney For You Personal

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How much damage can Saudi Arabia do to the global economy?

Should the kingdom make good on its warnings, the repercussions could be felt around the world

Saudi Arabia enjoys a privileged position both in geopolitical and economic terms. It will have a powerful hand to play if tensions with the US and the west escalate and it follows through with Sunday’s warning of retaliation.

Its vast oil reserves – it claims to have about 260bn barrels still to extract – afford the most obvious advantage. The kingdom is the world’s largest oil exporter, pumping or shipping about 7m barrels a day, and giving Riyadh huge clout in the global economy because it wields power to push up prices.

An editorial in Arab News by Turki Aldhakhil, the general manager of the official Saudi news channel, Al Arabiya, offers a hint of what could be in the offing.

He said Riyadh was weighing up 30 measures designed to put pressure on the US if it were to impose sanctions over the disappearance and presumed murder of Jamal Khashoggi inside the country’s Istanbul consulate. These would include an oil production cut that could drive prices from around $80 (£60) a barrel to more than $400, more than double the all-time high of $147.27 reached in 2008.

This would have profound consequences globally, not just because motorists would pay more at the petrol pump, but because it would force up the cost of all goods that travel by road.

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Donald Trump shakes hands with the Saudi crown prince, Mohammed bin Salman, after a $110bn defence deal was agreed. Photograph: Evan Vucci/AP

Saudi Arabia also supports thousands of US jobs via its arms purchases. It is the world’s second-largest arms importer after India and 61% of those imports come from the US.

It was the US’s biggest arms customer last year, signing $17.5bn worth of deals, a trend that looks set to continue after Donald Trump signed a $110bn defence agreement in Riyadh last year.

The alliance stands to benefit US employers such as Lockheed Martin, Boeing, General Electric and ExxonMobil. Some of the firms are reported to have expressed concern to Trump already about the impact that a freeze in Saudi-US relations might have. Riyadh could, for example, simply switch its purchases to other major arms exporters such as Russia and China.

Trump’s trip to the Arabian peninsula last year also yielded an agreement that the kingdom’s Public Investment Fund, which manages its vast oil wealth, would invest in US infrastructure programmes. The PIF is to stump up $20bn of a $40bn pot overseen by the global asset manager Blackstone. The fund, however, has yet to gather any serious momentum.

Saudi Arabia has shown in the past that it is not afraid to leverage its unique political and economic position to get its own way. An investigation into allegations of bribery involving the British defence firm BAE Systems in the country was dropped under Tony Blair’s government in 2006. Blair said Riyadh had threatened to stop cooperating on intelligence matters, putting Britain at greater risk of a terrorist attack.

Seth Frantzman, the executive director of the US-based Middle East Center for Reporting and Analysis, said the kingdom’s importance to US strategy in the Gulf, particularly as a bulwark against Iran, gave it great influence.

“They’re part of an American-Saudi-UAE alliance, and the current US administration is tough on Iran, so in some ways the US is more beholden to Saudi Arabia than in previous years,” he said.

“They don’t want to be humiliated in this exchange. The US press says Trump will punish Saudi Arabia, and they don’t want to come out of this looking like the child being punished.

“Saudi probably feels it’s on a winning streak economically and if it has to take a hit, which it already is in terms of its image, it will be made up for by the fact they’ll find markets somewhere else.”

Saudi Arabia does have something to lose though, given that foreign money is a key plank of its plans to diversify its economy away from oil and address a high unemployment rate of nearly 13%. The Saudi stock market plunged by as much as 7%, or around $33bn, over fears about the ramifications of the country’s threat of retaliation against the US.

International investors are already turning their backs, and a number of high-profile names have pulled out of an investment conference later this month dubbed “Davos in the Desert”.

They include Uber’s chief executive, Dara Khosrowshahi , and the US media giant Viacom’s boss Bob Bakish. Sir Richard Branson has suspended discussions with the Saudi government that might have led to it investing in his space tourism project Virgin Galactic.

Read more: www.theguardian.com

Solid Guidance For Employing A Great Legal professional Thes

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Working With A Injury Attorney Is Simple By Using These Effo

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UN condemns Trump administration for exacerbating US poverty levels

In damning report, UNs poverty monitor hit back at criticisms by Nikki Haley, saying government policies would punish millions of low-income Americans

The Trump administration has been castigated at the United Nations in Geneva for consciously exacerbating levels of inequality in America that are already the most extreme in the western world.

The excoriating report on the state of the US nation was delivered to a packed hearing of the human rights council on Friday by the UN’s monitor on extreme poverty, Philip Alston. In what is now turning into a battle of words between the US government and international observers, Alston hit back at criticisms that had been leveled at him the previous day by Nikki Haley, US ambassador to the UN.

Haley complained that it was “patently ridiculous for the United Nations to examine poverty in America”. She accused the UN special rapporteur on extreme poverty and human rights of political bias and wasting UN money by carrying out a six-month investigation into poverty and inequality in America, saying he should have focused instead on countries like Burundi and the Democratic Republic of Congo.

Addressing delegations from 46 countries gathered in the chamber of the human rights council, Alston fired back that “when one of the world’s wealthiest countries does very little about the fact that 40 million of its citizens live in poverty, it is entirely appropriate for the reasons to be scrutinized”. He said that the “massive tax cuts” promoted by Trump would “overwhelmingly benefit the wealthy” while other policies pursued by the US government would stigmatize and punish millions of low-income Americans.

In his most caustic comment, Alston threw back at Haley a term that she herself had used to deride the UN human rights council as a “cesspool of political bias”. Alston said that same council that he had seen with his own eyes real cesspools ­– in Alabama, during his tour of poverty hotspots in America.

“I witnessed raw sewage poured into the gardens of people who could never afford to pay $30,000 for their own septic systems.” He added poignantly: “Cesspools need to be cleaned up, and governments need to act.”

Such criticism of the world’s most powerful nation was all the more striking given the absence in the room. That morning, the chair normally occupied by the US delegation to the human rights council in Geneva was removed from the chamber following the decision of the Trump administration on Tuesday to withdraw from membership.

The departure of the US makes it the only country to have pulled out of the world entity since the council was founded in 2006.

Haley said the decision to depart was motivated by anger over the council’s perceived anti-Israeli bias, and about the continued membership within the body of human rights abusers such as Venezuela and the Democratic Republic of Congo. But there was also growing speculation over whether the timing of the withdrawal had anything to do with Alston’s deeply critical report on poverty in America.

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Nikki Haley: US will lead on human rights outside ‘misnamed’ UN council – video

Ken Roth, executive director of Human Rights Watch, asked in a tweet: “Is it just a coincidence that the US withdraws from the UN Human Rights Council two days before it examines the Trump administration’s neglect of poverty in the United States?”

Had the US delegation been present in the council for the hearing, they might have been forgiven for wincing at Alston’s presentation. He accused Haley of wanting to exempt the US from precisely the kind of international accountability over human rights that the Trump administration demanded for other countries.

Turning to the findings of his tour of the US, he noted that maternal mortality rates among African Americans were now almost double those in Thailand. He cited new World Health Organisation data that shows that babies born in China today will live longer healthy lives than babies born in America.

While accepting that the US economy was enjoying a period of growth, Alston said: “But the question is, who is benefiting. The benefits of economic growth are going overwhelmingly to the wealthy.”

Since 1980, he said, the average national income before tax for the bottom half of US income distribution had stagnated at just $16,000, while earnings of the top 1% had soared. “In other words, the American dream of mobility is turning into the American illusion, in which the rich get ever richer and the middle classes don’t move.”

Most ominously, the UN monitor warned that the persistence of extreme poverty in the US would have a knock-on on the health of its democracy. He said such enduring problems “create ideal conditions for small elites to trample on the human rights of minorities, and sometimes even of majorities”.

The warning was echoed by the ACLU, which told the human rights council that under Trump the US was suffering “the erosion of political participation. People living in poverty in the United States are being systematically deprived of their right to vote.”

The ACLU’s Jennifer Turner referred to the more than 6 million Americans who have been disenfranchised as a result of felony convictions. One out of four African Americans in Kentucky, for instance, have been stripped of their votes as a result of felony disenfranchisement.

Read more: www.theguardian.com